Document:

Exhibit
10.17

 

VACCITECH
PLC

 

2021
EMPLOYEE SHARE PURCHASE PLAN

 

The
purpose of the Vaccitech plc 2021 Employee Share Purchase Plan (“the Plan”) is to provide eligible employees of Vaccitech
plc (the “Company”) and each other Designated Company (as defined in Section 11) with opportunities to purchase Shares.
367,568 Shares in the aggregate have been approved and reserved for issuance for this purpose under the Plan (including any sub-plan
established hereunder), plus on January 1, 2022 and each January 1 thereafter until the Plan terminates pursuant to Section 20,
the number of Shares reserved and available for issuance under the Plan shall be cumulatively increased by the least of (i) 735,136
Shares, (ii) one percent of the number of Shares issued and outstanding on the immediately preceding December 31 or (iii) such
lesser number of Shares determined by the Administrator.

 

The
Plan includes two components: a Code Section 423 Component (the “423 Component”) and a non-Code Section 423 Component
(the “Non-423 Component”). It is intended for the 423 Component to constitute an “employee stock purchase plan”
within the meaning of Section 423(b) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and the 423
Component shall be interpreted in accordance with that intent (although the Company makes no undertaking or representation to
maintain such qualification). In addition, this Plan authorizes the grant of options under the Non-423 Component that does not
qualify as an “employee stock purchase plan” under Section 423 of the Code. Except as otherwise provided herein, the
Non-423 Component will operate and be administered in the same manner as the 423 Component.

 

1.            Administration.
The Plan will be administered by the person or persons (the “Administrator”) appointed by the Company’s Board
of Directors (the “Board”) for such purpose. The Administrator has authority at any time to: (i) adopt, alter and
repeal such rules, sub-plans, guidelines and practices for the administration and operation of the Plan and for its own acts and
proceedings as it shall deem advisable, including to accommodate the specific requirements of local laws, regulations and procedures
for jurisdictions outside of the United States; (ii) interpret the terms and provisions of the Plan; (iii) make all determinations
it deems advisable for the administration of the Plan; (iv) decide all disputes arising in connection with the Plan; and (v) otherwise
supervise the administration of the Plan. All interpretations and decisions of the Administrator shall be binding on all persons,
including the Company and the Participants. No member of the Board or individual exercising administrative authority with respect
to the Plan shall be liable for any action or determination made in good faith with respect to the Plan or any option granted
hereunder.

     

     

    

2.            Offerings. The Company may make one or more offerings to eligible employees to purchase Shares under the Plan (“Offerings”).
The Administrator shall determine when the initial Offering under the Plan shall commence and the length of any Offering. The
Administrator may, in its discretion, designate a different period for any Offering, provided that, with respect to the 423 Component,
no Offering shall exceed 27 months in duration.

 

3.            Eligibility. All individuals classified as employees on the payroll records of each Designated Company are eligible to
participate in any one or more of the Offerings under the Plan, provided that, except as otherwise determined by the Administrator
in advance of any Offering, as of the first day of the applicable Offering (the “Offering Date”) they are customarily
employed by a Designated Company for more than 20 hours a week, unless the exclusion of employees who do not meet this requirement
is not permissible under applicable law. Notwithstanding any other provision herein, individuals who are not contemporaneously
classified as employees a Designated Company for purposes of the applicable Designated Company’s payroll system are not
considered to be eligible employees of a Designated Company and shall not be eligible to participate in the Plan. In the event
any such individuals are reclassified as employees of a Designated Company for any purpose, including, without limitation, common
law or statutory employees, by any action of any third party, including, without limitation, any government agency, or as a result
of any private lawsuit, action or administrative proceeding, such individuals shall, notwithstanding such reclassification, remain
ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals who are not contemporaneously
classified as employees of a Designated Company on the Designated Company’s payroll system to become eligible to participate
in a plan which is equivalent to this Plan is through the adoption of a sub-plan, which specifically renders such individuals
eligible to participate therein.

    2 

     

    

4.            Participation.

 

(a)               
General. An eligible employee who is not a Participant on any Offering Date may participate in such Offering by submitting
an enrollment form to the Company or any third party designated by the Company (either in electronic or written form, according
to procedures established by the Company) at least 15 business days before the Offering Date (or by such other deadline as shall
be established by the Administrator for the Offering).

 

(b)              
Enrollment. The enrollment form will (a) state a whole percentage to be contributed from an eligible employee’s
Compensation (as defined in Section 11) per pay period, (b) authorize the purchase of Shares in each Offering in accordance
with the terms of the Plan and (c) specify the exact name or names in which Shares purchased for such individual are to be
issued or transferred pursuant to Section 10. An employee who does not enroll in accordance with these procedures will be
deemed to have waived the right to participate. Unless a Participant submits a new enrollment form or withdraws from the Plan,
such Participant’s contributions and purchases will continue at the same percentage of Compensation for future Offerings,
provided he or she remains eligible.

    3 

     

    

(c)               
Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements
of the Code and any applicable law.

 

5.            Employee
Contributions. Each eligible employee may authorize payroll deductions at a minimum of 0 percent up to a maximum of 15 percent
of such employee’s Compensation for each pay period; provided, however, that if payroll deductions are not permitted or
problematic under applicable law or for administrative reasons, the Company, in its discretion, may allow eligible employees to
contribute to the Plan by other means. The Company will maintain book accounts showing the amount of payroll deductions or other
contributions made by each Participant for each Offering. No interest will accrue or be paid on payroll deductions or other contributions,
unless required under applicable law.

 

6.            Contribution Changes. Except as may be determined by the Administrator in advance of an Offering, a Participant may not
increase or decrease his or her contributions during any Offering, but may increase or decrease his or her contributions with
respect to the next Offering (subject to the limitations of Section 5) by submitting a new enrollment form at least 15 business
days before the next Offering Date (or by such other deadline as shall be established by the Administrator for the Offering).
The Administrator may, in advance of any Offering, establish rules permitting a Participant to increase, decrease or terminate
his or her contributions during an Offering.

    4 

     

    

7.            Withdrawal. A Participant may withdraw from participation in the Plan by submitting a notice of withdrawal to the Company
or any third party designated by the Company (either in electronic or written form, according to procedures established by the
Company). The Participant’s withdrawal will be effective as soon as reasonably practicable, but in no event later than two
payroll cycles following such withdrawal. Following a Participant’s withdrawal, the Company will promptly refund such individual’s
entire account balance under the Plan, if any, to him or her (after payment for any Shares purchased before the effective date
of withdrawal). Partial withdrawals are not permitted. Such an employee may not begin participation again during the remainder
of the Offering, but may enroll in a subsequent Offering in accordance with Section 4.

 

8.            Grant of Options. Subject to Section 13 of the Plan, on each Offering Date, the Company will grant to each eligible employee
who is then a Participant in the Plan an option (“Option”) to purchase on the last day of such Offering (the “Exercise
Date”), at the Option Price hereinafter provided for, the lowest of (a) a number of Shares determined by dividing such
Participant’s accumulated contributions on such Exercise Date by the lower of (i) 85 percent of the Fair Market Value
of the Shares on the Offering Date, or (ii) 85 percent of the Fair Market Value of the Shares on the Exercise Date, (b) a
number of Shares determined by dividing (i) the product of (A) US$2,500 and (B) the number of months in the Offering by (ii) the
Fair Market Value on the Offering Date of such Offering; or (c) such other lesser maximum number of Shares as shall have been
established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to the limitations
set forth below. Each Participant’s Option shall be exercisable only to the extent of such Participant’s accumulated
payroll deductions and/or other contributions on the Exercise Date. The purchase price for each Share purchased under each Option
(the “Option Price”) will be 85 percent of the Fair Market Value of the Shares on the Offering Date or the Exercise
Date, whichever is less.

    5 

     

    

Notwithstanding
the foregoing, no Participant may be granted an Option hereunder if such Participant, immediately after the Option was granted,
would be treated as owning shares possessing 5 percent or more of the total combined voting power or value of all classes
of shares of the Company or any Parent or Subsidiary (as defined in Section 11). For purposes of the preceding sentence,
the attribution rules of Section 424(d) of the Code shall apply in determining the share ownership of a Participant, and
all shares which the Participant has a contractual right to purchase shall be treated as shares owned by the Participant. In addition,
no Participant may be granted an Option which permits his or her rights to purchase Shares under the Plan, and any other employee
share purchase plan of the Company and its Parents and Subsidiaries, to accrue at a rate which exceeds US$25,000 of the fair market
value of such Share (determined on the Option grant date or dates) for each calendar year in which the Option is outstanding at
any time. The purpose of the limitation in the preceding sentence is to comply with Section 423(b)(8) of the Code and shall
be applied taking Options into account in the order in which they were granted.

 

9.            Exercise of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on the Exercise
Date shall be deemed to have exercised his or her Option on such date and shall acquire from the Company such number of whole
Shares reserved for the purpose of the Plan as his or her accumulated contributions on such date will purchase at the Option Price,
subject to any other limitations contained in the Plan. Any amount remaining in a Participant’s account at the end of an
Offering solely by reason of the inability to purchase a fractional Share will be carried forward to the next Offering; any other
balance remaining in a Participant’s account at the end of an Offering will be refunded to the Participant promptly.

    6 

     

    

If
a Participant has more than one Option outstanding under the Plan, unless he or she otherwise indicates in agreements or notices
delivered hereunder: (i) each agreement or notice delivered by that Participant shall be deemed to apply to all of his or her
Options under the Plan, and (ii) an Option with a lower Option Price (or an earlier granted Option, if different Options have
identical Option Prices) shall be exercised to the fullest possible extent before an Option with a higher Option Price (or a later
granted Option if different Options have identical Option Prices) shall be exercised.

 

10.          Issuance of Certificates. Certificates, or book entries for uncertificated Shares, representing Shares purchased under
the Plan may be issued only in the name of the employee or, if permitted by the Administrator, in the name of the employee and
another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee
to be his, her or their, nominee for such purpose.

 

11.          Definitions.

 

The
term “ADSs” means American Depositary Shares, representing Ordinary Shares on deposit with a U.S. banking institution
selected by the Company.

 

The
term “Affiliate” means any entity that is directly or indirectly controlled by the Company which does not meet the
definition of a Subsidiary below, as determined by the Administrator, whether new or hereafter existing.

 

The
term “Compensation” means base pay, prior to reduction pursuant to Sections 125, 132(f) or 401(k) of the Code
or comparable reductions under laws outside the United States, but excluding overtime, incentive or bonus awards, commissions,
allowances and reimbursements for expenses such as relocation allowances or travel expenses, income or gains on the exercise of
Company share options or other equity incentive awards and similar items. The Administrator shall have the discretion to determine
the application of this definition to Participants outside of the United States.

    7 

     

    

The
term “Designated Company” means the Company and any present or future Affiliate or Subsidiary (as defined below) that,
in each case, has been designated by the Administrator to participate in the Plan. The Administrator may so designate any Affiliate
or Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved
by the shareholders and may further designate such companies as participating in the 423 Component or the Non-423 Component. For
purposes of the 423 Component, only Subsidiaries may be Designated Companies.

 

The
term “Fair Market Value of the Shares” on any given date means the fair market value of the Shares determined in good
faith by the Administrator; provided, however, that if the ADSs are admitted to quotation on the National Association of Securities
Dealers Automated Quotation System (“NASDAQ”), NASDAQ Global Market or another national securities exchange, the determination
shall be made by reference to the closing price on such date. If there is no closing price for such date, the determination shall
be made by reference to the last date preceding such date for which there is a closing price.

 

The
term “Initial Public Offering” means the consummation of the first underwritten, firm commitment public offering pursuant
to an effective registration statement under the U.S. Securities Act of 1933, as amended, covering the offer and sale by the Company
of its Shares

 

The
term “Ordinary Shares” mean ordinary shares in the Company, with a nominal value of £0.01 per share.

    8 

     

    

The
term “Parent” means a “parent corporation” with respect to the Company, as defined in Section 424(e)
of the Code.

 

The
term “Participant” means an individual who is eligible as determined in Section 3 and who has complied with the provisions
of Section 4.

 

The
term “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.

 

The
term “Share” means an Ordinary Share and/or the number of ADSs equal to an Ordinary Share, as the context may require

 

The
term “Subsidiary” means a “subsidiary corporation” with respect to the Company, as defined in Section 424(f)
of the Code.

 

12.          Rights
on Termination of Employment. Unless otherwise required by applicable law, if a Participant’s employment terminates
for any reason before the Exercise Date for any Offering, no contributions will be taken from any pay due and owing to the Participant
and the balance in the Participant’s account will be paid to such Participant or, in the case of such Participant’s
death, if permitted by the Administrator, to his or her designated beneficiary as if such Participant had withdrawn from the Plan
under Section 7. An employee will be deemed to have terminated employment, for this purpose, if the corporation that employs
him or her, having been a Designated Company, ceases to be an Affiliate or Subsidiary, as applicable, or if the employee is transferred
to any corporation other than the Company or a Designated Company. An employee will not be deemed to have terminated employment
for this purpose, if the employee is on 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 reemployment 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 provides in writing.

    9 

     

    

13.          Special Rules. Notwithstanding anything herein to the contrary, the Administrator may adopt special rules or establish
one or more sub-plans applicable to the employees of a particular Designated Company, whenever the Administrator determines that
such rules or sub-plans are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Designated
Company has employees; provided that, if such rules are inconsistent with the requirements of Section 423(b) of the Code,
these employees will participate in the Non-423 Component. To the extent any sub-plans are established, the rules of
such sub-plans may take precedence over other provisions of the Plan, with the exception of the number of Shares approved
for the Plan, but unless otherwise superseded by the terms of such sub-plan, the provisions of the Plan shall govern
the operation of such sub-plan.

 

14.          Optionees Not Shareholders. Neither the granting of an Option to a Participant nor the deductions from his or her pay or
other contributions shall deem such Participant to be a holder of the Shares covered by an Option under the Plan until such Shares
have been purchased by and issued or transferred to him or her.

 

15.          Rights Not Transferable. Rights under the Plan are not transferable by a Participant other than by will or the laws of
descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant.

 

16.          Application of Funds. All funds received or held by the Company under the Plan may be combined with other corporate funds
and may be used for any corporate purpose, unless otherwise required under applicable law.

    10 

     

    

17.          Adjustment in Case of Changes Affecting Shares. In the event of a subdivision of outstanding Shares, the payment of a dividend
in Shares or any other change affecting the Shares, the number of Shares approved for the Plan and the Share limitation set forth
in Section 8 shall be equitably or proportionately adjusted to give proper effect to such event.

 

18.          Amendment of the Plan. The Board may at any time and from time to time amend the Plan in any respect, except that without
the approval within 12 months of such Board action by the shareholders, no amendment shall be made increasing the number of Shares
approved for the Plan or making any other change that would require shareholder approval in order for the 423 Component of the
Plan, as amended, to qualify as an “employee share purchase plan” under Section 423(b) of the Code.

 

19.          Insufficient Shares. If the total number of Shares that would otherwise be purchased on any Exercise Date plus the number
of Shares purchased under previous Offerings under the Plan exceeds the maximum number of Shares issuable under the Plan, the
Shares then available shall be apportioned among Participants in proportion to the amount of payroll deductions accumulated on
behalf of each Participant that would otherwise be used to purchase Shares on such Exercise Date.

 

20.          Termination of the Plan. The Plan may be terminated at any time by the Board. Upon termination of the Plan, all amounts
in the accounts of Participants shall be promptly refunded. The Plan shall automatically terminate on the ten year anniversary
of the date of the Company’s Initial Public Offering.

 

21.          Compliance with Law. The Company’s obligation to sell and deliver Shares under the Plan is subject to completion
of any registration or qualification of the Shares under any U.S. or non-U.S. local, state or federal securities or exchange
control law or under rulings or regulations of the U.S. Securities and Exchange Commission (“SEC”) or of any other
governmental regulatory body, and to obtaining any approval or other clearance from any U.S. and non-U.S. local, state or federal
governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary
or advisable. The Company is under no obligation to register or qualify the Shares with the SEC or any other U.S. or non-U.S.
securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares.
..

    11 

     

    

22.          Governing Law. This Plan and all Options and actions taken thereunder shall be governed by, and construed in accordance
with, the laws of the State of Delaware, applied without regard to conflict of law principles.

 

23.          Issuance or Transfer of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Shares or,
in the alternative, the Company may arrange for the transfer of Shares (including from Shares held in the treasury of the Company,
or from any other proper source).

 

24.          Tax Withholding. Each Participant agrees, by participating in the Plan, that the Company and its Affiliates and Subsidiaries
shall have the right to deduct any Tax Liability from any payment of any kind otherwise due to the Participant, including Shares
issuable under the Plan. Where a Tax Liability arises in connection with the Plan, the Company and/or a Designated Company may
require that, as a condition of exercise of an Option and purchase of Shares, a Participant must either:

 

(a)               
make a payment to the Company, or otherwise as the Company directs, of an amount equal to the Company’s estimate of the
amount of the Tax Liability; or

    12 

     

    

(b)              
enter into arrangements acceptable to the Company to secure that such payment is made (whether by surrender of Shares, net share
issuance, the sale of Shares or otherwise).

 

For
these purposes, “Tax Liability” shall mean any amount of U.S. or non-U.S. federal, state or local income tax, social
security (or similar) contributions, payroll tax, fringe benefits tax, payment on account and/or other tax-related items related
to the participation in the Plan and legally applicable to the Participant, which the Company and/or an Affiliate or Subsidiary
become liable to pay on the Participant’s behalf to the relevant authorities in any jurisdiction.

 

25.          Notification
Upon Sale of Shares. Each Participant who is subject to tax in the United States with respect to his or her participation
in the Plan agrees, by entering the Plan, to give the Company prompt notice of any disposition of Shares purchased under the Plan
where such disposition occurs within two years after the date of grant of the Option pursuant to which such Shares were purchased.

 

26.          Effective Date and Approval of Shareholders. The Plan shall take effect on the date of the Company’s Initial Public
Offering, subject to approval by the holders of a majority of the votes cast at a meeting of shareholders at which a quorum is
present or by written consent of the shareholders.

    13Exhibit
10.1

 

TRXADE
GROUP, INC.

 

2019
EQUITY INCENTIVE PLAN

 

NOTICE
OF RESTRICTED STOCK GRANT

 

Capitalized
but otherwise undefined terms in this Notice of Restricted Stock Grant and the attached Restricted Stock Grant Agreement shall
have the same defined meanings as in the Trxade Group, Inc. Amended and Restated 2019 Equity Incentive Plan (as amended from time
to time) (as amended from time to time, the “Plan”).

 

	Grantee
    Name: 	 	 	 
	 	 	 	 
	Address:
    	 		 

 

You
have been granted Restricted Stock (“Shares”) subject to the terms and conditions of the Plan and the
attached Restricted Stock Grant Agreement, as follows:

 

	Date
    of Grant: 	 	April
    15, 2021
	 	 	 
	Vesting
    Commencement Date: 	 	April
    1, 2021
	 	 	 
	Price
    Per Share: 	 	$5.13
	 	 	 
	Total
    Number of Shares Granted: 	 	10,721
	 	 	 
	Total
    Value of Shares Granted: 	 	$55,000
	 	 	 
	Total
    Purchase Price: 	 	$0,
    Issued In Consideration For Services
	 	 	 
	Agreement
    Date: 	 	April
    15, 2021

 

Vesting
Schedule: 1/4th of the Shares vest on July 1 and October 1, 2021 and January 1 and April 1, 2022, subject to the terms of the
applicable Restricted Stock Grant Agreement which follows and the Plan.

 

    	Page 1 of 9
2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

TRXADE
GROUP, INC.

 

2019
EQUITY INCENTIVE PLAN

 

RESTRICTED
STOCK GRANT AGREEMENT

 

This
RESTRICTED STOCK GRANT AGREEMENT (“Agreement”), dated as of the Agreement Date specified on the
Notice of Restricted Stock Grant is made by and between Trxade Group, Inc., a Delaware corporation (the “Company”),
and the grantee named in the Notice of Restricted Stock Grant (the “Grantee,” which term as used herein
shall be deemed to include any successor to Grantee by will or by the laws of descent and distribution, unless the context shall
otherwise require).

 

BACKGROUND

 

Pursuant
to the Plan, the Board (or an authorized Committee thereof), approved the issuance to Grantee, effective as of the date set forth
above, of an award of the number of shares of Restricted Stock as is set forth in the attached Notice of Restricted Stock Grant
(which is expressly incorporated herein and made a part hereof, the “Notice of Restricted Stock Grant”)
at the purchase price per share of Restricted Stock (the “Purchase Price”), if any, set forth in the
attached Notice of Restricted Stock Grant, upon the terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual premises and undertakings hereinafter set forth, the parties agree as follows:

 

1.
Grant and Purchase of Restricted Stock. The Company hereby grants to Grantee, and Grantee hereby accepts the Restricted
Stock set forth in the Notice of Restricted Stock Grant, subject to the payment by Grantee of the total purchase price, if any,
set forth in the Notice of Restricted Stock Grant.

 

2.
Stockholder Rights.

 

(a)
Voting Rights. Until such time as all or any part of the Restricted Stock are forfeited to the Company under this Agreement,
if ever, Grantee (or any successor in interest) has the rights of a stockholder, including voting rights, with respect to the
Restricted Stock subject, however, to the transfer restrictions or any other restrictions set forth in the Plan.

 

(b)
Dividends and Other Distributions. During the period of restriction, Participants holding Restricted Stock are entitled
to all regular cash dividends or other distributions paid with respect to all shares while they are so held. If any such dividends
or distributions are paid in shares, such shares will be subject to the same restrictions on transferability and forfeitability
as the Restricted Stock with respect to which they were paid.

 

    	Page 2 of 9
2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

3.
Vesting of Restricted Stock.

 

(a)
The Restricted Stock are restricted and subject to forfeiture until vested. The Restricted Stock which have vested and are no
longer subject to forfeiture are referred to as “Vested Shares.” All Restricted Stock which have not
become Vested Shares are referred to as “Nonvested Shares.”

 

(b)
Restricted Stock will vest and become nonforfeitable in accordance with the vesting schedule contained in the Notice of Restricted
Stock Grant.

 

(c)
Any Nonvested Shares will automatically vest and become nonforfeitable if Grantee’s service with the Company ceases owing
to the Grantee’s (a) death; or (b) Retirement.

 

(d)
Any Nonvested Shares will vest and become nonforfeitable immediately prior to the date of a Change of Control, provided that the
Board (or an authorized committee thereof), in its discretion, may also accelerate the time at which all or any portion of Grantee’s
Nonvested Shares will vest prior to a contemplated Change of Control.

 

(e)
Terms used in Section 3 and Section 4 have the following meanings:

 

(i)
“Cause” has the meaning ascribed to such term or words of similar import in Grantee’s written
employment or service contract with the Company or its subsidiaries and, in the absence of such agreement or definition, means
Grantee’s (i) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude; (ii) fraud on or
misappropriation of any funds or property of the Company or its subsidiaries, or any affiliate, customer or vendor; (iii) personal
dishonesty, incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations
or similar offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with Grantee’s
duties or willful failure to perform Grantee’s responsibilities in the best interests of the Company or its subsidiaries;
(v) illegal use or distribution of drugs; (vi) violation of any material rule, regulation, procedure or policy of the Company
or its subsidiaries, the violation of which could have a material detriment to the Company; or (vii) material breach of any provision
of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by Grantee for the benefit
of the Company or its subsidiaries, all as reasonably determined by the Board of Directors of the Company, which determination
will be conclusive.

 

(ii)
“Retirement” means Grantee’s retirement from Company employ at or above the age 65 as determined
in accordance with the policies of the Company or its subsidiaries, if any, in good faith by the Board of Directors of the Company,
which determination will be final and binding on all parties concerned.

 

(f)
Nonvested Shares may not be sold, transferred, assigned, pledged, or otherwise disposed of, directly or indirectly, whether by
operation of law or otherwise. The restrictions set forth in this Section will terminate upon a Change of Control.

 

    	Page 3 of 9
2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

4.
Forfeiture of Nonvested Shares. Except as provided herein, if Grantee’s service with the Company ceases for
any reason (including Disability) other than Grantee’s (a) Retirement or (b) death, any Nonvested Shares will be automatically
forfeited to the Company for no consideration; unless the Board (or an authorized committee thereof) provides otherwise, and provided,
however, that the Board (or an authorized committee thereof) may cause any Nonvested Shares immediately to vest and become nonforfeitable
if Grantee’s service with the Company is terminated by the Company without Cause.

 

(a)
Legend. Each certificate representing Restricted Stock granted pursuant to the Notice of Restricted Stock Grant may bear
a legend substantially as follows:

 

“THE
SALE OR OTHER TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE, WHETHER VOLUNTARY, INVOLUNTARY OR BY OPERATION OF LAW, IS
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE TRXADE GROUP, INC. 2019 AMENDED AND RESTATED EQUITY INCENTIVE
PLAN (AS AMENDED) AND IN A RESTRICTED SHARE GRANT AGREEMENT. A COPY OF SUCH PLAN AND SUCH AGREEMENT MAY BE OBTAINED FROM TRXADE
GROUP, INC.”

 

(b)
Escrow of Nonvested Shares. The Company has the right to retain the certificates representing Nonvested Shares in the Company’s
possession until such time as all restrictions applicable to such shares have been satisfied.

 

(c)
Removal of Restrictions. The Participant is entitled to have the legend removed from certificates representing Vested Shares.

 

5.
Recapitalizations, Exchanges, Mergers, Etc. The provisions of this Agreement apply to the full extent set forth
herein with respect to any and all shares of capital stock of the Company or successor of the Company which may be issued in respect
of, in exchange for, or in substitution for the Restricted Stock by reason of any stock dividend, split, reverse split, combination,
recapitalization, reclassification, merger, consolidation or otherwise which does not terminate this Agreement. Except as otherwise
provided herein, this Agreement is not intended to confer upon any other person except the parties hereto any rights or remedies
hereunder.

 

6.
Grantee Representations.

 

Grantee
represents to the Company the following:

 

(a)
Restrictions on Transfer. Grantee acknowledges that the Restricted Stock to be issued to Grantee must be held indefinitely
unless subsequently registered and qualified under the Securities Act of 1933, as amended (the “Securities Act”)
or unless an exemption from registration and qualification is otherwise available. In addition, Grantee understands that the certificate
representing the Restricted Stock will be imprinted with a legend which prohibits the transfer of such Restricted Stock unless
they are sold in a transaction in compliance with the Securities Act or are registered and qualified or such registration and
qualification are not required in the opinion of counsel acceptable to the Company.

 

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2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

(b)
Relationship to the Company; Experience. Grantee either has a preexisting business or personal relationship with the Company
or any of its officers, directors or controlling persons or, by reason of Grantee’s business or financial experience or
the business or financial experience of Grantee’s personal representative(s), if any, who are unaffiliated with and who
are not compensated by the Company or any affiliate or selling agent, directly or indirectly, has the capacity to protect Grantee’s
own interests in connection with Grantee’s acquisition of the Restricted Stock to be issued to Grantee hereunder. Grantee
and/or Grantee’s personal representative(s) have such knowledge and experience in financial, tax and business matters to
enable Grantee and/or them to utilize the information made available to Grantee and/or them in connection with the acquisition
of the Restricted Stock to evaluate the merits and risks of the prospective investment and to make an informed investment decision
with respect thereto.

 

(c)
Grantee’s Liquidity. In reaching the decision to invest in the Restricted Stock, Grantee has carefully evaluated
Grantee’s financial resources and investment position and the risks associated with this investment, and Grantee acknowledges
that Grantee is able to bear the economic risks of the investment. Grantee (i) has adequate means of providing for Grantee’s
current needs and possible personal contingencies, (ii) has no need for liquidity in Grantee’s investment, (iii) is able
to bear the substantial economic risks of an investment in the Restricted Stock for an indefinite period and (iv) at the present
time, can afford a complete loss of such investment. Grantee’s commitment to investments which are not readily marketable
is not disproportionate to Grantee’s net worth and Grantee’s investment in the Restricted Stock will not cause Grantee’s
overall commitment to become excessive.

 

(d)
Access to Data. Grantee acknowledges that during the course of this transaction and before deciding to acquire the Restricted
Stock, Grantee has been provided with financial and other written information about the Company. Grantee has been given the opportunity
by the Company to obtain any information and ask questions concerning the Company, the Restricted Stock, and Grantee’s investment
that Grantee felt necessary; and to the extent Grantee availed himself/herself of that opportunity, Grantee has received satisfactory
information and answers concerning the business and financial condition of the Company in response to all inquiries in respect
thereof.

 

(e)
Risks. Grantee acknowledges and understands that (i) an investment in the Company constitutes a high risk, (ii) the Restricted
Stock are highly speculative, and (iii) there can be no assurance as to what investment return, if any, there may be. Grantee
is aware that the Company may issue additional securities in the future which could result in the dilution of Grantee’s
ownership interest in the Company.

 

(f)
Valid Agreement. This Agreement when executed and delivered by Grantee will constitute a valid and legally binding obligation
of Grantee which is enforceable in accordance with its terms.

 

(g)
Residence. The address set forth on the Notice of Restricted Stock Grant is Grantee’s current address and accurately
sets forth Grantee’s place of residence.

 

(h)
Tax Consequences. Grantee has reviewed with Grantee’s own tax advisors the federal, state, local and foreign tax
consequences of this investment and the transactions contemplated by this Agreement. Grantee is relying solely on such advisors
and not on any statements or representations of the Company or any of its agents. Grantee understands that Grantee (and not the
Company) is responsible for Grantee’s own tax liability that may arise as a result of the transactions contemplated by this
Agreement. Grantee understands that Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”),
taxes as ordinary income the difference between the purchase price for the Restricted Stock and the fair market value of the Restricted
Stock as of the date any restrictions on the Restricted Stock lapse. Grantee understands that Grantee may elect to be taxed at
the time the Restricted Stock is purchased rather than when and as the restrictions lapse by filing an election under Section
83(b) of the Code with the Internal Revenue Service within 30 days from the date of purchase. The form for making this election
is attached as Exhibit A hereto.

 

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2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

GRANTEE
ACKNOWLEDGES THAT IT IS GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY ANY ELECTION UNDER SECTION
83(b), EVEN IF GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON GRANTEE’S BEHALF.

 

7.
No Employment Contract Created. The issuance of the Restricted Stock is not to be construed as granting to Grantee
any right with respect to continuance of employment or any service with the Company or any of its subsidiaries. The right of the
Company or any of its subsidiaries to terminate at will Grantee’s employment or terminate Grantee’s service at any
time (whether by dismissal, discharge or otherwise), with or without cause, is specifically reserved, subject to any other written
employment or other agreement to which the Company and Grantee may be a party.

 

8.
Tax Withholding. The Company has the power and the right to deduct or withhold, or require Grantee to remit to the
Company, an amount sufficient to satisfy Federal, state and local taxes (including the Grantee’s FICA obligation) required
by law to be withheld with respect to the grant and vesting of the Restricted Stock.

 

9.
Interpretation. The Restricted Stock are being issued pursuant to the terms of the Plan, and are to be interpreted
in accordance therewith. The Board (or an authorized committee thereof) will interpret and construe this Agreement and the Plan,
and any action, decision, interpretation or determination made in good faith by the Board (or an authorized committee thereof)
will be final and binding on the Company and Grantee.

 

10.
Notices. All notices or other communications which are required or permitted hereunder will be in writing and sufficient
if (i) personally delivered or sent by telecopy, (ii) sent by nationally-recognized overnight courier or (iii) sent by registered
or certified mail, postage prepaid, return receipt requested, addressed as follows:

 

(a)
if to the Grantee, to the address (or telecopy number) set forth on the Notice of Grant; and

 

(b)
if to the Company, to its principal executive office as specified in any report filed by the Company with the Securities and Exchange
Commission or to such address as the Company may have specified to the Grantee in writing, Attention: Corporate Secretary;

 

or
to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance
herewith. Any such communication will be deemed to have been given (i) when delivered, if personally delivered, or when telecopied,
if telecopied, (ii) on the first Business Day (as hereinafter defined) after dispatch, if sent by nationally-recognized overnight
courier and (iii) on the fifth Business Day following the date on which the piece of mail containing such communication is posted,
if sent by mail. As used herein, “Business Day” means a day that is not a Saturday, Sunday or a day
on which banking institutions in the city to which the notice or communication is to be sent are not required to be open.

 

    	Page 6 of 9
2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

11.
Specific Performance. Grantee expressly agrees that the Company will be irreparably damaged if the provisions of
this Agreement and the Plan are not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions
of this Agreement or the Plan by Grantee, the Company will, in addition to all other remedies, be entitled to a temporary or permanent
injunction, without showing any actual damage, and/or decree for specific performance, in accordance with the provisions hereof
and thereof. The Board (or an authorized committee thereof) has the power to determine what constitutes a breach or threatened
breach of this Agreement or the Plan. Any such determinations will be final and conclusive and binding upon Grantee.

 

12.
No Waiver. No waiver of any breach or condition of this Agreement will be deemed to be a waiver of any other or
subsequent breach or condition, whether of like or different nature.

 

13.
Grantee Undertaking. Grantee hereby agrees to take whatever additional actions and execute whatever additional documents
the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations
or restrictions imposed on Grantee pursuant to the express provisions of this Agreement.

 

14.
Modification of Rights. The rights of Grantee are subject to modification and termination in certain events as provided
in this Agreement and the Plan.

 

15.
Governing Law. This Agreement is governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to its conflict or choice of law principles that might otherwise refer construction or interpretation of
this Agreement to the substantive law of another jurisdiction.

 

16.
Counterparts; Facsimile Execution. This Agreement may be executed in one or more counterparts, each of which will
be deemed to be an original, but all of which together will constitute one and the same instrument. Facsimile execution and delivery
of this Agreement is legal, valid and binding execution and delivery for all purposes.

 

17.
Entire Agreement. This Agreement (including the Notice of Restricted Stock Grant) and the Plan, constitute the entire
agreement between the parties with respect to the subject matter hereof, and supersedes all previously written or oral negotiations,
commitments, representations and agreements with respect thereto.

 

18.
Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions
of this Agreement, and this Agreement will be construed as if such invalid, illegal or unenforceable provision had never been
contained herein.

 

19.
WAIVER OF JURY TRIAL. THE GRANTEE HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY
LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[Signature
Page Follows]

 

    	Page 7 of 9
2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

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

 

	TRXADE
    GROUP, INC. 	 
	 	 	 
	By:
    	 	 
	Name:
    	 	 
	Title:
    	          	 
	 	 	 
	GRANTEE:	 
	 	 	 
	Name:
    	 	 

 

    	Page 8 of 9
2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

SPOUSE’S
CONSENT TO AGREEMENT

(Required
where Grantee resides in a community property state)

 

I
acknowledge that I have read the Agreement and the Plan and that I know and understand the contents of both. I am aware that my
spouse has agreed therein to the imposition of certain forfeiture provisions and restrictions on transferability with respect
to the Restricted Stock that are the subject of the Agreement, including with respect to my community interest therein, if any,
on the occurrence of certain events described in the Agreement. I hereby consent to and approve of the provisions of the Agreement,
and agree that I will abide by the Agreement and bequeath any interest in the Restricted Stock which represents a community interest
of mine to my spouse or to a trust subject to my spouse’s control or for my spouse’s benefit or the benefit of our
children if I predecease my spouse.

 

	Dated:
    	 	 
	 	 	 
	Signature:
    	 	 
	 	 	 
	Print
    Name: 	 	 

 

    	Page 9 of 9
2019 Equity Incentive Plan Restricted Stock Grant Agreement

    	 

    

 

ELECTION
UNDER SECTION 83(b)

OF
THE INTERNAL REVENUE CODE OF 1986

 

The
undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in
the taxpayer’s gross income or alternative minimum taxable income, as the case may be, for the current taxable year, as
compensation for services the excess (if any) of the fair market value of the shares described below over the amount paid for
those shares:

 

1.
The name, address, taxpayer identification number and taxable year of the undersigned are as follows:

 

	Taxpayer:	 
	Spouse:	 
	Name:	 
	Address:	 
	Identification
    No.:	 
	Taxable
    Year:	 

 

2.
The property with respect to which the election is made is described as follows: __________ shares (the “Shares”)
of the Common Stock of Trxade Group, Inc., a Delaware corporation (the “Company”).

 

3.
The date on which the property was transferred is:___________________ ,______.

 

4.
The property is subject to the following restrictions: The Shares may not be transferred and are subject to forfeiture under the
terms of an agreement between the taxpayer and the Company. These restrictions lapse upon the satisfaction of certain conditions
contained in such agreement.

 

5.
The fair market value of the property at the time of transfer (determined without regard to any restriction other than a nonlapse
restriction as defined in § 1.83-3(h) of the Income Tax Regulations) is: $_______ per share x ________ shares = $___________.

 

6.
For the property transferred, the undersigned paid $______ per share x _________ shares = $______________.

 

7.
The amount to include in gross income is $______________. [The result of the amount reported in Item 5 minus the amount
reported in Item 6.]

 

The
undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual
income tax return not later than 30 days after the date of transfer of the property. A copy of the election also will be furnished
to the person for whom the services were performed. Additionally, the undersigned will include a copy of the election with his
or her income tax return for the taxable year in which the property is transferred. The undersigned is the person performing the
services in connection with which the property was transferred.

 

The
undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner.

 

Dated:
______________________, _____

 

___________________________

Taxpayer

 

The
undersigned spouse of taxpayer joins in this election.

 

Dated:
______________________, _____

 

_________________________

Spouse
of Taxpayer

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