Document:

Exhibit 10.11

 

as adopted August 10, 2017

as
amended November 29, 2017

 

ARTARA THERAPEUTICS, INC.

 

2017 EQUITY INCENTIVE PLAN

 

SECTION
1. Purpose; Definitions. The purposes of this ArTara Therapeutics, Inc. 2017 Equity Incentive Plan (the
 “Plan”) are to enable ArTara Therapeutics, Inc. (the “Company”) and its Affiliates
to recruit and retain highly qualified personnel, to provide those personnel with an incentive for productivity and to provide
those personnel with an opportunity to share in the growth and value of the Company.

 

For purposes of the Plan, the following
terms will have the meanings defined below, unless the context clearly requires a different meaning:

 

(a)            “Affiliate” means, with respect to a Person, a Person that directly or indirectly controls, is
controlled by, or is under common control with such Person.

 

(b)            “Applicable
Law” means the legal requirements relating to the administration of and issuance of securities under stock incentive
plans, including, without limitation, the requirements of state corporations law, federal, state and foreign securities law, federal,
state and foreign tax law, and the requirements of any stock exchange or quotation system upon which the Shares may then be listed
or quoted. For all purposes of this Plan, references to statutes and regulations shall be deemed to include any successor statutes
and regulations, to the extent reasonably appropriate as determined by the Board.

 

(c)            “Award”
means an award of Options, SARs, Restricted Stock or Restricted Stock Units made under this Plan.

 

(d)            “Award Agreement” means, with respect to any particular Award, the written document that sets
forth the terms of that particular Award.

 

(e)            “Board”
means the Board of Directors of the Company, as constituted from time to time; provided, however, that if the Board appoints
one or more Committees to perform some or all of the Board’s administrative functions hereunder, references to the “Board”
will be deemed to also refer to the Committee in connection with matters to be performed by that Committee.

 

(f)            “Cause ” means (i) conviction of, or the entry of a plea of guilty or no contest to, a felony
or any other crime that causes the Company or its Affiliates public disgrace or disrepute, or adversely affects the Company’s
or its Affiliates’ operations, condition (financial or otherwise), prospects or interests; (ii) participation in any fraud,
embezzlement or theft; (iii) gross negligence or willful misconduct in the course of employment; (iv) alcohol abuse or use of controlled
drugs other than in accordance with a physician’s prescription; or (v) a material breach of any agreement with or duty owed
to the Company or any of its Affiliates. Notwithstanding the foregoing, if a Participant and the Company (or any of its Affiliates)
have entered into an employment agreement, consulting agreement or other similar agreement that specifically defines “cause,”
then with respect to such Participant, “Cause” shall have the meaning defined in that employment agreement, consulting
agreement or other agreement.

 

     

     

    

 

 

as adopted August 10, 2017

as
amended November 29, 2017

 

(g)            “Change in Control” means the occurrence of any of the following, in one transaction or a series
of related transactions: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming
a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing more than 50% of the voting power of the Company’s then outstanding securities (provided that,
a transfer of securities by a stockholder to (1) the spouse, children, parents or siblings of such stockholder (collectively,
such stockholder’s “Family Members”), (2) the estate of such stockholder, or (3) any trust solely for the benefit
of such stockholder and/or any Family Member(s) and of which such stockholder and/or any such Family Member(s) is the trustee
or are the trustees shall not constitute such a “Change of Control” transaction); (ii) a consolidation, share exchange,
reorganization or merger of the Company resulting in the stockholders of the Company immediately prior to such event not owning
at least a majority of the voting power of the resulting entity’s securities outstanding immediately following such event;
(iii) the sale or other disposition of all or substantially all the assets of the Company, (iv) a liquidation or dissolution of
the Company, or (v) any similar event deemed by the Board to constitute a Change in Control for purposes of this Plan.

 

(h)            “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor
thereto.

 

(i)             “Committee” means a committee of one or more individuals appointed in accordance with Section
2 of the Plan.

 

 (j)             “Director” means a member of the Board.

 

(k)
           “Disability” means a condition rendering a Participant Disabled.

 

(l)             “Disabled” will have the same meaning as set forth in Section 22(e)(3) of the Code.

 

 (m)          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(n)           “Fair
Market Value” means, as of any date: (i) if the Shares are not then publicly traded, the value of a Share on
that date, as determined by the Board in its sole and absolute discretion; or (ii) if the Shares are publicly traded, the
closing price for a Share on the principal national securities exchange on which the Shares are listed or admitted to trading
or, if the Shares are not listed or admitted to trading on any national securities exchange, but are traded in the
over-the-counter market, the closing sale price of a Share or, if no sale is publicly reported, the average of the closing
bid and asked prices, as furnished by two members of the National Association of Securities Dealers, Inc. who make a market
in the Shares selected from time to time by the Company for that purpose.

 

(o)           
 “Incentive Stock Option” means any Option intended to be an “Incentive Stock Option”
within the meaning of Section 422 of the Code.

 

(p)            “Non-Qualified Stock Option” means any Option that is not an Incentive Stock Option.

 

(q)            “Option” means any option to purchase Shares (including Restricted Stock, if the Board so determines)
granted pursuant to Section 5 hereof.

 

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

 

(s)            “Participant” means an employee, consultant, Director, or other service provider of or to the
Company or any of its Affiliates to whom an Award is granted.

 

(t)            “Person” means an individual, partnership, corporation, limited liability company, trust, joint
venture, unincorporated association, or other entity or association.

 

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as adopted August 10, 2017

as
amended November 29, 2017

 

(u)            “Restricted Stock” means Shares that are subject to restrictions pursuant to Section 8 hereof.

 

(v)            “Restricted Stock Unit” means a right granted under and subject to restrictions pursuant to Section
9 hereof.

 

(w)            “SAR” means a stock appreciation right granted under the Plan and described in Section 6 hereof.

 

(x)            “Shares” means shares of the Company’s Common Stock, par value $0.01, subject to substitution
or adjustment as provided in Section 3(c) hereof.

 

(y)            “Stockholders Agreement” means a shareholders agreement by and among the Company and its stockholders,
which may be adopted, amended, modified or supplemented from time to time.

 

(z)            “Subsidiary”
means, in respect of the Company, a subsidiary company as defined in Sections 424(f) and (g) of the Code.

 

SECTION
2. Administration. The Plan will be administered by the Board; provided, however, that the Board may at
any time appoint a Committee to perform some or all of the Board’s administrative functions hereunder; and provided further,
that the authority of any Committee appointed pursuant to this Section 2 will be subject to such terms and conditions as
the Board may prescribe and will be coextensive with, and not in lieu of, the authority of the Board hereunder. Subject to the
requirements of the Company’s by-laws and certificate of incorporation (and any other statute, rule, regulation or agreement
that governs the appointment of Board committees), the Board may at any time increase or decrease the size of the Committee, appoint
additional members thereto, remove members (with or without cause) and fill vacancies however caused.

 

The Board will have full authority
to grant Awards under this Plan and determine the terms of such Awards. Such authority will include, with limitation, the right
to:

 

(a)            select the individuals to whom Awards are granted (consistent with the eligibility conditions set forth in Section 4);

 

(b)            determine
the type of Award to be granted;

 

(c)            determine
the number of Shares, if any, to be covered by each Award;

 

(d)            establish
the terms and conditions of each Award;

 

(e)            establish
the performance conditions relevant to any Award and certify whether such performance conditions have been satisfied;

 

(f)            determine whether and under what circumstances an Option may be exercised without a payment of cash under Section 5(d);

 

(g)            to
accelerate the vesting or exercisability of any Award;

 

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as adopted August 10, 2017

as
amended November 29, 2017

 

(h)            to extend the period of time for which an Option or SAR is to remain exercisable following a Participant’s termination
of service, but in no event beyond the expiration of the term of the Option or SAR; and

 

(i)             to
otherwise modify or amend any Award.

 

The Board will have the authority
to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it, from time to time, deems
advisable; to establish the terms and form of each Award Agreement; to interpret the terms and provisions of the Plan and any Award
issued under the Plan (and any Award Agreement); and to otherwise supervise the administration of the Plan. The Board may correct
any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent
it deems necessary to carry out the intent of the Plan.

 

All decisions
made by the Board pursuant to the provisions of the Plan will be final and binding on all Persons, including the Company and Participants.
No Director will be liable for any good faith determination, act or omission in connection with the Plan or any Award.

 

SECTION 3. Shares
Subject to the Plan.

 

(a)            Shares Subject to the Plan. The Shares to be subject to or related to Awards under the Plan will be authorized and
unissued Shares of the Company, whether or not previously issued and subsequently acquired by the Company. The maximum number of
Shares that may be issued in respect of Awards under the Plan is 2,000,000, all of which may be issued in respect of Incentive
Stock Options. The Company will reserve for the purposes of the Plan, out of its authorized and unissued Shares, such number of
Shares.

 

(b)            Effect of the Expiration or Termination of Awards. If and to the extent that an Option or SAR expires, terminates
or is canceled or forfeited for any reason without having been exercised in full, the Shares associated with that Option or SAR
will again become available for grant under the Plan. Similarly, if and to the extent an Award of Restricted Stock or Restricted
Stock Units is canceled or forfeited for any reason, the Shares subject to that Award will again become available for grant under
the Plan. Shares withheld in settlement of a tax withholding obligation associated with an Award, or in satisfaction of the exercise
price payable upon exercise of an Option, will again become available for grant under the Plan. If any Award or portion thereof
is settled for cash, the Shares attributable for such cash settlement will again become available for grant.

 

(c)            Other Adjustment. In the event of any recapitalization, stock split or combination, stock dividend, spin-off, merger,
reorganization or other similar event or transaction affecting the Shares, substitutions or adjustments will be made by the Board
to the aggregate number, class and/or issuer of the securities that may be issued under the Plan, to the number, class and/or issuer
of securities subject to outstanding Awards, and to the exercise price of outstanding Options or SARs, in each case in a manner
that reflects equitably the effects of such event or transaction.

 

(d)            Change in Control. Notwithstanding anything to the contrary set forth in the Plan, upon or in anticipation of any
Change in Control, the Board may, in its sole and absolute discretion and without the need for the consent of any Participant,
take one or more of the following actions contingent upon the occurrence of that Change in Control:

 

(i)            cause any or all outstanding Awards to become vested and immediately exercisable (as applicable), in whole or in part;

 

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as adopted August 10, 2017

as
amended November 29, 2017

 

(ii)            cause any outstanding Option to become fully vested and immediately exercisable for a reasonable period in advance of the
Change in Control and, to the extent not exercised prior to that Change in Control, cancel that Option upon closing of the Change
in Control;

 

(iii)           cancel
any unvested Award or unvested portion thereof, with or without consideration;

 

(iv)           cancel any Option in exchange for a substitute award in a manner consistent with the principles of Treas. Reg. §1.424-1(a)
or any successor rule or regulation (notwithstanding the fact that the original Award may never have been intended to satisfy the
requirements for treatment as an Incentive Stock Option);

 

(v)            cancel
any Restricted Stock, Restricted Stock Unit or SAR in exchange for restricted shares, restricted stock units or stock appreciation
rights with respect to the capital stock of any successor corporation or its parent;

 

(vi)            redeem any Restricted Stock or Restricted Stock Unit for cash and/or other substitute consideration with value equal to
the Fair Market Value on the date of the Change in Control;

 

(vii)          cancel
any SAR in exchange for cash and/or other substitute consideration with a value equal to: (A) the number of Shares subject to
that SAR, multiplied by (B) the difference, if any, between the Fair Market Value per Share on the date of the Change in Control
and the exercise price of that SAR; provided, that if the Fair Market Value per Share on the date of the Change in Control
does not exceed the exercise price of any such SAR, the Board may cancel that SAR without any payment of consideration therefore;
and/or

 

(viii)         cancel any Option in exchange for cash and/or other substitute consideration with a value equal to: (A) the number of Shares
subject to that Option, multiplied by (B) the difference, if any, between the Fair Market Value per Share on the date of the Change
in Control and the exercise price of that Option; provided, that if the Fair Market Value per Share on the date of the Change
in Control does not exceed the exercise price of any such Option, the Board may cancel that Option without any payment of consideration
therefor.

 

In the discretion of the Board, any cash or substitute
consideration payable upon cancellation of an Award may be subjected to (i) vesting terms substantially identical to those that
applied to the cancelled Award immediately prior to the Change in Control, or (ii) earn-out, escrow, holdback or similar arrangements,
to the extent such arrangements are applicable to any consideration paid to stockholders in connection with the Change in Control.

 

SECTION
4. Eligibility. Employees, Directors, consultants, and other individuals who provide services to the Company
or its Affiliates are eligible to be granted Awards under the Plan; provided, however, that only employees of the Company,
any Parent or a Subsidiary are eligible to be granted Incentive Stock Options.

 

SECTION 5. Options.
Options granted under the Plan may be of two types:

(i) Incentive Stock Options or (ii) Non-Qualified Stock
Options. Any Option granted under the Plan will be in such form as the Board may at the time of such grant approve.

 

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as adopted August 10, 2017

as
amended November 29, 2017

 

The Award Agreement
evidencing any Option will incorporate the following terms and conditions and will contain such additional terms and conditions,
not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole and absolute discretion:

 

(a)            Option Price. The exercise price per Share purchasable under an Option will be determined by the Board and will not
be less than 100% of Fair Market Value on the date of the grant. However, any Incentive Stock Option granted to any Participant
who, at the time the Option is granted, owns, either directly or within the meaning of the attribution rules contained in Section
424(d) of the Code, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, will
have an exercise price per Share of not less than 110% of Fair Market Value per Share on the date of the grant.

 

(b)            Option Term. The term of each Option will be fixed by the Board, but no Option will be exercisable more than 10 years
after the date the Option is granted. However, any Incentive Stock Option granted to any Participant who, at the time such Option
is granted, owns, either directly or within the meaning of the attribution rules contained in Section 424(d) of the Code, stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company, may not have a term of more
than five years. No Option may be exercised by any Person after expiration of the term of the Option.

 

(c)            Exercisability. Options will vest and be exercisable at such time or times and subject to such terms and conditions
as determined by the Board.

 

(d)            Method
of Exercise . Subject to the terms of the applicable Award Agreement, the exercisability provisions of Section 5(c)
and the termination provisions of Section 7, Options may be exercised in whole or in part from time to time during their
term by the delivery of written notice to the Company specifying the number of Shares to be purchased. Such notice will be accompanied
by payment in full of the purchase price, either by certified or bank check, or such other means as the Board may accept. Unless
otherwise determined by the Board, in its sole discretion, payment of the exercise price of an Option may be made in the form of
previously acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised or through means of
a “net settlement,” whereby the Option exercise price will not be due in cash and where the number of Shares issued
upon such exercise will be equal to: (A) the product of (i) the number of Shares as to which the Option is then being exercised,
and (ii) the excess, if any, of (a) the then current Fair Market Value over (b) the Option exercise price, divided by (B) the then
current Fair Market Value.

 

No
Shares will be issued upon exercise of an Option until full payment therefor has been made. A Participant will not have the
right to distributions or dividends or any other rights of a stockholder with respect to Shares subject to the Option until
the Participant has given written notice of exercise, has paid in full for such Shares, if requested, has given the
representation described in Section 13(a) hereof and fulfills such other conditions as may be set forth in the
applicable Award Agreement.

 

(e)            Incentive
Stock Option Limitations. In the case of an Incentive Stock Option, the aggregate Fair Market Value (determined as of the time
of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during
any calendar year under the Plan and/or any other plan of the Company, its Parent or any Subsidiary will not exceed $100,000. For
purposes of applying the foregoing limitation, Incentive Stock Options will be taken into account in the order granted. To the
extent any Option does not meet such limitation, that Option will be treated for all purposes as a Non-Qualified Stock Option.

 

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as adopted August 10, 2017

as
amended November 29, 2017

 

(f)            Termination of Service. Unless otherwise specified in the applicable Award Agreement, Options will be subject to
the terms of Section 7 with respect to exercise upon or following termination of employment or other service.

 

(g)            Transferability
of Options. Except as may otherwise be specifically determined by the Board with respect to a particular Option: (i) no Option
will be transferable by the Participant other than by will or by the laws of descent and distribution, and (ii) during the Participant’s
lifetime, an Option will be exercisable only by the Participant (or, in the event of the Participant’s Disability, by his
personal representative).

 

SECTION
6. Stock Appreciation Rights.

 

(a)            Nature
of Award. Upon the exercise of a SAR, its holder will be entitled to receive an amount equal to the excess (if any) of: (i)
the Fair Market Value of the Shares covered by such SAR as of the date such SAR is exercised, over (ii) the Fair Market Value
of the Shares covered by such SAR as of the date such SAR was granted. Such amount may be paid in either cash and/or Shares, as
determined by the Board in its sole and absolute discretion.

 

(b)            Terms
and Conditions. The Award Agreement evidencing any SAR will incorporate the following terms and conditions and will contain
such additional terms and conditions, not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole
and absolute discretion:

 

(i)            Term
of SAR. Unless otherwise specified in the Award Agreement, the term of a SAR will be ten years.

 

(ii)            Exercisability.
SARs will vest and become exercisable at such time or times and subject to such terms and conditions as will be determined by
the Board at the time of grant.

 

(iii)           Method
of Exercise. Subject to terms of the applicable Award Agreement, the exercisability provisions of Section 6(b)(ii)
and the termination provisions of Section 7, SARs may be exercised in whole or in part from time to time during their term
by delivery of written notice to the Company specifying the portion of the SAR to be exercised.

 

(iv)            Termination
of Service. Unless otherwise specified in the Award Agreement, SARs will be subject to the terms of Section 7 with
respect to exercise upon termination of employment or other service.

 

(v)            Non-Transferability.
Except as may otherwise be specifically determined by the Board with respect to a particular SAR: (A) SARs may not be sold, pledged,
assigned, hypothecated, gifted, transferred or disposed of in any manner either voluntarily or involuntarily by operation of law,
other than by will or by the laws of descent or distribution, and (B) during the Participant’s lifetime, SARs will be exercisable
only by the Participant (or, in the event of the Participant’s Disability, by his personal representative).

 

SECTION
7. Termination of Service. Unless otherwise specified with respect to a particular Option or SAR in the applicable
Award Agreement or otherwise determined by the Board, any portion of an Option or SAR that is not exercisable upon termination
of service will expire immediately and automatically upon such termination and any portion of an Option or SAR that is exercisable
upon termination of service will expire on the date it ceases to be exercisable in accordance with this Section 7.

 

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as adopted August 10, 2017

as
amended November 29, 2017

 

(a)            Termination by Reason of Death. If a Participant’s service with the Company or any Affiliate terminates by reason
of death, any Option or SAR held by such Participant may thereafter be exercised, to the extent it was exercisable at the time
of his or her death or on such accelerated basis as the Board may determine at or after grant, by the legal representative of
the estate or by the legatee of the Participant under the will of the Participant, for a period expiring (i) at such time as may
be specified by the Board at or after grant (not less than 6 months), or (ii) if not specified by the Board, then 12 months from
the date of death, or (iii) if sooner than the applicable period specified under (i) or (ii) above, upon the expiration of the
stated term of such Option or SAR.

 

(b)            Termination by Reason of Disability. If a Participant’s service with the Company or any Affiliate terminates
by reason of Disability, any Option or SAR held by such Participant may thereafter be exercised by the Participant or his personal
representative, to the extent it was exercisable at the time of termination, or on such accelerated basis as the Board may determine
at or after grant, for a period expiring (i) at such time as may be specified by the Board at or after grant (not less than 6 months),
or (ii) if not specified by the Board, then 12 months from the date of termination of service, or (iii) if sooner than the applicable
period specified under (i) or (ii) above, upon the expiration of the stated term of such Option or SAR.

 

(c)            Cause. If a Participant’s service with the Company or any Affiliate is terminated for Cause: (i) any Option
or SAR, or portion thereof, not already exercised will be immediately and automatically forfeited as of the date of such termination,
and (ii) any Shares for which the Company has not yet delivered share certificates will be immediately and automatically forfeited
and the Company will refund to the Participant the Option exercise price paid for such Shares, if any.

 

(d)            Other Termination. If a Participant’s service with the Company or any Affiliate terminates for any reason other
than death, Disability or Cause, any Option or SAR held by such Participant may thereafter be exercised by the Participant, to
the extent it was exercisable at the time of such termination, or on such accelerated basis as the Board may determine at or after
grant, for a period expiring (i) at such time as may be specified by the Board at or after grant (not less than 30 days), or (ii)
if not specified by the Board, then 90 days from the date of termination of service, or (iii) if sooner than the applicable period
specified under (i) or (ii) above, upon the expiration of the stated term of such Option or SAR.

 

SECTION 8. Restricted
Stock.

 

(a)            Issuance. Restricted Stock may be issued either alone or in conjunction with other Awards. The Board will determine
the time or times within which Restricted Stock may be subject to forfeiture, and all other conditions of such Awards. The purchase
price for Restricted Stock may, but need not, be zero. The prospective recipient of an Award of Restricted Stock will not have
any rights with respect to such Award, unless and until such recipient has delivered to the Company an executed Award Agreement
and has otherwise complied with the applicable terms and conditions of such Award.

 

(b)            Certificates. Any share certificate issued in connection with an Award of Restricted Stock will be registered in the name
of the Participant receiving the Award, and will bear the following legend and/or any other legend required by this Plan, the
Award Agreement, the Stockholders Agreement or by Applicable Law:

 

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as adopted August 10, 2017

as
amended November 29, 2017

 

THE TRANSFERABILITY
OF THIS CERTIFICATE AND THE

SHARES REPRESENTED HEREBY ARE SUBJECT TO THE

TERMS    AND    CONDITIONS
OF THE ARTARA

THERAPEUTICS, INC. 2017 EQUITY INCENTIVE PLAN AND

AN AWARD AGREEMENT ENTERED INTO BETWEEN THE

PARTICIPANT AND ARTARA THERAPEUTICS, INC. COPIES

OF THAT PLAN AND AGREEMENT ARE ON FILE IN THE

PRINCIPAL OFFICES OF ARTARA THERAPEUTICS, INC. AND

WILL BE MADE AVAILABLE TO THE HOLDER OF THIS

CERTIFICATE WITHOUT CHARGE UPON REQUEST TO THE

SECRETARY OF ARTARA THERAPEUTICS, INC.

 

Share certificates evidencing Restricted Stock will
be held in custody by the Company or in escrow by an escrow agent until the restrictions thereon have lapsed. As a condition to
any Award of Restricted Stock, the Participant may be required to deliver to the Company a share power, endorsed in blank, relating
to the Shares covered by such Award.

 

(c)            Restrictions and Conditions. The Award Agreement evidencing the grant of any Restricted Stock will incorporate the
following terms and conditions and such additional terms and conditions, not inconsistent with the terms of the Plan, as the Board
deems appropriate in its sole and absolute discretion:

 

(i)            During a period commencing with the date of an Award of Restricted Stock and ending at such time or times as specified by
the Board (the “Restriction Period”), the Participant will not be permitted to sell, transfer, pledge,
assign or otherwise encumber Restricted Stock awarded under the Plan. The Board may condition the lapse of restrictions on Restricted
Stock upon the continued employment or service of the recipient, the attainment of specified individual or corporate performance
goals, or such other factors as the Board may determine, in its sole and absolute discretion.

 

(ii)            Except as provided in this paragraph (ii) or the applicable Award Agreement, once the Participant has been issued a certificate
or certificates for Restricted Stock or the Restricted Stock has been issued in the Participant’s name by book-entry registration,
the Participant will have, with respect to the Restricted Stock, the right to vote the Shares, but will not have the right to receive
any cash distributions or dividends prior to the lapse of the Restriction Period unless otherwise provided under the applicable
Award Agreement or as determined by the Board. If any cash distributions or dividends are payable with respect to the Restricted
Stock, the Board, in its sole discretion, may require the cash distributions or dividends to be subjected to the same Restriction
Period as is applicable to the Restricted Stock with respect to which such amounts are paid, or, if the Board so determines, reinvested
in additional Restricted Stock to the extent Shares are available under Section 3(a) of the Plan. A Participant shall not
be entitled to interest with respect to any dividends or distributions subjected to the Restriction Period. Any distributions or
dividends paid in the form of securities with respect to Restricted Stock will be subject to the same terms and conditions as the
Restricted Stock with respect to which they were paid, including, without limitation, the same Restriction Period.

 

(iii)           Subject to the provisions of the applicable Award Agreement or as otherwise determined by the Board, if a Participant’s
service with the Company and its Affiliates terminates prior to the expiration of the applicable Restriction Period, the Participant’s
Restricted Stock that then remains subject to forfeiture will then be forfeited automatically.

 

(iv)           If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock subject to such Restriction
Period (or if and when the restrictions applicable to Restricted Stock are removed pursuant to Section 3(d) or otherwise),
any certificates for such Shares will be replaced with new certificates, without the restrictive legends described in

 

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as adopted August 10, 2017

as
amended November 29, 2017

 

Section 8(b) applicable to such lapsed restrictions,
and such new certificates will be delivered to the Participant, the Participant’s representative (if the Participant has
suffered a Disability), or the Participant’s estate or heir (if the Participant has died).

 

SECTION
9. Restricted Stock Units. Subject to the other terms of the Plan, the Board may grant Restricted Stock
Units to eligible individuals and may impose conditions on such units as it deems appropriate. Each Restricted Stock Unit shall
be evidenced by an Award Agreement in the form that is approved by the Board and that is not inconsistent with the terms and conditions
of the Plan. Each Restricted Stock Unit will represent a right to receive from the Company, upon fulfillment of any applicable
conditions, one Share (or, if so determined by the Board, an amount in cash equal to the Fair Market Value at the time of settlement)
.. All other terms governing Restricted Stock Units, such as vesting, time and form of payment and termination of units shall be
set forth in the applicable Award Agreement. The Participant shall not have any shareholder rights with respect to the Shares subject
to a Restricted Stock Unit Award until that Award vests and the Shares are actually issued thereunder. A Participant will not be
permitted to sell, transfer, pledge, assign or otherwise encumber Restricted Stock Units awarded under the Plan. Subject to the
provisions of the applicable Award Agreement or as otherwise determined by the Board, if a Participant’s service with the
Company terminates prior to the Restricted Stock Unit Award vesting, the Participant’s Restricted Stock Units that then remain
subject to forfeiture will then be forfeited automatically.

 

SECTION 10. Amendments and Termination.
The Board may amend, alter or discontinue the Plan at any time. However, except as otherwise provided in Section 3, no amendment,
alteration or discontinuation will be made which, without the approval of such amendment in accordance with any requirements under
Section 25102(o) of the California Corporations Code in a manner consistent with Treas. Reg. § 1.422-3 (or any successor provision),
would: (i) increase the total number of Shares reserved for issuance hereunder, or (ii) change the persons or class of persons
eligible to receive Awards.

 

SECTION 11. Conditions
Upon Grant of Awards and Issuance of Shares.

 

(a)            The implementation of the Plan, the grant of any Award and the issuance of Shares in connection with the issuance, exercise
or vesting of any Award made under the Plan shall be subject to the Company’s procurement of all approvals and permits required
by regulatory authorities having jurisdiction over the Plan, the Awards made under the Plan and the Shares issuable pursuant to
those Awards.

 

(b)            No Shares shall be issued or delivered under the Plan unless and until there shall have been compliance with all applicable
requirements of Applicable Law, including the filing and effectiveness of required notices or registration statements, and with
all applicable listing requirements of any stock exchange on which Shares are then listed for trading.

 

SECTION 12. Liability
of Company.

 

(a)            Inability to Obtain Authority. If the Company cannot, by the exercise of commercially reasonable efforts, obtain
authority from any regulatory body having jurisdiction for the sale of any Shares under this Plan, and such authority is deemed
by the Company’s counsel to be necessary to the lawful issuance of those Shares, the Company will be relieved of any liability
for failing to issue or sell those Shares.

 

(b)            Grants Exceeding Allotted Shares. If Shares subject to an Award exceed, as of the date of grant, the number of Shares
which may be issued under the Plan without additional shareholder approval, that Award will be contingent
with respect to such excess Shares, on the effectiveness under Applicable Law of a sufficient increase in the number of Shares
subject to this Plan.

 

    -10-

     

    

 

as adopted August 10, 2017

as
amended November 29, 2017

 

(c)            Rights of Participants and Beneficiaries. The Company will pay all amounts payable under this Plan only to the applicable
Participant (or any beneficiary duly designated under the terms of this Plan or the applicable Award). The Company will not be
liable for the debts, contracts, or engagements of any Participant or his or her beneficiaries, and cash payable or Shares issuable
under this Plan may not be taken in execution by attachment or garnishment, or by any other legal or equitable proceeding while
in the hands of the Company.

 

SECTION 13. General
Provisions.

 

(a)            The Board may require each Participant to represent to and agree with the Company in writing that the Participant is acquiring
securities of the Company for investment purposes and without a view to distribution thereof and as to such other matters as the
Board believes are appropriate. Any certificate evidencing an Award and any securities issued pursuant thereto may include any
legend which the Board deems appropriate to reflect any restrictions on transfer and compliance with Applicable Law.

 

(b)            All certificates for Shares or other securities delivered under the Plan will be subject to such share-transfer orders and
other restrictions as the Board may deem advisable under the rules, regulations and other requirements of the Securities Act of
1933, as amended, the Exchange Act, any stock exchange upon which the Shares are then listed, and any other Applicable Law, and
the Board may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

(c)            Neither the adoption of the Plan nor the execution of any document in connection with the Plan will: (i) confer upon any
employee or other service provider of the Company or an Affiliate any right to continued employment or engagement with the Company
or such Affiliate, or (ii) interfere in any way with the right of the Company or such Affiliate to terminate the employment or
engagement of any of its employees or other service providers at any time.

 

(d)            No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal
income tax purposes with respect to any Award under the Plan, the Participant will pay to the Company, or make arrangements satisfactory
to the Company regarding the payment of, any federal, state or local taxes of any kind required by law to be withheld with respect
to such amount. Unless otherwise determined by the Board, the minimum required withholding obligations may be settled with Shares,
including Shares that are part of the Award that gives rise to the withholding requirement. The obligations of the Company under
the Plan will be conditioned on such payment or arrangements and the Company will have the right to deduct any such taxes from
any payment of any kind otherwise due to the Participant.

 

SECTION
14. Effective Date of Plan. The Plan will become effective on the date that it is duly approved by the
Company’s stockholders.

 

SECTION
15. Term of Plan. The Plan will continue in effect until the 10th
anniversary of the date it is adopted by the Board, provided that an Award granted prior to such 10th
anniversary may extend beyond that date in accordance with its terms.

 

SECTION
16. Invalid Provisions. In the event that any provision of this Plan is found to be invalid or otherwise
unenforceable under any Applicable Law, such invalidity or unenforceability will not be construed as rendering
any other provisions contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect
to the same extent as though the invalid or unenforceable provision was not contained herein.

 

    -11-

     

    

 

as adopted August 10, 2017

as
amended November 29, 2017

 

SECTION
17. Governing Law. The Plan and all Awards granted hereunder will be governed by and construed in accordance
with the laws and judicial decisions of the State of Delaware, without regard to the application of the principles of conflicts
of laws.

 

SECTION
18. Board Action. Notwithstanding anything to the contrary set forth in the Plan, any and all actions
of the Board taken under or in connection with the Plan and any agreements, instruments, documents, certificates or other writings
entered into, executed, granted, issued and/or delivered pursuant to the terms hereof, will be subject to and limited by any and
all votes, consents, approvals, waivers or other actions of all or certain stockholders of the Company or other persons required
by:

 

(a)            the Company’s Certificate of Incorporation (as the same may be amended and/or restated from time to time);

 

(b)            the
Company’s Bylaws (as the same may be amended and/or restated from time to time); and

 

(c)            any
other agreement, instrument, document or writing now or hereafter existing, between or among the Company and its stockholders
(as the same may be amended from time to time).

 

SECTION
19. Notices. Any notice to be given to the Company pursuant to the provisions of this Plan must be given
in writing and addressed, if to the Company, to its principal executive office to the attention of its Chief Financial Officer
(or such other Person as the Company may designate in writing from time to time), and, if to a Participant, to the address contained
in the Company’s personnel files, or at such other address as that Participant may hereafter designate in writing to the
Company. Any such notice will be deemed duly given: if delivered personally or via recognized overnight delivery service, on the
date and at the time so delivered; if sent via telecopier or email, on the date and at the time telecopied or emailed with confirmation
of delivery; or, if mailed, on the date of delivery reflected on a certified mail receipt.

 

    -12-Exhibit 10.1

 

Jerash Holdings (US), Inc.

260 East Main Street, Suite 2706, Rochester,
NY 14604

(212) 575-9085

 

 

January 9, 2020

 

Dr. Ibrahim H. Saif

1 Zohd Street, Rwabi Province

Swefieh

Amman

Jordan

 

	Re:	Director Offer Letter for An Independent Director

 

Dear Dr. Saif,

 

Jerash Holdings (US),
Inc., a Delaware corporation (the “Company”), is pleased to offer you a position as of member of its board of
directors (the “Board”). We believe your background and experience will be a significant asset to the Company
and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board, this
letter agreement (the “Agreement”) shall constitute an agreement between you and the Company and contains all
the terms and conditions relating to the services you agree to provide to the Company.

 

1. Term.
This Agreement is effective upon your acceptance and signature below. Subject to the provisions in Section 8 below, your term shall
continue until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholder’s
meeting, and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

 

2. Services.
You shall render services as a member of the Board and the Board committees set forth on Schedule A attached
hereto (hereinafter your “Duties”). During the term of this Agreement, you shall attend and participate in such
number of meetings of the Board and of the Board committee(s) of which you are a member as regularly or specially called. You may
attend and participate at each such meeting via teleconference, video conference, or in person. You shall consult with the other
members of the Board and Board committee(s) as necessary via telephone, electronic mail, or other forms of correspondence.

 

3. Compensation.
As compensation for your services to the Company, you will receive compensation as set forth on Schedule B
attached hereto (hereinafter, the “Compensation”) for serving on the Board during your term as a director. You
shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

 

4. No Assignment.
Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior
written consent of the Company.

 

5. Confidential
Information; Non-Disclosure. In consideration of your access to certain Confidential Information (as defined below) of
the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

 

a. Definition.
For purposes of this Agreement the term “Confidential Information” means:

 

i. Any information
which the Company possesses that has been created, discovered, or developed by or for the Company, and which has or could have
commercial value or utility in the business in which the Company is engaged; or

 

ii. Any information
which is related to the business of the Company and is generally not known by non-Company personnel. 

 

iii. Confidential
Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts,
ideas, improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, and analyses, business
plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

 

    1 

     

    

 

b. Exclusions.
Notwithstanding the foregoing, the term “Confidential Information” shall not include:

 

i. Any information
which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement,
or any other agreement requiring confidentiality between the Company and you;

 

ii. Information
received from a third party in rightful possession of such information who is not restricted from disclosing such information;
and

 

iii. Information
known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

 

c. Documents. You
agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas,
programs, data, records, machines, or any other documents or items which in any manner contain or constitute Confidential Information,
nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions
or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation,
as defined in Section 8 herein.

 

d. Confidentiality.
You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or
indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company,
except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use
any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your
business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.

 

e. Ownership. You
agree that Company shall own all right, title, and interest (including patent rights, copyrights, trade secret rights, mask work
rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas,
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duties (collectively, “Inventions”) and you will promptly disclose and provide all Inventions
to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and
to perfect, obtain, maintain, enforce, and defend any rights assigned.

 

6. Non-Competition.
You agree and undertake that you will not, so long as you are a member of the Board and for a period of 24 months following termination
of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, shareholder, employee, broker,
agent principal, corporate officer, director, licensor, or in any other capacity whatsoever, engage in, become financially interested
in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or
products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company
or its subsidiaries or affiliates; provided, however, that you may own securities of any public corporation
which is engaged in such business but in an amount not to exceed at any one time, one percent of any class of stock or securities
of such company, so long as you has no active role in the publicly owned company as director, employee, consultant, or otherwise. 

 

7. Non-Solicitation.
So long as you are a member of the Board and for a period of 24 months thereafter, you shall not directly or indirectly solicit
for employment any individual who was an employee of the Company during your tenure.

 

8. Termination
and Resignation. Your membership on the Board may be terminated for any or no reason by a vote of the shareholders holding
at least a majority of the shares of the Company’s issued and outstanding shares entitled to vote or, alternatively, by a
written resolution adopted by the shareholders holding at least a majority of the shares of the Company’s issued and outstanding
shares entitled to vote. Your membership on the Board or on any Board committee shall be terminated if you become of unsound mind
or are prohibited by law from being so. Your membership on any Board committee will be terminated on the same effective date when
your membership on the Board is terminated. You may also terminate your membership on the Board or on any Board committee for any
or no reason by delivering your written notice of resignation to the Company (“Resignation”), and such Resignation
shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the
Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will be subject to the
Company’s obligations to pay you any compensation (including the vested portion of the Shares) that you have already earned
and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective
date of such termination or Resignation. Any Shares that have not vested as of the effective date of such termination or Resignation
shall be forfeited and cancelled.

 

    2 

     

    

 

9. Governing
Law. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations
of the parties hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made
and to be performed entirely in the State of New York.

 

10. Entire Agreement;
Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect to the subject matter hereof
and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this
Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties
hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach
or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at
any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party
to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate
counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and
may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable,
as an original of such signature.

 

11. Indemnification.
The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney’s fees, judgments, fines, settlements, and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such
Losses incurred as a result of your negligence or willful misconduct. The Company shall advance to you any expenses, including
reasonable attorneys’ fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted
by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance
of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate
documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (c)
an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately
be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

 

12. Not an Employment
Agreement. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right
for you to continue employment with the Company.

 

13. Acknowledgement.
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive,
and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement.

 

[Signature page follows]

 

 

    3 

     

    

 

The Agreement has been
executed and delivered by the undersigned and is made effective as of the date set first set forth above.

 

	 	Sincerely,
	 	 
	 	
        Jerash Holdings (US), Inc.

        

	 	 
	 	 
	 	 /s/ Choi Lin Hung	 
	 	By: Choi Lin Hung	 
	 	Title: Chairman of the Board, Chief Executive Officer, President, and Treasurer	 

  

 

 

	AGREED AND ACCEPTED:
	 	 
	/s/ Ibrahim H. Saif	 
	By: Ibrahim H. Saif	 

 

    4 

     

    

 

Schedule A

 

The Director is offered to serve on the
following Board committee(s):

 

	Committee	Title
	Audit Committee	Member
	Nominating and Corporate Governance Committee	Member
	Compensation Committee	Member and Chairman

 

 

    5 

     

    

 

Schedule B

Compensation

 

During your term as a member of the Board,
you will receive cash compensation in the amount of US$75,000 per year, which shall be paid to you quarterly at the end of each
quarter.

 

 

    6

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