Document:

Exhibit 10.3

 

Sagimet
Biosciences Inc.

 

2017
Equity Incentive Plan

 

Adopted
by the Board of Directors: September 28, 2017 

Approved
by the Stockholders: October 17, 2017 

Amended
by the Board of Directors: January 16, 2019 

Approved
by the Stockholders: January 22, 2019 

Amended
by the Board of Directors: December 17, 2020 

Approved
by the Stockholders: December 19, 2020 

Termination
Date: September 27, 2027

 

1.          
General.

 

(a)         
Successor to and Continuation of Prior Plan.  

 

(i)            
The Plan is intended as the successor to and continuation of the Sagimet Biosciences Inc. 2007 Equity Incentive Plan (the
 “Prior Plan”) which terminated in accordance with its terms in February 2017. All Awards granted on
or after 12:01 a.m. Pacific Time on the Effective Date will be granted under this Plan.  All stock awards granted under the
Prior Plan remain subject to the terms of the Prior Plan.  

 

(ii)             
From and after 12:01 a.m. Pacific time on the Effective Date, a number of shares of Common Stock equal to the total number
of shares of Common Stock subject, at such time, to outstanding stock awards granted under the Prior Plan that (A) expire or terminate
for any reason prior to exercise or settlement; (B) are forfeited or reacquired because of the failure to meet a contingency or
condition required to vest such shares or are repurchased at the original issuance price; or (C) are otherwise reacquired or withheld
(or not issued) to satisfy the purchase or exercise price or tax withholding obligation in connection with an award (the “Returning
Shares”) will immediately be added to the Share Reserve (as further described in Section 3(a) below) as and when
such shares become Returning Shares (up to the maximum number set forth in Section 3(a)), and become available for issuance pursuant
to Stock Awards granted hereunder.

 

(b)           
Purpose. The Plan, through the granting of Stock Awards, is intended to help the Company secure and retain the services of
eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any
Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.

 

(c)           
Eligible Stock Award Recipients. Employees, Directors and Consultants are eligible to receive Stock Awards.

 

(d)          
Available Stock Awards. The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock Options,
(ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit
Awards and (vi) Other Stock Awards.

 

     1.

     

    

 

2.            
Administration.

 

(a)          
Administration by Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee
or Committees, as provided in Section 2(c).

 

(b)          
Powers of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)          
  To determine (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type of Stock
Award will be granted; (D) the provisions of each Stock Award (which need not be identical), including when a person will be permitted
to exercise or otherwise receive cash or Common Stock under the Stock Award; (E) the number of shares of Common Stock subject
to a Stock Award; and (F) the Fair Market Value applicable to a Stock Award.

 

(ii)          
To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations
for administration of the Plan and Stock Awards. The Board, in the exercise of these powers, may correct any defect, omission
or inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the extent it will deem necessary or expedient
to make the Plan or Stock Award fully effective.

 

(iii)         
To settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv)         
To accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or at which cash or shares of
Common Stock may be issued). 

 

(v)           
To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Stock Award Agreement, suspension
or termination of the Plan will not impair a Participant’s rights under his or her then-outstanding Stock Award without
his or her written consent except as provided in subsection (viii) below.

 

(vi)          
To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments
relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make
the Plan or Stock Awards granted under the Plan compliant with the requirements for Incentive Stock Options or exempt from or
compliant with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations,
if any, of applicable law. However, if required by applicable law, and except as provided in Section 9(a) relating to Capitalization
Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases the number
of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible
to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D)
materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends
the term of the Plan, or (F) materially expands the types of Stock Awards available for issuance under the Plan. Except as
provided in the Plan (including subsection (viii) below) or a Stock Award Agreement, no amendment of the Plan will materially
impair a Participant’s rights under an outstanding Stock Award unless (1) the Company requests the consent of the affected
Participant, and (2) such Participant consents in writing.

 

     2.

     

    

 

(vii)         
To submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended
to satisfy the requirements of Section 422 of the Code regarding Incentive Stock Options.

 

(viii)       
To approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards,
including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock
Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided however,
that a Participant’s rights under any Stock Award will not be impaired by any such amendment unless (A) the Company
requests the consent of the affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing,
(1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion,
determines that the amendment, taken as a whole, does not materially impair the Participant’s rights, and (2) subject to
the limitations of applicable law, if any, the Board may amend the terms of any one or more Stock Awards without the affected
Participant’s consent (A) to maintain the qualified status of the Stock Award as an Incentive Stock Option under Section
422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely
because it impairs the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify
the manner of exemption from, or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply with
other applicable laws.

 

(ix)          
Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best
interests of the Company and that are not in conflict with the provisions of the Plan or Stock Awards.

 

(x)           
To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors
or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary
for immaterial modifications to the Plan or any Stock Award Agreement that are required for compliance with the laws of the relevant
foreign jurisdiction).

 

(xi)          
To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price
of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of
a new (1) Option or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash and/or (6)
other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the
same or a different number of shares of Common Stock as the cancelled Stock Award and (y) granted under the Plan or another equity
or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting
principles.

 

(c)         
Delegation to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees.
If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the
Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate
to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in
this Plan to the Board will thereafter be to the Committee or subcommittee). Any delegation of administrative powers will be reflected
in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable).
The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee.
The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the
Board some or all of the powers previously delegated.

 

     3.

     

    

 

(d)          
Delegation to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the following:
(i) designate Employees who are not Officers or Directors to be recipients of Options and SARs (and, to the extent permitted by
applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms of such Stock Awards, and (ii) determine
the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the
Board resolutions regarding such delegation will specify the total number of shares of Common Stock that may be subject to the
Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards
will be granted on the form of Stock Award Agreement most recently approved for use by the Committee or the Board, unless otherwise
provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting
solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(q)
below.

 

(e)          
Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will
not be subject to review by any person and will be final, binding and conclusive on all persons.

 

3.            Shares Subject to the Plan.

 

(a)         
Share Reserve. 

 

(i)            
Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be
issued pursuant to Stock Awards from and after the Effective Date will not exceed 236,007,069 shares, which number is the sum
of (A) 227,898,844 shares of Common Stock, and (B) the Returning Shares, if any, which become available for grant under this
Plan from time to time, in an aggregate amount not to exceed 8,108,225 shares (such aggregate number of shares described in
(A) and (B) above, (the “Share Reserve”).

 

(ii)           
For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may
be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided
in Section 7(a). 

 

(b)         
Reversion of Shares to the Share Reserve. If a Stock Award or any portion thereof (i) expires or otherwise terminates
without all of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant
receives cash rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number
of shares of Common Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to
a Stock Award are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required
to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available
for issuance under the Plan. Any shares reacquired by the Company in satisfaction of tax withholding obligations on a Stock Award
or as consideration for the exercise or purchase price of a Stock Award will again become available for issuance under the Plan.

 

(c)         
Incentive Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, the
aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will
be a number of shares of Common Stock equal to three multiplied by the Share Reserve.

 

     4.

     

    

 

(d)          
Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock,
including shares repurchased by the Company on the open market or otherwise.

 

4.            
Eligibility.

 

(a)          
Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent
corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f)
of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided,
however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service
only to any “parent” of the Company, as such term is defined in Rule 405, unless (i) the stock underlying such
Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock
Awards are granted pursuant to a corporate transaction such as a spin off transaction), or (ii) the Company, in consultation with
its legal counsel, has determined that such Stock Awards are otherwise exempt from or alternatively comply with the distribution
requirements of Section 409A of the Code. 

 

(b)          
Ten Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price
of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option is
not exercisable after the expiration of five (5) years from the date of grant.

 

(c)          
Consultants. A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or
sale of the Company’s securities to such Consultant is not exempt under Rule 701 because of the nature of the services
that the Consultant is providing to the Company, because the Consultant is not a natural person, or because of any other provision
of Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will
satisfy another exemption under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions.

 

5.           
Provisions Relating to Options and Stock Appreciation Rights.

 

Each
Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will
be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are
issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of
Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive
Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then
the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical;
provided, however, that each Stock Award Agreement will conform to (through incorporation of provisions hereof by reference
in the applicable Stock Award Agreement or otherwise) the substance of each of the following provisions:

 

(a)          
Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable
after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Stock Award Agreement.

 

     5.

     

    

 

(b)         
Exercise Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price
of each Option or SAR will be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject
to the Option or SAR on the date the Stock Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with
an exercise or strike price lower than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to
the Stock Award if such Stock Award is granted pursuant to an assumption of or substitution for another option or stock appreciation
right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable,
Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents.

 

(c)         
Purchase Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid,
to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods
of payment set forth below. The Board will have the authority to grant Options that do not permit all of the following methods
of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company
to use a particular method of payment. The permitted methods of payment are as follows:

 

(i)            
by cash, check, bank draft, wire transfer, or money order payable to the Company;

 

(ii)           
pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance
of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales proceeds; 

 

(iii)          
by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock; 

 

(iv)          
if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will
reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value
that does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from
the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the
number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable
thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net
exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy
tax withholding obligations;

 

(v)           
according to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest will
compound at least annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest
income to the Company and compensation income to the Optionholder under any applicable provisions of the Code, and (B) the
classification of the Option as a liability for financial accounting purposes; or

 

(vi)          
in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Stock Award Agreement.

 

     6.

     

    

 

(d)         
Exercise and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to
the Company in compliance with the provisions of the Stock Award Agreement evidencing such SAR. The appreciation distribution
payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market
Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents
in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date,
over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising
the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in
any other form of consideration, as determined by the Board and contained in the Stock Award Agreement evidencing such SAR.

 

(e)         
Transferability of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability
of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following
restrictions on the transferability of Options and SARs will apply:

 

(i)             
Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution
(and pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the
Participant. The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities
laws. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration. 

 

(ii)           
Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred
pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument
as permitted by Treasury Regulation 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be
a Nonstatutory Stock Option as a result of such transfer. 

 

(iii)          
Beneficiary Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering
written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon
the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other
consideration resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the executor
or administrator of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock
or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time,
including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

(f)          
Vesting Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable
in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on
the time or times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria)
as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f)
are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR
may be exercised.

 

     7.

     

    

 

(g)          
Termination of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement or other agreement
between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other
than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that
the Participant was entitled to exercise such Stock Award as of the date of termination of Continuous Service) within the period
of time ending on the earlier of (i) the date three (3) months following the termination of the Participant’s
Continuous Service (or such longer or shorter period specified in the applicable Stock Award Agreement, which period will not
be less than thirty (30) days if necessary to comply with applicable laws unless such termination is for Cause) and
(ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of
Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or
SAR (as applicable) will terminate.

 

(h)          
Extension of Termination Date. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between
the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous
Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time
solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then
the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive)
equal to the applicable post termination exercise period after the termination of the Participant’s Continuous Service during
which the exercise of the Option or SAR would not be in violation of such registration requirements, or (ii) the expiration
of the term of the Option or SAR as set forth in the applicable Stock Award Agreement. In addition, unless otherwise provided
in a Participant’s Stock Award Agreement, if the sale of any Common Stock received upon exercise of an Option or SAR following
the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider
trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of a period of time (that need
not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s
Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation
of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the
applicable Stock Award Agreement.

 

(i)           
Disability of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between
the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s
Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise
such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier
of (i) the date twelve (12) months following such termination of Continuous Service (or such longer or shorter
period specified in the Stock Award Agreement, which period will not be less than six (6) months if necessary to comply
with applicable laws), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement.
If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable
time frame, the Option or SAR (as applicable) will terminate. 

 

(j)           
Death of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the
Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s
death, or (ii) the Participant dies within the period (if any) specified in the Stock Award Agreement for exercisability after
the termination of the Participant’s Continuous Service (for a reason other than death), then the Option or SAR may be exercised
(to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s
estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to
exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the
date twelve (12) months following the date of death (or such longer or shorter period specified in the Stock Award Agreement,
which period will not be less than six (6) months if necessary to comply with applicable laws), and (ii) the expiration
of the term of such Option or SAR as set forth in the Stock Award Agreement. If, after the Participant’s death, the Option
or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate. 

 

     8.

     

    

 

(k)          
Termination for Cause. Except as explicitly provided otherwise in a Participant’s Stock Award Agreement or other individual
written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated
for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the
Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous
Service.

 

(l)           
Non-Exempt Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair
Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until
at least six (6) months following the date of grant of the Option or SAR (although the Stock Award may vest prior to such date).
Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability,
(ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in
Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Stock Award Agreement,
in another agreement between the Participant and the Company, or, if no such definition, in accordance with the Company's then
current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six (6)
months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt
employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To
the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived
by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be
exempt from the employee’s regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are
hereby incorporated by reference into such Stock Award Agreements. 

 

(m)         
Early Exercise of Options. An Option may, but need not, include a provision whereby the Optionholder may elect at any time
before the Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the shares of Common
Stock subject to the Option prior to the full vesting of the Option. Subject to the “Repurchase Limitation” in
Section 8(l), any unvested shares of Common Stock so purchased may be subject to a repurchase right in favor of the Company
or to any other restriction the Board determines to be appropriate. Provided that the “Repurchase Limitation”
in Section 8(l) is not violated, the Company will not be required to exercise its repurchase right until at least six (6) months
(or such longer or shorter period of time required to avoid classification of the Option as a liability for financial accounting
purposes) have elapsed following exercise of the Option unless the Board otherwise specifically provides in the Option Agreement.

 

(n)          
Right of Repurchase. Subject to the “Repurchase Limitation” in Section 8(l), the Option or SAR may include
a provision whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant
pursuant to the exercise of the Option or SAR. 

 

(o)          
Right of First Refusal. The Option or SAR may include a provision whereby the Company may elect to exercise a right of first
refusal following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock
received upon the exercise of the Option or SAR. Such right of first refusal will be subject to the “Repurchase Limitation”
in Section 8(l). Except as expressly provided in this Section 5(o) or in the Stock Award Agreement, such right of first
refusal will otherwise comply with any applicable provisions of the bylaws of the Company. 

 

     9.

     

    

 

6.            
Provisions of Stock Awards Other than Options and SARs.

 

(a)          
Restricted Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions
as the Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares
of Common Stock underlying a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions
until any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate
will be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award Agreements
may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical.
Each Restricted Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement
or otherwise) the substance of each of the following provisions:

 

(i)            
Consideration. A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order
payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including
future services) that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 

 

(ii)           
Vesting. Subject to the “Repurchase Limitation” in Section 8(l), shares of Common Stock awarded under
the Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined
by the Board.

 

(iii)         
Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company
may receive through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant
as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv)          
Transferability. Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable
by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board
will determine in its sole discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject
to the terms of the Restricted Stock Award Agreement.

 

(v)           
Dividends. A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the
same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

(vi)          
Right of Repurchase.  Subject to the “Repurchase Limitation” in Section 8(l), the Restricted Stock
Award Agreement may include a provision whereby the Company may elect to repurchase all or any part of the vested shares of Common
Stock acquired by the Participant pursuant to the Restricted Stock Award.  

 

(b)         
Restricted Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms
and conditions as the Board deems appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from
time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical. Each Restricted
Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise)
the substance of each of the following provisions:

 

     10.

     

    

 

(i)            
Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any,
to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration
to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in
any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable
law.

 

(ii)           
Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions
to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii)         
Payment. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any
combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit
Award Agreement.

 

(iv)          
Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may
impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject
to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award. 

 

(v)           
Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock
Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the
Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit
Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by
reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock
Unit Award Agreement to which they relate.

 

(vi)          
Termination of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit
Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s
termination of Continuous Service.

 

(vii)        
Right of Repurchase.  Subject to the “Repurchase Limitation” in Section 8(l), the Restricted Stock
Unit Award Agreement may include a provision whereby the Company may elect to repurchase all or any part of the vested shares
of Common Stock acquired by the Participant pursuant to the Restricted Stock Unit Award.  

 

(viii) 
       Compliance with Section 409A of the Code. Notwithstanding anything to the contrary
set forth herein, any Restricted Stock Unit Award granted under the Plan that is not exempt from the requirements of
Section 409A of the Code shall contain such provisions so that such Restricted Stock Unit Award will comply with the
requirements of Section 409A of the Code. Such restrictions, if any, shall be determined by the Board and contained in
the Restricted Stock Unit Award Agreement evidencing such Restricted Stock Unit Award. For example, such restrictions may
include, without limitation, a requirement that any Common Stock that is to be issued in a year following the year in which
the Restricted Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

 

     11.

     

    

 

(c)          
Other Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common
Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less
than one hundred percent (100%) of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone
or in addition to Stock Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions
of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such
Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant
to such Other Stock Awards and all other terms and conditions of such Other Stock Awards.

 

7.           
Covenants of the Company.

 

(a)          
Availability of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required
to satisfy then-outstanding Stock Awards.

 

(b)          
Securities Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over
the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of
the Stock Awards; provided, however, that this undertaking will not require the Company to register under the Securities
Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts
and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel
for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved
from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority
is obtained. A Participant will not be eligible for the grant of a Stock Award or the subsequent issuance of cash or Common Stock
pursuant to the Stock Award if such grant or issuance would be in violation of any applicable securities law. 

 

(c)          
No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise
advise such holder of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not
be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock
Award.

 

8.            
Miscellaneous.

 

(a)          
Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will
constitute general funds of the Company.

 

(b)          
Corporate Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock Award
to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board,
regardless of when the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received
or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting
the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are
inconsistent with those in the Stock Award Agreement as a result of a clerical error in the papering of the Stock Award Agreement,
the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Stock Award
Agreement.

 

     12.

     

    

 

(c)           
Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect
to, any shares of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements
for exercise of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance
of the Common Stock subject to the Stock Award has been entered into the books and records of the Company.

 

(d)          
No Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any other instrument executed thereunder
or in connection with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue to serve
the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or will affect the right of the
Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause,
(ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate,
or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of
the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

(e)          
Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or
her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee
of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee) after the date of grant
of any Stock Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in
the number of shares subject to any portion of such Stock Award that is scheduled to vest or become payable after the date of
such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule
applicable to such Stock Award. In the event of any such reduction, the Participant will have no right with respect to any portion
of the Stock Award that is so reduced or extended.

 

(f)           
Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of
Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000) (or such other limit
established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions
thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules
will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(g)          
Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under
any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience
in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable
and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the
Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account
and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any
assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or
acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement
under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that
such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice
of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate
in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common
Stock. 

 

     13.

     

    

 

(h)          
Withholding Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion,
satisfy any federal, state or local tax withholding obligation relating to a Stock Award by any of the following means or by a
combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock
from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided,
however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld
by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting
purposes); (iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise
payable to the Participant; or (v) by such other method as may be set forth in the Stock Award Agreement.

 

(i)           
Electronic Delivery. Any reference herein to a “written” agreement or document will include any agreement or document
delivered electronically or posted on the Company’s intranet (or other shared electronic medium controlled by the Company
to which the Participant has access).

 

(j)           
Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of
Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred
and may establish programs and procedures for deferral elections to be made by Participants. It is intended that deferrals by
Participants will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may
provide for distributions while a Participant is still an employee or otherwise providing services to the Company. The Board is
authorized to make deferrals of Stock Awards and determine when, and in what annual percentages, Participants may receive payments,
including lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms
and conditions consistent with the provisions of the Plan and in accordance with applicable law.

 

(k)         
Compliance with Section 409A of the Code. To the extent that the Board determines that any Stock Award granted hereunder is
subject to Section 409A of the Code, it is intended that the Stock Award Agreement evidencing such Stock Award shall incorporate
the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable,
the Plan and Stock Award Agreements shall be interpreted in accordance with Section 409A of the Code.

 

(l)           
Repurchase Limitation. The terms of any repurchase right will be specified in the Stock Award Agreement. The repurchase price
for vested shares of Common Stock will be the Fair Market Value of the shares of Common Stock on the date of repurchase. The repurchase
price for unvested shares of Common Stock will be the lower of (i) the Fair Market Value of the shares of Common Stock on
the date of repurchase or (ii) their original purchase price. However, the Company will not exercise its repurchase right
until at least six (6) months (or such longer or shorter period of time necessary to avoid classification of the Stock
Award as a liability for financial accounting purposes) have elapsed following delivery of shares of Common Stock subject to the
Stock Award, unless otherwise specifically provided by the Board. 

 

     14.

     

    

 

9.           
Adjustments upon Changes in Common Stock; Other Corporate Events.

 

(a)         
Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately
adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the
class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to
Section 3(c), and (iii) the class(es) and number of securities and price per share of stock subject to outstanding Stock
Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive. 

 

(b)         
Dissolution or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation
of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock
not subject to a forfeiture condition or not subject to the Company’s right of repurchase) will terminate immediately prior
to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase
rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the
holder of such Stock Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion,
cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the
extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent
on its completion. 

 

(c)         
Corporate Transactions.  The following provisions will apply to Stock Awards in the event of a Corporate Transaction unless
otherwise provided in the Stock Award Agreement or any other written agreement between the Company or any Affiliate and the Participant
or unless otherwise expressly provided by the Board at the time of grant of a Stock Award. In the event of a Corporate Transaction,
then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to
Stock Awards, contingent upon the closing or completion of the Corporate Transaction:

 

(i)            
arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company)
to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to,
an award to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction);

 

(ii)           
arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued
pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company);

 

(iii)          
accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may
be exercised) to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does
not determine such a date, to the date that is five (5) days prior to the effective date of the Corporate Transaction),
with such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction;
provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before
the effective date of a Corporate Transaction, which exercise is contingent upon the effectiveness of such Corporate Transaction;

 

     15.

     

    

 

(iv)          
arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to
the Stock Award; 

 

(v)           
cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective
time of the Corporate Transaction, in exchange for such cash consideration or no consideration, as the Board, in its sole discretion,
may consider appropriate; and

 

(vi)          
make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the per share amount
(or value of property per share) payable to holders of Common Stock in connection with the Corporate Transaction, over (B) the
per share exercise price under the applicable Stock Award, multiplied by the number of shares subject to the Stock Award. For
clarity, this payment may be zero ($0) if the amount per share (or value of property per share) payable to the holders of the
Common Stock is equal to or less than the exercise price of the Stock Award. In addition, any escrow, holdback, earnout or similar
provisions in the definitive agreement for the Corporate Transaction may apply to such payment to the holder of the Stock Award
to the same extent and in the same manner as such provisions apply to the holders of Common Stock.

 

The
Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.
The Board may take different actions with respect to the vested and unvested portions of a Stock Award.

 

(d)          
Change in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change
in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement
between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.

 

10.         
Plan Term; Earlier Termination or Suspension of the Plan.

 

(a)          
Plan Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan will automatically
terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted by the Board,
or (ii) the date the Plan is approved by the stockholders of the Company. No Stock Awards may be granted under the Plan while
the Plan is suspended or after it is terminated.

 

(b)          
No Impairment of Rights. Suspension or termination of the Plan will not impair rights and obligations under any Stock Award
granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the
Plan.

 

11.         
Effective Date of Plan.

 

This
Plan will become effective on the Effective Date.

 

12.         
Choice of Law.

 

The
laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan,
without regard to that state’s conflict of laws rules.

 

13.         
Definitions. As used in the Plan, the following definitions will apply to the
capitalized terms indicated below: 

 

     16.

     

    

 

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

 

(b)         
“Board” means the Board of Directors of the Company.

 

(c)         
“Capitalization Adjustment” means any change that is made in, or other events that occur with respect
to, the Common Stock subject to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration
by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property
other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares,
exchange of shares, change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement
of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding
the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

(a)         
“Cause” will have the meaning ascribed to such term in any written agreement between the Participant
and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the
occurrence of any of the following events: (i) such Participant’s commission of any felony or any crime involving fraud,
dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted
commission of, or participation in, a fraud or act of dishonesty; (iii) such Participant’s intentional, material violation
of any contract or agreement between the Participant and the Company or an Affiliate or of any statutory duty owed to the Company
or an Affiliate; (iv) such Participant’s unauthorized use or disclosure of the Company’s or an Affiliate’s
confidential information or trade secrets; or (v) such Participant’s gross misconduct or gross negligence. The determination
that a termination of the Participant’s Continuous Service is either for Cause or without Cause will be made by the Company,
in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without
Cause for the purposes of outstanding Stock Awards held by such Participant will have no effect upon any determination of the
rights or obligations of the Company or such Participant for any other purpose.

 

(b)         
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events: 

 

(i)             
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of
the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the
Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in
a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the
issuance of equity securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition
of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

     17.

     

    

 

(ii)           
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior
thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%)
of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more
than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such transaction; or

 

(iii)          
there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all
of the consolidated assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined
voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions
as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other
disposition.

 

Notwithstanding
the foregoing definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of assets,
merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition
of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant
will supersede the foregoing definition with respect to Stock Awards subject to such agreement; provided, however, that
if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing
definition will apply.

 

(c)          
“Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations
and guidance thereunder.

 

(d)          
“Committee” means a committee of one or more Directors to whom authority has been delegated by the
Board in accordance with Section 2(c).

 

(e)          
 “Common Stock” means the Common Stock of the Company.

 

(f)           
“Company” means Sagimet Biosciences Inc., a Delaware corporation.

 

(g)          
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an
Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of
the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment
of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan.

 

     18.

     

    

 

(h)         
“Continuous Service” means that the Participant’s service with the Company or an Affiliate,
whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant
renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the
Participant renders such service, provided that there is no interruption or termination of the Participant’s service with
the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the
Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole
discretion, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to
qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to
a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive
officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted
in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave
or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing,
a leave of absence will be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be
provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable
to the Participant, or as otherwise required by law.

 

(i)          
“Corporate Transaction” means the consummation, in a single transaction or in a series of related
transactions, of any one or more of the following events:

 

(i)            
a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated
assets of the Company and its Subsidiaries;

 

(ii)          
a sale or other disposition of more than fifty percent (50%) of the outstanding securities of the Company;

 

(iii)         
a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)          
a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of
Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by
virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

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

 

(k)         
“Disability” means, with respect to a Participant, the inability of such Participant to engage in
any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to
result in death or that has lasted or can be expected to last for a continuous period of not less than twelve (12) months
as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such
medical evidence as the Board deems warranted under the circumstances.

 

(l)           
“Effective Date” means the effective date of this Plan, which is the earlier of (i) the date
that this Plan is first approved by the Company’s stockholders, and (ii) the date this Plan is adopted by the Board.

 

(m)        
“Employee” means any person employed by the Company or an Affiliate. However, service solely as
a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes
of the Plan.

 

     19.

     

    

 

(n)          
“Entity” means a corporation, partnership, limited liability company or other entity.

 

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

 

(p)          
“Exchange Act Person” means any natural person, Entity or “group” (within the meaning
of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include
(i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of
the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary
of the Company, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) an
Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership
of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d)
or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company
representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities.

 

(q)           
“Fair Market Value” means, as of any date, the value of the Common Stock determined by the Board
in compliance with Section 409A of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422
of the Code.

 

(r)           
“Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended
to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(s)           
“Nonstatutory Stock Option” means any option granted pursuant to Section 5 of the Plan that does
not qualify as an Incentive Stock Option.

 

(t)           
“Officer” means any person designated by the Company as an officer. 

 

(u)          
“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common
Stock granted pursuant to the Plan.

 

(v)           
“Option Agreement” means a written agreement between the Company and an Optionholder evidencing
the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(w)          
“Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Option.

 

(x)           
“Other Stock Award” means an award based in whole or in part by reference to the Common Stock which
is granted pursuant to the terms and conditions of Section 6(c).

 

(y)           
“Other Stock Award Agreement” means a written agreement between the Company and a holder of an Other
Stock Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject
to the terms and conditions of the Plan.

 

(z)           
“Own,” “Owned,” “Owner,” “Ownership”
A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have
acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities.

 

     20.

     

    

 

(aa)        
“Participant” means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Stock Award.

 

(bb)        
“Plan” means this Sagimet Biosciences Inc. 2017 Equity Incentive Plan.

 

(cc)         
“Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the
terms and conditions of Section 6(a).

 

(dd)        
“Restricted Stock Award Agreement” means a written agreement between the Company and a holder of
a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement
will be subject to the terms and conditions of the Plan.

 

(ee)        
“Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant
to the terms and conditions of Section 6(b).

 

(ff)          
“Restricted Stock Unit Award Agreement” means a written agreement between the Company and a holder
of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock
Unit Award Agreement will be subject to the terms and conditions of the Plan. 

 

(gg)        
“Rule 405” means Rule 405 promulgated under the Securities Act. 

 

(hh)        
“Rule 701” means Rule 701 promulgated under the Securities Act. 

 

(ii)          
“Securities Act” means the Securities Act of 1933, as amended.

 

(jj)          
“Stock Appreciation Right” or “SAR” means a right to receive the appreciation
on Common Stock that is granted pursuant to the terms and conditions of Section 5.

 

(kk)       
“Stock Appreciation Right Agreement” means a written agreement between the Company and a holder
of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation
Right Agreement will be subject to the terms and conditions of the Plan.

 

(ll)          
“Stock Award” means any right to receive Common Stock granted under the Plan, including an Incentive
Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right
or any Other Stock Award.

 

(mm)     
“Stock Award Agreement” means a written agreement between the Company and a Participant evidencing
the terms and conditions of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the
Plan.

 

     21.

     

    

 

(nn)        
“Subsidiary” means, with respect to the Company, (i) any corporation of which more than fifty percent (50%)
of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation
(irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting
power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any
partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the
form of voting or participation in profits or capital contribution) of more than fifty percent (50%) .

 

(oo)        
“Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d)
of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock
of the Company or any Affiliate.

 

     22.Exhibit 10.4

 

3-V
BIOSCIENCES, Inc.

Stock Option Grant Notice

(2017 Equity Incentive Plan)

 

3-V
Biosciences, Inc. (the “Company”), pursuant to its 2017 Equity Incentive Plan (the “Plan”),
hereby grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below.
This option is subject to all of the terms and conditions as set forth in this stock option grant notice (this “Stock
Option Grant Notice”), in the Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto
and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option
Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between the terms herein
and the Plan, the terms of the Plan will control.

 

	Optionholder:	 
	Date
    of Grant:	 
	Vesting
    Commencement Date:	 
	Number
    of Shares Subject to Option:	 
	Exercise
    Price (Per Share):	 
	Total
    Exercise Price:	 
	Expiration
    Date:	 

 

Type
of Grant:         ☐  Incentive Stock Option1            ☒  Nonstatutory Stock Option

 

Exercise
Schedule:   ☒  Same as Vesting Schedule        ☐ Early Exercise Permitted

 

Vesting
Schedule:  

 

		(1)	Fully
                                         vested.

 

	Payment:	By one or a combination of the following items (described in the Option Agreement):

 

		☐	By
cash, check, bank draft, wire transfer or money order payable to the Company

		☐	Pursuant
to a Regulation T Program if the shares are publicly traded

		☐	By
delivery of already-owned shares if the shares are publicly traded

		☐	If
                                         and only to the extent this option is a Nonstatutory Stock Option, and subject to the
                                         Company’s consent at the time of exercise, by a “net exercise” arrangement

 

Additional
Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice,
the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement
may not be modified, amended or revised except as provided in the Plan. Optionholder further acknowledges that as of the Date
of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder
and the Company regarding this option award and supersede all prior oral and written agreements, promises and/or representations
on that subject with the exception of (i) options previously granted and delivered to Optionholder, (ii) any compensation recovery
policy that is adopted by the Company or is otherwise required by applicable law and (iii) any written employment or severance
arrangement that would provide for vesting acceleration of this option upon the terms and conditions set forth therein.

 

 

1
If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable for
more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock
Option. 

 

    

     

    

 

By
accepting this option, Optionholder consents to receive such documents by electronic delivery and to participate in the Plan through
an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

	 	 
	3-V
    Biosciences, Inc.	Optionholder:

	 	 	 	 
	By:	 	 	 
	Signature	 	Signature

	Title:	 	 	Date:	 

	 	 	 
	Date:	 	 

 

		Attachments:	Option
                                         Agreement, 2017 Equity Incentive Plan, Notice of Exercise, Early Exercise Agreement

 

    2.

     

    

 

Attachment
I

 

Option
Agreement

(Incentive
Stock Option or Nonstatutory Stock Option)

 

Pursuant
to your Stock Option Grant Notice (“Stock Option Grant Notice”) and this Option Agreement (this “Option
Agreement”), 3-V Biosciences, Inc. (the “Company”) has granted you an option under its
2017 Equity Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Common
Stock indicated in your Stock Option Grant Notice at the exercise price indicated in your Stock Option Grant Notice. The option
is granted to you effective as of the date of grant set forth in the Stock Option Grant Notice (the “Date of Grant”).
If there is any conflict between the terms in this Option Agreement and the Plan, the terms of the Plan will control. Capitalized
terms not explicitly defined in this Option Agreement or in the Stock Option Grant Notice but defined in the Plan will have the
same definitions as in the Plan.

 

The
details of your option, in addition to those set forth in the Stock Option Grant Notice and the Plan, are as follows:

 

1.             Vesting.
Your option will vest as provided in your Stock Option Grant Notice. Vesting will cease upon the termination of your
Continuous Service.

 

2.             Number
of Shares and Exercise Price. The number of shares of Common Stock subject to your option and your exercise price per
share in your Stock Option Grant Notice will be adjusted for Capitalization Adjustments.

 

3.             Exercise
Restriction for Non-Exempt Employees. If you are an Employee eligible for overtime compensation under the Fair Labor
Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and except as otherwise provided
in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous Service measured
from the Date of Grant, even if you have already been an employee for more than six (6) months. Consistent with the provisions
of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such six (6) month anniversary
in the case of (i) your death or disability, (ii) a Corporate Transaction in which your option is not assumed, continued or substituted,
(iii) a Change in Control or (iv) your termination of Continuous Service on your “retirement” (as defined in the Company’s
benefit plans). 

 

4.             Exercise
prior to Vesting (“Early Exercise”). If permitted in your Stock Option Grant Notice (i.e., the “Exercise
Schedule” indicates “Early Exercise Permitted”) and subject to the provisions of your option, you may elect
at any time that is both (i) during the period of your Continuous Service and (ii) during the term of your option, to exercise
all or part of your option, including the unvested portion of your option; provided, however, that:

 

(a)       a
partial exercise of your option will be deemed to cover first vested shares of Common Stock and then the earliest vesting installment
of unvested shares of Common Stock;

 

(b)       any
shares of Common Stock so purchased from installments that have not vested as of the date of exercise will be subject to the purchase
option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement; and 

 

(c)       you
will enter into the Company’s form of Early Exercise Stock Purchase Agreement with a vesting schedule that will result in
the same vesting as if no early exercise had occurred

 

    

     

    

 

5.             Incentive
Stock Option Limitation. If your option is an Incentive Stock Option, then, to the extent that the aggregate Fair Market
Value (determined at the Date of Grant) of the shares of Common Stock with respect to which your option plus all other Incentive
Stock Options you hold are exercisable for the first time by you during any calendar year (under all plans of the Company and
its Affiliates) exceeds one hundred thousand dollars ($100,000), your option(s) or portions thereof that exceed such limit (according
to the order in which they were granted) will be treated as Nonstatutory Stock Options.

 

6.             Method
of Payment. You must pay the full amount of the exercise price for the shares you wish to exercise. You may pay the
exercise price in cash or by check, bank draft, wire transfer or money order payable to the Company or in any other manner permitted
by your Stock Option Grant Notice, which may include one or more of the following:

 

(a)       Provided
that at the time of exercise the Common Stock is publicly traded, pursuant to a program developed under Regulation T as promulgated
by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by
the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds.
This manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell
to cover”.

 

(b)       Provided
that at the time of exercise the Common Stock is publicly traded, by delivery to the Company (either by actual delivery or attestation)
of already-owned shares of Common Stock that are owned free and clear of any liens, claims, encumbrances or security interests,
and that are valued at Fair Market Value on the date of exercise. “Delivery” for these purposes, in the sole discretion
of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership of
such shares of Common Stock in a form approved by the Company. You may not exercise your option by delivery to the Company of
Common Stock if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s
stock.

 

(c)       If
this option is a Nonstatutory Stock Option, subject to the consent of the Company at the time of exercise, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option
by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price. You must pay
any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted
form of payment. Shares of Common Stock will no longer be outstanding under your option and will not be exercisable thereafter
if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as
a result of such exercise, and (iii) are withheld to satisfy your tax withholding obligations.

 

7.            Whole
Shares. You may exercise your option only for whole shares of Common Stock.

 

8.           Securities
Law Compliance. In no event may you exercise your option unless the shares of Common Stock issuable upon exercise are
then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance
of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your option also must
comply with all other applicable laws and regulations governing your option, and you may not exercise your option if the Company
determines that such exercise would not be in material compliance with such laws and regulations (including any restrictions on
exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable).

 

    2.

     

    

 

9.            Term.
You may not exercise your option before the Date of Grant or after the expiration of the option’s term. The term
of your option expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest of the following:

 

(a)       immediately
upon the termination of your Continuous Service for Cause;

 

(b)       three
(3) months after the termination of your Continuous Service for any reason other than Cause, your Disability, or your death (except
as otherwise provided in Section 9(d) below); provided, however, that if during any part of such three-month period
your option is not exercisable solely because of the condition set forth in the section above relating to “Securities Law
Compliance,” your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an
aggregate period of three (3) months after the termination of your Continuous Service; provided further, that if (i) you
are a Non-Exempt Employee, (ii) your Continuous Service terminates within six (6) months after the Date of Grant, and (iii) you
have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire until
the earlier of (x) the later of (A) the date that is seven (7) months after the Date of Grant, and (B) the date that is three
(3) months after the termination of your Continuous Service, and (y) the Expiration Date;

 

(c)       twelve
(12) months after the termination of your Continuous Service due to your Disability (except as otherwise provided in Section 9(d))
below;

 

(d)       twelve
(12) months after your death if you die either during your Continuous Service or within three (3) months after your Continuous
Service terminates for any reason other than Cause;

 

(e)       the
Expiration Date indicated in your Stock Option Grant Notice; and

 

(f)       the
day before the tenth (10th) anniversary of the Date of Grant.

 

If
your option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock
Option, the Code requires that at all times beginning on the Date of Grant and ending on the day three (3) months before the date
of your option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or
Disability. The Company has provided for extended exercisability of your option under certain circumstances for your benefit but
cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide services
to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your
option more than three (3) months after the date your employment with the Company or an Affiliate terminates.

 

10.          Exercise.

 

(a)       You
may exercise the vested portion of your option (and the unvested portion of your option if your Stock Option Grant Notice so permits)
during its term by (i) delivering a Notice of Exercise (in a form designated by the Company) or completing such other documents
and/or procedures designated by the Company for exercise and (ii) paying the exercise price and any applicable withholding taxes
to the Company’s Secretary, stock plan administrator, or such other person as the Company may designate, together with such
additional documents as the Company may then require.

 

(b)       By
exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into
an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason
of (i) the exercise of your option, or (ii) the disposition of shares of Common Stock acquired upon such exercise.

 

    3.

     

    

 

(c)       If
your option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within
fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option
that occurs within two (2) years after the Date of Grant or within one (1) year after such shares of Common Stock are transferred
upon exercise of your option.

 

(d)       By
exercising your option you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares
of Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective
date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the
Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up
Period”); provided, however, that nothing contained in this section will prevent the exercise of a
repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other
agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are
necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to your shares of Common Stock until the end of such period. You also agree that any transferee of any shares of
Common Stock (or other securities) of the Company held by you will be bound by this Section 10(d). The underwriters of the Company’s
stock are intended third party beneficiaries of this Section 10(d) and will have the right, power and authority to enforce the
provisions hereof as though they were a party hereto.

 

11.          Transferability.
Except as otherwise provided in this Section 11, your option is not transferable, except by will or by the laws of
descent and distribution, and is exercisable during your life only by you. 

 

(a)       Certain
Trusts. Upon receiving written permission from the Board or its duly authorized designee, you may transfer your option to
a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law)
while the option is held in the trust. You and the trustee must enter into transfer and other agreements required by the Company.

 

(b)       Domestic
Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided that you
and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to effectuate the transfer.
You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic
relations order or marital settlement agreement to help ensure the required information is contained within the domestic relations
order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory
Stock Option as a result of such transfer.

 

(c)       Beneficiary
Designation. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written
notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises,
designate a third party who, on your death, will thereafter be entitled to exercise this option and receive the Common Stock or
other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your
estate will be entitled to exercise this option and receive, on behalf of your estate, the Common Stock or other consideration
resulting from such exercise.

 

    4.

     

    

 

12.          Right
of First Refusal. Shares of Common Stock that you acquire upon exercise
of your option are subject to any right of first refusal that may be described in the Company’s bylaws in effect at such
time the Company elects to exercise its right. The Company’s right of first refusal will expire on the first date upon which
any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation
system.

 

13.          Right
of Repurchase. To the extent provided in the Company’s bylaws in effect at such time the Company elects to exercise
its right, the Company will have the right to repurchase all or any part of the shares of Common Stock you acquire pursuant to
the exercise of your option. In addition, the Company will have the right to repurchase all of the shares of Common Stock you
acquire pursuant to the exercise of your option upon termination of your Continuous Service for Cause. Such repurchase will be
at the exercise price you paid to acquire the shares and will be effected pursuant to such other terms and conditions, and at
such time, as the Company will determine. 

 

14.          Option
not a Service Contract. Your option is not an employment or service contract, and nothing in your option will be deemed
to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the
Company or an Affiliate to continue your employment. In addition, nothing in your option will obligate the Company or an Affiliate,
their respective stockholders, boards of directors, officers or employees to continue any relationship that you might have as
a Director or Consultant for the Company or an Affiliate.

 

15.          Withholding
Obligations.

 

(a)       At
the time you exercise your option, in whole or in part, and at any time thereafter as requested by the Company, you hereby authorize
withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by
means of a “same day sale” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve
Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option. 

 

(b)       If
this option is a Nonstatutory Stock Option, then upon your request and subject to approval by the Company, and compliance with
any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable
to you upon the exercise of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the
Company as of the date of exercise, not in excess of the maximum amount of tax required to be withheld by law (or such lower amount
as may be necessary to avoid classification of your option as a liability for financial accounting purposes). Any adverse consequences
to you arising in connection with such share withholding procedure will be your sole responsibility.

 

(c)       You
may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly,
you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation
to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein,
if applicable, unless such obligations are satisfied.

 

    5.

     

    

 

16.           Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer the Plan or its other
compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any
of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation.
In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified
in the Stock Option Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the
Date of Grant and there is no other impermissible deferral of compensation associated with the option. Because the Common Stock
is not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with
an independent valuation firm retained by the Company. You acknowledge that there is no guarantee that the Internal Revenue Service
will agree with the valuation as determined by the Board, and you will not make any claim against the Company, or any of its Officers,
Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that the valuation determined by the
Board is less than the “fair market value” as subsequently determined by the Internal Revenue Service.

 

17.           Notices.
Any notices provided for in your option or the Plan will be given in writing (including electronically) and will be
deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after
deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company
may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic
means or to request your consent to participate in the Plan by electronic means. By accepting this option, you consent to receive
such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company.

 

18.          Governing
Plan Document. Your option is subject to all the provisions of the Plan,
the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules
and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between
the provisions of your option and those of the Plan, the provisions of the Plan will control.

 

    6.

     

    

 

Attachment
II

 

2017
Equity Incentive Plan

 

    

     

    

 

Attachment
III

 

NOTICE
OF EXERCISE

 

3-V
Biosciences, Inc. 

 

____________________

 

____________________

 

 Date
of Exercise: _______________

 

This
constitutes notice to 3-V Biosciences, Inc. (the “Company”) under my stock option that I elect to purchase
the below number of shares of Common Stock of the Company (the “Shares”) for the exercise price set
forth below.

 

	Type
    of option (check one):	Incentive
    ☐	Nonstatutory
    ☐
	 	 	 
	Stock
    option dated:	_______________	_______________
	 	 	 
	Number
    of Shares as to which option is exercised:	_______________	_______________
	 	 	 
	Certificates
    to be issued in name of:	_______________	_______________
	 	 	 
	Total
    exercise price:	$______________	$______________
	 	 	 
	Cash
    payment delivered herewith:	$______________	$______________
	 	 	 
	Regulation
    T Program (cashless exercise1):	$______________	$______________
	 	 	 
	Value
    of ________ Shares delivered herewith2:	$______________	$______________]

 

By
this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the 3-V Biosciences,
Inc. 2017 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding
obligation, if any, relating to the exercise of this option, and (iii) if this exercise relates to an incentive stock option,
to notify you in writing within fifteen (15) days after the date of any disposition of any of the Shares issued upon exercise
of this option that occurs within two (2) years after the date of grant of this option or within one (1) year after such Shares
are issued upon exercise of this option.

 

I
hereby make the following certifications and representations with respect to the number of Shares listed above, which are being
acquired by me for my own account upon exercise of the option as set forth above:

 

 

1
Shares must meet the public trading requirements set forth in the option agreement.

2
Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms
of the option being exercised, and must be owned free and clear of any liens, claims, encumbrances or security interests. Certificates
must be endorsed or accompanied by an executed assignment separate from certificate.

 

    2.

     

    

 

I
acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated
under the Securities Act. I warrant and represent to the Company that I have no present intention of distributing or selling said
Shares, except as permitted under the Securities Act and any applicable state securities laws.

 

I
further acknowledge that I will not be able to resell the Shares for at least ninety (90) days after the stock of the Company
becomes publicly traded (i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144.

 

I
further acknowledge that all certificates representing any of the Shares subject to the provisions of the option will have endorsed
thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the
Company’s Articles of Incorporation, Bylaws and/or applicable securities laws.

 

I
further acknowledge and agree that, except for such information as required to be delivered to me by the Company pursuant to the
option or the Plan (if any), I will have no right to receive any information from the Company by virtue of the grant of the option
or the purchase of shares of Common Stock through exercise of the option, ownership of such shares of Common Stock, or as a result
of my being a holder of record of stock of the Company. Without limiting the foregoing, to the fullest extent permitted by law,
I hereby waive all inspection rights under Section 220 of the Delaware General Corporation Law and all such similar information
and/or inspection rights that may be provided under the law of any jurisdiction, or any federal, state or foreign regulation,
that are, or may become, applicable to the Company or the Company’s capital stock (the “Inspection Rights”).
I hereby covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer,
or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights.

 

I
further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten
registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer,
make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic
effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of one hundred eighty
(180) days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer
period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar
rule or regulation) (the “Lock-Up Period”). I further agree to execute and deliver such other agreements
as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary
to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to securities subject to the foregoing restrictions until the end of such period.

 

	 	Very truly
    yours,
	 	 
	 	Signature
	 	 
	 	Print Name
	 	 
	 	Address of Record:
	 	 
	 	 
	 	 

 

    3.

     

    

 

Attachment
IV

 

Early
Exercise Stock Purchase Agreement

 

This
Agreement is made by and between
3-V Biosciences, Inc., a Delaware corporation (the “Company”), and _______________ (“Purchaser”).

 

Witnesseth:

 

Whereas,
Purchaser holds a stock option
dated _______________ to purchase shares of common stock (“Common Stock”) of the Company (the “Option”)
pursuant to the Company’s 2017 Equity Incentive Plan (the “Plan”); and

 

Whereas,
the Option consists of a Stock Option Grant Notice and a Stock Option Agreement; and

 

Whereas,
Purchaser desires to exercise
the Option on the terms and conditions contained herein; and

 

Whereas,
Purchaser wishes to take advantage
of the early exercise provision of Purchaser’s Option and therefore to enter into this Agreement;

 

Now,
therefore, it is agreed between
the parties as follows:

 

1.             Incorporation
of Plan and Option by Reference. This Agreement is subject to all of the terms and conditions as set forth in the Plan
and the Option. If there is a conflict between the terms of this Agreement and/or the Option and the terms of the Plan, the terms
of the Plan shall control. If there is a conflict between the terms of this Agreement and the terms of the Option, the terms of
the Option shall control. Defined terms not explicitly defined in this Agreement but defined in the Plan shall have the same definitions
as in the Plan. Defined terms not explicitly defined in this Agreement or the Plan but defined in the Option shall have the same
definitions as in the Option.

 

2.             Purchase
and Sale of Common Stock. 

 

(a)       Agreement
to purchase and sell Common Stock. Purchaser hereby agrees to purchase from
the Company, and the Company hereby agrees to sell to Purchaser, an aggregate of       (   )
shares of Common Stock at $      per share, for an aggregate purchase price of $     ,
payable as follows:

 

	Cash, check,
    bank draft or money order payable to the Company	$__________
	 	 
	Value of ______ shares
    of Common Stock1	$__________
	 	 
	Total Exercise Price	$__________.

 

 

1       Shares
must meet the public trading requirements set forth in the Option. Shares must be valued in accordance with the terms of the Option
being exercised, must have been owned for the minimum period required in the Option and must be owned free and clear of any liens,
claims, encumbrances or security interest. Certificates must be endorsed or accompanied by an executed stock assignment.

 

    

     

    

 

(b)       Closing.
The closing hereunder, including payment for and delivery of the Common Stock, shall occur at the offices of the Company
immediately following the execution of this Agreement, or at such other time and place as the parties may mutually agree; provided,
however, that if stockholder approval of the Plan is required before the Option may be exercised, then the Option may not
be exercised, and the closing shall be delayed, until such stockholder approval is obtained. If such stockholder approval is not
obtained within the time limit specified in the Plan, then this Agreement shall be null and void.

 

3.            Unvested
Share Repurchase Option.

 

(a)       Repurchase
Option. In the event Purchaser’s Continuous Service terminates, then the Company shall have an irrevocable option (the
 “Repurchase Option”) for a period of ninety (90) days after said termination (or in the case of shares
issued upon exercise of the Option after such date of termination, within ninety (90) days after the date of the exercise), or
such longer period as may be agreed to by the Company and Purchaser, to repurchase from Purchaser or Purchaser’s personal
representative, as the case may be, those shares that Purchaser received pursuant to the exercise of the Option that have not
as yet vested as of such termination date in accordance with the Vesting Schedule indicated on Purchaser’s Stock Option
Grant Notice (the “Unvested Shares”). 

 

(b)       Share
Repurchase Price. The Company may repurchase all or any of the Unvested Shares
at the lower of (i) the Fair Market Value of the such shares (as determined under the Plan) on the date of repurchase, or (ii)
the price equal to Purchaser’s Exercise Price for such shares as indicated on Purchaser’s Stock Option Grant Notice.

 

4.             Exercise
of Repurchase Option. The Repurchase Option shall be exercised by written notice signed by such person as designated
by the Company, and delivered or mailed as provided herein. Such notice shall identify the number of shares of Common Stock to
be purchased and shall notify Purchaser of the time, place and date for settlement of such purchase, which shall be scheduled
by the Company within the term of the Repurchase Option set forth above. The Company shall be entitled to pay for any shares of
Common Stock purchased pursuant to its Repurchase Option at the Company’s option in cash or by offset against any indebtedness
owing to the Company by Purchaser (including without limitation any Promissory Note given in payment for the Common Stock), or
by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described above, the
Company shall become the legal and beneficial owner of the Common Stock being repurchased and all rights and interest therein
or related thereto, and the Company shall have the right to transfer to its own name the Common Stock being repurchased by the
Company, without further action by Purchaser.

 

5.            Capitalization
Adjustments to Common Stock. In the event of a Capitalization Adjustment, then any and all new, substituted or additional
securities or other property to which Purchaser is entitled by reason of Purchaser’s ownership of Common Stock shall be
immediately subject to the Repurchase Option and be included in the word “Common Stock” for all purposes of the Repurchase
Option with the same force and effect as the shares of the Common Stock presently subject to the Repurchase Option, but only to
the extent the Common Stock is, at the time, covered by such Repurchase Option. While the total Option Price shall remain the
same after each such event, the Option Price per share of Common Stock upon exercise of the Repurchase Option shall be appropriately
adjusted.

 

6.             Corporate
Transactions. In the event of a Corporate Transaction, then the Repurchase Option may be assigned by the Company to
the successor of the Company (or such successor’s parent company), if any, in connection with such Corporate Transaction.
To the extent the Repurchase Option remains in effect following such Corporate Transaction, it shall apply to the new capital
stock or other property received in exchange for the Common Stock in consummation of the Corporate Transaction, but only to the
extent the Common Stock was at the time covered by such right. Appropriate adjustments shall be made to the price per share payable
upon exercise of the Repurchase Option to reflect the Corporate Transaction upon the Company’s capital structure; provided,
however, that the aggregate price payable upon exercise of the Repurchase Option shall remain the same.

 

    2.

     

    

 

7.             Escrow
of Unvested Common Stock. As security for Purchaser’s faithful performance of the terms of this Agreement and
to insure the availability for delivery of Purchaser’s Common Stock upon exercise of the Repurchase Option herein provided
for, Purchaser agrees, at the closing hereunder, to deliver to and deposit with the Secretary of the Company or the Secretary’s
designee (“Escrow Agent”), as Escrow Agent in this transaction, three (3) stock assignments duly endorsed
(with date and number of shares blank) in the form attached hereto as Exhibit A, together with a certificate or certificates evidencing
all of the Common Stock subject to the Repurchase Option; said documents are to be held by the Escrow Agent and delivered by said
Escrow Agent pursuant to the Joint Escrow Instructions of the Company and Purchaser set forth in Exhibit B, attached hereto and
incorporated by this reference, which instructions also shall be delivered to the Escrow Agent at the closing hereunder.

 

8.             Rights
of Purchaser. Subject to the provisions of the Option, Purchaser shall exercise all rights and privileges of a stockholder
of the Company with respect to the shares deposited in escrow. Purchaser shall be deemed to be the holder of the shares for purposes
of receiving any dividends that may be paid with respect to such shares and for purposes of exercising any voting rights relating
to such shares, even if some or all of such shares have not yet vested and been released from the Company’s Repurchase Option.

 

9.             Limitations
on Transfer. In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall
not sell, assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Common Stock while the Common Stock
is subject to the Repurchase Option. After any Common Stock has been released from the Repurchase Option, Purchaser shall not
sell, assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Common Stock except in compliance with
the provisions herein and applicable securities laws. Furthermore, the Common Stock shall be subject to any right of first refusal
in favor of the Company or its assignees that may be contained in Purchaser’s Stock Option Agreement.

 

10.           Restrictive
Legends. All certificates representing the Common Stock shall have endorsed thereon legends in substantially the following
forms (in addition to any other legend which may be required by other agreements between the parties hereto):

 

(a)       “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN OPTION SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED
HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS COMPANY. ANY
TRANSFER OR ATTEMPTED TRANSFER OF ANY SHARES SUBJECT TO SUCH OPTION IS VOID WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF THE COMPANY.”

 

(b)       “THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID
ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

    3.

     

    

 

(c)       “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE COMPANY AND/OR ITS ASSIGNEE(S)
AS PROVIDED IN THE BYLAWS OF THE COMPANY AND IN AN AGREEMENT WITH THE COMPANY.”

 

(d)       “THE
SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED PURSUANT TO THE EXERCISE OF AN INCENTIVE STOCK OPTION OR A NONSTATUTORY STOCK
OPTION.

 

(e)       “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A TRANSFER RESTRICTION, AS PROVIDED IN THE BYLAWS OF THE COMPANY.”

 

(f)       Any
legend required by appropriate blue sky officials.

 

11.           Investment
Representations. In connection with the purchase of the Common Stock, Purchaser represents to the Company the following:

 

(a)       Purchaser
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Common Stock. Purchaser is acquiring the Common Stock for investment
for Purchaser’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act.

 

(b)       Purchaser
understands that the Common Stock has not been registered under the Securities Act by reason of a specific exemption therefrom,
which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein.

 

(c)       Purchaser
further acknowledges and understands that the Common Stock must be held indefinitely unless the Common Stock is subsequently registered
under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that
the Company is under no obligation to register the Common Stock. Purchaser understands that the certificate evidencing the Common
Stock will be imprinted with a legend that prohibits the transfer of the Common Stock unless the Common Stock is registered or
such registration is not required in the opinion of counsel for the Company. 

 

(d)       Purchaser
is familiar with the provisions of Rules 144 and 701, under the Securities Act, as in effect from time to time, which, in substance,
permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof
(or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides
that if the issuer qualifies under Rule 701 at the time of issuance of the securities, such issuance will be exempt from registration
under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the securities exempt under Rule 701 may be sold by Purchaser ninety (90) days thereafter, subject
to the satisfaction of certain of the conditions specified by Rule 144 and the market stand-off provision described in Purchaser’s
Stock Option Agreement and Section 12 below.

 

(e)       In
the event that the sale of the Common Stock does not qualify under Rule 701 at the time of purchase, then the Common Stock may
be resold by Purchaser in certain limited circumstances subject to the provisions of Rule 144, which requires, among other things:
(i) the availability of certain public information about the Company, and (ii) the resale occurring following the required holding
period under Rule 144 after Purchaser has purchased, and made full payment of (within the meaning of Rule 144), the securities
to be sold.

 

    4.

     

    

 

(f)       Purchaser
further understands that at the time Purchaser wishes to sell the Common Stock there may be no public market upon which to make
such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public current
information requirements of Rule 144 or 701, and that, in such event, Purchaser would be precluded from selling the Common Stock
under Rule 144 or 701 even if the minimum holding period requirement had been satisfied.

 

(g)       Purchaser
further warrants and represents that Purchaser has either (i) preexisting personal or business relationships, with the Company
or any of its officers, directors or controlling persons, or (ii) the capacity to protect his own interests in connection with
the purchase of the Common Stock by virtue of the business or financial expertise of Purchaser or of professional advisors to
Purchaser who are unaffiliated with and who are not compensated by the Company or any of its affiliates, directly or indirectly.
Purchaser further warrants and represents that Purchaser’s purchase the Common Stock was not accomplished by the publication
of any advertisement.

 

12.           Lock-Up
Period. By exercising the Option, Purchaser agrees not to sell, dispose of, transfer, make any short sale of, grant
any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any
shares of Common Stock or other securities of the Company held by Purchaser, for a period of one hundred eighty (180) days following
the effective date of a registration statement of the Company filed under the Securities Act or such longer period as necessary
to permit compliance with FINRA Rule 2241 and similar rules or regulations (the “Lock-Up Period”); provided,
however, that nothing shall prevent the exercise of the Repurchase Option during the Lock-Up Period. Purchaser further agrees
to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are
consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant,
the Company may impose stop-transfer instructions with respect to Purchaser’s shares of Common Stock until the end of such
period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 12 and shall have
the right, power and authority to enforce the provisions hereof as though they were a party hereto.

 

13.           Section
83(b) Election. Purchaser understands that Section 83(a) of the Code
taxes as ordinary income the difference between the amount paid for the Common Stock and the fair market value of the Common Stock
as of the date any restrictions on the Common Stock lapse. In this context, “restriction” includes the right of the
Company to buy back the Common Stock pursuant to the Repurchase Option set forth above. Purchaser understands that Purchaser may
elect to be taxed at the time the Common Stock is purchased, rather than when and as the Repurchase Option expires, by filing
an election under Section 83(b) (an “83(b) Election”) of the Code with the Internal Revenue Service
within thirty (30) days of the date of purchase. Even if the fair market value of the Common Stock at the time of the execution
of this Agreement equals the amount paid for the Common Stock, the 83(b) Election must be made to avoid income under Section 83(a)
in the future. Purchaser understands that failure to file such an 83(b) Election in a timely manner may result in adverse tax
consequences for Purchaser. Purchaser further understands that Purchaser must file an additional copy of such 83(b) Election with
his or her federal income tax return for the calendar year in which the date of this Agreement falls. Purchaser acknowledges that
the foregoing is only a summary of the effect of United States federal income taxation with respect to purchase of the Common
Stock hereunder, and does not purport to be complete. Purchaser further acknowledges that the Company has directed Purchaser to
seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign
country in which Purchaser may reside, and the tax consequences of Purchaser’s death. PURCHASER
ACKNOWLEDGES THAT IT IS PURCHASER’s RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION
83(B) of the Code. The Company and its legal counsel WILL NOT assume responsibility for failure to file the 83(b) Election in
a timely manner under any circumstances. PURCHASER ASSUMES ALL RESPONSIBILITY FOR PAYING ALL TAXES RESULTING FROM SUCH
ELECTION OR THE LAPSE OF THE RESTRICTIONS ON THE COMMON STOCK. Forms of 83(b) Election are attached hereto as Exhibit C
for reference.

 

    5.

     

    

 

14.         Refusal
to Transfer. The Company shall not be required (a) to transfer on its books any shares of Common Stock of the Company
which shall have been transferred in violation of any of the provisions set forth in this Agreement, or (b) to treat as owner
of such shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such shares shall have
been so transferred.

 

15.         No
Employment Rights. This Agreement is not an employment contract and nothing in this Agreement shall affect in any manner
whatsoever the right or power of the Company or its Affiliates to terminate Purchaser’s employment for any reason at any
time, with or without cause and with or without notice.

 

16.         Miscellaneous.

 

(a)       Notices.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery
to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient, and if
not during normal business hours of the recipient, then on the next business day, (c) five (5) calendar days after having been
sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent to the other party hereto at such party’s address hereinafter set forth on the signature page hereof, or at
such other address as such party may designate by ten (10) days advance written notice to the other party hereto.

 

(b)       Successors
and Assigns. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions
on transfer herein set forth, be binding upon Purchaser, Purchaser’s successors, and assigns. The Company may assign the
Repurchase Option hereunder at any time or from time to time, in whole or in part.

 

(c)       Attorneys’
Fees; Specific Performance. Purchaser shall reimburse the Company for all costs incurred by the Company in enforcing the performance
of, or protecting its rights under, any part of this Agreement, including reasonable costs of investigation and attorneys’
fees. It is the intention of the parties that the Company, upon exercise of the Repurchase Option and payment for the shares repurchased,
pursuant to the terms of this Agreement, shall be entitled to receive the Common Stock, in specie, in order to have such
Common Stock available for future issuance without dilution of the holdings of other stockholders. Furthermore, it is expressly
agreed between the parties that money damages are inadequate to compensate the Company for the Common Stock and that the Company
shall, upon proper exercise of the Repurchase Option, be entitled to specific enforcement of its rights to purchase and receive
said Common Stock.

 

(d)       Governing
Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. The parties
agree that any action brought by either party to interpret or enforce any provision of this Agreement shall be brought in, and
each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the
district encompassing the Company’s principal place of business.

 

    6.

     

    

 

(e)       Further
Execution. The parties agree to take all such further action(s) as may reasonably be necessary to carry out and consummate
this Agreement as soon as practicable, and to take whatever steps may be necessary to obtain any governmental approval in connection
with or otherwise qualify the issuance of the securities that are the subject of this Agreement. 

 

(f)       Independent
Counsel. Purchaser acknowledges that this Agreement has been prepared on behalf of the Company by Cooley llp,
counsel to the Company and that Cooley llp does not represent, and is not acting
on behalf of, Purchaser. Purchaser has been provided with an opportunity to consult with Purchaser’s own counsel with respect
to this Agreement.

 

(g)       Entire
Agreement; Amendment. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not be amended,
modified or revoked, in whole or in part, except by an agreement in writing signed by each of the parties hereto.

 

(h)       Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted
as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(i)       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument. This Agreement may also be executed and delivered by facsimile signature, PDF or any electronic
signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com).

 

The
parties hereto have executed this Agreement as of _______________.

 

	 	 
	 	3-V
    Biosciences, Inc.

	 	 	 
	 	By	 
	 	 	 

	 	Name	 
	 	 	 

	 	Title	 

 

	 	Purchaser
	 	 
	 	Signature
	 	 
	 	Name (Please print)

 

Attachments: 

 

Exhibit
A                Assignment Separate from Certificate

Exhibit
B                Joint Escrow Instructions

Exhibit
C                Forms of Section 83(b) Election

 

    7.

     

    

 

Exhibit
A

 

STOCK
ASSIGNMENT SEPARATE FROM CERTIFICATE

 

For
Value Received, _______________________
hereby sells, assigns and transfers unto 3-V Biosciences, Inc., a Delaware corporation (the “Company”), pursuant to
the Repurchase Option under that certain Early Exercise Stock Purchase Agreement, dated _______________ by and between the undersigned
and the Company (the “Agreement”), _______________ (_______________) shares of Common Stock of the Company standing
in the undersigned’s name on the books of the Company represented by Certificate No(s). _______________ and does hereby
irrevocably constitute and appoint the Company’s Secretary attorney-in-fact to transfer said Common Stock on the books of
the Company with full power of substitution in the premises. This Assignment may be used only in accordance with and subject to
the terms and conditions of the Agreement, in connection with the repurchase of shares of Common Stock issued to the undersigned
pursuant to the Agreement, and only to the extent that such shares remain subject to the Company’s Repurchase Option under
the Agreement.

 

Dated:
_______________

	 	 
	 	(Signature)
	 	 
	 	(Print Name)

 

(Instruction:
Please do not fill in
any blanks other than the “Signature” line and the “Print Name” line.)

 

    

     

    

Exhibit
B

 

JOINT
ESCROW INSTRUCTIONS

 

Secretary

3-V
Biosciences, Inc.

1050
Hamilton Court

Menlo
Park, CA 94025

 

Dear
Sir or Madam:

 

As
Escrow Agent for both 3-V Biosciences, Inc., a Delaware corporation (“Company”),
and the undersigned purchaser of Common Stock of the Company (“Purchaser”), you are hereby authorized and directed
to hold the documents delivered to you pursuant to the terms of that certain Early Exercise Stock Purchase Agreement (“Agreement”),
dated _______________ to which a copy of these Joint Escrow Instructions is attached as Exhibit B, in accordance with the following
instructions:

 

1.             In
the event the Company or an assignee shall elect to exercise the Repurchase Option set forth in the Agreement, the Company or
its assignee will give to Purchaser and you a written notice specifying the number of shares of Common Stock to be purchased,
the purchase price, and the time for a closing hereunder at the principal office of the Company. Purchaser and the Company hereby
irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said
notice.

 

2.            At
the closing you are directed (a) to date any stock assignments necessary for the transfer in question, (b) to fill in the number
of shares being transferred, and (c) to deliver same, together with the certificate evidencing the shares of Common Stock to be
transferred, to the Company against the simultaneous delivery to you of the purchase price (which may include suitable acknowledgment
of cancellation of indebtedness) of the number of shares of Common Stock being purchased pursuant to the exercise of the Repurchase
Option.

 

3.             Purchaser
irrevocably authorizes the Company to deposit with you any certificates evidencing shares of Common Stock to be held by you hereunder
and any additions and substitutions to said shares as specified in the Agreement. Purchaser does hereby irrevocably constitute
and appoint you as the Purchaser’s attorney-in-fact and agent for the term of this escrow to execute with respect to such
securities and other property all documents of assignment and/or transfer and all stock certificates necessary or appropriate
to make all securities negotiable and complete any transaction herein contemplated, including but not limited to any appropriate
filing with state or government officials or bank officials. Subject to the provisions of this paragraph 3, Purchaser shall exercise
all rights and privileges of a stockholder of the Company while the stock is held by you.

 

4.             This
escrow shall terminate and the shares of stock held hereunder shall be released in full upon the expiration or exercise in full
of the Repurchase Option, whichever occurs first.

 

5.             If
at the time of termination of this escrow you should have in your possession any documents, securities, or other property belonging
to Purchaser, you shall deliver all of same to Purchaser and shall be discharged of all further obligations hereunder; provided,
however, that if at the time of termination of this escrow you are advised by the Company that the property subject to this
escrow is the subject of a pledge or other security agreement, you shall deliver all such property to the pledgeholder or other
person designated by the Company.

 

6.             Except
as otherwise provided in these Joint Escrow Instructions, your duties hereunder may be altered, amended, modified or revoked only
by a writing signed by all of the parties hereto.

 

    

     

    

 

7.            You
shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected
in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented
by the proper party or parties or their assignees. You shall not be personally liable for any act you may do or omit to do hereunder
as Escrow Agent or as attorney-in-fact for Purchaser while acting in good faith and any act done or omitted by you pursuant to
the advice of your own attorneys shall be conclusive evidence of such good faith.

 

8.            You
are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or
corporation, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and obey orders,
judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall
not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such compliance, notwithstanding
any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered
without jurisdiction.

 

9.            You
shall not be liable in any respect on account of the identity, authority or rights of the parties executing or delivering or purporting
to execute or deliver the Agreement or any documents or papers deposited or called for hereunder.

 

10.          You
shall not be liable for the outlawing of any rights under any statute of limitations with respect to these Joint Escrow Instructions
or any documents deposited with you.

 

11.          Your
responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be Secretary of the Company or if you shall resign
by written notice to the Company party. In the event of any such termination, the Secretary of the Corporation shall automatically
become the successor Escrow Agent unless the Company shall appoint another successor Escrow Agent, and Purchaser hereby confirms
the appointment of such successor as Purchaser’s attorney-in-fact and agent to the full extent of your appointment.

 

12.          If
you reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect
hereto, the necessary parties hereto shall join in furnishing such instruments.

 

13.          It
is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of
the securities, you are authorized and directed to retain in your possession without liability to anyone all or any part of said
securities until such dispute shall have been settled either by mutual written agreement of the parties concerned or by a final
order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected,
but you shall be under no duty whatsoever to institute or defend any such proceedings.

 

14.          Any
notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery,
including delivery by express courier or five days after deposit in the United States Post Office, by registered or certified
mail with postage and fees prepaid, addressed to each of the other parties hereunto entitled at the following addresses, or at
such other addresses as a party may designate by ten days’ advance written notice to each of the other parties hereto:

 

	 	Company:	3-V Biosciences, Inc.
	 	 	1050 Hamilton Court
	 	 	Menlo Park, CA 94025
	 	 	Attn: Chief Financial Officer

 

	 	Purchaser:	 	 
	 	 	 	 
	 	 	 	 

 

    2.

     

    

 

	 	Escrow Agent:	3-V Biosciences, Inc.
	 	 	1050 Hamilton Court
	 	 	Menlo Park, CA 94025
	 	 	Attn: Corporate Secretary

 

15.          By
signing these Joint Escrow Instructions you become a party hereto only for the purpose of said Joint Escrow Instructions; you
do not become a party to the Agreement.

 

16.          You
shall be entitled to employ such legal counsel and other experts (including without limitation the firm of Cooley llp)
as you may deem necessary properly to advise you in connection with your obligations hereunder. You may rely upon the advice
of such counsel, and may pay such counsel reasonable compensation therefor. The Company shall be responsible for all fees generated
by such legal counsel in connection with your obligations hereunder.

 

17.          This
instrument shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. It is understood and agreed that references to “you” or “your” herein refer to the original Escrow
Agent and to any and all successor Escrow Agents. It is understood and agreed that the Company may at any time or from time to
time assign its rights under the Agreement and these Joint Escrow Instructions in whole or in part.

 

18.          This
Agreement shall be governed by and interpreted and determined in accordance with the laws of the State of Delaware.

 

	 	Very truly yours,
	 	 
	 	3-V
    Biosciences, Inc.

	 	 	 
	 	By	 
	 	 	 

	 	Name:	 
	 	 	 

	 	Title	 

 

	 	Purchaser:
	 	 
	 	Signature
	 	 
	 	Name (Please Print)

 

Escrow
Agent:

  

 

Secretary,
3-V Biosciences, Inc.

 

    3.

     

    

Exhibit
C

 

Section
83(b)
Election

(for
Stock Acquired under Nonstatutory Stock Option)

 

[•],
20__

 

Department
of the Treasury

Internal
Revenue Service

[City,
State Zip]1

 

		Re:	Election
                                         Under Section 83(b)

 

Ladies
and Gentlemen:

 

The
undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in
gross income 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. The following information is supplied in accordance with Treasury Regulation § 1.83-2:

 

		1.	The
                                         name, social security number, address of the undersigned, and the taxable year for which
                                         this election is being made are:

 

	 	Name:	____________	 
	 	Social Security Number:	____________	 
	 	Address:	____________	 
	 	 	____________	 

Taxable
year: Calendar year 20__.

 

		2.	The
                                         property that is the subject of this election: [#]
                                         shares of common stock of 3-V Biosciences, Inc., a Delaware corporation (the “Company”).

 

3.             The
property was transferred on: [•], 20__.

 

		4.	The
                                         property is subject to the following restrictions: 

 

The
shares are subject to repurchase at less than their fair market value if the undersigned does not continue to provide services
for the Company for a designated period of time. The risk of repurchase lapses over a specified vesting period..

 

		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 Treasury Regulation
                                         § 1.83-3(h)): $[•] per share
                                         x [#] shares = $[•].

 

		6.	For
                                         the property transferred, the undersigned paid: $[•]
                                         per share x [#] shares = $[•].

 

 

1
Per Treasury Regulation § 1.83-2(c), the Section 83(b) election must be filed with the IRS office where the person
otherwise files his or her tax return. See http://www.irs.gov/uac/Where-to-File-Addresses-for--Taxpayers-and--Tax-Professionals-Filing-Form-1040.
Use the address in the row which includes the state in which the service provider lives and in the column entitled “And
you ARE NOT enclosing a payment”.

 

    4.

     

    

 

		7.	The
                                         amount to include in gross income is: $[•].2

 

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 and the transferee of the property, if any. 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. 

 

	 	Very
    truly yours,
	 	 
	 	[Name]

 

 

2
This should equal the amount in Item 5 minus the amount in Item 6, and in many cases will be $0.00. 

 

    5.

     

    

 

Section
83(b)
Election

(for
Stock Acquired under Incentive Stock Option)

 

[•],
20__

 

Department
of the Treasury 

Internal
Revenue Service 

[City,
State Zip]1

 

		Re:	Election
                                         Under Section 83(b)

 

Ladies
and Gentlemen:

 

The
undersigned taxpayer hereby elects, pursuant to the provisions of Sections 55-56 and 83(b) of the Internal Revenue Code of 1986,
as amended (the “Code”), to include in alternative minimum taxable income for the undersigned’s
current taxable year, as compensation for services, the excess, if any, of the fair market value of the property described below
at the time of transfer over the amount paid for such property. The undersigned also elects pursuant to Section 83(b) of the Code
to include in gross income for the taxable year in which the undersigned disposes of some or all of the property described below
in a transaction which fails to satisfy the requirements of Section 422(a)(1) of the Code (a “disqualifying disposition”),
as compensation for services, the lesser of (i) the excess, if any, of the fair market value of the disposed property at the time
of transfer to the undersigned over the amount paid for such property; or (ii) the excess, if any of the amount realized by the
undersigned in the disqualifying disposition over the amount paid for such property at the time of its transfer to the undersigned.

 

The
following information is supplied in accordance with Treasury Regulation § 1.83-2:

 

		1.	The
                                         name, social security number, address of the undersigned, and the taxable year for which
                                         this election is being made are:

	 	Name:	____________	 
	 	Social Security Number:	____________	 
	 	Address:	____________	 
	 	 	____________	 

Taxable
year: Calendar year 20__.

 

		2.	The
                                         property that is the subject of this election: [
                                         #]
                                         shares of common stock of 3-V Biosciences, Inc, a Delaware corporation (the “Company”).

 

		3.	The
                                         property was transferred on: [•],
                                         20__.

 

 

1
Per Treasury Regulation § 1.83-2(c), the Section 83(b) election must be filed with the IRS office where the person
otherwise files his or her tax return. See http://www.irs.gov/uac/Where-to-File-Addresses-for--Taxpayers-and--Tax-Professionals-Filing-Form-1040.
Use the address in the row which includes the state in which the service provider lives and in the column entitled “And
you ARE NOT enclosing a payment”.

 

    

     

    

 

		4.	The
property is subject to the following restrictions:

 

The
shares are subject to repurchase at less than their fair market value if the undersigned does not continue to provide services
for the Company for a designated period of time. The risk of repurchase lapses over a specified vesting period.

 

		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 Treasury Regulation
                                         § 1.83-3(h)): $[ •]
                                         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: $[ •].2

 

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 and the transferee of the property, if any. 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. 

 

	 	Very
    truly yours,
	 	 
	 	[Name]

 

 

2
This should equal the amount in Item 5 minus the amount in Item 6, and in many cases will be $0.00.

 

    2.

     

    

Instructions
for Filing Section 83(b)
Election

 

Attached
is a form of election under Section 83(b) of the Internal Revenue Code and an accompanying IRS cover letter. Please fill in your
social security number and sign the election and cover letter, then proceed as follows:

 

		(a)	Make
                                         four copies of the completed election form and one copy of the IRS cover letter.

 

		(b)	Send
                                         the original election form and cover letter, the copy of the cover letter, and a self-addressed
                                         stamped return envelope to the Internal Revenue Service Center where you would otherwise
                                         file your tax return. Even if an address for an Internal Revenue Service Center is already
                                         included in the forms below, it is your obligation to verify such address. This can be
                                         done by searching for the term “where to file” on www.irs.gov or by
                                         calling 1 (800) 829-1040. Sending the election via certified mail, requesting a return
                                         receipt, is also recommended.

 

		(c)	Deliver
one copy of the completed election form to 3-V BIOSCIENCES, Inc.

 

		(d)	Attach
                                         one copy of the completed election form to your federal personal income tax return (Form
                                         1040) when you file it for the year of exercise.

 

		(e)	Attach
                                         one copy of the completed election form to your state personal income tax return when
                                         you file it for the year of exercise (assuming you file a state income tax return).

 

		(f)	Retain
one copy of the completed election form for your personal permanent records.

 

Note:
An additional copy of the completed election form must be delivered to the transferee (recipient) of the property if the service
provider and the transferee are not the same person.

 

Please
note that the election must be filed with the IRS within 30 days of the date of your stock option early exercise. Failure to file
within that time will render the election void and you may recognize ordinary taxable income as your vesting restrictions lapse.
3-V BIOSCIENCES, Inc. and its counsel cannot assume responsibility for failure to file the election in a timely manner under any
circumstances.

 

    3.

     

    

[
 •], 20__

 

RETURN
SERVICE REQUESTED

 

Department
of the Treasury

Internal
Revenue Service

[City,
State Zip]

 

		Re:	Election
                                         Under Section 83(b) of the Internal Revenue Code

 

Dear
Sir or Madam:

 

Enclosed
please find an executed form of election under Section 83(b) of the Internal Revenue Code of 1986, as amended, filed with respect
to an interest in 3-V Biosciences, Inc.

 

Also
enclosed is a copy of this letter and a stamped, self-addressed envelope. Please acknowledge receipt of these materials by marking
the copy when received and returning it to the undersigned.

 

Thank
you very much for your assistance.

 

	 	Very
    truly yours,
	 	 
	 	[Name]

 

Enclosures

 

    4.

     

    

 

NOTICE
OF EXERCISE

 

Sagimet
Biosciences Inc. 

155
Bovet Rd., Suite 303

San
Mateo, CA 94402

 

 Date
of Exercise: _______________

 

This
constitutes notice to Saigmet Biosciences Inc. (the “Company”) under my stock option that I elect to
purchase the below number of shares of Common Stock of the Company (the “Shares”) for the exercise price
set forth below.

 

	Type of
    option (check one):	Incentive  ☐	Nonstatutory  ☐
	 	 	 
	Stock option dated:	_______________	_______________
	 	 	 
	Number of Shares as to
    which option is exercised:	_______________	_______________
	 	 	 
	Certificates to be
    issued in name of:	_______________	_______________
	 	 	 
	Total exercise price:	$______________	$______________
	 	 	 
	Cash payment delivered
    herewith:	$______________	$______________
	 	 	 
	Regulation T Program
    (cashless exercise1):	$______________	$______________
	 	 	 
	Value of ________ Shares
    delivered herewith2:	$______________	$______________]

 

By
this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the Sagimet Biosciences
Inc. 2017 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding
obligation, if any, relating to the exercise of this option, and (iii) if this exercise relates to an incentive stock option,
to notify you in writing within fifteen (15) days after the date of any disposition of any of the Shares issued upon exercise
of this option that occurs within two (2) years after the date of grant of this option or within one (1) year after such Shares
are issued upon exercise of this option.

 

I
hereby make the following certifications and representations with respect to the number of Shares listed above, which are being
acquired by me for my own account upon exercise of the option as set forth above:

 

 

1
Shares must meet the public trading requirements set forth in the option agreement.

2
Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms
of the option being exercised, and must be owned free and clear of any liens, claims, encumbrances or security interests. Certificates
must be endorsed or accompanied by an executed assignment separate from certificate.

 

    

     

    

 

I
acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated
under the Securities Act. I warrant and represent to the Company that I have no present intention of distributing or selling said
Shares, except as permitted under the Securities Act and any applicable state securities laws.

 

I
further acknowledge that I will not be able to resell the Shares for at least ninety (90) days after the stock of the Company
becomes publicly traded (i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144.

 

I
further acknowledge that all certificates representing any of the Shares subject to the provisions of the option will have endorsed
thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the
Company’s Articles of Incorporation, Bylaws and/or applicable securities laws.

 

I
further acknowledge and agree that, except for such information as required to be delivered to me by the Company pursuant to the
option or the Plan (if any), I will have no right to receive any information from the Company by virtue of the grant of the option
or the purchase of shares of Common Stock through exercise of the option, ownership of such shares of Common Stock, or as a result
of my being a holder of record of stock of the Company. Without limiting the foregoing, to the fullest extent permitted by law,
I hereby waive all inspection rights under Section 220 of the Delaware General Corporation Law and all such similar information
and/or inspection rights that may be provided under the law of any jurisdiction, or any federal, state or foreign regulation,
that are, or may become, applicable to the Company or the Company’s capital stock (the “Inspection Rights”).
I hereby covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer,
or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights.

 

I
further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten
registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer,
make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic
effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of one hundred eighty
(180) days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer
period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar
rule or regulation) (the “Lock-Up Period”). I further agree to execute and deliver such other agreements
as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary
to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to securities subject to the foregoing restrictions until the end of such period.

 

	 	Very truly
    yours,
	 	 
	 	Signature
	 	 
	 	Print Name
	 	 
	 	Address of Record:
	 	 
	 	 
	 	 

 

    2.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]