Document:

Exhibit
10.10

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into effective as of October 22, 2021
among Guerrilla RF, Inc., a Delaware corporation (f.k.a. Laffin Acquisition Corp.) (the “Company”),
the persons who have purchased the Offering Shares (as defined below) and have executed omnibus or counterpart signature page(s) hereto
(each, a “Purchaser” and collectively, the “Purchasers”), the persons or entities
identified on Schedule 1 hereto holding Placement Agent Warrants (collectively, the “Brokers”),
the persons or entities identified on Schedule 2 hereto holding Merger Shares (as defined below), the persons or entities identified
on Schedule 3 hereto holding Registrable Pre-Merger Shares (as defined below), and the persons or entities identified
on Schedule 4 hereto holding Placement Agent Shares (as defined below). Capitalized terms used herein shall have the meanings
ascribed to them in Section 1 below or in the Subscription Agreement (as defined below).

 

RECITALS:

 

WHEREAS,
the Company has offered and sold in compliance with Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated
thereunder to accredited investors in a private placement offering (the “Offering”) shares of the common stock
of the Company, par value $0.0001 per share, pursuant to certain Subscription Agreements entered into by and between the Company and
each of the Purchasers of the Offering Shares set forth on the signature pages affixed thereto (the “Subscription Agreements”);
and

 

WHEREAS,
the Company has agreed to enter into a registration rights agreement with each of the Purchasers in the Offering who purchased the Offering
Shares, with the Brokers, or their designees, who hold Placement Agent Warrants, and with the holders of Merger Shares, Registrable Pre-Merger
Shares or Placement Agent Shares, as applicable; and

 

WHEREAS,
contemporaneously with the initial closing of the Offering, pursuant to an Agreement and Plan of Merger and Reorganization by and among
the Company, Guerrilla RF, Inc., a Delaware corporation (“Guerrilla RF”), and the Acquisition Subsidiary (as
defined therein), all of the outstanding capital stock of Guerrilla RF was exchanged for shares of the Company’s Common Stock and
Guerrilla RF became a wholly owned Subsidiary of the Company (the “Merger”);

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual promises, representations, warranties, covenants and conditions set
forth herein, the parties mutually agree as follows:

 

1.
Certain Definitions. As used in this Agreement, the following terms shall have the following respective meanings:

 

“Approved
Market” means the OTCQB, OTCQX, the Nasdaq Stock Market, the New York Stock Exchange or the NYSE American.

 

    

     

    

 

“Blackout
Period” means, with respect to a distribution or registration, a period during which the Company, in the good faith judgment
of its board of directors, determines (because of the existence of, or in anticipation of, any acquisition, financing activity, or other
material corporate development or other material transaction involving the Company, or the unavailability for reasons beyond the Company’s
control of any required financial statements, disclosure of material information which is in its best interest not to publicly disclose,
or any other event or condition of similar material significance to the Company) that the registration and/or distribution of the Registrable
Securities to be covered by such registration statement, if any, or the circumstances described in Section 4(h) below, would be
seriously detrimental to the Company and its stockholders, in each case commencing on the day the Company notifies the Holders that they
are required, because of the determination described above, to suspend offers and sales of Registrable Securities and ending on the earlier
of (1) the date upon which the material non-public information resulting in the Blackout Period is disclosed to the public
or ceases to be material and (2) such time as the Company notifies the selling Holders that sales pursuant to such Registration
Statement or a new or amended Registration Statement or prospectus may resume; provided, however, that the aggregate
of all Blackout Periods shall not exceed seventy-five (75) Trading Days in any twelve (12) month period (except for suspension
of the use of the Registration Statement in connection with the filing of a post-effective amendment to the Registration Statement to
update the prospectus therein in connection with the filing of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q or Periodic Reports on Form 8-K, which Blackout Period may extend for the amount of time reasonably required to respond to comments
of the staff of the Commission (the “Staff”) on such amendment).

 

“Business
Day” means any day of the year, other than a Saturday, Sunday, or other day on which banks in the State of New York are
required or authorized to close.

 

“Commission”
means the U. S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company and any and all shares of capital stock or other
equity securities of: (i) the Company which are added to or exchanged or substituted for the Common Stock by reason of the declaration
of any stock dividend or stock split, the issuance of any distribution or the reclassification, readjustment, recapitalization or other
such modification of the capital structure of the Company; and (ii) any other corporation, now or hereafter organized under the
laws of any state or other governmental authority, with which the Company is merged, which results from any consolidation or reorganization
to which the Company is a party, or to which is sold all or substantially all of the shares or assets of the Company, if immediately
after such merger, consolidation, reorganization or sale, the Company or the stockholders of the Company own equity securities of such
other corporation.

 

“Effective
Date” means the date of the final closing of the Offering.

 

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

 

“Excluded
Registrable Securities” shall have the meaning set forth in Section 3(d)(i) of this Agreement.

 

    2

     

    

 

“Family
Member” means (a) with respect to any individual, such individual’s spouse, any descendants (whether natural
or adopted), any trust all of the beneficial interests of which are owned by any of such individuals or by any of such individuals together
with any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, the estate of any such individual,
and any corporation, association, partnership or limited liability company all of the equity interests of which are owned by those above
described individuals, trusts or organizations and (b) with respect to any trust, the owners of the beneficial interests of such
trust.

 

“Holder”
means (i) each Purchaser or any of such Purchaser’s respective successors and Permitted Assignees who acquire rights in accordance
with this Agreement with respect to any Registrable Securities directly or indirectly from a Purchaser or from any Permitted Assignee;
(ii) each Broker or any of such Broker’s respective successors and Permitted Assignees who acquire rights in accordance with this
Agreement with respect to any Registrable Securities directly or indirectly from a Broker or from any Permitted Assignee; (iii) each
holder of Registrable Pre-Merger Shares or its respective successors and Permitted Assignees who acquire rights in accordance with
this Agreement with respect to any Registrable Securities directly or indirectly from such holder or from any Permitted Assignee thereof;
(iv) each holder of the Merger Shares or its respective successors and Permitted Assignees who acquire rights in accordance with
this Agreement with respect to any Registrable Securities directly or indirectly from such holder or from any Permitted Assignee thereof;
and (v) each holder of Placement Agent Shares or its respective successors and Permitted Assignees who acquire rights in accordance with
this Agreement with respect to any Registrable Securities directly or indirectly from such holder or from any Permitted Assignee thereof.

 

“Majority
Holders” means, at any time, Holders of both (i) a majority of the Registrable Securities then outstanding, and (ii) a
majority of the Offering Shares then outstanding that constitute Registrable Securities.

 

“Merger
Shares” means the [_____________] shares of Common Stock issued or issuable in exchange for all of the capital stock of
Guerrilla RF that were outstanding immediately prior to the closing of the Merger ((x) inclusive of the shares of Common Stock issuable
or issued upon exercise of the warrants of Guerrilla RF that are being assumed by, or exchanged for warrants of, the Company in connection
with the Merger, and (y) exclusive of shares of Common Stock issuable upon (i) exercise of the options to purchase stock of Guerrilla
RF that are being assumed by, or exchanged for options of, the Company in connection with the Merger and (ii) conversion of convertible
debt of Guerrilla RF that is being assumed by, or exchanged for convertible debt of, the Company in connection with the Merger), and
any shares of Common Stock issued or issuable with respect to such shares upon any stock split, dividend or other distribution, recapitalization
or similar event with respect to the foregoing.

 

“Offering
Shares” means (i) the shares of Common Stock issued to the Purchasers pursuant to the Subscription Agreements and (ii)
744,300 shares of Common Stock issued upon the conversion of convertible notes from Guerrilla RF between July 15, 2021 and October 1,
2021, with an aggregate principal amount of $1,488,600 in connection with the Merger, and any shares of Common Stock issued or issuable
with respect to such shares upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the
foregoing.

 

“Permitted
Assignee” means (a) with respect to a partnership, its partners or former partners in accordance with their partnership
interests, (b) with respect to a corporation, its stockholders in accordance with their interest in the corporation, (c) with
respect to a limited liability company, its members or former members in accordance with their interest in the limited liability company,
(d) with respect to an individual party, any Family Member of such party and any trust for the direct or indirect benefit of an
individual or a Family Member of such individual, (e) with respect to a trust, to the trustor or beneficiary of such trust or to the
estate of a beneficiary of such trust, (f) an entity or trust that is controlled by, controls, or is under common control with a
transferor, (g) any affiliate of a transferor in any transaction in which the transferor distributes Restricted Securities to such affiliate
for no consideration, (h) a party to this Agreement, or (i) any other person approved by the Company in writing in advance.

 

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“Piggyback
Registration” shall have the meaning set forth in Section 3(d)(i) of this Agreement.

 

“Placement
Agent Shares” means the 275,000 shares of Common Stock held by the persons or entities identified on Schedule 4
hereto.

 

“Placement
Agent Warrants” shall have the meaning set forth in the Subscription Agreement.

 

The
terms “register,” “registered,” and “registration” refer
to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration
or ordering of the effectiveness of such registration statement.

 

“Registrable Pre-Merger
Shares” means 2,975,000 shares of Common Stock held by stockholders of the Company prior to the Merger and remaining outstanding
immediately following the effective time of the Merger, and any shares of Common Stock issued or issuable with respect to such shares
upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing.

 

“Registrable Pre-Merger
Stockholder” means a person holding Registrable Pre-Merger Shares immediately prior to the effective time of the Merger.

 

“Registrable
Securities” means the following held by a Holder: (a) the Offering Shares, (b) the Warrant Shares, (c) the Merger
Shares, (d) the Registrable Pre-Merger Shares, (e) the Placement Agent Shares and (f) other shares of Restricted Common Stock
held by the Holders, hereinafter acquired or issuable in respect of the foregoing shares of Common Stock by way of conversion, dividend,
stock-split, distribution or exchange, merger, consolidation, recapitalization or reclassification or similar transaction. Such securities
shall cease to be Registrable Securities hereunder with respect to any Holder on the earlier of (x) the date on which they have been
transferred other than to a Permitted Assignee and (y) the date on which Rule 144 becomes available for a Holder, permitting such Holder
to sell within a 90-day period all the Registrable Securities held by such Holder without volume or manner of sale restrictions.

 

“Registration
Default Period” means the period beginning on the date on which any Registration Event occurs and ending on the date on
which such Registration Event is cured, inclusive.

 

“Registration
Effectiveness Date” means the date that is one hundred and fifty (150) calendar days after the Effective Date, which one
hundred and fifty-day period shall be extended for each day of a U.S. government shut down that results in the Commission temporarily
discontinuing review of, or acceleration of the effectiveness of, registration statements, if any.

 

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“Registration
Event” means the occurrence of any of the following events:

 

(a)
the Company fails to file with the Commission the Registration Statement on or before the Registration Filing Date;

 

(b)
the Registration Statement is not declared effective by the Commission on or before the Registration Effectiveness Date (provided that
such failure of the Registration Statement to be declared effective within one hundred fifty (150) calendar days is not the result of
any delay or failure on the part of any selling holder to provide such information as may reasonably be requested by the Company in connection
with the preparation of the Registration Statement);

 

(c)
after the SEC Effective Date, the Registration Statement ceases for any reason to remain effective or the Holders of Registrable Securities
covered thereby are otherwise not permitted to utilize the prospectus therein to resell the Registrable Securities covered thereby for
a period of more than fifteen (15) consecutive Trading Days, except for Blackout Periods permitted herein; or

 

(d)
following the listing or inclusion for quotation on an Approved Market, the Registrable Securities, if issued and outstanding, are not
listed or included for quotation on an Approved Market, or trading of the Common Stock is suspended or halted on the Approved Market,
which at the time constitutes the principal markets for the Common Stock, for more than three (3) full, consecutive Trading Days
(other than as a result of (A) actions or inactions of parties other than the Company or its affiliates or of the Approved Market not
reasonably in the control of the Company, or (B) suspension or halt of substantially all trading in equity securities (including the
Common Stock) on the Approved Market).

 

“Registration
Filing Date” means the date that is sixty (60) calendar days after the Effective Date.

 

“Registration
Statement” means any registration statement that the Company is required to file or files pursuant to Section 3(a)
or 3(d) of this Agreement to register the Registrable Securities and any successor registration statement.

 

“Restricted
Common Stock” means any shares of Common Stock that are subject to resale restrictions pursuant to the Securities Act and
the rules and regulations promulgated thereunder, including, but not limited to, securities: (1) acquired directly or indirectly from
the issuer or an affiliate of the issuer in unregistered offerings such as private placements; (2) acquired through an employee stock
benefit plan or as compensation for professional services; or (3) considered “restricted securities” under Rule 144. For
purposes of clarity Restricted Common Stock does not include Common Stock that is restricted solely as a result of contractual restrictions,
including but not limited to lock-up or similar contractual agreements.

 

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“Rule
144” means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented
from time to time, or any similar successor rule that may be promulgated by the Commission.

 

“Rule
145” means Rule 145 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented
from time to time, or any similar successor rule that may be promulgated by the Commission.

 

“Rule
415” means Rule 415 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented
from time to time, or any similar successor rule that may be promulgated by the Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal statute promulgated in replacement thereof, and
the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time.

 

“SEC
Effective Date” means the date the Registration Statement is declared effective by the Commission.

 

“Trading
Day” means any day on which the Approved Market that at the time constitutes the principal securities market for the Common
Stock, is open for general trading of securities (or if there is no Approved Market that at the time constitutes the principal securities
market for the Common Stock, then any day on which the New York Stock Exchange is open for general trading of securities).

 

“Warrant
Shares” means the shares of Common Stock issued or issuable upon exercise of the Placement Agent Warrants.

 

2.
Term. This Agreement shall terminate with respect to each Holder on the earlier of: (i) the date that is five (5) years
from the SEC Effective Date, and (ii) the date on which no Registrable Securities are outstanding (the “Term”).
Notwithstanding the foregoing, Section 3(b), Section 6, Section 8, Section 9 and Section 10 shall survive the termination
of this Agreement.

 

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3.
Registration.

 

(a)
Registration on Form S-1. The Company shall prepare and file with the Commission a Registration Statement on Form S-1, or
any other form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available
for the resale by the Holders of all of the Registrable Securities on a delayed or continuous basis (including in stock exchange transactions
and underwritten offerings), and the Company shall (i) make the initial filing of the Registration Statement with the Commission
no later than the Registration Filing Date, (ii)  use its commercially reasonable efforts to cause such Registration Statement to
be declared effective no later than the Registration Effectiveness Date and (iii) use its commercially reasonable efforts to keep
such Registration Statement continuously effective (including by filing a new Registration Statement if the initial Registration Statement
expires) for a period of five (5) years after the SEC Effective Date or for such shorter period ending on the earlier of (x) the
date on which all Registrable Securities have been transferred other than to a Permitted Assignee and (y) the availability of Rule 144
for Holders to sell all Registrable Securities held by such Holder without volume or other restrictions within a 90-day period (the “Effectiveness
Period”); provided, however, that the Company shall not be obligated to effect any such registration,
qualification or compliance pursuant to this Section 3(a), or keep such registration effective pursuant to the terms hereunder, in any
particular jurisdiction in which the Company would be required to qualify to do business as a foreign corporation or as a dealer in securities
under the securities laws of such jurisdiction or to execute a general consent to service of process in effecting such registration,
qualification or compliance, in each case where it has not already done so. Upon the Company becoming eligible to register the Registrable
Securities for resale by the Holders on Form S-3, the Company shall use commercially reasonable efforts to amend the Registration Statement
to a Registration Statement on Form S-3 or file a Registration Statement on Form S-3 in substitution of the Registration Statement as
initially filed as soon as reasonably practicable thereafter. The Company shall be entitled to suspend sales of Registrable Securities
pursuant to a Registration Statement and the use of any related prospectus during a Blackout Period for the reasons and time periods
set forth in the definition thereof. In the event that the Staff should limit the number of Registrable Securities that may be sold pursuant
to the Registration Statement, the Company may remove from the Registration Statement such number of Registrable Securities as specified
by the Commission on behalf of all of the holders of Registrable Securities from the Registrable Securities (i) first from the
Merger Shares, on a pro rata basis among the holders thereof; (b) second from the Warrant Shares and the Placement Agent Shares,
on a pro rata basis among the holders thereof; (c) third from the Registrable Pre-Merger Shares, on a pro rata basis among
the holders thereof; and (d) fourth from the Offering Shares, on a pro rata basis among the holders thereof (such Registrable
Securities, the “Reduction Securities”). In such event, the Company shall give the Holders prompt notice of
the number of Registrable Securities excluded from the Registration Statement. The Company shall use its commercially reasonable efforts
within sixty (60) calendar days after the SEC Effective Date, or at the first opportunity that is permitted by the Commission to, register
for resale as many of the Reduction Securities as the Commission will permit (pro rata among the Holders of such Reduction Securities)
using one or more Registration Statements that it is then entitled to use, and to cause such registration statement(s) to become effective
as soon as practicable, until all of the Reduction Securities have been so registered; provided, however, that the Company shall not
be required to register such Reduction Securities during a Blackout Period. The Company shall use its commercially reasonable efforts
to cause each such Registration Statement to be declared effective under the Securities Act, as soon as possible, and shall use its commercially
reasonable efforts to keep such Registration Statement continuously effective (including by filing a new Registration Statement if the
initial Registration Statement expires) under the Securities Act during the Effectiveness Period. Notwithstanding the foregoing, the
Company shall be entitled to suspend the effectiveness of such Registration Statement at any time prior to the expiration of the Effectiveness
Period for the reasons and time periods permitted during a Blackout Period. No liquidated damages shall accrue or be payable to any Holder
pursuant to Section 3(b) below with respect to any Registrable Securities that are excluded by reason of (i) the Staff limiting
the number of Registrable Securities that may be sold pursuant to a registration statement (provided that the Company continues to use
commercially reasonable efforts to register such Reduction Securities for resale by other available means as set forth herein) or (ii)
such Holder failing to provide to the Company information concerning the Holder and the manner of distribution of the Holder’s
Registrable Securities that is required by the SEC or in response to SEC comments to be disclosed in a registration statement utilized
in connection with the registration of registrable securities. Notwithstanding anything herein to the contrary, if the Commission limits
the Company’s ability to file, or prohibits or delays the filing of a new registration statement, the Company’s compliance
with such limitation, prohibition or delay solely to the extent of such limitation, prohibition or delay shall not be deemed a failure
by the Company to use commercially reasonable efforts as set forth above or elsewhere in this Agreement and shall not require the payment
of any liquidated damages by the Company under this Agreement.

 

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(b)
Liquidated Damages. If a Registration Event occurs, then the Company will make payments to each Holder of Registrable Securities,
as liquidated damages to such Holder by reason of the Registration Event, a cash sum calculated at a rate of twelve percent (12%) per
annum (for the duration of the applicable Registration Default Period) of the total of the following, to the extent applicable to such
Holder: (i) if the Holder purchased Registrable Securities pursuant to a Subscription Agreement, the aggregate purchase price paid by
such Holder pursuant to the Subscription Agreement for the Registrable Securities held by such Holder as of the date of such Registration
Event, or (ii) if the Holder is a Holder of Warrant Shares, Merger Shares, Registrable Pre-Merger Shares or Placement Agent Shares, the
product of $2.00 (as adjusted for stock splits, stock dividends, combinations, recapitalizations or similar events) multiplied by the
number of Warrant Shares, Merger Shares, Registrable Pre-Merger Shares or Placement Agent Shares held by or issuable to such Holder as
of the date of such Registration Event, but in the case of each of clauses (i) and (ii) above, only with respect to such Holder’s
Registrable Securities that are affected by such Registration Event and only for the applicable Registration Default Period. Notwithstanding
the foregoing, (i) the maximum amount of liquidated damages that may be paid by the Company pursuant to this Section 3(b) shall
be an amount equal to eight percent (8%) of the applicable foregoing amounts described in clauses (i) and (ii) in the preceding sentence
with respect to such Holder’s Registrable Securities that are affected by all Registration Events in the aggregate, and (ii) no
penalties shall accrue with respect to any Registrable Securities removed from the Registration Statement in response to a comment from
the Staff limiting the number of shares of Registrable Securities which may be included in the Registration Statement, or after they
cease to be Registrable Securities. For clarity, and by way of example, if the sum of clauses (i) and (ii) for a specified Holder in
the first sentence of this Section 3(b) is $10,000,000, liquidated damages payable by the Company to such Holder by reason of one or
more Registration Events affecting all Registrable Securities of such Holder would accrue at a rate of twelve percent (12%) per annum
(for the duration of the applicable Registration Default Period) until such time that all liquidated damages payable to such Holder reached
a cap of $800,000 in the aggregate for all Registration Events. Each payment of liquidated damages pursuant to this Section 3(b)
shall be due and payable in cash in arrears within five (5) days after the end of each full 30-day period of the Registration
Default Period until the termination of the Registration Default Period and within five (5) days after such termination. Provided
such amounts are timely paid, until the maximum amount of liquidated damages with respect to Registration Events is paid, such payments
shall constitute the Holder’s sole and exclusive remedy for any and all such Registration Event(s). The Registration Default Period
shall terminate upon the earlier of such time as the Registrable Securities that are affected by the Registration Event cease to be Registrable
Securities or (i) the filing of the Registration Statement in the case of clause (a) of the definition of Registration Event,
(ii) the SEC Effective Date in the case of clause (b) of the definition of Registration Event, (iii) the ability of the
Holders to effect sales pursuant to the Registration Statement in the case of clause (c) of the definition of Registration Event,
and (iv) the listing or inclusion and/or trading of the Common Stock on an Approved Market, as the case may be, in the case of clause
(d) of the definition of Registration Event; provided, that in the event of a cure of one or more of the Registration Events described
in clauses (i)-(iv) above when a separate Registration Event shall be continuing, the Registration Default Period shall continue until
all such Registration Events have ceased. The amounts payable as liquidated damages pursuant to this Section 3(b) shall be payable in
lawful money of the United States. Further, notwithstanding the foregoing, the Company shall not be required to pay liquidated damages
upon a Registration Event if the occurrence and continuation of such Registration Event is beyond the reasonable control of the Company
and the Company has used commercially reasonable efforts to avoid the occurrence of such Registration Event.

 

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(c)
Other Limitations. Notwithstanding the provisions of Section 3(b) above, if the Commission does not declare the Registration
Statement effective on or before the Registration Effectiveness Date, and the reason for the Commission’s determination is that
(i) the offering of any of the Registrable Securities constitutes a primary offering of securities by the Company, (ii) Rule 415 may
not be relied upon for the registration of the resale of any or all of the Registrable Securities, and/or (iii) a Holder of any Registrable
Securities must be named as an underwriter and such Holder does not consent to be so named in the Registration Statement, the Holders
shall not be entitled to liquidated damages with respect to the Registrable Securities not registered; provided that the Company continues
to use its commercially reasonable efforts at the first opportunity that is permitted by the Commission to register for resale all such
Registrable Securities, using one or more registration statements that it is then entitled to use. The Company shall use its commercially
reasonable efforts to cause each such registration statement to be declared effective under the Securities Act as soon as possible, and
shall use its commercially reasonable efforts to keep such registration statement continuously effective under the Securities Act during
the Effectiveness Period. Notwithstanding the foregoing, the Company shall be entitled to suspend the effectiveness of such Registration
Statement at any time prior to the expiration of the Effectiveness Period for the reasons and time periods during a Blackout Period.
No liquidated damages shall accrue or be payable to any Holder with respect to any Registrable Securities that are excluded by reason
of the Staff limiting the number of Registrable Securities that may be sold pursuant to a registration statement; provided that the Company
continues to use commercially reasonable efforts to register such Registrable Securities for resale by other available means. Notwithstanding
anything herein to the contrary, if the Commission limits the Company’s ability to file, or prohibits or delays the filing of a
new registration statement, the Company’s compliance with such limitation, prohibition or delay solely to the extent of such limitation,
prohibition or delay shall not be deemed a failure by the Company to use commercially reasonable efforts as set forth above or elsewhere
in this Agreement and shall not require the payment of any liquidated damages by the Company under this Agreement.

 

(d)
Piggyback Registrations.

 

(i)
With respect to any Registrable Securities not otherwise included in a Registration Statement pursuant to Section 3(a) as a result of
any limitation imposed by the Staff, or otherwise (the “Excluded Registrable Securities”), whenever the Company
proposes to register (including, for this purpose, a registration effected by the Company for other shareholders) any of its securities
under the Securities Act (other than pursuant to (i) a registration pursuant to Section 3(a) hereof or (ii) registration pursuant to
a registration statement on Form S-4 or S-8 or any successor forms thereto), and the registration form to be used may be used for the
registration of Registrable Securities, the Company will give written notice to each holder of Excluded Registrable Securities of its
intention to effect such a registration and will, subject to the provisions of Subsection 3(d)(ii) hereof, and to the extent permitted
by the Staff, include in such registration all Excluded Registrable Securities with respect to which the Company has received a written
request for inclusion therein within twenty (20) days after the receipt of the Company’s notice (a “Piggyback Registration”).

 

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(ii)
If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s securities, and the
managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration
exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company will
include in such registration a pro rata share of Excluded Registrable Securities requested to be included in such Registration Statement
as calculated by dividing the number of Excluded Registrable Securities requested to be included in such Registration Statement by the
number of the Company’s securities requested to be included in such Registration Statement by all selling security holders. In
such event, the holder of Excluded Registrable Securities shall continue to have registration rights under this Agreement with respect
to any Excluded Registrable Securities not so included in such Registration Statement.

 

(iii) Notwithstanding
the foregoing, if, at any time after giving a notice of Piggyback Registration and prior to the effective date of the Registration Statement
filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of such
securities, the Company may, at its election, give written notice of such determination to each record holder of Excluded Registrable
Securities and, following such notice, (i) in the case of a determination not to register, shall be relieved of its obligation to register
any Excluded Registrable Securities in connection with such registration, and (ii) in the case of a determination to delay registering,
shall be permitted to delay registering any Excluded Registrable Securities for the same period as the delay in registering such other
securities.

 

4.
Registration Procedures. The Company will keep each Holder reasonably advised as to the filing and effectiveness of the Registration
Statement. At its expense with respect to the Registration Statement, the Company will:

 

(a)
subject to compliance with Section 5(b), prepare and file with the Commission with respect to the Registrable Securities, the Registration
Statement in accordance with Section 3(a) hereof, and use its commercially reasonable efforts to cause such Registration Statement
to become effective and to remain effective for the Effectiveness Period;

 

(b)
not name any Holder in the Registration Statement as an underwriter without that Holder’s prior written consent;

 

(c)
if the Registration Statement or any post-effective amendment thereto is subject to review by the Commission, promptly respond to all
comments, diligently pursue resolution of any comments to the satisfaction of the Commission and file all amendments and supplements
to such Registration Statement as may be required to respond to comments from the Commission and otherwise to enable such Registration
Statement to be declared effective;

 

(d)
during the Effectiveness Period, prepare and file with the Commission such amendments and supplements to such Registration Statement
as may be necessary to keep such Registration Statement continuously effective, current and up-to-date for the applicable time period
required hereunder and, if applicable, file any Registration Statement pursuant to Rule 462(b) under the Securities Act; cause the related
prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any
similar provisions then in force) promulgated under the Securities Act;

 

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(e)
not less than four (4) Trading Days prior to filing the Registration Statement or any related prospectus or any amendment or supplement
thereto, the Company shall furnish to the Holders (or, if so specified by any Holder, legal counsel to such Holder) copies of or a link
to all such documents proposed to be filed (other than those incorporated by reference) and duly consider in good faith any comments
timely received from the Holders (or from legal counsel to such Holders, as applicable);

 

(f)
furnish, without charge, to each Holder of Registrable Securities covered by such Registration Statement (i) a reasonable number
of copies of such Registration Statement (including any exhibits thereto other than exhibits incorporated by reference), each amendment
and supplement thereto as such Holder may reasonably request, (ii) such number of copies of the prospectus included in such Registration
Statement (including each preliminary prospectus and any other prospectus filed under Rule 424 of the Securities Act) as such Holders
may reasonably request, in conformity with the requirements of the Securities Act, and (iii) such other documents as such Holder
may reasonably require to consummate the disposition of the Registrable Securities owned by such Holder, but only during the Effectiveness
Period; provided that the Company shall have no obligation to furnish any document pursuant to this clause that is available on the Electronic
Data Gathering, Analysis, and Retrieval (“EDGAR”) system;

 

(g)
use its commercially reasonable efforts to register or qualify the securities covered by such Registration Statement under such other
applicable securities laws of such jurisdictions within the United States, including Blue Sky laws, as any Holder of Registrable Securities
covered by such Registration Statement reasonably requests and as may be reasonably necessary for the marketability of the Registrable
Securities (such request to be made by the time the applicable Registration Statement is deemed effective by the Commission) and do any
and all other acts and things reasonably necessary to enable such Holder to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such Holder; provided, that the Company shall not be required to (i) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or (ii) consent to general service of
process in any such jurisdiction where it has not already done so;

 

(h)
as promptly as practicable after becoming aware of any event, notify each Holder of Registrable Securities at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the happening of any event that will, after the occurrence
of such event, cause the prospectus included in such Registration Statement, if not amended or supplemented, to contain an untrue statement
of a material fact or an omission to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading and the Company shall promptly thereafter prepare and furnish
to such Holder a supplement or amendment to such prospectus (or prepare and file appropriate reports under the Exchange Act) so that,
as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading, unless suspension of the use of such prospectus otherwise is authorized
herein or in the event of a Blackout Period, in which case no supplement or amendment need be furnished (or Exchange Act filing made)
until the termination of such suspension or Blackout Period; provided that any and all information provided to the Holder pursuant to
such notification shall remain confidential to each Holder until such information otherwise becomes public, unless disclosure by a Holder
is required by law;

 

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(i)
comply, and continue to comply during the Effectiveness Period, in all material respects with the Securities Act and the Exchange Act
and with all applicable rules and regulations of the Commission with respect to the disposition of all securities covered by such Registration
Statement;

 

(j)
as promptly as practicable after becoming aware of such event, notify each Holder of Registrable Securities being offered or sold pursuant
to the Registration Statement of the issuance by the Commission or any other federal or state governmental authority of any stop order
or other suspension of effectiveness of the Registration Statement or the initiation of any proceedings for that purpose;

 

(k)
use commercially reasonable efforts to obtain all other approvals, consents, exemptions or authorizations from such governmental agencies
or authorities as may be necessary to enable the Holders and underwriters to consummate the disposition of Registrable Securities;

 

(l)
enter into customary agreements (including any underwriting agreements in customary form, including any representations and warranties
and lock-up provisions therein), and take such other actions as may be reasonably required in order to expedite or facilitate the disposition
of Registrable Securities pursuant to any Piggyback Registration;

 

(m)
use its commercially reasonable efforts to furnish, or cause to be furnished, on the date that such Registrable Securities are delivered
to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel
representing the Company for the purposes of such registration, in form and substance reasonably acceptable to the managing underwriter,
addressed to the underwriters and (ii) a “comfort” letter dated as of such date, from the independent certified public accountants
of the Company, in form and substance reasonably acceptable to the managing underwriter, addressed to the underwriters;

 

(n)
use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission and make available to its shareholders,
as soon as reasonably practicable, but no later than sixteen (16) months after the effective date of any Registration Statement (as defined
in Rule 168(c) under the Securities Act), an earnings statement that satisfies the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder;

 

(o)
provide officers’ certificates and other customary closing documents;

 

(p)
use its commercially reasonable efforts to cause the shares of Common Stock to be quoted or listed on an Approved Market;

 

(q)
cooperate with each Holder and each underwriter participating in the disposition of such Registrable Securities and underwriters’
counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”)
and

 

(r)
 use its commercially reasonable efforts to:

 

(i)
 cause a FINRA-registered broker-dealer (the “Market Maker”) to (A) sponsor the Common Stock, (B) file
with FINRA, no later than fifteen (15) days after the Registration Statement is initially filed with the Commission, a Form 211
together with the required documentation and information in connection therewith, (C) respond promptly to any requests from FINRA for
additional information in connection therewith (and the Company will provide reasonable cooperation to the Market-Maker in fulfillment
thereof), and (D) clear the Market Maker by FINRA to initiate quotation of the Common Stock on an Approved Market at the earliest practicable
date after the filing of the Form 211; and

 

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(ii)
 cause the Common Stock to be DTC-, DWAC- and DRS-eligible no later than the initiation of quotation of the Common Stock on an Approved
Market.

 

(s)
in the event of an underwritten public offering by the Company, cause appropriate officers as are reasonably requested by a managing
underwriter or investment bank to participate in a “road show” or similar marketing effort being conducted by such underwriter
with respect to such underwritten public offering;

 

(t)
provide a transfer agent and registrar that is/are registered with the Commission, which may be a single entity, for the shares of Common
Stock at all times, and cooperate with the Holders to facilitate the timely preparation and delivery of the Registrable Securities to
be delivered to a transferee pursuant to a resale of Registrable Securities pursuant to the Registration Statement (whether electronically
or in certificated form) which Registrable Securities shall be free, to the extent permitted by the applicable Subscription Agreement
and applicable law, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered
in such names as any such Holders may request;

 

(u)
cooperate with the Holders of Registrable Securities being offered pursuant to the Registration Statement to issue and deliver, or cause
its transfer agent to issue and deliver, certificates or evidence of book-entry positions representing Registrable Securities to be offered
pursuant to the Registration Statement within a reasonable time after the delivery of certificates or evidence of book-entry positions
representing the Registrable Securities to the transfer agent or the Company, as applicable, and enable such certificates or positions
to be in such denominations or amounts as the Holders may reasonably request and registered in such names as the Holders may request;

 

(v)
notify the Holders, the Placement Agents and their counsel as promptly as reasonably possible and (if requested by any such Person) confirm
such notice in writing no later than one (1) Trading Day following the day: (i)(A) when a Prospectus or any prospectus supplement
or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether
there will be a “no review,” “review” or a “completion of a review” of such Registration Statement
and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete
copies thereof and all written responses thereto to each of the Holders that pertain to the Holders as a selling stockholder, but not
information which the Company believes would constitute material non-public information); and (C) with respect to the
Registration Statement or any post-effective amendment, when the same has been declared effective, provided, however, that such notice
under this clause (C) shall be delivered to each Holder; (ii) during the Effectiveness Period, of any request by the Commission
or any other federal or state governmental authority for amendments or supplements to a Registration Statement or prospectus or for additional
information that pertains to the Holders as selling stockholders; or (iii) during the Effectiveness Period, of the receipt by the
Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose;

 

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(w)
during the Effectiveness Period, refrain from bidding for or purchasing any Common Stock or any right to purchase Common Stock or attempting
to induce any person to purchase any such security or right if such bid, purchase or attempt would in any way limit the right of the
Holders to sell Registrable Securities by reason of the limitations set forth in Regulation M of the Exchange Act;

 

(x)
use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending
the effectiveness of a Registration Statement or suspending or preventing the use of any related prospectus, or (ii) any suspension of
the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest
practicable moment;

 

(y)
use commercially reasonable efforts to assist a Holder in facilitating any sales (including but not limited to private sales) or other
transfers of Registrable Securities by, among other things, providing officers’ certificates and other customary closing documents
reasonably requested by a Holder without charge to the Holder (but the Holder shall be responsible for any third-party expenses);

 

(z)
cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting a filing with the
FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company shall pay the filing
fee required by such filing within two (2) Trading Days of the request therefor;

 

(aa)
(i) cause legal counsel to the Company, at the Company’s expense, (a) to issue to the transfer agent for the Common Stock, within
one (1) Trading Day after the SEC Effective Date, a “blanket” legal opinion in customary form to the effect that the Registrable
Securities covered by the Registration Statement have been registered for resale under the Securities Act and, if such counsel has received
a signed certificate in the form attached as Exhibit A hereto (a “Legend Removal Certificate”) from the holder
of the Registrable Securities, may then be reissued without any legend or restriction relating to their status as “restricted securities”
as defined in Rule 144 (“Legend Removal Shares”), or, otherwise, may then be reissued without any legend or
restriction relating to their status as “restricted securities” as defined in Rule 144 upon resale pursuant to such registration
statement; and (b) promptly to amend such opinion to cause the Registrable Securities to be Legend Removal Shares after later receipt
of a Legend Removal Certificate from the Holder, and (ii) cause the transfer agent for the Common Stock to issue such Registrable Securities
without any such legend within three (3) Trading Days after the transfer agent’s receipt of such legal opinion with respect to
Legend Removal Shares or otherwise within three (3) Trading Days after the transfer agent’s receipt of evidence in customary form
that the Registrable Securities have been sold pursuant to an effective resale registration statement under the Securities Act, in either
case via DWAC or as otherwise requested by the holder.

 

(bb)
take all other commercially reasonable actions necessary to enable, expedite or facilitate the Holders to dispose of the Registrable
Securities by means of the Registration Statement contemplated hereby during the Term.

 

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5.
Obligations of the Holders.

 

(a)
At any time, and from time to time, after the Registration Effectiveness Date, the Company may notify one or more of the Holders (in
each case, the “Specified Holders”) in writing (each, a “Suspension Notice”) of the
happening of: (i) any event of the kind described in Section 4(h) or (j); (ii) any Blackout Period; or (iii) only with respect to a Holder
who is an “insider” covered by such program, any suspension by the Company, pursuant to a written insider trading compliance
program adopted by the Company’s Board of Directors, of the ability of all “insiders” covered by such program to transact
in the Company’s securities because of the existence of material non-public information (each, a “Suspension Event”).
Upon receipt of any Suspension Notice, each Specified Holder shall as promptly as practicable discontinue disposition of such Holder’s
Registrable Securities covered by the Registration Statement until such Specified Holder receives the supplemented or amended prospectus
contemplated by Section 4(h), such blackout period shall have terminated or the restriction on the ability of “insiders”
to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such Specified Holder
will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Specified Holder’s
possession, of the most recent prospectus covering such Specified Holder’s Registrable Securities at the time of receipt of such
Suspension Notice. The foregoing right to delay or suspend may be exercised by the Company for no longer than seventy-five (75) Trading
Days in any consecutive 12-month period (and for the avoidance of doubt, if the delay or suspension relates to a Blackout Period, the
period of delay or suspension shall also count against the maximum number of days for Blackout Periods in the definition of such term).

 

(b)
The Holders of the Registrable Securities shall provide such information as may reasonably be requested by the Company in connection
with the preparation of the Registration Statement, including amendments and supplements thereto, in order to effect the registration
of any Registrable Securities under the Securities Act pursuant to Section 3(a) of this Agreement and in connection with the Company’s
obligation to comply with federal and applicable state securities laws, including a completed questionnaire in the form attached to this
Agreement as Annex A (a “Selling Securityholder Questionnaire”).

 

(c)
Each Holder, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company
in connection with the preparation and filing of the Registration Statement hereunder, unless such Holder has notified the Company in
writing of its election to exclude all of its Registrable Securities from such Registration Statement.

 

6.
Registration Expenses. The Company shall pay all expenses arising from or incident to the performance of, or compliance with,
this Agreement, including, without limitation, (i) the Commission, stock exchange, OTC Markets Group, FINRA and other registration and
filing fees, (ii) rating agencies fees to the extent necessary to provide for blue sky qualification as required by Section 4(g) herein,
(iii) all fees and expenses incurred in connection with complying with any securities or blue sky laws (including reasonable and documented
fees, charges and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (iv) all printing
(including financial printer), messenger and delivery expenses, (v) the fees, charges and disbursements of counsel to the Company and
of its independent public accountants and any other accounting and legal fees, charges and expenses incurred by the Company (including
any expenses arising from any special audits or “comfort letters” required in connection with or incident to any registration),
(vi) the fees, charges and disbursements of any special experts retained by the Company in connection with any registration pursuant
to the terms of this Agreement, (vii) all internal expenses of the Company (including all salaries and expenses of its officers and employees
performing legal or accounting duties), (viii) the fees and expenses incurred in connection with the listing of the Registrable Securities
on any securities exchange, (ix) Securities Act liability insurance (if the Company elects to obtain such insurance), regardless of whether
a Registration Statement filed in connection with such registration is declared effective and (x) reasonable and documented fees, charges
and disbursements of a single counsel to the Holders selected by the Company and reasonably acceptable to the Holders of at least a majority
of the Registrable Securities, in an amount not to exceed $35,000 in the aggregate; provided, that, in any underwritten registration,
the Company shall have no obligation to pay any underwriting discounts, selling commissions or transfer taxes attributable to the Registrable
Securities being sold by the Holders thereof, which underwriting discounts, selling commissions and transfer taxes shall be borne by
such Holders. Except as provided in this Section 6 and Section 8 of this Agreement, the Company shall not be responsible for
the expenses of any attorney or other advisor employed by a Holder or for any other fees, disbursements and expenses incurred by Holders
not specifically agreed to in this Agreement.

 

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7.
Assignment of Rights. No Holder may assign its rights under this Agreement to any party without the prior written consent of the
Company; provided, however, that any Holder may assign its rights under this Agreement without such consent (a) to
a Permitted Assignee with respect to the Registrable Securities transferred to such Permitted Assignee (which Registrable Securities
continue to constitute Restricted Common Stock following such assignment) as long as (i) such transfer or assignment is effected
in accordance with applicable securities laws; (ii) such transferee or assignee agrees in writing to become bound by and subject
to the terms of this Agreement; and (iii) such Holder notifies the Company in writing of such transfer or assignment, stating the
name and address of the transferee or assignee and identifying the Registrable Securities with respect to which such rights are being
transferred or assigned; or (b) as otherwise permitted under the applicable Subscription Agreement. The Company may not assign this
Agreement or any rights or obligations hereunder without the prior written consent of the Majority Holders (other than by merger or consolidation
or to an entity which acquires the Company including by way of acquiring all or substantially all of the Company’s assets, which
shall not require such consent).

 

8.
Indemnification.

 

(a)
To the fullest extent permitted by applicable law, the Company shall, and hereby does, indemnify and hold harmless, to the fullest extent
permitted by law, each Holder, its affiliates, directors, officers, stockholders, members, managers, partners, employees and agents and
each other person, if any, who controls or is under common control with such Holder within the meaning of Section 15 of the Securities
Act (collectively, the “Holder Indemnified Parties”), against any and all losses, claims, damages, liabilities,
costs, expenses, judgments, fines, penalties, charges and amounts paid in settlement (or actions or proceedings, whether commenced or
threatened, in respect thereof) (collectively, “Losses”) that arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact contained in any registration statement prepared and filed by the Company under which
Registrable Securities were registered under the Securities Act, any preliminary prospectus, free writing prospectus as defined under
Rule 433(d) of the Securities Act (“Free Writing Prospectus”), any “testing-the-water” communication
that is a written communication within the meaning of Rule 405 under the Securities Act (“Testing the Water Communication”),
any road show communication as defined in Rule 433(h) under the Securities Act (“Road Show Communication”),
final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or arise out of or are based upon any
omission or alleged omission to state therein a material fact required to be stated or necessary to make the statements therein in light
of the circumstances in which they were made not misleading, and the Company shall reimburse the Holder Indemnified Parties for any legal
or any other expenses reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, damage,
liability, action or proceeding; provided, however, that the Company shall not be liable in any such case (i)
to the extent, but only to the extent, that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense
arises out of or is based upon (x) an untrue statement in or omission from such registration statement, any such preliminary prospectus,
Free Writing Prospectus, Testing the Water Communication, Road Show Communication, final prospectus, summary prospectus, amendment or
supplement in reliance upon and in conformity with written information included in the Selling Securityholder Questionnaire, attached
hereto as Annex A, furnished by a Holder or its representative (acting on such Holder’s behalf) to the Company expressly for use
in the preparation thereof or (y) the failure of a Holder to comply with the covenants and agreements contained in Section 5
hereof respecting the sale of Registrable Securities. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Holder Indemnified Parties and shall survive the transfer of such shares by the Holder; provided, however,
that no future transferee, other than a Permitted Assignee, shall be considered as a third-party beneficiary of this Agreement or the
indemnification provided for herein.

 

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(b)
As a condition to including Registrable Securities in the registration statement filed pursuant to this Agreement, each Holder agrees,
severally and not jointly, to be bound by the terms of this Section 8 and to indemnify and hold harmless, to the fullest extent
permitted by law, the Company, each of its directors, officers, partners, and each underwriter, if any, and each other person, if any,
who controls the Company within the meaning of Section 15 of the Securities Act, against any Losses, insofar as such Losses arise
out of or are based upon any untrue statement of a material fact contained in any registration statement, any preliminary prospectus,
Free Writing prospectus, Testing the Water Communication, Road Show Communication, final prospectus, summary prospectus, amendment or
supplement thereto, or arise out of or are based upon the omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, to the extent, but only to the extent, that such untrue statement or omission
is included or omitted in reliance upon and in conformity with written information included in the Selling Securityholder Questionnaire,
attached hereto as Annex A, furnished by the Holder or its representative (acting on such Holder’s behalf) to the Company expressly
for use in the preparation thereof, and such Holder shall reimburse the Company, and its directors, officers, partners, and any such
controlling persons for any legal or other expenses reasonably incurred by them in connection with investigating, defending, or settling
any such loss, claim, damage, liability, action, or proceeding; provided, however, that the indemnity obligation contained
in this Section 8(b) shall in no event exceed the amount of the net proceeds received by such Holder as a result of the sale of
such Holder’s Registrable Securities pursuant to such registration statement. Such indemnity shall remain in full force and effect,
regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling person and shall survive
the transfer by any Holder of such shares.

 

(c)
Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to
in this Section 8 (including any governmental action), such indemnified party shall, if a claim in respect thereof is to be made
against an indemnifying party, give written notice to the indemnifying party of the commencement of such action; provided, however,
that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations
under this Section 8, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice in any material
respect. In case any such action is brought against an indemnified party, unless in the reasonable judgment of counsel to such indemnified
party a conflict of interest between such indemnified party and indemnifying parties may exist or the indemnified party may have defenses
not available to the indemnifying party in respect of such claim, the indemnifying party shall be entitled to participate in and to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified
party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof, unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties arises in respect of such
claim or the indemnified party may have defenses not available to the indemnifying party in respect of such claim after the assumption
of the defenses thereof or the indemnifying party fails to defend such claim in a diligent manner, other than reasonable costs of investigation.
Neither an indemnified party nor an indemnifying party shall be liable for any settlement of any action or proceeding effected without
its consent (which shall not be unreasonably withheld or delayed). No indemnifying party shall, without the consent of the indemnified
party, consent to entry of any judgment or enter into any settlement, which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. Notwithstanding
anything to the contrary set forth herein, and without limiting any of the rights set forth above, in any event any party shall have
the right to retain, at its own expense, counsel with respect to the defense of a claim. Each indemnified party shall furnish such information
regarding itself or the claim in question as an indemnifying party may reasonably request in writing and as shall be reasonably required
in connection with defense of such claim and litigation resulting therefrom.

 

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(d)
If an indemnifying party does not or is not permitted to assume the defense of an action pursuant to Section 8(c) or in the case
of the expense reimbursement obligation set forth in Sections 8(a) and 8(b), the indemnification required by Sections 8(a) and 8(b) shall
be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received
or Losses are incurred.

 

(e)
If the indemnification provided for in Sections 8(a) and 8(b) is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage or expense referred to herein, the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss,
liability, claim, damage or expense (i) in such proportion as is appropriate to reflect the proportionate relative fault of the
indemnifying party on the one hand and the indemnified party on the other (determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or omission relates to information supplied by the indemnifying party or the indemnified
party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement
or omission), or (ii) if the allocation provided by clause (i) above is not permitted by applicable law or provides a lesser
sum to the indemnified party than the amount hereinafter calculated, then in such proportion as is appropriate to reflect not only the
proportionate relative fault of the indemnifying party and the indemnified party, but also the relative benefits received by the indemnifying
party on the one hand and the indemnified party on the other, as well as any other relevant equitable considerations. Notwithstanding
any other provision of this Section 8(e), no Holder shall be required to contribute any amount in excess of the amount by which
the net proceeds received by such Holder from the sale of the Registrable Securities pursuant to the Registration Statement exceeds the
amount of damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement of a material
fact or omission, except in the case of fraud or willful misconduct. No indemnified party guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any indemnifying party who was not guilty
of such fraudulent misrepresentation.

 

(f)
The indemnity and contribution agreements contained in this Section 8 are in addition to any liability that the indemnifying parties
may have to the indemnified parties and are not in diminution or limitation of the indemnification provisions under the applicable Subscription
Agreement.

 

9.
Rule 144. The Company shall file with the Commission “Form 10 information” (as defined in Rule 144(i)(3) under the
Securities Act) reflecting its status as an entity that is no longer an issuer described in Rule 144(i)(1)(i) as promptly as practicable,
but in no event more than four (4) Business Days, following the closing of the Merger. Following the Merger, the Company will use its
commercially reasonable efforts to timely file all reports required to be filed by the Company after the date thereof under the Exchange
Act and the rules and regulations adopted by the Commission thereunder, and if the Company is not required to file reports pursuant to
such sections, it will prepare and furnish to the Holders and make publicly available in accordance with Rule 144(c) such information
as is required for the Holders to sell shares of Common Stock under Rule 144.

 

(b)
Stock Exchange Listing. The Company shall use commercially reasonable efforts to cause the Common Stock to be registered under
Section 12(b) of the Exchange Act and listed on the Nasdaq Stock Market or the New York Stock Exchange as soon as practicable after the
Company meets all of the applicable listing criteria for any tier of such stock exchanges. Except as otherwise provided herein, all expenses
in connection with the matters contemplated by this Section 9(b) shall be borne by the Company.

 

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10.
Miscellaneous.

 

(a)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the United States of America and
the State of New York, both substantive and remedial, without regard to New York conflicts of law principles. Any judicial proceeding
brought against either of the parties to this Agreement or any dispute arising out of this Agreement or any matter related hereto shall
be brought in the state or federal courts of the State of North Carolina, Guilford County, and, by its execution and delivery of this
Agreement, each party to this Agreement accepts the jurisdiction of such courts. The foregoing consent to jurisdiction shall not be deemed
to confer rights on any person other than the parties to this Agreement.

 

(b)
Remedies. Except as otherwise specifically set forth herein with respect to a Registration Event, in the event of a breach by
the Company or by a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be,
in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, shall be
entitled to seek specific performance of its rights under this Agreement. Except as otherwise specifically set forth herein with respect
to a Registration Event, the Company and each Holder agree that monetary damages would not provide adequate compensation for any losses
incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action
for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(c)
Successors and Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, Permitted Assignees, executors and administrators of the parties hereto.

 

(d)
No Inconsistent Agreements. The Company has not entered, as of the date hereof, and shall not enter, on or after the date of this
Agreement, into any agreement with respect to its securities that would have the effect of impairing the rights granted to the Holders
in this Agreement or otherwise conflicts with the provisions hereof.

 

(e)
Entire Agreement. This Agreement and the documents, instruments and other agreements specifically referred to herein or delivered
pursuant hereto (including the Subscription Agreements) constitute the full and entire understanding and agreement between the parties
with regard to the subjects hereof.

 

(f)
Notices, etc. All notices, consents, waivers, and other communications which are required or permitted under this Agreement shall
be in writing will be deemed given to a party (a) upon receipt, when personally delivered; (b) one (1) Business Day after deposit
with a nationally recognized overnight courier service with next day delivery specified, costs prepaid on the date of delivery, if delivered
to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (c) the time of transmission
if sent by facsimile or e-mail with confirmation of transmission by the transmitting equipment if such notice or communication
is delivered prior to 5:00 P.M., New York City time, on a Trading Day, or the next Trading Day after the date of transmission, if such
notice or communication is delivered on a day that is not a Trading Day or later than 5:00 P.M., New York City time, on any Trading Day,
provided confirmation of facsimile is mechanically or electronically generated and kept on file by the sending party and confirmation
of email is kept on file, whether electronically or otherwise, by the sending party and the sending party does not receive an automatically
generated message from the recipients email server that such e-mail could not be delivered to such recipient; (d) the
date received or rejected by the addressee, if sent by certified mail, return receipt requested, postage prepaid; or (e) seven (7)
days after the placement of the notice into the mails (first class postage prepaid), to the party at the address, facsimile number, or e-mail address
furnished by the such party,

 

If
to the Company, to:

 

Guerrilla
RF, Inc.

1196
Pleasant Ridge Road, Suite 5

Greensboro, NC 27409

Attention:
Ryan Pratt, CEO

Email:
rpratt@guerrilla-rf.com

 

    19

     

    

 

with
copy to:

 

Brooks,
Pierce, McLendon, Humphrey& Leonard, L.L.P.

230
N. Elm Street, 2000 Renaissance Plaza

Greensboro,
North Carolina 27401

Attention:
John M. Cross, Jr.

Email:
jcross@brookspierce.com

 

if
to a Holder, to:

 

such
Holder at the address set forth on the signature page hereto or in the Company’s records; or at such other address as any
party shall have furnished to the other parties in writing in accordance with this Section 10(h).

 

(g)
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Holder, upon any breach or default
of the Company under this Agreement, shall impair any such right, power or remedy of such Holder nor shall it be construed to be a waiver
of any such breach or default, or an acquiescence therein, or of any similar breach or default thereunder occurring; nor shall any waiver
of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit,
consent or approval of any kind or character on the part of any Holder of any breach or default under this Agreement, or any waiver on
the part of any Holder of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this Agreement, or by law or otherwise afforded to any holder, shall
be cumulative and not alternative.

 

(h)
Counterparts. This Agreement may be executed in any number of counterparts, and with respect to any Purchaser, by execution of
an Omnibus Signature Page to this Agreement and the applicable Subscription Agreement, each of which shall be enforceable against the
parties actually executing such counterparts, and all of which together shall constitute one instrument. In the event that any signature
is delivered by facsimile transmission or by an e-mail, which contains a copy of an executed signature page such as a portable
document format (.pdf) file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or e-mail of an executed signature page such as
a .pdf signature page were an original thereof.

 

(i)
Severability. In the case any provision of this Agreement shall be invalid, illegal or unenforceable, such provision shall be
replaced with a valid, legal and enforceable provision that as closely as possible reflects the parties’ intent with respect thereto,
and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(j)
Amendments. Except as otherwise provided herein, the provisions of this Agreement may be amended at any time and from time to
time, and particular provisions of this Agreement may be waived, with and only with an agreement or consent in writing signed by the
Company and the Majority Holders; provided that this Agreement may not be amended and the observance of any term hereof may not be waived
with respect to any Holder without the written consent of such Holder if such amendment or waiver on its face materially and adversely
affects the rights of such Holder under this Agreement in a manner that is different than the other Holders. The Purchasers and the Brokers
acknowledge that by the operation of this Section 10(j), the Majority Holders may have the right and power to diminish or eliminate all
rights of the Purchasers and the Brokers under this Agreement.

 

(k)
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint
with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action
taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture
or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity
with respect to such obligations or the transactions contemplated by this Agreement or any other matters and the Company acknowledges
that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations
or transactions. Except as expressly provided herein, each Holder shall be entitled to protect and enforce its rights, including without
limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional
party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company contained herein
was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience of the Company
and not because it was required or requested to do so by any Holder. Except as expressly provided herein, it is expressly understood
and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and
the Holders collectively and not between and among Holders.

 

(l)
Subsequent Registration Rights. Until all of the Registrable Shares have been registered for resale under an effective Registration
Statement, the Company shall not enter into any agreement granting registration rights more favorable than the registration rights set
forth in this Agreement without the written consent of the Majority Holders.

 

    20

     

    

 

This
Registration Rights Agreement is hereby executed as of the date first above written.

 

	THE COMPANY: GUERRILLA RF, INC.	 
	 	 
	By:	                                         	 
	Name:	 	 
	Title:	 	 
	 	 	 
	PURCHASERS	 
	 	 	 
	See Omnibus Signature Pages
    to Subscription Agreement	 

 

	REGISTRABLE PRE-MERGER STOCKHOLDER (INDIVIDUAL):	 	REGISTRABLE PRE-MERGER STOCKHOLDER 

(ENTITY):
	 	 	 
	 	 	 
	Print Name	 	Print Name of Entity
	 	 	 
	 	 	By:
	Signature	 	Name:	                  
	 	 	Title:	 
	 	 	 
	HOLDER OF MERGER SHARES (INDIVIDUAL):	 	HOLDER OF MERGER SHARES (ENTITY):
	 	 	 
	 	 	 
	Print Name	 	Print Name of Entity
	 	 	 
	 	 	By:
	Signature	 	Name:	 
	 	 	Title:	 
	 	 	 
	BROKER (INDIVIDUAL):	 	BROKER (ENTITY):
	 	 	 
	 	 	 
	Print Name	 	Print Name of Entity
	 	 	 
	 	 	By:
	Signature	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	HOLDER OF PLACEMENT AGENT SHARES (INDIVIDUAL):	 	HOLDER OF PLACEMENT AGENT SHARES (ENTITY):
	 	 	 
	 	 	 
	Print Name	 	Print Name of Entity
	 	 	 
		 	By:
	Signature	 	Name:	 
	 	 	Title:	 

 

	All Holders: Address	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature
Page to Registration Rights Agreement]

 

    

     

    

 

Schedule
1

 

Holders
of Placement Agent Warrants

 

	Name	 	Number
    of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
	 	 

 

     

     

    

 

Schedule
2

 

Holders
of Merger Shares

 

	Name
	 	Number
    of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    

     

    

 

Schedule
3

 

Registrable Pre-Merger
Stockholders

 

	Name	 	Number
    of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    

     

    

 

Schedule
4

 

Holders
of Placement Agent Shares

 

	Name	 	Number
    of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    

     

    

 

Annex
A

 

Guerrilla
RF, Inc.

 

Selling
Securityholder Notice and Questionnaire

 

The
undersigned beneficial owner of Registrable Securities of Guerrilla RF, Inc., a Delaware corporation (the “Company”),
understands that the Company has filed or intends to file with the U.S. Securities and Exchange Commission a registration statement (the
“Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended,
of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”)
to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address
set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights
Agreement.

 

Certain
legal consequences arise from being named as a selling security holder in the Registration Statement and the related prospectus. Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling security holder in the Registration Statement and the related prospectus.

 

NOTICE

 

The
undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby elects to include the
Registrable Securities owned by it in the Registration Statement.

 

The
undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

1.
Name:

 

	 	(a)	Full
    Legal Name of Selling Securityholder
	 	 	 
	 	 
	 	 	 
	 	 

 

	 	(b)	Full
    Legal Name of Registered Holder (holder of record) (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 
	 	 	 
	 	 

 

	 	(c)	If
    you are not a natural person, full Legal Name of Natural Control Person (which means a natural person who directly or indirectly
    alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
	 	 	 
	 	 
	 	 	 
	 	 

 

    

     

    

 

2.
Address for Notices to Selling Securityholder:

	 	 
	 	 
	 	 
	Telephone:		 	Fax:	 	
	 	 	 	 	 	 
	Email:	 	 	 	 	 
	 	 	 	 	 	 
	Contact Person 	 

 

3.
Broker-Dealer Status:

 

	 	(a)	Are
    you a broker-dealer?

 

Yes
☐            No ☐

 

	 	(b)	If
    “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services
    to the Company?

 

Yes
☐            No ☐

 

	 	Note:
    	If
    “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter
    in the Registration Statement.

 

	 	(c)	Are
    you an affiliate of a broker-dealer?

 

Yes
☐           No ☐

 

	 	(d)	If
    you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of business,
    and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or
    indirectly, with any person to distribute the Registrable Securities?

 

Yes
☐           No ☐

 

	 	Note:
    	If
    “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter
    in the Registration Statement.

 

4.
Beneficial Ownership of Securities of the Company Owned by the Selling Securityholder:

 

Except
as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company.

 

	 	(a)	Please
    list the type (common stock, warrants, etc.) and amount of all securities of the Company (including any Registrable Securities) beneficially
    owned1 by the Selling Securityholder:
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

 

	1 	Beneficially
    Owned: A “beneficial owner” of a security includes any person who, directly or indirectly, through any contract,
    arrangement, understanding, relationship or otherwise has or shares (i) voting power, including the power to direct
    the voting of such security, or (ii) investment power, including the power to dispose of, or
    direct the disposition of, such security. In addition, a person is deemed to have “beneficial ownership” of a security
    of which such person has the right to acquire beneficial ownership at any time within 60 days, including, but not limited to, any
    right to acquire such security: (i) through the exercise of any option, warrant or right, (ii) through the conversion of
    any security or (iii) pursuant to the power to revoke, or the automatic termination of, a trust, discretionary account or similar
    arrangement.

 

                                                                                                It is possible that a security may have more than one “beneficial owner,” such as a trust, with
                                                                                                two co-trustees sharing voting power, and the settlor or another third party having investment power, in which case each
                                                                                                of the three would be the “beneficial owner” of the securities in the trust. The power to vote or direct the voting, or
                                                                                                to invest or dispose of, or direct the investment or disposition of, a security may be indirect and arise from legal, economic,
                                                                                                contractual or other rights, and the determination of beneficial ownership depends upon who ultimately possesses or shares the power
                                                                                                to direct the voting or the disposition of the security.

 

The
final determination of the existence of beneficial ownership depends upon the facts of each case. You may, if you believe the facts
warrant it, disclaim beneficial ownership of securities that might otherwise be considered “beneficially owned” by
you.

 

     

     

    

 

5.
Relationships with the Company:

 

Except
as set forth below, neither you nor (if you are a natural person) any member of your immediate family, nor (if you are not a natural
person) any of your affiliates2, officers, directors or principal equity holders (owners of 5% of more of the equity securities
of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors
or affiliates) during the past three years.

 

State
any exceptions here:

 

	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

 

	2 	Affiliate: An
    “affiliate” is a company or person that directly, or indirectly through one or more intermediaries, controls you, or
    is controlled by you, or is under common control with you.

 

The
undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may
occur subsequent to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall
not be required to notify the Company of any changes to the number of securities held or owned by the undersigned or its affiliates.

 

By
signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and
the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto.
The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment
of the Registration Statement and the related prospectus and any amendments or supplements thereto.

 

     

     

    

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Selling Securityholder Notice and Questionnaire to be executed
and delivered either in person or by its duly authorized agent.

 

	BENEFICIAL OWNER (individual)	 	BENEFICIAL OWNER (entity)
	 	 	 	 
	 	 	 
	Signature	 	Name of Entity
	 	 	 	 
	 	 	 
	Print Name	 	Signature
	 	 	 	    
	 	 	Print Name:	   
	Signature (if Joint Tenants or Tenants in Common)	 	 	 
	 	 	Title:	 

  

PLEASE E-MAIL A
COPY OF THE COMPLETED AND EXECUTED SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE TO:

 

Guerrilla
RF, Inc.

1196
Pleasant Ridge Road, Suite 5

Greensboro,
NC 27409

Attention:
Ryan Pratt, CEO

Email:
rpratt@guerrilla-rf.com

 

     

     

    

 

EXHIBIT
A

 

Form
of Legend Removal Certificate

 

GUERRILLA
RF, INC.

LEGEND
REMOVAL CERTIFICATE

 

(Resale
Registration Statement)

 

The
undersigned securityholder (the “Securityholder”) of Guerrilla RF, Inc., a Delaware corporation (the “Company”),
is delivering this certificate to the Company in connection with the Securityholder’s request to remove the transfer restriction
legends under the Securities Act of 1933, as amended (the “Securities Act”), from certificates or book-entry notations
issued in the Securityholder’s name with respect to the number of shares of common stock, par value of $0.0001 per share, of the
Company set forth under the Securityholder’s name on the signature page hereof (the “Shares”).

 

		A.	The
                                            Securityholder hereby represents and warrants to the Company that the Securityholder is sophisticated
                                            in financial matters and is familiar with the registration requirements under the Securities
                                            Act. If the Securityholder is an investment fund, the Securityholder’s chief compliance
                                            officer (or the chief compliance officer of the general partner, manager or other entity
                                            which manages the Securityholder) has reviewed this certificate and is aware that the Securityholder
                                            will be executing and delivering this certificate to the Company and undertaking the obligations
                                            set forth herein.

 

		B.	The
                                            Securityholder hereby covenants to the Company that:

 

		1.	The
                                            Securityholder will transfer the Shares only:

 

		(a)	pursuant
                                            to an effective resale registration statement covering the Securityholder’s resale
                                            of the Shares, which includes a prospectus that is current, and in the manner contemplated
                                            by such registration statement, including the “Plan of Distribution” contained
                                            therein, provided that the Securityholder has not received oral or written notice from the
                                            Company that use of the prospectus is suspended or that the prospectus otherwise may not
                                            be used for transfers of the Shares; or

 

		(b)	otherwise
                                            in accordance with the Securities Act, provided that the Securityholder provides the Company
                                            with advance notice of such transfer and an opinion of counsel that the proposed transfer
                                            is in compliance with the Securities Act.

 

		2.	The
                                            Securityholder will provide the Company with any update to the Securityholder’s contact
                                            information set forth on the signature page hereof for purposes of any notification to be
                                            delivered to me relating hereto.

 

     

     

    

 

The
Securityholder acknowledges and agrees that the Company’s inside and outside legal counsel are each authorized to rely on this
certificate for purposes of preparing and delivering any legal opinion(s) required in connection with the removal of the transfer restriction
legends from the Shares and the Company’s transfer agent is authorized to rely on this certificate in connection with the removal
of the transfer restriction legends from the Shares.

 

	 	Very
                                            truly yours,
	 
	 	 	 
	 	Name
                                            of Securityholder:
	 

    

	 	Signature:	
	 	Name
    of Signatory:	
	 	Title
    of Signatory:	
	 	Date:	
	 	Address:	
	 	E-mail
    address:	
	 	 	 
	 	Number
    of Shares for Legend Removal:	 
	 	 	 
	 	 	 
	 	Share
    Certificate or Book Entry Information:Exhibit
10.11

 

GUERRILLA
RF, INC.

 

 

 

Long-Term
Stock Incentive Plan

 

Approved
by Shareholders of Guerrilla RF, Inc. on June 23, 2014

 

      

     

    

 

GUERRILLA
RF, INC.

 

LONG-TERM
STOCK INCENTIVE PLAN

 

1. Purpose.
The purpose of this Plan is to further and promote the interests of Guerrilla RF, Inc. (the “Company”) and its
shareholders by enabling the Company and its Subsidiaries to attract, retain and motivate key employees and directors, and to align the
interests of such key employees and directors with those of the Company’s shareholders. Additionally, this Plan’s objectives
are to provide a competitive reward for achieving longer-term goals, provide balance to short-term incentive awards, and reinforce a
one company perspective. To do so, this Plan offers performance-based stock incentives and other equity-based incentive awards and opportunities
to provide such key employees and directors with a proprietary interest in maximizing the growth, profitability and overall success of
the Company.

 

2. Definitions.
For purposes of this Plan, the following terms shall have the meanings set forth below:

 

2.1 “Award”
means an award, grant or issuance of an Option, Restricted Stock and/or Performance Unit made to a Participant under Sections 6,
7, and/or 8.

 

2.2 “Award
Agreement” means the agreement executed by a Participant pursuant to Sections 3.2 and 15.7 in connection with the granting
of an Award.

 

2.3 “Board”
means the Board of Directors of the Company, as constituted from time to time.

 

2.4 “Change
in Control” means a “change in control” as defined by Section 409A. As of the date of the adoption of this Plan,
Section 409A provides that a “change in control” means (i) a Change of Ownership; (ii) a Change in Effective Control; or
(iii) a Change of Asset Ownership; in each case, as defined herein.

 

2.4.1 “Change of Ownership” shall be deemed to have occurred on the date one person (or group) acquires ownership of stock
of the Company that, together with stock previously held, constitutes more than 50% of the total fair market value or total voting power
of the stock of the Company, provided that such person (or group) did not previously own 50% or more of the value or voting power of
the stock of the Company.

 

2.4.2 “Change
in Effective Control” shall be deemed to have occurred on the date either (A) one person (or group) acquires (or has acquired
during the preceding 12 months) ownership of stock of the Company possessing 30% or more of the total voting power of the Company’s
stock or (B) a majority of the Company’s Board of Directors is replaced during any 12 month period by directors whose election
is not endorsed by a majority of the members of the Company’s Board of Directors prior to such election.

 

2.4.3 
“Change of Asset Ownership” shall be deemed to have occurred on the date one person (or group) acquires (or has acquired
during the preceding 12 months) assets from the Company that have a total gross fair market value that is equal to or exceeds 40% of
the total gross fair market value of all the Company’s assets immediately prior to such acquisition.

 

    2

     

    

 

2.5 “Code”
means the Internal Revenue Code of 1986, as in effect and as amended from time to time, or any successor statute thereto, together
with any rules, regulations and interpretations promulgated thereunder or with respect thereto.

 

2.6 “Committee”
means the Compensation Committee of the Board, as constituted in accordance with Section 3.

 

2.7 “Common
Stock” means the common stock of the Company.

 

2.8 “Company”
means Guerrilla RF, Inc., a Delaware corporation, and any successor thereto.

 

2.9 “Corporate
Transaction” means any one or more of the following transactions:

 

		(i)	a
                                            merger or consolidation in which the Company is not the surviving entity, except for a transaction
                                            the principal purpose of which is to change the state in which the Company is incorporated;

 

		(ii)	the
                                            sale, transfer, or other disposition of all or substantially all of the assets of the Company
                                            (including without limitation the capital stock of the Company’s Subsidiaries);

 

		(iii)	approval
                                            by the Company’s shareholders of any plan or proposal for the complete liquidation
                                            or dissolution of the Company;

 

		(iv)	any
                                            reverse merger in which the Company is the surviving entity but in which securities possessing
                                            more than fifty (50%) percent of the total combined voting power of the Company’s outstanding
                                            securities are transferred to a person or entity or persons or entities different from those
                                            that held such securities immediately prior to such merger; or

 

		(v)	acquisition
                                            by any person or entity or related group of persons or entities (other than the Company or
                                            a Company-sponsored employee benefit plan) of beneficiary ownership (within the meaning of
                                            Rule 13d-3 of the Exchange Act) of securities possessing more than fifty (50%) percent of
                                            the total combined voting power of the Company’s outstanding securities (whether or
                                            not in a transaction also constituting a Change in Control).

 

    3

     

    

 

2.10 “Death”
means the date and time of death of a Participant who has received an Award, as established by the relevant death certificate.

 

2.11 “Disability”
means the date on which (A) a Participant who has received an Award becomes totally and permanently disabled as defined herein. A
Participant shall be considered totally and permanently disabled if he (i) is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income
replacement benefits for at least 3 months under an accident and health plan covering employees of the Participant’s employer.
If a Participant is determined to be totally disabled by the Social Security Administration, he shall also be considered totally and
permanently disabled for purposes of the Plan.

 

2.12 “Exchange
Act” means the Securities Exchange Act of 1934, as in effect and as amended from time to time, or any successor statute thereto,
together with any rules, regulations and interpretations promulgated thereunder or with respect thereto.

 

2.13 “Fair
Market Value” means the market price per share of the Company’s Common Stock determined by the Committee, consistent
with the requirements of Sections 409A and 422 of the Code and to the extent consistent therewith, determined as follows, as of the date
specified in the context within which such term is used:

 

		(i)	When
                                            there is a public market for the Common Stock, the Fair Market Value shall be determined
                                            by (A) the closing price for a share on the market trading day on the date of the determination
                                            (and if a closing price was not reported on that date, then the arithmetic mean of the closing
                                            bid and asked prices at the close of the market on that date, and if these prices were not
                                            reported on that date, then the closing price on the last trading date on which a closing
                                            price was reported) on the stock exchange or national market system that is the primary market
                                            for the Shares; and (B) if the shares are not traded on such stock exchange or national market
                                            system, the arithmetic mean of the closing bid and asked prices for a share on the Nasdaq
                                            Small Cap Market for the day prior to the date of the determination (and if these prices
                                            were not reported on that date, then on the last date on which these prices were reported),
                                            in each case as reported in The Wall Street Journal or such other source that the Committee
                                            considers reliable in its exclusive discretion.

 

		(ii)	In
                                            the absence of an established market for the Common Stock, the Fair Market Value shall be
                                            determined in good faith by the Committee and such determination shall be conclusive and
                                            binding on all persons.

 

		(iii)	The
                                            Committee shall maintain a written record of its method of determining Fair Market Value.

 

    4

     

    

 

2.14 “Incentive
Stock Option” means any stock option granted pursuant to the provisions of Section 6 that is intended to be (and is specifically
designated as) an “incentive stock option” within the meaning of Section 422 of the Code.

 

2.15 “Non-Employee
Director” means a member of the Board or of the Board of Directors of a Subsidiary who is not an employee of the Company or
any Subsidiary.

 

2.16 “Non-Qualified
Stock Option” means any stock option awarded pursuant to the provisions of Section 6 of the Plan that is not an Incentive Stock
Option.

 

2.17 “Parent”
means a corporation, other than the Company, in an unbroken chain of corporations ending with the Company, if on the date of grant
of an Award each corporation, other than the Company, owns stock possessing at least fifty (50%) percent of the total combined voting
power of all classes of stock in one of the other corporations in the chain.

 

2.18 “Participant”
means a key employee or Non-Employee Director who is selected by the Committee under Section 5 to receive an Award.

 

2.19 “Performance
Units” means the units of monetary value granted under Section 8.

 

2.20 “Plan”
means this Guerrilla RF, Inc. Long-Term Stock Incentive Plan, as in effect and as amended from time to time (together with any rules
and regulations promulgated by the Committee with respect thereto).

 

2.21 “Registration”
means the registration by the Company under the Securities Act and applicable state securities and “blue sky” laws of
this Plan, the Offering of Awards under this Plan, and/or Common Stock acquirable under this Plan.

 

2.22 “Related
Entity” means a corporation or other entity, other than the Company, to which the Participant primarily provides services on
the date of grant of an Award, and any corporation or other entity, other than the Company, in an unbroken chain of corporations or other
entities beginning with the Company in which each corporation or other entity has a controlling interest in another corporation or other
entity in the chain, ending with the corporation or other entity that has a controlling interest in the corporation or other entity to
which the Participant primarily provides services on the date of grant of an Award. For a corporation, a controlling interest means ownership
of stock possessing at least fifty (50%) percent of total combined voting power of all classes of stock, or at least fifty (50%) percent
of the total value of all classes of stock. For a partnership or limited liability company, a controlling interest means ownership of
at least fifty (50%) percent of the profits interest or capital interest of the entity. In determining ownership, the rules of Treasury
Regulation §§1.414(c)-3 and 1.414(c)-4 apply.

 

2.23
 “Related Entity Disposition” means the sale, distribution, or other disposition by the Company, Parent, or a Subsidiary
of all or substantially all of the interests of the Company, Parent, or a Subsidiary in any Related Entity effected by a sale, merger,
consolidation, or other transaction involving that Related Entity, or the sale of all or substantially all of the assets of that Related
Entity, other than any Related Entity Disposition to the Company, Parent, or a Subsidiary.

 

2.24 “Restricted
Award” means an Award of Restricted Stock pursuant to the provisions of Section 7.

 

    5

     

    

 

2.25 “Restricted
Stock” means the restricted shares of Common Stock granted pursuant to the provisions of Section 7 with the restriction that
the holder may not sell, transfer, pledge, or assign such Restricted Stock and such other restrictions (which other restrictions may
expire separately or in combination, at one time, from time to time or in installments), as determined by the Committee in accordance
with and as set forth in this Plan and/or the relevant Award Agreement.

 

2.26 “Retirement”
means (i) as to officers and employees, retirement from active employment with the Company and its Subsidiaries and receiving benefits
under the Company’s retirement plan, and (ii) as to Non-Employee Directors, the same as “Retirement” under the ARetirement
Policy@ in effect for the Board of Directors on which the Participant was serving upon receipt of an Award; provided, however, that in
the case of any Award granted under the Plan to which Section 409A applies, the Participant must have a Separation from Service in order
to obtain payment of the Award due to Retirement.

 

2.27 “Section
409A” means Section 409A of the Code, as amended from time to time, including regulations and guidance issued thereunder from
time to time.

 

2.28 “Section
424 Corporate Transaction” means the occurrence, in a single transaction or a series of related transactions, of any one or
more of the following: (i) a sale or disposition of all or substantially all of the assets of the Company and its Subsidiaries; (ii)
a sale or other disposition of more than fifty (50%) percent of the outstanding stock of the Company; (iii) the consummation of a merger,
consolidation, or similar transaction after which the Company is not the surviving corporation; (iv) the consummation of a merger, consolidation,
or similar transaction after which the Company is the surviving corporation but the shares outstanding immediately preceding the merger,
consolidation, or similar transaction are converted or exchanged by reason of the transaction into other stock, property, or cash; or
(v) a distribution by the Company (excluding an ordinary dividend or a stock split or stock dividend described in Treasury Regulation
§1.424-1(e)(4)(v)).

 

2.29 “Securities
Act” means the Securities Act of 1933, as in effect and amended from time to time, or any successor statute thereto, together
with any rules, regulations and interpretations promulgated thereunder or with respect thereto.

 

2.30 “SEC”
means the Securities and Exchange Commission and any successor thereto.

 

2.31 “Separation
from Service” means an employee, director, and contractor to the Company, Bank, and all Parents and Related Entities has a
“separation from service” within the meaning set forth in Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. Section 1.409A-1(h)
(including the default presumptions thereunder).

 

2.32 “Specified
Employee” means “specified employee” as defined by Section 409A. As of the date of the adoption of this Plan, Section
409A provides that if the Company’s Common Stock is publicly traded on an established securities market or otherwise, then “specified
employee” means senior officers who make $170,000 (indexed) or more annually (limited to the top 3 such officers or, if greater
(up to a maximum of 50), the top 10%); 1% owners whose compensation is $150,000 or more annually; and 5% owners regardless of their compensation).

 

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2.33 “Stock
Options” means Incentive Stock Options and Non-Qualified Stock Options.

 

2.34 “Subsidiary(ies)”
means a subsidiary corporation, whether now or hereafter existing, under Code Section 424(f).

 

3. Administration.

 

3.1 The
Committee. This Plan shall be administered by the Committee. The Committee shall be appointed from time to time by the Board.
Members of the Committee shall serve at the pleasure of the Board, and the Board may at any time and from time to time remove members
from the Committee or add members to the Committee. A majority of the members of the Committee shall constitute a quorum for the transaction
of business. Any act or acts approved in writing by all of the members of the Committee then serving shall be the act or acts of the
Committee (as if taken by unanimous vote at a meeting of the Committee duly called and held).

 

3.2 Plan
Administration and Plan Rules. The Committee is authorized to construe and interpret this Plan and to promulgate, amend and rescind
rules, policies and regulations relating to the implementation, administration and maintenance of this Plan; provided, however, that
the Plan shall be administered and interpreted in a manner so as to comply with Section 409A to the extent that Section 409A applies
to any portion(s) of the Plan. Subject to the terms and conditions of this Plan, the Committee shall make all determinations necessary
or advisable for the implementation, administration and maintenance of this Plan including, without limitation, (a) selecting Participants,
(b) making Awards in such amounts and form as the Committee shall determine, (c) imposing such restrictions, terms and conditions upon
such Awards as the Committee shall deem appropriate, and (d) correcting any defect or omission, or reconciling any inconsistency, in
this Plan and/or any Award Agreement, in each case subject to requirements and limitations of applicable provisions of the Code. The
Committee may designate persons other than members of the Committee to carry out the day-to-day administration of this Plan under such
conditions and limitations as it may prescribe, except that the Committee shall not delegate its authority with regard to selection for
participation in this Plan and/or the granting of any Awards to Participants. The Committee’s determinations under this Plan need
not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. Any determination,
decision or action of the Committee in connection with the construction, interpretation, administration, implementation or maintenance
of this Plan shall be final, conclusive and binding upon all Participants and any person(s) claiming under or through any Participant(s).
The Company shall effect the granting of Awards under this Plan, in accordance with the determinations made by the Committee, by execution
of written agreements and/or other instruments in such form as is approved by the Committee.

 

3.3 Section
409A Matters.  It is intended that the Plan and the Awards issued hereunder fall within available exemptions from the application
of Section 409A (the incentive stock option exemption, the exemption for certain nonqualified stock options and stock appreciation rights
issued at Fair Market Value, the restricted property exemption, and/or the short-term deferral exemption). Thus, it is intended that
the Awards fall outside the scope of Section 409A and are not required to comply with the Section 409A requirements. The Plan and the
Awards will be administered and interpreted in a manner consistent with the intent set forth herein. Notwithstanding anything to the
contrary in this Plan or in any Award Agreement, (i) this Plan and each Award Agreement may be amended from time to time as the Committee
may determine to be necessary or appropriate in order to avoid any grant of any Rights, this Plan, or any Award Agreement from resulting
in the inclusion of any compensation in the gross income of any Participant under Section 409A, and (ii) if any provision of this Plan
or of any Award Agreement would otherwise result in the inclusion of any compensation in the gross income of any Participant under Section
409A, then such provision shall not apply as to such Participant and the Committee, in its discretion, may apply in lieu thereof another
provision that (in the judgment of the Committee) accomplishes the intent of this Plan or such Award Agreement without resulting in such
inclusion so long as such action by the Committee does not violate Section 409A. The Company makes no representation or warranty regarding
the treatment of this Plan or the benefits payable under this Plan or any Award Agreement under federal, state or local income tax laws,
including Section 409A.

 

    7

     

    

 

3.4 Liability
Limitation. Neither the Board nor the Committee, nor any member of either, shall be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with this Plan (or any Award Agreement), and the members of the Board
and the Committee shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense
(including, without limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by the Certificate
of Incorporation and/or Bylaws of the Company as then in effect and to the fullest extent under any directors’ and officers’
liability insurance coverage which may be in effect from time to time.

 

4. Term
of Plan/Common Stock Subject to Plan.

 

4.1 Term.
This Plan shall terminate on June 24, 2024, except with respect to Awards then outstanding. After such date no further Awards shall
be granted under the Plan.

 

4.2 Common
Stock Subject to Plan.

 

4.2.1 Common
Stock. The Board shall reserve for Awards under this Plan 568,000 shares of the authorized and unissued shares of Common Stock.
In the event of a change in the Common Stock of the Company that is limited to a change in the designation thereof to “Capital
Stock” or other similar designation, or to a change in the par value thereof, or from par value to no par value, without increase
or decrease in the number of issued shares, the shares resulting from any such change shall be deemed to be the Common Stock for purposes
of this Plan. Common Stock which may be issued under this Plan shall be authorized and unissued shares. No fractional shares of Common
Stock shall be issued under this Plan.

 

4.2.2 Maximum
Number of Shares. The maximum number of shares of Common Stock for which Awards may be granted to any Participant in any year
is 100,000 shares.

 

4.2.3 Available
Shares. Subject to Section 4.3, the maximum number of shares of Common Stock authorized for issuance under this Plan shall be
568,000.

 

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4.3 Computation
of Available Shares. For the purpose of computing the total number of shares of Common Stock available for Awards, there shall
be counted against the limitations set forth in Section 4.2 the maximum number of shares of Common Stock potentially subject to issuance
upon exercise or settlement of Awards granted under Section 6, the number of shares of Common Stock issued or subject to potential issuance
under Awards of Restricted Stock pursuant to Section 7, and the maximum number of shares of Common Stock potentially issuable under Awards
of Performance Units pursuant to Section 8, in each case determined as of the date on which such Awards are granted. If any Awards expire
unexercised or are forfeited, surrendered, canceled, terminated or settled in cash in lieu of Common Stock, the shares of Common Stock
which were theretofore subject (or potentially subject) to such Awards shall again be available for Awards under this Plan to the extent
of such expiration, forfeiture, surrender, cancellation, termination or settlement of such Awards; provided, however, that forfeited
Awards shall not again be available for Awards under this Plan if the Participant received, directly or indirectly, any of the benefits
of ownership of the securities of the Company underlying such Award, including, without limitation, the benefit described in Section
7.6.

 

5. Eligibility.
Employees eligible for Awards under the Plan shall consist of key employees who are officers or managers of the Company and/or its
Subsidiaries who are responsible for the management, growth and protection of the business of the Company and/or its Subsidiaries and
whose performance or contribution, in the sole discretion of the Committee, benefits or will benefit the Company in a significant manner.
Non-employees (e.g., those with third party relationships such as Non-Employee Directors of the Company and/or a Subsidiary) shall be
eligible Participants for Awards of Non-Qualified Stock Options and/or Restricted Stock at the sole discretion of the Committee.

 

6. Stock
Options.

 

6.1 Terms
and Conditions. Stock Options awarded under this Plan may be in the form of Incentive Stock Options or Non-Qualified Stock Options.
Such Stock Options shall be subject to the terms and conditions set forth in this Section 6 and any additional terms and conditions,
not inconsistent with the express terms and provisions of this Plan, as the Committee shall set forth in the relevant Award Agreement.

 

6.2 Grant.
Stock Options may be granted under this Plan in such form as the Committee may from time to time approve. Stock Options may be granted
alone or in addition to other Awards. Notwithstanding the above, no Incentive Stock Options shall be granted to any employee who owns
more than ten percent (10%) of the combined total voting power of the Company or any Subsidiary, unless the requirements of Section 422(c)(6)
of the Code are satisfied.

 

6.3 Exercise
Price. The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Committee at the time
of Award; provided, however, that the exercise price of any Stock Option shall not be less than one hundred percent (100%) of the Fair
Market Value of the Common Stock (as defined in Section 2.12 above) on the date of the Award of such Stock Option. For any Participant
who owns ten percent (10%) or more of the combined total voting power of the Company or any Subsidiary, the exercise price of an Incentive
Stock Option shall not be less than one hundred ten percent (110%) of such Fair Market Value.

 

    9

     

    

 

6.4 Requirements
for Non-Qualified Stock Options. All Non-Qualified Stock Options shall be issued at no less than 100% of Fair Market Value as
provided for in Section 6.3. The number of shares subject to each Non-Qualified Stock Option will be fixed in the applicable Award Agreement.
When the Non-Qualified Stock Options are transferred or exercised, the transfer or exercise shall be subject to taxation under Code Section
83 and Treasury Regulation §1.83-7. No Non-Qualified Stock Option awarded hereunder shall contain any feature for the deferral of
compensation other than the deferral of recognition of income until the later of exercise or disposition of the option under Treasury
Regulation §1.83-7 or the time the stock acquired pursuant to the exercise of the option first becomes substantially vested as defined
in Treasury Regulation §1.83-3(b). Further, each Non-Qualified Stock Option will comply with any other Section 409A requirement
in order to maintain the status of the Non-Qualified Stock Option as exempt from the requirements of Section 409A.

 

6.5 Term.
The term of each Stock Option shall be such period of time as is fixed by the Committee at the time of grant; provided, however,
that the term of any Incentive Stock Option shall not exceed ten (10) years after the date the Incentive Stock Option is awarded. For
any Participant who owns ten percent (10%) or more of the combined total voting power of the Company or any Subsidiary, the term of each
Incentive Stock Option shall not exceed five (5) years.

 

6.6 Method
of Exercise. A Stock Option may be exercised, in whole or in part, by giving written notice of exercise to the Corporate Secretary
of the Company, or such other officer of the Company as the Committee shall designate, specifying the number of shares to be purchased.
Such notice shall be accompanied by payment in full of the exercise price in cash, by certified check, bank draft or money order payable
to the order of the Company or, if permitted by the terms of the relevant Award Agreement and applicable law, by delivery of, alone or
in conjunction with a partial cash or instrument payment, (a) a fully-secured, recourse promissory note, or (b) shares of Common Stock
already owned by the Participant or to be received upon exercise of the Stock Option in a “cashless exercise.” The Committee
may, in the relevant Award Agreement, also permit a Participant (either on a selective or group basis) to simultaneously exercise Stock
Options and sell the shares of Common Stock thereby acquired, and use the proceeds from such sale as payment of the exercise price of
such Stock Options. Payment instruments shall be received by the Company subject to collection. The proceeds received by the Company
upon exercise of any Stock Option may be used by the Company for general corporate purposes.

 

6.7 Date
of Exercise. Vesting dates of Stock Options awarded to a Participant will be specified in the applicable Award Agreement at the
discretion of the Committee. Stock Options that meet the vesting requirements may be exercised in whole or in part at any time and from
time to time during their specified terms.

 

6.8 Shareholder
Rights. Until Stock Options are exercised, a Participant shall not have any right to vote, or receive dividends, or any other
rights as a shareholder. In addition, on exercise of a Stock Option, the Participant shall not be entitled to any dividends declared
and paid on the shares between the date of grant and the date of exercise.

 

7. Restricted
Awards.

 

7.1 Terms
and Conditions. Restricted Awards shall be in the form of grants of Restricted Stock. Restricted Awards shall be subject to the
terms and conditions set forth in this Section 7 and any additional terms and conditions, not inconsistent with the express terms and
provisions of this Plan, as the Committee shall set forth in the relevant Award Agreement.

 

7.2 Restricted
Stock Grants. An Award of Restricted Stock is an Award of shares of Common Stock, in uncertificated form, issued to and registered
with the Company’s designated Stock Transfer Agent, in the name of the applicable Participant, subject to such restrictions, terms
and conditions as the Committee deems appropriate, including, without limitation, restrictions on the sale, assignment, transfer, pledge,
hypothecation or other disposition of such shares and the requirements that the Participant deposit such shares with the Company while
such shares are subject to such restrictions and that such shares be forfeitable for the reasons set forth in the applicable Award Agreement.

 

7.3 Grants
of Awards.

 

7.3.1
Restricted Awards may be granted alone or in addition to any other Awards. Subject to the terms of this Plan, the Committee shall
determine the number of Restricted Awards to be granted to a Participant and the Committee may impose different terms and conditions
on any particular Restricted Award made to any Participant.

 

7.3.2
Each Restricted Award of Restricted Stock shall be issued in an uncertificated form and registered in the name of the Participant.
The stock transfer books of the Company’s designated Stock Transfer Agent shall be noted with the following legend with reference
to the shares made subject to such Restricted Award.

 

    10

     

    

 

“These
shares are subject to the terms and restrictions of the Guerrilla RF, Inc. Long-Term Stock Incentive Plan; such shares are subject to
forfeiture or cancellation under the terms of said Plan; and such shares shall not be sold, transferred, assigned, pledged, encumbered,
or otherwise alienated or hypothecated except pursuant to the provisions of said Plan, a copy of which Plan is available from Guerrilla
RF, Inc. upon request.”

 

Such
Award shall be held in uncertificated form until the restrictions thereon shall have lapsed and all of the terms and conditions applicable
thereto have been satisfied.

 

7.4 Restriction
Period. In accordance with Sections 7.1 and 7.2, Restricted Awards shall only become unrestricted and vest in the Participant
in accordance with such vesting schedule relating to the service performance restriction applicable to such Restricted Award as set forth
in the relevant Award Agreement (the “Restriction Period”). The Restriction Period shall be two (2) years and one
day of continued service with the Company (i) as an employee or (ii) as a member of the Board, as applicable, after the date on which
such Restricted Award is granted unless the Award Agreement specifically provides otherwise. The Committee may, in its discretion, establish
a shorter Restriction Period by specifically providing for such shorter period in the Award Agreement; however, in no event shall the
Restriction Period be less than one (1) year and one day of continued service with the Company (i) as an employee or (ii) as a member
of the Board, as applicable, after the date on which such Restricted Award is granted. During the Restriction Period applicable to a
Restricted Award, such Award shall be unvested and a Participant may not sell, assign, transfer, pledge, encumber or otherwise dispose
of or hypothecate such Award. Upon satisfaction of the vesting schedule and any other applicable restrictions, terms and conditions,
the Participant shall be entitled to receive payment of the Restricted Award or a portion thereof, as the case may be, as provided in
Section 7.5.

 

7.5 Payment
of Awards.

 

7.5.1 Restricted
Stock Grants. After the satisfaction and/or lapse of the restrictions, terms and conditions set by the Committee in respect of
a Restricted Award of Restricted Stock, a certificate for the number of shares of Common Stock issued which are no longer subject to
such restrictions, terms and conditions shall be delivered to the Participant on the 30th day following the satisfaction and/or lapse
of the restrictions, terms and conditions. The remaining shares, if any, issued in respect of such Restricted Award shall either be forfeited
and canceled, or shall continue to be subject to the restrictions, terms and conditions set by the Committee, as the case may be.

 

7.6 Shareholder
Rights. A Participant shall have, with respect to the shares of Common Stock received under a Restricted Award of Restricted
Stock, all of the rights of a shareholder of the Company, including, without limitation, the right to vote the shares and to receive
any cash dividends. Cash dividends shall be paid on the Restricted Stock at the time cash dividends are paid to stockholders generally.
Stock dividends issued with respect to such Restricted Stock shall be treated as additional Awards of Restricted Stock grants and shall
be subject to the same restrictions and other terms and conditions that apply to the shares of Restricted Stock with respect to which
such stock dividends are issued.

 

8. Performance
Units.

 

8.1 Terms
and Conditions. Awards of Performance Units shall be subject to the terms and conditions set forth in this Section 8 and any
additional terms and conditions, not inconsistent with the express provisions of this Plan, as the Committee shall set forth in the relevant
Award Agreement.

 

8.2 Performance
Unit Grants. A Performance Unit is an Award of units (with each unit representing such monetary amount as is designated by the
Committee in the Award Agreement) granted to a Participant, subject to such terms and conditions as the Committee deems appropriate,
including, without limitation, the requirement that the Participant forfeit such units (or a portion thereof) in the event certain performance
criteria are not met within a designated period of time.

 

8.3 Grants.
Performance Units may be awarded alone or in addition to any other Awards. Subject to the terms of this Plan, the Committee shall
determine the number of Performance Units to be awarded to a Participant and the Committee may impose different terms and conditions
on any particular Performance Units awarded to any Participant.

 

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8.4 Performance
Goals and Performance Periods. Participants receiving Awards of Performance Units shall only earn into and be entitled to payment
in respect of such Awards if the Company, a Subsidiary and/or a division of the Company specified by the Committee (a “Division”)
and/or the Participant satisfy certain performance goals (the “Performance Goals”) during and in respect of one of
more designated performance period(s) of at least twelve consecutive months as determined by the Committee (the “Performance
Period”). Performance Goals and the Performance Period(s) shall be established by the Committee in its sole discretion and
shall be set forth in writing in the Award Agreement. Performance Periods may overlap each other from time to time, and the Committee
may set different Performance Periods for different Performance Goals. The Committee shall establish Performance Goals for each Performance
Period prior to the commencement of such Performance Period. The Committee shall also establish in the Award Agreement a written schedule
or schedules for such Performance Units setting forth the portion of the Award which will be earned or forfeited based on the degree
of achievement, or lack thereof, of the Performance Goals at the end of the relevant Performance Period(s). In setting Performance Goals,
the Committee may use, but shall not be limited to, such measures as total shareholder return, return on average equity, return on average
assets, return on average earning assets, net earnings per share growth, comparisons to peer companies, divisional goals, individual
or aggregate Participant performance or such other measure or measures of performance as the Committee, in its sole discretion, may deem
appropriate. Such performance measures shall be defined as to their respective components and meanings by the Committee in its sole discretion
as set forth in writing in the Award Agreement. If the Participant and/or the Division and/or the Company do not meet the Performance
Goals within the Performance Period(s) established in the Award Agreement, the Performance Units awarded thereunder shall be forfeited.

 

For
example, an Award Agreement may require a Participant to meet a certain sales goal at the end of a 12 month period and also require the
Company to meet a total shareholder return within a three year period, with the total shareholder return measured at the end of each
calendar year occurring within the three year period. In this case, if a Participant meets the sales goal at the end of the 12 month
period but the Company does not meet the total shareholder return at that time, the Participant shall not be entitled to any payment
at that time. However, he could become entitled to payment if the Company later meets the required total shareholder return at the end
of the second year or third year as provided in the Award Agreement. At the end of the third year, if the Company has not met the required
total shareholder return, the Performance Units will be forfeited.

 

8.5 Payment
of Units. With respect to each Performance Unit, the Participant shall, if the applicable Performance Goals have been satisfied
by the Company, a Subsidiary, a Division and/or the Participant, as applicable, during the relevant Performance Period(s), be entitled
to receive payment in an amount equal to the designated value of each Performance Unit awarded times the number of such Performance Units
so earned. Payment in settlement of earned Performance Units shall be made on or before the 60th day following the conclusion
of the applicable Performance Period(s) in cash, in shares of unrestricted Common Stock or in Restricted Stock, as the Committee, in
its sole discretion, shall determine and provide in the relevant Award Agreement.

 

9. Deferral
Elections. The Committee may permit a Participant to elect to defer receipt of any payment of cash or any delivery of shares
of Common Stock that would otherwise be due to such Participant by virtue of the exercise, earn out or settlement of any Award made under
the Plan other than an Award of Stock Options (see Section 9.1 below).

 

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9.1 Stock
Options awarded under Section 6 shall not be deferred under this Section 9.

 

9.2 If
so provided in the Award Agreement, payment of Restricted Stock may be deferred by the Participant if the following conditions are met:
(i) the Participant makes his deferral election on or before the 30th day following the grant of the Award, (ii) at the time
of the deferral election, the Participant must continue to work for at least 12 months in order to obtain the right to payment of the
Restricted Stock, and (iii) the Performance Period will not end for at least 12 months following the date of the deferral election.

 

9.3 If
so provided in the Award Agreement, payment of Performance Units may be deferred by the Participant if the following conditions are met:
(i) if the Performance Period is at least 12 months long, (ii) the Participant is employed continuously from the later of the beginning
of the Performance Period or the date the Performance Goals are established through the date of the deferral election, and (iii) the
Participant makes his deferral election at least 6 months prior to the end of the last Performance Period giving rise to the Participant’s
right to payment of Performance Units. Provided, however, that in no event will an election to defer be made after the payment of the
Performance Units has become both substantially certain and readily ascertainable.

 

If
a deferral election is permitted under this Section 9, the Committee shall establish rules and procedures for such deferrals, including,
without limitation, the payment or crediting of reasonable interest on such deferred amounts credited in cash or the crediting of dividend
equivalents in respect of deferred Awards credited in shares of Common Stock.

 

10. Termination
of Employment or Service. 

 

10.1 General.
Subject to the terms and conditions of Section 13, if, and to the extent, the terms and conditions under which an Award may be exercised,
earned out or settled after a Participant’s termination of employment or a Non-Employee Director ceases to be a director, for any
particular reason shall not have been set forth in the relevant Award Agreement, by and as determined by the Committee in its sole discretion
and in accordance with Section 409A to the extent Section 409A applies to the Award, the following terms and conditions shall apply as
appropriate and as not inconsistent with the terms and conditions, if any, of such Award Agreement:

 

10.1.1
Except as otherwise provided in this Section 10.1.1:

 

(a) If
the employment by the Company or any of its Subsidiaries of a Participant who as an employee or the term of a Participant who is a Non-Employee
Director is terminated for any reason (other than Disability, Retirement or Death) while Stock Options granted to such Participant are
non-vested, such Participant’s rights, if any, to exercise any non-vested Stock Options, if any, shall immediately terminate and
the Participant (and such Participant’s estate, designated beneficiary or other legal representative) shall forfeit any rights
or interest in or with respect to any such Stock Options. In the event of Disability, Retirement or Death while a Participant’s
Stock Options are non-vested, such non-vested Stock Options shall become vested to the extent determined by the Committee.

 

    13

     

    

 

(b) The
Committee, in its sole discretion, may determine that vested Incentive Stock Options, if any, of a Participant whose employment or whose
term as a director, as applicable, terminates other than by reason of Disability, Retirement or Death, to the extent exercisable immediately
prior to such termination of employment or service as a director, may remain exercisable for a specified time period not to exceed thirty
(30) days after such termination (subject to the applicable terms and provisions of this Plan).

 

(c) If
a Participant’s termination of employment is due to Disability, a Participant shall have the right, subject to the applicable terms
and provisions of this Plan (and any rules or procedures hereunder) and the relevant Award Agreement, to exercise Incentive Stock Options,
if any, at any time within the period ending on the earlier of the end of the term of such Incentive Stock Options and the first anniversary
of the date of termination due to Disability (to the extent such Participant was entitled to exercise any such Incentive Stock Options
immediately prior to such termination).

 

(d) If
a Participant’s termination of employment is due to Retirement, a Participant shall have the right, subject to the applicable terms
and provisions of this Plan (and any rules or procedures hereunder) and the relevant Award Agreement, to exercise Incentive Stock Options,
if any, at any time within three (3) months following such termination due to Retirement (to the extent such Participant was entitled
to exercise any such Incentive Stock Options immediately prior to such termination).

 

(e) If
any Participant dies while entitled to exercise a Stock Option, if any, such Participant’s estate, designated beneficiary or other
legal representative, as the case may be, shall have the right, subject to the applicable provisions of the Plan (and any rules or procedures
hereunder) and the relevant Award Agreement, to exercise such Stock Options, if any, at any time within one (1) year from the date of
such Participant’s Death (but in no event more than one (1) year from the date of such Participant’s termination of employment
due to Disability or three (3) months from the date of such Participant’s termination of employment due to Retirement, as applicable).

 

(f) If
vested Stock Options held by a Participant whose employment is terminated by reason of Disability or Retirement are Non-Qualified Stock
Options the Participant shall have the right, subject to the applicable terms and provisions of this Plan (and any rules and procedures
hereunder) and the relevant Award Agreement, to exercise such Non-Qualified Stock Options at any time following the Participant’s
termination of employment (to the extent the Participant was entitled to exercise such Non-Qualified Stock Options immediately prior
to such termination) and prior to the expiration date of such Non-Qualified Stock Options as fixed by the Committee and set forth in
the Award Agreement related thereto.

 

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(g) If
a Non-Employee Director ceases to be a director for any reason (other than Disability, Retirement or Death) while Non-Qualified Stock
Options granted to such Non-Employee Director are non-vested, such Non-Employee Director’s rights, if any, to exercise any non-vested
Non-Qualified Stock Options, if any, shall immediately terminate and the Non-Employee Director (and such Non-Employee Director’s
estate, designated beneficiary or other legal representative) shall forfeit any rights or interest in or with respect to any such Non-Qualified
Stock Options. In the event of the Disability, Retirement or Death of a Non-Employee Director while the Non-Employee Director’s
Non-Qualified Stock Options are non-vested, such non-vested, Non-Qualified Stock Options shall become vested to the extent determined
by the Committee. The Committee, in its sole discretion, may determine that vested Non-Qualified Stock Options, if any, of a Non-Employee
Director who ceases to be a director other than by reason of Disability, Retirement or Death, to the extent exercisable immediately prior
to such cessation, may remain exercisable for a specified time period not to exceed thirty (30) days after such cessation (subject to
the applicable terms and provisions of this Plan [and any rules or procedures hereunder] and the relevant Award Agreement). If the cessation
of a Non-Employee Director’s status as a director is due to Retirement or Disability, the Non-Employee Director shall have the
right, subject to the applicable terms and provisions of this Plan (and any rules or procedures hereunder) and the relevant Award Agreement,
to exercise such vested Non-Qualified Stock Options, if any, at any time within the period following such cessation due to Retirement
or Disability (to the extent such Non-Employee Director was entitled to exercise any such Non-Qualified Stock Options immediately prior
to such cessation) and prior to the expiration date of such Non-Qualified Stock Options as fixed by the Committee and as set forth in
the Award Agreement related thereto. If any Non-Employee Director dies while entitled to exercise Non-Qualified Stock Options, such Non-Employee
Director’s estate, designated beneficiary or other legal representative, as the case may be, shall have the right, subject to the
applicable provisions of this Plan (and any rules or procedures hereunder) and the relevant Award Agreement, to exercise such Non-Qualified
Stock Options, if any, at any time within one (1) year from the date of such Non-Employee Director’s Death.

 

10.1.2
Unless otherwise provided in the Award Agreement, if a Participant’s employment with the Company or any of its Subsidiaries
is terminated for any reason (other than Disability, Retirement or Death) prior to the satisfaction and/or lapse of the restrictions,
terms and conditions applicable to Restricted Award(s), such Restricted Award or Awards shall be forfeited. If the Committee so determines
in its discretion, the Award Agreement may provide that some or all of the shares of Restricted Award(s) shall become free of restrictions
in the event of a Participant’s Disability, Retirement or Death during the Restricted Period.

 

10.1.3
Unless otherwise provided in the Award Agreement, if a Participant’s employment with the Company or any of its Subsidiaries
is terminated for any reason (other than Disability, Retirement or Death) prior to the completion of any Performance Period, all of such
Participant’s Performance Units earnable in relation to such Performance Period shall be forfeited. If the Committee so determines
in its discretion, the Award Agreement may provide that some or all of such Participant’s Performance Units will be paid if the
Participant’s termination of employment is due to Disability, Retirement or Death during the Performance Period.

 

10.2 Payments
Upon Termination of Employment and Delay of Certain Payments. For purposes of this Agreement, to the extent an Award is subject
to Section 409A, payment or exercise of such Award on account of a termination of employment or a Non-Employee Director ceasing to be
a director shall only be made if the Participant incurs a Separation from Service. Payment will occur on or before the 60th
day after the Separation from Service. Provided, however, that if the Participant is a Specified Employee, payment of the Award shall
be made on the first day of the seventh month following the Separation from Service.

 

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11. Non-transferability
of Awards.

 

(a) Except
as otherwise provided in Section 11(b), no Award under this Plan or any Award Agreement, and no rights or interests therein, shall or
may be assigned, transferred, sold, exchanged, pledged, disposed of or otherwise hypothecated or encumbered by a Participant or any beneficiary
thereof, except by testamentary disposition or the laws of descent and distribution. No such right or interest shall be subject to seizure
for the payment of the Participant’s (or any beneficiary’s) debts, judgments, alimony, or separation maintenance or be transferable
by operation of law in the event of the Participant’s (or any beneficiary’s) bankruptcy or insolvency. Except as otherwise
provided in Section 11(b), during the lifetime of a Participant, Stock Options are exercisable only by the Participant.

 

(b) A
Participant who holds Non-Qualified Stock Options (whether such Stock Options were Non-Qualified Stock Options when awarded or subsequent
to the Award thereof became Non-Qualified Stock Options pursuant to applicable law or any provision of this Plan) may assign those Non-Qualified
Stock Options to a Permitted Assignee (as defined below) at any time after the Award, but prior to the expiration date, of such Non-Qualified
Stock Options if as of the time of such transfer (i) a registration statement on Form S-8 (or any successor form) filed by the Company
under the Securities Act, with respect to this Plan (and the Awards granted and shares of Common Stock issuable hereunder) and (ii) a
registration statement on Form S-3 (or any successor form) filed by the Company under the Securities Act with respect to shares of Common
Stock issuable to Permitted Assignees have been declared effective by the SEC and all applicable state securities and “blue sky”
authorities, and remain in effect. Each such transferred Non-Qualified Stock Option shall continue to be governed by the applicable terms
and provisions of this Plan (and any rules or procedures hereunder) and the applicable Award Agreement with the transferor Participant,
and the Permitted Assignee shall be entitled to the same rights and subject to the same obligations, restrictions, limitations and prohibitions
under this Plan and such Award Agreement as the transferor Participant, as if such assignment had not taken place; provided, however,
that no Non-Qualified Stock Option assigned to a Permitted Assignee may be assigned by that Permitted Assignee. The term “Permitted
Assignee” shall mean such persons and entities as are permitted assignees of Non-Qualified Stock Options under the SEC’s
regulations, rules and interpretations existing at the time of the proposed transfer.

 

12. Changes
in Capitalization and Other Matters.

 

12.1 No
Corporate Action Restriction. The existence of this Plan, Award Agreements and/or the Awards granted hereunder shall not limit,
affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize (a) any adjustment,
recapitalization, reorganization or other change in the Company’s or any Subsidiary’s capital structure or its business,
(b) any merger, share exchange or change in the ownership of the Company or any Subsidiary, (c) any issue of bonds, debentures, capital,
preferred or prior preference stocks ahead of or affecting the Company’s or any Subsidiary’s capital stock or the rights
thereof, (d) any dissolution or liquidation of the Company or any Subsidiary, (e) any sale or transfer of all or any part of the Company’s
or any Subsidiary’s assets or business, or (f) any other corporate act or proceeding by the Company or any Subsidiary. No Participant,
Permitted Assignee, beneficiary or any other person shall have any claim against any member of the Board, the Committee, the Company
or any Subsidiary as a result of any such action.

 

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12.2 Recapitalization
Adjustments. Subject to any required action by the Company’s shareholders, the number of shares of Commons Stock covered
by each outstanding Award, and the number of shares of Common Stock that have been authorized for issuance under the Plan but as to which
no Awards have yet been granted or that have been returned to the Plan, the exercise or purchase price of each such outstanding Award,
as well as any other terms that the Committee determines in its exclusive discretion require adjustment, may be proportionately adjusted
for (a) any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock
dividend, combination, or reclassification of the shares of Common Stock, or similar event affecting the shares of Common Stock; (b)
any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company;
or (c) as the Committee determines in its exclusive discretion, any other transaction with respect to Common Stock to which Code Section
424(a) applies or any similar transaction; provided, however, that conversion of any convertibles securities of the Company shall not
be deemed to have been effected without receipt of consideration. Such adjustment, if any, shall be made by the Committee in its exclusive
discretion, and its determination shall be final, binding and conclusive. Except as the Committee determines in its exclusive discretion,
no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect,
and no adjustment by reason hereof shall be made with respect to, the number or price of shares of Common Stock subject to an Award.

 

13. Corporate
Transactions/Changes in Control/Related Entity Dispositions.

 

		13.1	Acceleration
                                            of Awards Vesting. Except as otherwise provided in Section 13.2, the following provisions
                                            apply as applicable:

 

13.1.1 Corporate
Transaction or Change in Control. On the specified effective date of a Corporate Transaction or Change in Control, each Award
that is at the time outstanding automatically shall become fully vested and exercisable and be released from any restrictions on transfer
(other than transfer restrictions applicable to Incentive Stock Options) and repurchase or forfeiture rights, immediately prior to the
specified effective date of such Corporate Transaction or Change in Control, for all the Shares at the time represented by such Award
(except to the extent that such acceleration of exercisability would result in an “excess parachute payment” within the meaning
of Section 280G of the Code). Notwithstanding the foregoing provisions, the Committee may, in its exclusive discretion, provide as part
of a Section 424 Corporate Transaction that any one or more of the foregoing provisions shall not apply.

 

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13.1.2
Related Entity Disposition. On the specified effective date of a Related Entity Disposition, for each Participant who on such
specified effective date is engaged primarily in service to the Related Entity that is the subject of the Related Entity Disposition,
each Award that is at the time outstanding automatically shall become fully vested and exercisable and be released from any restrictions
on transfer (other than transfer restrictions applicable to Incentive Stock Options) and repurchase and forfeiture rights, immediately
prior to the specified effective date of such Related Entity Disposition, for all the shares at the time represented by such Award. Notwithstanding
the foregoing provisions, the Committee may, in its exclusive discretion, provide as part of a Section 424 Corporate Transaction that
any one or more of the foregoing provisions shall not apply.

 

13.1.3
Code Section 424 Matters. The Committee may provide in any Award, Award Agreement, or as part of a Section 424 Corporate Transaction,
that if the requirements of Treas. Reg. §1.424-1 (without regard to the requirement described in Treas. Reg. §1.424-1(a)(2)
that an eligible corporation be the employer of the optionee) would be met if the stock right were an Incentive Stock Option, the substitution
of a new stock right pursuant to a Section 424 Corporate Transaction for an outstanding stock right or the assumption of an outstanding
stock right pursuant to a Section 424 Corporate Transaction shall not be treated as the grant of a new stock right or a change in the
form of payment. The requirement of Treas. Reg. §1.424-1(a)(5)(iii) is deemed satisfied if the ratio of the exercise price to the
Fair Market Value of the shares of Common Stock immediately after the substitution or assumption is not greater than the ratio of the
exercise price to the Fair Market Value of the shares of Common Stock immediately before the substitution or assumption. In the case
of a transaction described in Code Section 355 in which the stock of the distributing corporation and the stock distributed in the transaction
are both readily tradable on an established securities market immediately after the transaction, the requirements of Treas. Reg. §1.424-1(a)(5)
may be satisfied by:

 

		(1)	using
                                            the last sale before or the first sale after the specified date as of which such valuation
                                            is being made, the closing price on the last trading day before or the trading day of a specified
                                            date, the arithmetic mean of the high and low prices on the last trading day before or the
                                            trading day of such specified date, or any other reasonable method using actual transactions
                                            in such stock as reported by such market on a specified date, for the stock of the distributing
                                            corporation and the stock distributed in the transaction, provided the specified date is
                                            designated before such specified date, and such specified date is not more than sixty (60)
                                            days after the transaction;

 

		(2)	using
                                            the arithmetic mean of such market price on trading days during a specified period designated
                                            before the beginning of such specified period, when such specified period is not longer than
                                            thirty (30) days and ends no later than sixty (60) days after the transaction; or

 

		(3)	using
                                            an average of such prices during such prespecified period weighted based on the volume of
                                            trading of such stock on each trading day during such prespecified period.

 

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13.2 Six-Month
Rule. The provisions of Section 13.1 shall not apply to any Award that has been granted and outstanding for less than six (6)
months as of the date of the Corporate Transaction, Change in Control or Related Entity Disposition.

 

13.3 Payment.
On or before the 60th day after a Corporate Transaction, Change in Control or Related Entity Disposition occurs, (a) the
holder of an Award of Restricted Stock shall receive a new certificate for such shares without the legend set forth in Section 7.3.2,
and (b) the holder of an Award of Performance Units shall receive payment of the value of such Award in cash.

 

13.4 Termination
as a Result of a Potential Change in Control. In determining the applicability of Section 13.1.1 as it relates to a Change in
Control, if (a) a Participant’s employment is terminated by the Company or any Subsidiary (and the termination constitutes a Separation
from Service) prior to a Change in Control without Cause at the request of a Person who has entered into an agreement with the Company
the consummation of which will constitute a Change of Control, or (b) the Participant terminates his or her employment with the Company
or any Subsidiary for Good Reason prior to a Change in Control (and incurs a Separation from Service) and the circumstance or event which
constitutes Good Reason occurs at the request of the Person described in Section 13.5.4, then for purposes of this Section 13, a Change
in Control shall be deemed to have occurred immediately prior to such Participant’s termination of employment.

 

13.5 Definitions.
For purposes of this Section 13, the following words and phrases shall have the meaning specified:

 

13.5.1
“Beneficial Owner” shall have the meaning set forth in SEC Regulation §240.13d-3 or any successor regulation.

 

13.5.2 “Cause”
shall mean, unless otherwise defined in an employee Participant’s individual employment agreement with the Company or any Subsidiary
(in which case such employment agreement definition shall govern), (a) the indictment of the Participant for any serious crime, (b) the
willful and continued failure by the Participant to substantially perform the Participant’s duties, as they may be defined from
time to time, with the Participant’s primary employer or to abide by the written policies of the Company or the Participant’s
primary employer (other than any such failure resulting from the Participant’s incapacity due to physical or mental illness), or
(c) the willful engaging by the Participant in conduct which is demonstrably and materially injurious to the Company or any Subsidiary,
monetarily or otherwise. For purposes of the preceding sentence, no act shall be considered “willful” unless done, or omitted
to be done, by the Participant not in good faith and without reasonable belief that such act, or failure to act, was in the best interests
of the Company and its Subsidiaries.

 

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13.5.3 “Good
Reason” for termination by a Participant of the Participant’s employment shall mean, for purposes of this Section 13,
a Participant’s voluntary Separation from Service when the following conditions are satisfied:

 

(a) The
Separation from Service occurs no later than two (2) years after the initial existence of one or more of the following conditions that
arise without the Participant’s consent:

 

		i.	a
                                            material diminution in the Participant’s base compensation;

 

		ii.	a
                                            material diminution in the Participant’s authority, duties, or responsibilities;

 

		iii.	a
                                            material diminution in the authority, duties, or responsibilities of the supervisor to whom
                                            the Participant reports, including a requirement that the Participant report to an officer
                                            or employee instead of reporting directly to the Board or other governing body;

 

		iv.	a
                                            material diminution in the budget over which the Participant has authority;

 

		v.	a
                                            material change in the geographical location at which the Participant performs services;
                                            or

 

		vi.	any
                                            other act or failure to act that constitutes a material breach by the Company, a Parent,
                                            or a Related Entity of the employment agreement or other agreement under which the Participant
                                            provides services; and

 

(b) The
Participant gives written notice to the Board or other governing body of the entity to which the Participant primarily provides services
of the condition described in subparagraph (1) above within ninety (90) days of its initial existence, and upon receipt of the written
notice, the Company, Parent, or Related Entity has thirty (30) days to cure it.

 

13.5.4 “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 14(d) and 15(d) thereof; provided,
however, a Person shall not include (a) the Company or any Subsidiary, (b) a trustee or other fiduciary holding securities under
an employee benefit plan of the Company or a Subsidiary qualified under Section 401(a) of the Code, (c) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly, by the shareholders of the
Company in substantially the same proportions as their ownership of securities of the Company.

 

13.5.5 “Potential
Change in Control” shall be deemed to have occurred if any one of the following conditions shall have been satisfied:

 

(a) the
Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; or

 

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(b) the
Company or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a
Change in Control; or

 

(c) any
Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing ten percent (10%) or more of the
combined voting power of the Company’s then outstanding securities, or any Person increases such Person’s beneficial ownership
of such securities by five (5) percentage points or more over the percentage so owned by such Person; or

 

(d) the
Board adopts a resolution to the effect that, for purposes of the Plan, a Potential Change in Control has occurred.

 

13.5.6 “Surviving
Entity” shall mean only an entity in which all or substantially all of the Company’s shareholders immediately before
any merger, Combination share exchange or liquidation become shareholders by the terms of such merger, share exchange or liquidation.

 

13.6 Adverse
Tax Consequences. If the making of any payment or payments pursuant to this Section 13 or otherwise would (a) subject the Participant
to an excise tax under Section 4999 of the Code, or any like or successor section thereto, or (b) result in the Company’s loss
of a federal income tax deduction for such payments under Section 280G of the Code, or any like or successor section thereto (either
or both, an “Adverse Tax Consequence”), then, unless otherwise expressly provided in a relevant Award Agreement, the
payments attributable to this Plan that are “parachute payments” within the meaning of such Section 280G of the Code shall
be reduced, as determined by the Committee in its sole discretion, but after consultation with the Participant affected, to the extent
necessary to avoid any Adverse Tax Consequence. Any disputes regarding whether any payments to a Participant would result in an Adverse
Tax Consequence shall be resolved by an opinion of a nationally recognized accounting firm acceptable to the Company and the Participant
(with the Company’s independent auditors being deemed acceptable).

 

14. Amendment,
Suspension and Termination.

 

14.1 In
General. The Board may suspend or terminate this Plan (or any portion thereof) at any time and may amend this Plan at any time
and from time to time in such respects as the Board may deem advisable to insure that any and all Awards conform to or otherwise reflect
any change in applicable laws or regulations, or to permit the Company or the Participants to benefit from any change in applicable laws
or regulations, or in any other respect the Board may deem to be in the best interests of the Company or any Subsidiary; provided,
however, that no such amendment shall, without majority (or such greater percentage if required by law, charter, by-law or other
regulation or rule) shareholder approval to the extent required by law or the rules of any exchange upon which the Common Stock is listed
or any market on which the Common Stock is qualified for quotation, (a) except as provided in Section 12, materially increase the number
of shares of Common Stock which may be issued under this Plan, (b) materially modify the requirements as to eligibility for participation
in this Plan, (c) materially increase the benefits accruing to Participants under this Plan, or (d) extend the termination date of this
Plan. No such amendment, suspension or termination shall (i) materially adversely affect the rights of any Participant under any outstanding
Award, without the consent of such Participant, or (ii) make any change that would disqualify this Plan, or any other plan of the Company
or any Subsidiary intended to be so qualified, from (A) the exemption provided by SEC Regulation §240.16b-3, or any successor thereto,
or (B) the benefits provided under Section 422 of the Code or any successor thereto. Further provided, that no amendment, suspension,
or termination shall be effected if it will violate Section 409A, to the extent that Section 409A applies to the portion(s) of this Plan
being amended, suspended and/or terminated.

 

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14.2 Award
Agreements. The Committee may amend or modify at any time and from time to time any outstanding Award and Award Agreement, in
any manner to the extent that the Committee would have had the authority under this Plan to initially determine the restrictions, terms
and provisions of such Award, including, without limitation, to change the date or dates as of which Stock Options may be exercised.
No such amendment or modification shall, however, materially adversely affect the rights of any Participant under any such Award and
Award Agreement without the consent of such Participant. Further provided, that no amendment or modification shall be effected if it
will violate Section 409A, to the extent that Section 409A applies to the portion(s) of the Award and Award Agreement being amended or
modified.

 

15. Miscellaneous.

 

15.1 Tax
Withholding. The Company shall have the right to deduct from any payment or settlement under this Plan, including, without limitation,
the exercise of any Stock Option or Stock Purchase Right, or the delivery or vesting of any shares of Common Stock, Restricted Stock,
any federal, state, local or other taxes of any kind which the Committee, in its sole discretion, deems necessary to be withheld to comply
with the Code and/or any other applicable law, rule or regulation. If the Committee, in its sole discretion, permits shares of Common
Stock to be used to satisfy any such tax withholding, such Common Stock shall be valued based on the Fair Market Value of such stock
as of the date the tax withholding is required to be made, such date to be determined by the Committee. The Committee may establish rules
limiting the use of Common Stock to meet withholding requirements by Participants who are subject to Section 16 of the Exchange Act.

 

15.2 No
Right to Employment. Neither the adoption of this Plan, the granting of any Award, nor the execution of any Award Agreement shall
confer upon any employee of the Company or any Subsidiary any right to continued employment with the Company or any Subsidiary, as the
case may be, nor shall it interfere in any way with the right, if any, of the Company or any Subsidiary to terminate the employment of
any employee at any time for any reason.

 

15.3 Unfunded
Plan. This Plan shall be unfunded and the Company shall not be required to segregate any assets in connection with any Awards.
Any liability of the Company to any person with respect to any Award or any Award Agreement shall be based solely upon the contractual
obligations that may be created as a result of this Plan or any such Award or Award Agreement. No such obligation of the Company shall
be deemed to be secured by any pledge of, encumbrance on, or other interest in, any property or asset of the Company or any Subsidiary.
Nothing contained in this Plan or any Award Agreement shall be construed as creating in respect of any Participant (or beneficiary thereof,
any Permitted Assignee or any other person) any equity or other interest of any kind in any assets of the Company or any Subsidiary or
creating a trust of any kind or a fiduciary relationship of any kind between the Company, any Subsidiary and/or any such Participant,
any beneficiary, any Permitted Assignee or any other person.

 

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15.4 Payments
to a Trust. The Committee is authorized to cause to be established a trust agreement or several trust agreements or similar arrangements
from which the Committee may make payments of amounts due or to become due to any Participants under this Plan so long as the establishment
of the trust agreement(s) is consistent with Section 409A.

 

15.5 Other
Company Benefit and Compensation Programs. Payments and other benefits received by a Participant under an Award shall not be
deemed a part of a Participant’s compensation for purposes of the determination of benefits under any other employee welfare or
benefit plans or arrangements, if any, provided by the Company or any Subsidiary unless expressly provided in such other plans or arrangements,
or except where the Board expressly determines in writing that inclusion of an Award or portion of an Award should be included to accurately
reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive annual base
salary or other cash compensation. Awards may be made in addition to, in combination with, or as alternatives to, grants, awards or payments
under any other plans or arrangements of the Company or its Subsidiaries. The existence of this Plan notwithstanding, the Company or
any Subsidiary may adopt such other compensation plans or programs and additional compensation arrangements as it deems necessary to
attract, retain and motivate employees.

 

15.6 Listing,
Registration and Other Legal Compliance. No Award shall be made and no shares of the Common Stock shall be issued under this
Plan, and no assignment of a Non-Qualified Stock Option to a Permitted Assignee shall be made, unless legal counsel for the Company shall
be satisfied that such issuance or assignment will be in compliance with all applicable federal and state securities laws and regulations
and any other applicable laws or regulations. The Committee may require, as a condition of any payment of any Award, share issuance or
assignment of Non-Qualified Stock Options, that certain agreements, undertakings, representations, certificates, and/or information,
as the Committee may deem necessary or advisable, be executed or provided to the Company to assure compliance with all such applicable
laws or regulations. Certificates for shares of the Restricted Stock and/or Common Stock delivered under this Plan may be subject to
such stock transfer orders and such other restrictions as the Committee may deem advisable under the rules, regulations, or other requirements
of the SEC, and the Securities Market and any applicable federal or state securities law. The Committee may cause a legend or legends
to be put on any such share certificates to make appropriate reference to such restrictions. In addition, if, at any time specified herein
(or in any Award Agreement) for (a) the making of any determination, (b) the issuance or other distribution of Restricted Stock and/or
Common Stock, or (c) the payment of amounts to or through a Participant with respect to any Award, any law, rule, regulation or other
requirement of any governmental authority or agency shall require either the Company, any Subsidiary, any Participant (or any designated
beneficiary or other legal representative) or any Permitted Assignee to take any action in connection with any such determination, any
such shares to be issued or distributed, any such payment, or the making of any such determination, as the case may be, shall be deferred
until such required action is taken. If at any time and from time to time the Committee determines, in its sole discretion, that the
listing, registration or qualification of any Award, or any Common Stock or property covered by or subject to such Award, upon the Securities
Market or under any foreign, federal, state or local securities or other law, rule or regulation is necessary or desirable as a condition
to or in connection with the granting of such Award or the issuance or delivery of Restricted Stock and/or Common Stock or other property
under such Award or otherwise, no such Award may be exercised or settled, or paid in Restricted Stock, Common Stock or other property,
unless such listing, registration or qualification shall have been effected free of any conditions that are not acceptable to the Committee.

 

15.7 Award
Agreements. Each Participant receiving an Award shall enter into an Award Agreement with the Company in a form specified by the
Committee. Each such Participant shall agree to the restrictions, terms and conditions of the Award set forth therein.

 

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15.8 Designation
of Beneficiary. Each Participant to whom an Award has been made may designate a beneficiary or beneficiaries to receive any payment
which under the terms of this Plan and the relevant Award Agreement may become payable on or after the Participant’s death. At
any time, and from time to time, any such designation may be changed or canceled by the Participant without the consent of any such beneficiary.
Any such designation, change or cancellation must be on a form provided for that purpose by the Committee and shall not be effective
until received by the Committee. If no beneficiary has been named by a deceased Participant, or if the designated beneficiaries have
predeceased the Participant, the beneficiary shall be the Participant’s estate. If the Participant designates more than one beneficiary,
any payments under this Plan to such beneficiaries shall be made in equal shares unless the Participant has expressly designated otherwise,
in which case the payments shall be made in the shares designated by the Participant.

 

15.9 Leaves
of Absence/Transfers. The Committee shall have the power to promulgate rules, policies and regulations and to make determinations,
as it deems appropriate, under this Plan in respect of any leave of absence from the Company or any Subsidiary granted to a Participant.
Without limiting the generality of the foregoing, the Committee may determine whether any such leave of absence shall be treated as if
the Participant has terminated employment with the Company or any such Subsidiary. Provided, however, that to the extent Section 409A
applies to any portion(s) of the Plan, the determination of whether a leave of absence constitutes a Separation from Service for purposes
of those portion(s) shall be made in accordance with Section 409A, and a leave of absence of longer than six months shall be considered
a Separation from Service for those portion(s) of the Plan subject to Section 409A unless the Participant has a contractual or statutory
right to return to work at the end of a longer leave of absence. If a Participant transfers within the Company, or to or from any Subsidiary,
such Participant shall not be deemed to have terminated employment as a result of such transfers.

 

15.10 Notices.
 Except as otherwise provided herein, any notice that the Company or a Participant may be required or permitted to give to the other
shall be in writing and shall be deemed duly given when delivered personally or deposited in the United States mail, first class postage
prepaid, and properly addressed: Notice, if to the Company, shall be sent to its Corporate Secretary at the following address:

 

Guerrilla
RF, Inc.

1196
Pleasant Ridge Road, Suite 5

Greensboro
NC 27409

 

Any
notice sent by mail by the Company to a Participant shall be sent to the most current address of the Participant as reflected on the
records of the Company as of the time said notice is required. In the case of a deceased Participant, any notice shall be given to the
Participant’s personal representative if such representative has delivered to the Company evidence satisfactory to the Company
of such representative’s status as such and has informed the Company of the address of such representative by notice pursuant to
this Section 15.9.

 

15.11 Governing
Law. This Plan and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State of
Delaware, without regard to principles of conflict of laws. Any titles and headings herein are for reference purposes only, and shall
in no way limit, define or otherwise affect the meaning, construction or interpretation of any provisions of this Plan.

 

15.12 Effective
Date. This Plan became effective as of June 25, 2014, as a result of its approval by the Company’s stockholder s and filing
of Certificate of Incorporation with the Delaware Secretary of State.

 

    24

     

    

 

AMENDMENT NO. 1 

TO THE

GUERRILLA RF, INC.

LONG-TERM STOCK INCENTIVE PLAN

APPROVED MAY 12, 2015

 

This is Amendment No. 1 to
the Guerrilla RF, Inc. Long-Term Stock Incentive Plan (the “Plan”) of Guerrilla RF, Inc., a Delaware corporation (the “Company”),
which was originally approved by the shareholders of the Company on or about June 23, 2014. Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the Plan.

 

WHEREAS, the Plan was approved
by the Company shareholders on or about June 23, 2014; and

 

WHEREAS, under the terms of
the Plan, the Board is authorized to reserve for Awards under the Plan 568,000 shares of the authorized and unissued shares of Common
Stock, which is also designated as the maximum number of shares of Common Stock authorized for issuance under the Plan; and

 

WHEREAS, consistent with the
purpose of the Plan as set forth in the Plan, on or about May 12, 2015, the Board of Directors and all holders of the Company’s
Common Stock, Series A Preferred Stock and Series A-2 Preferred Stock agreed to amend the Plan to increase the number of shares of Common
Stock authorized for issuance under the Plan by 210,000 additional shares of Common Stock, subject to such additional shares being available
for reservation and issuance under the terms of the Certificate of Incorporation of the Company (as amended and restated from time to
time).

 

NOW, THEREFORE, consistent
with the foregoing, the Plan is amended as follows:

 

1. Additional
Available Shares. The total of number of shares of Common Stock available for issuance for Awards under the Plan shall be increased
by 210,000 shares of Common Stock, such that the total number of shares of Common Stock available for issuance shall be 778,000 shares
of authorized and unissued shares of Common Stock. As a result:

 

(a) Section
4.2.1 entitled “Common Stock” shall be amended and restated as follows:

 

“The Board shall
reserve for Awards under this Plan 778,000 shares of the authorized and unissued shares of Common Stock. In the event of a change in the
Common Stock of the Company that is limited to a change in the designation thereof to “Capital Stock” or other similar designation,
or to a change in the par value thereof, or from par value to no par value, without increase or decrease in the number of issued shares,
the shares resulting from any such change shall be deemed to be the Common Stock for purposes of this Plan. Common Stock which may be
issued under this Plan shall be authorized and unissued shares. No fractional shares of Common Stock shall be issued under this Plan.”

 

(b) Section
4.2.3 entitled “Available Shares” shall me amended and restated as follows:

 

“Subject to Section
4.3, the maximum number of shares of Common Stock authorized for issuance under this Plan shall be 778,000.”

 

2. Effective
Date of Amendment. This Amendment was approved by the Board of Directors and Company shareholders on or about May 12, 2015. Notwithstanding
the foregoing, this Amendment shall be effective on the 1st business day following the date that the Amended and Restated Certificate
of Incorporation of Guerrilla RF, Inc., as approved by the Company’s shareholders and Board of Directors on or about May 12, 2015,
has been filed with the Delaware Secretary of State which, among other things, increases the number of authorized but unissued shares
of Common Stock so that they may be reserved under the Plan, as amended and contemplated herein.

 

3. No
Further Amendment. Except as otherwise specifically set forth in this Amendment, no other provision of the Plan is Amended, and all
other rights, terms, and conditions set forth in the Plan shall remain the same with the same force and effect as originally adopted and
approved by the Company’s shareholders.

 

     

     

    

 

AMENDMENT NO. 2 

TO THE

GUERRILLA RF, INC.

LONG-TERM STOCK INCENTIVE PLAN

APPROVED MARCH 6, 2017

 

This is Amendment No. 2 to
the Guerrilla RF, Inc. Long-Term Stock Incentive Plan and amended by the Amendment No. 1 to the Plan (the “Plan”) of Guerrilla
RF, Inc., a Delaware corporation (the “Company”), which was originally approved by the shareholders of the Company on or about
June 23, 2014, and amended on or about May 12, 2015. Capitalized terms not otherwise defined herein shall have the meanings ascribed to
them in the Plan.

 

WHEREAS, under the terms of
the Plan (as amended), the Board is authorized to reserve for Awards under the Plan 778,000 shares of the authorized and unissued shares
of Common Stock, which is also designated as the maximum number of shares of Common Stock authorized for issuance under the Plan; and

 

WHEREAS, consistent with the
purpose of the Plan as set forth in the Plan, on or about March 6, 2017, the Board of Directors and all holders of the Company’s
Common Stock, Series A Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock and Series C Preferred Stock agreed to amend
the Plan to increase the number of shares of Common Stock authorized for issuance under the Plan by 222,000 additional shares of Common
Stock, subject to such additional shares being available for reservation and issuance under the terms of the Certificate of Incorporation
of the Company (as amended and restated from time to time).

 

NOW, THEREFORE, consistent
with the foregoing, the Plan is amended as follows:

 

1. Additional
Available Shares. The total of number of shares of Common Stock available for issuance for Awards under the Plan shall be increased
by 222,000 shares of Common Stock, such that the total number of shares of Common Stock available for issuance shall be 1,000,000 shares
of authorized and unissued shares of Common Stock. As a result:

 

(a) Section
4.2.1 entitled “Common Stock” shall be amended and restated as follows:

 

“The Board
shall reserve for Awards under this Plan 1,000,000 shares of the authorized and unissued shares of Common Stock. In the event of a change
in the Common Stock of the Company that is limited to a change in the designation thereof to “Capital Stock” or other similar
designation, or to a change in the par value thereof, or from par value to no par value, without increase or decrease in the number of
issued shares, the shares resulting from any such change shall be deemed to be the Common Stock for purposes of this Plan. Common Stock
which may be issued under this Plan shall be authorized and unissued shares. No fractional shares of Common Stock shall be issued under
this Plan.”

 

(b) Section
4.2.3 entitled “Available Shares” shall me amended and restated as follows:

 

“Subject to
Section 4.3, the maximum number of shares of Common Stock authorized for issuance under this Plan shall be 1,000,000.”

 

2. Effective
Date of Amendment. This Amendment was approved by the Board of Directors and Company shareholders on or about March ___, 2017. Notwithstanding
the foregoing, this Amendment shall be effective on the 1st business day following the date that the Amended and Restated Certificate
of Incorporation of Guerrilla RF, Inc., as approved by the Company’s shareholders and Board of Directors on or about March ___,
2017, has been filed with the Delaware Secretary of State which, among other things, increases the number of authorized but unissued shares
of Common Stock so that they may be reserved under the Plan, as amended and contemplated herein.

 

3. No
Further Amendment. Except as otherwise specifically set forth in this Amendment, no other provision of the Plan is Amended, and all
other rights, terms, and conditions set forth in the Plan shall remain the same with the same force and effect as originally adopted and
approved by the Company’s shareholders.

 

     

     

    

 

AMENDMENT NO. 3 

TO THE

GUERRILLA RF, INC.

LONG-TERM STOCK INCENTIVE PLAN

APPROVED NOVEMBER 6, 2019

 

This is Amendment No. 3 to
the Guerrilla RF, Inc. Long-Term Stock Incentive Plan as amended by the Amendment No. 1 and Amendment No. 2 to the Plan (the “Plan”)
of Guerrilla RF, Inc., a Delaware corporation (the “Company”), which was originally approved by the shareholders of the Company
on or about June 23, 2014, and amended and approved by the shareholders on or about May 12, 2015 and March 6, 2017. Capitalized terms
not otherwise defined herein shall have the meanings ascribed to them in the Plan.

 

WHEREAS, under the terms of
the Plan (as amended), the Board is authorized to reserve for Awards under the Plan 1,000,000 shares of the authorized and unissued shares
of Common Stock, which is also designated as the maximum number of shares of Common Stock authorized for issuance under the Plan; and

 

WHEREAS, consistent with the
purpose of the Plan as set forth in the Plan, on or about November 6, 2019, the Board of Directors and all holders of the Company’s
Common Stock, Series A Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred
Stock and Series E Preferred Stock agreed to amend the Plan to increase the number of shares of Common Stock authorized for issuance under
the Plan by 260,000 additional shares of Common Stock, subject to such additional shares being available for reservation and issuance
under the terms of the Certificate of Incorporation of the Company (as amended and restated from time to time).

 

NOW, THEREFORE, consistent
with the foregoing, the Plan is amended as follows:

 

1. Additional
Available Shares. The total of number of shares of Common Stock available for issuance for Awards under the Plan shall be increased
by 260,000 shares of Common Stock, such that the total number of shares of Common Stock available for issuance shall be 1,260,000 shares
of authorized and unissued shares of Common Stock. As a result:

 

(a) Section
4.2.1 entitled “Common Stock” shall be amended and restated as follows:

 

“The Board
shall reserve for Awards under this Plan 1,260,000 shares of the authorized and unissued shares of Common Stock. In the event of a change
in the Common Stock of the Company that is limited to a change in the designation thereof to “Capital Stock” or other similar
designation, or to a change in the par value thereof, or from par value to no par value, without increase or decrease in the number of
issued shares, the shares resulting from any such change shall be deemed to be the Common Stock for purposes of this Plan. Common Stock
which may be issued under this Plan shall be authorized and unissued shares. No fractional shares of Common Stock shall be issued under
this Plan.”

 

(b) Section
4.2.3 entitled “Available Shares” shall me amended and restated as follows:

 

“Subject to
Section 4.3, the maximum number of shares of Common Stock authorized for issuance under this Plan shall be 1,260,000.”

 

2. Effective
Date of Amendment. This Amendment was approved by the Board of Directors and Company shareholders on or about November 6, 2019. Notwithstanding
the foregoing, this Amendment shall be effective on the 1st business day following the date that the Amended and Restated Certificate
of Incorporation of Guerrilla RF, Inc., as approved by the Company’s shareholders and Board of Directors on or about November 6,
2019, has been filed with the Delaware Secretary of State which, among other things, increases the number of authorized but unissued shares
of Common Stock so that they may be reserved under the Plan, as amended and contemplated herein.

 

3. No
Further Amendment. Except as otherwise specifically set forth in this Amendment, no other provision of the Plan is Amended, and all
other rights, terms, and conditions set forth in the Plan shall remain the same with the same force and effect as adopted and approved
by the Company’s shareholders.

 

     

     

    

 

AMENDMENT NO. 4 

TO THE

GUERRILLA RF, INC.

LONG-TERM STOCK INCENTIVE PLAN

APPROVED [*]

 

This is Amendment No. 4 to
the Guerrilla RF, Inc. Long-Term Stock Incentive Plan as amended by the Amendment No. 1, Amendment No. 2, and Amendment No. 3 to the
Plan (the “Plan”) of Guerrilla RF, Inc., a Delaware corporation (the “Company”), which was originally approved
by the shareholders of the Company on or about June 23, 2014, and amended and approved by the shareholders on or about May 12, 2015,
March 6, 2017, and November 6, 2019. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan.

 

WHEREAS, in connection with
the planned merger of the Company with and into Guerrilla RF Acquisition Co. (“Merger Sub”), with the Company continuing
as the surviving corporation and as a wholly owned subsidiary of Laffin Acquisition Corp. (the “Corporation”) (the “Merger”),
the Company desires to amend the Plan to provide that no further Awards will be made under the Plan on or after the effective date of
the Merger, and all Awards made under the Plan prior to the Merger will be assumed by the Corporation and converted to equivalent Awards
based on the common stock of the Corporation but will continue to be administered in accordance with the terms of the Plan as amended
herein; and

 

WHEREAS, the Company also
desires to document its determination that Awards made under the Plan prior to the effective date of the Merger will continue to vest
and be administered according to the terms of the Plan and applicable Award Agreements as if the Merger has not occurred.

 

NOW, THEREFORE, consistent
with the foregoing, the Plan is amended as follows:

 

ARTICLE I

 

1.01 Adoption and effective date of Amendment.
The Company adopts this Amendment to freeze participation in and new Awards made under the Plan effective as of the “Effective
Date” specified in Amendment Section 2.01 below.

 

1.02 Superseding of inconsistent provisions.
This Amendment supersedes the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this Amendment.

 

1.03 Construction. Except as otherwise
provided in this Amendment, any reference to “Section” in this Amendment refers only to sections within this Amendment, and
is not a reference to the Plan. The Article and Section numbering in this Amendment is solely for purposes of this Amendment, and does
not relate to the Plan article, section or other numbering designations. Capitalized terms not otherwise defined herein shall have the
meaning ascribed to them in the Plan, as herein amended.

 

     

     

    

 

ARTICLE II

 

2.01 Plan Freeze. The Plan is frozen as
of the Effective Date.

 

(a). The Effective Date
is: [DATE].

 

2.02 Cessation of Participation and Awards.
No new Participants shall enter the Plan on or after the Effective Date, and there will be no new Awards made under the Plan on or
after such date. Following the Effective Date, all outstanding Awards will continue to be administered under the terms of the Plan as
amended, and any applicable Award Agreement.

 

2.03 Definitions. On and after the effective
date of the Merger, “Common Stock” means the common stock of Laffin Acquisition Corp.

 

2.04 Change in Control/Corporate Transaction.
The Merger will not be considered or treated as a Change in Control or Corporate Transaction as defined in the Plan for purposes
of the Plan, nor for purposes of any Award outstanding as of the Effective Date and any applicable Award Agreement. For the avoidance
of doubt, the Merger will not result in the release of any restrictions on transfer, repurchase rights, or forfeiture rights under Section
13.1.1 of the Plan.

 

2.05 Vesting. All participants in the
Plan shall continue to vest in outstanding Awards made under the Plan prior to the Effective Date in accordance with the terms of the
Plan and any applicable Award Agreement, without regard to the effect of the Merger. For the avoidance of doubt, the Merger will not
result in the full vesting of any Award outstanding on the date of such Merger under Section 13.1.1 of the Plan.

 

2.06 No Further Amendment. Except as otherwise
specifically set forth in this Amendment, no other provision of the Plan is amended, and all other terms, and conditions set forth in
the Plan shall remain the same with the same force and effect as adopted and approved by the Company’s shareholders.

 

WITNESS the signature of the undersigned,
effective as stated herein.

 

	 	GUERRILLA RF, INC.
	 	 	 
	 	By:	                
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

     

     

    

 

GUERRILLA RF, INC.

STOCK OPTION GRANT AND AGREEMENT

 

THIS STOCK OPTION GRANT AND
AGREEMENT (“Agreement”), being made according to and subject to the terms and conditions of the Guerrilla RF, Inc. Long-Term
Stock Incentive Plan (referred to hereafter as the “Plan”), a copy of which is attached hereto as Annex A and
is hereby incorporated by reference and made a part of this Agreement, is herein executed and effective the _____ day of __________, _____
between Guerrilla RF, Inc., a Delaware corporation (the “Company”), and _________________________ (“Optionee”):

 

		1.	Grant. As of the above date, the Company hereby grants to the Optionee
(applicable provisions are marked):

 

☐
an Incentive Stock Option [as that term is defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”)]
to purchase _____ shares of Common Stock of the Company at the price stated in this Agreement;

 

☐
a Nonqualified Stock Option to purchase __________ shares of Common Stock of the Company at the price stated in this Agreement.

 

The Option(s) granted under this section
and as described in this Agreement is (are) in all respects subject to and conditioned by the terms, definitions, and provisions of this
Agreement and the Plan. Capitalized terms in this Agreement which are not otherwise defined but which are defined in the Plan shall have
the same meaning given to those terms in the Plan.

 

The Optionee has been granted Options
under this Plan as a result of the Optionee’s position as [an employee] [a director] of the Company.

 

		2.	Price. The Option price is $                       for each share of Common Stock
of the Company.

 

		3.	Exercise of Option. The Option(s) granted under this Agreement shall
be exercisable pursuant to the terms and conditions of the Plan and as set forth below:

 

(a)
Right to Exercise: In addition to the terms and conditions imposed by the Plan on the Optionee’s
right to exercise his or her Options, the following terms and conditions are applicable:

 

 ☐ (Marked if applicable) Installments:
Subject to the terms and conditions of the Plan, the Incentive Stock Options can be exercised in installments as follows:

 

_________
shares beginning on ___________, 20__

_________
shares beginning
on ___________, 20__

_________
shares beginning on ___________,
20__

_________
shares beginning
on ___________, 20__

_________
shares beginning
on ___________, 20__

 

Subject to the terms and conditions of
the Plan, the Nonqualified Options can be exercised in installments as follows:

 

_________
shares beginning
on ______________, 20__

_________
shares beginning
on ______________, 20__

_________
shares beginning
on ______________, 20__

_________
shares beginning
on ______________, 20__

_________
shares beginning
on ______________, 20__

 

     

     

    

 

The right to exercise the Option(s) in
installments shall be cumulative. In addition, the Option(s) shall be exercisable upon disability, death, termination, retirement and
a business combination as set forth in the Plan.

 

 ☐ (Marked if applicable) Immediate
Vesting: Subject to the terms and conditions of the Plan, all of the Options are vested, nonforfeitable and exercisable.

 

(b) Method
of Exercise: The Options granted under this Agreement shall be exercisable by a written notice to the Secretary of the Company
which shall:

 

(1) State
the election to exercise the Option, the number of shares in respect of which the Option is being exercised, the person in whose
name any stock certificate or certificates for such shares of Common Stock is to be registered or to whom any cash is to be paid,
his or her address, and social security number;

 

(2) Contain
any such representation and agreements as to Optionee’s investment intent with respect to shares of Common Stock as may be
required by the Committee;

 

(3) Be
signed by the person entitled to exercise the Option and, if the Option is being exercised by any person or persons other than the
Optionee, be accompanied by proof, satisfactory to the Company, of the right of such person or persons to exercise the Option in
accordance with the Plan; and

 

(4) Be
accompanied by payment of the purchase price of any shares with respect to which the Option is being exercised which payment shall
be in form acceptable to the Committee pursuant to Section 6 of the Plan.

 

(c)
Representations and Warranties: In order to exercise an Option, the person exercising the
Option must make the representations and warranties to the Company as may be required by any applicable law or regulation, or as may otherwise
be required pursuant to the Plan.

 

(d) Approvals.
In order for an Option to be exercised, all filings and approvals required by applicable law and regulations or pursuant to the Plan
must have been made and obtained.

 

4.
Non-transferability. The Options granted under this Agreement may not be transferred in any
manner otherwise than as permitted in the Plan.

 

5. Investment
Purpose. The Options granted under this Agreement may not be exercised if the issuance of shares or payment of cash upon such
exercise would constitute a violation of any applicable federal or state securities law or other law or valid regulation.

 

6. Expiration.
Subject to any earlier expiration pursuant to the Plan, the Options granted under this Agreement shall expire on [INSERT DATE 10
YEARS AFTER AWARD DATE].

 

7. Tax
Withholding. All stock, cash and other assets distributed pursuant to this Agreement shall be subject to applicable federal,
state and local withholding for taxes. The Optionee expressly acknowledges and agrees to such withholding. The Optionee acknowledges
and agrees to the tax withholding provisions which are set forth in the Plan.

 

     

     

    

 

8. Resolution
of Disputes. Any dispute or disagreement which should arise under, or as a result of, or in any way relate to, the
interpretation, construction, or application of this Agreement or the Plan will be determined by the Committee. Any determination
made by the Committee shall be final, binding, and conclusive for all purposes.

 

9. Construction
Controlled by the Plan. The Options evidenced hereby shall be subject to all of the requirements, conditions and provisions of
the Plan. This Agreement shall be construed so as to be consistent with the Plan; and the provisions of the Plan shall be deemed to
be controlling in the event that any provision should appear to be inconsistent therewith.

 

10. Voting
Agreement. As a condition to the Company’s grant of the Options, the Optionee agrees to become a party to, and be subject
to the terms of, that certain Fifth Amended and Restated Voting Agreement dated April 16, 2018, by and among the Company and certain
of its stockholders, as such Voting Agreement may be amended or amended and restated following the date of this Agreement (the
“Voting Agreement”) at such time as the Optionee exercises any Option and acquires any shares of Common Stock.
The Optionee will execute such documents, agreements and/or instruments as may be reasonably requested by the Company to cause the
Optionee to become a party to the Voting Agreement. 

 

11.
Service Provider Right of First Refusal and Co-Sale Agreement. As a condition to the Company’s
grant of the Options, the Participant agrees to become a party to that certain Service Provider Right of First Refusal and Co-Sale Agreement
in the general form provided to the Participant, as the same may be hereinafter amended or amended and restated pursuant to the terms
thereto (the “ROFR Agreement”). The Participant may be required to become a party to the ROFR Agreement by the Company
upon the grant of the Options, at any time thereafter, or at the time any Option is exercised and shares of Common Stock are acquired.
The Optionee will execute such documents, agreements and/or instruments as may be reasonably requested by the Company to cause the Optionee
to become a party to the ROFR Agreement. 

 

12. Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be valid and enforceable under
applicable law, but if any provision of this Agreement is determined to be unenforceable, invalid or illegal, the validity of any
other provision or part thereof shall not be affected thereby and this Agreement shall continue to be binding on the parties hereto
as if such unenforceable, invalid or illegal provision or part thereof had not been included herein, unless to do so would defeat an
essential purpose of this Agreement.

 

13.
Modification of Agreement; Waiver. This Agreement may be modified, amended, suspended or terminated,
and any terms, representations or conditions may be waived, but only by a written instrument signed by each of the parties hereto and
only subject to the limitations set forth in the Plan. No waiver hereunder shall constitute a waiver with respect to any subsequent occurrence
or other transaction hereunder or of any other provision.

 

14.
Captions and Headings; Gender and Number. Captions and paragraph headings used herein are
for convenience only, do not modify or affect the meaning of any provision herein, are not a part, and shall not serve as a basis for
interpretation or construction, of this Agreement. As used herein, the masculine gender shall include the feminine and neuter, and the
singular number shall include the plural, and vice versa, whenever such meanings are appropriate.

 

15.
Governing Law. Without regard to the principles of conflicts of laws, the laws of the State
of Delaware shall govern and control the validity, interpretation, performance, and enforcement of this Agreement.

 

16. Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the Company, and its successors and assigns, and
shall be binding upon and inure to the benefit of the Optionee, and his or her heirs, legatees, personal representative, executor,
administrator and permitted assigns.

 

17. Entire
Agreement. This Agreement and the Plan constitute and embody the entire understanding and agreement of the parties hereto and,
except as otherwise provided hereunder, there are no other agreements or understandings, written or oral, in effect between the
parties hereto relating to the matters addressed herein.

 

18.
Counterparts. This Agreement may be executed in any number of counterparts, each of which
when executed and delivered shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

     

     

    

 

IN WITNESS WHEREOF, the parties
have set their hands and seals the day and year first above written.

 

	 	Guerrilla RF, Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Optionee:	 
	 	 
	 	 	 

 

     

     

    

 

ANNEX A

 

PLAN

 

[See attached]

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