Document:

Exhibit
10.1

 

COCRYSTAL
PHARMA, INC.

2015
EQUITY INCENTIVE PLAN

 

1.
DEFINITIONS

 

The
following terms shall have the following meanings unless the context indicates otherwise:

 

1.1.
“Affiliate” and “Associate” shall have the respective meanings given to such
terms under Rule 12b-2 under the Exchange Act.

 

1.2.
“Award” shall mean either a Stock Option, an SAR, a Stock Award, a Stock Unit, a Performance Share,
a Performance Unit, or a Cash Award.

 

1.3.
“Award Agreement” shall mean a written agreement between the Company and the Participant that establishes
the terms, conditions, restrictions and/or limitations applicable to an Award in addition to those established by the Plan and
by the Committee’s exercise of its administrative powers.

 

1.4.
“Beneficial Owner” shall have the meaning given to such term under Rule 13d-3 under the Exchange Act.

 

1.5.
“Board” shall mean the Board of Directors of the Company.

 

1.6.
“Cash Award” shall mean the grant by the Committee to a Participant of an award of cash as described
in Section 11 below.

 

1.7.
“Cause” shall mean (i) willful malfeasance or willful misconduct by the
Employee in connection with his/her employment, (ii) continuing failure to perform such duties as are requested by the Company
and/or its subsidiaries, (iii) failure by the Employee to observe material policies of the Company and/or its subsidiaries applicable
to the Employee, (iv) material breach of any agreement with or duty owed to the Company and/or its subsidiaries applicable to
the Employee, or (v) the commission by the Employee of (x) any felony or (y) any misdemeanor involving moral turpitude.

 

1.8.
“Change in Control of the Company” or “Change in Control” shall mean the occurrence
of any of the following events:

 

(a)
any Person, as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act, or any successor section thereto,
(other than (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company,
(iii) any Subsidiaries of the Company, (iv) any company owned, directly or indirectly, by the shareholders of the Company in substantially
the same proportions as their ownership of stock of the Company), or (v) any existing director or any of his or her Affiliates
becomes, either alone or together with such Person’s Affiliates and Associates, the Beneficial Owner, directly or indirectly,
of securities of the Company representing 60% or more of the combined voting power of the Company’s then-outstanding securities.

 

(b)
during any period of twenty-four months, individuals who at the beginning of such period constitute the Board, and any new directors
whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof;

 

(c)
the effective date or date of consummation of any transaction or series of transactions (other than a transaction to which only
the Company and one or more of its subsidiaries are parties) under which the Company is merged or consolidated with any other
company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) 60% or more of the combined voting power of the voting securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation; or

 

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(d)
the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets.

 

1.9.
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

1.10.
“Committee” shall mean the Board’s Compensation Committee or any other committee of the Board
appointed to administer this Plan.

 

1.11.
“Common Stock” shall mean the common stock of the Company.

 

1.12.
“Company” shall mean Cocrystal Pharma, Inc., a Delaware Corporation.

 

1.13.
“Disability” shall mean the inability to engage in any substantial gainful activity by reason of a medically
determinable physical or mental impairment which constitutes a permanent and total disability, as defined in Section 22(e) (3)
of the Code (or any successor section thereto). The determination whether a Participant has suffered a Disability shall be made
by the Committee, in its sole discretion, based upon such evidence as it deems necessary and appropriate, and shall be conclusive
and binding on the Participant. A Participant shall not be considered disabled unless he or she furnishes such medical or other
evidence of the existence of the Disability as the Committee, in its sole discretion, may require.

 

1.14.
“Dividend Equivalent Right” shall mean the right to receive an amount equal to the amount of any dividend
paid with respect to a share of Common Stock multiplied by the number of shares of Common Stock underlying or with respect to
a Stock Option, a SAR, a Stock Unit or a Performance Unit, and which shall be payable in cash, in Common Stock, in the form of
Stock Units or Performance Units, or a combination of any or all of the foregoing.

 

1.15.
“Effective Date” shall mean the date on which the Board adopts the Plan.

 

1.16.
“Employee” shall mean an employee of the Company or any Subsidiary as described in Treasury Regulation
Section 1.421-7(h).

 

1.17.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, including
applicable regulations thereunder.

 

1.18.
“Fair Market Value” shall, unless otherwise required by any applicable provision of the Code or any
Treasury Regulations, mean:

 

(a)
if a security is listed or trading on a national securities exchange or other market system, the closing price of such security
on the date of calculation (or on the last preceding trading date if such security was not traded on such date), or

 

(b)
if such security is not listed or trading on a national securities exchange or other market system, as determined in good faith
by the Board or the Committee.

 

1.19.
“Family Members” shall mean a Participant’s spouse, parents, children, and siblings, whether by
blood, marriage or adoption.

 

1.20.
“Independent Contractor” shall mean a Person (other than a Person who is an Employee or a Nonemployee
Director) or an entity that renders services to the Company or any Subsidiary.

 

1.21.
“ISO” shall mean an “incentive stock option” as such term is used in Code Section 422.

 

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1.22.
“Nonemployee Director” shall mean a member of the Board or the board of directors of a Subsidiary who
is not an Employee.

 

1.23.
“Nonqualified Stock Option” shall mean a Stock Option that is not an ISO.

 

1.24.
“Participant” shall mean any Employee, Nonemployee Director or Independent Contractor to whom an Award
has been granted by the Committee under the Plan.

 

1.25.
“Performance-Based Award” shall mean an Award subject to the achievement of certain performance goal
or goals as described in Section 12 below.

 

1.26.
“Performance Share” shall mean the grant by the Committee to a Participant of an Award as described
in Section 10.1 below.

 

1.27.
“Performance Unit” shall mean the grant by the Committee to a Participant of an Award as described in
Section 10.2 below.

 

1.28.
“Person” shall mean any person, entity or “group” (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act).

 

1.29.
“Plan” shall mean the Cocrystal Pharma, Inc. 2015 Equity Incentive Plan, as it may be amended from time
to time.

 

1.30.
“Retirement” shall mean the termination of the employment, other than for Cause or due to death or Disability,
of a Participant who; (i) has reached the age of 65; (ii) has reached the age of 62 and has completed 5 years of service with
the Company; or (iii) has reached the age of 60 and has completed 10 years of service with the Company.

 

1.31.
“SAR” shall mean the grant by the Committee to a Participant of a stock appreciation right as described
in Section 8 below.

 

1.32.
“Stock Award” shall mean the grant by the Committee to a Participant of an Award of Common Stock as
described in Section 9.1 below.

 

1.33.
“Stock Option” shall mean the grant by the Committee to a Participant of an option to purchase Common
Stock as described in Section 7 below.

 

1.34.
“Stock Unit” shall mean the grant by the Committee to a Participant of an Award as described in Section
9.2 below.

 

1.35.
“Subsidiary” shall mean a corporation of which the Company is the Beneficial Owner, directly or indirectly,
of more than 50% of the Voting Stock or any other business entity in which the Company is the Beneficial Owner, directly or indirectly,
of more than 50% or any other business venture designated by the Committee in which the Company has a significant interest, as
determined in the discretion of the Committee.

 

1.36.
“Treasury Regulations” shall mean the regulations promulgated under the Code by the United States Department
of the Treasury, as amended from time to time.

 

1.37.
“Vest” shall mean:

 

(a)
with respect to Stock Options and SARs, when the Stock Option or SAR (or a portion of such Stock Option or SAR) first becomes
exercisable and remains exercisable subject to the terms and conditions of such Stock Option or SAR; or

 

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(b)
with respect to Awards other than Stock Options and SARs, when the Participant has:

 

(i)
an unrestricted right to receive the compensation (whether payable in Common Stock, cash or a combination of both) attributable
to such Award (or a portion of such Award) or to otherwise enjoy the benefits underlying such Award; and

 

(ii)
a right to transfer an Award subject to no Company-imposed restrictions or limitations other than restrictions and/or limitations
imposed by Section 14 below

 

1.38.
“Vesting Date” shall mean the date or dates on which an Award Vests.

 

1.39.
“Voting Stock” shall mean the capital stock of any class or classes having general voting power under
ordinary circumstances, in the absence of contingencies, to elect the directors of a corporation.

 

1.40.
“10 Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of
the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company.

 

2.
PURPOSE AND TERM OF PLAN

 

2.1.
Purpose. The purpose of the Plan is to motivate certain Employees, Nonemployee Directors and Independent Contractors to
put forth maximum efforts toward the growth, profitability, and success of the Company and Subsidiaries by providing incentives
to such Employees, Nonemployee Directors and Independent Contractors either through cash payments and/or through the ownership
and performance of the Common Stock. In addition, the Plan is intended to provide incentives which will help the Company attract
and retain highly qualified individuals as Employees and Nonemployee Directors and to assist in aligning the interests of such
Employees and Nonemployee Directors with those of its shareholders.

 

2.2.
Term. The Plan shall be effective as of the Effective Date; provided, however, that the Plan shall be approved by the shareholders
of the Company at an annual meeting or any special meeting of shareholders of the Company within 12 months before or after the
Effective Date, and such approval by the shareholders of the Company shall be a condition to the right of each Participant to
receive Awards hereunder. Any Award granted under the Plan prior to the approval by the shareholders of the Company shall be effective
as of the date of grant (unless the Committee specifies otherwise at the time of grant), but no such Award may Vest, be paid out,
or otherwise be disposed of prior to such shareholder approval. If the shareholders of the Company fail to approve the Plan in
accordance with this Section 2.2, any Award granted under the Plan shall be automatically cancelled without payment of any consideration
to the recipient of such Award. The Plan shall remain in effect for ten years or until earlier terminated by the Board or Committee
and no Award may be granted under the Plan on a date that is more than ten years from the Effective Date; provided, however, that
in the event of Plan termination or expiration, the provisions of the Plan shall remain in effect as to any Awards which remain
outstanding until all such Awards have been satisfied or are terminated under the terms of this Plan or under the applicable Award
Agreement.

 

3.
ELIGIBILITY AND PARTICIPATION

 

3.1.
Eligibility. All Employees, all Nonemployee Directors and all Independent Contractors shall be eligible to participate
in the Plan and to receive Awards. An individual’s status as a member of the Committee will not affect his eligibility to
participate in the Plan.

 

3.2.
Participation. Participants shall consist of such Employees, Nonemployee Directors and Independent Contractors as the Committee
in its sole discretion designates to receive Awards under the Plan. Subject to Section 7.1, an Award may also be granted to an
Employee, in connection with hiring, retention or otherwise prior to the date the Employee first performs services for the Company
or any Subsidiary, provided that such Awards shall not become Vested prior to the date the Employee first performs such services.
Designation of a Participant in any year shall not require the Committee to designate such Person to receive an Award in any other
year or, once designated, to receive the same type or amount of Award as granted to the Participant in any other year. The Committee
shall consider such factors as it deems pertinent in selecting Participants and in determining the type and amount of their respective
Awards.

 

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4.
ADMINISTRATION

 

4.1.
Responsibility. The Committee shall have the responsibility, in its sole discretion, to control, operate, manage and administer
the Plan in accordance with its terms; provided, however, that the Board may in any instance perform any of the functions of the
Committee hereunder, unless otherwise provided by the rules of any stock exchange upon which the Common Stock is listed.

 

4.2.
Award Agreement. Each Award granted under the Plan shall be evidenced by an Award Agreement which shall be signed by the
Company and the Participant; provided, however, that in the event of any conflict between a provision of the Plan and any provision
of an Award Agreement, the provision of the Plan shall prevail.

 

4.3.
Authority of the Committee. The Committee shall have all the discretionary authority that may be necessary or helpful to
enable it to discharge its responsibilities with respect to the Plan, including but not limited to the following:

 

(a)
to determine eligibility for participation in the Plan and to select Participants;

 

(b)
to determine eligibility for and the type and size of an Award granted under the Plan;

 

(c)
to make Awards in accordance with the terms of the Plan and to determine the terms and conditions of each Award;

 

(d)
to supply any omission, correct any defect, or reconcile any inconsistency in the Plan in such manner and to such extent as it
shall deem appropriate in its sole discretion to carry the same into effect;

 

(e)
to issue administrative guidelines as an aid to administer the Plan and make changes in such guidelines as it from time to time
deems proper;

 

(f)
to make rules for carrying out and administering the Plan and make changes in such rules as it from time to time deems proper;

 

(g)
to the extent permitted under the Plan, grant waivers of Plan terms, conditions, restrictions, and limitations and to vary the
terms of Awards

 

(h)
to take account of tax, securities law and other regulatory requirements of foreign jurisdictions;

 

(i)
to accelerate the Vesting of any Award when such action or actions would be in the best interest of the Company;

 

(j)
to grant Awards in replacement of Awards previously granted under this Plan or any other executive compensation plan of the Company;
and

 

(k)
to take any and all other actions it deems necessary or advisable for the proper operation or administration of the Plan.

 

4.4.
Action by the Committee. The Committee may act only by a majority of its members. Any determination of the Committee may
be made, without a meeting, by a writing or writings signed by all of the members of the Committee. For the avoidance of doubt,
approval via email shall constitute a signed writing for the purposes of taking Committee action. In addition, the Committee may
authorize any one or more of its members or, subject to Section 4.5 below, one or more agents to execute and deliver documents
on behalf of the Committee.

 

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4.5.
Delegation of Authority. To the extent permitted by applicable law and the rules of any stock exchange upon which the Common
Stock is listed, the Committee may delegate to one or more of its members, or to one or more officers of the Company, such administrative
duties as it may deem advisable; provided, however, that any such delegation shall be in writing and, provided, further, that
the Committee may not delegate its authority (a) to make Awards to Participants or (b) under Sections 4.3 (a), (b), (c), (d),
(e), (f), (g), (h), (i) or (j) or Section 16 of the Plan. Any action undertaken by any such member or agent in accordance with
the Committee’s delegation of authority shall have the same force and effect as if undertaken directly by the Committee,
and any reference in the Plan to the Committee shall, to the extent consistent with the terms and limitations of such delegation,
be deemed to include a reference to such members or agents. In addition, the Committee, or any Person to whom it has delegated
duties under this Section 4.5, may employ one or more Persons to render advice with respect to any responsibility the Committee
or such Person may have under the Plan. The Committee may employ such legal or other counsel, consultants and agents as it may
deem desirable for the administration of the Plan. Expenses incurred by the Committee in the engagement of such counsel, consultant
or agent shall be paid by the Company, or the Subsidiary whose employees have benefited from the Plan, as determined by the Committee.
In the performance of its functions, the Committee shall be entitled to rely upon information, opinions, computations and advice
furnished by the Company’s officers, any counsel, consultant or agent retained by the Committee, and any other party the
Committee deems necessary, and no member of the Committee shall be liable for any action taken or not taken in reliance upon any
such advice.

 

4.6.
Determinations and Interpretations by the Committee. All determinations and interpretations made by the Committee shall
be binding and conclusive on all Participants and their heirs, successors, and legal representatives.

 

4.7.
Liability. No member of the Board, no member of the Committee and no Employee shall be liable for any act or failure to
act hereunder, except in circumstances involving his or her willful misconduct, or for any act or failure to act hereunder by
any other member or Employee or by any agent to whom duties in connection with the administration of the Plan have been delegated.

 

4.8.
Indemnification. The Company shall indemnify members of the Board, members of the Committee and any agent of the Committee
who is an Employee, against any and all liabilities or expenses to which they may be subjected (including, without limitation,
the reasonable fees and expenses of counsel) by reason of any act or failure to act with respect to their duties on behalf of
the Plan, except in circumstances involving such Person’s willful misconduct.

 

5.
SHARES SUBJECT TO PLAN

 

5.1.
Available Shares. Subject to the provisions of Section 5.2 below, the aggregate number of shares of Common Stock which
shall be available for grants or payments of Awards under the Plan during its term shall be 81,157,135 shares, including 31,157,135
shares transferred from the Cocrystal Discovery 2007 Equity Incentive Plan (the “Total Plan Shares”).
In the event that (i) an Award (or portion thereof) lapses, expires or is otherwise terminated without the issuance of the shares
subject to such Award or is settled by the delivery of consideration other than shares, (ii) shares are tendered to pay the exercise
price of a Stock Option or other Award or (iii) shares are withheld from any award to satisfy a Participant’s tax withholding
obligations or, if applicable, to pay the exercise price of a Stock Option or other Award, such shares shall again become available
for grants or Awards hereunder. Such shares of Common Stock available for issuance under the Plan may be either authorized but
unissued shares, shares of issued stock held in the Company’s treasury, or both, at the discretion of the Company. Awards
that are payable only in cash are not subject to this Section 5.1.

 

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5.2.
Adjustment to Shares. The existence of the Plan, the Award Agreements and the Awards granted hereunder shall not affect
or restrict in any way the right or power of the Company or the shareholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation
of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior
preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into
or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part
of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. If there is
any change in the Common Stock of the Company, through merger, consolidation, reorganization, recapitalization, stock dividend,
stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, dividend in kind or
other like change in capital structure or distribution to shareholders of the Company in the nature of a liquidating distribution
or a distribution pursuant to a plan of dissolution, the Committee may, in its discretion, make a proportionate adjustment to
each outstanding Award that the Committee considers appropriate so that thereafter each such Award shall be with respect to or
exercisable for such securities, cash and/or other property as would have been received in respect of the Common Stock subject
to such Award had such Award been paid, distributed or exercised in full immediately prior to such change or distribution. In
addition, in the event of any such change or distribution, in order to prevent dilution or enlargement of Participants’
rights under the Plan, the Committee shall have the authority to adjust, in an equitable manner as it deems appropriate, the number
and kind of shares that may be received in respect of any Award, the number and kind of shares subject to outstanding Awards,
the exercise price applicable to outstanding Stock Options, and the Fair Market Value of the Common Stock and other value determinations
applicable to outstanding Awards. Appropriate adjustments may also be made by the Committee in the terms of any Awards granted
under the Plan to reflect such changes or distributions and to modify any other terms of outstanding Awards on an equitable basis,
including modifications of performance goals and changes in the length of performance periods; provided, however, that with respect
to Performance-Based Awards, such modifications and/or changes do not disqualify compensation attributable to such Awards as “performance-based
compensation” under Code Section 162(m). In addition, the Committee is authorized to make adjustments to the terms and conditions
of, and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Company or the financial
statements of the Company, or in response to changes in applicable laws, regulations, or accounting principles. The Committee’s
determination of what, if any, adjustments shall be made shall be final and binding on the Company and all Participants.

 

5.3.
No Repricing. Absent shareholder approval, neither the Committee nor the Board shall have the authority, with or without
the consent of the affected holders of the Awards, to “reprice” an Award after the date of its initial grant with
a lower exercise price in substitution for the original exercise price. Adjustments in accordance with Section 5.2 above shall
not be deemed “repricings” for purposes of this Section 5.3. This Section 5.3 may not be amended, altered or repealed
by the Committee or the Board without the approval of the shareholders of the Company.

 

6.
RESERVED

 

7.
STOCK OPTIONS

 

7.1.
In General. The Committee may, in its sole discretion, grant Stock Options to Employees, Nonemployee Directors and Independent
Contractors on or after the Effective Date, subject, in all cases to Section 2.2 of the Plan. The Committee shall, in its sole
discretion, determine the Employees, the Nonemployee Directors and Independent Contractors who will receive Stock Options and
the number of shares of Common Stock underlying each Stock Option. Each Stock Option shall be subject to such terms and conditions
consistent with the Plan set forth in the applicable Award Agreement and such other terms and conditions consistent with the Plan
and the applicable Award Agreement as the Committee may impose from time to time. In addition, each Stock Option shall be subject
to the following terms and conditions set forth in Sections 7.2 through 7.8 below.

 

7.2.
Exercise Price. The Committee shall specify the exercise price of each Stock Option in the Award Agreement; provided, however,
that the exercise price of any Nonqualified Stock Option shall not be less than 100% of the Fair Market Value of the Common Stock
on the date of grant.

 

7.3.
Term of Stock Option. The Committee shall specify the term of each Stock Option in the Award Agreement shall terminate
as set forth in Section 14 below or at such earlier times and upon such conditions or circumstances as the Committee shall, in
its sole discretion, set forth in the Award Agreement.

 

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7.4.
Vesting Date. The Committee shall specify the Vesting Date with respect to each Stock Option in the Award Agreement; provided,
that the Committee may provide in the applicable Award Agreement that any Stock Option shall Vest in such portions or installments
as the Committee may, in its sole discretion, determine. The Committee may grant Stock Options that are Vested, either in whole
or in part, on the date of grant. If the Committee fails to specify a Vesting Date in the Award Agreement, 25% of such Stock Option
shall become exercisable on each of the first four anniversaries of the date of grant and shall remain exercisable following such
anniversary date until the Stock Option expires in accordance with its terms under the Award Agreement or under the terms of the
Plan. The Vesting of a Stock Option may be subject to such other terms and conditions as shall be determined by the Committee,
including, without limitation, accelerating the Vesting if certain performance goals are achieved.

 

7.5.
Exercise of Stock Options. The Stock Option exercise price may be paid in cash or, in the sole discretion of the Committee,
by the delivery of shares of Common Stock or other securities of the Company then owned by the Participant, by the withholding
of shares of Common Stock (based upon the Fair Market Value as of the date notice of exercise is delivered to the Company) for
which a Stock Option is exercisable, or by a combination of these methods. In the sole discretion of the Committee, and subject
to all applicable laws, rules and regulations, payment may also be made by delivering a properly executed exercise notice to the
Company together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds
to pay the exercise price. To facilitate the foregoing, the Company may enter into agreements for coordinated procedures with
one or more brokerage firms. The Committee may prescribe any other method of paying the exercise price that it determines to be
consistent with applicable law and the purpose of the Plan, including, without limitation, in lieu of the exercise of a Stock
Option by delivery of shares of Common Stock then owned by a Participant, providing the Company with a notarized statement attesting
to the number of shares owned by the Participant, where upon verification by the Company, the Company would issue to the Participant
only the number of incremental shares to which the Participant is entitled upon exercise of the Stock Option. In determining which
methods a Participant may utilize to pay the exercise price, the Committee may consider such factors as it determines are appropriate;
provided, however, that any method approved by the Committee shall comply with applicable securities laws. When payment of the
exercise price for a Stock Option consists of shares of the Company’s capital stock or other securities of the Company,
such securities will not be accepted as payment unless the Participant has held such shares for the requisite period necessary
to avoid a charge to the Company’s earnings for financial reporting purposes.

 

7.6.
Additional Terms and Conditions. The Committee may, by way of the Award Agreements or otherwise, establish such other terms,
conditions, restrictions and/or limitations, if any, of any Stock Option, as they may determine in their sole discretion; provided,
they are not inconsistent with the Plan, including, without limitation, any requirement that the Participant not engage in competition
with the Company or any Subsidiary.

 

7.7.
Conversion Stock Options. The Committee may, in its sole discretion and upon such terms and conditions as it deems appropriate,
grant a Stock Option to any holder of an option (hereinafter referred to as an “Original Option”) to purchase shares
of the stock of any corporation:

 

(a)
the stock or all or substantially all of the assets of which were acquired, directly or indirectly, by the Company or any Subsidiary,
or

 

(b)
which was merged with and into the Company or a Subsidiary, so that the Original Option is converted into a Stock Option (hereinafter
referred to as a “Conversion Stock Option”); provided, however, that such Conversion Stock Option as of the date of
its grant (the “Conversion Stock Option Grant Date”) shall have substantially the same economic value
as the Original Option as of the Conversion Stock Option Grant Date.

 

7.8.
Additional Restrictions Applicable to ISOs.

 

(a)
10 Percent Shareholders. A 10 Percent Shareholder shall not be granted an ISO unless the exercise price is at least 110%
of the Fair Market Value of the Common Stock at the date of grant and the ISO is not exercisable after the expiration of five
years from the date of grant.

 

(b)
Eligibility for Specific Awards. ISOs may be granted only to Employees.

 

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(c)
Term. Subject to the additional limitations applicable to 10 Percent Shareholders, no ISO shall be exercisable after the
expiration of 10 years from the date of grant.

 

(d)
Exercise price of an ISO. Subject to the additional limitations applicable to 10 Percent Shareholders, the exercise price
of each ISO shall be not less than 100% of the Fair Market Value of the Common Stock subject to the ISO on the date of grant.
Notwithstanding the foregoing, an ISO may be granted with an exercise price lower than that set forth in the preceding sentence
if such ISO is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section
424(a) of the Code.

 

(e)
ISO $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common
Stock with respect to which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans
of the Company and its Affiliates) exceeds $100,000, the Stock Options or portions thereof which exceed such limit (according
to the order in which they were granted) shall be treated as Nonqualified Stock Options.

 

(f)
Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the
Code) of all or any portion of shares of Common Stock acquired upon exercise of an ISO within two years from the date of grant
of such ISO or within one year after the issuance of the shares of Common Stock acquired upon exercise of such ISO (a “Disqualifying
Disposition”) shall be required to immediately advise the Company in writing as to the occurrence of the sale and
the price realized upon the sale of such shares of Common Stock.

 

8.
STOCK APPRECIATION RIGHTS

 

8.1.
In General. The Committee may, in its sole discretion, grant SARs to Employees, Nonemployee Directors, and/or Independent
Contractors. An SAR is a right to receive a payment in cash, Common Stock or a combination of both, in an amount equal to the
excess of (x) the Fair Market Value of the Common Stock, or other specified valuation, of a specified number of shares of Common
Stock on the date the SAR is exercised over (y) the Fair Market Value of the Common Stock, or other specified valuation (which
shall be no less than the Fair Market Value of the Common Stock), of such shares of Common Stock on the date the SAR is granted,
all as determined by the Committee. If a SAR is granted in tandem with, or subsequently to, a related Stock Option, or in substitution
for a related Stock Option, the designated Fair Market Value of the Common Stock in the Award Agreement shall be the Fair Market
Value of the Common Stock on the date such Stock Option was granted, the SAR shall cover the same number of shares of Common Stock
as covered by the Stock Option (or such lesser number of shares as the Committee may determine) and the SAR shall be exercisable
only at such time or times and to the extent the related Stock Option shall be exercisable, and shall have the same term and exercise
price as the related Stock Option. Upon exercise of a Stock Appreciation Right granted in tandem with, or subsequently to, a related
Stock Option, the related Stock Option shall be cancelled automatically to the extent of the number of shares covered by such
exercise; conversely, if the related Stock Option is exercised as to some or all of the shares covered by the tandem grant, the
tandem Stock Appreciation Right shall be cancelled automatically to the extent of the number of shares covered by the Stock Option
exercised. Each SAR shall be subject to such terms and conditions, including, but not limited to, a provision that automatically
converts a SAR into a Stock Option on a conversion date specified at the time of grant, as the Committee shall impose from time
to time in its sole discretion and subject to the terms of the Plan.

 

9.
STOCK AWARDS AND STOCK UNITS

 

9.1.
Stock Awards. The Committee may, in its sole discretion, grant Stock Awards to Employees, Nonemployee Directors, and/or
Independent Contractors as additional compensation or in lieu of other compensation for services to the Company. A Stock Award
shall consist of shares of Common Stock which shall be subject to such terms and conditions as the Committee in its sole discretion
determines appropriate, including, without limitation, restrictions on the sale or other disposition of such shares, the Vesting
Date with respect to such shares, and the right of the Company to reacquire such shares for no consideration upon termination
of the Participant’s employment within specified periods. With respect to the shares of Common Stock subject to a Stock
Award, the Participant shall have all of the rights of a holder of shares of Common Stock, including the right to receive dividends
and to vote the shares, unless the Committee determines otherwise on the date of grant. The Committee may require the Participant
to deliver a duly signed stock power, endorsed in blank, relating to the Common Stock covered by such Stock Award. As a condition
to any Stock Award, the Participant may be required to deliver to the Company a stock power, endorsed in blank, relating to the
Shares covered by such Award. Any stock certificate issued in connection with a Stock Award may be held in the custody of the
Company and will bear the following legend and/or any other legend required by this Plan, the applicable Award Agreement or applicable
law:

 

    	 	9	 

     

    

 

THE
TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF COCRYSTAL PHARMA,
INC. 2007 EQUITY INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE PARTICIPANT AND COCRYSTAL PHARMA, INC. (WHICH TERMS
AND CONDITIONS MAY INCLUDE, WITHOUT LIMITATION, CERTAIN TRANSFER RESTRICTIONS AND FORFEITURE CONDITIONS). COPIES OF THAT PLAN
AND AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES OF COCRYSTAL PHARMA, INC. AND WILL BE MADE AVAILABLE TO THE HOLDER OF THIS
CERTIFICATE WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF COCRYSTAL PHARMA, INC.

 

9.2.
Stock Units. The Committee may, in its sole discretion, grant Stock Units to Employees, Nonemployee Directors, and/or Independent
Contractors as additional compensation or in lieu of other compensation for services to the Company. A Stock Unit is a hypothetical
share of Common Stock represented by a notional account established and maintained (or caused to be established or maintained)
by the Company for such Participant who receives a grant of Stock Units. Stock Units shall be subject to such terms and conditions
as the Committee, in its sole discretion, determines appropriate including, without limitation, determinations of the Vesting
Date with respect to such Stock Units and the criteria for the Vesting of such Stock Units. A Stock Unit granted by the Committee
shall provide for payment in shares of Common Stock at such time or times as the Award Agreement shall specify. The Committee
shall determine whether a Participant who has been granted a Stock Unit shall also be entitled to a Dividend Equivalent Right.

 

9.3.
Payout of Stock Units. In accordance with Section 17.3, below, a Participant may request that the delivery of Stock Units
be deferred beyond the time of vesting, and the Committee, in its sole discretion, shall determine whether to approve such deferred
delivery. Subject to a Participant’s election to defer, upon the Vesting of a Stock Unit, the shares of Common Stock representing
the Stock Unit shall be distributed to the Participant, unless the Committee, in its sole discretion, provides for the payment
of the Stock Unit in cash (or partly in cash and partly in shares of Common Stock) equal to the value of the shares of Common
Stock which would otherwise be distributed to the Participant.

 

10.
PERFORMANCE SHARES AND PERFORMANCE UNITS

 

10.1.
Performance Shares. The Committee may, in its sole discretion, grant Performance Shares to Employees, Nonemployee Directors,
and/or Independent Contractors as additional compensation or in lieu of other compensation for services to the Company. A Performance
Share shall consist of a share or shares of Common Stock which shall be subject to such terms and conditions as the Committee,
in its sole discretion, determines appropriate, including, without limitation, determining the performance goal or goals which,
depending on the extent to which such goals are met, will determine the number and/or value of the Performance Shares that will
be paid out or distributed to the Participant who has been granted Performance Shares. Performance goals may be based on, without
limitation, Company-wide, divisional and/or individual performance, as the Committee, in its sole discretion, may determine, and
may be based on the performance measures listed in Section 12.3 below. With respect to the Performance Shares, the Participant
shall have none of the rights of a holder of shares of Common Stock, including the right to receive dividends and to vote the
shares, unless and until such Performance Shares shall have been Vested and distributed to the Participant.

 

10.2.
Performance Units. The Committee may, in its sole discretion, grant Performance Units to Employees, Nonemployee Directors,
and/or Independent Contractors as additional compensation or in lieu of other compensation for services to the Company. A Performance
Unit is a hypothetical share or shares of Common Stock represented by a notional account which shall be established and maintained
(or caused to be established or maintained) by the Company for such Participant who receives a grant of Performance Units. Performance
Units shall be subject to such terms and conditions as the Committee, in its sole discretion, determines appropriate, including,
without limitation, determining the performance goal or goals which, depending on the extent to which such goals are met, will
determine the number and/or value of the Performance Units that will be accrued with respect to the Participant who has been granted
Performance Units. Performance goals may be based on, without limitation, Company-wide, divisional and/or individual performance,
as the Committee, in its sole discretion, may determine, and may be based on the performance measures listed in Section 12.3 below.

 

    	 	10	 

     

    

 

10.3.
Payout of Performance Shares or Performance Units. Subject to a Participant’s election to defer in accordance with
Section 17.3 below, upon the Vesting of a Performance Share or a Performance Unit, the shares of Common Stock representing the
Performance Share or the Performance Unit shall be distributed to the Participant, unless the Committee, in its sole discretion,
provides for the payment of the Performance Share or a Performance Unit in cash (or partly in cash and partly in shares of Common
Stock) equal to the value of the shares of Common Stock which would otherwise be distributed to the Participant.

 

11.
CASH AWARDS

 

11.1.
In General. The Committee may, in its sole discretion, grant Cash Awards to Employees, Nonemployee Directors, and/or Independent
Contractors as additional compensation or in lieu of other compensation for services to the Company. A Cash Award shall be subject
to such terms and conditions as the Committee, in its sole discretion, determines appropriate, including, without limitation,
determining the Vesting Date with respect to such Cash Award, the criteria for the Vesting of such Cash Award, and the right of
the Company to require the Participant to repay the Cash Award (with or without interest) upon termination of the Participant’s
employment within specified periods.

 

12.
PERFORMANCE-BASED AWARDS

 

12.1.
In General. The Committee, in its sole discretion, may designate Awards granted under the Plan as Performance-Based Awards
(as defined below) if it determines that such compensation might not be tax deductible by the Company due to the deduction limitation
imposed by Code Section 162(m). Accordingly, an Award granted under the Plan may be granted in such a manner that the compensation
attributable to such Award is intended by the Committee to qualify as “qualified performance-based compensation” (as
such term is used in Code Section 162(m) and the Treasury Regulations thereunder) and thus be exempt from the deduction limitation
imposed by Code Section 162(m) (“Performance-Based Awards”).

 

12.2.
Qualification of Performance-Based Awards. Awards shall only qualify as Performance-Based Awards under the Plan if:

 

(a)
at the time of grant the Committee is comprised solely of two or more “outside directors” (as such term is used in
Code Section 162(m) and the Treasury Regulations thereunder);

 

(b)
with respect to either the granting or Vesting of an Award (other than (i) a Nonqualified Stock Option or (ii) a SAR, which are
granted with an exercise price at or above the Fair Market Value of the Common Stock on the date of grant), such Award is subject
to the achievement of a performance goal or goals based on one or more of the performance measures specified in Section 12.3 below;

 

(c)
the Committee establishes in writing (i) the objective performance-based goals applicable to a given performance period and (ii)
the individual employees or class of employees to which such performance-based goals apply no later than 90 days after the commencement
of such performance period (but in no event after 25 percent of such performance period has elapsed);

 

(d)
no compensation attributable to a Performance-Based Award will be paid to or otherwise received by a Participant until the Committee
certifies in writing that the performance goal or goals (and any other material terms) applicable to such performance period have
been satisfied; and

 

(e)
after the establishment of a performance goal, the Committee shall not revise such performance goal (unless such revision will
not disqualify compensation attributable to the Award as “performance-based compensation” under Code Section 162(m))
or increase the amount of compensation payable with respect to such Award upon the attainment of such performance goal.

 

    	 	11	 

     

    

 

12.3.
Performance Measures. The Committee shall use the following performance measures (either individually or in any combination)
to set performance goals with respect to Awards intended to qualify as Performance-Based Awards: net sales; pretax income before
allocation of corporate overhead and bonus; budget; cash flow; earnings per share; net income; financial goals; return on shareholders’
equity; return on assets; attainment of strategic and operational initiatives; appreciation in and/or maintenance of the price
of the Common Stock or any other publicly-traded securities of the Company; market share; gross profits; earnings before interest
and taxes; earnings before interest, taxes, depreciation and amortization; economic value-added models; comparisons with various
stock market indices; and/or reductions in costs.

 

13.
CHANGE IN CONTROL

 

13.1.
Accelerated Vesting. Notwithstanding any other provision of this Plan to the contrary, and without limiting the powers
of the Committee under Section 4.3 of the Plan, if there is a Change in Control of the Company, the Vesting Date and/or payout
of each outstanding Award shall be accelerated so that each such Award shall, immediately prior to the effective date of the Change
in Control, become fully vested with respect to the total number of shares of Common stock subject to such Award. Upon the consummation
of any Change in Control, all outstanding Awards under the Plan shall, to the extent not previously exercised, either be assumed
by any successor corporation or parent thereof or be replaced with a comparable Award with respect to shares of common stock of
such successor corporation or parent thereof.

 

13.2.
Cashout. The Committee, in its sole discretion, may determine that, upon the occurrence of a Change in Control of the Company,
all or a portion of certain outstanding Awards shall terminate within a specified number of days after notice to the holders,
and each such holder shall receive an amount equal to the value of such Award on the date of the Change in Control, and with respect
to each share of Common Stock subject to a Stock Option or SAR, an amount equal to the excess of the Fair Market Value of such
shares of Common Stock immediately prior to the occurrence of such Change in Control (or such other greater amount as the Committee
may determine in its sole and absolute discretion to be equitable to prevent dilution or enlargement of Participants’ rights
under the Plan) over the exercise price per share of such Stock Option or SAR. Such amount shall be payable in cash, in one or
more kinds of property (including the property, if any, payable in the transaction) or in a combination thereof, as the Committee,
in its sole discretion, shall determine.

 

13.3.
Assumption or Substitution of Awards. Notwithstanding anything contained in the Plan to the contrary, the Committee may,
in its sole discretion, provide that an Award may be assumed by any entity which acquires control of the Company or may be substituted
by a similar award under such entity’s compensation plans.

 

14.
TERMINATION OF EMPLOYMENT, FORFEITURE AND CLAWBACK

 

14.1.
Termination of Employment Due to Death. Subject to the terms of the Plan, any written agreement between the Participant
and the Company, and the applicable Award Agreement, if a Participant’s employment is terminated due to death:

 

(a)
all non-Vested portions of Awards held by the Participant on the date of the Participant’s death shall immediately be forfeited
by such Participant as of such date; and

 

(b)
all Vested portions of Stock Options and SARs held by the Participant on the date of the Participant’s death shall remain
exercisable until the earlier of:

 

(i)
the end of the 12-month period following the date of the Participant’s death, or

 

(ii)
the date the Stock Option or SAR would otherwise expire.

 

    	 	12	 

     

    

 

14.2.
Termination of Employment for Cause. Subject to the terms of the Plan, any written agreement between the Participant and
the Company, and the applicable Award Agreement, if a Participant’s employment is terminated by the Company for Cause, all
Awards held by a Participant on the date of the termination of his or her employment for Cause, whether Vested or non-Vested,
shall immediately be forfeited by such Participant as of such date. If a Participant’s employment is terminated for Cause
during the six months following any exercise, payment or delivery pursuant to an Award, such exercise, payment or delivery may
be rescinded within two years thereafter. In the event of any such rescission, the Participant shall pay to the Company the amount
of any gain realized or payment received as a result of the rescinded exercise, payment or delivery, in such manner and on such
terms and conditions as may be required, and the Company shall be entitled to set-off against the amount of any such gain any
amount owed to the Participant by the Company.

 

14.3.
Termination of Employment Due to Retirement or Disability. Subject to the terms of the Plan, any written agreement between
the Participant and the Company, and the applicable Award Agreement, if a Participant’s employment is terminated due to
Retirement or Disability of the Participant:

 

(a)
all non-Vested portions of Awards held by the Participant on the date of the Participant’s Retirement or the date of the
termination of his or her employment, as the case may be, shall immediately be forfeited by such Participant as of such date;
and

 

(b)
all Vested portions of Stock Options and SARs held by the Participant on the date of the Participant’s Retirement or the
date of the termination of his or her employment, as the case may be, shall remain exercisable until the earlier of:

 

(i)
the end of the 12-month period following the date of the Participant’s Retirement or the date of the termination of his
or her employment, as the case may be, or

 

(ii)
the date the Stock Option or SAR would otherwise expire.

 

14.4.
Other Terminations of Employment. Subject to the terms of the Plan, any written agreement between the Participant and the
Company, and the applicable Award Agreement, if a Participant’s employment is terminated for any reason other than for Cause,
retirement or due to death or Disability:

 

(a)
all non-Vested portions of Awards held by the Participant on the date of the termination of his or her employment shall immediately
be forfeited by such Participant as of such date; and all Vested portions of Stock Options and/or SARs held by the Participant
on the date of the termination of his or her employment shall remain exercisable until the earlier of;

 

(i)
90 days following the date of the termination of the Participant’s employment, or

 

(ii)
the date the Stock Option or SAR would otherwise expire.

 

14.5.
Change in Status. Notwithstanding anything to the contrary set forth in the Plan, if any Employee ceases for any reason
to be an Employee but continues to perform services for the Company (whether as a Nonemployee Director, consultant, agent, Independent
Contractor or otherwise), at the sole discretion of the Committee, such Participant shall retain some or all of his or her Awards
upon the original terms and conditions thereof; provided, however, that in connection with such change in status, the Committee
may not take action with respect to any Award that would constitute the cancellation of the original Award and the grant of a
new Award under the Code; and provided, further, that if such Participant thereafter ceases to perform services for the Company
then the provisions of this Section 14.4 shall no longer apply and such Award shall thereafter be subject to the provisions of
Section 14.1, 14.2 or 14.3, as applicable.

 

    	 	13	 

     

    

 

14.6.
Committee Discretion. Notwithstanding anything contained in the Plan to the contrary, and without limiting the powers of
the Committee under Section 4.3 of the Plan, the Committee may, in its sole discretion, provide that:

 

(a)
any or all non-Vested portions of Stock Options and/or SARs held by the Participant on the date of the Participant’s death
and/or the date of the termination of his or her employment shall immediately become exercisable as of such date and shall remain
exercisable until a date that occurs on or prior to the date the Stock Option or SAR is scheduled to expire;

 

(b)
any or all Vested portions of Nonqualified Stock Options and/or SARs held by the Participant on the date of the Participant’s
death and/or the date of the termination of his or her employment shall remain exercisable until a date that occurs on or prior
to the date the Stock Option or SAR is scheduled to expire; and/or

 

(c)
any or all non-Vested portions of Stock Awards, Stock Units, Performance Shares, Performance Units, and/or Cash Awards held by
the Participant on the date of the Participant’s death and/or the date of the termination of his or her employment shall
immediately Vest or shall become Vested on a date that occurs on or prior to the date the Award is scheduled to vest.

 

14.6
Forfeiture Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits
with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain
events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition,
non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable
to the Participant, a termination for Cause of the Participant’s service to the Company as an Employee, Nonemployee Director,
consultant, agent, or Independent Contractor, or other conduct by the Participant that is detrimental to the business or reputation
of the Company and/or its Affiliates.

 

14.7
Clawbacks. Except as provided in a written agreement with the Participant, all Awards shall be subject to possible clawback
as provided below. Any clawback as may be required to be made pursuant to any law, government regulation or stock exchange listing
requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement)
shall be automatic without further action by the Board or Committee and be incorporated in this Plan and all Award Agreements.
The following clawback provisions shall be deemed to be incorporated in any Award Agreement, unless otherwise specified to the
contrary.

 

(a)
The Participant is dismissed as an employee based upon fraud, theft, or dishonesty, which is reflected in a written or electronic
notice given to the employee;

 

(b)
The Participant purchases or sells securities of the Company in violation of the Company’s insider trading guidelines then
in effect;

 

(c)
The Participant breaches any duty of confidentiality including that required by the Company’s insider trading guidelines
then in effect;

 

(d)
The Participant competes with the Company by soliciting customers located within or otherwise where the Company is doing business
within any state, or where the Company expects to do business within three months following ceasing to perform the Services and,
in this later event, the Participant has actual knowledge of such plans;

 

(e)
The Participant is unavailable for consultation after termination of the Participant if such availability is a condition of any
agreement between the Company and the Participant;

 

(f)
The Participant recruits Company personnel for another entity or business; within 24 months following termination of employment;

 

(g)
The Participant fails to assign any invention, technology, or related intellectual property rights to the Company if such assignment
is a condition of any agreement between the Company and the Participant;

 

(h)
The Participant acts in a disloyal manner to the Company; or

 

(i)
A finding by the Board that the Participant has acted against the interests of the Company.

 

    	 	14	 

     

    

 

15.
TAXES

 

15.1.
Withholding Taxes. With respect to Employees, the Company, or the applicable Subsidiary, may require a Participant whose
Stock Award, Stock Unit, Performance Share or Performance Unit granted hereunder has Vested, or who exercises a Stock Option or
SAR granted hereunder to reimburse the Company or the Subsidiary which employs such Participant for any taxes required by any
governmental regulatory authority to be withheld or otherwise deducted and paid by such corporation or entity in respect of the
issuance or disposition of such shares or the payment of any amounts. In lieu thereof, the Company or the Subsidiary which employs
such Participant, shall have the right to withhold the amount of such taxes from any other sums due or to become due from the
Company or the Subsidiary, as applicable, to the Participant upon such terms and conditions as the Committee shall in its sole
discretion prescribe. The Company or the Subsidiary that employs such Participant may, in its discretion, hold the stock certificate
to which such Participant is entitled upon the Vesting of a Stock Award, Stock Unit, Performance Share or Performance Unit or
the exercise of a Stock Option or SAR as security for the payment of such withholding tax liability, until cash sufficient to
pay that liability has been accumulated by or paid to the Company or such Subsidiary.

 

15.2.
Use of Common Stock to Satisfy Withholding Obligation. With respect to Employees, at any time that the Company, Subsidiary
or other entity that employs such Participant becomes subject to a withholding obligation under applicable law with respect to
the vesting of a Stock Award, Stock Unit, Performance Share or Performance Unit or the exercise of a Nonqualified Stock Option
(the “Tax Date”), except as set forth below, a holder of such Award may, subject to the approval of the Committee,
elect to satisfy, in whole or in part, the holder’s related personal tax liabilities (an “Election”) by (i)
directing the Company, Subsidiary or other entity that employs such Participant to withhold from shares issuable in the related
vesting or exercise either a specified number of shares or shares of Common Stock having a specified value (in each case equal
to the related minimum statutory personal withholding tax liabilities with respect to the applicable taxing jurisdiction in order
to comply with the requirements for a “fixed plan” under Accounting Principals Board Opinion No. 25), (ii) tendering
shares of Common Stock or other securities of the Company previously issued pursuant to the exercise of a Stock Option or other
shares of the Common Stock owned by the holder, or (iii) combining any or all of the foregoing Elections in any fashion. The foregoing
notwithstanding, however, when previously issued shares of Common Stock or other securities of the Company are tendered pursuant
to an Election, such tender of shares will not be accepted unless the Participant has held such shares for the requisite period
necessary to avoid a charge to the Company’s earnings for financial reporting purposes. An Election shall be irrevocable.
The withheld shares and other shares of Common Stock or other securities tendered in payment shall be valued at their Fair Market
Value on the Tax Date. The Committee may in its sole discretion disapprove of any Election, suspend or terminate the right to
make Elections or provide that the right to make Elections shall not apply to particular shares or exercises. The Committee may
impose any additional conditions or restrictions on the right to make an Election as it shall deem appropriate, including conditions
or restrictions with respect to Section 16 of the Exchange Act.

 

15.3.
No Guarantee of Tax Consequences. No Person connected with the Plan in any capacity, including, but not limited to, the
Company and any Subsidiary and their respective directors, officers, agents and employees makes any representation, commitment,
or guarantee that any tax treatment, including, but not limited to, federal, state and local income, estate and gift tax treatment,
will be applicable with respect to amounts deferred under the Plan, or paid to or for the benefit of a Participant under the Plan,
or that such tax treatment will apply to or be available to a Participant on account of participation in the Plan.

 

16.
AMENDMENT AND TERMINATION

 

16.1.
Termination of Plan. The Board or the Committee may suspend or terminate the Plan at any time with or without prior notice;
provided, however, that no action authorized by this Section 16.1 shall reduce the amount of any outstanding Award or adversely
change the terms and conditions thereof without the Participant’s consent.

 

    	 	15	 

     

    

 

16.2.
Amendment of Plan. Provided that no amendment may adversely affect the rights of any Participant under any outstanding
Award without the Participant’s consent; and, provided further, that no such amendment shall be effective without shareholder
approval if such approval is required to comply with any applicable law or the rules of any national securities exchange or other
market system on which the Company’s securities are then listed or traded; and, provided further, that the Board may not,
without shareholder approval, increase the maximum number of shares issuable under the Plan, the Board may amend the Plan at any
time with or without prior notice. Notwithstanding any provision herein to the contrary, the Board shall have broad authority
to amend the Plan, and either the Board or the Committee shall have broad authority to amend any Award, in each case to take into
account changes in applicable tax laws, securities laws, accounting rules and other applicable state and federal laws.

 

16.3.
Amendment or Cancellation of Award Agreements. Without limitation to the rights of the Committee under Sections 4.3 and
14.6 of the Plan, the Committee may amend or modify any Award Agreement at any time by mutual agreement between the Committee
and the Participant or such other Persons as may then have an interest therein. In addition, by mutual agreement between the Committee
and a Participant or such other Persons as may then have an interest therein, Awards may be granted to an Employee, Nonemployee
Director or Independent Contractor in substitution and exchange for, and in cancellation of, any Awards previously granted to
such Employee, Nonemployee Director or Independent Contractor under the Plan, or any award previously granted to such Employee,
Nonemployee Director or Independent Contractor under any other present or future plan of the Company or any present or future
plan of an entity which (i) is purchased by the Company, (ii) purchases the Company, or (iii) merges into or with the Company.

 

17.
MISCELLANEOUS

 

17.1.
Other Provisions. Awards granted under the Plan may also be subject to such other provisions (whether or not applicable
to the Award granted to any other Participant) as the Committee determines in its sole discretion on the date of grant to be appropriate,
including, without limitation, for the installment purchase of Common Stock under Stock Options, to assist the Participant in
financing the acquisition of Common Stock, for the forfeiture of, or restrictions on resale or other disposition of, Common Stock
acquired under any Stock Option, for the acceleration of Vesting of Awards in the event of a Change in Control of the Company,
for the payment of the value of Awards to Participants in the event of a Change in Control of the Company, or to comply with federal
and state securities laws, or understandings or conditions as to the Participant’s employment in addition to those specifically
provided for under the Plan.

 

17.2.
Transferability. Each Award granted under the Plan to a Participant shall not be transferable otherwise than by will or
the laws of descent and distribution or pursuant to a “qualified domestic relations order” as defined in the Code
or Title I of the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations adopted thereunder
and Stock Options and SARs shall be exercisable, during the Participant’s lifetime, only by the Participant; provided, however,
that the Committee may in its sole discretion permit the transfer of an Award to a Participant’s Family Members or to one
or more trusts established in whole or in part for the benefit of one or more such Family Members In the event of the death of
a Participant, each Stock Option or SAR theretofore granted to him or her shall be exercisable during such period after his or
her death as the Committee shall, in its sole discretion, set forth in the Award Agreement on the date of grant and then only
by the executor or administrator of the estate of the deceased Participant or the Person or Persons to whom the deceased Participant’s
rights under the Stock Option or SAR shall pass by will or the laws of descent and distribution.

 

17.3.
Election to Defer Compensation Attributable to Award. The Committee may, in its sole discretion, allow a Participant to
elect to defer the receipt of any compensation attributable to an Award under guidelines and procedures to be established by the
Committee after taking into account the advice of the Company’s tax counsel.

 

    	 	16	 

     

    

 

17.4.
Listing of Shares and Related Matters. If at any time the Committee shall determine that the listing, registration or qualification
of the shares of Common Stock subject to any Award on any securities exchange or under any applicable law, or the consent or approval
of any governmental regulatory authority, is necessary or desirable as a condition of, or in connection with, the granting of
an Award or the issuance of shares of Common Stock thereunder, such Award may not be exercised, distributed or paid out, as the
case may be, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected
or obtained free of any conditions not acceptable to the Committee. The Committee may require each Participant purchasing or acquiring
shares of Common Stock pursuant to a Stock Option or other Award under the Plan to represent to and agree with the Company in
writing that such Participant is acquiring the shares for investment and not with a view to the distribution thereof. All certificates
for shares of Common Stock delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the
Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission or
any national securities exchange or other market system on which the Company’s securities are listed or traded, and any
applicable federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions.

 

17.5.
No Right, Title, or Interest in Company Assets. Participants shall have no right, title, or interest whatsoever in or to
any investments which the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan,
and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship
between the Company and any Participant, beneficiary, legal representative or any other Person. The Plan is intended to constitute
an unfunded plan for incentive compensation. To the extent that any Person acquires a right to receive payments from the Company
under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to
be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and
no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is
not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.

 

17.6.
No Right to Continued Employment or Service or to Grants. The Participant’s rights, if any, to continue to serve
the Company as a director, officer, employee, independent contractor or otherwise, shall not be enlarged or otherwise affected
by his or her designation as a Participant under the Plan, and the Company or the applicable Subsidiary reserves the right to
terminate the employment of any Employee or the services of any Independent Contractor or director at any time. The adoption of
the Plan shall not be deemed to give any Employee, Nonemployee Director, Independent Contractor or any other individual any right
to be selected as a Participant or to be granted an Award.

 

17.7.
Awards Subject to Foreign Laws. The Committee may grant Awards to individual Participants who are subject to the tax laws
of nations other than the United States, and such Awards may have terms and conditions as determined by the Committee as necessary
to comply with applicable foreign laws. The Committee may take any action, which it deems advisable to obtain approval of such
Awards by the appropriate foreign governmental entity; provided, however, that no such Awards may be granted pursuant to this
Section 17.7 and no action may be taken which would result in a violation of the Exchange Act or any other applicable law.

 

17.8.
Governing Law. The Plan, all Awards granted hereunder, and all actions taken in connection herewith shall be governed by
and construed in accordance with the laws of the State of Delaware without reference to principles of conflict of laws, except
as superseded by applicable federal law or as otherwise provided in any Award Agreement.

 

17.9.
Other Benefits. No Award granted under the Plan shall be considered compensation for purposes of computing benefits under
any retirement plan of the Company or any Subsidiary nor affect any benefits or compensation under any other benefit or compensation
plan of the Company or any Subsidiary now or subsequently in effect.

 

17.10.
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Award.
The Committee shall determine in its sole discretion whether cash, Common Stock, Stock Options, or other property shall be issued
or paid in lieu of fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

17.11.
Authority of the Company and Shareholders. The existence of the Plan, the Award Agreements and the Awards granted hereunder
shall not affect or restrict in any way the right or power of the Company or the shareholders of the Company to make or authorize
any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any
merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures,
preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are
convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of
all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

17.12.
Other Compensation Plans. The adoption of the Plan shall not affect any other stock option, incentive or other compensation
plans in effect for the Company or any Subsidiary, nor shall the plan preclude the Company from establishing any other forms of
incentive or other compensation for Employees and Nonemployee Directors of the Company or any Subsidiary.

 

    	 	18EX-10.1

 Exhibit 10.1 

CODEXIS, INC. 
 JOHN
NICOLS 
 STOCK OPTION GRANT NOTICE AND 

STOCK OPTION AGREEMENT 

Codexis, Inc., a Delaware corporation, (the “Company”) hereby grants to the holder listed below
(“Participant”), an option to purchase the number of shares of the Company’s common stock (“Stock”), set forth below (the “Option”). This Option is subject to all of the terms and conditions
set forth herein and the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”), which is incorporated herein by reference. Unless otherwise defined herein, the terms are defined in Article 1 of
the Stock Option Agreement. 
  

			
	Participant:	  	John J. Nicols
		
	Grant Date:	  	June 13, 2012
		
	Exercise Price per Share:	  	$3.46
		
	Total Exercise Price:	  	$1,384,000.00
		
	Total Number of Shares Subject to the Option:	  	400,000 shares
		
	Expiration Date:	  	June 13, 2022
		
	Vesting Schedule:	  	The shares subject to this Option shall vest and become exercisable as to 25% of the total number of shares subject to the Option on June 13, 2013, and 1/48th of the total
number of shares subject to the Option shall vest and become exercisable monthly thereafter, such that the Option would be fully vested and exercisable on June 13, 2016, subject to Participant’s continued service with the Company through
each such vesting date.
		
	Type of Option:	  	This Option is a Non-Qualified Stock Option

 By executing this Grant Notice below, Participant agrees to be bound by the terms and conditions of the Stock
Option Agreement and this Grant Notice. Participant has reviewed the Stock Option Agreement and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands
all provisions of this Grant Notice and the Stock Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Grant Notice or the
Stock Option Agreement. 
  

							
	CODEXIS, INC.:	  		  	  PARTICIPANT:
	  	

							
				
	By:	  	 /s/ Douglas T. Sheehy
	  	 By:
	  	 /s/ John J. Nicols

	Print Name:	  	Douglas T. Sheehy	  	 Print Name:
	  	John J. Nicols
	Title:	  	SVP, General Council & Secretary	  		  	
	Address:	  	200 Penobscot Drive	  	 Address:
	  	##########
	 	  	Redwood City, CA 94063	  	 	  	##########

 EXHIBIT A 

TO JOHN NICOLS STOCK OPTION GRANT NOTICE 

STOCK OPTION AGREEMENT 

Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (this
“Agreement”) is attached, Codexis, Inc., a Delaware corporation (the “Company”), has granted to Participant an Option to purchase the number of shares of Stock indicated in the Grant Notice. 

ARTICLE 1. 
 DEFINED
TERMS 
 Wherever the following terms are used in this Agreement, they shall have the meanings specified below. 

1.1 “Administrator” shall mean the Committee. 

1.2 “Board” shall mean the Board of Directors of the Company. 

1.3 “Change in Control” shall mean and includes each of the following: 

(a) A transaction or series of transactions (other than an offering of Stock to the general public through a registration statement filed
with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its parents
or subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company)
directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the
Company’s securities outstanding immediately after such acquisition; or 
 (b) During any period of two consecutive years, individuals
who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in
Section 1.2(a) or Section 1.2(c)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still
in office who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

 (c) The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions
or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
 (i) Which results in the
Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the 

  
 A-1 

 
Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of
the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
 (ii) After
which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this
Section 1.2(c)(ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 

(d) The Company’s stockholders approve a liquidation or dissolution of the Company. 

The Administrator shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control of
the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto. 

1.4 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

1.5 “Committee” shall mean the Compensation Committee of the Board. 

1.6 “Consultant” shall mean any consultant or adviser engaged to provide services to the Company or any Subsidiary that
qualifies as a consultant under the applicable rules of the Securities and Exchange Commission for registration of shares on a Form S-8 Registration Statement. 

1.7 “Employee” shall mean any officer or other employee (as determined in accordance with Section 3401(c) of the Code
and the Treasury Regulations thereunder) of the Company or of any Subsidiary. 
 1.8 “Equity Restructuring” shall mean a
nonreciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that
affects the number or kind of shares of Stock (or other securities of the Company) or the share price of Stock (or other securities) and causes a change in the per share value of the Stock underlying the Option. 

1.9 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

1.10 “Fair Market Value” shall mean, as of any given date, the value of a share of Stock determined as follows: 

(a) If the Stock is listed on any established stock exchange (such as the New York Stock Exchange, the NASDAQ Global Market and the NASDAQ
Global Select Market) or national market system, its Fair Market Value shall be the closing sales price for a share of Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Stock on the date
in question, the closing sales price for a share of Stock on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(b) If the Stock is not listed on an established stock exchange or national market system, but the Stock is regularly quoted by a recognized
securities dealer, its Fair Market Value shall be 

  
 A-2 

 
the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Stock on such date, the high bid and low asked prices for a share of
Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(c) If the Stock is neither listed on an established stock exchange or a national market system nor regularly quoted by a recognized
securities dealer, its Fair Market Value shall be established by the Administrator in good faith. 
 1.11 “Non-Employee Director” shall mean a Director of the Company who is not an Employee. 
 1.12
“Non-Qualified Stock Option” shall mean a stock option not described in Sections 422(b) or 423(b) of the Code. 

1.13 “Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities
beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than 50% of the total combined voting power of all
classes of securities or interests in one of the other entities in such chain. 
 1.14 “Termination of Service” shall mean
the time when the employee-employer relationship between Participant and the Company or any Subsidiary is terminated for any reason, including, without limitation, a termination by resignation, discharge, death, disability or retirement; but
excluding terminations where Participant simultaneously commences or remains in employment or service with the Company or any Subsidiary. The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to
a Termination of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for cause and all questions of whether particular leaves of absence constitute a Termination of Service. 

ARTICLE 2. 
 GRANT OF
OPTION 
 2.1 Grant of Option. In consideration of Participant’s agreement to commence and continue in the employ of the
Company or a Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company grants to Participant the Option to purchase any part or all of an
aggregate of the number of shares of Stock set forth in the Grant Notice, upon the terms and conditions set forth in this Agreement, subject to adjustments as provided in Section 5.1 hereof. This Option shall be a
Non-Qualified Stock Option. 
 2.2 Exercise Price. The exercise price of the shares of Stock
subject to the Option shall be as set forth in the Grant Notice, without commission or other charge; provided, however, that the price per share of the shares of Stock subject to the Option shall not be less than 100% of the Fair
Market Value of a share of Stock on the Grant Date. 
 2.3 Consideration to the Company. In consideration of the grant of the Option
by the Company, Participant agrees to render faithful and efficient services to the Company or any Subsidiary. Nothing in this Agreement shall confer upon Participant any right to continue in the employ of the Company or any Subsidiary or shall
interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause,
except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

  
 A-3 

 ARTICLE 3. 

PERIOD OF EXERCISABILITY 

3.1 Commencement of Exercisability. 

(a) Subject to Sections 3.2, 3.3, 5.10 and 5.15 hereof, the Option shall become vested and exercisable in such amounts and at such times as
are set forth in the Grant Notice. 
 (b) No portion of the Option which has not become vested and exercisable at the date of
Participant’s Termination of Service shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and Participant. 

(c) Notwithstanding Sections 3.1(a) hereof and the Grant Notice, but subject to Section 3.1(b) hereof, pursuant to Section 5.1
hereof, the Option shall become fully vested and exercisable with respect to all shares of Stock covered thereby in the event of a Change in Control, in connection with which the successor corporation does not assume the Option or substitute an
equivalent right for the Option. Should the successor corporation assume the Option or substitute an equivalent right, then no such acceleration shall apply. 

3.2 Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative.
Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3 hereof. The vesting of the Option may
be accelerated by the Administrator at such times and in such amounts as it shall determine in its sole discretion, as otherwise provided for in this Agreement or as set forth in a written agreement between the Company and Participant. 

3.3 Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the following events:

 (a) The Expiration Date set forth in the Grant Notice, which shall in no event be more than ten (10) years from the Grant Date;

 (b) The expiration of three (3) months from the date of Participant’s Termination of Service, unless such termination occurs
by reason of Participant’s death or disability or the exercise period is extended by the Administrator until a date not later than the Expiration Date of the Option; or 

(c) The expiration of one (1) year from the date of Participant’s Termination of Service by reason of Participant’s death or
disability, unless the exercise period is extended by the Administrator until a date not later than the Expiration Date of the Option. 

(d) Unvested Options shall terminate immediately upon Participant’s Termination of Services. 

  
 A-4 

 3.4 Tax Indemnity. 

(a) The Participant agrees to indemnify and keep indemnified the Company, any Subsidiary and his/her employing company, if different, from
and against any liability for or obligation to pay any Tax Liability (a “Tax Liability” being any liability for income tax, withholding tax and any other employment related taxes or social security contributions in any jurisdiction)
that is attributable to (1) the grant or exercise of, or any benefit derived by the Participant from, the Option, (2) the acquisition by the Participant of the Stock on exercise of the Option, or (3) the disposal of any Stock. 

(b) The Option cannot be exercised until the Participant has made such arrangements as the Company may require for the satisfaction of any
Tax Liability that may arise in connection with the exercise of the Option and/or the acquisition of the Stock by the Participant. The Company shall not be required to issue, allot or transfer Stock until the Employee has satisfied this obligation.

 ARTICLE 4. 

EXERCISE OF OPTION 
 4.1
Person Eligible to Exercise. During the lifetime of Participant, only Participant may exercise the Option or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option
becomes unexercisable under Section 3.3 hereof, be exercised by Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and
distribution. 
 4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be
exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3 hereof. 

4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised prior to its expiration to the extent such
Option is vested, solely by delivery to the Secretary of the Company (or any third party administrator or other person or entity designated by the Company), during regular business hours, of all of the following prior to the time when the Option or
such portion thereof becomes unexercisable under Section 3.3 hereof: 
 (a) An exercise notice in a form specified by the
Administrator, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator. Such notice of exercise shall be executed and delivered by the person exercising such
Options; 
 (b) The receipt by the Company of full payment for the shares of Stock with respect to which the Option or portion thereof is
exercised, including payment of any applicable withholding tax, which shall be made by deduction from other compensation payable to Participant or in such other form of consideration permitted under Section 4.4 hereof that is acceptable to the
Company; 
 (c) Any other written representations as may be required in the Administrator’s reasonable discretion to evidence
compliance with the Securities Act of 1933, as amended (the “Securities Act”) or any other applicable law, rule or regulation; and 

(d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any person or persons other than
Participant, appropriate proof (satisfactory to the Company in its sole discretion) of the right of such person or persons to exercise the Option. 

  
 A-5 

 Notwithstanding any of the foregoing, the Company shall have the right to specify all conditions of the manner of
exercise, which conditions may vary by country and which may be subject to change from time to time. 
 4.4 Method of Payment.
Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of Participant: 
 (a) Cash or
check; 
 (b) With the consent of the Administrator, surrender of shares of Stock (including, without limitation, shares of Stock otherwise
issuable upon exercise of the Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price
of the Option or exercised portion thereof; or 
 (c) Other property acceptable to the Administrator (including, without limitation,
through the delivery of a notice that Participant has placed a market sell order with a broker with respect to shares of Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net
proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the
settlement of such sale). 
 4.5 Tax Withholding. Participant shall pay to the Company by one of the permitted payment methods under
Section 4.4, promptly upon exercise of an Option or, if later, the date that the amount of such obligations becomes determinable, all applicable federal, state, local and foreign withholding taxes that the Administrator, in its discretion,
determines to result upon exercise of an Option or from a transfer or other disposition of shares of Stock acquired upon exercise of an Option or otherwise related to an Option or shares of Stock acquired in connection with an Option. The
Administrator may in its sole discretion and in satisfaction of the foregoing requirement withhold, or allow Participant to elect to have the Company withhold shares of Stock otherwise issuable under the Option (or allow the surrender of shares of
Stock). Unless determined otherwise by the Administrator, the number of shares of Stock which may be so withheld or surrendered shall be limited to the number of shares which have a Fair Market Value on the date of withholding or repurchase no
greater than the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. The
Administrator shall determine the fair market value of the Stock, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a broker-assisted cashless Option exercise involving the sale of shares to
pay the Option exercise price or any tax withholding obligation. 
 4.6 Conditions to Issuance of Stock. The shares of Stock
deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued shares of Stock or issued shares of Stock which have then been reacquired by the Company. Such shares of Stock shall be fully paid
and nonassessable. The Company shall not be required to issue or deliver any shares of Stock purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the following conditions: 

(a) The admission of such shares of Stock to listing on all stock exchanges on which such Stock is then listed; 

  
 A-6 

 (b) The completion of any registration or other qualification of such shares of Stock under any
state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its
absolute discretion, determine to be necessary or advisable; 
 (d) The receipt by the Company of a properly completed and
executed notice of exercise, as specified in Section 4.3(a) above, and full payment for such shares of Stock, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under
Section 4.4 hereof; and 
 (e) The lapse of such reasonable period of time following the exercise of the Option as the Administrator
may from time to time establish for reasons of administrative convenience. 
 4.7 Rights as Stockholder. The holder of the Option
shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of any shares of Stock purchasable upon the exercise of any part of the Option
unless and until such shares of Stock shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment
will be made for a dividend or other right for which the record date is prior to the date the shares of Stock are issued, except as provided in Section 5.1 hereof. 

ARTICLE 5. 
 OTHER
PROVISIONS 
 5.1 Changes in Stock or Assets of the Company, Acquisition or Liquidation of the Company and Other Corporate
Events. 
 (a) In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other
distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of the Company’s stock or the share price of the Company’s stock other than an Equity Restructuring, the
Administrator may make equitable adjustments, if any, to reflect such change with respect to (i) the number and kind of shares of Stock (or other securities or property) subject to the Option; (ii) the terms and conditions of the Option;
and (iii) the exercise price per share for the Option. 
 (b) In the event of any transaction or event described in
Section 5.1(a) or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in applicable laws, regulations or accounting
principles, the Administrator, in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Option or by action taken prior to the occurrence of such transaction or event and either automatically or
upon Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Agreement. 

  
 A-7 

 (i) To provide for either (A) termination of the Option in exchange for an amount of cash,
if any, equal to the amount that would have been attained upon the exercise of the Option or realization of Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this
Section 5.1 the Administrator determines in good faith that no amount would have been attained upon the exercise of the Option or realization of Participant’s rights, then the Option may be terminated by the Company without payment) or
(B) the replacement of the Option with other rights or property selected by the Administrator in its sole discretion having an aggregate value not exceeding the amount that could have been attained upon the exercise of the Option or realization
of Participant’s rights had the Option been currently exercisable or payable or fully vested; 
 (ii) To provide that the Option be
assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof,
with appropriate adjustments as to the number and kind of shares and prices; 
 (iii) To make adjustments in the number and type of shares
of the Company’s stock (or other securities or property) subject to the Option and/or in the terms and conditions of (including the exercise price), and the criteria included in, the Option; 

(iv) To provide that the Option shall be exercisable or payable or fully vested with respect to all shares covered thereby, notwithstanding
anything to the contrary in the Agreement; and 
 (v) To provide that the Option cannot vest, be exercised or become payable after such
event. 
 (c) In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in Sections
5.1(a) and 5.1(b), the number and type of securities subject to the Option and/or the exercise price hereof, if applicable, shall be equitably adjusted. The adjustments provided under this Section 5.1(c) shall be nondiscretionary and shall be
final and binding on Participant and the Company. 
 (d) Notwithstanding any other provision herein, but subject to Section 5.1(e), in
the event of a Change in Control, the Option shall be assumed or an equivalent award substituted by the successor corporation or a parent or subsidiary of the successor corporation. 

(e) In the event that the successor corporation in a Change in Control refuses to assume or substitute for the Option upon a Change in
Control, the Option shall become fully vested and, if applicable, exercisable and all forfeiture restrictions on the Option shall lapse, in each case, as of immediately prior to the consummation of such Change in Control. If the Option is
exercisable in lieu of assumption or substitution in the event of a Change in Control, the Administrator shall notify Participant that the Option shall be fully exercisable for a period of fifteen (15) days from the date of such notice,
contingent upon the occurrence of the Change in Control, and the Option shall terminate upon the expiration of such period. 
 (f) No such
adjustment or action shall be authorized to the extent such adjustment or action would result in short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive conditions of Rule
16b-3 of the Exchange Act unless the Administrator determines that the Option is not to comply with such exemptive conditions. 

(g) The existence of the Grant Notice, Agreement and the Option shall not affect or restrict in any way the right or power of the Company or
the stockholders of the Company to make or 

  
 A-8 

 
authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock
or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Stock or the rights thereof or which are convertible into or exchangeable for Stock, or the
dissolution or liquidation of the company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

(h) No action shall be taken under this Section 5.1 which shall cause the Option to fail to comply with Section 409A of the Code or
the Treasury Regulations thereunder, to the extent applicable to the Option. 
 (i) In the event of any pending stock dividend, stock
split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Stock or the share price of the Stock including
any Equity Restructuring, for reasons of administrative convenience, the Company in its sole discretion may refuse to permit the exercise of the Option during a period of up to thirty (30) days prior to the consummation of any such transaction.

 5.2 Administration. The Administrator shall have the power to interpret this Agreement and to adopt such rules for the
administration, interpretation and application of this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall
be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to this Agreement or the
Option. 
 5.3 Whole Shares. The Option may only be exercised for whole shares of Stock. 

5.4 Option Not Transferable. Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or transferred in any
manner other than by will or the laws of descent and distribution, unless and until the shares of Stock underlying the Option have been issued, and all restrictions applicable to such shares of Stock have lapsed. Neither the Option nor any interest
or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means
whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void
and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
 5.5 Binding Agreement.
Subject to the limitation on the transferability of the Option contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

5.6 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the
Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last address reflected on the Company’s records. By a notice given pursuant to
this Section 5.6, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to Participant shall, if Participant is then deceased, be given to the person entitled to
exercise his or her Option pursuant to Section 4.1 hereof by written notice under this Section 5.6. 

  
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Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office
regularly maintained by the United States Postal Service. 
 5.7 Titles. Titles are provided herein for convenience only and are not
to serve as a basis for interpretation or construction of this Agreement. 
 5.8 Governing Law. The laws of the State of Delaware
shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

5.9 Conformity to Securities Laws. Participant acknowledges that this Agreement is intended to conform to the extent necessary with all
provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary,
the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such laws,
rules and regulations. 
 5.10 Amendments, Suspension and Termination. This Agreement may be wholly or partially amended or otherwise
modified, suspended or terminated at any time or from time to time by the Administrator; provided that, except as may otherwise be provided herein, no amendment, modification, suspension or termination of this Agreement shall adversely affect
the Option in any material way without the prior written consent of Participant.
 5.11 Successors and Assigns. The Company may
assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.4
hereof, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns. 
 5.12
Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Option and this Agreement shall be subject to any
additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application
of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

5.13 Not a Contract of Employment. Nothing in this Agreement or in the Grant Notice shall confer upon the Participant any right to
continue to serve as an employee or other service provider of the Company or any of its Subsidiaries. 
 5.14 Entire Agreement. The
Grant Notice and this Agreement (including all Exhibits thereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof. 
 5.15 Section 409A. This Option is not intended to constitute “nonqualified deferred compensation” within the
meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date
hereof, “Section 409A”). However, 

  
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notwithstanding any other provision of the Grant Notice or this Agreement (or any Exhibits hereto), if at any time the Administrator determines that the Option (or any portion thereof) may be
subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such amendments to the Grant Notice or this
Agreement (or any Exhibits hereto), or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for
the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A. 
 5.16
Limitation on Participant’s Rights. The Option confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed
as creating a trust. Neither this Agreement nor any underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if
any, with respect to the Option, and rights no greater than the right to receive the Stock as a general unsecured creditor with respect to options, as and when exercised pursuant to the terms hereof. 

5.17 Signature in Counterparts. This Agreement, if provided for acceptance on a paper copy, may be signed in counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

  
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