Document:

Exhibit
10.2

 

SHUTTLE
PHARMACEUTICALS HOLDINGS, INC.

 

2018
EQUITY INCENTIVE PLAN

 

1. Purposes
of the Plan. The purposes of this Plan are:

 

		●	to
                                            attract and retain the best available personnel for positions of substantial responsibility,
	 	 	 
		●	to
                                            provide incentives to individuals who perform services for the Company, and
	 	 	 
		●	to
                                            promote the success of the Company’s business.

 

The
Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units, Performance Units, Performance Shares and other stock or cash awards as the Administrator may determine.

 

2. Definitions.
As used herein, the following definitions will apply:

 

(a) “Administrator”
means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 hereof.

 

(b) “Affiliate”
means any corporation or any other entity (including, but not limited to, partnerships and joint ventures) controlling, controlled by,
or under common control with the Company.

 

(c) “Applicable
Laws” means the requirements relating to the administration of equity-based awards under U.S. federal and state corporate laws,
U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted
and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plans.

 

(d) “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Performance Units, Performance Shares and other stock or cash awards as the Administrator may determine.

 

(e) “Award
Agreement” means the written agreement setting forth the terms and provisions applicable to each Award granted under the Plan.
The Award Agreement is subject to the terms and conditions of the Plan.

 

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

 

    	 

    	 

    

 

(g) “Change
in Control” means the occurrence of any of the following events after the Effective Date:

 

		(i)	A
                                            change in the ownership of the Company which occurs on the date that any one person, or more
                                            than one person acting as a group (“Person”), acquires ownership of stock
                                            in the Company that, together with the stock already held by such Person, constitutes more
                                            than 50% of the total voting power of the stock of the Company; provided, however, that for
                                            purposes of this subsection (i), the acquisition of additional stock by any Person who is
                                            considered to own more than 50% of the total voting power of the stock of the Company before
                                            the acquisition will not be considered a Change in Control; or
	 	 	 
		(ii)	The
                                            individuals who constitute the members of the Board cease, by reason of a financing, merger,
                                            combination, acquisition, takeover or other non-ordinary course transaction affecting the
                                            Company, to constitute at least fifty-one percent (51%) of the members of the Board; or
	 	 	 
		(iii)	The
                                            consummation of any of the following events: (A) a change in the ownership of a substantial
                                            portion of the Company’s assets, which occurs on the date that any Person acquires
                                            (or has acquired during the twelve (12) month period ending on the date of the most recent
                                            acquisition by such Person) assets from the Company that have a total gross fair market value
                                            equal to or more than 50% of the total gross fair market value of all of the assets of the
                                            Company immediately prior to such acquisition or acquisitions, or (B) a merger, consolidation
                                            or reorganization involving the Company, where either or both of the events described in
                                            clauses (i) or (ii) above would be the result. For purposes of this subsection (iii), the
                                            following will not constitute a change in the ownership of a substantial portion of the Company’s
                                            assets or a Change in Control: (A) a transfer to an entity that is controlled by the Company’s
                                            stockholders immediately after the transfer, or (B) a transfer of assets by the Company to:
                                            (1) a stockholder of the Company (immediately before the asset transfer) in exchange for
                                            or with respect to the Company’s stock, (2) an entity, 50% or more of the total value
                                            or voting power of which is owned, directly or indirectly, by the Company, (3) a Person that
                                            owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding
                                            stock of the Company, or (4) an entity, at least 50% of the total equity or voting power
                                            of which is owned, directly or indirectly, by a Person described in subsection (iii)(B)(3)
                                            above. For purposes of this subsection (iii), gross fair market value means the value of
                                            the assets of the Company, or the value of the assets being disposed of, determined without
                                            regard to any liabilities associated with such assets.

 

For
purposes of this Section 2(g), persons will be considered to be acting as a group if they are owners of a corporation or other entity
that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

(h) “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor
or amended section of the Code.

 

    	-2-

    	 

    

 

(i) “Committee”
means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4
hereof.

 

(j) “Common
Stock” means the common stock, par value $0.001 per share, of the Company.

 

(k) “Company”
means Shuttle Pharmaceuticals Holdings, Inc., a Delaware corporation, or any successor thereto.

 

(l) “Consultant”
means any person, including an advisor, other than an Employee engaged by the Company or a Parent, Subsidiary or Affiliate to render
services to such entity.

 

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

 

(n) “Disability”
means permanent and total disability as defined in Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive
Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform
and non-discriminatory standards adopted by the Administrator from time to time.

 

(o) “Effective
Date” shall have the meaning set forth in Section 17 hereof.

 

(p) “Employee”
means any person, including Officers and Directors, other than a Consultant employed by the Company or any Parent, Subsidiary or Affiliate
of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment”
by the Company.

 

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

 

(r) “Exchange
Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same
type (which may have lower exercise prices and different terms), Awards of a different type, and/or cash, and/or (ii) the exercise price
of an outstanding Award is reduced. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.

 

(s) “Fair
Market Value” means, as of any date, the value of the Common Stock as the Administrator may determine in good faith, by reference
to the closing price of such stock on any established stock exchange or on a national market system on the day of determination, if the
Common Stock is so listed on any established stock exchange or on a national market system. If the Common Stock is not listed on any
established stock exchange or on a national market system, the value of the Common Stock will be determined as the Administrator may
determine in good faith using (i) a valuation methodology set forth in Treasury Regulation 1.409A-1(b)(5)(iv)(B) or (ii) with respect
to valuations applicable to Awards that are not subject to Code Section 409A, such other valuation methods as the Administrator may select.

 

(t) “Fiscal
Year” means the fiscal year of the Company.

 

    	-3-

    	 

    

 

(u) “Incentive
Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option
within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

 

(v) “Nonstatutory
Stock Option” means an Option that by its terms does not qualify or expressly provides that it is not intended to qualify as
an Incentive Stock Option.

 

(w) “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

(x) “Option”
means a stock option granted pursuant to Section 6 hereof.

 

(y) “Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

(z) “Participant”
means the holder of an outstanding Award.

 

(aa) “Performance
Goals” will have the meaning set forth in Section 11 hereof.

 

(bb) “Performance
Period” means any Fiscal Year of the Company or such other period as determined by the Administrator in its sole discretion.

 

(cc) “Performance
Share” means an Award denominated in Shares which may be earned in whole or in part upon attainment of Performance Goals or
other vesting criteria as the Administrator may determine pursuant to Section 10 hereof.

 

(dd) “Performance
Unit” means an Award which may be earned in whole or in part upon attainment of Performance Goals or other vesting criteria
as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant
to Section 10 hereof.

 

(ee) “Period
of Restriction” means the period during which transfers of Shares of Restricted Stock are subject to restrictions and, therefore,
the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of
target levels of performance, or the occurrence of other events specified in the applicable Award, as interpreted and construed by the
Administrator.

 

(ff) “Plan”
means this 2018 Equity Incentive Plan.

 

(gg) “Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 hereof, or issued pursuant to the early
exercise of an Option.

 

(hh) “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant
to Section 9 hereof. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

(ii) “Rule
16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised
with respect to the Plan.

 

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(jj) “Section
16(b)” means Section 16(b) of the Exchange Act.

 

(kk) “Service
Provider” means an Employee, Director, or Consultant.

 

(ll) “Share”
means a share of the Common Stock, as adjusted in accordance with Section 14 hereof.

 

(mm) “Stock
Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is designated
as a Stock Appreciation Right.

 

(nn) “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

3. Stock
Subject to the Plan.

 

(a) Subject
to the provisions of Section 14 hereof, the maximum aggregate number of Shares that may be awarded and sold under the Plan is Three Million
(3,000,000) Shares. The Shares may be authorized, but unissued, or reacquired Common Stock.

 

(b) Lapsed
Awards. If an Award expires or becomes unexercisable without having been exercised in full, or, with respect to Restricted Stock,
Restricted Stock Units, Performance Shares or Performance Units, is forfeited to or repurchased by the Company, the unpurchased Shares
(or for Awards other than Options and Stock Appreciation Rights, the forfeited or repurchased Shares) which were subject thereto will
become available for future grant or sale under the Plan (unless the Plan has terminated). Upon exercise of a Stock Appreciation Right
settled in Shares, the gross number of Shares covered by the portion of the Award so settled will cease to be available under the Plan.
Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for
future distribution under the Plan; provided, however, that if unvested Shares of Restricted Stock, Restricted Stock Units, Performance
Shares or Performance Units are repurchased by the Company or are forfeited to the Company, such Shares will become available for future
grant under the Plan. Shares subject to an Award that are transferred to or retained by the Company to pay the tax and/or exercise price
of an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash
rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan and, for
the elimination of doubt, the number of Shares of equal value to such cash payment shall become available for future grant or sale under
the Plan. Notwithstanding the foregoing provisions of this Section 3(b), subject to adjustment provided in Section 14 hereof, the maximum
number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section
3(a) above, plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan
under this Section 3(b).

 

(c) Share
Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be
sufficient to satisfy the requirements of the Plan.

 

    	-5-

    	 

    

 

4. Administration
of the Plan.

 

(a) Procedure.

 

		(i)	Multiple
                                            Administrative Bodies. Different Committees may be established with respect to different
                                            groups of Service Providers; in that event, the Committee established with respect to a group
                                            of Service Providers shall administer the Plan with respect to Awards granted to members
                                            of such group.
	 	 	 
		(ii)	Rule
                                            16b-3. To the extent desirable to qualify transactions hereunder as exempt under Rule
                                            16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements
                                            for exemption under Rule 16b-3.
	 	 	 
		(iii)	Other
                                            Administration. Other than as provided above, the Plan will be administered by (A) the
                                            Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws.

 

(b) Powers
of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated
by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

		(i)	to
                                            determine Fair Market Value;
	 	 	 
		(ii)	to
                                            select the Service Providers to whom Awards may be granted hereunder;
	 	 	 
		(iii)	to
                                            determine the terms and condition, not inconsistent with the terms of the Plan, of any Award
                                            granted hereunder;
	 	 	 
		(iv)	to
                                            institute an Exchange Program and to determine the terms and conditions, not inconsistent
                                            with the terms of the Plan, for (1) the surrender or cancellation of outstanding Awards in
                                            exchange for Awards of the same type, Awards of a different type, and/or cash, or (2) the
                                            reduction of the exercise price of outstanding Awards;
	 	 	 
		(v)	to
                                            construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;
	 	 	 
		(vi)	to
                                            prescribe, amend and rescind rules and regulations relating to the Plan, including rules
                                            and regulations relating to sub-plans established for the purpose of satisfying applicable
                                            foreign laws;
	 	 	 
		(vii)	to
                                            modify or amend each Award (subject to Section 19(c) hereof);
	 	 	 
		(viii)	to
                                            authorize any person to execute on behalf of the Company any instrument required to reflect
                                            or implement the grant of an Award previously granted by the Administrator;

 

    	-6-

    	 

    

 

		(ix)	to
                                            allow a Participant to defer the receipt of the payment of cash or the delivery of Shares
                                            that would otherwise be due to such Participant under an Award pursuant to such procedures
                                            as the Administrator may determine consistent with the requirements for compliance with or
                                            exemption from the provisions of Code Section 409A; and
	 	 	 
		(x)	to
                                            make all other determinations deemed necessary or advisable for administering the Plan.

 

(c) Effect
of Administrator’s Decision. The Administrator’s decisions, determinations, and interpretations will be final and binding
on all Participants and any other holders of Awards.

 

5. Eligibility.
Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units, Performance Shares,
and such other cash or stock awards as the Administrator determines may be granted to Service Providers. Incentive Stock Options may
be granted only to Employees.

 

6. Stock
Options.

 

(a) Limitations.

 

		(i)	Each
                                            Option will be designated in the Award Agreement as either an Incentive Stock Option or a
                                            Nonstatutory Stock Option. However, notwithstanding such designation, to the extent that
                                            the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options
                                            are exercisable for the first time by the Participant during any calendar year (under all
                                            plans of the Company and any Parent or Subsidiary) exceeds $100,000 (U.S.), such Options
                                            will be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive
                                            Stock Options will be taken into account in the order in which they were granted. The Fair
                                            Market Value of the Shares will be determined as of the time the Option with respect to such
                                            Shares is granted.
	 	 	 
		(ii)	Subject
                                            to the limits set forth in Section 3, the Administrator will have complete discretion to
                                            determine the number of Shares subject to an Option granted to any Participant.

 

(b) Term
of Option. The Administrator will determine the term of each Option in its sole discretion; provided, however, that the term will
be no more than ten (10) years from the date of grant thereof in the case of Incentive Stock Options Moreover, in the case of an Incentive
Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of
the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option
will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

 

    	-7-

    	 

    

 

(c) Option
Exercise Price and Consideration.

 

		(i)	Exercise
                                            Price. The per share exercise price for the Shares to be issued pursuant to exercise
                                            of an Option will be determined by the Administrator, but will be no less than 100% of the
                                            Fair Market Value per Share on the date of grant. In addition, in the case of an Incentive
                                            Stock Option granted to an Employee who, at the time the Incentive Stock Option is granted,
                                            owns stock representing more than 10% of the voting power of all classes of stock of the
                                            Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110%
                                            of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing provisions
                                            of this Section 6(c), Options may be granted with a per Share exercise price of less than
                                            100% of the Fair Market Value per Share on the date of grant pursuant to the issuance or
                                            assumption of an Option in a transaction to which Section 424(a) of the Code applies in a
                                            manner consistent with said Section 424(a).
	 	 	 
		(ii)	Waiting
                                            Period and Exercise Dates. At the time an Option is granted, the Administrator will fix
                                            the period within which the Option may be exercised and will determine any conditions that
                                            must be satisfied before the Option may be exercised.
	 	 	 
		(iii)	Form
                                            of Consideration. The Administrator will determine the acceptable form(s) of consideration
                                            for exercising an Option, including the method of payment, to the extent permitted by Applicable
                                            Laws including but not limited to tendering capital stock of the Company owned by a Participant,
                                            duly endorsed for transfer to the Company.

 

(d) Exercise
of Option.

 

		(i)	Procedure
                                            for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable
                                            according to the terms of the Plan and at such times and under such conditions as determined
                                            by the Administrator and set forth in the Award Agreement. An Option may not be exercised
                                            for a fraction of a Share.

 

An
Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator specifies from time
to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised
(together with any applicable withholding taxes). No adjustment will be made for a dividend or other right for which the record date
is prior to the date the Shares are issued, except as provided in Section 14 hereof.

 

    	-8-

    	 

    

 

		(ii)	Termination
                                            of Relationship as a Service Provider. If a Participant ceases to be a Service Provider,
                                            other than upon the Participant’s termination as the result of the Participant’s
                                            death or Disability, the Participant may exercise his or her Option within such period of
                                            time as is specified in the Award Agreement to the extent that the Option is vested on the
                                            date of termination (but in no event later than the expiration of the term of such Option
                                            as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement,
                                            the Option will remain exercisable for three (3) months following the Participant’s
                                            termination. Unless otherwise provided by the Administrator, if on the date of termination
                                            the Participant is not vested as to his or her entire Option, the Shares covered by the unvested
                                            portion of the Option will revert to the Plan. If after termination the Participant does
                                            not exercise his or her Option within the time specified by Award Agreement or by operation
                                            of this Section 6(d)(3), the Option will terminate, and the Shares covered by such Option
                                            will revert to the Plan.
	 	 	 
		(iii)	Disability
                                            of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s
                                            Disability, the Participant may exercise his or her Option within such period of time as
                                            is specified in the Award Agreement to the extent the Option is vested on the date of cessation
                                            (but in no event later than the expiration of the term of such Option as set forth in the
                                            Award Agreement). In the absence of a specified time in the Award Agreement, the Option will
                                            remain exercisable for six (6) months following the date the Participant ceases to be a Service
                                            Provider. Unless otherwise provided by the Administrator, if on the date of cessation the
                                            Participant is not vested as to his or her entire Option, the Shares covered by the unvested
                                            portion of the Option will revert to the Plan. If after cessation the Participant does not
                                            exercise his or her Option within the time specified herein, the Option will terminate, and
                                            the Shares covered by such Option will revert to the Plan.
	 	 	 
		(iv)	Death
                                            of Participant. If a Participant dies while a Service Provider, the Option may be exercised
                                            within such period of time as is specified in the Award Agreement to the extent that the
                                            Option is vested on the date of death (but in no event may the option be exercised later
                                            than the expiration of the term of such Option as set forth in the Award Agreement), by the
                                            Participant’s beneficiary, provided such beneficiary has been designated prior to Participant’s
                                            death in a form acceptable to the Administrator. If no such beneficiary has been designated
                                            by the Participant, then such Option may be exercised by the personal representative of the
                                            Participant’s estate or by the person(s) to whom the Option is transferred pursuant
                                            to the Participant’s will or in accordance with the laws of descent and distribution.
                                            In the absence of a specified time in the Award Agreement, the Option will remain exercisable
                                            for six (6) months following Participant’s death. Unless otherwise provided by the
                                            Administrator, if at the time of death Participant is not vested as to his or her entire
                                            Option, the Shares covered by the unvested portion of the Option will continue to vest in
                                            accordance with the Award Agreement. If the Option is not so exercised within the time specified
                                            herein, the Option will terminate, and the Shares covered by such Option will revert to the
                                            Plan.

 

    	-9-

    	 

    

 

7. Stock
Appreciation Rights.

 

(a) Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service
Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b) Number
of Shares. The Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted to any Participant.

 

(c) Exercise
Price and Other Terms. The Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms
and conditions of Stock Appreciation Rights granted under the Plan; provided, however, that the exercise price will be not less than
100% of the Fair Market Value of a Share on the date of grant.

 

(d) Stock
Appreciation Rights Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the
exercise price, the number of Shares with respect to which the Award is granted, the term of the Stock Appreciation Right, the conditions
of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine.

 

(e) Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator,
in its sole discretion, and set forth in the Award Agreement; provided, however, that the term will be no more than ten (10) years from
the date of grant thereof. Notwithstanding the foregoing, the rules of Section 6(d) above also will apply to Stock Appreciation Rights.

 

(f) Payment
of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment
from the Company in an amount determined by multiplying:

 

		(i)	The
                                            difference between the Fair Market Value of a Share on the date of exercise over the “stock
                                            appreciation right exercise price,” as defined under Treasury Regulation Section 1.409A-1(b)(i)(B)(2),
                                            i.e., the Fair Market Value of a Share on the date of grant of the Stock Appreciation
                                            Right; times
	 	 	 
		(ii)	The
                                            number of Shares with respect to which the Stock Appreciation Right is exercised.

 

At
the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value,
or in some combination thereof.

 

8. Restricted
Stock.

 

(a) Grant
of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

    	-10-

    	 

    

 

(b) Restricted
Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine.

 

(c) Transferability.
Except as provided in this Section 8, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated until such Shares become non-forfeitable at the end of the applicable Period of Restriction.

 

(d) Other
Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may
deem advisable or appropriate.

 

(e) Removal
of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant
made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction. The Administrator,
in its discretion, may accelerate the time at which any restrictions will lapse or be removed.

 

(f) Voting
Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full
voting rights with respect to those Shares, unless the Administrator determines otherwise in a manner not prohibited by the Award Agreement.

 

(g) Dividends
and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled
to receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If
any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and provisions
for forfeiture as the Shares of Restricted Stock with respect to which they were paid.

 

(h) Return
of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not
lapsed will revert to the Company and again will become available for grant under the Plan.

 

9. Restricted
Stock Units.

 

(a) Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. Each Restricted Stock Unit
grant will be evidenced by an Award Agreement that will specify such other terms and conditions as the Administrator, in its sole discretion,
will determine in accordance with the terms and conditions of the Plan, including all terms, conditions, and restrictions related to
the grant, the number of Restricted Stock Units and the form of payout, which, subject to Section 9(d) hereof, may be left to the discretion
of the Administrator.

 

    	-11-

    	 

    

 

(b) Vesting
Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to which
the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. After the grant of
Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any restrictions for such Restricted Stock Units.
Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will specify the vesting criteria, and such other terms
and conditions as the Administrator, in its sole discretion will determine. The Administrator, in its discretion, may accelerate the
time at which any restrictions will lapse or be removed, subject to the prohibition on acceleration of the timing of distribution of
deferred compensation subject to Section 409A of the Code, to the extent applicable to the Award.

 

(c) Earning
Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as specified
in the Award Agreement.

 

(d) Form
and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) set forth in
the Award Agreement, which shall satisfy the requirements of Section 409A of the Code, to the extent applicable to such Award. The Administrator,
in its sole discretion, may pay earned Restricted Stock Units in cash, Shares, or a combination thereof. Shares represented by Restricted
Stock Units that are fully paid in cash again will be available for grant under the Plan.

 

(e) Cancellation.
On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 

10. Performance
Units and Performance Shares.

 

(a) Grant
of Performance Units/Shares. Performance Units and Performance Shares may be granted to Service Providers at any time and from time
to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion in determining
the number of Performance Units/Shares granted to each Participant.

 

(b) Value
of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before
the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant.

 

(c) Performance
Objectives and Other Terms. The Administrator will set performance objectives or other vesting provisions. The Administrator may
set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued
employment), or any other basis determined by the Administrator in its discretion. Each Award of Performance Units/Shares will be evidenced
by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator, in its sole
discretion, will determine.

 

(d) Earning
of Performance Units/Shares. After the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled
to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined
as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved. After the
grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or other
vesting provisions for such Performance Unit/Share.

 

    	-12-

    	 

    

 

(e) Form
and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units/Shares will be made as soon as practicable
after the expiration of the applicable Performance Period or, if earlier, after the date on which a Participant’s interest in such
Performance Units/Shares is no longer subject to a substantial risk of forfeiture, provided however, that in no event shall such payment
be made after the later to occur of (i) December 31 of the year in which such risk of forfeiture lapses or (ii) two and one-half months
after such risk of forfeiture lapses. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the form
of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close
of the applicable Performance Period) or in a combination thereof.

 

(f) Cancellation
of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares will
be forfeited to the Company, and again will be available for grant under the Plan.

 

11. Leaves
of Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid
leave of absence. A Service Provider will not cease to be an Employee in the case of (i) any leave of absence approved by the Company,
or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock
Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract.
If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months and one day following
the commencement of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option
and will be treated for tax purposes as a Nonstatutory Stock Option.

 

12. Transferability
of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred,
or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of
the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by
will, (ii) by the laws of descent and distribution, (iii) to a revocable trust, or (iv) as permitted by Rule 701 of the Securities Act
of 1933, as amended.

 

13. Adjustments;
Dissolution or Liquidation; Merger or Change in Control.

 

(a) Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the
Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under
the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares
covered by each outstanding Award, and the numerical Share limits set forth in Sections 3, 6, 7, 8, 9 and 10 hereof.

 

    	-13-

    	 

    

 

(b) Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, any corporate separation or division, including,
but not limited to, a split-up, a split-off or a spin-off; a reverse merger in which the Company is the surviving entity, but the shares
of Company stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the
form of securities, cash or otherwise; or the transfer of more than fifty percent (50%) of the then outstanding voting stock of the Company
to another person or entity. the Administrator will notify each Participant as soon as practicable prior to the effective date of such
proposed transaction. The Company, to the extent permitted by applicable law but otherwise in its sole discretion may provide for: (i)
the continuation Awards by the Company (if the Company is surviving entity or its parent; (ii) the assumption of the Plan and such outstanding
Awards by the surviving entity or its parent; (iii) the substitution by the surviving entity or its parent of rights with substantially
the same terms for such outstanding Awards; or (iv) the cancellation of such outstanding Rights without payment of any consideration
provided that in the case of this clause (iv), the Administrator will provide notice of its intention to cancel Award and offer a reasonable
opportunity to exercise vested Awards.

 

(c) Change
in Control. In the event of a merger or Change in Control, each outstanding Award will be treated as the Administrator determines,
including, without limitation, that each Award will be assumed or an equivalent option or right substituted by the successor corporation
or a Parent or Subsidiary of the successor corporation (the “Successor Corporation”). The Administrator will not be
required to treat all Awards similarly in the transaction.

 

In
the event that the Successor Corporation does not assume or substitute for the Award, the Participant will fully vest in and have the
right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would
not otherwise be vested or exercisable, all restrictions on Restricted Stock will lapse, and, with respect to Restricted Stock Units,
Performance Shares and Performance Units, all Performance Goals or other vesting criteria will be deemed achieved at target levels and
all other terms and conditions met. In addition, if an Option or Stock Appreciation Right is not assumed or substituted for in the event
of a Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation
Right will be fully vested and exercisable for a period of time determined by the Administrator in its sole discretion, and the Option
or Stock Appreciation Right will terminate upon the expiration of such period.

 

For
the purposes of this subsection (c), an Award will be considered assumed if, following the Change in Control, the Award confers the right
to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock,
cash, or other securities or property) or, in the case of a Stock Appreciation Right upon the exercise of which the Administrator determines
to settle in cash or a Performance Share or Performance Unit which the Administrator can determine to settle in cash, the fair market
value of the consideration received in the merger or Change in Control by holders of Common Stock for each Share held on the effective
date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a
majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely common
stock of the Successor Corporation, the Administrator may, with the consent of the Successor Corporation, provide for the consideration
to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Performance Share or Performance Unit,
for each Share subject to such Award (or in the case of Performance Units, the number of implied shares determined by dividing the value
of the Performance Units by the per share consideration received by holders of Common Stock in the Change in Control), to be solely common
stock of the Successor Corporation equal in fair market value to the per share consideration received by holders of Common Stock in the
Change in Control.

 

    	-14-

    	 

    

 

Notwithstanding
anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more Performance
Goals will not be considered assumed if the Company or its successor modifies any of such Performance Goals without the Participant’s
consent; provided, however, a modification to such Performance Goals only to reflect the Successor Corporation’s post-Change in
Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

14. Tax
Withholding

 

(a) Withholding
Requirements. At any time prior to or following the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the
Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld
with respect to such Award (or exercise thereof).

 

(b) Withholding
Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may
permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing
to have the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the minimum amount required to
be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required to be withheld,
or (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine
in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. The amount of the withholding
requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not
to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant
with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares
to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

 

15. No
Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing
the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s
right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable
Laws.

 

16. Date
of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting
such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant
within a reasonable time after the date of such grant.

 

    	-15-

    	 

    

 

17. Term
of Plan. Subject to Section 21 hereof, the Plan will become effective upon its adoption by the Board (the “Effective Date”).
It will continue in effect for a term of ten (10) years unless terminated earlier under Section 18 hereof; provided, however, that such
expiration shall not affect Awards then outstanding, and the terms and conditions of this Plan shall continue to apply to such Awards.

 

18. Amendment
and Termination of the Plan.

 

(a) Amendment
and Termination. The Administrator may at any time amend, alter, suspend or terminate the Plan.

 

(b) Stockholder
Approval. Subject to Section 21, the Company will obtain stockholder approval of the Plan and any Plan amendment to the extent necessary
or desirable to comply with Applicable Laws.

 

(c) Effect
of Amendment or Termination. No amendment, alteration, suspension, or termination of the Plan will impair the rights of any Participant,
unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the
Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted
to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

19. Conditions
Upon Issuance of Shares.

 

(a) Legal
Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and
delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with
respect to such compliance.

 

(b) Investment
Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

(c) Restrictive
Legends. All Award Agreements and all securities of the Company issued pursuant thereto shall bear such legends regarding restrictions
on transfer and such other legends as the appropriate officer of the Company shall determine to be necessary or advisable to comply with
applicable securities and other laws.

 

20. Inability
to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company
of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.

 

    	-16-

    	 

    

 

21. Stockholder
Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan
is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws, including
without limitation Section 422 of the Code. In the event that stockholder approval is not obtained within twelve (12) months after the
date the Plan is adopted by the Board, all Incentive Stock Options granted hereunder shall be void ab initio and of no effect.
Notwithstanding any other provisions of the Plan, no Awards shall be exercisable until the date of such stockholder approval.

 

22. Notification
of Election Under Section 83 of the Code. If any Service Provider shall, in connection with the acquisition of Shares under the Plan,
make an election permitted under either Section 83(b) or Section 83(i) of the Code, such Service Provider shall notify the Company of
such election within ten (10) days of filing notice of the election with the Internal Revenue Service and provide the Company with a
copy thereof, in addition to any filing and a notification required pursuant to regulations issued under the authority of Sections 83(b)
or 83(i) of the Code, as applicable. A Service Provider shall not be permitted to make a Section 83(b) election with respect to an Award
of a Restricted Stock Unit.

 

23. Notification
Upon Disqualifying Disposition Under Section 421(b) of the Code. Each Service Provider shall notify the Company of any disposition
of Shares issued pursuant to the exercise of an Incentive Stock Option under the circumstances described in Section 421(b) of the Code
(relating to certain disqualifying dispositions), within ten (10) days of such disposition.

 

24. 409A
Timing Rule for Specified Employees. If at the time of a Service Provider’s separation from service, such individual is considered
a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, and if any payment that such Service Provider
becomes entitled to under the Plan or any Award is deemed payable on account of such individual’s separation from service, then
no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the individual’s separation
from service, or (ii) the individual’s death.

 

25. Governing
Law. The law of the State of Delaware shall govern all questions concerning the construction, validity and interpretation of this
Plan, without regard to such state’s conflict of laws rules, subject to the Company’s intention that the Plan satisfy the
requirements of jurisdictions outside of the United States of America with respect to Awards subject to such jurisdictions.

 

26. General
Provisions.

 

(a) No
Rights as Stockholder. Except as specifically provided in this plan, a Participant or a transferee of an Award shall have no rights
as a stockholder with respect to any shares covered by the Award until the date of the issuance of such shares to the Participant, and
no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions
of other rights for which the record date is prior to the date such Stock is issued.

 

    	-17-

    	 

    

 

(b) Other
Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to stockholder approval is required; and such arrangements may be either generally applicable or applicable only
in specific cases.

 

(c) Disqualifying
Dispositions. Any participant who shall make a “disposition” (as defined in Section 424 of the Code) of all or any
portion of an Incentive Stock Option within two (2) years from the date of grant of such Incentive Stock Option or within (1) year after
the issuance of the shares of Stock acquired upon exercise of such Incentive Stock Option 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 Stock.

 

(d) Regulatory
Matters Each Stock Option Agreement and Stock Purchase Agreement shall provide that no shares shall be purchased or sold thereunder
unless and until (i) any then applicable requirements of state or federal laws and regulatory agencies shall have been fully compiled
with to the satisfaction of the Company and its counsel and (ii) if required to do so by the Company, the Optionee or Offeree shall have
executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Board or Committee
may require.

 

(e) Delivery. Upon
exercise of an Award granted under this Plan, the Company shall issue Stock or pay any amounts due within a reasonable period of time
thereafter. Subject to any statutory obligations the Company may otherwise have, for purposes of this Plan, thirty days shall be considered
a reasonable period of time.

 

(f) Other
Provisions. The Stock Option Agreements and Stock Purchase Agreements authorized under the Plan may contain such other provisions
not inconsistent with this Plan, including, without limitation, restrictions upon the exercise of the Rights, as the Administrator may
deem advisable.

 

(g) Section
409A. Awards under the Plan are intended either to be exempt from the rules of Section 409A of the Code or to satisfy those rules,
and the Plan and such awards shall be construed accordingly. Granted rights may be modified at any time, in the Administrator’s
direction, so as to increase the likelihood of exemption from or compliance with the rules of Section 409A of the Code.

 

    	-18-Exhibit
10.3

 

Shuttle
Pharmaceuticals Holdings, Inc.

 

Code
of Business Conduct and Ethics

 

SHUTTLE
PHARMACEUTICALS HOLDINGS INC. CODE OF BUSINESS CONDUCT AND ETHICS, effective as of October [  ], 2019.

 

INTRODUCTION

 

This
Code of Business Conduct and Ethics (this “Code”) contains general guidelines for conducting the business of SHUTTLE PHARMACEUTICALS
HOLDINGS INC. (the “Company”) consistent with the highest standards of business ethics. To the extent this Code requires
a higher standard than required by commercial practice or applicable laws, rules or regulations, we adhere to these higher standards.
This Code applies to all our directors, officers, employees and consultants. We refer to all officers and other employees covered by
this Code as “Company employees” or simply “employees,” unless the context otherwise requires. In this Code,
we refer to our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing
similar functions, as our “principal financial officers.”

 

Seeking
Help and Information 

 

This
Code is not intended to be a comprehensive rulebook and cannot address every situation that you may face. If you feel uncomfortable about
a situation or have any doubts about whether it is consistent with the Company’s ethical standards, seek help. We encourage you
to contact your manager for help first. If your manager cannot answer your question or if you do not feel comfortable contacting your
manager, contact the Company’s Chief Financial Officer.

 

Reporting
Violations of the Code 

 

All
employees, consultants and directors have a duty to report any known or suspected violation of this Code, including violations of the
laws, rules, regulations or policies that apply to the Company. If you know of or believe there has been a violation of this Code, immediately
report the conduct to your manager. The Company’s Chief Financial Officer will work with you and your manager or other appropriate
persons to investigate your concern. If you do not feel comfortable reporting the conduct to your manager or you do not get a satisfactory
response, you may contact the Company’s Chief Financial Officer directly. Your manager or the Company’s Chief Financial Officer,
as applicable, and the Company will protect your confidentiality to the extent possible, consistent with applicable law and the Company’s
need to investigate your concern. It is Company policy that any employee, consultant or director who violates this Code, or who directs
or approves a violation of this Code, may be subject to appropriate discipline, which may include termination of employment or the consulting
relationship or removal from the Board of Directors, as appropriate. This determination will be based upon the facts and circumstances
of each particular situation. If you are accused of violating this Code, you will be given an opportunity to present your version of
the events at issue prior to any determination of appropriate discipline. Employees, consultants and directors who violate the law or
this Code may expose themselves to substantial civil damages, criminal fines or possibly even prison terms. The Company may also face
substantial fines and penalties and may incur damage to its reputation and standing in the community. Your conduct as a representative
of the Company, if it does not comply with the law or with this Code, can result in serious consequences for both you and the Company.

 

    	 

     

    

 

Policy
Against Retaliation 

 

The
Company prohibits retaliation against an employee, consultant or director who, in good faith, seeks help or reports known or suspected
violations. Any reprisal or retaliation against an employee or consultant because the employee or consultant, in good faith, sought help
or filed a report will be subject to disciplinary action, including potential termination of employment or the consulting relationship,
as applicable.

 

Waivers
of the Code 

 

Any
waiver of this Code for our directors, executive officers or other principal financial officers may be made only by the Board of Directors
and will be disclosed to the public as required by law or the rules of the Securities and Exchange Commission and any rules of the exchange
the Company may then be listed on. Waivers of this Code for other employees or consultants may be made only by the Company’s Chief
Executive Officer or Chief Financial Officer and will be reported to our Audit Committee.

 

CONFLICTS
OF INTEREST 

 

Identifying
Potential Conflicts of Interest

 

A
conflict of interest can occur when an employee’s, consultant’s or director’s private interest interferes, or appears
to interfere, with the interests of the Company as a whole. You should avoid any private interest that influences your ability to act
in the interests of the Company or that makes it difficult to perform your work objectively and effectively. Identifying potential conflicts
of interest may not always be clear-cut. The following situations are examples of conflicts of interest:

 

	 	●	Outside
    Employment. No employee should be employed by, serve as a director of, or provide any services to a company that the individual
    knows or has reason to believe is a material customer, supplier or competitor of the Company (other than services to be provided
    as part of an employee’s job responsibilities for the Company).
	 	 	 
	 	●	Improper
    Personal Benefits. No employee, consultant or director should obtain (as to him or her) any material personal benefits or favors
    because of his or her position with the Company. For instance, no employee or consultant should make side deals with the Company’s
    customers in which the employee is separately compensated by the customer or a third party.
	 	 	 
	 	●	Financial
    Interests. No employee should have a significant financial interest (ownership or otherwise) in any company that the individual
    knows or has reason to believe is a material customer, supplier or competitor of the Company. A “significant financial interest”
    includes (i) ownership of greater than 5% of the equity of a material customer, supplier or competitor or (ii) an investment in a
    material customer, supplier or competitor that represents more than 5% of the total assets of the employee.

 

    	 

     

    

 

	 	●	Loans
    or Other Financial Transactions. No employee should obtain loans or guarantees of personal obligations from, or enter into any
    other personal financial transaction with, any company that the individual knows or has reason to believe is a material customer,
    supplier or competitor of the Company. This restriction does not apply to or prohibit arms-length transactions with banks, brokerage
    firms or other financial institutions.
	 	 	 
	 	●	Service
    on Boards and Committees. No employee or director should join, or serve for more than six months on, a board of directors or
    trustees or on a committee of any entity (whether profit or not-for-profit) whose interests reasonably would be expected to materially
    conflict with those of the Company.
	 	 	 
	 	●	Actions
    of Family Members. The actions of family members outside the workplace may also give rise to the conflicts of interest described
    above because they may influence an employee’s objectivity in making decisions on behalf of the Company. 

 

For
purposes of this Code, “family members” include your spouse or life-partner, brothers, sisters and parents, in-laws and children
whether such relationships are by blood or adoption. For purposes of this Code, a company is a “material” customer if it
has made one or more payments to the Company in the past year in the aggregate in excess of $120,000. A company is a “material”
supplier if it has received one or more payments from the Company in the past year in the aggregate in excess of $120,000. If you are
uncertain whether a particular company is a material customer or supplier, please contact the Company’s Chief Financial Officer
for assistance. Conflict of interest issues concerning the Company’s directors will be addressed by the Company’s Nominating
and Corporate Governance Committee.

 

Disclosure
of Conflicts of Interest 

 

The
Company requires that employees, consultants and directors disclose any situation that reasonably would be expected to give rise to a
conflict of interest. If you reasonably believe that you have a conflict of interest, or something that others would reasonably perceive
as a conflict of interest, you must report it in writing to your manager or the Company’s Chief Financial Officer. Your manager
and the Company’s Chief Financial Officer will work with you to determine whether you have a conflict of interest and, if so, how
best to address it. Although conflicts of interest are not automatically prohibited, they are not desirable and may only be waived as
described in “Waivers of the Code” above.

 

CORPORATE
OPPORTUNITIES 

 

As
an employee, consultant or director of the Company, you have an obligation to advance the Company’s interests when the opportunity
to do so arises. If you discover or are presented with a business opportunity through the use of corporate property or information or
because of your position with the Company, you should first present the business opportunity to the Company before pursuing the opportunity
in your individual capacity. No employee, consultant or director may use corporate property, information or his or her position with
the Company for personal gain or should compete with the Company while employed by us or while serving as a director or a consultant
to us. If you are an employee, you should disclose to your manager the terms and conditions of each business opportunity covered by this
Code that you wish to pursue. Your manager will contact the Chief Financial Officer and the appropriate management personnel to determine
whether the Company wishes to pursue the business opportunity. If you are a director, you should disclose to the Board of Directors the
terms and conditions of the opportunity, and you may only pursue such opportunity if the Board of Directors declines to pursue such opportunity.
If you are a consultant, you should disclose to your manager at the Company the terms and conditions of each business opportunity covered
by this Code that you wish to pursue. Your manager at the Company will contact the Chief Financial Officer and the appropriate management
personnel to determine whether the Company wishes to pursue the business opportunity. If the Company waives its right to pursue the business
opportunity, you may pursue the business opportunity on the same terms and conditions as originally proposed and consistent with the
other ethical guidelines set forth in this Code; provided that any pursuit of such business opportunity shall not interfere in any way
with or otherwise interrupt your work, duties and responsibilities as an employee, consultant or director of the Company.

 

    	 

     

    

 

CONFIDENTIAL
INFORMATION

 

Employees,
consultants and directors have access to a variety of confidential information regarding the Company. Confidential information includes
all non-public information that might be of use to competitors, or, if disclosed, harmful to the Company or its customers. Employees,
consultants and directors have a duty to safeguard all confidential information of the Company or third parties with which the Company
conducts business, except when disclosure is authorized or legally mandated. An employee’s or consultant’s obligation to
protect confidential information continues after he or she leaves the Company. Unauthorized disclosure of confidential information could
cause competitive harm to the Company or its customers and could result in legal liability to you and the Company. Any questions or concerns
regarding whether disclosure of Company information is legally mandated should be promptly referred to the Company’s Chief Financial
Officer.

 

COMPANY
RECORDS 

 

Accurate
and reliable records are crucial to our business. Our records are the basis of our earnings statements, financial reports and many other
aspects of our business and guide our business decision-making and strategic planning. Company records include booking information, payroll,
timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files,
personnel records, records relating to our intellectual property, product development and collaborations and all other records maintained
in the ordinary course of our business. All Company records must be complete, accurate and reliable in all material respects. Each employee,
consultant and director must follow any formal document retention policy of the Company with respect to Company records within such employee’s,
consultant’s or director’s control. A request for a copy of any such document retention policy or questions concerning any
such policy should be directed to your manager, or the Company’s Chief Financial Officer.

 

    	 

     

    

 

ACCURACY
OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS

 

As
a public company we are subject to various securities laws, regulations and reporting obligations. Both federal law and our policies
require the disclosure of accurate and complete information regarding the Company’s business, financial condition and results of
operations. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal
liability. The Company’s Chief Financial Officer and other employees working in the Finance Department have a special responsibility
to ensure that all of our financial disclosures are full, fair, accurate, timely and understandable. These employees must understand
and strictly comply with generally accepted accounting principles and all standards, laws and regulations for accounting and financial
reporting of transactions, estimates and forecasts.

 

COMPLIANCE
WITH LAWS AND REGULATIONS

 

Each
employee, consultant and director has an obligation to comply with all laws, rules and regulations applicable to the Company’s
operations. These include, without limitation, laws covering bribery and kickbacks, copyrights, trademarks and trade secrets, information
privacy, insider trading, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities,
environmental hazards, employment discrimination or harassment, occupational health and safety, false or misleading financial information
or misuse of corporate assets. You are expected to understand and comply with all laws, rules and regulations that apply to your job
position. If any doubt exists about whether a course of action is lawful, you should seek advice from your manager or the Company’s
Chief Financial Officer.

 

CONCLUSION

 

This
Code contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics
and in compliance with all applicable laws. If you have any questions about these guidelines, please contact your manager or the Company’s
Chief Financial Officer. The Company expects all of its employees, consultants and directors to adhere to these standards. This Code,
as applied to the Company’s principal financial officers, shall be the Company’s “code of ethics” within the
meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. This Code and the matters contained herein
are neither a contract of employment nor a guarantee of continuing Company policy. The Company reserves the right to amend, supplement
or discontinue this Code and the matters addressed herein, without prior notice, at any time. The most current version of this Code is
available on the Company’s website.

 

Acknowledgment
of Receipt of Compliance Return By:

 

To:
Chief Financial Officer

 

From:
Re: SHUTTLE PHARMACEUTICALS HOLDINGS INC.

 

Code
of Business Conduct and Ethics I have received, reviewed, and understand the above-referenced Code of Business Conduct and Ethics and
hereby undertake, as a condition to my present and continued employment at SHUTTLE PHARMACEUTICALS HOLDINGS INC. to comply fully with
the policies and procedures contained therein.

 

	 	 
	Date:
    ______, 2019	 
	Name
    	 
	Title:

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