Document:

Exhibit 10.2
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ONCONOVA THERAPEUTICS, INC.
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EMPLOYMENT AGREEMENT
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This Employment Agreement (the “Agreement”) is effective as of March 9, 2021 (the “Effective Date”) between Onconova Therapeutics, Inc., a Delaware corporation (the “Company”) and Abraham N. Oler (“Employee”).
WHEREAS, the Company desires to employ Employee and Employee desires to be so employed by the Company upon the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual promises and undertakings herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:
1.Duration of Agreement. This Agreement is effective on the date set forth above and has no specific expiration date. Unless terminated or amended in writing by the parties, this Agreement will govern Employee’s continued employment by the Company until that employment ceases in accordance with Section 4 hereof.
2.Duties. Subject to all the terms and conditions hereof, the Company shall employ Employee, and Employee shall serve the Company as Senior Vice President of Corporate Development and General Counsel. Employee shall report directly to the Chief Executive Officer of the Company. As Employee’s position is a full-time position, Employee agrees to devote Employee’s full-time effort, attention, and energies, from such location to be mutually agreed upon between Employee and the Chief Executive Officer, to this position and to the promotion of the business and interests of the Company. Employee will not render any professional services or engage in any activity which might be competitive with, adverse to the best interest of, or create the appearance of a conflict of interest with the Company. Employee agrees to abide by the policies, rules and regulations of the Company as they may be amended from time to time. Employee may not engage in outside employment or consulting without first obtaining prior express permission of the Company.
3.Compensation and Other Benefits.
(a)Salary. For all services rendered by Employee under this Agreement, the Company agrees to pay Employee at an initial annualized rate of three hundred and seventy-five thousand dollars ($375,000), as may be adjusted from time to time (the “Base Salary”), in bi-weekly installments in accordance with the Company’s normal payroll cycle, less customary and legally required withholdings.
(b)Annual Bonus. In addition to Employee’s other remuneration, Employee shall be eligible to receive an annual bonus (the “Bonus”), based on the performance of Employee and the Company. The determination of such performance and the amount of the Bonus, if any, shall be at the sole discretion of the Compensation Committee of the Board of Directors of the Company (the “Committee”) but shall not exceed forty percent (40%) of Employee’s Base Salary (the “Target Bonus”). In the event that Employee has earned a Bonus for a particular year, such Bonus shall be paid to Employee in the form of cash, stock options, shares of the Company’s stock, or a combination thereof, at the Committee’s discretion no later than sixty (60) days following the end of such year.

(c)Employee Benefits. During the term of this Agreement, Employee shall be entitled to participate in any employee benefit plans or programs of the Company that are made generally available from time to time by the Company to similarly situated employees, including, but not limited to, health insurance, a flexible spending account and 401(k) participation.
(d)Vacation and Holidays. The Employee shall be entitled each year to four (4) weeks of vacation, and to those holidays observed by the Company. Vacation shall be taken by the Employee at such time or times as are mutually convenient to the Employee and the Company.
(e)Reimbursement of Expenses. The Company shall reimburse the Employee for all reasonable expenses incurred by Employee in connection with Employee’s employment hereunder, provided, however, that such expenses were incurred in conformance with the policies of the Company, as established from time to time, and that Employee submits detailed vouchers and other records reasonably required by the Company in support of the amount and nature of such expense.
(f)Taxes and Withholding. All compensation payable and other benefits provided under this Agreement shall be subject to customary and legally required withholding for income, F.I.C.A., and other employment taxes.
		4.
	Termination of Employment.

(a)Death of Employee. If Employee dies during the term of this Agreement, this Agreement shall terminate immediately and the Company shall pay to Employee’s then-current spouse, if such spouse survives Employee, or if not, to Employee’s estate, the balance of Employee’s accrued and unpaid salary, unreimbursed expenses and unused accrued vacation time through the termination date.
(b)Disability of Employee. If Employee is unable to perform Employee’s full-time regular duties by reason of incapacity, either physical or mental, for a period of twelve (12) consecutive weeks or ninety (90) days within any twelve (12)-month period, the Company shall have the right to terminate Employee’s employment upon written notice to the Employee. If the Company decides to terminate Employee’s employment under this Section 4(b), the Company shall pay to Employee only the balance of Employee’s accrued and unpaid salary, unreimbursed expenses and unused, accrued vacation time through the termination date. If the Company decides not to terminate Employee’s employment as allowed under this Section, the Company shall have the option of reducing the salary thereafter payable to Employee by the amount of payment the Employee receives pursuant to any disability insurance policy or program.
(c)Termination for Cause. If Employee’s employment is terminated by the Company for “Cause,” as defined below, the Company shall pay Employee only the balance of Employee’s accrued, but unpaid salary, unreimbursed expenses and unused, accrued vacation time through the termination date. The Company shall have the right to set off any amounts due to Employee by any amounts owed by Employee to the Company at the time Employee’s employment terminates, and Employee hereby authorizes the Company to make this setoff.  Employee’s employment may be terminated for “Cause” at any time upon delivery of written notice to Employee. “Cause” means the occurrence of any of the following events: (i) any gross failure on the part of Employee (other than by reason of disability as provided in Section 4(b)) to faithfully and professionally carry out Employee’s duties or to comply with any other material provision of this Agreement, which failure continues after written notice thereof by the Company, provided that the Company shall not be required to provide such notice in the event that such failure (A) is not susceptible to remedy or (B) relates to the same type of acts or omissions as to which such notice has been given on a prior occasion; (ii) Employee’s dishonesty 

(which shall include, without limitation, any misuse or misappropriation of the Company’s assets), or other willful misconduct (including, without limitation, any conduct on the part of Employee intended to or likely to injure the business of the Company); (iii) Employee’s conviction for any felony or for any other crime involving moral turpitude, whether or not relating to Employee’s employment; (iv) in accordance with applicable federal, state or local laws, Employee’s insobriety or use of illegal drugs, chemicals or controlled substances either (A) in the course of performing Employee’s duties and responsibilities under this Agreement, or (B) otherwise affecting the ability of Employee to perform the same; (v) Employee’s failure to comply with a lawful written direction of the Company; or (vi) any wanton and willful dereliction of duties by Employee. The existence of any of the foregoing events or conditions shall be determined by the Company in the exercise of its reasonable judgment.
(d)Termination by the Company without Cause or by Employee for Good Reason. If Employee’s employment by the Company ceases due to a termination by the Company without Cause (as defined above) or a resignation by Employee for Good Reason (as defined below), the Company shall:
(i)pay to Employee all accrued and unpaid Base Salary through the date of such cessation of employment at the time such Base Salary would otherwise be paid according to the Company’s usual payroll practices;
(ii)to the extent then unpaid, pay to Employee the annual Bonus (if any) with respect to the fiscal year ended immediately prior to the cessation of Employee’s employment, which such Bonus shall be paid at the time such Bonus would have otherwise been paid absent Employee’s cessation of employment;
(iii)pay to Employee, subject to Employee’s delivery to the Company of a waiver and release of claims agreement in a form acceptable to the Company (the “Release”) that becomes effective and irrevocable in accordance with Section 17(d) (the “Release Requirement”) and Employee’s continued compliance with the restrictive covenants in Sections 5, 6 and 7 in this Agreement,
(A)in the event Employee’s employment by the Company ceases due to a termination by the Company without Cause or by Employee for Good Reason other than during the Change in Control Protection Period (as defined below), monthly severance payments equal to one-twelfth of the sum of (x) Employee’s then current Base Salary, and (y) an amount equal to the Target Bonus for the fiscal year during which Employee’s employment by the Company ceases, which severance payments shall be paid for the duration of the Severance Period (as defined below) in accordance with the Company’s usual payroll practices; or
(B)in the event Employee’s employment by the Company ceases due to a termination by the Company without Cause or by Employee for Good Reason during the Change in Control Protection Period, a severance payment amount equal to the sum of (x) the Employee’s then current Base Salary plus (y) an amount equal to the Target Bonus for the fiscal year during which Employee’s employment by the Company ceases, in a lump sum payment less all applicable withholding taxes, within seventy-five (75) days following the later of the date of his termination of employment or the Change in Control;
(iv)subject to the Release Requirement and Employee’s continued compliance with the restrictive covenants in Sections 5, 6 and 7 in this Agreement, cause any outstanding unvested options 

to purchase shares of stock of the Company previously awarded to Employee to become fully vested as of the date of his termination of employment pursuant to this Section 4(d); and
(v)subject to the Release Requirement and Employee’s continued compliance with the restrictive covenants in Sections 5, 6 and 7 in this Agreement, if Employee validly elects to receive continuation coverage under the Company’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), reimburse Employee for a portion of the applicable premium payable for such COBRA continuation coverage for the duration of the Severance Period in an amount equal to the employer’s portion of such premiums at the rate in effect on Employee’s termination date; provided, however, that if the Company determines that it cannot continue to provide Employee with such benefit (either pursuant to the terms of the applicable group health plan, as a result of applicable law, or otherwise), the Company shall make supplemental monthly severance payments to Employee in an amount equal to the monthly amount the Company would have otherwise reimbursed to Employee for his participation in such group health plan for the duration of the Severance Period.
For purposes of this Agreement:
“Change in Control” has the same meaning ascribed to it in the Onconova Therapeutics, Inc. 2018 Equity Compensation Plan.
“Change in Control Protection Period” shall mean the twelve (12)-month period following a Change in Control.
“Good Reason” shall mean: (i) the breach by the Company of any material provision of this Agreement (provided, however, that a reduction in Employee’s Base Salary by less than twenty percent (20%) in and for any twelve month period shall not be a material breach by the Company if it is made in connection with a reduction in base salaries imposed on a majority of other senior executives of the Company and Employee’s Base Salary is not reduced by a percentage that is greater than the percentage by which the base salary of a majority of other senior executives of the Company is reduced in and for that same twelve month period); (ii) a relocation of Employee’s principal business location to a location more than fifty (50) miles from Employee’s then-current business location; or (iii) at any time there occurs any of the following which results in a material adverse change in Employee’s duties, position, or compensation without the express prior written consent of Employee: (1) the sale or transfer, whether in one transaction or in a series of transactions, of substantially all of the assets of the Company; (2) the merger or consolidation of the Company with or into any other person or entity under circumstances where the Company is not the surviving entity in such merger or where persons having control of the Company immediately prior to the transaction are not in control of the Company immediately after the transaction. None of the foregoing events or conditions will constitute Good Reason unless Employee provides the Company with written objection to the event or condition within thirty (30) days following the occurrence thereof, the Company does not cure the event or condition within thirty (30) days of receiving that written objection, and Employee resigns Employee’s employment within thirty (30) days following the expiration of that cure period.
“Severance Period” shall mean the nine (9)-month period immediately following the date Employee’s employment with the Company ceases due to a termination by the Company without Cause or by Employee for Good Reason; provided, however, that in the event Employee’s employment by the Company ceases due to a termination by the Company without Cause or by Employee for Good Reason during the Change in Control Protection Period, the Severance Period will equal twelve (12) months.

(e)Code Section 280G. It is the intention of Employee and of the Company that no payments by the Company to or for the benefit of Employee under this Agreement or any other agreement or plan, if any, pursuant to which Employee is entitled to receive payments or benefits shall be nondeductible to the Company by reason of the operation of Section 280G of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (the “Code”) relating to parachute payments or any like statutory or regulatory provision. Accordingly, and notwithstanding any other provision of this Agreement or any such agreement or plan, if by reason of the operation of said Section 280G of the Code or any like statutory or regulatory provision, any such payments exceed the amount which can be deducted by the Company, such payments shall be reduced to the maximum amount which can be deducted by the Company. The Company shall make all reasonable efforts to avoid rendering such payments or benefits nondeductible. To the extent that payments exceeding such maximum deductible amount have been made to or for the benefit of Employee, such excess payments shall be refunded to the Company with interest thereon at the applicable Federal rate determined under Section 1274(d) of the Code, compounded annually, or at such other rate as may be required so that no such payments shall be nondeductible to the Company by reason of the operation of Section 280G of the Code or any like statutory or regulatory provision. To the extent any such reduction in payments is necessary, any amounts subject to Code Section 409A will be reduced first, then to the extent any remaining reduction is necessary such further reduction shall occur to the payments or benefits in the order that results in the greatest economic present value of all payments actually made to Employee.
(f)Voluntary Resignation. Employee may voluntarily resign from employment with the Company at any time. In the event Employee voluntarily resigns from employment with the Company, Employee shall provide the Company with thirty (30) days’ notice of Employee’s intent to resign. The Company shall pay Employee only the balance of Employee’s accrued, but unpaid salary, unreimbursed expenses and any unused, accrued vacation time through Employee’s last day of work.
(g)Deemed Resignation. Upon termination of Employee’s employment for any reason, Employee shall be deemed to have resigned from all offices and board memberships, if any, then held with the Company or any of its affiliates, and, at the Company’s request, Employee shall execute such documents as are necessary or desirable to effectuate such resignations.
(h)No Other Severance. Upon termination of Employee’s employment for any reason, the Company will have no severance obligations under this Agreement other than as provided in this Section 4, which shall supersede any prior or contemporaneous oral or written severance plan, policy, program, or other arrangement maintained by the Company to the extent such benefits would provide for duplication of benefits to Employee.
		5.
	Non-Competition.

(a)For purposes of this Agreement, “Competitor” shall mean any person, company, or entity whose primary business at the time is, or whose then-current business plan contemplates engaging in activities which may be, competitive with products and services that were or were being designed, conceived, marketed, sold, distributed and/or developed by the Company during Employee’s employment by the Company or at the time of termination of Employee’s employment by the Company.
(b)Employee agrees that so long as Employee is employed by the Company, and for a period of twelve (12) months after the termination of his employment, Employee will not, directly or indirectly, whether for compensation or not, own, manage, operate, join, control, work for, or 

participate in, or be connected as a stockholder, officer, employee, partner, creditor, guarantor, advisor or otherwise, with a Competitor. The foregoing shall not be construed, however, as preventing Employee from investing his assets in such form or manner as will not require services on the part of Employee in the operations of the businesses in which such investments are made, provided that any such business is publicly owned and the interest of Employee therein is solely that of an investor owning not more than five percent (5%) of the outstanding equity securities of any such business. Should Employee breach the provisions of this Paragraph, the Company shall, in addition to any equitable or legal relief to which it is otherwise entitled, be entitled to cease all payments and benefits under the terms of this Agreement and shall be entitled to pursue all remedies it might have including, but not limited to, those contained in this Agreement.
(c)For the period of twelve (12) months after the termination of this Agreement for any reason whatsoever, Employee shall not hire, retain or engage as a director, officer, employee, agent or in any other capacity any person or persons who are employed by the Company or who were at any time (within a period of six (6) months immediately prior to the date of Employee’s termination) employed by the Company or otherwise interfere with the relationship between such persons and the Company.
(d)If the period of time or area herein specified should be adjudged unreasonable in any court proceeding, then the period of time shall be reduced by such number of months or the area shall be reduced by elimination of such portion thereof as deemed unreasonable, so that this covenant may be enforced during such period of time and in such area as is adjudged to be reasonable.
		6.
	Confidential Information.

(a)At all times during Employee’s employment and thereafter, Employee will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Company’s Proprietary Information (defined below), except as such use may be required in connection with Employee’s work for the Company, or unless an officer of the Company expressly authorizes such disclosure in writing. Employee will obtain Company’s written approval before publishing or submitting for publication any material (written, verbal, or otherwise) that relates to Employee’s work for Company and/or incorporates any Proprietary Information. Employee hereby assigns to the Company any rights Employee may have or acquire in such Proprietary Information and recognizes that all Proprietary Information shall be the sole property of the Company and its assigns.
(b)The term “Proprietary Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company, whether acquired by Employee while employed by the Company, during Employee’s prior service as a consultant to the Company, or otherwise. By way of illustration but not limitation, “Proprietary Information” includes but is not limited to (i) trade secrets, inventions, mask works, ideas, methods, processes, formulas, chemical structures and methods for chemical synthesis, structure-activity relationships, assay methodologies, characteristics, equipment and equipment designs, results, formulations and biological, pharmacological, toxicological and clinical data, physical, chemical or biological materials, source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, compilations, shop practices, supplier lists, designs and techniques (hereinafter collectively referred to as “Inventions”); and (ii) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (iii) information regarding the skills and compensation of other employees of the Company. Notwithstanding the foregoing, it is understood that, at all times, Employee is free to use information which is generally known in the trade or industry, which is not 

gained as a result of a breach of this Agreement, and which is acquired as a result of Employee’s own skill, knowledge, know-how and experience.
(c)Employee understands, in addition, that the Company has received and in the future will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the period of Employee’s employment and thereafter, Employee will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work for the Company) or use, except in connection with Employee’s work for the Company, Third Party Information unless expressly authorized by an officer of the Company in writing.
(d)During Employee’s employment by the Company, Employee will not improperly use or disclose any confidential information or trade secrets, if any, of any of his former employers or any other person to whom Employee has an obligation of confidentiality, and Employee will not bring onto the premises of the Company any unpublished documents or any property belonging to any former employer or any other person to whom Employee has an obligation of confidentiality, unless such action is consented to in writing by all persons to whom the relevant obligation of confidentiality is owed. Employee shall not work on Company projects on the grounds of, or using the equipment of, any third party, unless such work is agreed to by the Company in writing.
(e)Upon termination of his employment, Employee shall return to the Company all Proprietary Information in any tangible form in Employee’s possession, including copies thereof.
		7.
	Company Right to Inventions.

(a)Inventions, if any, patented or unpatented, which Employee made prior to the commencement of Employee’s employment with the Company are excluded from the scope of this Agreement. To preclude any possible uncertainty, Employee has provided on Appendix A (Previous Inventions) attached hereto a complete list of all Inventions that Employee has, alone or jointly with others, conceived, developed or reduced to practice or caused to be conceived, developed or reduced to practice prior to the commencement of Employee’s employment with the Company, that Employee considers to be Employee’s property or the property of third parties, and that Employee wishes to have excluded from the scope of this Agreement (collectively referred to as “Prior Inventions”). If disclosure of any such Prior Invention would cause Employee to violate any prior confidentiality agreement, Employee understands that Employee shall not list such Prior Inventions in Appendix A but shall only disclose a cursory name for each such invention (bearing in mind that where necessary the naming shall not be so specific as to violate the confidentiality obligation), a listing of the party(ies) to whom the invention belongs, and the fact that full disclosure as to such invention has not been made for that reason. Space is provided on Appendix A for this purpose. If, in the course of Employee’s employment with the Company, Employee incorporates a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have, to the extent of Employee’s right to make such grant, a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use, import, sell and offer to sell such Prior Invention. Notwithstanding the foregoing, Employee agrees that Employee will not incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions without the Company’s prior written consent.
(b)Subject to Section 7(d), Employee hereby assigns and agrees to assign in the future (when any such Inventions are first reduced to practice or a description thereof first fixed in a tangible 

medium, as applicable) to the Company all of Employee’s right, title and interest in and to any and all Inventions, whether or not patentable or registerable under patent, intellectual property, copyright or similar statutes, made or conceived or reduced to practice or learned by Employee, either alone or jointly with others, during the period of Employee’s employment with the Company. Inventions assigned to the Company, or to a third party as directed by the Company pursuant to this Section 7(b), are hereinafter referred to as “Company Inventions.”
(c)During the period of Employee’s employment, Employee will promptly disclose to the Company fully and in writing all Inventions authored, conceived or reduced to practice by Employee, either alone or jointly with others. In addition, Employee will promptly disclose to the Company all patent applications filed by Employee or on Employee’s behalf during Employee’s employment and within one (1) year after termination of employment. At the time of each such disclosure, Employee will advise the Company in writing of any Inventions that Employee believes qualify for exclusion from Employee’s obligation to assign hereunder; and Employee will at that time provide to the Company in writing all evidence necessary to substantiate that belief.
(d)As directed by the Company, Employee agrees to assign all Employee’s right, title and interest in and to any particular Company Invention to a third party, including without limitation the United States.
(e)Employee acknowledges that all original works of authorship which are made by Employee (solely or jointly with others) within the scope of Employee’s employment and which are protectable by copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C. § 101).
(f)Employee will assist the Company in every proper way to obtain, and from time to time enforce, United States and foreign trade secret, patent, copyright, mask work and other intellectual property rights (“Proprietary Rights”) relating to Company Inventions in any and all countries. To that end, Employee will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. In addition, Employee will execute, verify and deliver assignments of such Proprietary Rights to the Company, its successor in interest, or its designee. Employee’s obligation to assist the Company with respect to Proprietary Rights relating to such Company Inventions in any and all countries shall continue beyond the termination of Employee’s employment.
In the event the Company is unable for any reason, after reasonable effort, to secure Employee’s signature on any document needed in connection with the actions specified in this Section 7(f), Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Employee’s agent and attorney-in-fact, which appointment is coupled with an interest, to act for and on Employee’s behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by Employee.
(g)Employee agrees to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that may be required by the Company) of all Proprietary Information developed by Employee and all Inventions made by Employee during the period of Employee’s employment at the Company, which records shall be available to and remain the sole property of the Company at all times.

(h)Employee represents that Employee’s performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence information acquired by Employee in confidence or in trust prior to Employee’s employment by the Company. Employee has not entered into, and Employee agrees that Employee will not enter into, any agreement either written or oral in conflict herewith.
8.Remedies. Because Employee’s services are personal and unique and because Employee may have access to and become acquainted with the Proprietary Information of the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, or other equitable relief, without bond (if allowed by applicable law), and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement. In the event that Employee performs services for other entities while employed by the Company or leaves the employ of the Company, Employee hereby consents to the notification of Employee’s new employer of Employee’s rights and obligations under this Agreement.
9.Arbitration. Any and all disputes between the parties (except actions to enforce the provisions of Sections 5, 6 or 7 of this Agreement), arising under or relating to this Agreement or any other dispute arising between the parties, including claims arising under any employment discrimination laws, shall be adjudicated and resolved exclusively through binding arbitration before the American Arbitration Association pursuant to the American Arbitration Association’s then-in-effect National Rules for the Resolution of Employment Disputes (hereafter “Rules”), available at https://www.adr.org/sites/default/files/National%20Rules%20for%20the%20Resolution%20of%20Employment%20Disputes%20Jan%2001%2C%202004.pdf as of the date hereof. The initiation and conduct of any arbitration hereunder shall be in accordance with the Rules and each side shall bear its own costs and counsel fees in such arbitration. Any arbitration hereunder shall be conducted in Philadelphia, Pennsylvania, and any arbitration award shall be final and binding on the Parties. The arbitrator shall have no authority to depart from, modify, or add to the written terms of this Agreement. The arbitration provisions of this Section 9 shall be interpreted according to, and governed by, the Federal Arbitration Act, 9 U.S.C. § 1 et seq., and any action pursuant to such Act to enforce any rights hereunder shall be brought exclusively in the United States District Court for the Eastern District of Pennsylvania. The parties consent to the jurisdiction of (and the laying of venue in) such court.
10.General Indemnification. The Company shall indemnify the Employee against any and all demands, claims, damages and suits, actions and legal proceedings brought against the Employee, in his individual capacity or in his official capacity, as agent and/or Employee of the Company for claims arising during his employment. In addition, the Company shall advance to the Employee reasonable attorney’s fees in connection with the foregoing.
11.Severability. The terms of this Agreement and each Paragraph thereof shall be considered severable and the invalidity or unenforceability of any part thereof shall not affect the validity or enforceability of the remaining portions or provisions hereof.
12.Notices. Any notice required or permitted to be given under this Agreement shall be sufficient, if in writing and delivered by registered or certified mail or overnight delivery service to his residence in the case of Employee, or to its principal office in the case of the Company.
13.Assignment. The rights and obligations of the Company under this Agreement shall inure to the benefit of and be binding upon its successors and assigns. Neither this Agreement nor any rights or interests herein or created hereby may be assigned or otherwise transferred voluntarily or involuntarily by Employee.

14.Waiver. The waiver by the Company or Employee of a breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach.
15.Applicable Law. This Agreement shall be interpreted and construed under the laws of the Commonwealth of Pennsylvania.
16.Entire Agreement; Prior Agreements. This instrument contains the entire agreement of the parties with respect to the subject matter hereof and supersedes any and all prior or contemporaneous agreements, oral or written, concerning the subject matter contained herein, including without limitation any prior agreements between the Company and Employee. It may not be changed or altered, except by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.
17.Code Section 409A.
(a)Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payments and benefits set forth herein shall either be exempt from the requirements of Code Section 409A or shall comply with the requirements of Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be exempt from or in compliance with Code Section 409A. The parties hereto agree that the payments and benefits set forth herein comply with or are exempt from the requirements of Code Section 409A and agree not to take any position, and to cause their affiliates, successors and assigns not to take any position, inconsistent with such interpretation for any reporting purposes, whether internal or external.
(b)Notwithstanding anything in this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified deferred compensation” within the meaning of Code Section 409A upon or following a termination of the Employee’s employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service” and the date of such separation from service shall be treated as the date of termination for purposes of any such payment or benefits. Notwithstanding any other provision of this Agreement to the contrary, if the Employee is a “specified employee” within the meaning of Code Section 409A and the regulations issued thereunder, and a payment or benefit provided for in this Agreement would be subject to additional tax under Code Section 409A if such payment or benefit is paid within six (6) months after the Employee’s “separation from service” (within the meaning of Code Section 409A), then such payment or benefit required under this Agreement shall not be paid (or commence) during the six-month period immediately following the Employee’s separation from service except as provided in the immediately following sentence. In such an event, any payments or benefits that would otherwise have been made or provided during such six (6)-month period and which would have incurred such additional tax under Code Section 409A shall instead be paid to the Employee in a lump-sum cash payment on the earlier of (i) the first regular payroll date of the seventh (7th) month following the Employee’s separation from service or (ii) the tenth (10th) business day following the Employee’s death.
(c)It is intended that each installment of any severance payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Code Section 409A. Neither the Employee nor the Company shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Code Section 409A. 

All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Code Section 409A to the extent that such reimbursements or in-kind benefits are subject to Code Section 409A, including, where applicable, the requirements that (i) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (ii) the reimbursement of an eligible expense shall be made promptly and in all cases on or before the last day of the calendar year following the year in which the expense is incurred and (iii) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit.
(d)Notwithstanding anything contained herein to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result of Employee’s termination of employment are subject to Employee’s execution and delivery of the Release, (i) if Employee fails to execute the Release on or prior to the Release Expiration Date (as defined below) or timely revokes Employee’s acceptance of the Release thereafter, Employee shall not be entitled to any payments or benefits otherwise conditioned on the Release, and (ii) in any case where Employee’s date of termination and the last day the Release may be considered or, if applicable, revoked, fall in two separate taxable years, any payments required to be made to Employee that are conditioned on the Release and are treated as nonqualified deferred compensation for purposes of Code Section 409A shall be made in the later taxable year. For purposes of this Section 17(d), “Release Expiration Date” shall mean (x) if Employee is under 40 years old as of the date of termination, the date that is seven (7) days following the date upon which the Company timely delivers the Release to Employee, and (y) if Employee is 40 years or older as of the date of termination, the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Employee, or, in the event that Employee’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date. To the extent that any payments of nonqualified deferred compensation (within the meaning of Code Section 409A) due under this Agreement as a result of Employee’s termination of employment are delayed pursuant to this Section 17(d), such amounts shall be paid in a lump sum on the first payroll date following the date that Employee executes and does not revoke the Release (and the applicable revocation period has expired) or, in the case of any payments subject to Section 17(d)(ii), on the first payroll period to occur in the subsequent taxable year, if later.
18.Whistleblower Protections and Trade Secrets.  Notwithstanding anything to the contrary contained herein, nothing in this Agreement prohibits Employee from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for information provided to any such government agencies). Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement: (i) Employee shall not be in breach of this Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret law (x) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (y) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Employee may disclose the trade secret to Employee’s attorney, and may use the trade secret information in the court proceeding, if Employee 

files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.
19.Counterparts. This Amendment may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument. Any and all counterparts may be executed by facsimile.
[signature page follows]
​
​

​
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
​
​
		ONCONOVA THERAPEUTICS, INC.

		
		By:
	/s/ Steven Fruchtman

		Name:
	Steven M. Fruchtman

	​
	Title:
	President and CEO

		
		
		EMPLOYEE:

		
		By:
	/s/ Abraham Oler

	​
	​
	Abraham N. Oler

​
​
​

APPENDIX A
​
	TO:
	[•]
	
			
	FROM:
	Abraham N. Oler
	
			
	DATE:
		
			
	SUBJECT:
	PREVIOUS INVENTIONS
	

​
1.Except as listed in Section 2 below, the following is a complete list of all inventions or improvements relevant to the subject matter of my employment by Onconova Therapeutics, Inc. (the “Company”) that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by the Company:
​
​
	[ ]
	No inventions or improvements.

		
	[ ]
	See below:

	​
	​

	[ ]
	Additional sheet(s) attached.

​
Due to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to inventions or improvements generally listed below, the proprietary rights and duty of confidentiality with respect to which I owe to the following party(ies):
​
​
	INVENTION OR IMPROVEMENT
	    
	PARTY(IES)
	    
	RELATIONSHIP

					
	1.
				
	2.
				
	3.
				
	4.
				
	5.
				
	6.
				

[ ] Additional sheet(s) attached.Exhibit 10.6

 

Celularity
Inc.

2021
Equity Incentive Plan

Adopted
by the Board of Directors: July 12, 2021

Approved
by the Stockholders: July 14, 2021

 

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	 	 	Annex D

Page
	1.	 	General.	 	1
	2.	 	Shares Subject to the Plan.	 	1
	3.	 	Eligibility and Limitations.	 	2
	4.	 	Options and Stock Appreciation Rights.	 	2
	5.	 	Awards Other Than Options and Stock Appreciation Rights.	 	5
	6.	 	Adjustments upon Changes in Common Stock; Other Corporate Events.	 	6
	7.	 	Administration.	 	8
	8.	 	Tax Withholding	 	10
	9.	 	Miscellaneous.	 	10
	10.	 	Covenants of the Company.	 	12
	11.	 	Additional Rules for Awards Subject to Section 409A.	 	13
	12.	 	Severability.	 	15
	13.	 	Termination of the Plan.	 	15
	14.	 	Definitions.	 	16

 

    i

     

    

 

1. General.

 

(a) Plan Purpose. The
Company, by means of the Plan, seeks to secure and retain the services of Employees, Directors and Consultants, to provide incentives
for such persons to exert maximum efforts for the success of the Company and any Affiliate and to provide a means by which such persons
may be given an opportunity to benefit from increases in value of the Common Stock through the granting of Awards.

 

(b) Available Awards. The
Plan provides for the grant of the following Awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) SARs;
(iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards.

 

(c) Adoption Date; Effective
Date. The Plan will come into existence on the Adoption Date, but no Award may be granted prior to the Effective
Date.

 

2. Shares
Subject to the Plan.

 

(a) Share Reserve. Subject
to adjustment in accordance with Section 2(c) and any adjustments as necessary to implement any Capitalization Adjustments, the aggregate
number of shares of Common Stock that may be issued pursuant to Awards will not exceed 20,915,283 shares of Common Stock. In addition,
subject to any adjustments as necessary to implement any Capitalization Adjustments, such aggregate number of shares of Common Stock will
automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including)
January 1, 2031, in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on December 31
of the preceding year; provided, however that the Board may act prior to January 1st of a given year to provide that the increase
for such year will be a lesser number of shares of Common Stock.

 

(b) Aggregate Incentive
Stock Option Limit. Notwithstanding anything to the contrary in Section 2(a) and subject to any adjustments
as necessary to implement any Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant
to the exercise of Incentive Stock Options is 62,745,849 shares.

 

(c) Share Reserve Operation.

 

(i) Limit Applies to
Common Stock Issued Pursuant to Awards. For clarity, the Share Reserve is a limit on the number of shares of
Common Stock that may be issued pursuant to Awards and does not limit the granting of Awards, except that the Company will keep available
at all times the number of shares of Common Stock reasonably required to satisfy its obligations to issue shares pursuant to such Awards.
Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq Listing Rule 5635(c), NYSE
Listed Company Manual Section 303A.08, NYSE American Company Guide Section 711 or other applicable rule, and such issuance will
not reduce the number of shares available for issuance under the Plan.

 

(ii) Actions that Do
Not Constitute Issuance of Common Stock and Do Not Reduce Share Reserve. The following actions do not result
in an issuance of shares under the Plan and accordingly do not reduce the number of shares subject to the Share Reserve and available
for issuance under the Plan: (1) the expiration or termination of any portion of an Award without the shares covered by such portion
of the Award having been issued; (2) the settlement of any portion of an Award in cash (i.e., the Participant receives cash
rather than Common Stock); (3) the withholding of shares that would otherwise be issued by the Company to satisfy the exercise, strike
or purchase price of an Award; or (4) the withholding of shares that would otherwise be issued by the Company to satisfy a tax withholding
obligation in connection with an Award.

 

(iii) Reversion of Previously
Issued Shares of Common Stock to Share Reserve. The following shares of Common Stock previously issued pursuant
to an Award and accordingly initially deducted from the Share Reserve will be added back to the Share Reserve and again become available
for issuance under the Plan: (1) any shares that are forfeited back to or repurchased by the Company because of a failure to meet
a contingency or condition required for the vesting of such shares; (2) any shares that are reacquired by the Company to satisfy
the exercise, strike or purchase price of an Award; and (3) any shares that are reacquired by the Company to satisfy a tax withholding
obligation in connection with an Award.

 

    1

     

    

 

3. Eligibility
and Limitations.

 

(a) Eligible Award Recipients. Subject
to the terms of the Plan, Employees, Directors and Consultants are eligible to receive Awards.

 

(b) Specific Award Limitations.

 

(i) Limitations on Incentive
Stock Option Recipients. Incentive Stock Options may be granted only to Employees of the Company or a “parent
corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of
the Code).

 

(ii) Incentive Stock
Option $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 Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does
not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the
order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding
any contrary provision of the applicable Option Agreement(s).

 

(iii) Limitations on
Incentive Stock Options Granted to Ten Percent Stockholders. A Ten Percent Stockholder may not be granted an
Incentive Stock Option unless (i) the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant
of such Option and (ii) the Option is not exercisable after the expiration of five years from the date of grant of such Option.

 

(iv) Limitations on Nonstatutory
Stock Options and SARs. Nonstatutory Stock Options and SARs may not be granted to Employees, Directors and
Consultants who are providing Continuous Service only to any “parent” of the Company (as such term is defined in Rule 405)
unless the stock underlying such Awards is treated as “service recipient stock” under Section 409A because the Awards
are granted pursuant to a corporate transaction (such as a spin off transaction) or unless such Awards otherwise comply with the distribution
requirements of Section 409A.

 

(c) Aggregate Incentive
Stock Option Limit. The aggregate maximum number of shares of Common Stock that may be issued pursuant to the
exercise of Incentive Stock Options is the number of shares specified in Section 2(b).

 

(d) Non-Employee Director
Compensation Limit. The aggregate value of all compensation granted or paid, as applicable, to any individual
for service as a Non-Employee Director with respect to any calendar year, including Awards granted and cash fees paid by the Company to
such Non-Employee Director, will not exceed (i) $750,000 in total value or (ii) in the event such Non-Employee Director is first
appointed or elected to the Board during such Annual Period, $1,000,000 in total value, in each case calculating the value of any equity
awards based on the grant date fair value of such equity awards for financial reporting purposes. The limitations in this Section 3(d)
shall apply commencing with the first calendar year that begins following the Effective Date.

 

4. Options
and Stock Appreciation Rights.

 

Each Option and SAR will
have such terms and conditions as determined by the Board. Each Option will be designated in writing as an Incentive Stock Option or Nonstatutory
Stock Option at the time of grant; provided, however, that if an Option is not so designated, then such Option will be a Nonstatutory
Stock Option, and the shares purchased upon exercise of each type of Option will be separately accounted for. Each SAR will be denominated
in shares of Common Stock equivalents. The terms and conditions of separate Options and SARs need not be identical; provided, however,
that each Option Agreement and SAR Agreement will conform (through incorporation of provisions hereof by reference in the Award Agreement
or otherwise) to the substance of each of the following provisions:

 

(a) Term. Subject
to Section 3(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten years from the
date of grant of such Award or such shorter period specified in the Award Agreement.

 

    2

     

    

 

(b) Exercise or
Strike Price. Subject to Section 3(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or
SAR will not be less than 100% of the Fair Market Value on the date of grant of such Award. Notwithstanding the foregoing, an Option
or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value on the date of grant of such Award
if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a
Corporate Transaction and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the
Code.

 

(c) Exercise Procedure
and Payment of Exercise Price for Options. In order to exercise an Option, the Participant must provide notice
of exercise to the Plan Administrator in accordance with the procedures specified in the Option Agreement or otherwise provided by the
Company. The Board has the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict
the ability to use certain methods) and to grant Options that require the consent of the Company to utilize a particular method of payment.
The exercise price of an Option may be paid, to the extent permitted by Applicable Law and as determined by the Board, by one or more
of the following methods of payment to the extent set forth in the Option Agreement:

 

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

 

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

 

(iii) by delivery
to the Company (either by actual delivery or attestation) of shares of Common Stock that are already owned by the Participant free and
clear of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date of exercise that does not exceed
the exercise price, provided that (1) at the time of exercise the Common Stock is publicly traded, (2) any remaining balance
of the exercise price not satisfied by such delivery is paid by the Participant in cash or other permitted form of payment, (3) such
delivery would not violate any Applicable Law or agreement restricting the redemption of the Common Stock, (4) any certificated shares
are endorsed or accompanied by an executed assignment separate from certificate, and (5) such shares have been held by the Participant
for any minimum period necessary to avoid adverse accounting treatment as a result of such delivery;

 

(iv) if the Option
is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares
of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value on the date of exercise that does
not exceed the exercise price, provided that (1) such shares used to pay the exercise price will not be exercisable thereafter and
(2) any remaining balance of the exercise price not satisfied by such net exercise is paid by the Participant in cash or other permitted
form of payment; or

 

(v) in any other
form of consideration that may be acceptable to the Board and permissible under Applicable Law.

 

(d) Exercise Procedure
and Payment of Appreciation Distribution for SARs. In order to exercise any SAR, the Participant must provide
notice of exercise to the Plan Administrator in accordance with the SAR Agreement. The appreciation distribution payable to a Participant
upon the exercise of a SAR will not be greater than an amount equal to the excess of (i) the aggregate Fair Market Value on the date
of exercise of a number of shares of Common Stock equal to the number of Common Stock equivalents that are vested and being exercised
under such SAR, over (ii) the strike price of such SAR. Such appreciation distribution may be paid to the Participant in the form
of Common Stock or cash (or any combination of Common Stock and cash) or in any other form of payment, as determined by the Board and
specified in the SAR Agreement.

 

(e) Transferability. Options
and SARs may not be transferred to third party financial institutions for value. The Board may impose such additional limitations on the
transferability of an Option or SAR as it determines. In the absence of any such determination by the Board, the following restrictions
on the transferability of Options and SARs will apply, provided that except as explicitly provided herein, neither an Option nor a SAR
may be transferred for consideration and provided, further, that if an Option is an Incentive Stock Option, such Option may be
deemed to be a Nonstatutory Stock Option as a result of such transfer:

 

(i) Restrictions on
Transfer. An Option or SAR will not be transferable, except by will or by the laws of descent and distribution, and will be
exercisable during the lifetime of the Participant only by the Participant; provided, however, that the Board may permit transfer of
an Option or SAR in a manner that is not prohibited by applicable tax and securities laws upon the Participant’s request,
including to a trust if the Participant is considered to be the sole beneficial owner of such trust (as determined under
Section 671 of the Code and applicable state law) while such Option or SAR is held in such trust, provided that the Participant
and the trustee enter into a transfer and other agreements required by the Company.

 

    3

     

    

 

(ii) Domestic Relations
Orders. Notwithstanding the foregoing, subject to the execution of transfer documentation in a format acceptable
to the Company and subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to
a domestic relations order.

 

(f) Vesting. The
Board may impose such restrictions on or conditions to the vesting and/or exercisability of an Option or SAR as determined by the Board.
Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate,
vesting of Options and SARs will cease upon termination of the Participant’s Continuous Service.

 

(g) Termination of Continuous
Service for Cause. Except as explicitly otherwise provided in the Award Agreement or other written agreement
between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service is terminated for Cause, the Participant’s
Options and SARs will terminate and be forfeited immediately upon such termination of Continuous Service, and the Participant will be
prohibited from exercising any portion (including any vested portion) of such Awards on and after the date of such termination of Continuous
Service and the Participant will have no further right, title or interest in such forfeited Award, the shares of Common Stock subject
to the forfeited Award, or any consideration in respect of the forfeited Award.

 

(h) Post-Termination
Exercise Period Following Termination of Continuous Service for Reasons Other than Cause. Subject to Section 4(i),
if a Participant’s Continuous Service terminates for any reason other than for Cause, the Participant may exercise his or her Option
or SAR to the extent vested, but only within the following period of time or, if applicable, such other period of time provided in the
Award Agreement or other written agreement between a Participant and the Company or an Affiliate; provided, however, that in no event
may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)):

 

(i) three months
following the date of such termination if such termination is a termination without Cause (other than any termination due to the Participant’s
Disability or death);

 

(ii) 12 months following
the date of such termination if such termination is due to the Participant’s Disability;

 

(iii) 18 months following
the date of such termination if such termination is due to the Participant’s death; or

 

(iv) 18 months following
the date of the Participant’s death if such death occurs following the date of such termination but during the period such Award
is otherwise exercisable (as provided in (i) or (ii) above).

 

Following the date of such termination, to
the extent the Participant does not exercise such Award within the applicable Post-Termination Exercise Period (or, if earlier, prior
to the expiration of the maximum term of such Award), such unexercised portion of the Award will terminate, and the Participant will have
no further right, title or interest in the terminated Award, the shares of Common Stock subject to the terminated Award, or any consideration
in respect of the terminated Award.

 

(i) Restrictions on Exercise;
Extension of Exercisability. A Participant may not exercise an Option or SAR at any time that the issuance
of shares of Common Stock upon such exercise would violate Applicable Law. Except as otherwise provided in the Award Agreement or other
written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates for any
reason other than for Cause and, at any time during the last thirty days of the applicable Post-Termination Exercise Period: (i) the
exercise of the Participant’s Option or SAR would be prohibited solely because the issuance of shares of Common Stock upon such
exercise would violate Applicable Law, or (ii) the immediate sale of any shares of Common Stock issued upon such exercise would violate
the Company’s Trading Policy, then the applicable Post-Termination Exercise Period will be extended to the last day of the calendar
month that commences following the date the Award would otherwise expire, with an additional extension of the exercise period to the last
day of the next calendar month to apply if any of the foregoing restrictions apply at any time during such extended exercise period, generally
without limitation as to the maximum permitted number of extensions); provided, however, that in no event may such Award be exercised
after the expiration of its maximum term (as set forth in Section 4(a)).

 

    4

     

    

 

(j) Non-Exempt Employees. No
Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act
of 1938, as amended, will be first exercisable for any shares of Common Stock until at least six months following the date of grant of
such Award. Notwithstanding the foregoing, in accordance with the provisions of the Worker Economic Opportunity Act, any vested portion
of such Award may be exercised earlier than six months following the date of grant of such Award in the event of (i) such Participant’s
death or Disability, (ii) a Corporate Transaction in which such Award is not assumed, continued or substituted, (iii) a Change
in Control, or (iv) such Participant’s retirement (as such term may be defined in the Award Agreement or another applicable
agreement or, in the absence of any such definition, in accordance with the Company’s then current employment policies and guidelines).
This Section 4(j) is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting
of an Option or SAR will be exempt from his or her regular rate of pay.

 

(k) Whole Shares. Options
and SARs may be exercised only with respect to whole shares of Common Stock or their equivalents.

 

5. Awards
Other Than Options and Stock Appreciation Rights.

 

(a) Restricted Stock
Awards and RSU Awards. Each Restricted Stock Award and RSU Award will have such terms and conditions as determined
by the Board; provided, however, that each Restricted Stock Award Agreement and RSU Award Agreement will conform (through incorporation
of the provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

 

(i) Form of Award.

 

(1) RSAs: To the extent
consistent with the Company’s Bylaws, at the Board’s election, shares of Common Stock subject to a Restricted Stock Award
may be (i) held in book entry form subject to the Company’s instructions until such shares become vested or any other restrictions
lapse, or (ii) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board. Unless
otherwise determined by the Board, a Participant will have voting and other rights as a stockholder of the Company with respect to any
shares subject to a Restricted Stock Award.

 

(2) RSUs: A RSU Award
represents a Participant’s right to be issued on a future date the number of shares of Common Stock that is equal to the number
of restricted stock units subject to the RSU Award. As a holder of a RSU Award, a Participant is an unsecured creditor of the Company
with respect to the Company’s unfunded obligation, if any, to issue shares of Common Stock in settlement of such Award and nothing
contained in the Plan or any RSU Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust
of any kind or a fiduciary relationship between a Participant and the Company or an Affiliate or any other person. A Participant will
not have voting or any other rights as a stockholder of the Company with respect to any RSU Award (unless and until shares are actually
issued in settlement of a vested RSU Award).

 

(ii) Consideration.

 

(1) RSA: A Restricted
Stock Award may be granted in consideration for (A) cash or check, bank draft or money order payable to the Company, (B) past
services to the Company or an Affiliate, or (C) any other form of consideration (including future services) as the Board may determine
and permissible under Applicable Law.

 

(2) RSU: Unless otherwise
determined by the Board at the time of grant, a RSU Award will be granted in consideration for the Participant’s services to the
Company or an Affiliate, such that the Participant will not be required to make any payment to the Company (other than such services)
with respect to the grant or vesting of the RSU Award, or the issuance of any shares of Common Stock pursuant to the RSU Award. If, at
the time of grant, the Board determines that any consideration must be paid by the Participant (in a form other than the Participant’s
services to the Company or an Affiliate) upon the issuance of any shares of Common Stock in settlement of the RSU Award, such consideration
may be paid in any form of consideration as the Board may determine and permissible under Applicable Law.

 

(iii) Vesting. The
Board may impose such restrictions on or conditions to the vesting of a Restricted Stock Award or RSU Award as determined by the Board.
Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate,
vesting of Restricted Stock Awards and RSU Awards will cease upon termination of the Participant’s Continuous Service.

 

    5

     

    

 

(iv) Termination of Continuous
Service. Except as otherwise provided in the Award Agreement or other written agreement between a Participant
and the Company or an Affiliate, if a Participant’s Continuous Service terminates for any reason, (i) the Company may receive
through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant under his or her
Restricted Stock Award that have not vested as of the date of such termination as set forth in the Restricted Stock Award Agreement and
(ii) any portion of his or her RSU Award that has not vested will be forfeited upon such termination and the Participant will have
no further right, title or interest in the RSU Award, the shares of Common Stock issuable pursuant to the RSU Award, or any consideration
in respect of the RSU Award.

 

(v) Dividends and Dividend
Equivalents. Dividends or dividend equivalents may be paid or credited, as applicable, with respect to any
shares of Common Stock subject to a Restricted Stock Award or RSU Award, as determined by the Board and specified in the Award Agreement).

 

(vi) Settlement of RSU
Awards. A RSU Award may be settled by the issuance of shares of Common Stock or cash (or any combination thereof)
or in any other form of payment, as determined by the Board and specified in the RSU Award Agreement. At the time of grant, the Board
may determine to impose such restrictions or conditions that delay such delivery to a date following the vesting of the RSU Award.

 

(b) Performance Awards. With
respect to any Performance Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period,
the other terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals have been attained
will be determined by the Board.

 

(c) Other Awards. Other
forms of Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation in value thereof
(e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value at the time of grant) may
be granted either alone or in addition to Awards provided for under Section 4 and the preceding provisions of this Section 5.
Subject to the provisions of the Plan, the Board will have sole and complete discretion to determine the persons to whom and the time
or times at which such Other Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted
pursuant to such Other Awards and all other terms and conditions of such Other Awards.

 

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

 

(a) Capitalization Adjustments. In
the event of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es) and maximum
number of shares of Common Stock subject to the Plan and the maximum number of shares by which the Share Reserve may annually increase
pursuant to Section 2(a); (ii) the class(es) and maximum number of shares that may be issued pursuant to the exercise of Incentive
Stock Options pursuant to Section 2(a); and (iii) the class(es) and number of securities and exercise price, strike price or
purchase price of Common Stock subject to outstanding Awards. The Board shall make such adjustments, and its determination shall be final,
binding and conclusive. Notwithstanding the foregoing, no fractional shares or rights for fractional shares of Common Stock shall be created
in order to implement any Capitalization Adjustment. The Board shall determine an appropriate equivalent benefit, if any, for any fractional
shares or rights to fractional shares that might be created by the adjustments referred to in the preceding provisions of this Section.

 

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

 

    6

     

    

 

(c) Corporate Transaction. The
following provisions will apply to Awards in the event of a Corporate Transaction unless otherwise provided in the instrument evidencing
the Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided
by the Board at the time of grant of an Award.

 

(i) Awards May Be Assumed. In
the event of a Corporate Transaction, any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company) may assume or continue any or all Awards outstanding under the Plan or may substitute similar awards for Awards outstanding
under the Plan (including but not limited to, awards to acquire the same consideration paid to the stockholders of the Company pursuant
to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant
to Awards may be assigned by the Company to the successor of the Company (or the successor’s parent company, if any), in connection
with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue only
a portion of an Award or substitute a similar award for only a portion of an Award, or may choose to assume or continue the Awards held
by some, but not all Participants. The terms of any assumption, continuation or substitution will be set by the Board.

 

(ii) Awards Held by Current
Participants. In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation
(or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards,
then with respect to Awards that have not been assumed, continued or substituted and that are held by Participants whose Continuous Service
has not terminated prior to the effective time of the Corporate Transaction (referred to as the “Current Participants”),
the vesting of such Awards (and, with respect to Options and Stock Appreciation Rights, the time when such Awards may be exercised) will
be accelerated in full to a date prior to the effective time of such Corporate Transaction (contingent upon the effectiveness of the Corporate
Transaction) as the Board determines (or, if the Board does not determine such a date, to the date that is five (5) days prior to the
effective time of the Corporate Transaction), and such Awards will terminate if not exercised (if applicable) at or prior to the effective
time of the Corporate Transaction, and any reacquisition or repurchase rights held by the Company with respect to such Awards will lapse
(contingent upon the effectiveness of the Corporate Transaction). With respect to the vesting of Performance Awards that will accelerate
upon the occurrence of a Corporate Transaction pursuant to this subsection (ii) and that have multiple vesting levels depending on
the level of performance, unless otherwise provided in the Award Agreement or unless otherwise provided by the Board, the vesting of such
Performance Awards will accelerate at 100% of the target level upon the occurrence of the Corporate Transaction. With respect to the vesting
of Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant to this subsection (ii) and are settled in
the form of a cash payment, such cash payment will be made no later than 30 days following the occurrence of the Corporate Transaction.

 

(iii) Awards Held by
Persons other than Current Participants. In the event of a Corporate Transaction in which the surviving corporation
or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for
such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held by persons
other than Current Participants, such Awards will terminate if not exercised (if applicable) prior to the occurrence of the Corporate
Transaction; provided, however, that any reacquisition or repurchase rights held by the Company with respect to such Awards will not terminate
and may continue to be exercised notwithstanding the Corporate Transaction.

 

(iv) Payment for Awards
in Lieu of Exercise. Notwithstanding the foregoing, in the event an Award will terminate if not exercised prior
to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder of such Award may not
exercise such Award but will receive a payment, in such form as may be determined by the Board, equal in value, at the effective time,
to the excess, if any, of (1) the value of the property the Participant would have received upon the exercise of the Award (including,
at the discretion of the Board, any unvested portion of such Award), over (2) any exercise price payable by such holder in connection
with such exercise.

 

(d) Appointment of Stockholder
Representative. As a condition to the receipt of an Award under this Plan, a Participant will be deemed to
have agreed that the Award will be subject to the terms of any agreement governing a Corporate Transaction involving the Company, including,
without limitation, a provision for the appointment of a stockholder representative that is authorized to act on the Participant’s
behalf with respect to any escrow, indemnities and any contingent consideration.

 

 

    7

     

    

 

(e) No Restriction on
Right to Undertake Transactions. The grant of any Award under the Plan and the issuance of shares pursuant
to any Award does not affect or restrict in any way the right or power of the Company or the stockholders 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, rights or options 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.

 

7. Administration.

 

(a) Administration by
Board. The Board will administer the Plan unless and until the Board delegates administration of the Plan to
a Committee or Committees, as provided in subsection (c) below.

 

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

 

(i) To determine
from time to time (1) which of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will
be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award granted (which
need not be identical), including the time or times when a person will be permitted to receive an issuance of Common Stock or other payment
pursuant to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which an Award will be granted
to each such person; (6) the Fair Market Value applicable to an Award; and (7) the terms of any Performance Award that is not
valued in whole or in part by reference to, or otherwise based on, the Common Stock, including the amount of cash payment or other property
that may be earned and the timing of payment.

 

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

 

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

 

(iv) To accelerate
the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest, notwithstanding the
provisions in the Award Agreement stating the time at which it may first be exercised or the time during which it will vest.

 

(v) To prohibit the
exercise of any Option, SAR or other exercisable Award during a period of up to 30 days prior to the consummation 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 Common Stock or the share price of the Common Stock including
any Corporate Transaction, for reasons of administrative convenience.

 

(vi) To suspend or
terminate the Plan at any time. Suspension or termination of the Plan will not Materially Impair rights and obligations under any Award
granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vii) To amend the
Plan in any respect the Board deems necessary or advisable; provided, however, that stockholder approval will be required for any
amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted before amendment of the Plan
will not be Materially Impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant,
and (2) such Participant consents in writing.

 

(viii) To submit
any amendment to the Plan for stockholder approval.

 

(ix) To approve forms
of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments
to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in
the Plan that are not subject to Board discretion; provided however, that, a Participant’s rights under any Award will not
be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such
Participant consents in writing.

 

    8

     

    

 

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

 

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

 

(c) Delegation to Committee.

 

(i) General. The
Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated
to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board
that have been delegated to the Committee, including the power to delegate to another Committee or a subcommittee of the Committee any
of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the
Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted
from time to time by the Board. Each Committee may retain the authority to concurrently administer the Plan with Committee or subcommittee
to which it has delegated its authority hereunder and may, at any time, revest in such Committee some or all of the powers previously
delegated. The Board may retain the authority to concurrently administer the Plan with any Committee and may, at any time, revest in the
Board some or all of the powers previously delegated.

 

(ii) Rule 16b-3
Compliance. To the extent an Award is intended to qualify for the exemption from Section 16(b) of the
Exchange Act that is available under Rule 16b-3 of the Exchange Act, the Award will be granted by the Board or a Committee that consists
solely of two or more Non-Employee Directors, as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter any action
establishing or modifying the terms of the Award will be approved by the Board or a Committee meeting such requirements to the extent
necessary for such exemption to remain available.

 

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

 

(e) Delegation to an
Officer. The Board or any Committee may delegate to one or more Officers the authority to do one or both of
the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by
Applicable Law, other types of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and (ii) determine the
number of shares of Common Stock to be subject to such Awards granted to such Employees; provided, however, that the resolutions or charter
adopted by the Board or any Committee evidencing such delegation will specify the total number of shares of Common Stock that may be subject
to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted
on the applicable form of Award Agreement most recently approved for use by the Board or the Committee, unless otherwise provided in the
resolutions approving the delegation authority. Notwithstanding anything to the contrary herein, neither the Board nor any Committee may
delegate to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) the authority to determine the
Fair Market Value.

 

(f) Prohibition on Repricing. Subject
to Section 6 hereof, neither the Board nor the Committee shall have the authority to reprice or cancel and regrant any Award at a
lower exercise price, strike price or purchase price or cancel any Award with an exercise price, strike price or purchase price in exchange
for cash, property or other Awards without first obtaining the approval of the stockholders of the Company.

 

    9

     

    

 

8. Tax
Withholding

 

(a) Withholding
Authorization. As a condition to acceptance of any Award under the Plan, a Participant authorizes withholding from payroll and
any other amounts payable to such Participant, and otherwise agree to make adequate provision for (including), any sums required to
satisfy any U.S. federal, state, local and/or foreign tax or social insurance contribution withholding obligations of the Company or
an Affiliate, if any, which arise in connection with the exercise, vesting or settlement of such Award, as applicable. Accordingly,
a Participant may not be able to exercise an Award even though the Award is vested, and the Company shall have no obligation to
issue shares of Common Stock subject to an Award, unless and until such obligations are satisfied.

 

(b) Satisfaction of Withholding
Obligation. To the extent permitted by the terms of an Award Agreement, the Company may, in its sole discretion,
satisfy any U.S. federal, state, local and/or foreign tax or social insurance withholding obligation relating to an Award by any of the
following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares
of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; (iii) withholding
cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; (v) by allowing
a Participant to effectuate a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the
Federal Reserve Board; or (vi) by such other method as may be set forth in the Award Agreement.

 

(c) No Obligation to
Notify or Minimize Taxes; No Liability to Claims. Except as required by Applicable Law the Company has no duty
or obligation to any Participant to advise such holder as to the time or manner of exercising such Award. Furthermore, the Company has
no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period
in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder
of such Award and will not be liable to any holder of an Award for any adverse tax consequences to such holder in connection with an Award.
As a condition to accepting an Award under the Plan, each Participant (i) agrees to not make any claim against the Company, or any
of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from such Award or other Company compensation and
(ii) acknowledges that such Participant was advised to consult with his or her own personal tax, financial and other legal advisors
regarding the tax consequences of the Award and has either done so or knowingly and voluntarily declined to do so. Additionally, each
Participant acknowledges any Option or SAR granted under the Plan is exempt from Section 409A only if the exercise or strike price
is at least equal to the “fair market value” of the Common Stock on the date of grant as determined by the Internal Revenue
Service and there is no other impermissible deferral of compensation associated with the Award. Additionally, as a condition to accepting
an Option or SAR granted under the Plan, each Participant agrees not make any claim against the Company, or any of its Officers, Directors,
Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise price or strike price is less than the
“fair market value” of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.

 

(d) Withholding Indemnification. As
a condition to accepting an Award under the Plan, in the event that the amount of the Company’s and/or its Affiliate’s withholding
obligation in connection with such Award was greater than the amount actually withheld by the Company and/or its Affiliates, each Participant
agrees to indemnify and hold the Company and/or its Affiliates harmless from any failure by the Company and/or its Affiliates to withhold
the proper amount.

 

9. Miscellaneous.

 

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

 

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

 

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

 

 

    10

     

    

 

(d) Stockholder Rights. No
Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject
to such Award unless and until (i) such Participant has satisfied all requirements for exercise of the Award pursuant to its terms,
if applicable, and (ii) the issuance of the Common Stock subject to such Award is reflected in the records of the Company.

 

(e) No Employment or
Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder
or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or
an Affiliate in the capacity in effect at the time the Award was granted or affect the right of the Company or an Affiliate to terminate
at will and without regard to any future vesting opportunity that a Participant may have with respect to any Award (i) the employment
of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s
agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate,
and any applicable provisions of the corporate law of the state or foreign jurisdiction in which the Company or the Affiliate is incorporated,
as the case may be. Further, nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with
any Award will constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future
work assignments, future compensation or any other term or condition of employment or service or confer any right or benefit under the
Award or the Plan unless such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.

 

(f) Change in Time Commitment. In
the event a Participant’s regular level of time commitment in the performance of his or her services for the Company and any Affiliates
is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status
from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant,
the Board may determine, to the extent permitted by Applicable Law, to (i) make a corresponding reduction in the number of shares
or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time
commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such
Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced
or extended.

 

(g) Execution of Additional
Documents. As a condition to accepting an Award under the Plan, the Participant agrees to execute any additional
documents or instruments necessary or desirable, as determined in the Plan Administrator’s sole discretion, to carry out the purposes
or intent of the Award, or facilitate compliance with securities and/or other regulatory requirements, in each case at the Plan Administrator’s
request.

 

(h) Electronic Delivery
and Participation. Any reference herein or in an Award Agreement to a “written” agreement or document
will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto)
or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access).
By accepting any Award the Participant consents to receive documents by electronic delivery and to participate in the Plan through any
on-line electronic system established and maintained by the Plan Administrator or another third party selected by the Plan Administrator.
The form of delivery of any Common Stock (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by
the Company.

 

(i) Clawback/Recovery. All
Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt
pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed
or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law and any clawback
policy that the Company otherwise adopts, to the extent applicable and permissible under Applicable Law. In addition, the Board may impose
such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including
but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence
of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a Participant’s right to voluntary
terminate employment upon a “resignation for good reason,” or for a “constructive termination” or any similar
term under any plan of or agreement with the Company.

 

 

    11

     

    

 

(j) Securities Law Compliance. A
Participant will not be issued any shares in respect of an Award unless either (i) the shares are registered under the Securities
Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act.
Each Award also must comply with other Applicable Law governing the Award, and a Participant will not receive such shares if the Company
determines that such receipt would not be in material compliance with Applicable Law.

 

(k) Transfer or Assignment
of Awards; Issued Shares. Except as expressly provided in the Plan or the form of Award Agreement, Awards granted
under the Plan may not be transferred or assigned by the Participant. After the vested shares subject to an Award have been issued, or
in the case of Restricted Stock and similar awards, after the issued shares have vested, the holder of such shares is free to assign,
hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in compliance with
the provisions herein, the terms of the Trading Policy and Applicable Law.

 

(l) Effect on Other Employee
Benefit Plans. The value of any Award granted under the Plan, as determined upon grant, vesting or settlement,
shall not be included as compensation, earnings, salaries, or other similar terms used when calculating any Participant’s benefits
under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company
expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

(m) Deferrals. To
the extent permitted by Applicable Law, the Board, in its sole discretion, may determine that the delivery of Common Stock or the payment
of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may also establish programs and
procedures for deferral elections to be made by Participants. Deferrals by will be made in accordance with the requirements of Section 409A.

 

(n) Section 409A. Unless
otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible
in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A, and, to the extent not so exempt, in compliance
with the requirements of Section 409A. If the Board determines that any Award granted hereunder is not exempt from and is therefore
subject to Section 409A, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the
consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance,
such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless
the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding
an Award that constitutes “deferred compensation” under Section 409A is a “specified employee” for purposes
of Section 409A, no distribution or payment of any amount that is due because of a “separation from service” (as defined
in Section 409A without regard to alternative definitions thereunder) will be issued or paid before the date that is six months and
one day following the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s
death, unless such distribution or payment can be made in a manner that complies with Section 409A, and any amounts so deferred will
be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

 

(o) Choice
of Law. This Plan and any controversy arising out of or relating to this Plan shall be governed by,
and construed in accordance with, the internal laws of the State of Delaware, without regard to conflict of law principles that would
result in any application of any law other than the law of the State of Delaware.

 

10. Covenants
of the Company.

 

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

 

 

 

    12

     

    

 

11. Additional
Rules for Awards Subject to Section 409A.

 

(a) Application. Unless
the provisions of this Section of the Plan are expressly superseded by the provisions in the form of Award Agreement, the provisions of
this Section shall apply and shall supersede anything to the contrary set forth in the Award Agreement for a Non-Exempt Award.

 

(b) Non-Exempt Awards
Subject to Non-Exempt Severance Arrangements. To the extent a Non-Exempt Award is subject to Section 409A
due to application of a Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply.

 

(i) If the Non-Exempt
Award vests in the ordinary course during the Participant’s Continuous Service in accordance with the vesting schedule set forth
in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement, in no event will the shares
be issued in respect of such Non-Exempt Award any later than the later of: (i) December 31st of the calendar year that
includes the applicable vesting date, or (ii) the 60th day that follows the applicable vesting date.

 

(ii) If vesting of
the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the Participant’s Separation
from Service, and such vesting acceleration provisions were in effect as of the date of grant of the Non-Exempt Award and, therefore,
are part of the terms of such Non-Exempt Award as of the date of grant, then the shares will be earlier issued in settlement of such Non-Exempt
Award upon the Participant’s Separation from Service in accordance with the terms of the Non-Exempt Severance Arrangement, but in
no event later than the 60th day that follows the date of the Participant’s Separation from Service. However, if at the
time the shares would otherwise be issued the Participant is subject to the distribution limitations contained in Section 409A applicable
to “specified employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before
the date that is six months following the date of such Participant’s Separation from Service, or, if earlier, the date of the Participant’s
death that occurs within such six month period.

 

(iii) If vesting
of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant’s Separation
from Service, and such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt Award and, therefore,
are not a part of the terms of such Non-Exempt Award on the date of grant, then such acceleration of vesting of the Non-Exempt Award shall
not accelerate the issuance date of the shares, but the shares shall instead be issued on the same schedule as set forth in the Grant
Notice as if they had vested in the ordinary course during the Participant’s Continuous Service, notwithstanding the vesting acceleration
of the Non-Exempt Award. Such issuance schedule is intended to satisfy the requirements of payment on a specified date or pursuant to
a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4).

 

(c) Treatment of Non-Exempt
Awards Upon a Corporate Transaction for Employees and Consultants. The provisions of this subsection (c) shall
apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment of any Non-Exempt Award
in connection with a Corporate Transaction if the Participant was either an Employee or Consultant upon the applicable date of grant of
the Non-Exempt Award.

 

(i) Vested Non-Exempt
Awards. The following provisions shall apply to any Vested Non-Exempt Award in connection with a Corporate
Transaction:

 

(1) If the Corporate
Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Vested
Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the Vested Non-Exempt Award will automatically be accelerated
and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company may instead provide that
the Participant will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
upon the Section 409A Change in Control.

 

(2) If the Corporate
Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute each
Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the Participant by the
Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not
occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a
cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
on such issuance dates, with the determination of the Fair Market Value of the shares made on the date of the Corporate Transaction.

 

    13

     

    

 

(ii) Unvested Non-Exempt
Awards. The following provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined by
the Board pursuant to subsection (e) of this Section.

 

(1) In the event of
a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt Award. Unless otherwise determined
by the Board, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture restrictions that were applicable to
the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested Non-Exempt Award shall be issued to the
Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction
had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute
a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
on such issuance dates, with the determination of Fair Market Value of the shares made on the date of the Corporate Transaction.

 

(2) If the Acquiring
Entity will not assume, substitute or continue any Unvested Non-Exempt Award in connection with a Corporate Transaction, then such Award
shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration payable to any Participant in respect
of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and in compliance with the requirements
of Section 409A, the Board may in its discretion determine to elect to accelerate the vesting and settlement of the Unvested Non-Exempt
Award upon the Corporate Transaction, or instead substitute a cash payment equal to the Fair Market Value of such shares that would otherwise
be issued to the Participant, as further provided in subsection (e)(ii) below. In the absence of such discretionary election by the
Board, any Unvested Non-Exempt Award shall be forfeited without payment of any consideration to the affected Participants if the Acquiring
Entity will not assume, substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.

 

(3) The foregoing
treatment shall apply with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and regardless of whether or not
such Corporate Transaction is also a Section 409A Change in Control.

 

(d) Treatment of Non-Exempt
Awards Upon a Corporate Transaction for Non-Employee Directors. The following provisions of this subsection
(d) shall apply and shall supersede anything to the contrary that may be set forth in the Plan with respect to the permitted treatment
of a Non-Exempt Director Award in connection with a Corporate Transaction.

 

(i) If the Corporate
Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Non-Exempt
Director Award. Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt Director Award will automatically
be accelerated and the shares will be immediately issued to the Participant in respect of the Non-Exempt Director Award. Alternatively,
the Company may provide that the Participant will instead receive a cash settlement equal to the Fair Market Value of the shares that
would otherwise be issued to the Participant upon the Section 409A Change in Control pursuant to the preceding provision.

 

(ii) If the Corporate
Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute the
Non-Exempt Director Award. Unless otherwise determined by the Board, the Non-Exempt Director Award will remain subject to the same vesting
and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of
the Non-Exempt Director Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have
been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an
issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market
Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market Value
made on the date of the Corporate Transaction.

 

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(e) If the RSU Award
is a Non-Exempt Award, then the provisions in this Section 11(e) shall apply and supersede anything to the contrary that may be set
forth in the Plan or the Award Agreement with respect to the permitted treatment of such Non-Exempt Award:

 

(i) Any exercise
by the Board of discretion to accelerate the vesting of a Non-Exempt Award shall not result in any acceleration of the scheduled issuance
dates for the shares in respect of the Non-Exempt Award unless earlier issuance of the shares upon the applicable vesting dates would
be in compliance with the requirements of Section 409A.

 

(ii) The Company
explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance with the requirements of
Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).

 

(iii) To the extent
the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate Transaction, to the extent it
is required for compliance with the requirements of Section 409A, the Change in Control or Corporate Transaction event triggering
settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt Award provides that it
will be settled upon a termination of employment or termination of Continuous Service, to the extent it is required for compliance with
the requirements of Section 409A, the termination event triggering settlement must also constitute a Separation From Service. However,
if at the time the shares would otherwise be issued to a Participant in connection with a “separation from service” such Participant
is subject to the distribution limitations contained in Section 409A applicable to “specified employees,” as defined
in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of
the Participant’s Separation From Service, or, if earlier, the date of the Participant’s death that occurs within such six
month period.

 

(iv) The provisions
in this subsection (e) for delivery of the shares in respect of the settlement of a RSU Award that is a Non-Exempt Award are intended
to comply with the requirements of Section 409A so that the delivery of the shares to the Participant in respect of such Non-Exempt
Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.

 

12. Severability.

 

If all or any part of the
Plan or any Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity
shall not invalidate any portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any Section of the Plan or
any Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which
will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

13. Termination
of the Plan.

 

The Board may suspend or
terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier of: (i) the
Adoption Date, or (ii) the date the Plan is approved by the Company’s stockholders. No Awards may be granted under the Plan
while the Plan is suspended or after it is terminated.

 

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14. Definitions.

 

As used in the Plan, the
following definitions apply to the capitalized terms indicated below:

 

(a) “Acquiring
Entity” means the surviving or acquiring corporation (or its parent company) in connection with a Corporate Transaction.

 

(b) “Adoption
Date” means the date the Plan is first approved by the Board or Compensation Committee.

 

(c) “Affiliate”
means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in
Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which “parent” or “subsidiary”
status is determined within the foregoing definition.

 

(d) “Applicable
Law” means shall mean any applicable securities, federal, state, foreign, material local or municipal or other law, statute,
constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision,
ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any
Governmental Body (including under the authority of any applicable self-regulating organization such as the Nasdaq Stock Market, New York
Stock Exchange, or the Financial Industry Regulatory Authority).

 

(e) “Award”
means any right to receive Common Stock, cash or other property granted under the Plan (including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a RSU Award, a SAR, a Performance Award or any Other Award).

 

(f) “Award
Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award.
The Award Agreement generally consists of the Grant Notice and the agreement containing the written summary of the general terms and conditions
applicable to the Award and which is provided to a Participant along with the Grant Notice.

 

(g) “Board”
means the Board of Directors of the Company (or its designee). Any decision or determination made by the Board shall be a decision or
determination that is made in the sole discretion of the Board (or its designee), and such decision or determination shall be final and
binding on all Participants.

 

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

 

(i) “Cause”
has the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term and, in the
absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such
Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (ii) such Participant’s
intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to
the Company; (iii) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade
secrets; or (iv) such Participant’s gross or willful misconduct. The determination that a termination of the Participant’s
Continuous Service is either for Cause or without Cause will be made by the Board with respect to Participants who are executive officers
of the Company and by the Company’s Chief Executive Officer with respect to Participants who are not executive officers of the Company.
Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of
outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or
such Participant for any other purpose.

 

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(j) “Change
in Control” or “Change of Control” means the occurrence, in a single transaction or in a series
of related transactions, of any one or more of the following events; provided, however, to the extent necessary to avoid adverse personal
income tax consequences to the Participant in connection with an Award, also constitutes a Section 409A Change in Control:

 

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

 

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

 

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

 

(iv) individuals
who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination
for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still
in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

 

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

 

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

 

(l) “Committee”
means the Compensation Committee and any other committee of Directors to whom authority has been delegated by the Board or Compensation
Committee in accordance with the Plan.

 

(m) “Common
Stock” means the common stock of the Company.

 

(n) “Company”
means Celularity Inc., a Delaware corporation.

 

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(o) “Compensation
Committee” means the Compensation Committee of the Board.

 

(p) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for
such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered
a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan
only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s
securities to such person.

 

(q) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or
Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate
as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is
no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s
Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an
Affiliate, as determined by the Board, such Participant’s Continuous Service will be considered to have terminated on the date such
Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate
or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive
officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted
in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or
any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing,
a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in
the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant,
or as otherwise required by law. In addition, to the extent required for exemption from or compliance with Section 409A, the determination
of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent
with the definition of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without regard
to any alternative definition thereunder).

 

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

 

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

 

(ii) a
sale or other disposition of at least 50% of the outstanding securities of the Company;

 

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

 

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

 

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

 

(t) “determine”
or “determined” means as determined by the Board or the Committee (or its designee) in its sole
discretion.

 

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

 

(v) “Effective
Date” means July 16, 2021.

 

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

 

(x) “Employer”
means the Company or the Affiliate of the Company that employs the Participant.

 

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

 

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

 

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

 

(bb) “Fair
Market Value” means, as of any date, unless otherwise determined by the Board, the value of the Common Stock (as determined
on a per share or aggregate basis, as applicable) determined as follows:

 

(i) If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value will be the closing
sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the
Common Stock) on the date of determination, as reported in a source the Board deems reliable.

 

(ii) If
there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling
price on the last preceding date for which such quotation exists.

 

(iii) In
the absence of such markets for the Common Stock, or if otherwise determined by the Board, the Fair Market Value will be determined by
the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

 

(cc) “Governmental
Body” means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction
of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental
body of any nature (including any governmental division, department, administrative agency or bureau, commission, authority, instrumentality,
official, ministry, fund, foundation, center, organization, unit, body or Entity and any court or other tribunal, and for the avoidance
of doubt, any Tax authority) or other body exercising similar powers or authority; or (d) self-regulatory organization (including
the Nasdaq Stock Market, New York Stock Exchange, and the Financial Industry Regulatory Authority).

 

(dd) “Grant
Notice” means the notice provided to a Participant that he or she has been granted an Award under the Plan and which includes
the name of the Participant, the type of Award, the date of grant of the Award, number of shares of Common Stock subject to the Award
or potential cash payment right, (if any), the vesting schedule for the Award (if any) and other key terms applicable to the Award.

 

(ee) “Incentive
Stock Option” means an option granted pursuant to Section 4 of the Plan that is intended to be, and qualifies as, an
“incentive stock option” within the meaning of Section 422 of the Code.

 

(ff) “Materially
Impair” means any amendment to the terms of the Award that materially adversely affects the Participant’s rights under
the Award. A Participant’s rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the
Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant’s rights.
For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant’s rights under
the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option that may be exercised;
(ii) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii) to
change the terms of an Incentive Stock

 

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Option in a manner that disqualifies, impairs
or otherwise affects the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iv) to clarify
the manner of exemption from, or to bring the Award into compliance with or qualify it for an exemption from, Section 409A; or (v) to
comply with other Applicable Laws.

 

(gg) “Non-Employee
Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does
not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in
any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation
S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other
transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship
for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee
director” for purposes of Rule 16b-3.

 

(hh) “Non-Exempt
Award” means any Award that is subject to, and not exempt from, Section 409A, including as the result of (i) a
deferral of the issuance of the shares subject to the Award which is elected by the Participant or imposed by the Company, (ii) the
terms of any Non-Exempt Severance Agreement.

 

(ii) “Non-Exempt
Director Award” means a Non-Exempt Award granted to a Participant who was a Director but not an Employee on the applicable
grant date.

 

(jj) “Non-Exempt
Severance Arrangement” means a severance arrangement or other agreement between the Participant and the Company that provides
for acceleration of vesting of an Award and issuance of the shares in respect of such Award upon the Participant’s termination of
employment or separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without regard to any
alternative definition thereunder) (“Separation from Service”) and such severance benefit does not satisfy the
requirements for an exemption from application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9)
or otherwise.

 

(kk) “Nonstatutory
Stock Option” means any option granted pursuant to Section 4 of the Plan that does not qualify as an Incentive Stock
Option.

 

(ll) “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

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

 

(nn) “Option
Agreement” means a written agreement between the Company and the Optionholder evidencing the terms and conditions of the
Option grant. The Option Agreement includes the Grant Notice for the Option and the agreement containing the written summary of the general
terms and conditions applicable to the Option and which is provided to a Participant along with the Grant Notice. Each Option Agreement
will be subject to the terms and conditions of the Plan.

 

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

 

(pp) “Other
Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the terms
and conditions of Section 5(c).

 

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

 

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

 

(ss) “Participant”
means an Employee, Director or Consultant to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds
an outstanding Award.

 

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(tt) “Performance
Award” means an Award that may vest or may be exercised or a cash award that may vest or become earned and paid contingent
upon the attainment during a Performance Period of certain Performance Goals and which is granted under the terms and conditions of Section 5(b)
pursuant to such terms as are approved by the Board. In addition, to the extent permitted by Applicable Law and set forth in the applicable
Award Agreement, the Board may determine that cash or other property may be used in payment of Performance Awards. Performance Awards
that are settled in cash or other property are not required to be valued in whole or in part by reference to, or otherwise based on, the
Common Stock.

 

(uu) “Performance
Criteria” means the one or more criteria that the Board will select for purposes of establishing the Performance Goals for
a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any measure of performance
selected by the Board.

 

(vv) “Performance
Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period based
upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions,
Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the
performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award
is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established,
the Board will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period
as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to
exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments
to corporate tax rates; (5) to exclude the effects of items that are “unusual” in nature or occur “infrequently”
as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures;
(7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of
a Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of common stock
of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off,
combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash
dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company’s bonus plans;
(10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to expense under generally
accepted accounting principles; and (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded
under generally accepted accounting principles. In addition, the Board retains the discretion to reduce or eliminate the compensation
or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects
to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to
the degree of achievement as specified in the Award Agreement or the written terms of a Performance Award.

 

(ww) “Performance
Period” means the period of time selected by the Board over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant’s right to vesting or exercise of an Award. Performance Periods may be of
varying and overlapping duration, at the sole discretion of the Board.

 

(xx) “Plan”
means this Celularity Inc. 2021 Equity Incentive Plan, as amended from time to time.

 

(yy) “Plan
Administrator” means the person, persons, and/or third-party administrator designated by the Company to administer the day
to day operations of the Plan and the Company’s other equity incentive programs.

 

(zz) “Post-Termination
Exercise Period” means the period following termination of a Participant’s Continuous Service within which an Option
or SAR is exercisable, as specified in Section 4(h).

 

(aaa) “Prospectus”
means the document containing the Plan information specified in Section 10(a) of the Securities Act.

 

(bbb) “Restricted
Stock Award” or “RSA” means an Award of shares of Common Stock which is granted pursuant to the
terms and conditions of Section 5(a).

 

(ccc) “Restricted
Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award grant. The Restricted Stock Award Agreement includes the Grant Notice for the Restricted
Stock Award and the agreement containing the

 

    21

     

    

 

written summary of the general terms and conditions
applicable to the Restricted Stock Award and which is provided to a Participant along with the Grant Notice. Each Restricted Stock Award
Agreement will be subject to the terms and conditions of the Plan.

 

(ddd) “RSU
Award” or “RSU” means an Award of restricted stock units representing the right to receive an
issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

 

(eee) “RSU
Award Agreement” means a written agreement between the Company and a holder of a RSU Award evidencing the terms and conditions
of a RSU Award grant. The RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement containing the written summary
of the general terms and conditions applicable to the RSU Award and which is provided to a Participant along with the Grant Notice. Each
RSU Award Agreement will be subject to the terms and conditions of the Plan.

 

(fff) “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

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

 

(hhh) “Section 409A”
means Section 409A of the Code and the regulations and other guidance thereunder.

 

(iii) “Section 409A
Change in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial
portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder).

 

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

 

(kkk) “Share
Reserve” means the number of shares available for issuance under the Plan as set forth in Section 2(a).

 

(lll) “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is
granted pursuant to the terms and conditions of Section 4.

 

(mmm) “SAR
Agreement” means a written agreement between the Company and a holder of a SAR evidencing the terms and conditions of a
SAR grant. The SAR Agreement includes the Grant Notice for the SAR and the agreement containing the written summary of the general terms
and conditions applicable to the SAR and which is provided to a Participant along with the Grant Notice. Each SAR Agreement will be subject
to the terms and conditions of the Plan.

 

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

 

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

 

(ppp) “Trading
Policy” means the Company’s policy permitting certain individuals to sell Company shares only during certain “window”
periods and/or otherwise restricts the ability of certain individuals to transfer or encumber Company shares, as in effect from time to
time.

 

(qqq) “Unvested
Non-Exempt Award” means the portion of any Non-Exempt Award that had not vested in accordance with its terms upon or prior
to the date of any Corporate Transaction.

 

(rrr) “Vested
Non-Exempt Award” means the portion of any Non-Exempt Award that had vested in accordance with its terms upon or prior to
the date of a Corporate Transaction.

 

    22

     

    

 

Celularity
Inc.

RSU Award Grant Notice

(2021 Equity Incentive Plan)

 

Celularity Inc. (the “Company”)
has awarded to you (the “Participant”) the number of restricted stock units specified and on the terms set forth
below in consideration of your services (the “RSU Award”). Your RSU Award is subject to all of the terms and
conditions as set forth herein and in the Company’s 2021 Equity Incentive Plan (the “Plan”) and the Award
Agreement (the “Agreement”), which are attached hereto and incorporated herein in their entirety. Capitalized
terms not explicitly defined herein but defined in the Plan or the Agreement shall have the meanings set forth in the Plan or the Agreement.

	 	Participant:	 	 
	Date of Grant:	 	 
	Vesting Commencement Date:	 	 
	Number of Restricted Stock Units:	 	 

 

	Vesting Schedule:	 	[__________________________________________________________________]. 

Notwithstanding the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.
	Issuance Schedule:	 	One share of Common Stock will be issued for each restricted stock unit which vests at the time set forth in Section 5 of the Agreement.

 

Participant Acknowledgements: By your
signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:

 

		●	The RSU Award is governed by this RSU Award Grant Notice (the
“Grant Notice”), and the provisions of the Plan and the Agreement, all of which are made a part of this document.
Unless otherwise provided in the Plan, this Grant Notice and the Agreement (together, the “RSU Award Agreement”)
may not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company.

 

		●	You have read and are familiar with the provisions of the
Plan, the RSU Award Agreement and the Prospectus. In the event of any conflict between the provisions in the RSU Award Agreement, or
the Prospectus and the terms of the Plan, the terms of the Plan shall control.

 

		●	The RSU Award Agreement sets forth the entire understanding
between you and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises
and/or representations on that subject with the exception of: (i) other equity awards previously granted to you, and (ii) any
written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between
the Company and you in each case that specifies the terms that should govern this RSU Award.

 

	Celularity Inc.	 	Participant:
	By:	 	 	 
	 	Signature	 	Signature
	Title:	 	 	Date:	 
	Date:	 	 	 

 

Attachments: RSU
Award Agreement, 2021 Equity Incentive Plan

 

    23

     

    

 

Celularity
Inc.

2021 Equity Incentive Plan

 

Award
Agreement (RSU Award)

 

As reflected by your Restricted
Stock Unit Grant Notice (“Grant Notice”), Celularity Inc. (the “Company”) has granted
you a RSU Award under the Company’s 2021 Equity Incentive Plan (the “Plan”) for the number of restricted
stock units as indicated in your Grant Notice (the “RSU Award”). The terms of your RSU Award as specified in
this Award Agreement for your RSU Award (the “Agreement”) and the Grant Notice constitute your “RSU
Award Agreement”. Defined terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall
have the same definitions as in the Grant Notice or Plan, as applicable.

 

The general terms applicable to your RSU Award
are as follows:

 

1. Governing
Plan Document. Your RSU Award is subject to all the provisions of the Plan, including but not limited to the provisions in:

 

(a) Section 6
of the Plan regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your RSU Award;

 

(b) Section 9(e)
of the Plan regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the RSU Award;
and

 

(c) Section 8(c)
of the Plan regarding the tax consequences of your RSU Award.

 

Your RSU Award is further
subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to
the Plan. In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall
control.

 

2. Grant
of the RSU Award. This RSU Award represents your right to be issued on a future date the number of shares of the Company’s
Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice as modified to reflect any Capitalization
Adjustment and subject to your satisfaction of the vesting conditions set forth therein (the “Restricted Stock Units”).
Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the
Plan and the provisions of Section 3 below, if any, shall be subject, in a manner determined by the Board, to the same forfeiture
restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units covered
by your RSU Award.

 

3. Dividends.
You shall receive no benefit or adjustment to your RSU Award with respect to any cash dividend, stock dividend or other distribution that
does not result from a Capitalization Adjustment as provided in the Plan; provided, however, that this sentence shall not apply with respect
to any shares of Common Stock that are delivered to you in connection with your RSU Award after such shares have been delivered to you.

 

4. Withholding
Obligations. As further provided in Section 8 of the Plan, you hereby authorize withholding from payroll and any other
amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the federal, state, local and
foreign tax withholding obligations, if any, which arise in connection with your RSU Award (the “Withholding Obligation”)
in accordance with the withholding procedures established by the Company. Unless the Withholding Obligation is satisfied, the Company
shall have no obligation to deliver to you any Common Stock in respect of the RSU Award. In the event the Withholding Obligation of the
Company arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount
of the Withholding Obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless
from any failure by the Company to withhold the proper amount.

 

5. Date
of Issuance.

 

(a) The
issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4)
and will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation, if any, in the event
one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each Restricted Stock
Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 above, and subject to any different
provisions in the Grant Notice). Each issuance date determined by this paragraph is referred to as an “Original Issuance Date.”

 

    24

     

    

 

(b) If
the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following business day.
In addition, if:

 

(i) the
Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined by the Company
in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise
permitted to sell shares of Common Stock on an established stock exchange or stock market (including but not limited to under a previously
established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in compliance
with the Company’s policies (a “10b5-1 Arrangement)), and

 

(ii) either
(1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the Original Issuance Date, (A) not to
satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date,
to you under this Award, and (B) not to permit you to enter into a “same day sale” commitment with a broker-dealer (including
but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your Withholding Obligation in cash,

 

then the shares that would otherwise
be issued to you on the Original Issuance Date will not be delivered on such Original Issuance Date and will instead be delivered on the
first business day when you are not prohibited from selling shares of the Company’s Common Stock in the open public market, but
in no event later than December 31 of the calendar year in which the Original Issuance Date occurs (that is, the last day of your taxable
year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with Treasury Regulations
Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following
the year in which the shares of Common Stock under this Award are no longer subject to a “substantial risk of forfeiture”
within the meaning of Treasury Regulations Section 1.409A-1(d).

 

(c) To
the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply.

 

6. Transferability.
Except as otherwise provided in the Plan, your RSU Award is not transferable, except by will or by the applicable laws of descent and
distribution

 

7. Corporate
Transaction. Your RSU Award is subject to the terms of any agreement governing a Corporate Transaction involving the Company,
including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration.

 

8. No
Liability for Taxes. As a condition to accepting the RSU Award, you hereby (a) agree to not make any claim against the
Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the RSU Award or other Company
compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors
regarding the tax consequences of the RSU Award and have either done so or knowingly and voluntarily declined to do so.

 

9. Severability.
If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this
Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give
effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

10. Other
Documents. You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1)
promulgated under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of the Company’s Trading
Policy.

 

11. Questions.
If you have questions regarding these or any other terms and conditions applicable to your RSU Award, including a summary of
the applicable federal income tax consequences please see the Prospectus.

 

    25

     

    

 

Celularity
Inc.

Stock Option Grant Notice

(2021 Equity Incentive Plan)

 

Celularity Inc. (the “Company”),
pursuant to the Company’s 2021 Equity Incentive Plan (the “Plan”), has granted to you (“Optionholder”)
an option to purchase the number of shares of the Common Stock set forth below (the “Option”). Your Option is
subject to all of the terms and conditions as set forth herein and in the Plan, and the Stock Option Agreement and the Notice of Exercise,
all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined
in the Plan or the Stock Option Agreement shall have the meanings set forth in the Plan or the Stock Option Agreement, as applicable.

 

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

 

	Type of Grant:	[Incentive Stock Option] OR [Nonstatutory Stock Option]
	 	 
	Exercise and Vesting Schedule:	Subject to the Optionholder’s Continuous Service through each applicable vesting date, the Option will vest as follows:
	 	[_____________________________________________________________]

 

Optionholder Acknowledgements:
By your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:

 

		●	The Option is governed by this Stock Option Grant Notice,
and the provisions of the Plan and the Stock Option Agreement and the Notice of Exercise, all of which are made a part of this document.
Unless otherwise provided in the Plan, this Grant Notice and the Stock Option Agreement (together, the “Option Agreement”)
may not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company.

 

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

 

		●	You consent to receive this Grant Notice, the Stock Option
Agreement, the Plan, the Prospectus and any other Plan-related documents by electronic delivery and to participate in the Plan through
an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

		●	You have read and are familiar with the provisions of the
Plan, the Stock Option Agreement, the Notice of Exercise and the Prospectus. In the event of any conflict between the provisions in this
Grant Notice, the Option Agreement, the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall
control.

 

		●	The Option Agreement sets forth the entire understanding between
you and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations
on that subject with the exception of other equity awards previously granted to you and any written employment agreement, offer letter,
severance agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies
the terms that should govern this Option.

 

    26

     

    

 

		●	Counterparts may be delivered via facsimile, electronic mail
(including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or
other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered
and be valid and effective for all purposes.

 

	Celularity Inc.	 	Optionholder:
	 	 	 	 	 
	By:	 	 	 
	 	Signature	 	 	Signature
	Title:	 	 	Date: 	 
	Date:	 	 	 	 

 

Attachments:
Stock Option Agreement, 2021 Equity Incentive Plan, Notice of Exercise

 

    27

     

    

 

Attachment
I

 

Celularity
Inc.

Stock Option Agreement

(2021 Equity Incentive Plan)

 

As reflected by your Stock
Option Grant Notice (“Grant Notice”), Celularity Inc. (the “Company”) has granted
you an option under the Company’s 2021 Equity Incentive Plan (the “Plan”) to purchase a number of shares
of Common Stock at the exercise price indicated in your Grant Notice (the “Option”). Capitalized terms not explicitly
defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice or Plan, as
applicable. The terms of your Option as specified in the Grant Notice and this Stock Option Agreement constitute your Option Agreement.

 

The general terms and conditions
applicable to your Option are as follows:

 

1. Governing
Plan Document. Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in:

 

(a) Section 6
regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your Option;

 

(b) Section 9(e)
regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the Option; and

 

(c) Section 8(c)
regarding the tax consequences of your Option.

 

Your Option is further subject
to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.
In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control.

 

2. Exercise.

 

(a) You
may generally exercise the vested portion of your Option for whole shares of Common Stock at any time during its term by delivery of payment
of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance with the
exercise procedures established by the Plan Administrator, which may include an electronic submission. Please review Sections 4(i),
4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during certain periods.

 

(b) To
the extent permitted by Applicable Law, you may pay your Option exercise price as follows:

 

(i) cash,
check, bank draft or money order;

 

(ii) subject
to Company and/or Committee consent at the time of exercise, pursuant to a “cashless exercise” program as further described
in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded;

 

(iii) subject
to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of Common Stock as further described
in Section 4(c)(iii) of the Plan; or

 

(iv) subject
to Company and/or Committee consent at the time of exercise, if the Option is a Nonstatutory Stock Option, by a “net exercise”
arrangement as further described in Section 4(c)(iv) of the Plan.

 

(c) By
accepting your Option, you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase
of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock
or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective date of a registration
statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate
compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”);
provided, however, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of
the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by
the Company or the underwriters that are consistent with the foregoing or that are necessary to give

 

    28

     

    

 

further effect thereto. In order to enforce
the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of
such period. You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be
bound by this Section 2(c). The underwriters of the Company’s stock are intended third party beneficiaries of this Section 2(c)
and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

 

3. Term.
You may not exercise your Option before the commencement of its term or after its term expires. The term of your Option commences on the
Date of Grant and expires upon the earliest of the following:

 

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

 

(b) three
months after the termination of your Continuous Service for any reason other than Cause, Disability or death;

 

(c) 12
months after the termination of your Continuous Service due to your Disability;

 

(d) 18
months after your death if you die during your Continuous Service;

 

(e) immediately
upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate Transaction,

 

(f) the
Expiration Date indicated in your Grant Notice; or

 

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

 

Notwithstanding the foregoing,
if you die during the period provided in Section 3(b) or 3(c) above, the term of your Option shall not expire until the earlier of
(i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the
Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally,
the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan.

 

To obtain the federal income
tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the date of grant of your Option
and ending on the day three months before the date of your Option’s exercise, you must be an employee of the Company or an Affiliate,
except in the event of your death or Disability. If the Company provides for the extended exercisability of your Option under certain
circumstances for your benefit, your Option will not necessarily be treated as an Incentive Stock Option if you exercise your Option more
than three months after the date your employment terminates.

 

4. Withholding
Obligations. As further provided in Section 8 of the Plan: (a) you may not exercise your Option unless the applicable
tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at any time thereafter
as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to
make adequate provision for (including by means of a “cashless exercise” pursuant to a program developed under Regulation
T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state,
local and foreign tax withholding obligations, if any, which arise in connection with the exercise of your Option in accordance with the
withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even though the Option is
vested, and the Company shall have no obligation to issue shares of Common Stock subject to your Option, unless and until such obligations
are satisfied. In the event that the amount of the Company’s withholding obligation in connection with your Option was greater than
the amount actually withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold
the proper amount.

 

    29

     

    

 

5. Incentive
Stock Option Disposition Requirement. If your Option is an Incentive Stock Option, you must notify the Company in writing within
15 days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your Option that occurs
within two years after the date of your Option grant or within one year after such shares of Common Stock are transferred upon exercise
of your Option.

 

6. Transferability.
Except as otherwise provided in Section 4(e) of the Plan, your Option is not transferable, except by will or by the applicable laws
of descent and distribution, and is exercisable during your life only by you.

 

7. Corporate
Transaction. Your Option is subject to the terms of any agreement governing a Corporate Transaction involving the Company,
including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration.

 

8. No
Liability for Taxes. As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company,
or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the Option or other Company compensation
and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the
tax consequences of the Option and have either done so or knowingly and voluntarily declined to do so. Additionally, you acknowledge that
the Option is exempt from Section 409A only if the exercise price is at least equal to the “fair market value” of the
Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation
associated with the Option. Additionally, as a condition to accepting the Option, you agree not make any claim against the Company, or
any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less
than the “fair market value” of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.

 

9. Severability.
If any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid.  Any
Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in
a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful
and valid

 

10. Other
Documents. You hereby acknowledge receipt of or the right to receive a document providing the information required by
Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of
the Company’s Trading Policy.

 

11. Questions.
If you have questions regarding these or any other terms and conditions applicable to your Option, including a summary of the
applicable federal income tax consequences please see the Prospectus.

 

*
* * *

 

    30

     

    

 

Attachment
II

 

2021
Equity Incentive Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    31

     

    

 

Attachment
III

 

Celularity
Inc.

NOTICE OF EXERCISE

(2021 Equity Incentive Plan)

	Celularity Inc.	 	 
	170 Park Ave	 	 
	Florham Park, NJ 07932	 	Date of Exercise:________________

 

This constitutes notice
to Celularity Inc. (the “Company”) that I elect to purchase the below number of shares of Common Stock of the
Company (the “Shares”) by exercising my Option for the price set forth below. Capitalized terms not explicitly
defined in this Notice of Exercise but defined in the Stock Option Grant Notice, Stock Option Agreement or 2021 Equity Incentive Plan
(the “Plan”) shall have the meanings set forth in the Stock Option Grant Notice, Stock Option Agreement
or Plan, as applicable. Use of certain payment methods is subject to Company and/or Committee consent and certain additional requirements
set forth in the Stock Option Agreement and the Plan.

 

	Type of option (check one):	 	Incentive  £	 	Nonstatutory  £
	Date of Grant:	 	_______________	 	 
	 	 	 	 	 
	Number of Shares as to which Option is exercised:	 	_______________	 	 
	 	 	 	 	 
	Certificates to be issued in name of:	 	_______________	 	 
	 	 	 	 	 
	Total exercise price:	 	$______________	 	 
	 	 	 	 	 
	Cash, check, bank draft or money order delivered herewith:	 	$______________	 	 
	 	 	 	 	 
	Value of ________ Shares delivered herewith:	 	$______________	 	 
	 	 	 	 	 
	Regulation T Program (cashless exercise)	 	$______________	 	 
	 	 	 	 	 
	Value of _______ Shares pursuant to net exercise:	 	$______________	 	 

 

By this exercise, I agree
(i) to provide such additional documents as you may require pursuant to the terms of the Plan, (ii) to satisfy the tax withholding
obligations, if any, relating to the exercise of this Option as set forth in the Stock Option Agreement, and (iii) if this exercise
relates to an incentive stock option, to notify you in writing within 15 days after the date of any disposition of any of the Shares
issued upon exercise of this Option that occurs within two years after the Date of Grant or within one year after such Shares are issued
upon exercise of this Option.

 

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

 

	 	Very truly yours,
	 	 
	 	 

 

 

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