Document:

Exhibit
10.7

 

INDEMNITY
AGREEMENT

 

THIS
INDEMNITY AGREEMENT (this “Agreement”) is made on _____, 2020.

 

Between:

 

		(1)	Bull
Horn Holdings Corp., a British Virgin Islands company with its registered office at 801 S. Pointe Drive, Suite TH-1, Miami
Beach, Florida 33139 (the “Company”); and

 

		(2)	_____________________
(“Indemnitee”).

 

Whereas:

 

		(A)	Highly
competent persons have become more reluctant to serve publicly-held companies as directors, officers or in other capacities unless
they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of such companies;

 

		(B)	The
board of directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will use commercially reasonable efforts to maintain on an ongoing basis, at its sole expense, liability
insurance to protect persons serving the Company and its subsidiaries from certain liabilities.  Although the furnishing
of such insurance has been a customary and widespread practice among publicly traded companies and other business enterprises,
the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only
at higher premiums and with more exclusions.  At the same time, directors, officers and other persons in service to companies
or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things,
matters that traditionally would have been brought only against the Company or business enterprise itself.  The amended and
restated memorandum and articles of association of the Company (the “Articles”) provide for the indemnification
of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable British
Virgin Islands law. The Articles expressly provide that the indemnification provisions set forth therein are not exclusive, and
thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons
with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

 

		(C)	The
uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such
persons;

 

		(D)	The
Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

		(E)	It
is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and
to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue
to serve the Company free from undue concern that they will not be so protected against liabilities;

 

		(F)	This
Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

		(G)	Indemnitee
may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company
desires Indemnitee to serve in such capacity.  Indemnitee is willing to serve, continue to serve and to take on additional
service for or on behalf of the Company on the condition that he be so indemnified; and

 

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NOW,
THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of the letter agreement
dated as of _______, 2020 between the Company and Indemnitee pursuant to the Underwriting Agreement between the Company and the
Underwriters in connection with the Company’s initial public offering, the Company and Indemnitee do hereby covenant and
agree as follows:

 

TERMS
AND CONDITIONS

 

		1	SERVICES
TO THE COMPANY

 

Indemnitee
will serve or continue to serve as an officer, director, advisor, key employee or in any other capacity of the Company, as applicable,
for so long as Indemnitee is duly elected, appointed or retained or until Indemnitee tenders his resignation or until Indemnitee
is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased
to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This
Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the
Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

		2	DEFINITIONS

 

As
used in this Agreement:

 

		2.1	References
to “agent” shall mean any person who is or was a director, officer or employee of the Company or a subsidiary
of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity
as a director, officer, employee, advisor, fiduciary or other official of another company, corporation, partnership, limited liability
company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of
the Company or a subsidiary of the Company.

 

		2.2	The
terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in
Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

  

		2.3	“BVI
Court” shall mean the High Court of the British Virgin Islands.

 

		2.4	A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of
any of the following events:

 

	 	(a)	Acquisition
    of Shares by Third Party.  Other than an affiliate of Bull Horn Holdings Sponsor LLC, any Person (as defined below)
    is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%)
    or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the
    election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by
    any Person results solely from a reduction in the aggregate number of outstanding shares entitled to vote generally in the
    election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below)
    and such acquisition would not constitute a Change in Control under part (c) of this definition;

 

	 	(b)	Change
    in Board of Directors.  Individuals who, as of the date hereof, constitute the Board, and any new director whose
    election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two
    thirds of the directors then still in office who were directors on the date hereof or whose election or nomination for election
    was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute
    at least a majority of the members of the Board;

 

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	 	(c)	Corporate
    Transactions.  The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization
    or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
    in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities
    who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to
    such Business Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then
    outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business
    Combination (including, without limitation, a company which as a result of such transaction owns the Company or all or substantially
    all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions
    as their ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election
    of directors; (2) other than an affiliate of Bull Horn Holdings Sponsor LLC, no Person (excluding any company resulting
    from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power
    of the then outstanding securities entitled to vote generally in the election of directors of the surviving company except
    to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board
    resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement,
    or of the action of the Board, providing for such Business Combination;

 

	 	(d)	Liquidation. 
    The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements
    for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring
    the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to
    proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

	 	(e)	Other
    Events.  There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
    Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange
    Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

		2.5	“Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was
serving at the request of the Company.

 

		2.6	“Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in
respect of which indemnification is sought by Indemnitee.

 

		2.7	“Enterprise”
shall mean the Company and any other company, corporation, constituent company or corporation (including any constituent of a
constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is
or was serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary,
employee or agent.

 

		2.8	“Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended.

  

		2.9	“Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation,
all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness
in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation
for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party.  Expenses
also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including
without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other
appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount
of judgments or fines against Indemnitee.

 

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		2.10	“Indemnity
Obligations” shall mean all obligations of the Company to Indemnitee under this Agreement, including, without limitation,
the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

 

		2.11	“Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporate law and
neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a
claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall
not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

		2.12	References
to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan; references
to “serving at the request of the Company” shall include any service as a director, officer, employee, agent
or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary
with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to
in this Agreement.

  

		2.13	The
term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act
as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any
Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined
below) of the Company or of any company or corporation owned, directly or indirectly, by the shareholders of the Company in substantially
the same proportions as their ownership of share of the Company; and (iv) any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a company or corporation
owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of share
of the Company.

 

		2.14	The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional
tort claims), criminal, administrative, or investigative or related nature, in which Indemnitee was, is, will or might be involved
as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action (or failure to act) taken by him or of any action (or failure to act) on his part while acting as a director or officer
of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, trustee,
general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving
in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of
expenses can be provided under this Agreement.

 

		2.15	The
term “Subsidiary,” with respect to any Person, shall mean any company, corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity
interest is owned, directly or indirectly, by that Person.

 

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		3	INDEMNITY
IN THIRD-PARTY PROCEEDINGS

 

To
the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee
in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant
(as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure
a judgment in its favor by reason of Indemnitee’s Corporate Status.  Pursuant to this Section 3, Indemnitee
shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of
such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on
his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that his conduct was unlawful; provided, in no event shall Indemnitee be entitled to be indemnified,
held harmless or advanced any amounts hereunder in respect of any Expenses, judgments, liabilities, fines, penalties and amounts
paid in settlement (if any) that Indemnitee may incur by reason of his or her own actual fraud or intentional misconduct. Indemnitee
shall not be found to have committed actual fraud or intentional misconduct for any purpose of this Agreement unless or until
a court of competent jurisdiction shall have made a finding to that effect.

 

		4	INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

 

To
the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee
in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant
(as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by
reason of Indemnitee’s Corporate Status.  Pursuant to this Section 4, Indemnitee shall be indemnified, held
harmless and exonerated against all Expenses actually and reasonably incurred by him or on his behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Company.  No indemnification, hold harmless or exoneration for Expenses
shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally
adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that any court in which
the Proceeding was brought or the BVI Court shall determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless
or to exoneration. 

 

		5	INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding
any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s
Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense
of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law
and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him
in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted
by applicable law and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter.  If Indemnitee is
not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law and the Articles,
indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or
matter related to any claim, issue, or matter on which Indemnitee was successful.  For purposes of this Section 5 and
without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.

 

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		6	INDEMNIFICATION
FOR EXPENSES OF A WITNESS

 

Notwithstanding
any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his Corporate
Status, a witness or deponent in any Proceeding to which Indemnitee is not a party or threatened to be made a party, he shall,
to the fullest extent permitted by applicable law and the Articles, be indemnified, held harmless and exonerated against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith.

 

		7	ADDITIONAL
INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

 

		7.1	Notwithstanding
any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable
law and the Articles, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a
party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges
paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)
actually and reasonably incurred by Indemnitee in connection with the Proceeding.  No indemnification, hold harmless or exoneration
rights shall be available under this Section 7.1 on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s
duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct
or a knowing violation of the law.

 

		7.2	Notwithstanding
any limitation in Sections 3, 4, 5 or 7.1, except for Section 27, the Company shall, to the fullest extent permitted by applicable
law and the Articles, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a
party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges
paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)
actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

		8	CONTRIBUTION
IN THE EVENT OF JOINT LIABILITY

 

		8.1	To
the fullest extent permitted by applicable law and the Articles, if the indemnification, hold harmless and/or exoneration rights
provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu
of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee,
whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes
any right of contribution it may have at any time against Indemnitee.

  

		8.2	The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

		8.3	The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be
brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

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		9	EXCLUSIONS

 

Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance
expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

		(a)	for
which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement,
other indemnity or advancement provision or otherwise;

 

	 	(b)	for
    an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
    within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;
    or

 

	 	(c)	except
    as otherwise provided in Sections 14.5 and 14.6  hereof, prior to a Change in Control, in connection with any Proceeding
    (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated
    by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
    the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification,
    hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable
    law. Indemnitee shall seek payments or advances from the Company only to the extent that such payments or advances are unavailable
    from any insurance policy of the Company covering Indemnitee.

 

		10	ADVANCES
OF EXPENSES; DEFENSE OF CLAIM

 

		10.1	Notwithstanding
any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable
law or the Articles, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred
by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company
of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. 
Advances shall, to the fullest extent permitted by applicable law, be unsecured and interest free. Advances shall, to the fullest
extent permitted by applicable law and the Articles, be made without regard to Indemnitee’s ability to repay the Expenses
and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions
of this Agreement.  Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this
right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. 
To the fullest extent required by applicable law and the Articles, such payments of Expenses in advance of the final disposition
of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay
the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company
under the provisions of this Agreement, the Articles, applicable law or otherwise. If it shall be determined by a final judgement
or other final adjudication that Indemnitee was not so entitled to indemnification, any advanced amount shall be returned to the
Company (without interest) by the Indemnitee. This Section 10.1 shall not apply to any claim made by Indemnitee for which
an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

		10.2	The
Company will be entitled to participate in the Proceeding at its own expense.

 

		10.3	The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine,
penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

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		11	PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

 

		11.1	Indemnitee
agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding or matter which may be subject to indemnification, hold harmless or exoneration
rights, or advancement of Expenses covered hereunder.  The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

		11.2	Indemnitee
may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. 
Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or
her sole discretion.  Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement
to indemnification shall be determined according to Section 12.1 of this Agreement.

 

		12	PROCEDURE
UPON APPLICATION FOR INDEMNIFICATION

 

		12.1	A
determination, if required by applicable law and the Articles, with respect to Indemnitee’s entitlement to indemnification
shall be made in the specific case by one of the following methods: (i) if no Change in Control has occurred, (x) by a majority
vote of the Disinterested Directors, even though less than a quorum of the Board, (y) by a committee of Disinterested Directors,
even though less than a quorum of the Board, or (z) if there are no Disinterested Directors, or if such Disinterested Directors
so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (ii)
if a Change in Control has occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
to Indemnitee.  The Company will promptly advise Indemnitee in writing with respect to any determination that Indemnitee
is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. 
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination.  Indemnitee shall reasonably cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary to such determination.  Any costs or Expenses (including
reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity
making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.

 

		12.2	In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12.1
hereof, the Independent Counsel shall be selected as provided in this Section 12.2.  The Independent Counsel shall be
selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written
notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel
so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. 
If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him of the identity
of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement.  In either event, Indemnitee or the Company, as the case
may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company
or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted
only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such
assertion.  Absent a proper and timely objection, the person so selected shall act as Independent Counsel.  If such
written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless
and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. 
If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11.2
hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the
BVI Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection
of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the BVI Court, and the person
with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12.1
hereof.  Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing).

 

    8

     

    

 

		12.3	The
Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

 

		13	PRESUMPTIONS
AND EFFECT OF CERTAIN PROCEEDINGS

 

		13.1	In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11.2 of this Agreement, and the Company shall have the burden of proof to overcome that presumption
in connection with the making by any person, persons or entity of any determination contrary to that presumption.  Neither
the failure of the Company (including by its Disinterested Directors or Independent Counsel) to have made a determination prior
to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee
has met the applicable standard of conduct, nor an actual determination by the Company (including by its Disinterested Directors
or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create
a presumption that Indemnitee has not met the applicable standard of conduct.

 

		13.2	If
the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is
entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by applicable law
and the Articles, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such
indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a
reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with
respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation
and/or information relating thereto.

 

		13.3	The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

		13.4	For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
to Indemnitee by the directors, managers, managing members, or officers of the Enterprise in the course of their duties, or on
the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner,
manager, or managing member or on information or records given or reports made to the Enterprise, its Board, any committee of
the Board or any director, trustee, general partner, manager or managing member by an independent certified public accountant
or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee,
general partner, manager or managing member.  The provisions of this Section 13.4 shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard
of conduct set forth in this Agreement.

 

    9

     

    

 

		13.5	The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

		14	REMEDIES
OF INDEMNITEE

 

		14.1	In
the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law
and the Articles, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement
to indemnification shall have been made pursuant to Section 12.1 of this Agreement within thirty (30) days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 5, 6,
7 or the last sentence of Section 12.1 of this Agreement within ten (10) days after receipt by the Company of a written
request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement,
(vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made in accordance with this Agreement
within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment
to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made within ten (10) days
after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by the BVI Court
to such indemnification, hold harmless, exoneration, contribution or advancement rights.  Alternatively, Indemnitee,
at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration
Rules and Mediation Procedures of the American Arbitration Association.  Except as set forth herein, the provisions
of British Virgin Islands law (without regard to its conflict of laws rules) shall apply to any such arbitration.  The Company
shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

		14.2	In
the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all
respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. 
In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be
entitled to be indemnified, held harmless, exonerated to receive advances of Expenses under this Agreement and the Company shall
have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advances of
Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12.1
of this Agreement adverse to Indemnitee for any purpose.  If Indemnitee commences a judicial proceeding or arbitration pursuant
to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10
until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights
of appeal have been exhausted or lapsed).

 

		14.3	If
a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

		14.4	The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such
court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

    10

     

    

 

		14.5	The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable law and the Articles against
all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written
request) pay to Indemnitee, to the fullest extent permitted by applicable law and the Articles, such Expenses which are incurred
by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee (i) to enforce his rights under,
or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution
agreement or provision of the Articles now or hereafter in effect; or (ii) for recovery or advances under any insurance policy
maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined
to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as
the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

		14.6	Interest
shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies, holds
harmless or exonerates, or is obliged to indemnify, hold harmless or exonerate for the period commencing with the date on which
Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses
and ending with the date on which such payment is made to Indemnitee by the Company.

 

		15	SECURITY

 

Notwithstanding
anything herein to the contrary except for Section 27, to the extent requested by Indemnitee and approved by the Board, the
Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through
an irrevocable bank line of credit, funded trust or other collateral.  Any such security, once provided to Indemnitee, may
not be revoked or released without the prior written consent of Indemnitee.

 

		16	NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

 

		16.1	The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Articles, any agreement, a vote of shareholders or a resolution of directors, or
otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced
or completed) arising out of, or related to, any action taken or omitted by such Indemnitee in his Corporate Status prior to such
amendment, alteration or repeal.  To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently
under the Articles or this Agreement, then this Agreement (without any further action by the parties hereto) shall automatically
be deemed to be amended to require that the Company indemnifies Indemnitee to the fullest extent permitted by law.  No right
or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

 

		16.2	The
British Virgin Islands Business Companies Act, 2004 and the Articles permit the Company to purchase and maintain insurance or
furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit,
or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against
him or incurred by or on behalf of him or in such capacity as a director, officer, employee or agent of the Company, or arising
out of his status as such, whether or not the Company would have the power to indemnify him against such liability under the provisions
of this Agreement or under the British Virgin Islands Business Companies Act, 2004, as it may then be in effect.  The purchase,
establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations
of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this
Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the
other party or parties thereto under any such Indemnification Arrangement.

 

    11

     

    

 

		16.3	To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person
serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, manager, managing member,
fiduciary, employee or agent under such policy or policies.  If, at the time the Company receives notice from any source
of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance
with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action
to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with
the terms of such policies.

 

		16.4	In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by applicable law and the Articles,
shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable
the Company to bring suit to enforce such rights. No such payment by the Company shall be deemed to relive any insurer of its
obligations.

 

		16.5	The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent
of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration
payments or advancement of expenses from such Enterprise.  Notwithstanding any other provision of this Agreement to the contrary
except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any
indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing
such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement,
and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds,
may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights
against any person or entity other than the Company.

 

		16.6	The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance
provided by one or more Persons with whom or which Indemnitee may be associated. The Company hereby acknowledges and agrees that
(i) the Company shall be the indemnitor of first resort with respect to any Proceeding, Expense, liability or matter that is the
subject of the Indemnity Obligations, (ii) the Company shall be primarily liable for all Indemnity Obligations and any indemnification
afforded to Indemnitee in respect of any Proceeding, Expense, liability or matter that is the subject of Indemnity Obligations,
whether created by law, organizational or constituent documents, contract (including, without limitation, this Agreement) or otherwise,
(iii) any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or advance
Expenses to Indemnitee in respect of any proceeding shall be secondary to the obligations of the Company hereunder, (iv) the Company
shall be required to indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without
regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of
any such Person and (v) the Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee
may be associated from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by
the Company hereunder. In the event that any other Person with whom or which Indemnitee may be associated or their insurers advances
or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed by the Company or payable under any
insurance policy provided under this Agreement, the payor shall have a right of subrogation against the Company or its insurer
or insurers for all amounts so paid which would otherwise be payable by the Company or its insurer or insurers under this Agreement.
In no event will payment of an Indemnity Obligation of the Company under this Agreement by any other Person with whom or which
Indemnitee may be associated or their insurers, affect the obligations of the Company hereunder or shift primary liability for
any Indemnity Obligation to any other Person with whom or which Indemnitee may be associated. Any indemnification and/or insurance
or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated, with respect to any liability
arising as a result of Indemnitee’s Corporate Status or capacity as an officer or director of any Person, is specifically
in excess of any Indemnity Obligation of the Company or valid and any collectible insurance (including, without limitation, any
malpractice insurance or professional errors and omissions insurance) provided by the Company under this Agreement, and any obligation
to provide indemnification and/or insurance or advance Expenses provided by any other Person with whom or which Indemnitee may
be associated shall be reduced by any amount that Indemnitee collects from the Company as an indemnification payment or advancement
of Expenses pursuant to this Agreement.

 

    12

     

    

 

		17	DURATION
OF AGREEMENT

 

All
agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or
officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of
any other company, corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee
serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding
(including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement)
by reason of his Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense is incurred
for which indemnification or advancement can be provided under this Agreement.

 

		18	SEVERABILITY

 

If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this  Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by applicable law (and the Articles); (b) such provision or provisions
shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of
the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby.

 

		19	ENFORCEMENT
AND BINDING EFFECT

 

		19.1	The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

		19.2	Without
limiting any of the rights of Indemnitee under the Articles as they may be amended from time to time, this Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements
and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

    13

     

    

 

		19.3	The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets
of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company
or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise
at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives.

 

		19.4	The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform if no such succession had taken place.

 

		19.5	The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly,
the parties hereto agree that Indemnitee may, to the fullest extent permitted by applicable law and the Articles, enforce this
Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing
actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not
be precluded from seeking or obtaining any other relief to which he may be entitled.  The Company and Indemnitee further
agree that Indemnitee shall to the fullest extent permitted by applicable law (and the Articles) be entitled to such specific
performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions,
without the necessity of posting bonds or other undertaking in connection therewith.  The Company acknowledges that in the
absence of a waiver, a bond or undertaking may be required of Indemnitee by a Court of competent jurisdiction and the Company
hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by applicable law and the Articles.

 

		20	MODIFICATION
AND WAIVER

 

No
supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. 
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement nor shall any waiver constitute a continuing waiver.

 

		21	NOTICES

 

All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have
been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after
the date on which it is so mailed:

 

	 	(a)	If
    to Indemnitee, at the address indicated on the signature page of this Agreement or such other address as Indemnitee shall
    provide in writing to the Company.

 

	 	(b)	If
    to the Company, to:

 

Bull
Horn Holdings Corp.

801
S. Pointe Drive, Suite TH-1

Miami
Beach, Florida 33139

Attn: Robert Striar

 

With
a copy, which shall not constitute notice, to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11th Floor

New
York, New York 10105

Attn:
Stuart Neuhauser, Esq. 

 

or
to any other address as may have been furnished to Indemnitee in writing by the Company.

 

    14

     

    

 

		22	APPLICABLE
LAW AND CONSENT TO JURISDICTION

 

This
Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws
of the State of New York. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14.1 of this
Agreement, to the fullest extent permitted by law the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree
that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Courts of the State
of New York and not in any other state or federal court in the United States of America or any court in any other country; (b) consent
to submit to the exclusive jurisdiction of the Courts of the State of New York for purposes of any action or proceeding arising
out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding
in the Courts of the State of New York; and (d) waive, and agree not to plead or to make, any claim that any such action
or proceeding brought in the Courts of the State of New York has been brought in an improper or inconvenient forum, or is subject
(in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process
and other papers in connection with any such action or proceeding in the manner provided by Section 21 or such other manner as
may be permitted by law, shall be valid and sufficient service thereof.

  

		23	IDENTICAL
COUNTERPARTS

 

This
Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same Agreement.  Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

		24	MISCELLANEOUS

 

Use
of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.  The headings of the
paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof.

 

		25	PERIOD
OF LIMITATIONS

 

No
legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s
spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such
cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by
the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations
is otherwise applicable to any such cause of action such shorter period shall govern.

 

		26	ADDITIONAL
ACTS

 

If
for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, to
the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected
or adopted in a manner that will enable the Company to fulfil its obligations under this Agreement.

 

		27	WAIVER
OF CLAIMS TO TRUST ACCOUNT

 

Indemnitee
hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or
to any monies in the trust account established in connection with the Company’s initial public offering for the benefit
of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result
of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason
whatsoever. Accordingly, Indemnitee acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied
by the Company if (i) the Company has sufficient funds outside of the Trust Account to satisfy its obligations hereunder or (ii)
the Company consummated a Business Combination.

 

		28.	MAINTENANCE
OF INSURANCE

 

The
Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company
is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies
to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s
performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such
policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide
the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors
and officers.

 

    15

     

    

 

		29.	INTERPRETATION

 

In
this Agreement:

 

	 	(a)	words
    importing the singular number include the plural number and vice versa; words importing the masculine gender include the feminine
    gender;

 

	 	(b)	“written”
    and “in writing” include all modes of representing or reproducing words in visible form, including in the form
    of an Electronic Record;

 

	 	(c)	“shall”
    shall be construed as imperative and “may” shall be construed as permissive;

 

	 	(d)	references
    to provisions of any law or regulation shall be construed as references to those provisions as amended, modified, re-enacted
    or replaced;

 

	 	(e)	any
    phrase introduced by the terms “including”, “include”, “in particular” or any similar
    expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

 

	 	(f)	the
    term “and/or” is used herein to mean both “and” as well as “or. “ The use of “and/or”
    in certain contexts in no respects qualifies or modifies the use of the terms “and” or “or” in others.
    The term “or” shall not be interpreted to be exclusive and the term “and” shall not be interpreted
    to require the conjunctive (in each case, unless the context otherwise requires);

 

	 	(g)	headings
    are inserted for reference only and shall be ignored in construing this Agreement;

 

	 	(h)	any
    requirements as to delivery under this Agreement include delivery in the form of an electronic record (as defined in the BVI
    Electronic Transactions Act, 2001);

 

	 	(i)	any
    requirements as to execution or signature under this Agreement including the execution of this Agreement itself can be satisfied
    in the form of an electronic signature (as defined in the BVI Electronic Transactions
    Act, 2001));

 

[SIGNATURE
PAGE FOLLOWS]

 

    16

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed on the day and year first above written.

 

	 	BULL
    HORN HOLDINGS CORP.
	 	 
	 	By:	 
	 	 	Name: 	 Robert
    Strair
	 	 	Title:	Chief
    Executive Officer
	 	 	 
	 	 	INDEMNITEE
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	 
	 	 	Address:

 

[Signature
Page to Indemnity Agreement]

 

 

17Exhibit 10.2

 

Execution Copy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIRPAX
PHARMACEUTICALS, INC.

2017 EQUITY INCENTIVE PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Table of
Contents

 

	1.	Establishment and Purpose	-
    1 -
	2.	Definitions	- 1 -
	3.	Administration.	- 7 -
	4.	Shares Subject to the Plan; Individual Participant Limitations	- 8 -
	5.	Participation and Awards	-10  -
	6.	Compensatory Grants to Non-Employee Directors.	- 10 -
	7.	Stock Options	- 11 -
	8.	Stock Appreciation Rights	- 13 -
	9.	Restricted Stock Awards	- 14 -
	10.	Stock Unit Awards	- 15 -
	11.	Performance Shares	- 16 -
	12.	Performance Units	- 17 -
	13.	Incentive Bonus Awards	- 18 -
	14.	Other Cash-Based Awards and Other Stock-Based Awards	- 18 -
	15.	Change in Control	- 19 -
	16.	General Provisions	- 20 -
	17.	Legal Compliance	- 23 -
	18.	Effective Date, Amendment and Termination	- 26 -

  

    -i-

     

    

 

VIRPAX
PHARMACEUTICALS, INC.

2017 EQUITY
INCENTIVE PLAN

 

1.
Establishment and Purpose

 

1.1 The purpose of
the Virpax Pharmaceuticals, Inc. 2017 Equity Incentive Plan (as it may be amended, supplemented and/or restated from time to time,
the “Plan”) is to provide a means whereby eligible employees, officers, non-employee directors and other individual
service providers develop a sense of proprietorship and personal involvement in the development and financial success of the Company
and to encourage them to devote their best efforts to the business of the Company, thereby advancing the interests of the Company
and its stockholders. The Company, by means of the Plan, seeks to retain the services of such eligible persons and to provide
incentives for such persons to exert maximum efforts for the success of the Company and its Subsidiaries.

 

1.2 The Plan permits
the grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Stock Units, Performance
Shares, Performance Units, Incentive Bonus Awards, Other Cash-Based Awards and Other Stock-Based Awards. This Plan shall become
effective upon the date set forth in Section 18.1 hereof.

 

2.
Definitions

 

Wherever the following
capitalized terms are used in the Plan, they shall have the meanings specified below:

 

2.1 “Affiliate”
means, with respect to a Person, a Person that directly or indirectly Controls, or is Controlled by, or is under common Control
with, such Person.

 

2.2 “Applicable
Law” means the requirements relating to the administration of equity-based awards or equity compensation plans under
U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the
Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction that applies to Awards.

 

2.3 “Authorized
Shares” has the meaning set forth in Section 4.1(a).

 

2.4 “Award”
means an award of a Stock Option, Stock Appreciation Right, Restricted Stock, Stock Unit, Performance Share, Performance Unit,
Incentive Bonus Award, Other Cash-Based Award and/or Other Stock-Based Award granted under the Plan.

 

2.5 “Award
Agreement” means either (i) a written or electronic agreement entered into between the Company and a Participant setting
forth the terms and conditions of an Award including any amendment or modification thereof, or (ii) a written or electronic statement
issued by the Company to a Participant describing the terms and provisions of such Award, including any amendment or modification
thereof. The Committee may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic,
internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant. Each Award Agreement shall
be subject to the terms and conditions of the Plan and need not be identical.

 

     

     

    

 

2.6 “Board”
means the Board of Directors of the Company.

 

2.7 “Cause”
means (i) conviction of, or the entry of a plea of guilty or no contest to, a felony or any other crime that causes the Company
or its Affiliates public disgrace or disrepute, or materially and adversely affects the Company’s or its Affiliates’
operations or financial performance or the relationships that the Company and/or its Affiliates have with its and/or their customers;
(ii) gross negligence or willful misconduct with respect to the Company or any of its Affiliates, including, without limitation
fraud, embezzlement, theft or proven dishonesty in the course of his or her employment; (iii) refusal to perform any lawful, material
obligation or fulfill any duty (other than any duty or obligation of the type described in clause (v) below, which shall be governed
by clause (v) below) to the Company or its Affiliates (other than due to a Disability), which refusal, if curable, is not cured
within ten (10) days after delivery of written notice thereof; (iv) material breach of any agreement with or duty owed to the
Company or any of its Affiliates (other than any breach of the type described in clause (v) below, which shall be governed by
clause (v) below), which breach, if curable, is not cured within 10 days after the delivery of written notice thereof; or (v)
any breach of any obligation or duty to the Company or any of its Affiliates (whether arising by statute, common law or agreement)
relating to confidentiality, noncompetition, nonsolicitation or proprietary rights. Notwithstanding the foregoing, if a Participant
and the Company (or any of its Affiliates) have entered into an employment agreement, consulting agreement or other similar agreement
that specifically defines “cause,” then with respect to such Participant, “Cause” shall have the meaning
defined in that employment agreement, consulting agreement or other agreement.

 

2.8 “Change
in Control” means, unless otherwise provided in an Award Agreement, the occurrence of any one of the following events:

 

(i) any “person,”
including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company,
any entity controlling, controlled by or under common control with the Company, any trustee, fiduciary or other person or entity
holding securities under any employee benefit plan or trust of the Company or any such entity, and, with respect to any particular
Participant, the Participant and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which
the Participant is a member), is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange
Act), directly or indirectly, of securities of the Company representing 50% or more of either (A) the combined voting power of
the Company’s then outstanding securities; or (B) the then outstanding shares of Common Stock (in either such case other
than as a result of an acquisition of securities directly from the Company); or

 

(ii) any consolidation
or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately
after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation
issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); or

 

    -2-

     

    

 

(iii) there
shall occur (A) any sale, lease, exclusive license, exchange or other transfer (in one transaction or a series of transactions
contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a
sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the
combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially
the same proportion as their ownership of the Company immediately prior to such sale; or (B) the approval by stockholders of the
Company of any plan or proposal for the liquidation or dissolution of the Company; or

 

Notwithstanding
the foregoing, no event or condition shall constitute a Change in Control to the extent that, if it were, a 20% tax would be imposed
under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute a Change
in Control to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution)
without causing the imposition of such 20% tax.

 

2.9 “Change
in Control Consideration” has the meaning set forth in Section 15.1(b).

 

2.10 “Code”
means the Internal Revenue Code of 1986, as amended. For purposes of this Plan, references to sections of the Code shall be deemed
to include references to any applicable regulations thereunder and any successor or similar provision.

 

2.11 “Committee”
means the committee of the Board delegated with the authority to administer the Plan, or the full Board, as provided in Section
3 of the Plan. With respect to any decision relating to a Reporting Person, the Committee shall consist solely of two or more
directors who are Non-Employee Directors. The fact that a Committee member shall fail to qualify under any of these requirements
shall not invalidate an Award if the Award is otherwise validly made under the Plan. The Board may at any time appoint additional
members to the Committee, remove and replace members of the Committee with or without cause, and fill vacancies on the Committee
however caused.

 

2.12 “Common
Stock” means the Company’s Common Stock, par value $0.00001 per share.

 

2.13 “Company”
means Virpax Pharmaceuticals, Inc., a Delaware corporation, and any successor thereto as provided in Section 16.8.

 

2.14 “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 Committee in its sole discretion, such Participant’s
Continuous Service will be considered to have terminated on the date such entity ceases to qualify as an Affiliate. For example,
a change in status from an employee of the Company to a consultant of an Affiliate or to a director will not constitute an interruption
of Continuous Service. To the extent permitted by Applicable Law, the Committee 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 Company 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 (or an Affiliate’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 Applicable Law. Unless the Committee provides otherwise,
in its discretion, or as otherwise required by Applicable Law, vesting of Options shall be tolled during any unpaid leave of absence
by a Participant.

 

    -3-

     

    

 

2.15 “Control”
means, as to any Person, the power to direct or cause the direction of the management and policies of such Person, or the power
to appoint directors of the Company, whether through the ownership of voting securities, by contract or otherwise (the terms “Controlled
by” and “under common Control with” shall have correlative meanings).

 

2.16 “Date
of Grant” means the date on which an Award under the Plan is granted by the Committee, or such later date as the Committee
may specify to be the effective date of an Award.

 

2.17 “Disability”
means a Participant being considered “disabled” within the meaning of Section 409A of the Code and Treasury Regulation
1.409A-3(i)(4), as well as any successor regulation or interpretation.

 

2.18 “Effective
Date” means the date set forth in Section 18.1 hereof.

 

2.19 “Eligible
Person” means any person who is an employee, officer, director, consultant, advisor or other individual service provider
of the Company or any Subsidiary, or any person who is determined by the Committee to be a prospective employee, officer, director,
consultant, advisor or other individual service provider of the Company or any Subsidiary; provided that the Award Agreement
for any grant of an Award to a prospective employee, officer, director, consultant, advisor or other individual service provider
will contain appropriate forfeiture provisions in the event such individual does not become employed or engaged by the Company
or applicable Subsidiary.

 

2.20 “ERISA”
has the meaning set forth in Section 17.2.

 

2.21 “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

2.22 “Expiration
Date” means the date set forth in Section 18.2 hereof

 

2.23 “Fair
Market Value” of a share of Common Stock shall be, as applied to a specific date:

 

(i) the closing
price of a share of Common Stock as of such date on the principal established stock exchange or national market system on which
the Common Stock is then traded (or, if there is no trading in the Common Stock as of such date, the closing price of a share
of Common Stock on the most recent date preceding such date on which trades of the Common Stock were recorded); or

 

    -4-

     

    

 

(ii) if the
shares of Common Stock are not then traded on an established stock exchange or national market system but are then traded in an
over-the-counter market, the average of the closing bid and asked prices for the shares of Common Stock in such over-the-counter
market as of such date (or, if there are no closing bid and asked prices for the shares of Common Stock as of such date, the average
of the closing bid and the asked prices for the shares of Common Stock on the most recent date preceding such date on which such
closing bid and asked prices are available on such over-the-counter market); or

 

(iii) if the
shares of Common Stock are not then listed on a national securities exchange or national market system or traded in an over-the-counter
market, the price of a share of Common Stock as determined by the Committee in its discretion in a manner consistent with Section
409A of the Code and Treasury Regulation 1.409A-1(b)(5)(iv), as well as any successor regulation or interpretation.

 

Notwithstanding
the preceding sentence, if the date for which Fair Market Value is determined is the date on which the final prospectus relating
to the Company’s Initial Public Offering is filed, the Fair Market Value shall be the “Price to the Public”
(or equivalent) set forth on the cover page for the final prospectus relating to the Company’s Initial Public Offering.

 

2.24 “Fully
Diluted” means, as applied to a specific date, the total number of shares of Common Stock outstanding as of such date
plus the number of shares of Common Stock issuable upon the exercise of outstanding stock options and other awards exercisable
for (or convertible into) Common Stock under an equity compensation plan of the Company, as well as upon the exercise of outstanding
warrants or other securities exercisable for (or convertible into) Common Stock that are not part of any equity compensation plan.

 

2.25 “Immediate
Family” has the meaning set forth in Section 16.3(b).

 

2.26 “Incentive
Bonus Award” means an Award granted under Section 13 of the Plan.

 

2.27 “Incentive
Stock Option” means a Stock Option granted under Section 7 hereof that is intended to meet the requirements of
Section 422 of the Code and the regulations promulgated thereunder.

 

2.28 “Initial
Public Offering” means the consummation of the first underwritten, firm commitment public offering pursuant to an effective
registration statement under the Securities Act covering the offer and sale by the Company of its equity securities, or such other
event as a result of or following which the Common Stock shall be publicly held.

 

2.29 “Non-Employee
Director ” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by the U.S. Securities and Exchange Commission
under the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission.

 

2.30 “Nonqualified
Stock Option” means a Stock Option granted under Section 7 hereof that is not an Incentive Stock Option.

 

2.31 “Other
Cash-Based Award” means a contractual right granted to an Eligible Person under Section 14 hereof entitling such
Eligible Person to receive a cash payment at such times, and subject to such conditions, as are set forth in the Plan and the
applicable Award Agreement.

 

    -5-

     

    

 

2.32 “Other
Stock-Based Award” means a contractual right granted to an Eligible Person under Section 14 representing a notional
unit interest equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions
as are set forth in the Plan and the applicable Award Agreement.

 

2.33 “Participant”
means any Eligible Person who holds an outstanding Award under the Plan.

 

2.34 “Person”
shall mean any individual, partnership, firm, trust, corporation, limited liability company or other similar entity. When two
or more Persons act as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing
of Common Stock, such partnership, limited partnership, syndicate or group shall be deemed a “Person”

 

2.35 “Performance
Goals” shall mean performance goals established by the Committee as contingencies for the grant, exercise, vesting,
distribution, payment and/or settlement, as applicable, of Awards.

 

2.36 “Performance
Measures” mean the measures of performance of the Company and its Subsidiaries used to determine a Participant’s
entitlement to an Award under the Plan. Such performance measures shall have the same meanings as used in the Company’s
financial statements, or, if such terms are not used in the Company’s financial statements, they shall have the meaning
applied pursuant to generally accepted accounting principles, or as used generally in the Company’s industry. Performance
Measures shall be calculated with respect to the Company and each Subsidiary consolidated therewith for financial reporting purposes
or such division or other business unit as may be selected by the Committee. For purposes of the Plan, the Performance Measures
shall be calculated in accordance with generally accepted accounting principles to the extent applicable, but, unless otherwise
determined by the Committee, prior to the accrual or payment of any Award under this Plan for the same performance period and
excluding the effect (whether positive or negative) of any change in accounting standards or any extraordinary, unusual or nonrecurring
item, as determined by the Committee at the time the Performance Measures for an Award are established, occurring after the establishment
of the performance goals. Performance Measures shall be based on one or more of the criteria set forth in Exhibit A which
is hereby incorporated by reference, as determined by the Committee.

 

2.37 “Performance
Shares” means a contractual right granted to an Eligible Person under Section 11 hereof representing a notional
unit interest equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions,
as are set forth in the Plan and the applicable Award Agreement.

 

2.38 “Performance
Unit” means a contractual right granted to an Eligible Person under Section 12 hereof representing a notional
dollar interest as determined by the Committee to be paid and distributed at such times, and subject to such conditions, as are
set forth in the Plan and the applicable Award Agreement.

 

2.39 “Plan”
has the meaning set forth in the preamble.

 

2.40 “Reporting
Person” means an officer, director or greater than ten percent stockholder of the Company within the meaning of Rule
16a-2 under the Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the Exchange Act.

 

    -6-

     

    

 

2.41 “Restricted
Stock Award” means a grant of shares of Common Stock to an Eligible Person under Section 9 hereof that are issued
subject to such vesting and transfer restrictions and such other conditions as are set forth in the Plan and the applicable Award
Agreement.

 

2.42 “Securities
Act” means the Securities Act of 1933, as amended.

 

2.43 “Stock
Appreciation Right” means a contractual right granted to an Eligible Person under Section 8 hereof entitling
such Eligible Person to receive a payment, upon the exercise of such right, in such amount and at such time, and subject to such
conditions, as are set forth in the Plan and the applicable Award Agreement.

 

2.44 “Stock
Option” means a contractual right granted to an Eligible Person under Section 7 hereof to purchase shares of
Common Stock at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.

 

2.45 “Stock
Unit Award” means a contractual right granted to an Eligible Person under Section 10 hereof representing notional
unit interests equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions,
as are set forth in the Plan and the applicable Award Agreement.

 

2.46 “Subsidiary”
means an entity (whether or not a corporation) that is wholly or majority owned or controlled, directly or indirectly, by the
Company; provided, however, that with respect to Incentive Stock Options, the term “Subsidiary” shall include
only an entity that qualifies under section 424(f) of the Code as a “subsidiary corporation” with respect to the Company.

  

3.
Administration.

 

3.1 Committee Members.
The Plan shall be administered by the Committee; provided that the entire Board may act in lieu of the Committee on any
matter, subject to the Rule 16b-3 requirements referred to in Section 2.11 of the Plan. If and to the extent permitted
by Applicable Law, the Committee may authorize one or more Reporting Persons (or other officers) to make Awards to Eligible Persons;
provided, that the Board or the Committee shall fix certain material terms of the Awards to be granted by such Reporting
Persons or officers (including the exercise price of such Awards, if applicable) and the maximum number of shares of Common Stock
subject to Awards that the Reporting Persons or officers may grant; provided further, that no Reporting Person or officer
shall be authorized to grant Awards to himself or herself. Subject to Applicable Law and the restrictions set forth in the Plan,
the Committee may delegate administrative functions to individuals who are Reporting Persons, officers, or employees of the Company
or its Subsidiaries.

 

    -7-

     

    

 

3.2 Committee Authority.
The Committee shall have such powers and authority as may be necessary or appropriate for the Committee to carry out its functions
as described in the Plan. Subject to the express limitations of the Plan, the Committee shall have authority in its discretion
to determine the Eligible Persons to whom, and the time or times at which, Awards may be granted, the number of shares, units
or other rights subject to each Award, the exercise, base or purchase price of an Award (if any), the time or times at which an
Award will become vested, exercisable or payable, the performance criteria, performance goals and other conditions of an Award,
the duration of the Award, and all other terms of the Award. Subject to the terms of the Plan, the Committee shall have the authority
to amend the terms of an Award in any manner that is not inconsistent with the Plan (including without limitation to determine,
add, cancel, waive, amend or otherwise alter any restrictions, terms or conditions of any Award, extend the post-termination exercisability
period of any Stock Option and/or Stock Appreciation Right, and/or to reduce (reprice) the exercise price of any Stock Option
and/or Stock Appreciation Right that exceeds the Fair Market Value of a share of Common Stock on the date of such repricing);
provided, that no such action shall materially and adversely affect the rights of a Participant with respect to an outstanding
Award without the Participant’s consent; provided further, that, unless otherwise determined by the Committee, no
such action shall cause an Award previously exempt from Section 409A of the Code to become subject to Section 409A of the Code.
The Committee shall also have discretionary authority to interpret the Plan, to make all factual determinations under the Plan,
and to make all other determinations necessary or advisable for Plan administration, including, without limitation, to correct
any defect, to supply any omission or to reconcile any inconsistency in the Plan or any Award Agreement. The Committee may prescribe,
amend, and rescind rules and regulations relating to the Plan. The Committee’s determinations under the Plan need not be
uniform and may be made by the Committee selectively among Participants and Eligible Persons, whether or not such persons are
similarly situated. The Committee shall, in its discretion, consider such factors as it deems relevant in making its interpretations,
determinations and actions under the Plan including, without limitation, the recommendations or advice of any officer or employee
of the Company or such attorneys, consultants, accountants or other advisors as it may select. All interpretations, determinations,
and actions by the Committee shall be final, conclusive, and binding upon all parties.

 

3.3 No Liability;
Indemnification. Neither the Board nor any Committee member, nor any Person acting at the direction of the Board or the Committee,
shall be liable for any act, omission, interpretation, construction or determination made in good faith with respect to the Plan
or any Award, or Award Agreement. The Company and its Subsidiaries shall pay or reimburse any member of the Committee, as well
as any other Person who takes action on behalf of the Plan, for all reasonable expenses incurred with respect to the Plan, and
to the full extent allowable under Applicable Law shall indemnify each and every one of them for any claims, liabilities, and
costs (including reasonable attorney’s fees) arising out of their good faith performance of duties on behalf of the Company
with respect to the Plan. The Company and its Subsidiaries may, but shall not be required to, obtain liability insurance for this
purpose.

  

4.
Shares Subject to the Plan; Individual Participant Limitations

 

4.1 Available Shares.

 

(a) Subject to adjustment
pursuant to Section 4.2 and any other applicable provisions hereof, the maximum aggregate number of shares of Common Stock
which may be issued under all Awards granted to Participants under the Plan initially shall be 1,500,000 shares (the “Authorized
Shares”). All 1,500,000 of such Authorized Shares initially available pursuant to this Section 4.1(a) may, but
need not, be issued in respect of Incentive Stock Options.

 

    -8-

     

    

 

(b) The number of Authorized
Shares available for issuance under the Plan shall automatically increase on January 1st of each year commencing with
the January 1 following the Effective Date and on each January 1 thereafter until the Expiration Date (as defined in Section
18.2 of the Plan), in an amount equal to six percent (6%) of the total number of shares of Common Stock outstanding on December
31st of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to the first day of any
calendar year, to provide that there shall be no increase in the share reserve for such calendar year or that the increase in
the share reserve for such calendar year shall be a lesser number of shares of Common Stock than would otherwise occur pursuant
to the preceding sentence. For avoidance of doubt, none of the shares of Common Stock available for issuance pursuant to this
Section 4.1(b) shall be issued in respect of Incentive Stock Options.

 

(c) Shares of Common
Stock issued under the Plan may be either authorized but unissued shares or shares held in the Company’s treasury. To the
extent that any Award payable in shares of Common Stock is forfeited, cancelled, returned to or repurchased by the Company for
failure to satisfy vesting requirements or upon the occurrence of other forfeiture events, or otherwise terminates without payment
being made thereunder, the shares of Common Stock covered thereby will no longer be counted against the foregoing maximum share
limitations and may again be made subject to Awards under the Plan pursuant to such limitations. Shares of Common Stock that otherwise
would have been issued upon the exercise of a Stock Option or in payment with respect to any other form of Award, that are surrendered
in payment or partial payment of the exercise price thereof and/or taxes withheld with respect to the exercise thereof or the
making of such payment, will no longer be counted against the foregoing maximum share limitations and may again be made subject
to Awards under the Plan pursuant to such limitations.

 

4.2 Adjustments.
If there shall occur any change with respect to the outstanding shares of Common Stock by reason of any recapitalization, reclassification,
stock dividend, extraordinary dividend, stock split, reverse stock split, or other distribution with respect to the shares of
Common Stock, or any merger, reorganization, consolidation, combination, spin-off or other similar corporate change, or any other
change affecting the Common Stock, the Committee shall, in the manner and to the extent that it deems appropriate and equitable
to the Participants and consistent with the terms of the Plan, cause an adjustment to be made in (i) the maximum numbers and kind
of shares provided in Section 4.1 hereof; (ii) the numbers and kind of shares of Common Stock, units, or other rights subject
to then outstanding Awards; (iii) the price for each share or unit or other right subject to then outstanding Awards; (iv) the
performance measures or goals relating to the vesting of an Award; and (v) any other terms of an Award that are affected by the
event to prevent dilution or enlargement of a Participant’s rights under an Award. Notwithstanding the foregoing, in the
case of Incentive Stock Options, any such adjustments shall, to the extent practicable, be made in a manner consistent with the
requirements of Section 424(a) of the Code.

 

4.3 Individual
Participant Limitations. Subject to adjustment as provided in Section 4.2, the maximum number of shares of Common Stock
with respect to which any Award may be granted to any one Eligible Person under the Plan during any calendar year shall be 300,000
shares.

 

    -9-

     

    

 

5.
Participation and Awards

 

5.1 Designation
of Participants. All Eligible Persons are eligible to be designated by the Committee to receive Awards and become Participants
under the Plan. The Committee has the authority, in its discretion, to determine and designate from time to time those Eligible
Persons who are to be granted Awards, the types of Awards to be granted and the number of shares of Common Stock or units subject
to Awards granted under the Plan. In selecting Eligible Persons to be Participants and in determining the type and amount of Awards
to be granted under the Plan, the Committee shall consider any and all factors that it deems relevant or appropriate.

 

5.2 Determination
of Awards. The Committee shall determine the terms and conditions of all Awards granted to Participants in accordance with
its authority under Section 3.2 hereof. An Award may consist of one type of right or benefit hereunder or of two or more
such rights or benefits granted in tandem or in the alternative. To the extent deemed appropriate by the Committee, an Award shall
be evidenced by an Award Agreement as described in Section 16.1 hereof.

  

6.
Compensatory Grants to Non-Employee Directors.

 

6.1 Grants to All
Non-Employee Directors

 

(a) Grant upon Initial
Election. Stock Options to purchase 25,000 shares of Common Stock shall automatically be granted under the Plan to each Non-Employee
Director who is first appointed or elected to the Board on or after the Effective Date and prior to the expiration of the Plan
on the date of such appointment or election of such Non-Employee Director. Subject to Section 7.4, each Stock Option granted
pursuant to this Section 6.1(a) shall be exercisable as to 100% of the number of shares of Stock covered thereby on the
twelve-month anniversary of the grant date, and shall have an exercise price equal to at 100% of the Fair Market Value of a share
of Common Stock on the Date of Grant.

 

(b) Annual Grant.
On January 1 of each year, each then serving Non-Employee Director of the Committee shall automatically be granted under the Plan
(i) that number of Options having a value of $25,000 calculated on the grant date in accordance with the Black-Scholes option
pricing model (utilizing the same assumptions that the Company utilizes in preparation of its financial statements), with the
number of Options rounded up to the nearest whole share. Subject to Section 7.4, each Stock Option granted pursuant to
this Section 6.1(b) shall be exercisable as to 100% of the number of shares of Stock covered thereby on the twelve-month
anniversary of the grant date, and shall have an exercise price equal to at 100% of the Fair Market Value of a share of Common
Stock on the Date of Grant.

 

6.2 Grants to Members
of the Science and Technology Committee. On January 1, of each year, each then serving member of the Science and Technology
Committee shall automatically be granted Stock Options to purchase 10,000 shares of Common Stock under the Plan, and the Chair
of the Science and Technology Committee shall be granted Stock Options to purchase an additional 15,000 shares of Common Stock
under the Plan. Subject to Section 7.4, each Stock Option granted pursuant to this Section 6.2 shall be exercisable
as to 100% of the number of shares of Stock covered thereby on the twelve-month anniversary of the grant date, and shall have
an exercise price equal to at 100% of the Fair Market Value of a share of Common Stock on the Date of Grant.

 

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7.
Stock Options

 

7.1 Grant of Stock
Option. A Stock Option may be granted to any Eligible Person selected by the Committee. Subject to the provisions of Section
7.6 hereof and Section 422 of the Code, each Stock Option shall be designated, in the discretion of the Committee, as an Incentive
Stock Option or as a Nonqualified Stock Option.

 

7.2 Exercise Price.
The exercise price per share of a Stock Option shall not be less than 100% of the Fair Market Value of a share of Common Stock
on the Date of Grant, subject to adjustments as provided for under Section 4.2; provided that the Committee may
in its discretion specify for any Stock Option an exercise price per share that is higher than the Fair Market Value on the Date
of Grant, and may establish an exercise price that is below Fair Market Value on the Date of Grant for Stock Options granted to
Participants who are not residents of the U.S. if permitted by Applicable Law and any applicable rules of the principal established
stock exchange or national market system on which the Common Stock is traded.

 

7.3 Vesting of
Stock Options. The Committee shall in its discretion prescribe the time or times at which, or the conditions upon which, a
Stock Option or portion thereof shall become vested and/or exercisable. The requirements for vesting and exercisability of a Stock
Option may be based on the Continuous Service of the Participant for a specified time period (or periods) and/or on the attainment
of a specified performance goal (or goals) established by the Committee in its discretion. The Committee may, in its discretion,
accelerate the vesting or exercisability of any Stock Option at any time. The Committee in its sole discretion may allow a Participant
to exercise unvested Nonqualified Stock Options, in which case the shares of Common Stock then issued shall be Restricted Stock
having analogous vesting restrictions to the unvested Nonqualified Stock Options.

 

7.4 Term of Stock
Options. The Committee shall in its discretion prescribe in an Award Agreement the period during which a vested Stock Option
may be exercised; provided that the maximum term of a Stock Option shall be ten (10) years from the Date of Grant. A Stock
Option may be earlier terminated as specified by the Committee and set forth in an Award Agreement upon or following the termination
of a Participant’s Continuous Service for any reason, including by reason of voluntary resignation, death, Disability, termination
for Cause or any other reason. Except as otherwise provided in this Section 7 or in an Award Agreement as such agreement
may be amended from time to time upon authorization of the Committee, no Stock Option may be exercised at any time during the
term thereof unless the Participant is then in Continuous Service. Notwithstanding the foregoing, unless an Award Agreement provides
otherwise:

 

(a) If a Participant’s
Continuous Service terminates by reason of his or her death, any Stock Option held by such Participant may, to the extent then
exercisable, be exercised by such Participant’s estate or any Person who acquires the right to exercise such Stock Option
by bequest or inheritance at any time in accordance with its terms for up to one year after the date of such Participant’s
death (but in no event after the earlier of the expiration of the term of such Stock Option or such time as the Stock Option is
otherwise canceled or terminated in accordance with its terms). Upon expiration of such one-year period, no portion of the Stock
Option held by such Participant shall be exercisable and the Stock Option shall be deemed to be canceled, forfeited and of no
further force or effect.

 

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(b) If a Participant’s
Continuous Service terminates by reason of his or her Disability, any Stock Option held by such Participant may, to the extent
then exercisable, be exercised by the Participant or his or her personal representative at any time in accordance with its terms
for up to one year after the date of such Participant’s termination of Continuous Service (but in no event after the earlier
of the expiration of the term of such Stock Option or such time as the Stock Option is otherwise canceled or terminated in accordance
with its terms). Upon expiration of such one-year period, no portion of the Stock Option held by such Participant shall be exercisable
and the Stock Option shall be deemed to be canceled, forfeited and of no further force or effect.

 

(c) If a Participant’s
Continuous Service terminates for any reason other than death, Disability or Cause, any Stock Option held by such Participant
may, to the extent then exercisable, be exercised by the Participant up until ninety (90) days following such termination of Continuous
Service (but in no event after the earlier of the expiration of the term of such Stock Option or such time as the Stock Option
is otherwise canceled or terminated in accordance with its terms). Upon expiration of such 90-day period, no portion of the Stock
Option held by such Participant shall be exercisable and the Stock Option shall be deemed to be canceled, forfeited and of no
further force or effect.

 

(d) If a Participant’s
Continuous Service terminates for Cause, any Stock Option held by such Participant, whether vested or unvested, shall be deemed
forfeited and canceled on the date of such termination of Continuous Service.

 

(e) To the extent that
a Stock Option of a Participant whose Continuous Service terminates is not exercisable, such Stock Option shall be deemed forfeited
and canceled on the ninetieth (90th) day after such termination of Continuous Service or at such earlier time as the Committee
may determine.

 

7.5 Stock Option
Exercise. Subject to such terms and conditions as shall be specified in an Award Agreement, a Stock Option may be exercised
in whole or in part at any time during the term thereof by notice in the form required by the Company, and payment of the aggregate
exercise price by certified or bank check, or such other means as the Committee may accept. As set forth in an Award Agreement
or otherwise determined by the Committee, in its sole discretion, at or after grant, payment in full or in part of the exercise
price of an Option may be made: (i) in the form of shares of Common Stock that have been held by the Participant for such period
as the Committee may deem appropriate for accounting purposes or otherwise, valued at the Fair Market Value of such shares on
the date of exercise; (ii) by surrendering to the Company shares of Common Stock otherwise receivable on exercise of the Option;
(iii) by a cashless exercise program implemented by the Committee in connection with the Plan; and/or (iv) by such other method
as may be approved by the Committee and set forth in an Award Agreement. Subject to any governing rules or regulations, as soon
as practicable after receipt of written notification of exercise and full payment of the exercise price and satisfaction of any
applicable tax withholding pursuant to Section 17.5, the Company shall deliver to the Participant evidence of book entry
shares of Common Stock, or upon the Participant’s request, Common Stock certificates in an appropriate amount based upon
the number of shares of Common Stock purchased under the Option. Unless otherwise determined by the Committee, all payments under
all of the methods indicated above shall be paid in United States dollars or shares of Common Stock, as applicable.

 

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7.6 Additional
Rules for Incentive Stock Options.

 

(a) Eligibility.
An Incentive Stock Option may only be granted to an Eligible Person who is considered an employee under Treasury Regulation §1.421-1(h)
of the Company or any Subsidiary.

 

(b) Annual Limits.
No Incentive Stock Option shall be granted to an Eligible Person as a result of which the aggregate Fair Market Value (determined
as of the Date of Grant) of the stock with respect to which Incentive Stock Options are exercisable for the first time in any
calendar year under the Plan and any other stock option plans of the Company or any Subsidiary would exceed $100,000, determined
in accordance with Section 422(d) of the Code. This limitation shall be applied by taking Incentive Stock Options into account
in the order in which granted.

 

(c) Ten Percent Stockholders.
If a Stock Option granted under the Plan is intended to be an Incentive Stock Option, and if the Participant, at the time of grant,
owns stock possessing ten percent (10%) or more of the total combined voting power of all classes of Common Stock of the Company
or any Subsidiary, then (i) the Stock Option exercise price per share shall in no event be less than 110% of the Fair Market Value
of the Common Stock on the date of such grant; and (ii) such Stock Option shall not be exercisable after the expiration of five
(5) years following the date such Stock Option is granted.

 

(d) Termination of
Employment. An Award of an Incentive Stock Option shall provide that such Stock Option may be exercised not later than three
(3) months following termination of employment of the Participant with the Company and all Subsidiaries, or not later than one
(1) year following death or a permanent and total disability within the meaning of Section 22(e)(3) of the Code, as and to the
extent determined by the Committee to be necessary to comply with the requirements of Section 422 of the Code.

 

(e) Disqualifying
Dispositions. If shares of Common Stock acquired by exercise of an Incentive Stock Option are disposed of within two (2) years
following the Date of Grant or one (1) year following the transfer of such shares to the Participant upon exercise, the Participant
shall, promptly following such disposition, notify the Company in writing of the date and terms of such disposition and provide
such other information regarding the disposition as the Company may reasonably require.

 

(f) Qualification.
To the extent that, at or after grant, any Stock Option does not qualify as an Incentive Stock Option, it shall be deemed a Nonqualified
Stock Option.

  

8.
Stock Appreciation Rights

 

8.1 Grant of Stock
Appreciation Rights. A Stock Appreciation Right may be granted to any Eligible Person selected by the Committee. Stock Appreciation
Rights may be granted on a basis that allows for the exercise of the right by the Participant or that provides for the automatic
payment of the right upon a specified date or event.

 

8.2 Base Price.
The base price of a Stock Appreciation Right shall be determined by the Committee in its sole discretion; provided, however,
that the base price for any grant of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value of a share
of Common Stock on the Date of Grant, subject to adjustments as provided for under Section 4.2.

 

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8.3 Vesting Stock
Appreciation Rights. The Committee shall in its discretion prescribe the time or times at which, or the conditions upon which,
a Stock Appreciation Right or portion thereof shall become vested and/or exercisable. The requirements for vesting and exercisability
of a Stock Appreciation Right may be based on the Continuous Service of a Participant for a specified time period (or periods)
or on the attainment of a specified performance goal (or goals) established by the Committee in its discretion. The Committee
may, in its discretion, accelerate the vesting or exercisability of any Stock Appreciation Right at any time.

 

8.4 Term of Stock
Appreciation Rights. The Committee shall in its discretion prescribe in an Award Agreement the period during which a vested
Stock Appreciation Right may be exercised; provided that the maximum term of a Stock Appreciation Right shall be ten (10)
years from the Date of Grant. A Stock Appreciation Right may be earlier terminated as specified by the Committee and set forth
in an Award Agreement upon or following the termination of a Participant’s Continuous Service for any reason, including
by reason of voluntary resignation, death, Disability, termination for Cause or any other reason. Except as otherwise provided
in this Section 8 or in an Award Agreement as such agreement may be amended from time to time upon authorization of the
Committee, no Stock Appreciation Right may be exercised at any time during the term thereof unless the Participant is then in
Continuous Service.

 

8.5 Payment of
Stock Appreciation Rights. Subject to such terms and conditions as shall be specified in an Award Agreement, a vested Stock
Appreciation Right may be exercised in whole or in part at any time during the term thereof by notice in the form required by
the Company and payment of any exercise price. Upon the exercise of a Stock Appreciation Right and payment of any applicable exercise
price, a Participant shall be entitled to receive an amount determined by multiplying: (i) the excess of the Fair Market Value
of a share of Common Stock on the date of exercise of the Stock Appreciation Right over the base price of such Stock Appreciation
Right, by (ii) the number of shares as to which such Stock Appreciation Right is exercised. Payment of the amount determined under
the immediately preceding sentence may be made, as approved by the Committee and set forth in the Award Agreement, in shares of
Common Stock valued at their Fair Market Value on the date of exercise, in cash, or in a combination of shares of Common Stock
and cash, subject to applicable tax withholding requirements set forth in Section 17.5. If Stock Appreciation Rights are
settled in shares of Common Stock, then as soon as practicable following the date of settlement the Company shall deliver to the
Participant evidence of book entry shares of Common Stock, or upon the Participant’s request, Common Stock certificates
in an appropriate amount.

  

9.
Restricted Stock Awards

 

9.1 Grant of Restricted
Stock Awards. A Restricted Stock Award may be granted to any Eligible Person selected by the Committee. The Committee may
require the payment by the Participant of a specified purchase price in connection with any Restricted Stock Award. The Committee
may provide in an Award Agreement for the payment of dividends and distributions to the Participant at such times as paid to stockholders
generally or at the times of vesting or other payment of the Restricted Stock Award. If any dividends or distributions are paid
in stock while a Restricted Stock Award is subject to restrictions under Section 9.3 of the Plan, the dividends or other
distributions shares shall be subject to the same restrictions on transferability as the shares of Common Stock to which they
were paid unless otherwise set forth in the Award Agreement. The Committee may also subject the grant of any Restricted Stock
Award to the execution of a voting agreement with the Company or with any Affiliate of the Company.

 

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9.2 Vesting Requirements.
The restrictions imposed on shares of Common Stock granted under a Restricted Stock Award shall lapse in accordance with the vesting
requirements specified by the Committee in the Award Agreement. Upon vesting of a Restricted Stock Award, such Award shall be
subject to the tax withholding requirement set forth in Section 17.5. The requirements for vesting of a Restricted Stock
Award may be based on the Continuous Service of the Participant for a specified time period (or periods) or on the attainment
of a specified performance goal (or goals) established by the Committee in its discretion. The Committee may, in its discretion,
accelerate the vesting of a Restricted Stock Award at any time. If the vesting requirements of a Restricted Stock Award shall
not be satisfied, the Award shall be forfeited and the shares of Common Stock subject to the Award shall be returned to the Company.

 

9.3 Stock Certificate
Legends. The Committee may require in an Award Agreement that certificates representing the shares granted under a Restricted
Stock Award bear a legend making appropriate reference to the restrictions imposed, and that certificates representing the shares
granted or sold under a Restricted Stock Award will remain in the physical custody of an escrow holder until all restrictions
are removed or have expired.

 

9.4 Rights as Stockholder.
Subject to the foregoing provisions of this Section 9 and the applicable Award Agreement, the Participant to whom a Restricted
Stock Award is made shall have all rights of a stockholder with respect to the shares granted to the Participant under the Restricted
Stock Award, including the right to vote the shares and receive all dividends and other distributions paid or made with respect
thereto, unless the Committee determines otherwise at the time the Restricted Stock Award is granted.

 

9.5 Section 83(b)
Election. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to a Restricted Stock Award,
the Participant shall file, within 30 days following the Date of Grant, a copy of such election with the Company (directed to
the Secretary thereof) and with the Internal Revenue Service, in accordance with the regulations under Section 83 of the Code.
The Committee may provide in an Award Agreement that the Restricted Stock Award is conditioned upon the Participant’s making
or refraining from making an election with respect to the Award under Section 83(b) of the Code.

  

10.
Stock Unit Awards

 

10.1 Grant of Stock
Unit Awards. A Stock Unit Award may be granted to any Eligible Person selected by the Committee. The value of each stock unit
under a Stock Unit Award is equal to the Fair Market Value of the Common Stock on the applicable date or time period of determination,
as specified by the Committee. A Stock Unit Award shall be subject to such restrictions and conditions as the Committee shall
determine. A Stock Unit Award may be granted together with a dividend equivalent right with respect to the shares of Common Stock
subject to the Award, which may be accumulated and may be deemed reinvested in additional stock units, as determined by the Committee
in its discretion. If any dividend equivalents are paid while a Stock Unit Award is subject to restrictions under Section 10
of the Plan, the dividend equivalents shall be subject to the same restrictions on transferability as the Stock Units to which
they were paid, unless otherwise set forth in the Award Agreement.

 

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10.2 Vesting of
Stock Unit Awards. On the Date of Grant, the Committee shall, in its discretion, determine any vesting requirements with respect
to a Stock Unit Award, which shall be set forth in the Award Agreement. The requirements for vesting of a Stock Unit Award may
be based on the Continuous Service of the Participant for a specified time period (or periods) or on the attainment of a specified
performance goal (or goals) established by the Committee in its discretion. The Committee may, in its discretion, accelerate the
vesting of a Stock Unit Award at any time. A Stock Unit Award may also be granted on a fully vested basis, with a deferred payment
date as may be determined by the Committee or elected by the Participant in accordance with rules established by the Committee.

 

10.3 Payment of
Stock Unit Awards. A Stock Unit Award shall become payable to a Participant at the time or times determined by the Committee
and set forth in the Award Agreement, which may be upon or following the vesting of the Award. Payment of a Stock Unit Award may
be made, at the discretion of the Committee, in cash or in shares of Common Stock, or in a combination thereof as described in
the Award Agreement, subject to applicable tax withholding requirements set forth in Section 17.5. Any cash payment of
a Stock Unit Award shall be made based upon the Fair Market Value of the Common Stock, determined on such date or over such time
period as determined by the Committee. Notwithstanding the foregoing, unless specified otherwise in the Award Agreement, any Stock
Unit, whether settled in Common Stock or cash, shall be paid no later than two and one-half months after the later of the calendar
year or fiscal year in which the Stock Units vest. If Stock Unit Awards are settled in shares of Common Stock, then as soon as
practicable following the date of settlement, the Company shall deliver to the Participant evidence of book entry shares of Common
Stock, or upon the Participant’s request, Common Stock certificates in an appropriate amount.

  

11.
Performance Shares

 

11.1 Grant of Performance
Shares. Performance Shares may be granted to any Eligible Person selected by the Committee. A Performance Share Award shall
be subject to such restrictions and condition as the Committee shall specify. A Performance Share Award may be granted with a
dividend equivalent right with respect to the shares of Common Stock subject to the Award, which may be accumulated and may be
deemed reinvested in additional stock units, as determined by the Committee in its discretion.

 

11.2 Value of Performance
Shares. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the Date of Grant.
The Committee shall set performance goals in its discretion that, depending on the extent to which they are met over a specified
time period, shall determine the number of Performance Shares that shall be paid to a Participant.

 

11.3 Earning of
Performance Shares. After the applicable time period has ended, the number of Performance Shares earned by the Participant
over such time period shall be determined as a function of the extent to which the applicable corresponding performance goals
have been achieved. This determination shall be made solely by the Committee. The Committee may, in its discretion, waive any
performance or vesting conditions relating to a Performance Share Award.

 

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11.4 Form and Timing
of Payment of Performance Shares. The Committee shall pay at the close of the applicable Performance Period, or as soon as
practicable thereafter, any earned Performance Shares in the form of cash or in shares of Common Stock or in a combination thereof,
as specified in a Participant’s Award Agreement, subject to applicable tax withholding requirements set forth in Section
17.5. Notwithstanding the foregoing, unless specified otherwise in the Award Agreement, all Performance Shares shall be paid
no later than two and one-half months following the later of the calendar year or fiscal year in which such Performance Shares
vest. Any shares of Common Stock paid to a Participant under this Section 11.4 may be subject to any restrictions deemed
appropriate by the Committee. If Performance Shares are settled in shares of Common Stock, then as soon as practicable following
the date of settlement the Company shall deliver to the Participant evidence of book entry shares of Common Stock, or upon the
Participant’s request, Common Stock certificates in an appropriate amount.

  

12.
Performance Units

 

12.1 Grant of Performance
Units. Performance Units may be granted to any Eligible Person selected by the Committee. A Performance Unit Award shall be
subject to such restrictions and condition as the Committee shall specify in a Participant’s Award Agreement.

 

12.2 Value of Performance
Units. Each Performance Unit shall have an initial notional value equal to a dollar amount determined by the Committee, in
its sole discretion. The Committee shall set performance goals in its discretion that, depending on the extent to which they are
met over a specified time period, will determine the number of Performance Units that shall be settled and paid to the Participant.

 

12.3 Earning of
Performance Units. After the applicable time period has ended, the number of Performance Units earned by the Participant,
and the amount payable in cash, in shares or in a combination thereof, over such time period shall be determined as a function
of the extent to which the applicable corresponding performance goals have been achieved. This determination shall be made solely
by the Committee. The Committee may, in its discretion, waive any performance or vesting conditions relating to a Performance
Unit Award.

 

12.4 Form and Timing
of Payment of Performance Units. The Committee shall pay at the close of the applicable Performance Period, or as soon as
practicable thereafter, any earned Performance Units in the form of cash or in shares of Common Stock or in a combination thereof,
as specified in a Participant’s Award Agreement, subject to applicable tax withholding requirements set forth in Section
17.5. Notwithstanding the foregoing, unless specified otherwise in the Award Agreement, all Performance Units shall be paid
no later than two and one-half months following the later of the calendar year or fiscal year in which such Performance Units
vest. Any shares of Common Stock paid to a Participant under this Section 12.4 may be subject to any restrictions deemed
appropriate by the Committee. If Performance Units are settled in shares of Common Stock, then as soon as practicable following
the date of settlement the Company shall deliver to the Participant evidence of book entry shares of Common Stock, or upon the
Participant’s request, Common Stock certificates in an appropriate amount.

 

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13.
Incentive Bonus Awards

 

13.1 Incentive
Bonus Awards. The Committee, at its discretion, may grant Incentive Bonus Awards to such Participants as it may designate
from time to time. The terms of a Participant’s Incentive Bonus Award shall be set forth in the Participant’s Award
Agreement. Each Award Agreement shall specify such general terms and conditions as the Committee shall determine.

 

13.2 Incentive
Bonus Award Performance Criteria. The determination of Incentive Bonus Awards for a given year or years may be based upon
the attainment of specified levels of Company or Subsidiary performance as measured by pre-established, objective performance
criteria determined at the discretion of the Committee, including any or all of the Performance Measures. The Committee shall
(i) select those Participants who shall be eligible to receive an Incentive Bonus Award; (ii) determine the performance period;
(iii) determine target levels of performance; and (iv) determine the level of Incentive Bonus Award to be paid to each selected
Participant upon the achievement of each performance level. The Committee generally shall make the foregoing determinations prior
to the commencement of services to which an Incentive Bonus Award relates, to the extent applicable, and while the outcome of
the performance goals and targets is uncertain.

 

13.3 Payment of
Incentive Bonus Awards.

 

(a) Incentive Bonus
Awards shall be paid in cash or Common Stock, as set forth in a Participant’s Award Agreement. Payments shall be made following
a determination by the Committee that the performance targets were attained and shall be made within two and one-half months after
the later of the end of the fiscal or calendar year in which the Incentive Award is no longer subject to a substantial risk of
forfeiture.

 

(b) The amount of an
Incentive Bonus Award to be paid upon the attainment of each targeted level of performance shall equal a percentage of a Participant’s
base salary for the fiscal year, a fixed dollar amount, or such other formula, as determined by the Committee.

  

14.
Other Cash-Based Awards and Other Stock-Based Awards

 

14.1 Other Cash-Based
and Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards not otherwise described
by the terms of this Plan (including the grant or offer for sale of unrestricted Shares) in such amounts and subject to such terms
and conditions, as the Committee shall determine. Such Awards may involve the transfer of actual shares of Common Stock to a Participant,
or payment in cash or otherwise of amounts based on the value of shares of Common Stock. In addition, the Committee, at any time
and from time to time, may grant Other Cash-Based Awards to a Participant in such amounts and upon such terms as the Committee
shall determine, in its sole discretion.

 

14.2 Value of Cash-Based
Awards and Other Stock-Based Awards. Each Other Stock-Based Award shall be expressed in terms of shares of Common Stock or
units based on shares of Common Stock, as determined by the Committee, in its sole discretion. Each Other Cash-Based Award shall
specify a payment amount or payment range as determined by the Committee, in its sole discretion. If the Committee exercises its
discretion to establish performance goals, the value of Other Cash-Based Awards that shall be paid to the Participant will depend
on the extent to which such performance goals are met.

 

14.3 Payment of
Cash-Based Awards and Other Stock-Based Awards. Payment, if any, with respect to Other Cash-Based Awards and Other Stock-Based
Award shall be made in accordance with the terms of the Award, in cash or shares as the Committee determines.

 

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15.
Change in Control

 

15.1 Effect of
Change in Control.

 

(a) The Committee may,
at the time of the grant of an Award and as set forth in an Award Agreement, provide for the effect of a “Change in Control”
on an Award. Such provisions may include any one or more of the following: (i) the acceleration or extension of time periods for
purposes of exercising, vesting in, or realizing gain from any Award; (ii) the elimination or modification of performance or other
conditions related to the payment or other rights under an Award; (iii) provision for the cash settlement of an Award for an equivalent
cash value, as determined by the Committee, or (iv) such other modification or adjustment to an Award as the Committee deems appropriate
to maintain and protect the rights and interests of Participants upon or following a Change in Control. To the extent necessary
for compliance with Section 409A of the Code, an Award Agreement shall provide that an Award subject to the requirements of Section
409A that would otherwise become payable upon a Change in Control shall only become payable to the extent that the requirements
for a “change in control” for purposes of Section 409A have been satisfied.

 

(b) Notwithstanding
anything to the contrary set forth in the Plan, unless otherwise provided by an Award Agreement, upon or in anticipation of any
Change in Control, the Committee may, in its sole and absolute discretion and without the need for the consent of any Participant,
take one or more of the following actions contingent upon the occurrence of that Change in Control: (i) cause any or all outstanding
Stock Options and Stock Appreciation Rights held by Participants affected by the Change in Control to become vested and immediately
exercisable, in whole or in part; (ii) cause restrictions and/or vesting conditions with respect to any or all outstanding Restricted
Stock, Stock Units, Performance Shares, Performance Units, Incentive Bonus Award and any other Award held by Participants affected
by the Change in Control to lapse, in whole or in part; (iii) cancel any Stock Option or Stock Appreciation Right in exchange
for a substitute option in a manner consistent with the requirements of Treasury Regulation §1.424-1(a) or §1.409A-1(b)(5)(v)(D),
as applicable (notwithstanding the fact that the original Stock Option may never have been intended to satisfy the requirements
for treatment as an Incentive Stock Option); (iv) cancel any Restricted Stock, Stock Units, Performance Shares or Performance
Units held by a Participant in exchange for restricted stock or performance shares of or stock or performance units in respect
of the capital stock of any successor corporation; (v) terminate any Award in exchange for an amount of cash and/or property equal
to the amount, if any, that would have been attained upon the exercise of such Award or realization of the Participant’s
rights as of the date of the occurrence of the Change in Control (the “Change in Control Consideration”); provided,
however that if the Change in Control Consideration with respect to any Option or Stock Appreciation Right does not exceed
the exercise price of such Option or Stock Appreciation Right, the Committee may cancel the Option or Stock Appreciation Right
without payment of any consideration therefor. Any such Change in Control Consideration may be subject to any escrow, indemnification
and similar obligations, contingencies and encumbrances applicable in connection with the Change in Control to holders of Common
Stock. Without limitation of the foregoing, if as of the date of the occurrence of the Change in Control the Committee determines
that no amount would have been attained upon the realization of the Participant’s rights, then such Award may be terminated
by the Company without payment. The Committee may cause the Change in Control Consideration to be subject to vesting conditions
(whether or not the same as the vesting conditions applicable to the Award prior to the Change in Control) and/or make such other
modifications, adjustments or amendments to outstanding Awards or this Plan as the Committee deems necessary or appropriate.

 

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(c) The Committee may
require a Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such
Participant’s pro rata share of any post-closing indemnity obligations, and be subject to the same or similar post-closing
purchase price adjustments, escrow terms, offset rights, holdback terms and similar conditions as the other holders of Common
Stock; and (iii) execute and deliver such documents and instruments as the Committee may reasonably require for the Participant
to be bound by such obligations. The Committee will endeavor to take action under this Section 15 in a manner that does
not cause a violation of Section 409A of the Code with respect to an Award.

 

16.
General Provisions

 

16.1 Award Agreement.
To the extent deemed necessary by the Committee, an Award under the Plan shall be evidenced by an Award Agreement in a written
or electronic form approved by the Committee setting forth the number of shares of Common Stock or units subject to the Award,
the exercise price, base price, or purchase price of the Award, the time or times at which an Award will become vested, exercisable
or payable and the term of the Award. The Award Agreement may also set forth the effect on an Award of termination of Continuous
Service under certain circumstances. The Award Agreement shall be subject to and incorporate, by reference or otherwise, all of
the applicable terms and conditions of the Plan, and may also set forth other terms and conditions applicable to the Award as
determined by the Committee consistent with the limitations of the Plan. Award Agreements evidencing Incentive Stock Options shall
contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code. The grant
of an Award under the Plan shall not confer any rights upon the Participant holding such Award other than such terms, and subject
to such conditions, as are specified in the Plan as being applicable to such type of Award (or to all Awards) or as are expressly
set forth in the Award Agreement.

 

16.2 Forfeiture
Events/Representations. The Committee may specify in an Award Agreement at the time of the Award that the Participant’s
rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon
the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award.
Such events shall include, but shall not be limited to, termination of Continuous Service for Cause, violation of material Company
policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other
conduct by the Participant that is detrimental to the business or reputation of the Company. The Committee may also specify in
an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be conditioned upon
the Participant making a representation regarding compliance with noncompetition, confidentiality or other restrictive covenants
that may apply to the Participant and providing that the Participant’s rights, payments and benefits with respect to an
Award shall be subject to reduction, cancellation, forfeiture or recoupment on account of a breach of such representation. Notwithstanding
the foregoing, the confidentiality restrictions set forth in an Award Agreement shall not, and shall not be interpreted to, impair
a Participant from exercising any legally protected whistleblower rights (including under Rule 21 of the Exchange Act). In addition
and without limitation of the foregoing, any amounts paid hereunder shall be subject to recoupment in accordance with The Dodd–Frank
Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any “clawback” policy
adopted by the Company or as is otherwise required by applicable law or stock exchange listing condition.

 

    -20-

     

    

 

16.3 No Assignment
or Transfer; Beneficiaries; [Repurchase Rights].

 

(a) Awards under the
Plan shall not be assignable or transferable by the Participant, except by will or by the laws of descent and distribution, and
shall not be subject in any manner to assignment, alienation, pledge, encumbrance or charge. Notwithstanding the foregoing, the
Committee may provide in an Award Agreement that the Participant shall have the right to designate a beneficiary or beneficiaries
who shall be entitled to any rights, payments or other benefits specified under an Award following the Participant’s death.
During the lifetime of a Participant, an Award shall be exercised only by such Participant or such Participant’s guardian
or legal representative. In the event of a Participant’s death, an Award may, to the extent permitted by the Award Agreement,
be exercised by the Participant’s beneficiary as designated by the Participant in the manner prescribed by the Committee
or, in the absence of an authorized beneficiary designation, by the legatee of such Award under the Participant’s will or
by the Participant’s estate in accordance with the Participant’s will or the laws of descent and distribution, in
each case in the same manner and to the same extent that such Award was exercisable by the Participant on the date of the Participant’s
death.

 

(b) Limited Transferability
Rights. Notwithstanding anything else in this Section 16.3 to the contrary, the Committee may in its discretion provide
in an Award Agreement that an Award in the form of a Nonqualified Stock Option, share-settled Stock Appreciation Right, Restricted
Stock, Performance Share or share-settled Other Stock-Based Award may be transferred, on such terms and conditions as the Committee
deems appropriate, either (i) by instrument to the Participant’s “Immediate Family” (as defined below); (ii)
by instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to the Participant’s
designated beneficiaries, or (iii) by gift to charitable institutions. Any transferee of the Participant’s rights shall
succeed and be subject to all of the terms of the applicable Award Agreement and the Plan. “Immediate Family”
means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

 

(c) Repurchase Rights.
Except to the extent determined otherwise by the Committee, until such time as the Common Stock is first registered under Section
12 of the Exchange Act, the Company (or its assignee) shall have the right of first refusal with respect to any proposed disposition
by the Participant (or any successor in interest) of any shares of Common Stock issued under the Plan. Such right of first refusal
shall be exercisable in accordance with the terms established by the Committee and set forth in the Award Agreement.

 

16.4 Rights as
Stockholder. A Participant shall have no rights as a holder of shares of Common Stock with respect to any unissued shares
of Common Stock covered by an Award until the date the Participant becomes the holder of record of such securities. Except as
provided in Section 4.2 hereof, no adjustment or other provision shall be made for dividends or other stockholder rights,
except to the extent that the Award Agreement provides for dividend payments or dividend equivalent rights.

 

    -21-

     

    

 

16.5 Employment
or Continuous Service. Nothing in the Plan, in the grant of any Award or in any Award Agreement shall confer upon any Eligible
Person or Participant any right to continue in Continuous Service, or interfere in any way with the right of the Company or any
of its Subsidiaries to terminate the employment or other service relationship of an Eligible Person or Participant for any reason
at any time.

 

16.6 Fractional
Shares. In the case of any fractional share or unit resulting from the grant, vesting, payment or crediting of dividends or
dividend equivalents under an Award, the Committee shall have the discretionary authority to (i) disregard such fractional share
or unit; (ii) round such fractional share or unit to the nearest lower or higher whole share or unit; or (iii) convert such fractional
share or unit into a right to receive a cash payment.

 

16.7 Other Compensation
and Benefit Plans. The amount of any compensation deemed to be received by a Participant pursuant to an Award shall not constitute
includable compensation for purposes of determining the amount of benefits to which a Participant is entitled under any other
compensation or benefit plan or program of the Company or any Subsidiary, including, without limitation, under any bonus, pension,
profit-sharing, life insurance, salary continuation or severance benefits plan, except to the extent specifically provided by
the terms of any such plan.

 

16.8 Plan Binding
on Transferees. The Plan shall be binding upon the Company, its transferees and assigns, and the Participant, the Participant’s
executor, administrator and permitted transferees and beneficiaries. In addition, all obligations of the Company under this Plan
with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor
is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business
and/or assets of the Company.

 

16.9 Foreign Jurisdictions.
The Committee may adopt, amend and terminate such arrangements and grant such Awards, not inconsistent with the intent of the
Plan, as it may deem necessary or desirable to comply with any tax, securities, regulatory or other laws of other jurisdictions
with respect to Awards that may be subject to such laws. The terms and conditions of such Awards may vary from the terms and conditions
that would otherwise be required by the Plan solely to the extent the Committee deems necessary for such purpose. Moreover, the
Board may approve such supplements to or amendments, restatements or alternative versions of the Plan, not inconsistent with the
intent of the Plan, as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of the
Plan as in effect for any other purpose.

 

16.10 No Obligation
to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder as to the
time or manner of exercising an Award. Furthermore, the Company will have 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.

 

    -22-

     

    

 

16.11 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 or Committee consents, resolutions or minutes) documenting the corporate
action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent
with those in the Award Agreement as a result of a clerical error in the papering of the Award Agreement, the corporate records
will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement.

 

16.12 Change in
Time Commitment. In the event a Participant’s regular level of time commitment in the performance of the Participant’s
services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an employee
of the Company and the employee has a change in status from a full-time employee to a part-time employee) after the date of grant
of any Award to the Participant, the Committee has the right in its sole discretion to (i) make a corresponding reduction in the
number of shares 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.

 

16.13 Substitute
Awards in Corporate Transactions. Nothing contained in the Plan shall be construed to limit the right of the Committee to
grant Awards under the Plan in connection with the acquisition, whether by purchase, merger, consolidation or other corporate
transaction, of the business or assets of any corporation or other entity. Without limiting the foregoing, the Committee may grant
Awards under the Plan to an employee or director of another corporation who becomes an Eligible Person by reason of any such corporate
transaction in substitution for awards previously granted by such corporation or entity to such person. The terms and conditions
of the substitute Awards may vary from the terms and conditions that would otherwise be required by the Plan solely to the extent
the Committee deems necessary for such purpose. Any shares of Common Stock subject to these substitute Awards shall not be counted
against any of the maximum share limitations set forth in the Plan.

 

17.
Legal Compliance

 

17.1 Securities
Laws. No shares of Common Stock will be issued or transferred pursuant to an Award unless and until all then applicable requirements
imposed by Federal and state securities and other laws, rules and regulations and by any regulatory agencies having jurisdiction,
and by any exchanges upon which the shares of Common Stock may be listed, have been fully met. As a condition precedent to the
issuance of shares pursuant to the grant or exercise of an Award, the Company may require the Participant to take any reasonable
action to meet such requirements. The Committee may impose such conditions on any shares of Common Stock issuable under the Plan
as it may deem advisable, including, without limitation, restrictions under the Securities Act, as amended, under the requirements
of any exchange upon which such shares of the same class are then listed, and under any blue sky or other securities laws applicable
to such shares. The Committee may also require the Participant to represent and warrant at the time of issuance or transfer that
the shares of Common Stock are being acquired only for investment purposes and without any current intention to sell or distribute
such shares. All Common Stock issued pursuant to the terms of this Plan shall constitute “restricted securities,”
as that term is defined in Rule 144 promulgated pursuant to the Securities Act, and may not be transferred except in compliance
herewith and with the registration requirements of the Securities Act or an exemption therefrom. Certificates representing Common
Stock acquired pursuant to an Award may bear such legend as the Company may consider appropriate under the circumstances. If an
Award is made to an Eligible Person who is subject to Chinese jurisdiction, and approval of the Award by China’s State Administration
of Foreign Exchange is needed, the Award may be converted to cash or other equivalent amount if and to the extent that such approval
is not obtained.

 

    -23-

     

    

 

17.2 Incentive
Arrangement. The Plan is designed to provide an on-going, pecuniary incentive for Participants to produce their best efforts
to increase the value of the Company. The Plan is not intended to provide retirement income or to defer the receipt of payments
hereunder to the termination of a Participant’s employment or beyond. The Plan is thus intended not to be a pension or welfare
benefit plan that is subject to Employee Retirement Income Security Act of 1974 (“ERISA”), and shall be construed
accordingly. All interpretations and determinations hereunder shall be made on a basis consistent with the Plan’s status
as not an employee benefit plan subject to ERISA.

 

17.3 Unfunded Plan.
The adoption of the Plan and any reservation of shares of Common Stock or cash amounts by the Company to discharge its obligations
hereunder shall not be deemed to create a trust or other funded arrangement. Except upon the issuance of Common Stock pursuant
to an Award, any rights of a Participant under the Plan shall be those of a general unsecured creditor of the Company, and neither
a Participant nor the Participant’s permitted transferees or estate shall have any other interest in any assets of the Company
by virtue of the Plan. Notwithstanding the foregoing, the Company shall have the right to implement or set aside funds in a grantor
trust, subject to the claims of the Company’s creditors or otherwise, to discharge its obligations under the Plan.

 

17.4 Section 409A
Compliance. To the extent applicable, it is intended that the Plan and all Awards hereunder comply with the requirements of
Section 409A of the Code or an exemption thereto, and the Plan and all Award Agreements shall be interpreted and applied by the
Committee in a manner consistent with this intent in order to avoid the imposition of any additional tax under Section 409A of
the Code. Notwithstanding anything in the Plan or an Award Agreement to the contrary, in the event that any provision of the Plan
or an Award Agreement is determined by the Committee, in its sole discretion, to not comply with the requirements of Section 409A
of the Code or an exemption thereto, the Committee shall, in its sole discretion, have the authority to take such actions and
to make such interpretations or changes to the Plan or an Award Agreement as the Committee deems necessary, regardless of whether
such actions, interpretations, or changes shall adversely affect a Participant, subject to the limitations, if any, of applicable
law. If an Award is subject to Section 409A of the Code, any payment made to a Participant who is a “specified employee”
of the Company or any Subsidiary shall not be made before the date that is six months after the Participant’s “separation
from service” to the extent required to avoid the adverse consequences of Section 409A of the Code. For purposes of this
Section 17.4, the terms “separation from service” and “specified employee” shall have the meanings
set forth in Section 409A of the Code. In no event whatsoever shall the Company be liable for any additional tax, interest or
penalties that may be imposed on any Participant by Section 409A of the Code or any damages for failing to comply with Section
409A of the Code.

 

    -24-

     

    

 

17.5 Tax Withholding.

 

(a) The Company shall
have the power and the right to deduct or withhold, or require a participant to remit to the Company, the minimum statutory amount
to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to
any taxable event arising as a result of this Plan, but in no event shall such deduction or withholding or remittance exceed the
minimum statutory withholding requirements unless permitted by the Company and such additional withholding amount will not cause
adverse accounting consequences and is permitted under Applicable Law.

 

(b) Subject to such
terms and conditions as shall be specified in an Award Agreement, a Participant may, in order to fulfill the withholding obligation,
(i) tender previously-acquired shares of Common Stock or have shares of stock withheld from the exercise; provided that
the shares tendered or withheld, as applicable, have an aggregate Fair Market Value sufficient to satisfy in whole or in part
the applicable withholding taxes; and/or (ii) utilize the cashless exercise procedure described in Section 7.5.

 

(c) Notwithstanding
the foregoing, a Participant may not use shares of Common Stock to satisfy the withholding requirements to the extent that (i)
there is a substantial likelihood that the use of such form of payment or the timing of such form of payment would subject the
Participant to a substantial risk of liability under Section 16 of the Exchange Act; (ii) such withholding would constitute a
violation of the provisions of any law or regulation (including the Sarbanes-Oxley Act of 2002); or (iii) such withholding would
cause adverse accounting consequences for the Company.

 

17.6 No Guarantee
of Tax Consequences. Neither the Company, the Board, the Committee nor any other Person make any commitment or guarantee that
any federal, state, local or foreign tax treatment will apply or be available to any Participant or any other Person hereunder.

 

17.7 Severability.
If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in
any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms,
and all provisions shall remain enforceable in any other jurisdiction.

 

17.8 Stock Certificates;
Book Entry Form. Notwithstanding any provision of the Plan to the contrary, unless otherwise determined by the Committee or
required by any applicable law, rule or regulation, any obligation set forth in the Plan pertaining to the delivery or issuance
of stock certificates evidencing shares of Common Stock may be satisfied by having issuance and/or ownership of such shares recorded
on the books and records of the Company (or, as applicable, its transfer agent or stock plan administrator).

 

17.9 Governing
Law. The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of the State of Delaware,
without reference to the principles of conflicts of laws, and to applicable Federal securities laws.

  

    -25-

     

    

 

18.
Effective Date, Amendment and Termination

 

18.1 Effective
Date. The effective date of the Plan shall be the date on which the Plan is approved by the requisite percentage of the holders
of the Common Stock of the Company; provided, however, that Awards granted under the Plan subsequent to the approval of
the Plan by the Board shall be valid if such stockholder approval occurs within one year of the date on which such Board approval
occurs. If such stockholder approval is not obtained within one year after the date of the Board’s approval of the Plan,
then all Awards previously granted under the Plan shall terminate and cease to be outstanding, and no further Awards shall be
granted under the Plan.

 

18.2 Amendment;
Termination. The Board may suspend or terminate the Plan (or any portion thereof) at any time and may amend the Plan at any
time and from time to time in such respects as the Board may deem advisable or in the best interests of the Company or any Subsidiary;
provided, however, that (a) no such amendment, suspension or termination shall materially and adversely affect the rights
of any Participant under any outstanding Awards, without the consent of such Participant; (b) to the extent necessary and desirable
to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain stockholder approval of any Plan
amendment in such a manner and to such a degree as required; and (c) stockholder approval is required for any amendment to the
Plan that (i) increases the number of shares of Common Stock available for issuance under the Plan, or (ii) changes the persons
or class of persons eligible to receive Awards. The Plan will continue in effect until terminated in accordance with this Section
18.1; provided, however, that no Award will be granted hereunder on or after the 10th anniversary of the date of the
Plan’s initial adoption by the Board (the “Expiration Date”); but provided further, that Awards
granted prior to such Expiration Date may extend beyond that date.

 

Plan
History

 

	Date
    Approved by 

    Board	 	Date
    Approved by 

    Stockholders, if 

    necessary	 	Description
    of Action Taken
	5.20.2017	 	5.21.2017	 	Initial Approval of Plan
	[XX.XX.XXXX]	 	[XX.XX.XXXX]	 	Amendment No. 1

 

    -26-

     

    

 

EXHIBIT
A

PERFORMANCE
MEASURES

 

“Performance
Measures” means the following business criteria (or any combination thereof) with respect to one or more of the Company,
any Subsidiary or any division or operating unit thereof:

 

		●	pre-tax
income,

 

		●	after-tax
income,

 

		●	net
income (meaning net income as reflected in the Company’s financial reports for the applicable period, on an aggregate, diluted
and/or per share basis, or economic net income),

 

		●	operating
income or profit,

 

		●	cash
flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow
in excess of cost of capital,

 

		●	earnings
per share (basic or diluted),

 

		●	return
on equity,

 

		●	returns
on sales or revenues,

 

		●	return
on invested capital or assets (gross or net),

 

		●	cash,
funds or earnings available for distribution,

 

		●	appreciation
in the fair market value of the Common Stock,

 

		●	operating
expenses,

 

		●	implementation
or completion of critical projects or processes,

 

		●	return
on investment,

 

		●	total
return to stockholders (meaning the aggregate Common Stock price appreciation and dividends paid (assuming full reinvestment of
dividends) during the applicable period),

 

		●	net
earnings growth,

 

		●	return
measures (including but not limited to return on assets, capital, equity, or sales),

 

		●	increase
in revenues,

 

		●	the
Company’s published ranking against its peer group of companies based on total stockholder return,

 

		●	net
earnings,

 

		●	changes
(or the absence of changes) in the per share price of the Company’s Common Stock,

 

		●	preclinical,
clinical or regulatory milestones,

 

     

     

    

 

		●	earnings
before or after any one or more of the following items: interest, taxes, depreciation or amortization, as reflected in the Company’s
financial reports for the applicable period,

 

		●	total
revenue growth (meaning the increase in total revenues after the date of grant of an award and during the applicable period, as
reflected in the Company’s financial reports for the applicable period),

 

		●	economic
value created,

 

		●	operating
margin or profit margin,

 

		●	share
price or total shareholder return,

 

		●	cost
targets, reductions and savings, productivity and efficiencies,

 

		●	strategic
business criteria, consisting of one or more objectives based on meeting objectively determinable criteria: specified market penetration,
geographic business expansion, investor satisfaction, employee satisfaction, human resources management, supervision of litigation,
information technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget
comparisons,

 

		●	objectively
determinable personal or professional objectives, including any of the following performance goals: the implementation of policies
and plans, the negotiation of transactions, the development of long term business goals, formation of joint ventures, research
or development collaborations, and the completion of other corporate transactions, and

 

		●	any
combination of, or a specified increase or improvement in, any of the foregoing.

 

Where applicable,
the Performance Measures may be expressed in terms of attaining a specified level of the particular criteria or the attainment
of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company, a Subsidiary
or affiliate, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative
to a market index, a group of other companies or a combination thereof, all as determined by the Committee.

 

The Performance Measures
may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance
at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no
additional payment shall be made (or at which full vesting shall occur).

 

Except as otherwise
expressly provided, all financial terms are used as defined under Generally Accepted Accounting Principles (“GAAP”)
and all determinations shall be made in accordance with GAAP, as applied by the Company in the preparation of its periodic reports
to stockholders.

 

Unless the Committee
provides otherwise at the time of establishing the performance goals, for each fiscal year of the Company, the Committee shall
have the authority to make equitable adjustments to the Performance Measures in recognition of unusual or non-recurring events
affecting the Company or any Subsidiary or affiliate or the financial statements of the Company or any Subsidiary or affiliate
and may provide for objectively determinable adjustments, as determined in accordance with GAAP, to any of the Performance Measures
described above for one or more of the items of gain, loss, profit or expense: (A) determined to be extraordinary or unusual in
nature or infrequent in occurrence; (B) related to the disposal of a segment of a business; (C) related to a change in accounting
principle under GAAP or a change in applicable laws or regulations; (D) related to discontinued operations that do not qualify
as a segment of a business under GAAP; and (E) attributable to the business operations of any entity acquired by the Company during
the fiscal year.

 

 

2

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