Document:

UNITED REALTY TRUST INCORPORATED

 

 

 

2012 STOCK INCENTIVE PLAN

(effective as of [        ], 2012)

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Pages
	 	 	 
	Article I PURPOSE	 	1
	 	 	 
	Article II DEFINITIONS	 	1
	 	 	 
	Article III ADMINISTRATION	 	8
	 	 	 
	Article IV SHARE LIMITATION	 	11
	 	 	 
	Article V ELIGIBILITY AND GENERAL REQUIREMENTS FOR AWARDS	 	14
	 	 	 
	Article VI STOCK OPTIONS	 	15
	 	 	 
	Article VII STOCK APPRECIATION RIGHTS	 	17
	 	 	 
	Article VIII RESTRICTED STOCK	 	20
	 	 	 
	Article IX PERFORMANCE SHARES	 	22
	 	 	 
	Article X OTHER STOCK-BASED AWARDS	 	24
	 	 	 
	Article XI TERMINATION	 	25
	 	 	 
	Article XII CHANGE IN CONTROL PROVISIONS	 	27
	 	 	 
	Article XIII TERMINATION OR AMENDMENT OF PLAN	 	28
	 	 	 
	Article XIV UNFUNDED PLAN	 	29
	 	 	 
	Article XV GENERAL PROVISIONS	 	30
	 	 	 
	Article XVI EFFECTIVE DATE OF PLAN	 	33
	 	 	 
	Article XVII TERM OF PLAN	 	33
	 	 	 
	Article XVIII NAME OF PLAN	 	33
	 	 	 
	Exhibit A PERFORMANCE GOALS	 	A-1

 

    	 

    	 

    

 

UNITED REALTY TRUST INCORPORATED

 

 

  

2012 STOCK INCENTIVE PLAN

(effective as of [        ])

 

 

 

Article
I

PURPOSE

 

The purpose of this 2012
Stock Incentive Plan is to enhance the profitability and value of the Company for the benefit of its stockholders by enabling the
Company to offer Participants stock-based incentives in the Company to attract, retain and reward such individuals and strengthen
the mutuality of interests between such individuals and the Company’s stockholders.

 

Article
II

DEFINITIONS

 

For purposes of the Plan,
the following terms shall have the following meanings:

 

2.1         “Acquisition
Event” means a merger or consolidation in which the Company is not the surviving entity, any transaction that results
in the acquisition of all or substantially all of the Company’s outstanding Common Stock by a single person or entity or
by a group of persons and/or entities acting in concert, or the sale or transfer of all or substantially all of the Company’s
assets. The occurrence of an Acquisition Event shall be determined by the Committee in its sole discretion.

 

2.2         “Affiliate”
means each of the following: (a) United Realty Advisor Holdings, LLC or any of its subsidiaries; (b) any Subsidiary; (c) any Parent;
(d) any corporation, trade or business (including, without limitation, a partnership or limited liability company) that is directly
or indirectly controlled 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest)
by the Company; (e) any corporation, trade or business (including, without limitation, a partnership or limited liability company)
that directly or indirectly controls 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or
voting interest) of the Company; and (f) any other entity in which the Company or any of its Affiliates has a material equity interest
and that is designated as an “Affiliate” by resolution of the Committee; provided, however, that the
Common Stock subject to any Award constitutes “service recipient stock” for purposes of Section 409A of the Code or
otherwise does not subject the Award to Section 409A of the Code.

 

    	 

    	 

    

2.3         “Award”
means any award under the Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Performance Share or Other Stock-Based
Award. All Awards shall be granted by, confirmed by, and subject to the terms of, a written or electronic agreement executed by
the Company and the Participant. Any reference herein to an agreement in writing shall be deemed to include an electronic writing
to the extent permitted by applicable law.

 

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

 

2.5         “Cause”
means with respect to a Participant’s Termination of Employment or Termination of Consultancy, the following: (a) in the
case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between
the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but
it does not define “cause” (or words of like import)), termination due to: (i) a Participant’s conviction of,
or plea of guilty or nolo contendere to, a felony; (ii) perpetration by a Participant of an illegal act, dishonesty or fraud that
could cause significant economic injury to the Company; (iii) a Participant’s insubordination, refusal to perform his or
her duties or responsibilities for any reason other than illness or incapacity or materially unsatisfactory performance of his
or her duties for the Company; (iv) continuing willful and deliberate failure by the Participant to perform the Participant’s
duties in any material respect, provided that the Participant is given notice and an opportunity to effectuate a cure as determined
by the Committee; or (v) a Participant’s willful misconduct with regard to the Company that could have a material adverse
effect on the Company; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement
or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that
defines “cause” (or words of like import), “cause” as defined under such agreement; provided, however,
that with regard to any agreement under which the definition of “cause” only applies on occurrence of a change in control,
such definition of “cause” shall not apply until a change in control actually takes place and then only with regard
to a termination thereafter. With respect to a Participant’s Termination of Directorship, “cause” means an act
or failure to act that constitutes cause for removal of a director under applicable Maryland law.

 

2.6         “Change
in Control” has the meaning set forth in Section 12.2.

 

2.7         “Change
in Control Price” has the meaning set forth in Section 12.1.

 

2.8         “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to any section of the Code also shall be a reference to any
successor provision and any Treasury Regulation promulgated thereunder.

 

2.9         “Committee”
means a committee or subcommittee of the Board appointed from time to time by the Board, which committee or subcommittee shall
consist of two or more non-employee directors, each of whom is intended to be (i) to the extent required by Rule 16b-3 promulgated
under Section 16(b) of the Exchange Act, a “non-employee director” as defined in Rule 16b-3, (ii) to the extent required
by Section 162(m) of the Code, an “outside director” as defined in Section 162(m) of the Code, and (iii) an “independent
director” as defined under Section 303A.02 of the NYSE Listed Company Manual or such other applicable securities exchange
rules. To the extent that no Committee exists that has the authority to administer this Plan, the functions of the Committee shall
be exercised by the Board. If for any reason the appointed Committee does not meet the requirements of Rule 16b-3 or Section 162(m)
of the Code, such noncompliance shall not affect the validity of Awards, grants, interpretations or other actions of the Committee.

 

    	2

    	 

    

2.10      “Common
Stock” means the common stock, $0.01 par value per share, of the Company.

 

2.11      “Company”
means United Realty Trust Incorporated, a Maryland corporation, and its successors by operation of law.

 

2.12      “Consultant”
means any natural person who, directly or indirectly, provides bona fide consulting or advisory services to the Company or any
of its Affiliates pursuant to a written agreement, which are not in connection with the offer and sale of securities in a capital-raising
transaction, and do not, directly or indirectly, promote or maintain a market for the Company’s or its Affiliates’
securities.

 

2.13      “Detrimental
Activity” means:

 

(a)            disclosing,
divulging, furnishing or making available to anyone at any time, except as necessary in the furtherance of Participant’s
responsibilities to the Company or any of its Affiliates, either during or subsequent to Participant’s service relationship
with the Company or any of its Affiliates, any knowledge or information with respect to confidential or proprietary information,
methods, processes, plans or materials of the Company or any of its Affiliates, or with respect to any other confidential or proprietary
aspects of the business of the Company or any of its Affiliate, acquired by the Participant at any time prior to the Participant’s
Termination;

 

(b)            any
activity while employed or performing services that results, or if known could reasonably be expected to result, in the Participant’s
Termination that is classified by the Company as a termination for Cause;

 

(c)            ((i)
directly or indirectly soliciting, enticing or inducing any employee of the Company or of any of its Affiliates to be employed
by a person or entity that is, directly or indirectly, in competition with the business or activities of the Company or any of
its Affiliates; (ii) directly or indirectly approaching any such employee for these purposes; (iii) authorizing or knowingly approving
the taking of any such action by a third party on behalf of any such person or entity, or assisting any such person or entity in
taking such action; or (iv) directly or indirectly soliciting, raiding, enticing or inducing any person or entity (other than the
U.S. Government or its agencies) that is, or at any time from and after the date of grant of the Award was, a customer of the Company
or any of its Affiliates to become a customer of the Participant or a third party for the same or similar products or services
that it purchased from the Company or any of its Affiliates, or approaching any customer of the Company or any of its Affiliates
for such purpose, or authorizing or knowingly approving the taking of any action by a third party for such purpose;

 

    	3

    	 

    

(d)            the
Participant’s Disparagement, or inducement of others to do so, of the Company or any of its Affiliates or their past and
present officers, directors, employees or products;

 

(e)            the
Participant’s owning, managing, controlling, participating in, consulting with, rendering services for, or in any manner
engaging in, any business that, directly or indirectly, is competitive with the business conducted by the Company or any of its
Affiliates within any metropolitan area in which the Company or any of its Affiliates engages or has definitive plans to engage
in such business, or the rendering of services to such business if such business is otherwise prejudicial to or in conflict with
the interests of the Company or any of its Affiliates; or

 

(f)            a
material breach of any agreement between the Participant and the Company or any of its Affiliates (including, without limitation,
any employment agreement or noncompetition or nonsolicitation or confidentiality agreement).

 

Unless otherwise determined by the Committee at grant, Detrimental
Activity shall not be deemed to occur after the end of the one-year period following the Participant’s Termination.

 

For purposes of clauses (a), (c), (e) and (f) above, the Chief Executive
Officer of the Company has the authority to provide the Participant with written authorization to engage in the activities contemplated
thereby and no other person shall have authority to provide the Participant with such authorization. If it is determined by a court
of competent jurisdiction that any provision in the Plan in respect of Detrimental Activities is excessive in duration or scope
or otherwise is unenforceable, then such provision may be modified or supplemented by the court to render it enforceable to the
maximum extent permitted by law.

 

2.14      “Disability”
means with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the
Code. A Disability shall only be deemed to occur at the time of the determination by the Committee of the Disability. Notwithstanding
the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under
Section 409A(a)(2)(C)(i) or (ii) of the Code.

 

2.15      “Disparagement”
means making comments or statements to the press, the Company’s or its Affiliates’ employees, consultants or any individual
or entity with whom the Company or its Affiliates has a business relationship that could reasonably be expected to adversely affect
in any manner: (a) the conduct of the business of the Company or its Affiliates (including, without limitation, any products or
business plans or prospects); or (b) the business reputation of the Company or its Affiliates, or any of their products, or their
past or present officers, directors or employees.

 

2.16      “Effective
Date” means the effective date of the Plan as defined in Article XVI.

 

2.17      “Eligible
Employee” means an employee of the Company or an Affiliate. The term “Eligible Employee” also includes
an officer of the Company, regardless of whether such officer is an employee of the Company.

 

    	4

    	 

    

2.18      “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and all rules and regulations promulgated thereunder.
Any references to any section of the Exchange Act shall also be a reference to any successor provision.

 

2.19      “Exercisable
Awards” has the meaning set forth in Section 4.2(d).

 

2.20      “Fair
Market Value” means, on any date (i) if the Common Stock is listed on a national securities exchange or a national
market system, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on
such date, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Common Stock
is not listed on a national securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer
quotation system, provided that if the Common Stock is not quoted on such interdealer quotation system or it is determined that
the fair market value is not properly reflected by such quotations, Fair Market Value will be determined by such other method as
the Committee determines in good faith to be reasonable and in compliance with Code Section 409A.

 

2.21      “Family
Member” means “family member” as defined in Rule 701 under the Securities Act or, following the filing
of a Form S-8 pursuant to the Securities Act with respect to the Plan, as defined in Section A.1.(5) of the general instructions
of Form S-8, as may be amended from time to time.

 

2.22      “Incentive
Stock Option” means any Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries and its Parent
(if any) under the Plan intended to be and designated as an “Incentive Stock Option” within the meaning of Section
422 of the Code.

 

2.23      “include,”
“includes” and “including” shall be construed as if followed by the phrase
“without limitation.”

 

2.24      “Limited
Stock Appreciation Right” has the meaning set forth in Section 7.5.

 

2.25      “Non-Employee
Director” means a non-employee director of the Company as defined in Rule 16b-3.

 

2.26      “Non-Qualified
Stock Option” means any Stock Option awarded under the Plan that is not an Incentive Stock Option.

 

2.27      “Other
Stock-Based Award” means an Award under Article X of the Plan that is valued in whole or in part by reference
to, or is payable in or otherwise based on, Common Stock, including, without limitation, a restricted stock unit or an Award valued
by reference to an Affiliate.

 

2.28      “Parent”
means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

 

2.29      “Participant”
means an Eligible Employee, Non-Employee Director or Consultant to whom an Award has been granted pursuant to the Plan.

 

    	5

    	 

    

2.30      “Performance
Goals” has the meaning set forth on Exhibit A.

 

2.31      “Performance
Period” means the duration of the period during which receipt of an Award is subject to the satisfaction of performance
criteria, such period as determined by the Committee in its sole discretion.

 

2.32      “Performance
Share” means an Award made pursuant to Article IX of the Plan of the right to receive Common Stock or cash
of an equivalent value at the end of a specified Performance Period.

 

2.33      “Person”
means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company,
trust, incorporated organization, governmental or regulatory or other entity.

 

2.34      “Plan”
means this United Realty Trust Incorporated 2012 Stock Incentive Plan, as amended from time to time.

 

2.35      “Other
Extraordinary Event” has the meaning set forth in Section 4.2(b).

 

2.36      “Reference
Stock Option” has the meaning set forth in Section 7.1.

 

2.37      “Registration
Date” means the first date after the Effective Date on which (a) the Company sells its Common Stock in a bona fide
underwriting pursuant to a registration statement under the Securities Act or (b) any class of common equity securities of the
Company is required to be registered under Section 12 of the Exchange Act.

 

2.38      “Restricted
Stock” means a share of Common Stock issued under the Plan that is subject to restrictions under Article VIII.

 

2.39      “Restriction
Period” has the meaning set forth in Section 8.3(a).

 

2.40      “Retirement”
means a voluntary Termination of Employment or Termination of Consultancy at or after age 65 or such earlier date after age 55
as may be approved by the Committee, in its sole discretion, with respect to such Participant at the time of grant, or thereafter
provided that the exercise of such discretion does not make the applicable Award subject to Section 409A of the Code, except that
Retirement shall not include any involuntary Termination of Employment or Termination of Consultancy by the Company or an Affiliate
for any reason with or without Cause. With respect to a Participant’s Termination of Directorship, Retirement means the failure
to stand for reelection or the failure to be reelected on or after the date that a Participant has attained age 65 or, with the
consent of the Board, provided that the exercise of such discretion does not make the applicable Award subject to Section 409A
of the Code, before age 65 but after age 55.

 

2.41      “Rule
16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

 

    	6

    	 

    

2.42      “Section
162(m) of the Code” means the exception for performance-based compensation under Section 162(m) of the Code and any
applicable Treasury regulations thereunder.

 

2.43      “Section
4.2 Event” has the meaning set forth in Section 4.2(b).

 

2.44      “Securities
Act” means the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder. Any reference
to any section of the Securities Act shall also be a reference to any successor provision.

 

2.45      “Special
Unvested Options or Rights” has the meaning set forth in Section 11.1(a)(v).

 

2.46      “Stock
Appreciation Right” means the right pursuant to an Award granted under Article VII. A Tandem Stock Appreciation
Right shall mean the right to surrender to the Company all (or a portion) of a Stock Option in exchange for a number of shares
of Common Stock and/or cash, as determined by the Committee, equal to the difference between (a) the Fair Market Value on the date
such Stock Option (or such portion thereof) is surrendered, of the Common Stock covered by such Stock Option (or such portion thereof),
and (b) the aggregate exercise price of such Stock Option (or such portion thereof). A Non-Tandem Stock Appreciation Right shall
mean the right to receive a number of shares of Common Stock and/or cash, as determined by the Committee, equal to the difference
between (i) the Fair Market Value of a share of Common Stock on the date such right is exercised, and (ii) the aggregate exercise
price of such right, otherwise than on surrender of a Stock Option.

 

2.47      “Stock
Option” or “Option” means any option to purchase shares of Common Stock granted to Eligible
Employees, Non-Employee Directors or Consultants pursuant to Article VI.

 

2.48      “Subsidiary”
means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

 

2.49      “Tandem
Stock Appreciation Right” has the meaning set forth in Section 7.1.

 

2.50      “Ten
Percent Stockholder” means a person owning stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company, its Subsidiaries or its Parent.

 

2.51      “Termination”
means a Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable.

 

2.52      “Termination
of Consultancy” means: (a) that the Consultant is no longer acting as a consultant to the Company or an Affiliate;
or (b) when an entity that is retaining a Participant as a Consultant ceases to be an Affiliate unless the Participant otherwise
is, or thereupon becomes, a Consultant to the Company or another Affiliate at the time the entity ceases to be an Affiliate. In
the event that a Consultant becomes an Eligible Employee or a Non-Employee Director upon the termination of his or her consultancy,
unless otherwise determined by the Committee, in its sole discretion, no Termination of Consultancy shall be deemed to occur until
such time as such Consultant is no longer a Consultant, an Eligible Employee or a Non-Employee Director. Notwithstanding the foregoing,
the Committee may, in its sole discretion, otherwise define Termination of Consultancy in the Award agreement or, if no rights
of a Participant are reduced, may otherwise define Termination of Consultancy thereafter.

 

    	7

    	 

    

2.53      “Termination
of Directorship” means that the Non-Employee Director has ceased to be a director of the Company; except that if
a Non-Employee Director becomes an Eligible Employee or a Consultant upon the termination of his or her directorship, his or her
ceasing to be a director of the Company shall not be treated as a Termination of Directorship unless and until the Participant
has a Termination of Employment or Termination of Consultancy, as the case may be.

 

2.54      “Termination
of Employment” means: (a) a termination of employment (for reasons other than a military or personal leave of absence
granted by the Company) of a Participant from the Company and its Affiliates; or (b) when an entity that is employing a Participant
ceases to be an Affiliate, unless the Participant otherwise is, or thereupon becomes, employed by the Company or another Affiliate
at the time the entity ceases to be an Affiliate. In the event that an Eligible Employee becomes a Consultant or a Non-Employee
Director upon the termination of his or her employment, unless otherwise determined by the Committee, in its sole discretion, no
Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no longer an Eligible Employee,
a Consultant or a Non-Employee Director. Notwithstanding the foregoing, the Committee may, in its sole discretion, otherwise define
Termination of Employment in the Award agreement or, if no rights of a Participant are reduced, may otherwise define Termination
of Employment thereafter.

 

2.55      “Transfer”
means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other
disposition (including the issuance of equity in a Person), whether for value or no value and whether voluntary or involuntary
(including by operation of law), and (b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber,
charge, hypothecate or otherwise dispose of (including the issuance of equity in a Person) whether for value or for no value and
whether voluntarily or involuntarily (including by operation of law). ”Transferred” and “Transferrable”
shall have a correlative meaning.

 

2.56      “Transition
Period” means the “reliance period” under Treasury Regulation Section 1.162-27(f)(2), which ends on the
earliest to occur of the following: (a) the date of the first annual meeting of stockholders of the Company at which directors
are to be elected that occurs after December 31, 2012; (b) the date the Plan is materially amended for purposes of Treasury Regulation
Section 1.162-27(h)(1)(iii); or (c) the date all shares of Common Stock available for issuance under the Plan have been allocated.

 

Article
III

ADMINISTRATION

 

3.1        The
Committee.  The Plan shall be administered and interpreted by the Committee.

 

    	8

    	 

    

3.2         Grants
of Awards. The Committee shall have full authority to grant, pursuant to the terms of the Plan, to Eligible Employees,
Consultants and Non-Employee Directors: (1) Stock Options; (2) Stock Appreciation Rights; (3) Restricted Stock; (4) Performance
Shares; and (5) Other Stock-Based Awards. In particular, the Committee shall have the authority:

 

(a)            to
select the Eligible Employees, Consultants and Non-Employee Directors to whom Awards may from time to time be granted hereunder;

 

(b)            to
determine whether and to what extent Awards are to be granted hereunder to one or more Eligible Employees, Consultants or Non-Employee
Directors;

 

(c)            to
determine, in accordance with the terms of the Plan, the number of shares of Common Stock to be covered by each Award granted hereunder;

 

(d)            to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but
not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof,
or any forfeiture restrictions or waiver thereof, regarding any Award and the shares of Common Stock relating thereto, based on
such factors, if any, as the Committee shall determine, in its sole discretion);

 

(e)            to
determine whether, to what extent and under what circumstances grants of Options and other Awards under the Plan are to operate
on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of the Plan;

 

(f)            to
determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or Restricted Stock under
Section 6.3(d);

 

(g)            to
determine whether, to what extent and under what circumstances Common Stock and other amounts payable with respect to an Award
under the Plan shall be deferred either automatically or at the election of the Participant in any case, in a manner intended to
comply with Section 409A of the Code;

 

(h)            to
determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

 

(i)            to
determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of shares
acquired pursuant to an Award for a period of time as determined by the Committee, in its sole discretion, following the date of
such Award; and

 

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

 

    	9

    	 

    

3.3         Guidelines.
Subject to Article XIII, the Committee shall, in its sole discretion, have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities
(to the extent permitted by applicable law and applicable securities exchange rules), as it shall, from time to time, deem advisable;
to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating
thereto); and to otherwise supervise the administration of the Plan. The Committee may, in its sole discretion, correct any defect,
supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent
it shall deem necessary to effectuate the purpose and intent of the Plan. The Committee may, in its sole discretion, adopt special
guidelines and provisions for persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign
jurisdictions to comply with applicable tax and securities laws of such domestic or foreign jurisdictions. To the extent applicable,
the Plan is intended to comply with the applicable requirements of Rule 16b-3 and with respect to Awards intended to be “performance-based,”
the applicable provisions of Section 162(m) of the Code, and the Plan shall be limited, construed and interpreted in a manner so
as to comply therewith.

 

3.4         Decisions
Final. Any decision, interpretation or other action made or taken in good faith by or at the direction of the Company,
the Board or the Committee (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion
of all and each of them, as the case may be, and shall be final, binding and conclusive on the Company and all employees and Participants
and their respective heirs, executors, administrators, successors and assigns.

 

3.5         Procedures.
If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall
hold meetings, subject to the By-Laws of the Company, at such times and places as it shall deem advisable, including, without limitation,
by telephone conference or by written consent to the extent permitted by applicable law. A majority of the Committee members shall
constitute a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination
reduced to writing and signed by all the Committee members in accordance with the By-Laws of the Company shall be as fully effective
as if it had been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall
make such rules and regulations for the conduct of its business as it shall deem advisable.

 

3.6         Designation
of Consultants/Liability.

 

(a)            The
Committee may, in its sole discretion, designate employees of the Company and professional advisors to assist the Committee in
the administration of the Plan and (to the extent permitted by applicable law and applicable securities exchange rules) may grant
authority to officers to grant Awards and/or execute agreements or other documents on behalf of the Committee.

 

(b)            The
Committee may, in its sole discretion, employ such legal counsel, consultants and agents as it may deem desirable for the administration
of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such
consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent
shall be paid by the Company. The Committee, its members and any person designated pursuant to Section 3.6(a) above shall
not be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted by applicable
law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination
made in good faith with respect to the Plan or any Award granted under it.

 

    	10

    	 

    

3.7         Indemnification.
To the maximum extent permitted by applicable law and the Certificate of Incorporation and By-Laws of the Company and to the extent
not covered by insurance directly insuring such person, each officer or employee of the Company or any Affiliate and member or
former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including
reasonable fees of counsel reasonably acceptable to the Committee) or liability (including any sum paid in settlement of a claim
with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest
extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the extent
arising out of such officer’s, employee’s, member’s or former member’s fraud or bad faith. Such indemnification
shall be in addition to any rights of indemnification the officers, employees, directors or members or former officers, directors
or members may have under applicable law or under the Certificate of Incorporation or By-Laws of the Company or any Affiliate.
Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual
with regard to Awards granted to him or her under the Plan.

 

Article
IV

SHARE LIMITATION

 

4.1         Shares.

 

(a)            General
Limitations. The aggregate number of shares of Common Stock that may be issued or used for reference purposes or with respect
to which Awards may be granted under the Plan shall not exceed [ ] shares of Common Stock (subject to any increase or decrease
pursuant to Section 4.2), which may be either authorized and unissued Common Stock or Common Stock held in or acquired for
the treasury of the Company or both. If any Option, Stock Appreciation Right or Other Stock-Based Award granted under the Plan
expires, terminates or is canceled for any reason without having been exercised in full, the number of shares of Common Stock underlying
any unexercised Award shall again be available for the purpose of Awards under the Plan. If any shares of Restricted Stock, Performance
Shares or Other Stock-Based Awards, denominated in shares of Common Stock, granted under the Plan are forfeited for any reason,
the number of forfeited shares of Restricted Stock, Performance Shares or such Other Stock-Based Awards shall again be available
for the purposes of Awards under the Plan, as provided in this Section 4.1(a). If a Tandem Stock Appreciation Right or a
Limited Stock Appreciation Right is granted in tandem with an Option, such grant shall only apply once against the maximum number
of shares of Common Stock that may be issued under the Plan. Notwithstanding anything herein to the contrary, any share of Common
Stock that again becomes available for grant pursuant to this Section 4.1(a) shall be added back as one share of Common
Stock to the maximum aggregate limit.

 

    	11

    	 

    

(b)          Individual
Participant Limitations.

 

(i)            The
maximum number of shares of Common Stock subject to any Award of Stock Options, Stock Appreciation Rights or shares of Restricted
Stock for which the grant of such Award or the lapse of the relevant Restriction Period is subject to the attainment of Performance
Goals in accordance with Section 8.3(a)(ii), which may be granted under the Plan during any fiscal year of the Company
to each Eligible Employee or Consultant shall be [ ] shares per type of Award (which shall be subject to any further increase
or decrease pursuant to Section 4.2), provided that the maximum number of shares of Common Stock for all types of Awards
does not exceed [ ] (which shall be subject to any further increase or decrease pursuant to Section 4.2) during any
fiscal year of the Company. If a Tandem Stock Appreciation Right is granted or a Limited Stock Appreciation Right is granted in
tandem with a Stock Option, it shall apply against the Eligible Employee’s or Consultant’s individual share limitations
for both Stock Appreciation Rights and Stock Options.

 

(ii)           The
maximum number of shares of Common Stock subject to any Award of Stock Options (other than Incentive Stock Options), Stock Appreciation
Rights or Other Stock-Based Awards that may be granted under the Plan during any fiscal year of the Company to each Non-Employee
Director shall be [ ] shares per type of Award (which shall be subject to any further increase or decrease pursuant to Section
4.2), provided that the maximum number of shares of Common Stock for all types of Awards does not exceed [ ] (which
shall be subject to any further increase or decrease pursuant to Section 4.2) during any fiscal year of the Company. If
a Tandem Stock Appreciation Right is granted or a Limited Stock Appreciation Right is granted in tandem with a Stock Option, it
shall apply against the Non-Employee Director’s individual share limitations for both Stock Appreciation Rights and Stock
Options.

 

(iii)          There
are no annual individual Eligible Employee or Consultant share limitations on Restricted Stock for which the grant of such Award
or the lapse of the relevant Restriction Period is not subject to attainment of Performance Goals in accordance with Section
8.3(a)(ii).

 

(iv)          The
maximum value at grant of Performance Shares that may be granted under the Plan with respect to any fiscal year of the Company
to each Eligible Employee or Consultant shall be [ ]. Each Performance Share shall be referenced to one share of Common
Stock and shall be charged against the available shares under the Plan at the time the unit value measurement is converted to a
referenced number of shares of Common Stock in accordance with Section 9.1.

 

(v)          The
individual Participant limitations set forth in this Section 4.1(b) shall be cumulative; that is, to the extent that
shares of Common Stock for which Awards are permitted to be granted to an Eligible Employee, Consultant or Non-Employee Director
during a fiscal year are not covered by an Award to such Eligible Employee, Consultant or Non-Employee Director, in a fiscal year,
the number of shares of Common Stock available for Awards to such Eligible Employee, Consultant or Non-Employee Director, shall
automatically increase in the subsequent fiscal years during the term of the Plan until used.

 

    	12

    	 

    

(vi)          The
individual Participant limitations set forth in this Section 4.1(b) shall not apply prior to the Registration Date
and, following the Registration Date, this Section 4.1(b) shall not apply until the expiration of the Transition Period.

 

4.2         Changes.

 

(a)            The
existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders
of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s
capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds,
debentures, preferred or prior preference stock ahead of or affecting the Common Stock, (iv) the dissolution or liquidation of
the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate,
(vi) any Section 4.2 Event, or (vii) any other corporate act or proceeding.

 

(b)            Subject
to the provisions of Section 4.2(d), if there shall occur any such change in the capital structure of the Company by reason
of any stock split, reverse stock split, stock dividend, subdivision, combination or reclassification of shares that may be issued
under the Plan, any recapitalization, any merger, any consolidation, any spin off, any reorganization or any partial or complete
liquidation, or any other corporate transaction or event having an effect similar to any of the foregoing (a “Section
4.2 Event”), then (i) the aggregate number and/or kind of shares that thereafter may be issued under the Plan, (ii) the
number and/or kind of shares or other property (including cash) to be issued upon exercise of an outstanding Award or under other
Awards granted under the Plan, (iii) the purchase price thereof, and/or (iv) the individual Participant limitations set forth in
Section 4.1(b) (other than those based on cash limitations) shall be appropriately adjusted. In addition, subject to Section
4.2(d), if there shall occur any change in the capital structure or the business of the Company that is not a Section 4.2 Event
(an “Other Extraordinary Event”), including by reason of any extraordinary dividend (whether cash or stock),
any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or exercisable for, any
class of stock, or any sale or transfer of all or substantially all the Company’s assets or business, then the Committee,
in its sole discretion, may adjust any Award and make such other adjustments to the Plan. Any adjustment pursuant to this Section
4.2 shall be consistent with the applicable Section 4.2 Event or the applicable Other Extraordinary Event, as the case may
be, and in such manner as the Committee may, in its sole discretion, deem appropriate and equitable to prevent substantial dilution
or enlargement of the rights granted to, or available for, Participants under the Plan. Any such adjustment determined by the Committee
shall be final, binding and conclusive on the Company and all Participants and their respective heirs, executors, administrators,
successors and permitted assigns. Except as expressly provided in this Section 4.2 or in the applicable Award agreement,
a Participant shall have no rights by reason of any Section 4.2 Event or any Other Extraordinary Event.

 

    	13

    	 

    

(c)            Fractional
shares of Common Stock resulting from any adjustment in Awards pursuant to Section 4.2(a) or Section 4.2(b) shall
be aggregated until, and eliminated at, the time of exercise by rounding-down for fractions less than one-half and rounding-up
for fractions equal to or greater than one-half. No cash settlements shall be made with respect to fractional shares eliminated
by rounding. Notice of any adjustment shall be given by the Committee to each Participant whose Award has been adjusted and such
adjustment (whether or not such notice is given) shall be effective and binding for all purposes of the Plan.

 

(d)            In
the event of an Acquisition Event, the Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options
or Stock Appreciation Rights or any Other Stock Based Award that provides for a Participant elected exercise (“Exercisable
Awards”) effective as of the date of the Acquisition Event, by delivering notice of termination to each Participant at
least 20 days prior to the date of consummation of the Acquisition Event, in which case during the period from the date on which
such notice of termination is delivered to the consummation of the Acquisition Event, each such Participant shall have the right
to exercise his or her Exercisable Awards that are then outstanding to the extent vested as of the date on which such notice of
termination is delivered (or, at the discretion of the Committee, without regard to any limitations on exercisability otherwise
contained in the Award agreements), but any such exercise shall be contingent on the occurrence of the Acquisition Event, and,
provided that, if the Acquisition Event does not take place within a specified period after giving such notice for any reason whatsoever,
the notice and exercise pursuant thereto shall be null and void. For the avoidance of doubt, in the event of an Acquisition Event,
the Committee may, in its sole discretion, terminate any Exercisable Award for which the exercise price is equal to or exceeds
the Fair Market Value without payment of consideration therefor.

 

If an Acquisition Event occurs but the Committee does not terminate
the outstanding Awards pursuant to this Section 4.2(d), then the applicable provisions of Section 4.2(b) and Article
XII shall apply.

 

4.3         Minimum
Purchase Price. Notwithstanding any provision of the Plan to the contrary, if authorized but previously unissued shares
of Common Stock are issued under the Plan, such shares shall not be issued for a consideration that is less than as permitted under
applicable law.

 

Article
V

ELIGIBILITY AND GENERAL REQUIREMENTS FOR AWARDS

 

5.1         General
Eligibility. All Eligible Employees, Consultants, Non-Employee Directors and prospective employees and consultants are
eligible to be granted Awards, subject to the terms and conditions of the Plan. Eligibility for the grant of Awards and actual
participation in the Plan shall be determined by the Committee in its sole discretion.

 

5.2         Incentive
Stock Options. Notwithstanding anything herein to the contrary, only Eligible Employees of the Company, its Subsidiaries
and its Parent (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive
Stock Option and actual participation in the Plan shall be determined by the Committee in its sole discretion.

 

    	14

    	 

    

5.3         General
Requirement. The vesting and exercise of Awards granted to a prospective employee or consultant are conditioned upon such
individual actually becoming an Eligible Employee or Consultant.

 

Article
VI

STOCK OPTIONS

 

6.1         Options.
Each Stock Option granted under the Plan shall be one of two types: (a) an Incentive Stock Option; or (b) a Non-Qualified Stock
Option.

 

6.2         Grants.
The Committee shall, in its sole discretion, have the authority to grant to any Eligible Employee (subject to Section 5.2)
Incentive Stock Options, Non-Qualified Stock Options, or both types of Stock Options. The Committee shall, in its sole discretion,
have the authority to grant any Consultant or Non-Employee Director Non-Qualified Stock Options. To the extent that any Stock Option
does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise),
such Stock Option or the portion thereof that does not qualify shall constitute a separate Non-Qualified Stock Option.

 

6.3         Terms
of Options. Options granted under the Plan shall be subject to the following terms and conditions and shall be in such
form and contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee, in its sole
discretion, shall deem desirable:

 

(a)            Exercise
Price. The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Committee at the time
of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive
Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the Common Stock at the time of grant.

 

(b)            Stock
Option Term. The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be exercisable
more than 10 years after the date the Option is granted; and provided further that the term of an Incentive Stock Option granted
to a Ten Percent Stockholder shall not exceed five years.

 

(c)            Exercisability.
Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Committee at grant. If the Committee provides, in its discretion, that any Stock Option is exercisable subject to certain limitations
(including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods or upon
attainment of certain financial results), the Committee may waive such limitations on the exercisability at any time at or after
grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the
time at which such Stock Option may be exercised), based on such factors, if any, as the Committee shall determine, in its sole
discretion. Unless otherwise determined by the Committee at grant, the Option agreement shall provide that (i) if the Participant
engages in Detrimental Activity prior to any exercise of the Stock Option, all Stock Options held by the Participant shall thereupon
terminate and expire, (ii) as a condition of the exercise of a Stock Option, the Participant shall be required to certify (or shall
be deemed to have certified) at the time of exercise in a manner acceptable to the Company that the Participant is in compliance
with the terms and conditions of the Plan and that the Participant has not engaged in, and does not intend to engage in, any Detrimental
Activity, and (iii) if the Participant engages in Detrimental Activity during the one-year period commencing on the later of the
date the Stock Option is exercised or the date of the Participant’s Termination, the Company shall be entitled to recover
from the Participant at any time within one year after such date, and the Participant shall pay over to the Company, an amount
equal to any gain realized as a result of the exercise (whether at the time of exercise or thereafter).

 

    	15

    	 

    

(d)            Method
of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 6.3(c) above,
to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written
notice of exercise to the Company specifying the number of shares of Common Stock to be purchased. Such notice shall be accompanied
by payment in full of the purchase price as follows: (i) in cash or by check, bank draft or money order payable to the order of
the Company; (ii) solely to the extent permitted by applicable law, if the Common Stock is traded on a national securities exchange
or quoted on a national quotation system sponsored by the National Association of Securities Dealers, and the Committee authorizes,
through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee
to deliver promptly to the Company an amount equal to the purchase price; or (iii) on such other terms and conditions as may be
acceptable to the Committee (including, without limitation, the relinquishment of Stock Options or by payment in full or in part
in the form of Common Stock owned by the Participant based on the Fair Market Value of the Common Stock on the payment date as
determined by the Committee, in its sole discretion). No shares of Common Stock shall be issued until payment therefor, as provided
herein, has been made or provided for.

 

(e)            Non-Transferability
of Options. No Stock Option shall be Transferable by the Participant otherwise than by will or by the laws of descent and distribution,
and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the
foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option
that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member in whole or in part and in such
circumstances, and under such conditions, as determined by the Committee, in its sole discretion. A Non-Qualified Stock Option
that is Transferred to a Family Member pursuant to the preceding sentence (i) may not be subsequently Transferred otherwise than
by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award agreement.
Any shares of Common Stock acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified
Stock Option or a permissible transferee pursuant to a Transfer after the exercise of the Non-Qualified Stock Option shall be subject
to the terms of the Plan and the applicable Award agreement.

 

    	16

    	 

    

(f)            Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar
year under the Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds [ ], such Options
shall be treated as Non-Qualified Stock Options. Should any provision of the Plan not be necessary in order for the Stock Options
to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may, in its sole discretion,
amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company.

 

(g)            Form,
Modification, Extension and Renewal of Stock Options. Subject to the terms and conditions and within the limitations of the
Plan, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may,
in its sole discretion (i) modify, extend or renew outstanding Stock Options granted under the Plan (provided that the rights of
a Participant are not reduced without his or her consent and provided further that such action does not subject the Stock Options
to Section 409A of the Code), and (ii) accept the surrender of outstanding Stock Options (up to the extent not theretofore
exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised).
Notwithstanding the foregoing, an outstanding Option may not be modified to reduce the exercise price thereof nor may a new Option
at a lower price be substituted for a surrendered Option (other than adjustments or substitutions in accordance with Section
4.2), unless such action is approved by the stockholders of the Company.

 

(h)            Early
Exercise. The Committee may provide that a Stock Option include a provision whereby the Participant may elect at any time before
the Participant’s Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to
the Stock Option prior to the full vesting of the Stock Option and such shares shall be subject to the provisions of Article
VI and treated as Restricted Stock. Any unvested shares of Common Stock so purchased may be subject to a repurchase option
in favor of the Company or to any other restriction the Committee determines to be appropriate.

 

(i)            Other
Terms and Conditions. Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms
of the Plan, as the Committee shall, in its sole discretion, deem appropriate.

 

Article
VII

STOCK APPRECIATION RIGHTS

 

7.1         Tandem
Stock Appreciation Rights. Stock Appreciation Rights may be granted in conjunction with all or part of any Stock Option
(a “Reference Stock Option”) granted under the Plan (“Tandem Stock Appreciation Rights”).
In the case of a Non-Qualified Stock Option, such rights may be granted either at or after the time of the grant of such Reference
Stock Option. In the case of an Incentive Stock Option, such rights may be granted only at the time of the grant of such Reference
Stock Option.

 

7.2         Terms
and Conditions of Tandem Stock Appreciation Rights. Tandem Stock Appreciation Rights granted hereunder shall be subject
to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time by the
Committee in its sole discretion, and the following:

 

    	17

    	 

    

(a)            Exercise
Price. The exercise price per share of Common Stock subject to a Tandem Stock Appreciation Right shall be determined by the
Committee at the time of grant, provided that the per share exercise price of a Tandem Stock Appreciation Right shall not be less
than 100% of the Fair Market Value of the Common Stock at the time of grant.

 

(b)            Term.
A Tandem Stock Appreciation Right or applicable portion thereof granted with respect to a Reference Stock Option shall terminate
and no longer be exercisable upon the termination or exercise of the Reference Stock Option, except that, unless otherwise determined
by the Committee, in its sole discretion, at the time of grant, a Tandem Stock Appreciation Right granted with respect to less
than the full number of shares covered by the Reference Stock Option shall not be reduced until and then only to the extent the
exercise or termination of the Reference Stock Option causes the number of shares covered by the Tandem Stock Appreciation Right
to exceed the number of shares remaining available and unexercised under the Reference Stock Option.

 

(c)            Exercisability.
Tandem Stock Appreciation Rights shall be exercisable only at such time or times and to the extent that the Reference Stock Options
to which they relate shall be exercisable in accordance with the provisions of Article VI, and shall be subject to the provisions
of Section 6.3(c).

 

(d)            Method
of Exercise. A Tandem Stock Appreciation Right may be exercised by the Participant by surrendering the applicable portion of
the Reference Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive the payment determined
in the manner prescribed in this Section 7.2. Stock Options that have been so surrendered, in whole or in part, shall no
longer be exercisable to the extent the related Tandem Stock Appreciation Rights have been exercised.

 

(e)            Payment.
Upon the exercise of a Tandem Stock Appreciation Right, a Participant shall be entitled to receive up to, but no more than, an
amount in cash and/or shares of Common Stock (as chosen by the Committee in its sole discretion at grant, or thereafter if no rights
of a Participant are reduced) equal in value to the excess of the Fair Market Value of one share of Common Stock over the Option
exercise price per share specified in the Reference Stock Option agreement, multiplied by the number of shares in respect of which
the Tandem Stock Appreciation Right shall have been exercised.

 

(f)            Deemed
Exercise of Reference Stock Option. Upon the exercise of a Tandem Stock Appreciation Right, the Reference Stock Option or part
thereof to which such Stock Appreciation Right is related shall be deemed to have been exercised for the purpose of the limitation
set forth in Article IV of the Plan on the number of shares of Common Stock to be issued under the Plan.

 

(g)            Non-Transferability.
Tandem Stock Appreciation Rights shall be Transferable only when and to the extent that the underlying Stock Option would be Transferable
under Section 6.3(e) of the Plan.

 

7.3         Non-Tandem
Stock Appreciation Rights. Non-Tandem Stock Appreciation Rights may also be granted without reference to any Stock Options
granted under the Plan.

 

    	18

    	 

    

7.4         Terms
and Conditions of Non-Tandem Stock Appreciation Rights. Non-Tandem Stock Appreciation Rights granted hereunder shall be
subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time
by the Committee in its sole discretion, and the following:

 

(a)            Exercise
Price. The exercise price per share of Common Stock subject to a Non-Tandem Stock Appreciation Right shall be determined by
the Committee at the time of grant, provided that the per share exercise price of a Non-Tandem Stock Appreciation Right shall not
be less than 100% of the Fair Market Value of the Common Stock at the time of grant.

 

(b)            Term.
The term of each Non-Tandem Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than 10 years after
the date the right is granted.

 

(c)            Exercisability.
Non-Tandem Stock Appreciation Rights shall be exercisable at such time or times and subject to such terms and conditions as shall
be determined by the Committee at grant. If the Committee provides, in its discretion, that any such right is exercisable subject
to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods),
the Committee may waive such limitations on the exercisability at any time at or after grant in whole or in part (including, without
limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based
on such factors, if any, as the Committee shall determine, in its sole discretion. Unless otherwise determined by the Committee
at grant, the Award agreement shall provide that (i) in the event the Participant engages in Detrimental Activity prior to any
exercise of the Non-Tandem Stock Appreciation Right, all Non-Tandem Stock Appreciation Rights held by the Participant shall thereupon
terminate and expire, (ii) as a condition of the exercise of a Non-Tandem Stock Appreciation Right, the Participant shall be required
to certify (or shall be deemed to have certified) at the time of exercise in a manner acceptable to the Company that the Participant
is in compliance with the terms and conditions of the Plan and that the Participant has not engaged in, and does not intend to
engage in, any Detrimental Activity, and (iii) in the event the Participant engages in Detrimental Activity during the one-year
period commencing on the later of the date the Non-Tandem Stock Appreciation Right is exercised or the date of the Participant’s
Termination, the Company shall be entitled to recover from the Participant at any time within one year after such date, and the
Participant shall pay over to the Company, an amount equal to any gain realized as a result of the exercise (whether at the time
of exercise or thereafter).

 

(d)            Method
of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 7.4(c) above,
Non-Tandem Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award agreement,
by giving written notice of exercise to the Company specifying the number of Non-Tandem Stock Appreciation Rights to be exercised.

 

(e)            Payment.
Upon the exercise of a Non-Tandem Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised,
up to, but no more than, an amount in cash and/or shares of Common Stock (as chosen by the Committee in its sole discretion at
grant, or thereafter if no rights of a Participant are reduced) equal in value to the excess of the Fair Market Value of one share
of Common Stock on the date the right is exercised over the Fair Market Value of one share of Common Stock on the date the right
was awarded to the Participant.

 

    	19

    	 

    

(f)            Non-Transferability.
No Non-Tandem Stock Appreciation Rights shall be Transferable by the Participant otherwise than by will or by the laws of descent
and distribution, and all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant.

 

7.5         Limited
Stock Appreciation Rights. The Committee may, in its sole discretion, grant Tandem and Non-Tandem Stock Appreciation Rights
either as a general Stock Appreciation Right or as a limited stock appreciation right (a “Limited Stock Appreciation Right”).
Limited Stock Appreciation Rights may be exercised only upon the occurrence of a Change in Control or such other event as the Committee
may, in its sole discretion, designate at the time of grant or thereafter. Upon the exercise of Limited Stock Appreciation Rights,
except as otherwise provided in an Award agreement, the Participant shall receive in cash or Common Stock, as determined by the
Committee, an amount equal to the amount (a) set forth in Section 7.2(e) with respect to Tandem Stock Appreciation
Rights, or (b) set forth in Section 7.4(e) with respect to Non-Tandem Stock Appreciation Rights, as applicable.

 

Article
VIII

RESTRICTED STOCK

 

8.1         Awards
of Restricted Stock. Shares of Restricted Stock may be issued either alone or in addition to other Awards granted under
the Plan. The Committee shall, in its sole discretion, determine the Eligible Employees, Consultants and Non-Employee Directors,
to whom, and the time or times at which, grants of Restricted Stock shall be made, the number of shares to be awarded, the price
(if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such Awards may be subject
to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee
may condition the grant or vesting of Restricted Stock upon the attainment of specified performance targets (including, the Performance
Goals specified in Exhibit A attached hereto) or such other factors as the Committee may determine, in its sole discretion,
including to comply with the requirements of Section 162(m) of the Code.

 

Unless otherwise determined
by the Committee at grant, each Award of Restricted Stock shall provide that in the event the Participant engages in Detrimental
Activity prior to, or during the one-year period after, any vesting of Restricted Stock, the Committee may direct that all unvested
Restricted Stock shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount
equal to the Fair Market Value at the time of vesting of any Restricted Stock that had vested in the period referred to above.

 

8.2         Awards
and Certificates. Eligible Employees, Consultants and Non-Employee Directors selected to receive Restricted Stock shall
not have any rights with respect to such Award, unless and until such Participant has delivered a fully executed copy of the agreement
evidencing the Award to the Company and has otherwise complied with the applicable terms and conditions of such Award. Further,
such Award shall be subject to the following conditions:

 

    	20

    	 

    

(a)            Purchase
Price. The purchase price of Restricted Stock shall be fixed by the Committee. Subject to Section 4.3, the purchase
price for shares of Restricted Stock may be zero to the extent permitted by applicable law, and, to the extent not so permitted,
such purchase price may not be less than par value.

 

(b)            Acceptance.
Awards of Restricted Stock must be accepted within a period of 60 days (or such other period as the Committee may specify) after
the grant date, by executing a Restricted Stock agreement and by paying whatever price (if any) the Committee has designated thereunder.

 

(c)            Legend.
Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock,
unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares
of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends
required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable
to such Award, substantially in the following form:

 

“The anticipation, alienation,
attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented hereby are subject to
the terms and conditions (including forfeiture) of the United Realty Trust Incorporated (the “Company”) 2012
Stock Incentive Plan (as the same may be amended or amended and restated from time to time, the “Plan”) and
an agreement entered into between the registered owner and the Company dated __________. Copies of such Plan and agreement are
on file at the principal office of the Company.”

 

(d)            Custody.
If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates
evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition
of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power, endorsed in blank, relating to
the Common Stock covered by such Award.

 

8.3         Restrictions
and Conditions. The shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions
and conditions:

 

(a)            (i)            Restriction
Period. The Participant shall not be permitted to Transfer shares of Restricted Stock awarded under the Plan during the period
or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth
in the Restricted Stock Award agreement and such agreement shall set forth a vesting schedule and any events that would accelerate
vesting of the shares of Restricted Stock. Within these limits, based on service, attainment of performance goals pursuant to Section
8.3(a)(ii) and/or such other factors or criteria as the Committee may determine in its sole discretion, the Committee may condition
the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all
or any part of any Restricted Stock Award and/or waive the deferral limitations for all or any part of any Restricted Stock Award.

 

    	21

    	 

    

(ii)            Objective
Performance Goals, Formulae or Standards. If the grant of shares of Restricted Stock or the lapse of restrictions is based
on the attainment of Performance Goals, the Committee shall establish the Performance Goals and the applicable vesting percentage
of the Restricted Stock Award applicable to each Participant or class of Participants in writing prior to the beginning of the
applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance
Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes
in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar
type events or circumstances. With regard to a Restricted Stock Award that is intended to comply with Section 162(m) of the Code,
to the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section
162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more
of the performance criteria set forth in Exhibit A hereto.

 

(b)            Rights
as a Stockholder. Except as provided in this Section 8.3(b) and Section 8.3(a) above and as otherwise determined
by the Committee, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of
shares of Common Stock of the Company including, without limitation, the right to receive any dividends, the right to vote such
shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. The
Committee may, in its sole discretion, determine at the time of grant that the payment of dividends shall be deferred until, and
conditioned upon, the expiration of the applicable Restriction Period.

 

(c)            Lapse
of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates
for such shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery
to the Participant, except as otherwise required by applicable law or other limitations imposed by the Committee.

 

Article
IX

PERFORMANCE SHARES

 

9.1         Award
of Performance Shares. Performance Shares may be awarded either alone or in addition to other Awards granted under the
Plan. The Committee shall, in its sole discretion, determine the Eligible Employees, Consultants and Non-Employee Directors, to
whom, and the time or times at which, Performance Shares shall be awarded, the number of Performance Shares to be awarded to any
person, the Performance Period during which, and the conditions under which, receipt of the Shares will be deferred, and the other
terms and conditions of the Award in addition to those set forth in Section 9.2.

 

Unless otherwise determined
by the Committee at grant, each Award of Performance Shares shall provide that in the event the Participant engages in Detrimental
Activity prior to, or during the one-year period after the later of the date of any vesting of Performance Shares or the date of
the Participant’s Termination, the Committee may direct (at any time within one year thereafter) that all unvested Performance
Shares shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount equal to
any gain the Participant realized from any Performance Shares that had vested in the period referred to above.

 

    	22

    	 

    

Except as otherwise provided
herein, the Committee shall condition the right to payment of any Performance Share upon the attainment of objective performance
goals established pursuant to Section 9.2(c).

 

9.2         Terms
and Conditions. Performance Shares awarded pursuant to this Article IX shall be subject to the following terms and
conditions:

 

(a)            Earning
of Performance Share Award. At the expiration of the applicable Performance Period, the Committee shall determine the extent
to which the performance goals established pursuant to Section 9.2(c) are achieved and the percentage of each Performance
Share Award that has been earned.

 

(b)            Non-Transferability.
Subject to the applicable provisions of the Award agreement and the Plan, Performance Shares may not be Transferred during the
Performance Period.

 

(c)            Objective
Performance Goals, Formulae or Standards. The Committee shall establish the objective Performance Goals for the earning of
Performance Shares based on a Performance Period applicable to each Participant or class of Participants in writing prior to the
beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while
the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent
permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate
transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To
the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section
162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more
of the performance criteria set forth in Exhibit A hereto.

 

(d)            Dividends.
Unless otherwise determined by the Committee at the time of grant, amounts equal to any dividends declared during the Performance
Period with respect to the number of shares of Common Stock covered by a Performance Share will not be paid to the Participant.

 

(e)            Payment.
Following the Committee’s determination in accordance with Section 9.5(a), shares of Common Stock or, as determined
by the Committee in its sole discretion, the cash equivalent of such shares shall be delivered to the Eligible Employee, Consultant
or Non-Employee Director, or his legal representative, in an amount equal to such individual’s earned Performance Share.
Notwithstanding the foregoing, the Committee may, in its sole discretion, award an amount less than the earned Performance Share
and/or subject the payment of all or part of any Performance Share to additional vesting, forfeiture and deferral conditions as
it deems appropriate.

 

    	23

    	 

    

(f)            Accelerated
Vesting. Based on service, performance and/or such other factors or criteria, if any, as the Committee may determine, the Committee
may, in its sole discretion, at or after grant, accelerate the vesting of all or any part of any Performance Share Award and/or
waive the deferral limitations for all or any part of such Award.

 

Article
X

OTHER STOCK-BASED AWARDS

 

10.1         Other
Awards. The Committee, in its sole discretion, is authorized to grant to Eligible Employees, Consultants and Non-Employee
Directors Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related
to shares of Common Stock, including, but not limited to, shares of Common Stock awarded purely as a bonus and not subject to any
restrictions or conditions, shares of Common Stock in payment of the amounts due under an incentive or performance plan sponsored
or maintained by the Company or an Affiliate, performance units, dividend equivalent units, stock equivalent units, restricted
stock units and deferred stock units. To the extent permitted by law, the Committee may, in its sole discretion, permit Eligible
Employees and/or Non-Employee Directors to defer all or a portion of their cash compensation in the form of Other Stock-Based Awards
granted under the Plan, subject to the terms and conditions of any deferred compensation arrangement established by the Company,
which shall be intended to comply with Section 409A of the Code. Other Stock-Based Awards may be granted either alone or in addition
to or in tandem with other Awards granted under the Plan.

 

Unless otherwise determined
by the Committee at grant, each Other Stock-based Award shall provide that in the event the Participant engages in Detrimental
Activity prior to, or during the one-year period after the later of the date of any vesting of Performance Shares or the date of
the Participant’s Termination, the Committee may direct (at any time within one year thereafter) that any unvested portion
of such Award shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount equal
to any gain the Participant realized from any such Award that had vested in the period referred to above.

 

Subject to the provisions
of the Plan, the Committee shall, in its sole discretion, have authority to determine the Eligible Employees, Consultants and Non-Employee
Directors, to whom, and the time or times at which, such Awards shall be made, the number of shares of Common Stock to be awarded
pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Common Stock under
such Awards upon the completion of a specified performance period.

 

The Committee may condition
the grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals set forth on Exhibit A
as the Committee may determine, in its sole discretion; provided that to the extent that such Other Stock-Based Awards are intended
to comply with Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the vesting of such
Other Stock-Based Awards based on a performance period applicable to each Participant or class of Participants in writing prior
to the beginning of the applicable performance period or at such later date as permitted under Section 162(m) of the Code
and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only
to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting
methods, corporate transactions (including, without limitation, dispositions and acquisition) and other similar type events or
circumstances. To the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise
violate Section 162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based
on one or more of the performance criteria set forth in Exhibit A hereto.

 

    	24

    	 

    

10.2        Terms
and Conditions. Other Stock-Based Awards made pursuant to this Article X shall be subject to the following terms
and conditions:

 

(a)            Non-Transferability.
Subject to the applicable provisions of the Award agreement and the Plan, shares of Common Stock subject to Awards made under this
Article X may not be Transferred prior to the date on which the shares are issued, or, if later, the date on which any applicable
restriction, performance or deferral period lapses.

 

(b)            Dividends.
Unless otherwise determined by the Committee at the time of Award, subject to the provisions of the Award agreement and the Plan,
the recipient of an Award under this Article X shall not be entitled to receive, currently or on a deferred basis, dividends
or dividend equivalents with respect to the number of shares of Common Stock covered by the Award.

 

(c)            Vesting.
Any Award under this Article X and any Common Stock covered by any such Award shall vest or be forfeited to the extent so
provided in the Award agreement, as determined by the Committee, in its sole discretion.

 

(d)            Price.
Common Stock issued on a bonus basis under this Article X may be issued for no cash consideration; Common Stock purchased
pursuant to a purchase right awarded under this Article X shall be priced, as determined by the Committee in its sole discretion.

 

(e)            Payment.
Form of payment for the Other Stock-Based Award shall be specified in the Award agreement.

 

Article
XI

TERMINATION

 

11.1        Termination.
The following rules apply with regard to the Termination of a Participant.

 

(a)            Rules
Applicable to Stock Option and Stock Appreciation Rights. Unless otherwise determined by the Committee at grant (or, if no
rights of the Participant are reduced, thereafter):

 

    	25

    	 

    

(i)            Termination
by Reason of Death, Disability or Retirement. If a Participant’s Termination is by reason of death, Disability or the
Participant’s Retirement, all Stock Options or Stock Appreciation Rights that are held by such Participant that are vested
and exercisable at the time of the Participant’s Termination may be exercised by the Participant (or, in the case of death,
by the legal representative of the Participant’s estate) at any time within a one-year period from the date of such Termination,
but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights; provided, however,
if the Participant dies within such exercise period, all unexercised Stock Options or Stock Appreciation Rights held by such Participant
shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one year from
the date of such death, but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

 

(ii)            Involuntary
Termination Without Cause. If a Participant’s Termination is by involuntary termination without Cause, all Stock Options
or Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant’s
Termination may be exercised by the Participant at any time within a period of 90 days from the date of such Termination, but in
no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

 

(iii)            Voluntary
Termination.  If a Participant’s Termination is voluntary (other than a voluntary termination described in Section
11.2(a)(iv)(2), or a Retirement), all Stock Options or Stock Appreciation Rights that are held by such Participant that are
vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within
a period of 30 days from the date of such Termination, but in no event beyond the expiration of the stated terms of such Stock
Options or Stock Appreciation Rights.

 

(iv)            Termination
for Cause. If a Participant’s Termination: (A) is for Cause, or (B) is a voluntary Termination (as provided in Section
11.1(a)(iii)) or a Retirement after the occurrence of an event that would be grounds for a Termination for Cause, all Stock
Options or Stock Appreciation Rights, whether vested or not vested, that are held by such Participant shall thereupon terminate
and expire as of the date of such Termination.

 

(v)            Unvested
Stock Options and Stock Appreciation Rights. Stock Options or Stock Appreciation Rights that are not vested as of the date
of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. Notwithstanding
the foregoing, if a Participant is deemed to have experienced a Termination of Employment in accordance with the last sentence
of Section 2.54 of the Plan, then (A) any Stock Options and any Stock Appreciation Rights that are not vested as of the
date of such Participant’s Termination of Employment in accordance with the last sentence of Section 2.54 of the Plan
(“Special Unvested Options or Rights”) shall not terminate or expire as of the date of such Termination of Employment
and shall remain outstanding until a Participant experiences a Termination of Employment (other than on account of the last sentence
of Section 2.54 of the Plan), but in no event beyond the expiration of the stated term of any such Special Unvested Options
or Rights, and (B) no Special Unvested Options or Rights will thereafter vest except as set forth in the next succeeding sentence.
If, after a Termination of Employment in accordance with the last sentence of Section 2.54 of the Plan, (1) a Participant
remains continuously employed by the Company or any of its Affiliates, and (2) subsequent thereto, such Participant becomes
regularly scheduled to work more than 24 hours per week, then any Special Unvested Options or Rights shall immediately vest as
to any shares of Common Stock that did not vest under the terms of such Special Unvested Options or Rights between the date of
such Participant’s Termination of Employment in accordance with the last sentence of Section 2.54 of the Plan and
the date such Participant became regularly scheduled to work more than 24 hours per week solely as a result of the application
of the immediately preceding sentence.

 

    	26

    	 

    

(b)            Rules
Applicable to Restricted Stock, Performance Shares and Other Stock-Based Awards. Unless otherwise determined by the Committee
at grant or thereafter, upon a Participant’s Termination for any reason: (i) during the relevant Restriction Period, all
Restricted Stock still subject to restriction shall be forfeited; and (ii) any unvested Performance Shares or Other Stock-Based
Awards shall be forfeited.

 

Article
XII

CHANGE IN CONTROL PROVISIONS

 

12.1        Benefits.
In the event of a Change in Control of the Company, and except as otherwise provided by the Committee in an Award agreement or
in a written employment agreement between the Company and a Participant, a Participant’s unvested Award shall vest in full
and a Participant’s Award shall be treated in accordance with one of the following methods as determined by the Committee
in its sole discretion:

 

(a)            Awards,
whether or not vested by their terms or pursuant to the preceding sentence, shall be continued, assumed, have new rights substituted
therefor or be treated in accordance with Section 4.2(d), as determined by the Committee in its sole discretion, and restrictions
to which any shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon
a Change in Control (other than with respect to vesting pursuant to the foregoing provisions of this Section 12.1) and the
Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same or other appropriate
distribution as other Common Stock on such terms as determined by the Committee in its sole discretion; provided, however,
that, the Committee may, in its sole discretion, decide to award additional Restricted Stock or other Award in lieu of any cash
distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted
Stock Option shall comply with the requirements of Treasury Regulation § 1.424-1 (and any amendments thereto).

 

(b)            The
Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or an Affiliate (or the cancellation
and extinguishment thereof pursuant to the terms of a merger agreement entered into by the Company) for an amount of cash equal
to the excess of the Change in Control Price (as defined below) of the shares of Common Stock covered by such Awards, over the
aggregate exercise price of such Awards. For purposes of this Section 12.1, “Change in Control Price”
shall mean the highest price per share of Common Stock paid in any transaction related to a Change in Control of the Company.

 

    	27

    	 

    

(c)            The
Committee may, in its sole discretion, provide for the cancellation of any particular Award or Awards without payment, if the Change
in Control Price is less than the Fair Market Value of such Award(s) on the date of grant.

 

(d)            Notwithstanding
anything else herein, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an
Award at the time of grant or at any time thereafter.

 

12.2        Change
in Control. Unless otherwise determined by the Committee in the applicable Award agreement or other written agreement approved
by the Committee, a “Change in Control” shall be deemed to occur following any transaction if: (a) any “person”
as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary holding
securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of Common Stock of the Company), becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40% or more of the combined voting power
of the then outstanding securities of the Company (or its successor corporation); or (b) the stockholders of the Company
approve a plan of complete liquidation of the Company or the consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets other than (i) the sale or disposition of all or substantially all of the assets of the Company
to a person or persons who beneficially own, directly or indirectly, at least 50% or more of the combined voting power of the outstanding
voting securities of the Company at the time of the sale, or (ii) pursuant to a spin-off type transaction, directly or indirectly,
of such assets to the stockholders of the Company.

 

Article
XIII

TERMINATION OR AMENDMENT OF PLAN

 

13.1         Termination
or Amendment. Notwithstanding any other provision of the Plan, the Board or the Committee may at any time, and from time
to time, amend, in whole or in part, any or all of the provisions of the Plan (including any amendment deemed necessary to ensure
that the Company may comply with any regulatory requirement referred to in Article XV), or suspend or terminate it entirely,
retroactively or otherwise; provided, however, that, unless otherwise required by law or specifically provided herein,
the rights of a Participant with respect to Awards granted prior to such amendment, suspension or termination, may not be impaired
without the consent of such Participant and, provided further, without the approval of the stockholders of the Company in accordance
with the laws of the State of Maryland, to the extent required by the applicable provisions of Rule 16b-3 or Section 162(m) of
the Code, pursuant to the requirements of any applicable securities exchange rule, or, to the extent applicable to Incentive Stock
Options, Section 422 of the Code, no amendment may be made that would:

 

    	28

    	 

    

(a)            increase
the aggregate number of shares of Common Stock that may be issued under the Plan pursuant to Section 4.1 (except by operation
of Section 4.2);

 

(b)            increase
the maximum individual Participant limitations for a fiscal year under Section 4.1(b) (except by operation of Section
4.2);

 

(c)            change
the classification of Eligible Employees or Consultants eligible to receive Awards under the Plan;

 

(d)            decrease
the minimum option price of any Stock Option or Stock Appreciation Right;

 

(e)            extend
the maximum option period under Section 6.3;

 

(f)            alter
the Performance Goals for the Award of Restricted Stock, Performance Shares or Other Stock-Based Awards subject to satisfaction
of Performance Goals as set forth in Exhibit A;

 

(g)            award
any Stock Option or Stock Appreciation Right in replacement of a canceled Stock Option or Stock Appreciation Right with a higher
exercise price, except in accordance with Section 6.3(g); or

 

(h)            require
stockholder approval in order for the Plan to continue to comply with the applicable provisions of Section 162(m) of the Code or,
to the extent applicable to Incentive Stock Options, Section 422 of the Code. In no event may the Plan be amended without the approval
of the stockholders of the Company in accordance with the applicable laws of the State of Maryland to increase the aggregate number
of shares of Common Stock that may be issued under the Plan, decrease the minimum exercise price of any Stock Option or Stock Appreciation
Right, or to make any other amendment that would require stockholder approval under the rules of any other securities exchange
or system on which the Company’s securities are listed or traded at the request of the Company.

 

The Committee may amend
the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically
provided herein, no such amendment or other action by the Committee shall adversely impair the rights of any holder without the
holder’s consent. Notwithstanding anything herein to the contrary, the Board or the Committee may amend the Plan or any Award
granted hereunder at any time without a Participant’s consent to comply with Code Section 409A or any other applicable law.

 

Article
XIV

UNFUNDED PLAN

 

14.1        Unfunded
Status of Plan. The Plan is an “unfunded” plan for incentive and deferred compensation. With respect to any
payments as to which a Participant has a fixed and vested interest but that are not yet made to a Participant by the Company, nothing
contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor of the
Company.

 

    	29

    	 

    

Article
XV

GENERAL PROVISIONS

 

15.1         Legend.
The Committee may require each person receiving shares of Common Stock pursuant to an Award granted under the Plan to represent
to and agree with the Company in writing that the Participant is acquiring the shares without a view to distribution thereof and
such other securities law-related representations as the Committee shall request. In addition to any legend required by the Plan,
the certificates and/or book entry accounts for such shares may include any legend that the Committee, in its sole discretion,
deems appropriate to reflect any restrictions on Transfer.

 

All certificates and/or
book entry accounts for shares of Common Stock delivered under the Plan shall be subject to such stop transfer orders and other
restrictions as the Committee may, in its sole discretion, deem advisable under the rules, regulations and other requirements of
the Securities and Exchange Commission, the stock market or any national securities exchange system upon whose system the Common
Stock is then quoted, any applicable Federal or state securities law, and any applicable corporate law, and the Committee may cause
a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

15.2         Other
Plans. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements,
subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable
only in specific cases.

 

15.3         No
Right to Employment/Directorship/Consultancy. Neither the Plan nor the grant of any Option or other Award hereunder shall
give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment,
consultancy or directorship by the Company or any Affiliate, nor shall they be a limitation in any way on the right of the Company
or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate his or her
employment, consultancy or directorship at any time.

 

15.4         Withholding
of Taxes. The Company shall have the right to deduct from any payment to be made pursuant to the Plan, or to otherwise
require, prior to the issuance or delivery of any shares of Common Stock or the payment of any cash hereunder, payment by the Participant
of, any Federal, state or local taxes required by law to be withheld. Upon the vesting of Restricted Stock (or other Award that
is taxable upon vesting), or upon making an election under Section 83(b) of the Code, a Participant shall pay all required withholding
to the Company. Any statutorily required withholding obligation with regard to any Participant may be satisfied, subject to the
advance consent of the Committee, by reducing the number of shares of Common Stock otherwise deliverable or by delivering shares
of Common Stock already owned. Any fraction of a share of Common Stock required to satisfy such tax obligations shall be disregarded
and the amount due shall be paid instead in cash by the Participant.

 

    	30

    	 

    

15.5        No
Assignment of Benefits. No Award or other benefit payable under the Plan shall, except as otherwise specifically provided
by law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void,
and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts
of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such
person.

 

15.6        Listing
and Other Conditions.

 

(a)            Unless
otherwise determined by the Committee, upon becoming and for as long as the Common Stock is listed on a national securities exchange
or system sponsored by a national securities association, the issue of any shares of Common Stock pursuant to an Award shall be
conditioned upon such shares being listed on such exchange or system. The Company shall have no obligation to issue such shares
unless and until such shares are so listed, and the right to exercise any Option or other Award with respect to such shares shall
be suspended until such listing has been effected.

 

(b)            If
at any time counsel to the Company shall be of the opinion that any sale or delivery of shares of Common Stock pursuant to an Option
or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the
statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery,
or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise,
with respect to shares of Common Stock or Awards, and the right to exercise any Option or other Award shall be suspended until,
in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the
Company.

 

(c)            Upon
termination of any period of suspension under this Section 15.6, any Award affected by such suspension that shall not then
have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares that would otherwise
have become available during the period of such suspension, but no such suspension shall extend the term of any Award.

 

(d)            A
Participant shall be required to supply the Company with any certificates, representations and information that the Company requests
and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval
the Company deems necessary or appropriate.

 

15.7        Governing
Law. The Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the
State of Maryland (regardless of the law that might otherwise govern under applicable Maryland principles of conflict of laws).

 

15.8        Construction.
Wherever any words are used in the Plan in the masculine gender they shall be construed as though they were also used in the feminine
gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed
as though they were also used in the plural form in all cases where they would so apply.

 

15.9        Other
Benefits. No Award granted or paid out under the Plan shall be deemed compensation for purposes of computing benefits under
any retirement plan of the Company or its Affiliates nor affect any benefits under any other benefit plan now or subsequently in
effect under which the availability or amount of benefits is related to the level of compensation.

 

    	31

    	 

    

15.10        Costs.
The Company shall bear all expenses associated with administering the Plan, including expenses of issuing Common Stock pursuant
to any Awards hereunder.

 

15.11         No
Right to Same Benefits. The provisions of Awards need not be the same with respect to each Participant, and such Awards
to individual Participants need not be the same in subsequent years.

 

15.12         Death/Disability.
The Committee may in its sole discretion require the transferee of a Participant to supply it with written notice of the Participant’s
death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence
as the Committee deems necessary to establish the validity of the transfer of an Award. The Committee may, in its discretion, also
require the agreement of the transferee to be bound by all of the terms and conditions of the Plan.

 

15.13         Section
16(b) of the Exchange Act. On and after the Registration Date, all elections and transactions under the Plan by persons
subject to Section 16 of the Exchange Act involving shares of Common Stock are intended to comply with any applicable exemptive
condition under Rule 16b-3. The Committee may, in its sole discretion, establish and adopt written administrative guidelines, designed
to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and
operation of the Plan and the transaction of business thereunder.

 

15.14         Section
409A of the Code. Although the Company does not guarantee the particular tax treatment of an Award granted under the Plan,
Awards made under the Plan are intended to comply with, or be exempt from, the applicable requirements of Section 409A of the Code
and the Plan and any Award agreement hereunder shall be limited, construed and interpreted in accordance with such intent. Notwithstanding
anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to
be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such
provision shall be null and void.

 

15.15         Successor
and Assigns. The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation,
the estate of such Participant and the executor, administrator or trustee of such estate.

 

15.16         Severability
of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

 

15.17         Payments
to Minors, Etc. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable
of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing
to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the Company, its Affiliates
and their employees, agents and representatives with respect thereto.

 

    	32

    	 

    

15.18         Headings
and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered
part of the Plan, and shall not be employed in the construction of the Plan.

 

15.19         Transition
Period. The Plan has been adopted by the Board and approved by its stockholders, both of which occurred prior to the occurrence
of a Registration Date. The Plan is intended to constitute a plan described in Treasury Regulation Section 1.162-27(f)(1), pursuant
to which the deduction limits under Section 162(m) of the Code do not apply during the applicable reliance period. The reliance
period shall end on the earliest date identified in the definition of “Transition Period” contained in Section 2.56
of the Plan.

 

Article
XVI

EFFECTIVE DATE OF PLAN

 

The Plan shall become effective
upon adoption by the Board or such later date as provided in the adopting resolution, subject to the approval of the Plan by the
stockholders of the Company within 12 months before or after adoption of the Plan by the Board in accordance with the laws of the
State of Maryland.

 

Article
XVII

TERM OF PLAN

 

The Plan was adopted by
the Board on [ ], and was approved by the Company’s stockholders on [ ]. No Award shall be granted pursuant
to the Plan on or after [ ], but Awards granted prior to such date may, and the Committee’s authority to administer
the terms of such Awards, extend beyond that date; provided, however, that no Award (other than a Stock Option or
Stock Appreciation Right) that is intended to be “performance-based” under Section 162(m) of the Code shall be granted
on or after the fifth anniversary of the stockholder approval of the Plan unless the Performance Goals set forth on Exhibit
A are reapproved (or other designated performance goals are approved) by the stockholders no later than the first stockholder
meeting that occurs in the fifth year following the year in which stockholders approve the Performance Goals set forth on Exhibit
A.

 

Article
XVIII

NAME OF PLAN

 

The Plan shall be known
as the “United Realty Trust Incorporated 2012 Stock Incentive Plan.”

 

    	33

    	 

    

 

Exhibit
A

PERFORMANCE GOALS

 

To the extent permitted
under Section 162(m) of the Code, performance goals established for purposes of the grant or vesting of Awards of Restricted Stock,
Other Stock-Based Awards and/or Performance Shares, each intended to be “performance-based” under Section 162(m) of
the Code, shall be based on the attainment of certain target levels of, or a specified increase or decrease (as applicable) in
one or more of the following performance goals (“Performance Goals”):

 

		(a)	earnings per share;

 

		(b)	operating income;

 

		(c)	net income;

 

		(d)	cash flow;

 

		(e)	gross profit;

 

		(f)	gross profit return on investment;

 

		(g)	gross margin return on investment;

 

		(h)	gross margin;

 

		(i)	working capital;

 

		(j)	earnings before interest and taxes;

 

		(k)	earnings before interest, tax, depreciation and amortization;

 

		(l)	return on equity;

 

		(m)	return on assets;

 

		(n)	return on capital;

 

		(o)	return on invested capital;

 

		(p)	net revenues;

 

		(q)	gross revenues;

 

		(r)	revenue growth;

 

		(s)	total shareholder return;

 

    	A-1

    	 

    

		(t)	economic value added;

 

		(u)	specified objectives with regard to limiting the level of increase in all or a portion of the Company’s
bank debt or other long-term or short-term public or private debt or other similar financial obligations of the Company, which
may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee in its sole
discretion;

 

		(v)	the fair market value of the shares of the Company’s Common Stock;

 

		(w)	the growth in the value of an investment in the Company’s Common Stock assuming the reinvestment
of dividends; or

 

		(x)	reduction in expenses.

 

To the extent permitted
under Section 162(m) of the Code, the Committee may, in its sole discretion, also exclude, or adjust to reflect, the impact of
an event or occurrence that the Committee determines should be appropriately excluded or adjusted, including:

 

(i)      restructurings,
discontinued operations, extraordinary items or events, and other unusual or non-recurring charges as described in Accounting Principles
Board Opinion No. 30 and/or management’s discussion and analysis of financial condition and results of operations appearing
or incorporated by reference in the Company’s Form 10-K for the applicable year;

 

(ii)     an event
either not directly related to the operations of the Company or not within the reasonable control of the Company’s management;
or

 

(iii)    a change
in tax law or accounting standards required by generally accepted accounting principles.

 

Performance goals may also
be based upon individual Participant performance goals, as determined by the Committee, in its sole discretion.

 

In addition, such Performance
Goals may be based upon the attainment of specified levels of Company (or subsidiary, division, other operational unit or administrative
department of the Company) performance under one or more of the measures described above relative to the performance of other corporations.
To the extent permitted under Section 162(m) of the Code, but only to the extent permitted under Section 162(m) of the Code (including,
without limitation, compliance with any requirements for stockholder approval), the Committee may also:

 

		(a)	designate additional business criteria on which the performance goals may be based; or

 

		(b)	adjust, modify or amend the aforementioned business criteria.

 

    	A-2Exhibit 4.3

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY OTHER SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1)
AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS,
OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

IN ADDITION, THIS WARRANT AND THE
SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF
ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES
BY ANY PERSON FOR A PERIOD OF 180 DAYS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE COMPANY’S REGISTRATION STATEMENT
NO.: 333-178837 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

LIQTECH INTERNATIONAL, INC.

 

PLACEMENT AGENT’S WARRANT

 

[ ] shares of Common Stock

 

February __, 2012

 

This PLACEMENT AGENT’S WARRANT
(this “Warrant”) of LiqTech International, Inc., a corporation duly organized and validly existing under
the laws of the State of Nevada (the “Company”), is being issued pursuant to that certain Placement Agency
Agreement, dated as of February __, 2012 (the “Placement Agency Agreement”), by and among the Company and
Sunrise Securities Corp. (the “Placement Agent”) relating to a public offering (the
“Offering”) of ______ shares (the “Shares”) of Common Stock, $0.001 par value per share
(the “Common Stock”).

 

FOR VALUE RECEIVED, the Company hereby grants to
_____ and its permitted successors and assigns (collectively, the “Holder”) the right to purchase from the
Company up to _____ (____) shares of Common Stock [in the aggregate, with all other Placement Agent’s Warrants, 5% of
number of Shares sold] (such shares underlying this Warrant, the “Warrant Shares”), at a per share
purchase price equal to $_____ (the “Exercise Price”)[125% of the public offering price], subject to the
terms, conditions and adjustments set forth below in this Warrant.

 

1. Date of Warrant Exercise. This Warrant
shall become exercisable on the date that is 180 days from the Base Date (the “Exercise Date”). As used
in this Warrant, the term “Base Date” shall mean  February __, 2012 (the effective date of
the Registration Statement – File No. 333-178837). Except as otherwise provided for herein or as permitted by
applicable rules of the Financial Industry Regulatory Authority, Inc., this Warrant shall not be sold, transferred, assigned,
pledged or hypothecated prior to the Exercise Date.

 

2. Expiration of Warrant. This Warrant shall expire
on the five (5) year anniversary of the Base Date (the “Expiration Date”).

 

3. Exercise of Warrant. This Warrant shall be exercisable pursuant to the terms of this Section 3.

 

    	 

    	 

    

 

3.1 Manner of Exercise.

 

(a) This Warrant may only be exercised by the Holder hereof
on or after the Exercise Date and on or prior to the Expiration Date, in accordance with the terms and conditions hereof, in whole
or in part (but not as to fractional shares) with respect to any portion of this Warrant, during the Company’s normal business
hours on any day other than a Saturday or a Sunday or a day on which commercial banking institutions in New York, New York are
authorized by law to be closed (a “Business Day”), by surrender of this Warrant to the Company at its office
maintained pursuant to Section 10.2(a) hereof, accompanied by a written exercise notice in the form attached as Exhibit A
to this Warrant (or a reasonable facsimile thereof) duly executed by the Holder, together with the payment of the aggregate Exercise
Price for the number of Warrant Shares purchased upon exercise of this Warrant. Upon surrender of this Warrant, the Company shall
cancel this Warrant document and shall, in the event of partial exercise, replace it with a new Warrant document in accordance
with Section 3.3.

 

(b) Except as provided for in Section 3.1(c) below, each
exercise of this Warrant must be accompanied by payment in full of the aggregate Exercise Price in cash by check or wire transfer
in immediately available funds for the number of Warrant Shares being purchased by the Holder upon such exercise.

 

(c) The aggregate Exercise Price for the number of Warrant
Shares being purchased may also, in the sole discretion of the Holder, be paid in full or in part on a “cashless basis”
at the election of the Holder:

 

(i) in the form of Common Stock owned by the Holder (based
on the Fair Market Value (as defined below) of such Common Stock on the date on which the exercise is deemed to have been effected);

 

(ii) in the form of Warrant Shares withheld by the Company
from the Warrant Shares otherwise to be received upon exercise of this Warrant having an aggregate Fair Market Value on the date
on which the exercise is deemed to have been effected equal to the aggregate Exercise Price of the Warrant Shares being purchased
by the Holder; or

 

(iii) by a combination of the foregoing, provided that the
combined value of all cash and the Fair Market Value of any shares surrendered to the Company is at least equal to the aggregate
Exercise Price for the number of Warrant Shares being purchased by the Holder.

 

For purposes of this Warrant, the term “Fair Market
Value” means with respect to a particular date, (i) if the Common Stock is then listed or quoted on the New York Stock
Exchange, the NYSE AMEX, the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market or any other national
securities exchange, the closing price per share of the Common Stock for such date (or the nearest preceding date) on the primary
eligible market or exchange on which the Common Stock is then listed or quoted; (b) if prices for the Common Stock are then quoted
on the OTC Bulletin Board, the closing bid price per share of the Common Stock for such date (or the nearest preceding date) so
quoted; or (c) if prices for the Common Stock are then reported in the “Pink Sheets” published by the National Quotation
Bureau Incorporated (or a similar organization or agency succeeding to its functions of reporting prices), the most recent closing
bid price per share of the Common Stock so reported. If the Common Stock is not publicly traded as set forth above, the “fair
value” per share of Common Stock shall be reasonably and in good faith determined by the Board of Directors of the Company
as of the date which the exercise is deemed to have been effected.

  

    	 

    	 

    
 

For purposes of illustration of a cashless exercise of this
Warrant under Section 3.1(c)(ii) (or for a portion thereof for which cashless exercise treatment is requested as contemplated by
Section 3.1(c)(iii) hereof), the calculation of such exercise shall be as follows:

 

	X = Y (A-B)/A
	 
	where:
	 	 
	X =	the number of Warrant Shares to be issued to the Holder (rounded to the nearest whole share).
	 	 
	Y =	the number of Warrant Shares with respect to which this Warrant is being exercised.
	 	 
	A =	the Fair Market Value of the Common Stock.
	 	 
	B =	the Exercise Price.

 

(d) For purposes of Rule 144 and sub-section (d)(3)(ii) thereof,
it is intended, understood, and acknowledged that the Common Stock issuable upon exercise of this Warrant in a cashless exercise
transaction as described in Section 3.1(c) above shall be deemed to have been acquired at the time this Warrant was issued. Moreover,
it is intended, understood, and acknowledged that the holding period for the Common Stock issuable upon exercise of this Warrant
in a cashless exercise transaction as described in Section 3.1(c) above shall be deemed to have commenced on the date this Warrant
was issued.

 

3.2 When Exercise Effective. Each exercise of this
Warrant shall be deemed to have been effected immediately prior to the close of business on the Business Day on which this Warrant
shall have been duly surrendered to the Company as provided in Sections 3.1 and 3.12 hereof, and, at such time, the Holder in whose
name any certificate or certificates for Warrant Shares shall be issuable upon exercise as provided in Section 3.3 hereof shall
be deemed to have become the holder or holders of record thereof of the number of Warrant Shares purchased upon exercise of this
Warrant.

 

3.3 Delivery of Common Stock Certificates and New Warrant.
As soon as reasonably practicable after each exercise of this Warrant, in whole or in part, and in any event within five (5) Business
Days thereafter, the Company, at its expense (including the payment by it of any applicable issue taxes), will cause to be issued
in the name of and delivered to the Holder hereof or, subject to Sections 9 and 10 hereof, as the Holder (upon payment by the Holder
of any applicable transfer taxes) may direct:

 

(a) a certificate or certificates (with appropriate restrictive
legends, as applicable) for the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares to which
the Holder shall be entitled upon exercise; and

 

(b) in case exercise is in part only, a new Warrant document
of like tenor, dated the date hereof, for the remaining number of Warrant Shares issuable upon exercise of this Warrant after giving
effect to the partial exercise of this Warrant (including the delivery of any Warrant Shares as payment of the Exercise Price for
such partial exercise of this Warrant).

 

    	 

    	 

    

 

4. Certain Adjustments. For so long as this Warrant
is outstanding: 

 

4.1 Mergers or Consolidations. If at any time after
the date hereof there shall be a capital reorganization (other than a combination or subdivision of Common Stock otherwise provided
for herein) resulting in a reclassification to or change in the terms of securities issuable upon exercise of this Warrant (a “Reorganization”),
or a merger or consolidation of the Company with another corporation, association, partnership, organization, business, individual,
government or political subdivision thereof or a governmental agency (a “Person” or the “Persons”)
(other than a merger with another Person in which the Company is a continuing corporation and which does not result in any reclassification
or change in the terms of securities issuable upon exercise of this Warrant or a merger effected exclusively for the purpose of
changing the domicile of the Company) (a “Merger”), then, as a part of such Reorganization or Merger, lawful
provision and adjustment shall be made so that the Holder shall thereafter be entitled to receive, upon exercise of this Warrant,
the number of shares of stock or any other equity or debt securities or property receivable upon such Reorganization or Merger
by a holder of the number of shares of Common Stock which might have been purchased upon exercise of this Warrant immediately prior
to such Reorganization or Merger. In any such case, appropriate adjustment shall be made in the application of the provisions of
this Warrant with respect to the rights and interests of the Holder after the Reorganization or Merger to the end that the provisions
of this Warrant (including adjustment of the Exercise Price then in effect and the number of Warrant Shares) shall be applicable
after that event, as near as reasonably may be, in relation to any shares of stock, securities, property or other assets thereafter
deliverable upon exercise of this Warrant. The provisions of this Section 4.1 shall similarly apply to successive Reorganizations
and/or Mergers.

 

4.2 Splits and Subdivisions; Dividends. In the event
the Company should at any time or from time to time effectuate a split or subdivision of the outstanding shares of Common Stock
or pay a dividend in or make a distribution payable in additional shares of Common Stock or Common Stock Equivalents without payment
of any consideration by such holder for the additional shares of Common Stock or Common Stock Equivalents (including the additional
shares of Common Stock issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date of such
distribution, split or subdivision if no record date is fixed), the per share Exercise Price shall be appropriately decreased and
the number of Warrant Shares shall be appropriately increased in proportion to such increase (or potential increase) of outstanding
shares; provided, however, that no adjustment shall be made in the event the split, subdivision, dividend or distribution is not
effectuated.

 

4.3 Combination of Shares. If the number of shares
of Common Stock outstanding at any time after the date hereof is decreased by a combination of the outstanding shares of Common
Stock, the per share Exercise Price shall be appropriately increased and the number of shares of Warrant Shares shall be appropriately
decreased in proportion to such decrease in outstanding shares.

 

4.4 Adjustments for Other Distributions. In the event
the Company shall declare a distribution payable in securities of other Persons, evidences of indebtedness issued by the Company
or other Persons, assets (excluding cash dividends or distributions to the holders of Common Stock paid out of current or retained
earnings and declared by the Company’s board of directors) or options or rights not referred to in Sections 4.1, 4.2 or 4.3,
then, in each such case for the purpose of this Section 4.4, upon exercise of this Warrant, the Holder shall be entitled to a proportionate
share of any such distribution as though the Holder was the actual record holder of the number of Warrant Shares as of the record
date fixed for the determination of the holders of Common Stock of the Company entitled to receive such distribution.

 

5. No Impairment. The Company will not, by amendment
of its articles of incorporation or by-laws or through any consolidation, merger, reorganization, transfer of assets, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all of the terms and in the taking of all actions
necessary or appropriate in order to protect the rights of the Holder against impairment.

 

    	 

    	 

    

 

6. Chief Financial Officer’s Report as to Adjustments.
With respect to each adjustment pursuant to Section 4 of this Warrant, the Company, at its expense, will promptly as practicable
compute the adjustment or re-adjustment in accordance with the terms of this Warrant and cause its Chief Financial Officer to certify
the computation (other than any computation of the fair value of property of the Company, as the case may be) and prepare a report
setting forth, in reasonable detail, the event requiring the adjustment or re-adjustment and the amount of such adjustment or re-adjustment,
the method of calculation thereof and the facts upon which the adjustment or re-adjustment is based, and the Exercise Price and
the number of Warrant Shares or other securities purchasable hereunder after giving effect to such adjustment or re-adjustment,
which report shall be mailed by first class mail, postage prepaid to the Holder. The Company will also keep copies of all reports
at its office maintained pursuant to Section 10.2(a) hereof and will cause them to be available for inspection at the office during
normal business hours upon reasonable notice by the Holder or any prospective purchaser of the Warrant designated by the Holder
thereof.

 

7. Reservation of Shares. The Company shall, solely
for the purpose of effecting the exercise of this Warrant, at all times during the term of this Warrant, reserve and keep available
out of its authorized shares of Common Stock, free from all taxes, liens and charges with respect to the issue thereof and not
subject to preemptive rights or other similar rights of shareholders of the Company, such number of its shares of Common Stock
as shall from time to time be sufficient to effect in full the exercise of this Warrant. If at any time the number of authorized
but unissued shares of Common Stock shall not be sufficient to effect in full the exercise of this Warrant, in addition to such
other remedies as shall be available to Holder, the Company will promptly take such corporate action as may, in the opinion of
its counsel, be necessary to increase the number of authorized but unissued shares of Common Stock to such number of shares as
shall be sufficient for such purposes, including without limitation, using its Reasonable Best Efforts (as defined in Section 14
hereof) to obtain, as promptly as practicable, the requisite shareholder approval necessary to increase the number of authorized
shares of Common Stock. The Company hereby represents and warrants that all shares of Common Stock issuable upon exercise of this
Warrant shall be duly authorized and, when issued and paid for upon exercise, shall be validly issued, fully paid and nonassessable.

 

8. Registration and Listing.

 

8.1 Definition of Registrable Securities; Majority.
As used herein, the term “Registrable Securities” means any shares of Common Stock issuable upon the exercise
of this Warrant, until the date (if any) on which such shares shall have been transferred or exchanged and new certificates for
them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent disposition of them
shall not require registration or qualification of them under the Securities Act or any similar state law then in force. For purposes
of this Warrant, the term “Majority”, in reference to the holders of Registrable Securities, shall mean in excess
of fifty percent (50%) of the then outstanding Warrant Shares (assuming the exercise of the all Placement Agent’s Warrants
in their entirety) that: (i) are not held by the Company, an affiliate, officer, creditor, employee or agent thereof or any of
their respective affiliates, members of their family, Persons acting as nominees or in conjunction therewith and (ii) have not
be resold to the public pursuant to a registration statement filed under the Securities Act.

  

    	 

    	 

    

 

8.2 Incidental Registration Rights.

 

(a) If the Company, at any time on or after the Base Date
through the fifth anniversary of the Base Date, proposes to register any of its securities under the Securities Act (other than
in connection with a registration on Form S-4 or S-8 or any successor forms) whether for its own account or for the account of
any holder or holders of its shares other than Registrable Securities (any shares of such holder or holders (but not those of the
Company and not Registrable Securities) with respect to any registration are referred to herein as, “Other Shares”),
the Company shall each such time give prompt (but not less than thirty (30) days prior to the anticipated effectiveness thereof)
written notice to the holders of Registrable Securities of its intention to do so. Upon the written request of any such holder
of Registrable Securities made within ten (10) days after the receipt of any such notice (which request shall specify the Registrable
Securities intended to be disposed of by such holder), except as set forth in Section 8.2(b), the Company will use its Reasonable
Best Efforts to effect the registration under the Securities Act of all of the Registrable Securities which the Company has been
so requested to register by such holder, to the extent requisite to permit the disposition of the Registrable Securities so to
be registered, by inclusion of such Registrable Securities in the registration statement which covers the securities which the
Company proposes to register; provided, however, that if, at any time after giving written notice of its intention to register
any securities and prior to the effective date of the registration statement filed in connection with such registration, the Company
shall determine for any reason in its sole discretion either to not register, to delay or to withdraw registration of such securities,
the Company may, at its election, give written notice of such determination to such holder and, thereupon: (i) in the case of a
determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such
registration (but not from its obligation to pay the Registration Expenses in connection therewith), (ii) in the case of a determination
to delay registration, shall be permitted to delay registering any Registrable Securities for the same period as the delay in registering
such other securities (including the Other Shares), and (iii) in the case of a determination to withdraw registration, shall be
permitted to withdraw registration. The Company will pay all Registration Expenses in connection with each registration of Registrable
Securities pursuant to this Section 8.2.

 

(b) If the Company, at any time on or after the Base
Date through the fifth anniversary of the Base Date, proposes to register any of its securities under the Securities Act
as contemplated by this Section 8.2 and such securities are to be distributed by or through one or more underwriters,
the Company will, if requested by a holder of Registrable Securities, use its Reasonable Best Efforts to arrange for
such underwriters to include all the Registrable Securities to be offered and sold by such holder among the securities to
be distributed by such underwriters, provided that if the managing underwriter of such underwritten offering shall inform
the Company by letter of its belief that inclusion in such distribution of all or a specified number of such securities
proposed to be distributed by such underwriters would interfere with the successful marketing of the securities being
distributed by such underwriters (such letter to state the basis of such belief and the approximate number of such
Registrable Securities, such Other Shares and shares held by the Company proposed so to be registered which may be
distributed without such effect), then the Company may, upon written notice to such holder, the other holders of Registrable
Securities, and holders of such Other Shares, reduce pro rata in accordance with the number of shares of Common Stock desired
to be included in such registration (if and to the extent stated by such managing underwriter to be necessary to eliminate
such effect) the number of such Registrable Securities and Other Shares the registration of which shall have been requested
by each holder thereof so that the resulting aggregate number of such Registrable Securities and Other Shares so included in
such registration, together with the number of securities to be included in such registration for the account of the Company,
shall be equal to the number of shares stated in such managing underwriter’s letter.

 

8.3 Registration Procedures. Whenever the holders
of Registrable Securities have properly requested that any Registrable Securities be registered pursuant to the terms of this Warrant,
the Company shall use its Reasonable Best Efforts to effect the registration and the sale of such Registrable Securities in accordance
with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible:

 

(a) prepare and file with the SEC a registration statement
with respect to such Registrable Securities and use its Reasonable Best Efforts to cause such registration statement to become
effective;

 

(b) notify such holders of the effectiveness of each registration
statement filed hereunder and prepare and file with the SEC such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to (i) keep such registration statement effective and the prospectus
included therein usable for a period commencing on the date that such registration statement is initially declared effective by
the SEC and ending on the date when all Registrable Securities covered by such registration statement have been sold pursuant to
the registration statement or cease to be Registrable Securities, and (ii) comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such registration statement;

 

    	 

    	 

    

 

(c) furnish to such holders such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including
each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition
of the Registrable Securities owned by such holders;

 

(d) use its Reasonable Best Efforts to register or qualify
such Registrable Securities under such other securities or blue sky laws of such jurisdictions as such holders reasonably request
and do any and all other acts and things which may be reasonably necessary or advisable to enable such holders to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such holders; provided, however, that the Company
shall not be required to: (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this subparagraph; (ii) subject itself to taxation in any such jurisdiction; or (iii) consent to general service
of process in any such jurisdiction;

 

(e) notify such holders, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus
included in such registration statement contains an untrue statement of a material fact or omits any material fact necessary to
make the statements therein, in light of the circumstances in which they are made, not materially misleading, and, at the reasonable
request of such holders, the Company shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered
to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in light of the circumstances in which they are made, not
materially misleading;

 

(f) provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement;

 

(g) make available for inspection by any underwriter participating
in any disposition pursuant to such registration statement, and any attorney, accountant or other agent retained by any such underwriter,
all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers,
directors, managers, employees and independent accountants to supply all information reasonably requested by any such underwriter,
attorney, accountant or agent in connection with such registration statement;

 

(h) otherwise use its Reasonable Best Efforts to comply with
all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable,
an earnings statement of the Company, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities
Act and, at the option of the Company, Rule 158 thereunder;

 

(i) in the event of the issuance of any stop order suspending
the effectiveness of a registration statement, or of any order suspending or preventing the use of any related prospectus or suspending
the qualification of any Registrable Securities included in such registration statement for sale in any jurisdiction, the Company
shall use its Reasonable Best Efforts promptly to obtain the withdrawal of such order;

 

(j) use its Reasonable Best Efforts to cause any Registrable
Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities
as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; and

 

    	 

    	 

    

 

(k) if the offering is underwritten, use its Reasonable Best
Efforts to furnish on the date that Registrable Securities are delivered to the underwriters for sale pursuant to such registration,
an opinion dated such date of counsel representing the Company for the purposes of such registration, addressed to the underwriters
covering such issues as are reasonably required by such underwriters.

 

8.4 Listing. The Company shall secure the listing
of the Common Stock underlying this Warrant upon each national securities exchange or automated quotation system upon which shares
of Common Stock are then listed or quoted (subject to official notice of issuance) and shall maintain such listing of shares of
Common Stock. The Company shall at all times comply in all material respects with the Company’s reporting, filing and other
obligations under the by-laws or rules of any national securities exchange or market on which the Common Stock may then be listed,
as applicable.

 

8.6 Expenses. The Company shall pay all Registration
Expenses relating to the registration and listing obligations set forth in this Section 8. For purposes of this Warrant, the term
“Registration Expenses” means: (a) all registration, filing and FINRA (as defined below) fees, (b) all reasonable
fees and expenses of complying with securities or blue sky laws, (c) all word processing, duplicating and printing expenses, (d)
the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any
special audits or “cold comfort” letters required by or incident to such performance and compliance, and (e) premiums
and other costs of policies of insurance (if any) against liabilities arising out of the public offering of the Registrable Securities
being registered if the Company desires such insurance, if any; provided however, that, in any case where Registration Expenses
are not to be borne by the Company, such expenses shall not include (and such expenses shall be borne by the Company): (i) salaries
of Company personnel or general overhead expenses of the Company, (ii) auditing fees, (iii) premiums or other expenses relating
to liability insurance required by underwriters of the Company, or (iv) other expenses for the preparation of financial statements
or other data, to the extent that any of the foregoing either is normally prepared by the Company in the ordinary course of its
business or would have been incurred by the Company had no public offering taken place. Registration Expenses shall not include
any underwriting discounts and commissions which may be incurred in the sale of any Registrable Securities and transfer taxes of
the selling holders of Registrable Securities.

 

8.7 Information Provided by Holders. Any holder of
Registrable Securities included in any registration shall furnish to the Company such information as the Company may reasonably
request in writing to enable the Company to comply with the provisions hereof in connection with any registration referred to in
this Warrant.

 

8.8 FINRA Cobradesk Filings. In the event that a registration
statement covering the Registrable Securities is filed, within one (1) Business Day of the filing of such registration statement,
the Company will prepare and file the selling stockholder resale offering described in such registration statement for review by
the Financial Industry Regulatory Authority (“FINRA”) via the FINRA’s CobraDesk filing system (“CobraDesk
Filing”) for the purpose of having the prospectus contained within such registration statement treated as a “base
prospectus” in connection with such resale offering. The Company will use its Reasonable Best Efforts to have the CobraDesk
Filing approved by FINRA within thirty (30) days of such filing date. The Company shall bear all expenses of the CobraDesk Filing,
including fees and expenses of counsel or other advisors to the Holder. In all circumstances, the Company shall pay for all FINRA
filing fees associated with the CobraDesk Filing.

 

8.9 Effectiveness Period. The Company shall use its
Reasonable Best Efforts to keep each registration statement contemplated hereunder continuously effective under the Securities
Act until the date which is the earlier date of when (i) all Registrable Securities covered by such Registration Statement have
been sold or (ii) all Registrable Securities (assuming that the Warrants and such securities were not held by any affiliate of
the Company and all Warrants are exercised on a cashless basis pursuant to Section 3.1(c)) may be sold immediately without registration
under the Securities Act and without volume restrictions pursuant to Rule 144 under the Securities Act, as determined by the counsel
to the Company pursuant to a written opinion letter to such effect, addressed and reasonably acceptable to the Company’s
transfer agent and the affected holders of Registrable Securities.

 

    	 

    	 

    

 

8.10 Net Cash Settlement. Notwithstanding anything
herein to the contrary, in no event will the Holder hereof be entitled to receive a net-cash settlement as liquidated damages in
lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying this Warrant is registered
pursuant to an effective registration statement; provided, however, that the foregoing will not preclude the Holder from seeking
other remedies at law or equity for breaches by the Company of its registration obligations hereunder.

 

9. Restrictions on Transfer.

 

9.1 Restrictive Legends. This Warrant and each Warrant
issued upon transfer or in substitution for this Warrant pursuant to Section 10 hereof, each certificate for Common Stock issued
upon the exercise of the Warrant and each certificate issued upon the transfer of any such Common Stock shall be transferable only
upon satisfaction of the conditions specified in this Section 9. Each of the foregoing securities shall be stamped or otherwise
imprinted with a legend reflecting the restrictions on transfer set forth herein and any restrictions required under the Securities
Act or other applicable securities laws.

 

9.2 Notice of Proposed Transfer. Prior to any transfer
of any securities which are not registered under an effective registration statement under the Securities Act (“Restricted
Securities”), which transfer may only occur if there is an exemption from the registration provisions of the Securities
Act and all other applicable securities laws, the Holder will give written notice to the Company of the Holder’s intention
to effect a transfer (and shall describe the manner and circumstances of the proposed transfer). The following provisions shall
apply to any proposed transfer of Restricted Securities:

 

(i) If in the opinion of counsel for the Holder reasonably
satisfactory to the Company the proposed transfer may be effected without registration of the Restricted Securities under the Securities
Act (which opinion shall state in detail the basis of the legal conclusions reached therein), the Holder shall thereupon be entitled
to transfer the Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. Each certificate
representing the Restricted Securities issued upon or in connection with any transfer shall bear the restrictive legends required
by Section 9.1 hereof.

 

(ii) If the opinion called for in (i) above is not delivered,
the Holder shall not be entitled to transfer the Restricted Securities until either: (x) receipt by the Company of a further notice
from such Holder pursuant to the foregoing provisions of this Section 9.2 and fulfillment of the provisions of clause (i) above,
or (y) such Restricted Securities have been effectively registered under the Securities Act.

 

9.3 Certain Other Transfer Restrictions. Notwithstanding
any other provision of this Section 9: (i) prior to the Exercise Date, this Warrant or the Restricted Securities thereunder may
only be transferred or assigned to the persons permitted under FINRA Rule 5110(g), and (ii) no opinion of counsel shall be necessary
for a transfer of Restricted Securities by the holder thereof to any Person employed by the Placement Agent, if the transferee
agrees in writing to be subject to the terms hereof to the same extent as if the transferee were the original purchaser hereof
and such transfer is permitted under applicable securities laws.

 

9.4 Termination of Restrictions. Except as set forth
in Section 9.3 hereof, the restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall cease
and terminate as to any particular Restricted Securities: (a) which shall have been effectively registered under the Securities
Act, or (b) when, in the opinions of both counsel for the holder thereof and counsel for the Company, such restrictions are no
longer required in order to insure compliance with the Securities Act or Section 10 hereof. Whenever such restrictions shall cease
and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense
(other than applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section
9.1 hereof.

  

    	 

    	 

    

 

10. Ownership, Transfer, Sale and Substitution of Warrant.

 

10.1 Ownership of Warrant. The Company may treat any
Person in whose name this Warrant is registered in the Warrant Register maintained pursuant to Section 10.2(b) hereof as the owner
and holder thereof for all purposes, notwithstanding any notice to the contrary, except that, if and when any Warrant is properly
assigned in blank, the Company may (but shall not be obligated to) treat the bearer thereof as the owner of such Warrant for all
purposes, notwithstanding any notice to the contrary. Subject to Sections 9 and 10 hereof, this Warrant, if properly assigned,
may be exercised by a new holder without a new Warrant first having been issued.

 

10.2 Office; Exchange of Warrant.

 

(a) The Company will maintain its principal office at the
location identified in the prospectus relating to the Offering or at such other offices as set forth in the Company’s most
current filing (as of the date notice is to be given) under the Exchange Act or as the Company otherwise notifies the Holder.

 

(b) The Company shall cause to be kept at its office maintained
pursuant to Section 10.2(a) hereof a Warrant Register for the registration and transfer of the Warrant. The name and address of
the holder of the Warrant, the transfers thereof and the name and address of the transferee of the Warrant shall be registered
in such Warrant Register. The Person in whose name the Warrant shall be so registered shall be deemed and treated as the owner
and holder thereof for all purposes of this Warrant, and the Company shall not be affected by any notice or knowledge to the contrary.

 

(c) Upon the surrender of this Warrant, properly endorsed,
for registration of transfer or for exchange at the office of the Company maintained pursuant to Section 10.2(a) hereof, the Company
at its expense will (subject to compliance with Section 9 hereof, if applicable) execute and deliver to or upon the order of the
Holder thereof a new Warrant of like tenor, in the name of such holder or as such holder (upon payment by such holder of any applicable
transfer taxes) may direct, calling in the aggregate on the face thereof for the number of shares of Common Stock called for on
the face of the Warrant so surrendered (after giving effect to any previous adjustment(s) to the number of Warrant Shares).

 

10.3 Replacement of Warrant. Upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such
loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory to the Company in form and amount
or, in the case of any mutilation, upon surrender of this Warrant for cancellation at the office of the Company maintained pursuant
to Section 10.2(a) hereof, the Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor
and dated the date hereof.

 

10.4 Opinions. In connection with the sale of the
Warrant Shares by Holder, the Company agrees to cooperate with the Holder, and at the Company’s expense, have its counsel
provide any legal opinions required to remove the restrictive legends from the Warrant Shares in connection with a sale, transfer
or legend removal request of Holder.

 

11. No Rights or Liabilities as Stockholder. No Holder
shall be entitled to vote or receive dividends or be deemed the holder of any shares of Common Stock or any other securities of
the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed
to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger,
conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the
Warrant shall have been exercised and the shares of Common Stock purchasable upon the exercise hereof shall have become deliverable,
as provided herein. The Holder will not be entitled to share in the assets of the Company in the event of a liquidation, dissolution
or the winding up of the Company.

  

    	 

    	 

    

 

12. Notices. Any notice or other communication in
connection with this Warrant shall be given in writing and directed to the parties hereto as follows: (a) if to the Holder, c/o
________________[—name and fax and/or email address] or (b) if to the Company, to the attention of its Chief Executive Officer
at its office maintained pursuant to Section 10.2(a) hereof; provided, that the exercise of the Warrant shall also be effected
in the manner provided in Section 3 hereof. Notices shall be deemed properly delivered and received when delivered to the notice
party (i) if personally delivered, upon receipt or refusal to accept delivery, (ii) if sent via facsimile, upon mechanical confirmation
of successful transmission thereof generated by the sending telecopy machine, (iii) if sent by a commercial overnight courier for
delivery on the next Business Day, on the first Business Day after deposit with such courier service, or (iv) if sent by registered
or certified mail, five (5) Business Days after deposit thereof in the U.S. mail.

 

13. Payment of Taxes. The Company will pay all documentary
stamp taxes attributable to the issuance of shares of Common Stock underlying this Warrant upon exercise of this Warrant; provided,
however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in
the transfer or registration of this Warrant or any certificate for shares of Common Stock underlying this Warrant in a name other
that of the Holder. The Holder is responsible for all other tax liability that may arise as a result of holding or transferring
this Warrant or receiving shares of Common Stock underlying this Warrant upon exercise hereof.

 

14. Miscellaneous. This Warrant and any term hereof
may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement
of the change, waiver, discharge or termination is sought. This Warrant shall be construed and enforced in accordance with and
governed by the laws of the State of New York. The section headings in this Warrant are for purposes of convenience only and shall
not constitute a part hereof. When used herein, the term “Reasonable Best Efforts” means, with respect to the
applicable obligation of the Company, reasonable best efforts for similarly situated, publicly-traded companies.

 

    	 

    	 

    
 

IN WITNESS WHEREOF, the Company has caused this Placement
Agent’s Warrant to be duly executed as of the date first above written.

	 	 	 
	 	LIQTECH INTERNATIONAL, INC
	 	 
	 	By: 	
         

	 	 	Name:
	 	 	Title:

 

    	 

    	 

    
 

EXHIBIT A

FORM OF EXERCISE NOTICE

[To be executed only upon exercise of Warrant]

 

To LIQTECH INTERNATIONAL, INC.:

 

The undersigned registered holder of the within Warrant hereby
irrevocably exercises the Warrant pursuant to Section 3.1 of the Warrant with respect to ________________________ Warrant Shares,
at an exercise price per share of $[ ], and requests that the certificates for such Warrant Shares be issued, subject to Sections
9 and 10, in the name of, and delivered to:

	 	 
	
         
	 
	 	 
	
         
	 
	 	 
	
         
	 

 

The undersigned is hereby making payment for the Warrant
Shares in the following manner: [check one]

 

	 	•	by cash in accordance with Section 3.1(b) of the Warrant
	 	 	 
	 	•	via cashless exercise in accordance with Section 3.1(c) of the Warrant in the following manner:
	 	 
	
         
	
         

	 	 
	
         
	
         

	 	 
	
         
	
         

	 	 	 	 

 The undersigned hereby represents and warrants that
it is, and has been since its acquisition of the Warrant, the record and beneficial owner of the Warrant.

 

Unless and until there is an effective registration statement
covering the Warrant Shares at the time of exercise, the undersigned hereby represents and warrants that it is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

	 	 	 
	Dated:	 	 
	 	 
	
         
	 
	Print or Type Name	 
	 	 
	
         
	 
	(Signature must conform in all respects to name of holder as specified on the face of Warrant)
	 	 
	
         
	 
	(Street Address)	 
	 	 
	
         
	 
	(City) (State) (Zip Code)	 
	 	 	 	 

 

    	 

    	 

    
  

EXHIBIT B

FORM OF ASSIGNMENT

[To be executed only upon transfer of Warrant]

 

For value received, the undersigned registered holder of
the within Warrant hereby sells, assigns and transfers unto _____________________ [include name and addresses] the rights represented
by the Warrant to purchase __________ shares of Common Stock of LIQTECH INTERNATIONAL, INC. to which the Warrant relates, and appoints
_____________________ Attorney to make such transfer on the books of LIQTECH INTERNATIONAL, INC. maintained for the purpose, with
full power of substitution in the premises.

	 	 	 	 
	 	Dated:	 	 
	 	 	
         
	
         

	 	 	 	(Signature must conform in all respects to name of holder as specified on the face of Warrant)
	 	 	 	 
	 	 	 	
         

	 	 	 	(Street Address)
	 	 	 	 
	 	 	 	
         

	 	 	 	(City) (State) (Zip Code)
	 	 	 	 
	 	Signed in the
 presence of:	 	 
	 	 	 	 
	 	 	 	
         

	 	 	 	(Signature of Transferee)
	 	 	 	 
	 	 	 	
         

	 	 	 	(Street Address)
	 	 	 	 
	 	 	 	
         

	 	 	 	(City) (State) (Zip Code)
	 	 	 	 
	 	Signed in the 
 presence of:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]