Document:

Exhibit 10.1

 

CELCUITY INC.

 

2017 STOCK INCENTIVE PLAN

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	Purpose of Plan	1
	 	 	 	 
	2.	Definitions	1
	 	 	 	 
	3.	Effective Date and Duration of the Plan	4
	 	3.1	Effective Date and Duration	4
	 	3.2	Stockholder Approval	4
	 	 	 	 
	4.	Shares Available for Issuance	5
	 	4.1	Plan Reserve	5
	 	4.2	Accounting for Incentive Awards	5
	 	4.3	Award Limitations Under the Plan	5
	 	4.4	Adjustments to Shares and Incentive Awards	5
	 	 	 	 
	5.	Plan Administration	6
		5.1	The Committee	6
		5.2	Authority of the Committee	6
	 	 	 	 
	6.	Participation	7
	 	 	 	 
	7.	Options	7
	 	7.1	Grant	7
	 	7.2	Exercise Price	8
	 	7.3	Exercisability and Duration	8
	 	7.4	Payment of Exercise Price	8
	 	7.5	Manner of Exercise	8
	 	7.6	Aggregate Limitation of Stock Subject to Incentive Stock Options	8
	 	 	 	 
	8.	Stock Appreciation Rights	9
	 	8.1	Grant	9
	 	8.2	Exercisability and Duration	9
	 	 	 	 
	9.	Restricted Stock and Restricted Stock Unit Awards	9
	 	9.1	Grant	9
	 	9.2	Rights as a Stockholder; Transferability	9
	 	9.3	Dividends and Distributions	10
	 	9.4	Enforcement of Restrictions	10
	 	 	 
	10.	Performance Awards	10
	 	10.1	Grant	10
	 	10.2	Performance Goals	10
	 	10.3	Form of Payment	11
	 	 	 	 
	11.	Stock Bonuses	11
	 	 	 	 
	12.	Effect of Termination of Employment or Other Service	11
	 	12.1	Termination Due to Death, Disability or Retirement	11
	 	12.2	Termination for Reasons Other than Death, Disability or Retirement	12
	 	12.3	Modification of Rights Upon Termination	12

  

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	 	 	 	Page
	 	 	 	 
	 	12.4	Exercise of Incentive Stock Options Following Termination	12
	 	12.5	Date of Termination of Employment or Other Service	13
	 	 	 	 
	13.	Payment of Withholding Taxes	13
	 	13.1	General Rules	13
	 	13.2	Special Rules	13
	 	 	 	 
	14.	Action upon Change in Control	13
	 	 	 	 
	15.	Rights of Eligible Recipients and Participants; Transferability	14
	 	15.1	Employment or Service	14
	 	15.2	Rights as a Stockholder	14
	 	15.3	Restrictions on Transfer	14
	 	15.4	Breach of Confidentiality or Non-Compete Agreements	14
	 	15.5	Non-Exclusivity of the Plan	14
	 	 	 	 
	16.	Securities Law and Other Restrictions	15
	 	 	 	 
	17.	Plan Amendment, Modification and Termination	15
	 	 	 	 
	18.	Miscellaneous	15
	 	18.1	Compliance with Section 162(m)	15
	 	18.2	Successors and Assigns	15
	 	18.3	Governing Law	15

 

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CELCUITY INC.

2017 STOCK INCENTIVE PLAN

 

		1.	Purpose of Plan.

 

The purpose of the Celcuity Inc. 2017 Stock
Incentive Plan (the “Plan”) is to advance the interests of Celcuity Inc. (the “Company”)
and its stockholders by enabling the Company and its Subsidiaries to attract and retain persons of skill and ability to perform
services for the Company and its Subsidiaries by providing an incentive to such individuals through equity participation in the
Company and by rewarding such individuals who contribute to the achievement by the Company of its economic objectives.

 

		2.	Definitions.

 

The following terms will have the meanings
set forth below, unless the context clearly otherwise requires:

 

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

 

2.2.          “Broker
Exercise Notice” means a written notice pursuant to which a Participant, upon exercise of an Option, irrevocably instructs
a broker or dealer to sell a sufficient number of shares or lend a sufficient amount of money to pay all or a portion of the exercise
price of the Option and/or any related withholding tax obligations and remit such sums to the Company and directs the Company to
deliver stock certificates to be issued upon such exercise directly to such broker or dealer.

 

2.3.          “Cause”
means:

 

(a)          “Cause”
as defined in any employment or other agreement or policy applicable to the Participant; or

 

(b)          If
no such agreement or policy exists, (i) dishonesty, fraud, misrepresentation, embezzlement or deliberate injury or attempted injury,
in each case related to the Company or any Subsidiary, (ii) substantial failure on the part of the Participant to perform his or
her duties to the Company or any Subsidiary or gross negligence on the part of the Participant in the performance of such duties,
(iii) any unlawful or criminal activity of a serious nature, or (iv) any material breach of any employment, service, confidentiality
or non-compete agreement entered into with the Company or any Subsidiary.

 

2.4.          “Change
in Control” of the Company means the occurrence of any of the following events:

 

(a)          the
sale, lease, exchange or other transfer of all or substantially all of the assets of the Company (in one transaction or in a series
of related transactions) except where such sale, lease, exchange or other transfer is to an entity controlled by the Company;

 

(b)          the
approval by the stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or

 

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(c)          any
person becomes after the effective date of the Plan the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of fifty percent (50%) or more of the combined voting power of the Company’s outstanding securities
ordinarily having the right to vote at elections of directors; or

 

(d)          a
merger or consolidation to which the Company is a party if the persons who are the stockholders of the Company immediately prior
to effective date of such merger or consolidation have “beneficial ownership” (as defined in Rule l3d-3 under the Exchange
Act), immediately following the effective date of such merger or consolidation, of securities of the surviving corporation representing
50% or less of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the
right to vote at elections of directors.

 

2.5.          “Code”
means the Internal Revenue Code of 1986, as amended.

 

2.6.          “Committee”
means the group of individuals administering the Plan, as provided in Section 5 of the Plan.

 

2.7.          “Common
Stock” means the common stock of the Company, $0.001 par value, or the number and kind of shares of stock or other securities
into which such common stock may be changed in accordance with Section 4.4 of the Plan.

 

2.8.          “Disability”
means the disability of the Participant such as would entitle the Participant to receive disability income benefits pursuant to
the long-term disability plan of the Company or Subsidiary then covering the Participant or, if no such plan exists or is applicable
to the Participant, the permanent and total disability of the Participant within the meaning of Section 22(e)(3) of the Code.

 

2.9.          “Effective
Date” shall mean the day before the effective date of the Registration Statement on Form S-1 for the initial public offering
of the Company’s Common Stock.

 

2.10.        “Eligible
Recipient” means any employee of the Company or any Subsidiary and any non-employee director, consultant or independent
contractor of the Company or any Subsidiary.

 

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

 

2.12.        “Fair
Market Value” means, with respect to the Common Stock, as of any date: (i) the last reported sale price of a share
of Common Stock as of such date during the regular daily trading session on the NASDAQ Capital Market or on any other national
exchange (or, if no shares were traded or quoted on such date, as of the next preceding date on which there was such a trade or
quote); or (ii) if the Common Stock is publicly traded but is not so listed, the average of the closing bid and asked prices
on such date, as reported by The Wall Street Journal, in the over-the- counter market (or, if no shares were quoted on such date,
as of the next preceding date on which there was such a quote); or (iii) if the Common Stock is not so listed or reported,
such price as the Committee determines in good faith in the exercise of its reasonable discretion, taking into account all available
information material to the value of the Common Stock, and consistent with the definition of “fair market value” under
Section 409A of the Code.

 

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2.13.         “Incentive
Award” means an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Award
or Stock Bonus granted to an Eligible Recipient pursuant to the Plan.

 

2.14.         “Incentive
Stock Option” means a right to purchase Common Stock granted to an Eligible Recipient pursuant to Section 7 of the
Plan that qualifies as an “incentive stock option” within the meaning of Section 422 of the Code.

 

2.15.         “Non-Statutory
Stock Option” means a right to purchase Common Stock granted to an Eligible Recipient pursuant to Section 7 of the
Plan that does not qualify as an Incentive Stock Option.

 

2.16.         “Option”
means an Incentive Stock Option or a Non-Statutory Stock Option.

 

2.17.         “Participant”
means an Eligible Recipient who receives one or more Incentive Awards under the Plan.

 

2.18.         “Performance
Award” means a right granted to an Eligible Recipient pursuant to Section 10 of the Plan to receive a payment from
the Company, in the form of stock, cash or a combination of both, upon the achievement of established employment, service, performance
or other goals.

 

2.19.         “Performance
Goal” means one or more of the following performance goals, either individually, alternatively or in any combination,
applied on a Company, Subsidiary or business unit basis: revenue, cash flow, gross profit, earnings before interest and taxes,
earnings before interest, taxes, depreciation and amortization and net earnings, earnings per share, margins (including one or
more of gross, operating and· net income margins), returns (including one or more of return on assets, equity, investment,
capital and revenue and total stockholder return), stock price, working capital, market share, cost reductions, workforce satisfaction
and diversity goals, employee retention, customer satisfaction, completion of key projects and strategic plan development and implementation.
Such goals may reflect absolute entity or business unit performance or a relative comparison to the performance of a peer group
of entities, prior periods of performance) or other external measures of the selected performance criteria.

 

Pursuant to rules and conditions adopted
by the Committee on or before the earlier of the expiration of twenty-five percent (25%) of the applicable performance period or
the 90th day of the applicable performance period for which Performance Goals are established, the Committee may appropriately
adjust any evaluation of performance under such goals to exclude the effect of certain events, including any of the following events:
asset write-downs; litigation or claim judgments or settlements; changes in tax law, accounting principles or other such laws or
provisions affecting reported results; severance, contract termination and other costs related to exiting certain business activities;
and gains or losses from the disposition of businesses or assets or from the early extinguishment of debt. Performance Goals may
include individual objectives or other subjective criteria.

 

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2.20.         “Previously
Acquired Shares” means shares of Common Stock that are already owned by the Participant or, with respect to any Incentive
Award, that are to be issued upon the grant, exercise or vesting of such Incentive Award.

 

2.21.         “Restricted
Stock Award” means an award of Common Stock granted to an Eligible Recipient pursuant to Section 9 of the Plan that
is subject to the restrictions on transferability and the risk of forfeiture imposed by the provisions of such Section 9.

 

2.22.         “Restricted
Stock Unit Award” means an award granted to an Eligible Recipient pursuant to Section 9 of the Plan evidencing the
right to receive a Share (or a cash payment equal to the Fair Market Value of a Share) at some future date.

 

2.23.         “Retirement”
means termination of employment or service pursuant to and in accordance with the regular (or, if approved by the Board for purposes
of the Plan, early) retirement/pension plan or practice of the Company or Subsidiary then covering the Participant, provided
that if the Participant is not covered by any such plan or practice, the Participant will be deemed to be covered by the Company’s
plan or practice for purposes of this determination.

 

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

 

2.25.         “Share”
means a share of Common Stock.

 

2.26.         “Stock
Appreciation Right” means a right granted to an Eligible Recipient pursuant to Section 8 of the Plan to receive
a payment from the Company at the time of exercise, in the form of stock, cash or a combination of both, equal to the difference
between the Fair Market Value of one or more shares of Common Stock and the exercise price of such shares under the terms of such
Stock Appreciation Right.

 

2.27.         “Stock
Bonus” means an award of Common Stock granted to an Eligible Recipient pursuant to Section 11 of the Plan.

 

2.28.         “Subsidiary”
means any entity that is directly or indirectly controlled by the Company or any entity in which the Company has a significant
equity interest, as determined by the Committee.

 

2.29.         “Tax
Date” means the date any withholding tax obligation arises under the Code or other applicable tax statute for a Participant
with respect to an Incentive Award.

 

		3.	Effective Date and
Duration of the Plan.

 

3.1.          Effective
Date and Duration. The Plan is effective as of the Effective Date. The Plan will terminate at midnight on September 6, 2027,
and may be terminated prior to such time by Board action, and no Incentive Award may be granted after such termination. Incentive
Awards outstanding upon termination of the Plan may continue to be exercised, or become free of restrictions, in accordance with
their terms.

 

3.2.          Stockholder
Approval. The Plan shall be submitted to the stockholders of the Company for approval within twelve (12) months before or after
the Effective Date. Incentive Awards may be granted prior to the date this Plan is approved by the stockholders of the Company;
provided, however, that any incentive stock options granted after adoption of the Plan by the Board shall be treated as
nonqualified stock options if stockholder approval is not obtained within such twelve-month period.

 

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		4.	Shares Available for
Issuance.

 

4.1.          Plan
Reserve. Subject to adjustment as provided in Section 4.4 of the Plan, an aggregate of seven hundred fifty thousand (750,000)
Shares are reserved for issuance under the Plan. On January 1 of each year commencing in 2019 and ending on (and including) January
1, 2027, an additional number of Shares shall become available for issuance under the Plan equal to the lesser of: (i) one
percent (1%) of the number of Shares issued and outstanding as of the immediately preceding December 31, and (ii) another
amount determined by the Board. All Shares reserved for issuance under the Plan may be issued as Incentive Stock Options.

 

4.2.          Accounting
for Incentive Awards. Shares of Common Stock that are issued under the Plan or that are subject to outstanding Incentive Awards
will be applied to reduce the maximum number of shares of Common Stock remaining available for issuance under the Plan. Any shares
of Common Stock that are subject to an Incentive Award that lapse, expire, are forfeited or for any reason are terminated unexercised
or unvested and any shares of Common Stock that are subject to an Incentive Award that is settled or paid in cash or any form other
than shares of Common Stock will automatically again become available for issuance under the Plan. Any shares of Common Stock that
constitute the forfeited portion of a Restricted Stock Award, however, will not become available for re-issuance under the Plan
after they have been so forfeited.

 

4.3.          Award
Limitations Under the Plan. Notwithstanding any provision in the Plan to the contrary, no Eligible Recipient may be granted
an Incentive Award or Awards under the Plan, the value of which Award or Awards is based solely on an increase in the value of
the Shares after the date of grant of such Award or Awards, for more than 250,000 Shares (subject to adjustment as provided in
Section 4.4 of the Plan) in the aggregate in any calendar year; provided, however, that such limitation shall be 500,000
shares (subject to adjustment as provided in Section 4.4 of the Plan) in the case of Awards granted to an Eligible Recipient
in the calendar year in which such Eligible Recipient commences employment with the Company or a Subsidiary.

 

4.4.          Adjustments
to Shares and Incentive Awards. In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification,
stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend (including a spin-off)
or any other similar change in the corporate structure or shares of the Company, the Committee (or, if the Company is not the surviving
corporation in any such transaction, the board of directors of the surviving corporation) will make appropriate adjustment (which
determination will be conclusive) as to the number and kind of securities or other property (including cash) available for issuance
or payment under the Plan and, in order to prevent dilution or enlargement of the rights of Participants, (a) the number and kind
of securities or other property (including cash) subject to outstanding Options, and (b) the exercise price of outstanding Options.

 

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		5.	Plan Administration.

 

5.1.          The
Committee. The Plan will be administered by the Board or by a committee of the Board. So long as the Company has a class of
its equity securities registered under Section 12 of the Exchange Act, any committee administering the Plan will consist solely
of two or more members of the Board who are “non-employee directors” within the meaning of Rule 16b-3 under the Exchange
Act and, if the Board so determines in its sole discretion, who are “outside directors” within the meaning of Section
162(m) of the Code. Such a committee, if established, will act by majority approval of the members (but may also take action with
the written consent of a majority of the members of such committee), and a majority of the members of such a committee will constitute
a quorum. As used in the Plan “Committee” will refer to the Board or to such a committee, if established. To the extent
consistent with corporate law, the Committee may delegate to any officers of the Company the duties, power and authority of the
Committee under the Plan pursuant to such conditions or limitations as the Committee may establish; provided, however,
that only the Committee may exercise such duties, power and authority with respect to Eligible Recipients who are subject to Section
16 of the Exchange Act. The Committee may exercise its duties, power and authority under the Plan in its sole and absolute discretion
without the consent of any Participant or other party, unless the Plan specifically provides otherwise. Each determination, interpretation
or other action made or taken by the Committee pursuant to the provisions of the Plan will be final, conclusive and binding for
all purposes and on all persons, including, without limitation, the Company, the stockholders of the Company, the participants
and their respective successors-in-interest. No member of the Committee will be liable for any action or determination made in
good faith with respect to the Plan or any Incentive Award granted under the Plan.

 

		5.2.	Authority of the Committee.

 

(a)          In
accordance with and subject to the provisions of the Plan, the Committee will have the authority to determine all provisions of
Incentive Awards as the Committee may deem necessary or desirable and as consistent with the terms of the Plan, including, without
limitation, the following: (i) the Eligible Recipients to be selected as Participants; (ii) the nature and extent of the Incentive
Awards to be made to each Participant (including the number of shares of Common Stock to be subject to each Incentive Award, any
exercise price, the manner in which Incentive Awards will vest or become exercisable and whether Incentive Awards will be granted
in tandem with other Incentive Awards) and the form of written agreement, if any, evidencing such Incentive Award; (iii) the time
or times when Incentive Awards will be granted; (iv) the duration of each Incentive Award; and (v) the restrictions and other conditions
to which the payment or vesting of Incentive Awards may be subject. In addition, the Committee will have the authority under the
Plan in its sole discretion to pay the economic value of any Incentive Award in the form of cash, Common Stock or any combination
of both.

 

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(b)          The
Committee will have the authority under the Plan to amend or modify the terms of any outstanding Incentive Award in any manner,
including, without limitation, the authority to modify the number of shares or other terms and conditions of an Incentive Award,
extend the term of an Incentive Award, accelerate the exercisability or vesting or otherwise terminate any restrictions relating
to an Incentive Award, accept the surrender of any outstanding Incentive Award or, to the extent not previously exercised or vested,
authorize the grant of new Incentive Awards in substitution for surrendered Incentive Awards; provided, however,
that the amended or modified terms are permitted by the Plan as then in effect, that such amendment
or modification does not cause the Incentive Award to become subject to Section 409A of the Code, and that any Participant
adversely affected by such amended or modified terms has consented to such amendment or modification. No amendment or modification
to an Incentive Award, however, whether pursuant to this Section 5.2 or any other provisions of the Plan, will be deemed to
be a re-grant of such Incentive Award for purposes of the Plan.

 

(c)          In
the event of (i) any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock
split, combination of shares, rights offering, extraordinary dividend or divestiture (including a spin-off) or any other similar
change in corporate structure or shares, (ii) any purchase, acquisition, sale or disposition of a significant amount of assets
or a significant business, (iii) any change in accounting principles or practices, or (iv) any other similar change, in each case
with respect to the Company or any other entity whose performance is relevant to the grant or vesting of an Incentive Award, the
Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving
corporation) may, without the consent of any affected Participant, amend or modify the vesting criteria of any outstanding Incentive
Award that is based in whole or in part on the financial performance of the Company (or any Subsidiary or division thereof) or
such other entity so as equitably to reflect such event, with the desired result that the criteria for evaluating such financial
performance of the Company or such other entity will be substantially the same (in the sole discretion of the Committee or the
board of directors of the surviving corporation) following such event as prior to such event; provided, however,
that the amended or modified terms are permitted by the Plan as then in effect.

 

		6.	Participation.

 

Participants in the Plan will be those Eligible
Recipients who, in the judgment of the Committee, have contributed, are contributing or are expected to contribute to the achievement
of economic objectives of the Company or its Subsidiaries. Eligible Recipients may be granted from time to time one or more Incentive
Awards, singly or in combination or in tandem with other Incentive Awards, as may be determined by the Committee in its sole discretion.
Incentive Awards will be deemed to be granted as of the date specified in the grant resolution of the Committee, which date will
be the date of any related agreement with the Participant.

 

		7.	Options.

 

7.1.          Grant.
An Eligible Recipient may be granted one or more Options under the Plan, and such Options will be subject to such terms and conditions,
consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. The Committee may
designate whether an Option is to be considered an Incentive Stock Option or a Non-Statutory Stock Option. To the extent that any
Incentive Stock Option granted under the Plan ceases for any reason to qualify as an “incentive stock option” for purposes
of Section 422 of the Code, such Incentive Stock Option will continue to be outstanding for purposes of the Plan but will thereafter
be deemed to be a Non-Statutory Stock Option.

 

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7.2.          Exercise
Price. The per share price to be paid by a Participant upon exercise of an Option will be determined by the Committee in its
discretion at the time of the Option grant; provided, however, that such price will not be less than one hundred
percent (100%) of the Fair Market Value of one share of Common Stock on the date of grant (or, with respect to an Incentive Stock
Option, one hundred ten percent (110%) of the Fair Market Value if, at the time the Incentive Stock Option is granted, the Participant
owns, directly or indirectly, more than ten percent (10%) of the total combined voting power of all classes of stock of the Company
or any parent or subsidiary corporation of the Company).

 

7.3.          Exercisability
and Duration. An Option will become exercisable at such times and in such installments as may be determined by the Committee
in its sole discretion at the time of grant; provided, however, that no Incentive Stock Option may be exercisable
after ten (10) years from its date of grant (five (5) years from its date of grant if, at the time the Incentive Stock Option is
granted, the Participant owns, directly or indirectly, more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or any parent or subsidiary corporation of the Company).

 

7.4.          Payment
of Exercise Price. The total purchase price of the shares to be purchased upon exercise of an Option will be paid entirely
in cash (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion
and upon terms and conditions established by the Committee, may allow such payments to be made, in whole or in part, by tender
of a Broker Exercise Notice, Previously Acquired Shares, a promissory note (on terms acceptable to the Committee in its sole discretion)
or a combination of such methods, or by any other form of payment the Committee may authorize.

 

7.5.          Manner
of Exercise. An Option may be exercised by a Participant in whole or in part from time to time, subject to the conditions contained
in the Plan and in the agreement evidencing such Option, by delivery in person, by facsimile or electronic transmission or through
the mail of written notice of exercise to the Company (Attention: Chief Financial Officer) at its principal executive office, and
by paying in full the total exercise price for the shares of Common Stock to be purchased in accordance with Section 7.4 of
the Plan.

 

7.6.          Aggregate
Limitation of Stock Subject to Incentive Stock Options. To the extent that the aggregate Fair Market Value (determined as of
the date an Incentive Stock Option is granted) of the shares of Common Stock with respect to which incentive stock options (within
the meaning of Section 422 of the Code) are exercisable for the first time by a Participant during any calendar year (under the
Plan and any other incentive stock option plans of the Company or any subsidiary or parent corporation of the Company (within the
meaning of the Code)) exceeds $100,000 (or such other amount as may be prescribed by the Code from time to time), such excess Options
will be treated as Non-Statutory Stock Options. The determination will be made by taking incentive stock options into account in
the order in which they were granted. If such excess only applies to a portion of an Incentive Stock Option, the Committee, in
its discretion, will designate which shares will be treated as shares to be acquired upon exercise of an Incentive Stock Option.

 

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		8.	Stock Appreciation
Rights.

 

8.1.          Grant.
An Eligible Recipient may be granted one or more Stock Appreciation Rights under the Plan, and such Stock Appreciation Rights will
be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee
in its sole discretion. A Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive
upon exercise thereof the excess of (i) the Fair Market Value of one Share on the date of exercise (or, if the Committee shall
so determine, at any time during a specified period before or after the date of exercise) over (ii) the grant price of the Stock
Appreciation Right as determined by the Committee, which grant price shall not be less than one hundred percent (100%) of the Fair
Market Value of one Share on the date of grant of the Stock Appreciation Right. The Committee will have the sole discretion to
determine the form in which payment of the economic value of Stock Appreciation Rights will be made to a Participant (i.e., cash,
Common Stock or any combination thereof) or to consent to or disapprove the election by a Participant of the form of such payment.

 

8.2.          Exercisability
and Duration. A Stock Appreciation Right will become exercisable at such time and in such installments as may be determined
by the Committee in its sole discretion at the time of grant; provided, however, that no Stock Appreciation Right
may be exercisable after ten (10) years from its date of grant. A Stock Appreciation Right will be exercised by giving notice in
the same manner as for Options, as set forth in Section 7.5 of the Plan.

 

		9.	Restricted Stock and
Restricted Stock Units.

 

9.1.          Grant.
An Eligible Recipient may be granted one or more Restricted Stock Awards or Restricted Stock Unit Awards under the Plan, and such
Restricted Stock Awards or Restricted Stock Unit Awards will be subject to such terms and conditions, consistent with the other
provisions of the Plan, as may be determined by the Committee in its sole discretion. The Committee may impose such restrictions
or conditions, such as forfeiture or a repurchase option, not inconsistent with the provisions of the Plan, to the vesting of or
the lapse of restrictions or conditions for any such Restricted Stock or Restricted Stock Units as it deems appropriate, including,
without limitation, that the Participant remain in the continuous employ or service of the Company or a Subsidiary for a certain
period or that the Participant or the Company (or any Subsidiary or division thereof) satisfy certain performance goals or criteria.

 

9.2.          Rights
as a Stockholder; Transferability. Except as provided in Sections 9.1, 9.3 and 15.3 of the Plan, a Participant will have
all voting, dividend, liquidation and other rights with respect to shares of Common Stock issued to the Participant as a Restricted
Stock Award under this Section 9 upon the Participant becoming the holder of record of such shares as if such Participant
were a holder of record of shares of unrestricted Common Stock. In the case of Restricted Stock Unit Awards, no Shares shall be
issued at the time such Awards are granted. Upon the lapse or waiver of restrictions and the restricted period relating to Restricted
Stock Units evidencing the right to receive Shares, such Shares shall be issued and delivered to the holder of the Restricted Stock
Units.

 

    	 	9	 

     

    

 

9.3.          Dividends
and Distributions. Unless the Committee determines otherwise in its sole discretion (either in the agreement evidencing the
Restricted Stock Award at the time of grant or at any time after the grant of the Restricted Stock Award), any dividends or distributions
(including regular quarterly cash dividends, if any) paid with respect to shares of Common Stock subject to the unvested portion
of a Restricted Stock Award will be subject to the same restrictions as the shares to which such dividends or distributions relate.
In the event the Committee determines not to pay dividends or distributions currently, the Committee will determine in its sole
discretion whether any interest will be paid on such dividends or distributions. In addition, the Committee in its sole discretion
may require such dividends and distributions to be reinvested (and in such case the Participant consents to such reinvestment)
in shares of Common Stock that will be subject to the same restrictions as the shares to which such dividends or distributions
relate.

 

9.4.          Enforcement
of Restrictions. To enforce the restrictions referred to in this Section 9, the Committee may place a legend on the stock
certificates referring to such restrictions and may require the Participant, until the restrictions have lapsed, to keep the stock
certificates, together with duly endorsed stock powers, in the custody of the Company or its transfer agent or to maintain evidence
of stock ownership, together with duly endorsed stock powers, in a certificateless book-entry stock account with the Company’s
transfer agent.

 

		10.	Performance Awards.

 

10.1.         Grant.
An Eligible Recipient may be granted one or more Performance Awards under the Plan, and such Performance Awards will be subject
to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole
discretion. Performance Awards are intended to be “qualified performance-based compensation” within the meaning of
Section 162(m).

 

10.2.         Performance
Goals. Performance Awards shall, to the extent required by Section 162(m), be conditioned solely on the achievement of one
or more objective Performance Goals, and such Performance Goals shall be established by the Committee within the time period prescribed
by, and shall otherwise comply with the requirements of, Section l62(m). The Committee may impose such restrictions or conditions,
not inconsistent with the provisions of the Plan, to the vesting of such Performance Awards as it deems appropriate, including,
without limitation, that the Participant remain in the continuous employ or service of the Company or any Subsidiary for a certain
period or that the Participant or the Company (or any Subsidiary or division thereof) satisfy certain Performance Goals. Subject
to the terms of the Plan and any applicable Performance Award agreement, the Committee will have the sole discretion to determine
the Performance Goals to be achieved during any performance period, the length of any performance period, the amount of any Performance
Award granted, the amount of any payment or transfer to be made pursuant to any Performance Award, and any other terms and conditions
of any Performance Award. The Committee shall also certify in writing that such Performance Goals have been met prior to payment
of the Performance Awards to the extent required by Section 162(m).

 

    	 	10	 

     

    

 

10.3.         Form
of Payment. A Performance Award granted under the Plan may be payable in cash or in Shares (including, without limitation,
Restricted Stock). The Committee will have the sole discretion to determine the form in which payment of the economic value of
Performance Awards will be made to a Participant (i.e., cash, Common Stock or any combination thereof) or to consent to or disapprove
the election by a Participant of the form of such payment.

 

		11.	Stock Bonuses.

 

An Eligible Recipient may be granted one
or more Stock Bonuses under the Plan, and such Stock Bonuses will be subject to such terms and conditions, consistent with the
other provisions of the Plan, as may be determined by the Committee. The Participant will have all voting, dividend, liquidation
and other rights with respect to the shares of Common Stock issued to a Participant as a Stock Bonus under this Section 11
upon the Participant becoming the holder of record of such shares; provided, however, that the Committee may impose
such restrictions on the assignment or transfer of a Stock Bonus as it deems appropriate.

 

		12.	Effect of Termination
of Employment or Other Service.

 

12.1.         Termination
Due to Death, Disability or Retirement. Unless otherwise provided by the Committee in its sole discretion in the agreement
evidencing an Incentive Award:

 

(a)          In
the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated by reason of death
or Disability:

 

(i)          all
outstanding Options and Stock Appreciation Rights then held by the Participant will become immediately exercisable in full and
remain exercisable for a period of twelve (12) months after such termination (but in no event after the expiration date of any
such Option or Stock Appreciation Right);

 

(ii)         all
Restricted Stock Awards and Restricted Stock Unit Awards then held by the Participant will become fully vested; and

 

(iii)        all
Performance Awards and Stock Bonuses then held by the Participant will vest and/or continue to vest in the manner determined by
the Committee and set forth in the agreement evidencing such Performance Awards or Stock Bonuses.

 

(b)          In
the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated by reason of Retirement:

 

(i)          all
outstanding Options and Stock Appreciation Rights then held by the Participant will remain exercisable, to the extent exercisable
as of the date of such termination, for a period of six (6) months after such termination (but in no event after the expiration
date of any such Option or Stock Appreciation Right);

 

(ii)         all
Restricted Stock Awards and Restricted Stock Unit Awards then held by the Participant that have not vested as of such termination
will be terminated and forfeited; and

 

    	 	11	 

     

    

 

(iii)        all
Performance Awards and Stock Bonuses then held by the Participant will vest and/or continue to vest in the manner determined by
the Committee and set forth in the agreement evidencing such Performance Awards or Stock Bonuses.

 

12.2.         Termination
for Reasons Other than Death, Disability or Retirement. Unless otherwise provided by the Committee in its sole discretion
in the agreement evidencing an Incentive Award, in the event a Participant’s employment or other service with the Company
and all Subsidiaries is terminated for any reason other than death, Disability or Retirement, or a Participant is in the employ
or service of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues in the
employ or service of the Company or another Subsidiary), all rights of the Participant under the Plan and any agreements evidencing
an Incentive Award will immediately terminate without notice of any kind, and no Options or Stock Appreciation Rights then held
by the Participant will thereafter be exercisable, all Restricted Stock Awards and Restricted Stock Unit Awards then held by the
Participant that have not vested will be terminated and forfeited, and all Performance Awards and Stock Bonuses then held by the
Participant will vest and/or continue to vest in the manner determined by the Committee and set forth in the agreement evidencing
such Performance Awards or Stock Bonuses; provided, however, that if such termination is due to any reason other
than voluntary termination by the Participant or termination by the Company or any Subsidiary for “Cause,” all outstanding
Options and Stock Appreciation Rights then held by such Participant will remain exercisable, to the extent exercisable as of such
termination, for a period of three (3) months after such termination (but in no event after the expiration date of any such Option
or Stock Appreciation Right).

 

12.3.         Modification
of Rights Upon Termination. Notwithstanding the other provisions of this Section 12, upon a Participant’s termination
of employment or other service with the Company and all Subsidiaries, the Committee may, in its sole discretion (which may be exercised
at any time on or after the date of grant, including following such termination), cause Options and Stock Appreciation Rights (or
any part thereof) then held by such Participant to become or continue to become exercisable and/or remain exercisable following
such termination of employment or service and Restricted Stock Awards, Restricted Stock Unit Awards, Performance Awards and Stock
Bonuses then held by such Participant to vest and/or continue to vest or become free of transfer restrictions, as the case may
be, following such termination of employment or service, in each case in the manner determined by the Committee; provided,
however, that no Incentive Award may remain exercisable or continue to vest beyond its expiration date. Notwithstanding
the foregoing, no extension to exercise will be permitted if such extension would cause the Award to become subject to Section
409A of the Code.

 

12.4.         Exercise
of Incentive Stock Options Following Termination. Any Incentive Stock Option that remains exercisable pursuant to an agreement
with the Company following termination of employment and is unexercised more than one (1) year following termination of employment
by reason of death or Disability or more than three (3) months following termination for any reason other than death or Disability
will thereafter be deemed to be a Non-Statutory Stock Option.

 

    	 	12	 

     

    

 

12.5.         Date
of Termination of Employment or Other Service. Unless the Committee otherwise determines in its sole discretion, a Participant’s
employment or other service will, for purposes of the Plan, be deemed to have terminated on the date recorded on the personnel
or other records of the Company or the Subsidiary for which the Participant provides employment or other service, as determined
by the Committee in its sole discretion based upon such records.

 

		13.	Payment of Withholding
Taxes.

 

13.1.          General
Rules. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts that
may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all
legally required amounts necessary to satisfy any and all foreign, federal, state and local withholding and employment-related
tax requirements attributable to an Incentive Award, including, without limitation, the grant, exercise or vesting of, or payment
of dividends with respect to, an Incentive Award or a disqualifying disposition of stock received upon exercise of an Incentive
Stock Option, or (b) require the Participant promptly to remit the amount of such withholding to the Company before taking any
action, including issuing any shares of Common Stock, with respect to an Incentive Award.

 

13.2.          Special
Rules. The Committee may, in its sole discretion and upon terms and conditions established by the Committee, permit or require
a Participant to satisfy, in whole or in part, any withholding or employment-related tax obligation described in Section 13.1
of the Plan by electing to tender Previously Acquired Shares, a Broker Exercise Notice or a promissory note (on terms acceptable
to the Committee in its sole discretion), or by a combination of such methods.

 

		14.	Action upon Change
in Control.

 

If a Change in Control of the Company occurs
or is about to occur, the Committee, in its sole discretion, may provide for one or more of the following:

 

(a)          the
partial or full acceleration of the exercisability of outstanding Incentive Awards held by some or all Participants, provided
that the Committee, in its sole discretion, may condition such acceleration (or the Participant’s receipt of any securities
or payments with respect to such acceleration) upon the Participant’s continued service to the Company or to the successor
person in the Change in Control;

 

(b)          the
complete termination of the Plan and cancellation of outstanding Incentive Awards not exercised prior to a date specified by the
Committee;

 

(c)          the
continuance of the Plan with respect to outstanding Incentive Awards;

 

(d)          replacement
or exchange of the Incentive Awards for options to purchase similar securities of the successor person in the Change in Control;

 

(e)          the
substitution for outstanding Incentive Awards of shares of common stock of the person acquiring control of the Company or a related
corporation; or

 

    	 	13	 

     

    

 

(f)          the
receipt by some or all Participants holding outstanding Incentive Awards with respect to some or all of the shares of Common Stock
subject to such Incentive Awards, as of the effective date of any such Change in Control of the Company, of cash in an amount equal
to the excess of the per share price paid in connection with the Change in Control of the Company over the exercise price per share
of such Incentive Awards, multiplied by the number of shares subject to such Incentive Awards.

 

		15.	Rights of Eligible
Recipients and Participants; Transferability.

 

15.1.          Employment
or Service. Nothing in the Plan will interfere with or limit in any way the right of the Company or any Subsidiary to terminate
the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible Recipient or Participant
any right to continue in the employ or service of the Company or any Subsidiary.

 

15.2.          Rights
as a Stockholder. As a holder of Incentive Awards (other than Restricted Stock Awards and Stock Bonuses), a Participant will
have no rights as a stockholder unless and until such Incentive Awards are exercised for, or paid in the form of, shares of Common
Stock and the Participant becomes the holder of record of such shares. Except as otherwise provided in the Plan, no adjustment
will be made for dividends or distributions with respect to such Incentive Awards as to which there is a record date preceding
the date the Participant becomes the holder of record of such shares, except as the Committee may determine in its discretion.

 

15.3.          Restrictions
on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted
by the Plan, unless approved by the Committee in its sole discretion, no right or interest of any Participant in an Incentive Award
prior to the exercise or vesting of such Incentive Award will be assignable or transferable, or subjected to any lien, during the
lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise. A Participant
will, however, be entitled to designate a beneficiary to receive an Incentive Award upon such Participant’s death, and in
the event of a Participant’s death, payment of any amounts due under the Plan will be made to, and exercise of any Options
(to the extent permitted pursuant to Section 12 of the Plan) may be made by, the Participant’s legal representatives,
heirs and legatees.

 

15.4.          Breach
of Confidentiality, Assignment of Inventions or Non-Compete Agreements. Notwithstanding anything in the Plan to the contrary,
in the event that a Participant materially breaches the terms of any confidentiality, assignment of inventions or non-compete agreement
entered into with the Company or any Subsidiary, whether such breach occurs before or after termination of such Participant’s
employment or other service with the Company or any Subsidiary, the Committee in its sole discretion may immediately terminate
all rights of the Participant under the Plan and any agreements evidencing an Incentive Award then held by the Participant without
notice of any kind.

 

15.5.          Non-Exclusivity
of the Plan. Nothing contained in the Plan is intended to modify or rescind any previously or subsequently approved compensation
plans or programs of the Company or create any limitations on the power or authority of the Board to adopt such additional or other
compensation arrangements as the Board may deem necessary or desirable.

 

    	 	14	 

     

    

 

		16.	Securities Law and
Other Restrictions.

 

Notwithstanding any other provision of the
Plan or any agreements entered into pursuant to the Plan, the Company will not be required to issue any shares of Common Stock
under the Plan, and a Participant may not sell, assign, transfer or otherwise dispose of shares of Common Stock issued pursuant
to Incentive Awards granted under the Plan, unless (a) there is in effect with respect to such shares a registration statement
under the Securities Act and any applicable state or foreign securities laws or an exemption from such registration under the Securities
Act and applicable state or foreign securities laws, and (b) there has been obtained any other consent, approval or permit from
any other regulatory body which the Committee, in its sole discretion, deems necessary or advisable. The Company may condition
such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement
of any legends on certificates representing shares of Common Stock, as may be deemed necessary or advisable by the Company in order
to comply with such securities law or other restrictions.

 

		17.	Plan Amendment, Modification
and Termination.

 

The Board may suspend or terminate the Plan
or any portion thereof at any time, and may amend the Plan from time to time in such respects as the Board may deem advisable in
order that Incentive Awards under the Plan will conform to any change in applicable laws or regulations or in any other respect
the Board may deem to be in the best interests of the Company; provided, however, that no amendments to the Plan
will be effective without approval of the stockholders of the Company if stockholder approval of the amendment is then required
pursuant to Section 422 of the Code or the rules of any stock exchange or Nasdaq or similar regulatory body. No termination, suspension
or amendment of the Plan may adversely affect any outstanding Incentive Award without the consent of the affected Participant;
provided, however, that this sentence will not impair the right of the Committee to take whatever action it deems
appropriate under Sections 5.2, 4.4 and 14 of the Plan.

 

		18.	Miscellaneous.

 

18.1.          Compliance
with Section 162(m). It is intended that the Plan shall comply with and meet all the requirements of Section 162(m) of the
Code so that Awards hereunder which are made to Participants who are “covered employees” (as defined in Section 162(m)
of the Code) shall constitute “performance-based” compensation within the meaning of Section 162(m) of the Code. If
any provision of the Plan would disqualify the Plan or would not otherwise permit the Plan to comply with Section 162(m) as so
intended, such provision shall be construed or deemed amended to confirm to the requirements or provisions of Section 162(m).

 

18.2.          Successors
and Assigns. The Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Company
and the Participants.

 

18.3.          Governing
Law. The validity, construction, interpretation, administration and effect of the Plan and any rules, regulations and actions
relating to the Plan will be governed by and construed exclusively in accordance with the laws of the State of Minnesota, without
regard to the conflicts of laws principles of any jurisdictions.

 

    	 	15	 

     

    

 

AMENDMENT NO. 1

TO 

CELCUITY INC. 2017 STOCK INCENTIVE PLAN

 

This Amendment No. 1 (this “Amendment”)
amends the Celcuity Inc. 2017 Stock Incentive Plan (the “Plan”). This Amendment is effective as of April 5,
2018.

 

1.       Unless
otherwise expressly provided in this Amendment, all capitalized words or phrases or other defined terms used in this Amendment
have the meaning ascribed to them in the Plan.

 

2.       Section
4.3 of the Plan is hereby amended and restated in its entirety to read as follows:

 

“4.3.Award Limitations
Under the Plan. Notwithstanding any provision in the Plan to the contrary, the number of Shares subject to an Incentive Award
or Awards granted under the Plan in any calendar year to any one Eligible Recipient shall not, in the aggregate, be more than 250,000
Shares; provided, however, that such limitation shall be 500,000 Shares in the case of Awards granted to an Eligible Recipient
in the calendar year in which such Eligible Recipient commences employment with the Company or a Subsidiary. Such annual Award
limitations shall be subject to adjustment as provided in Section 4.4 of the Plan. For purposes of applying such annual Award limitations
to Awards denominated in a form other than Shares, the number of Shares subject to such Award shall be determined by dividing the
maximum amount payable under such Award by the Fair Market Value of a Share at the date of grant.”

 

3.       Except
as otherwise modified herein, all other provisions of the Plan shall remain in full force and effect.

 

This Amendment was duly approved by the
Board of Directors of Celcuity Inc. pursuant to Section 17 of the Plan, effective as of the date set forth above.Exhibit 10.1

 

独家业务合作协议

Exclusive Business Cooperation Agreement

 

本独家业务合作协议(下称“本协议”)由以下双方于2018年5月10日在中华人民共和国(下称“中国”)【吴江】签署。

This Exclusive Business Cooperation Agreement (this “Agreement”)
is made and entered into by and between the following parties on May 10 2018 in [Wujiang], the People’s Republic of China
(“China” or the “PRC”).

 

甲方: 吴江鲈乡信息技术咨询有限公司

地址: 吴江经济技术开发区云梨路1688号

Party A: WuJiang Luxiang Information Technology Limited

Address: 1688 Yunli Road, Wujiang
Economic development Zone, Suzhou, China

 

乙方: 北京有教科技有限公司

地址: 北京市密云区太师屯镇永安街镇政府办公楼415-2351

Party B: Beijing Youjiao Technology Limited

Address: 415-2351 Zhen Building,
Yong An Street,Taishitun Town, Miyun District, Beijing

 

甲方和乙方以下各称为“一方”,统称为“双方”。

Each of Party A and Party B shall be hereinafter referred to
as a “Party” respectively, and as the “Parties” collectively.

 

鉴于:

Whereas,

 

1.
甲方是一家在中国注册的外商独资企业,拥有提供技术和咨询服务的必要资源;

Party A is a wholly-foreign-owned enterprise established in
China, and has the necessary resources to provide technical and consulting services;

 

2.
乙方是一家在中国注册的内资公司,经中国有关政府部门依法批准可以从事如下业务:技术推广、技术转让、技术开发、技术咨询、技术服务;汽车租赁(不含九座以上客车);旅游信息咨询;经济贸易咨询;计算机技术、舞蹈、音乐、美术培训(不得面向全国招生);酒店管理;企业营销策划;承办展览展示活动;会议服务;翻译服务;礼仪服务;市场调查;组织文化艺术交流活动(不含演出及棋牌娱乐);销售计算机、软件及辅助设备;文具用品、日用杂货、体育用品。(以下称“主营业务”);

Party
B is a company with exclusively domestic capital registered in China and may engage in technology promotion, technology transfer,
technology development, technology consulting, technology service; car rental(not
including over 9-seat buses) tourism information consulting;
economic and trade consulting; computer technology, dance, music, art training (not for national enrollment); hotel management;
enterprise marketing planning; exhibition and exhibition activities; conference service; translation service; etiquette service;
market investigation; group cultural and artistic exchange activities (excluding performances and chess entertainment); selling
computers, software and auxiliary equipment; stationery, daily groceries, sporting goods.(collectively, the “Principal Business”)];

 

3.
甲方同意利用其技术、人员和信息优势,在本协议期间向乙方独家提供有关主营业务的技术支持、咨询和管理服务,乙方同意接受甲方或其指定方按本协议条款的规定提供的咨询和各种服务。

Party A is willing to provide Party B with technical support,
consulting services and management services on exclusive basis in relation to the Principal Business during the term of this Agreement,
utilizing its advantages in technology, human resources, and information, and Party B is willing to accept such services provided
by Party A or Party A's designee(s), each on the terms set forth herein.

 

据此,甲方和乙方经协商一致,达成如下协议:

Now, therefore, through mutual discussion, the Parties have
reached the following agreements:

 

     

     

    

 

1.
服务提供

Services Provided by Party A 

 

1.1
按照本协议条款和条件,乙方在此委任甲方在本协议期间作为乙方的独家服务提供者向乙方提供全面的技术支持、业务支持和相关咨询服务,具体内容包括所有在乙方主营业务范围内由甲方不时决定必要的服务,包括但不限于以下内容:提供信息技术咨询服务,管理软件开发销售,计算机软硬件研发及销售。

Party B hereby appoints Party A as Party B's exclusive services
provider to provide Party B with complete technical support, business support and related consulting services during the term of
this Agreement, in accordance with the terms and conditions of this Agreement, which may include all necessary services within
the scope of the Principal Business as may be determined from time to time by Party A, such as but not limited to Provides information
technology consulting services, management software development, sales computer hardware and software research, development and
sales.

 

1.2
乙方接受甲方的咨询和服务。乙方进一步同意,除非经甲方事先书面同意,在本协议期间,就本协议约定的服务或其他事宜,乙方不得直接或间接地从任何第三方获得任何与本协议相同或类似的咨询和/或服务,并不得与任何第三方就本协议所述事项建立任何类似的合作关系。双方同意,甲方可以指定其他方(该被指定方可以与乙方签署本协议第1.3条描述的某些协议)为乙方提供本协议约定的服务和/或支持。

Party B agrees to accept all the consultations and services
provided by Party A. Party B further agrees that unless with Party A's prior written consent, during the term of this Agreement,
Party B shall not directly or indirectly accept the same or any similar consultations and/or services provided by any third party
and shall not establish similar corporation relationship with any third party regarding the matters contemplated by this Agreement.
Party A may appoint other parties, who may enter into certain agreements described in Section 1.3 with Party B, to provide Party
B with the consultations and/or services under this Agreement.

 

1.3
服务的提供方式

Service Providing Methodology

 

1.3.1
甲、乙双方同意在本协议有效期内,视情况而定,乙方可以与甲方或甲方指定的其他方进一步签订技术服务协议和咨询服务协议,对各项技术服务、咨询服务的具体内容、方式、人员、收费等进行约定。

Party A and Party B agree that during the term of this Agreement,
where necessary, Party B may enter into further technical service agreements or consulting service agreements with Party A or any
other party designated by Party A, which shall provide the specific contents, manner, personnel, and fees for the specific technical
services and consulting services.

 

1.3.2
乙方特此向甲方授予一项不可撤销的排他性的购买权,根据该购买权,甲方可在中国法律法规允许的范围内,由甲方自行选择,向乙方购买任何部分或全部资产,作价为中国法律允许的最低价格。届时双方将另行签订一份资产转让合同,对该资产转让的条款和条件进行约定。

Party B hereby grants to Party A an irrevocable and exclusive
option to purchase from Party B, at Party A’s sole discretion, any or all of the assets of Party B, to the extent permitted
under the PRC laws, at the lowest purchase price permitted by the PRC laws. In this case, the Parties shall enter into a separate
assets transfer agreement, specifying the terms and conditions of the transfer of the assets.

 

    	 	2	 

     

    

 

2.
服务的价格和支付方式

The Calculation and Payment of the Service Fees 

 

2.1
双方同意,就本协议项下甲方向乙方提供的各项服务,乙方应向甲方支付服务费(“服务费”)。在本协议有效期内,乙方应向甲方支付的服务费应每季度按如下公式计算:甲方服务提供人员向乙方提供服务所花费的时间×其各自的级别费率,加上甲方董事会根据甲方向乙方提供的服务的价值以及乙方实际收入情况不时确定的服务费金额或比例。如甲方董事会未对前述服务费的金额或比例进行调整,则按甲方董事会最近一次确定的金额或比例执行。在任何情况下,受制于中国法律或公司章程的要求,服务费应大致等于乙方的公司净收益。在调整或确定服务费时,应考虑以下因素:

The Parties agree that in respect to the services provided by
Party A to Party B contemplated in this Agreement, Party B shall pay Party A the service fees (the “Service Fees”).
During the term of this Agreement, the Service Fees to be paid to Party A by Party B shall be calculated quarterly based on the
following formula: the time of services rendered to Party B by the employees of Party A multiplies the corresponding rate, plus
amount of the services fees or ratio decided by the board of directors of Party A based on the value of services rendered by Party
A and the actual income of Party B from time to time. In the event the board of directors of Party A does not adjust the aforesaid
amount of service fees or ratio, the Service Fees shall be exercised in accordance with the amount of ratio decided by the latest
board of directors of Party A. In any event, the service fees shall be substantially equal to all of the net income of Party B,
subject to any requirement by PRC law and Article of Association. The following elements shall be taken into consideration in adjusting
or deciding the Service Fees:

 

2.1.1
服务的复杂程度及难度;

The complexity and difficulty of the services;

 

2.1.2
甲方雇员提供该等服务所需的时间;

The required time of such services rendered by the employees
of Party A;

 

2.1.3
服务的具体内容和商业价值;

The exact content and commercial value of the services;

 

2.1.4
相同种类服务的市场参考价格。

The market price of the services of the same kind.

 

2.2
经双方协商一致,可以另行签署书面协议调整服务费的具体计算方法及支付方式。

As unanimously agreed upon by the Parties, the exact calculation
and payment methods of the Service Fees may be amended by entering into a separate written agreement.

 

2.3
除非双方另行达成一致意见,乙方依据本协议向甲方支付的服务费不应有任何扣除或抵销。

Unless otherwise unanimously agreed upon by the Parties, the
Service Fees to be paid by Party B to Party A pursuant to this Agreement shall not include any deduction or offset.

 

    	 	3	 

     

    

 

3.
保密条款

Confidentiality Clauses 

 

3.1
双方承认及确定有关本协议、本协议内容,以及彼此就准备或履行本协议而交换的任何口头或书面资料均被视为保密信息。双方应当对所有该等保密信息予以保密,而在未得到另一方书面同意前,不得向任何第三者披露任何保密信息,惟下列信息除外:(a)公众人士知悉或将会知悉的任何信息(惟并非由接受保密信息之一方擅自向公众披露);(b)根据适用法律法规、股票交易规则、或政府部门或法院的命令而所需披露之任何信息;或(c)由任何一方就本协议所述交易而需向其股东、投资者、法律或财务顾问披露之信息,而该股东、法律或财务顾问亦需遵守与本条款相类似之保密责任。如任何一方工作人员或聘请机构的泄密均视为该方的泄密,需依本协议承担违约责任。无论本协议以任何理由终止,本条款仍然生效。

The Parties acknowledge that the existence and the terms of
this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance
this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information,
and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any
third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party’s
unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of
any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to
its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that
such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to
those set forth in this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party
shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this
Agreement. This Section shall survive the termination of this Agreement for any reason.

 

3.2
双方同意,不论本协议是否变更、解除或终止,本条款将持续有效。

The Parties agree that this Section shall survive changes to,
and rescission or termination of, this Agreement.

 

4.
陈述和保证

Representations and Warranties 

 

4.1
甲方陈述和保证如下:

Party A hereby represents and warrants as follows:

 

4.1.1
甲方是按照中国法律合法注册并有效存续的外商独资企业。

Party A is a wholly owned foreign enterprise legally registered
and validly existing in accordance with the laws of China.

 

4.1.2
甲方已采取必要的公司行为,获得必要的授权,并取得第三方和政府部门的同意及批准(若需)以签署,交付和履行本协议;甲方对本协议的签署,交付和履行并不违反法律法规的明确规定。

Party A has taken all necessary corporate actions, obtained
all necessary authorization and the consent and approval from third parties and government agencies (if any) for the execution,
delivery and performance of this Agreement. Party A’s execution, delivery and performance of this Agreement do not violate
any explicit requirements under any law or regulation binding on Party A.

 

4.1.3
本协议构成对其合法、有效、有约束力并依本协议之条款对其强制执行的义务。

This Agreement constitutes Party A's legal, valid and binding
obligations, enforceable in accordance with its terms.

 

4.2
乙方陈述和保证如下:

Party B hereby represents and warrants as follows:

 

4.2.1
乙方是按照中国法律合法注册且有效存续的公司,乙方获得从事主营业务所需的政府许可、牌照。

Party B is a company legally registered and validly existing
in accordance with the laws of China and has obtained the relevant permit and license for engaging in the Principal Business in
a timely manner;

 

    	 	4	 

     

    

 

4.2.2
乙方已采取必要的公司行为,获得必要的授权,并取得第三方和政府部门的同意及批准(若需)以签署,交付和履行本协议;乙方对本协议的签署,交付和履行并不违反法律法规的明确规定。

Party B has taken all necessary corporate actions, obtained
all necessary authorization and the consent and approval from third parties and government agencies (if any) for the execution,
delivery and performance of this Agreement. Party B’s execution, delivery and performance of this Agreement do not violate
any explicit requirements under any law or regulation binding on Party A.

 

4.2.3
本协议构成对其合法、有效、有约束力并依本协议之条款对其强制执行的义务。

This Agreement constitutes Party B's legal, valid and binding
obligations, and shall be enforceable against it.

 

5.
生效和有效期

Effectiveness and Term 

 

5.1
本协议于文首标明的协议日期签署并同时生效。除非依本协议或双方其他协议的约定而提前终止,本协议有效期为10年。

This Agreement is executed on the date first above written and
shall take effect as of such date. Unless earlier terminated in accordance with the provisions of this Agreement or relevant agreements
separately executed between the Parties, the term of this Agreement shall be 10 years.

 

5.2
协议期满前,经甲方书面确认,本协议可以延期。延期的期限由甲方决定,乙方必须无条件地同意该延期。

The term of this Agreement may be extended if confirmed in writing
by Party A prior to the expiration thereof. The extended term shall be determined by Party A, and Party B shall accept such extended
term unconditionally.

 

6.
终止

Termination 

 

6.1
除非依据本协议续期,本协议于到期之日终止。

Unless renewed in accordance with the relevant terms of this
Agreement, this Agreement shall be terminated upon the date of expiration hereof.

 

6.2
本协议有效期内,乙方不得提前终止本协议。尽管如此,甲方可在任何时候通过提前30天向乙方发出书面通知的方式终止本协议。

During the term of this Agreement, Party B shall not terminate
this Agreement prior to its expiration date. Nevertheless, Party A shall have the right to terminate this Agreement upon giving
30 days' prior written notice to Party B at any time.

 

6.3
在本协议终止之后,双方在第3、7和8条项下的权利和义务将继续有效。

The rights and obligations of the Parties under Articles 3,
7 and 8 shall survive the termination of this Agreement.

 

7.
适用法律和争议解决

Governing Law and Resolution of Disputes 

 

7.1
本协议的订立、效力、解释、履行、修改和终止以及争议的解决适用中国的法律。

The execution, effectiveness, construction, performance, amendment
and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

 

7.2
因解释和履行本协议而发生的任何争议,本协议双方应首先通过友好协商的方式加以解决。如果在一方向其他方发出要求协商解决的书面通知后30天之内争议仍然得不到解决,则任何一方均可将有关争议提交给上海国际经济贸易仲裁委员会,由该会按照其仲裁规则仲裁解决。仲裁应在上海进行,使用之语言为中文。仲裁裁决是终局性的,对各方均有约束力。

In the event of any dispute with respect to the construction
and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the
Parties fail to reach an agreement on the dispute within 30 days after either Party's request to the other Parties for resolution
of the dispute through negotiations, either Party may submit the relevant dispute to the Shanghai International Economic and Trade
Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Shanghai,
and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

 

    	 	5	 

     

    

 

7.3
因解释和履行本协议而发生任何争议或任何争议正在进行仲裁时,除争议的事项外,本协议双方仍应继续行使各自在本协议项下的其他权利并履行各自在本协议项下的其他义务。

Upon the occurrence of any disputes arising from the construction
and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties
to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations
under this Agreement.

 

8.
补偿

Indemnification 

 

就甲方根据本协议向乙方提供的咨询和服务内容所产生或引起的针对甲方的诉讼、请求或其他要求而招致的任何损失、损害、责任或费用都应由乙方补偿给甲方,以使甲方不受任何损害,除非该损失、损害、责任或费用是因甲方的重大过失或故意而产生的。

Party B shall indemnify and hold harmless Party A from any losses,
injuries, obligations or expenses caused by any lawsuit, claims or other demands against Party A arising from or caused by the
consultations and services provided by Party A to Party B pursuant this Agreement, except where such losses, injuries, obligations
or expenses arise from the gross negligence or willful misconduct of Party A.

 

9.
通知

Notices 

 

9.1
本协议项下要求或发出的所有通知和其他通信应通过专人递送、挂号邮寄、邮资预付或商业快递服务或传真的方式发到该方下列地址。每一通知还应再以电子邮件送达。该等通知视为有效送达的日期按如下方式确定:

All notices and other communications required or permitted to
be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial
courier service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall
also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

9.1.1
通知如果是以专人递送、快递服务或挂号邮寄、邮资预付发出的,则以于设定为通知的地址在接收或拒收之日为有效送达日。

Notices given by personal delivery, by courier service or by
registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal at the address specified
for notices.

 

9.1.2
通知如果是以传真发出的,则以成功传送之日为有效送达日(应以自动生成的传送确认信息为证)。

Notices given by facsimile transmission shall be deemed effectively
given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

 

    	 	6	 

     

    

 

9.2
为通知的目的,双方地址如下:

For the purpose of notices, the addresses of the Parties are
as follows:

 

甲方: 吴江鲈乡信息技术咨询有限公司

地址: 吴江经济技术开发区云梨路1688号

Party A: WuJiang Luxiang Information Technology Limited

Address: 1688 Yunli Road, Wujiang Economic development Zone,
Suzhou, China

 

收件人:

Attn:

电话:

Phone:

传真:

Facsimile:

 

乙方: 北京有教科技有限公司

Party B: Beijing Youjiao Technology Limited

地址: 北京市密云区太师屯镇永安街镇政府办公楼415-2351

Address: 415-2351 Zhen Building, Yong An Street,Taishitun Town,
Miyun District, Beijing

收件人: 李爱珍

Attn: Aizhen Li

电话: +86-010-56019259

Phone: +86-010-56019259

传真: NA

Facsimile: NA

 

9.3
任何一方可按本条规定随时给另一方发出通知来改变其接收通知的地址。

Any Party may at any time change its address for notices by
a notice delivered to the other Party in accordance with the terms hereof.

 

10.
协议的转让

Assignment 

 

10.1
乙方不得将其在本协议项下的权利与义务转让给第三方,除非事先征得甲方的书面同意。

Without Party A's prior written consent, Party B shall not assign
its rights and obligations under this Agreement to any third party.

 

10.2
乙方在此同意,甲方可以在其需要时向其他第三方转让其在本协议项下的权利和义务,并在该等转让发生时甲方仅需向乙方发出书面通知,并且无需再就该等转让征得乙方的同意。

Party B agrees that Party A may assign its obligations and rights
under this Agreement to any third party upon a prior written notice to Party B but without the consent of Party B.

 

11.
协议的分割性

Severability 

 

如果本协议有任何一条或多条规定根据任何法律或法规在任何方面被裁定为无效、不合法或不可执行,本协议其余规定的有效性、合法性或可执行性不应因此在任何方面受到影响或损害。双方应通过诚意磋商,争取以法律许可以及双方期望的最大限度内有效的规定取代那些无效、不合法或不可执行的规定,而该等有效的规定所产生的经济效果应尽可能与那些无效、不合法或不能强制执行的规定所产生的经济效果相似。

In the event that one or several of the provisions of this Agreement
are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality
or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any aspect. The Parties
shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish
to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions
shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

    	 	7	 

     

    

 

12.
协议的修改、补充

Amendments and Supplements 

 

双方可以书面协议方式对本协议作出修改和补充。经过双方签署的有关本协议的修改协议和补充协议是本协议组成部分,具有与本协议同等的法律效力。

Any amendments and supplements to this Agreement shall be in
writing. The amendment agreements and supplementary agreements that have been signed by the Parties and that relate to this Agreement
shall be an integral part of this Agreement and shall have the same legal validity as this Agreement.

 

13.
语言和副本

Language and Counterparts 

 

本协议以中文和英文书就,一式二份,甲乙双方各持一份,具有同等效力;中英文版本如有冲突,应以中文版为准。

This Agreement is written in both Chinese and English language
in two copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version
and the English version, the Chinese version shall prevail.

 

(以下无正文)

(The remainder is intentionally left blank.)

 

    	 	8	 

     

    

 

 

    	 	9

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