Document:

Exhibit 10.2

 

EDGE THERAPEUTICS, INC.

2010 EQUITY INCENTIVE PLAN

 

Section 1.Purpose; Definitions. The
purposes of the Edge Therapeutics, Inc. 2010 Equity Incentive Plan (the “Plan”) are to: (a) enable
Edge Therapeutics, Inc. (the “Corporation”) and its respective affiliated companies to recruit and
retain highly qualified personnel; (b) provide those employees, directors and consultants of the Corporation with an
incentive for productivity; and (c) provide those personnel with an opportunity to share in the growth and value of the
Corporation.

 

For
purposes of the Plan, the following capitalized words and phrases will be defined as set forth below, unless the context clearly
requires a different meaning:

 

(a)               
“Affiliate” means, with respect to a Person, a Person that directly or indirectly
controls, or is controlled by, or is under common control with such Person.

 

(b)              
“Award” means a grant of Options or Restricted Stock pursuant to the provisions
of the Plan.

 

(c)               
“Award Agreement” means, with respect to any particular Award, the written
document that sets forth the terms of that particular Award.

 

(d)              
“Board” means the Board of Directors of the Corporation, as constituted from
time to time; provided, however, that if the Board appoints a Committee to perform some or all of the Board's administrative functions
hereunder pursuant to Section 2, references in the Plan to the “Board” will be deemed to also refer to that
Committee in connection with matters to be performed by that Committee.

 

(e)               
“Cause” means (i) conviction of, or the entry of a plea of guilty or no contest to, a 
felony or any other crime that causes the Corporation or its Affiliates public disgrace
or disrepute, or adversely affects the Corporation's or its Affiliates' operations or financial performance or the relationship
the Corporation has with its Affiliates; (ii) gross negligence or willful misconduct with respect to the Corporation or any of
its Affiliates, including, without limitation, fraud, embezzlement, theft or proven dishonesty in the course of the subject employment
or engagement with the Corporation or its Affiliates; (iii) alcohol abuse or use of controlled drugs other than in accordance with
a physician's prescription; (iv) refusal, failure or inability to perform any material obligation or fulfill any duty (other than
any duty or obligation of the type described in clause (vi) below) to the Corporation (other than due to a Disability), which failure,
refusal or inability is not cured within 30 days after delivery of notice thereof; (v) material breach of any agreement with or
duty owed to the Corporation or any of its Affiliates; or (vi) any breach of any obligation or duty to the Corporation or any of
its Affiliates (whether arising by statute, common law, contract or otherwise) relating to confidentiality, noncompetition, nonsolicitation
or proprietary rights. Notwithstanding the foregoing, if a Participant and the Corporation (or any of its Affiliates) have entered
into an employment agreement, consulting agreement or other similar agreement that specifically defines “cause,”
then with respect to such Participant, “Cause” shall have the meaning
defined in that employment agreement, consulting agreement or other agreement.

 

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(f)               
 “Change of Control” means, with respect to any entity and except for the sole purpose of changing
domicile: (i) the sale, transfer, assignment or other disposition (including by merger or consolidation, but excluding any sales
by stockholders or other equity holders made as part of an underwritten public offering of the common stock of the entity) by stockholders
of the entity, in one transaction or a series of related transactions, of more than 50% of the voting power represented by the
then outstanding capital stock or other equity interests of the entity to one or more Persons, (ii) the sale of all or substantially
all the assets of the entity (other than a transfer of financial assets made in the ordinary course of business for the purpose
of securitization), or (iii) the liquidation or dissolution of the entity.

 

(g)              
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor
thereto.

 

(h)              
“Committee” means a committee appointed by the Board in accordance with Section 2 of the
Plan.

 

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

 

(j)                
“Disability” means a condition rendering a Participant Disabled.

 

(k)              
“Disabled” will have the same meaning as set forth in Section 22(e)(3) of the Code.

 

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

 

(m)            
“Fair Market Value” means, with respect to a Share, as of any date: (i) in the case of any determination
thereof other than in connection with a Change of Control, (x) if the Shares are not publicly traded, the value of such Shares
on that date, as determined by the Board after using a valuation method that complies with regulations for determining fair market
value as promulgated by the Internal Revenue Service; or (y) if the Shares are publicly traded, the last sale price of a Share
on the trading day immediately prior to the date of determination of fair market value or, if no sale is publicly reported on such
trading day, the last sale price of a Share prior to the date of determination of fair market value; and (ii) in the case of any
determination thereof in connection with a Change of Control, the value of a Share attributable to such Shares in the transaction
giving rise to the such Change of Control or, if no such value is so attributable, the value as determined by the Board after using
a valuation method that complies with regulations for determining fair market value as promulgated by the Internal Revenue Service.

 

(n)              
“Incentive Stock Option” means any Option intended to be and designated as an “Incentive
Stock Option” within the meaning of Section 422 of the Code.

 

(o)              
“Non-Employee Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by
the Securities and Exchange Commission under the Exchange Act, or any successor definition adopted by the Securities and Exchange
Commission; provided, however, that the Board or the Committee may, to the extent that it deems necessary to comply with Section
162(m) of the Code or regulations thereunder, require that each “Non-Employee Director” also be an “outside director”
as that term is defined in regulations under Section 162(m).

 

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(p)              
“Non-Qualified Stock Option” means any Option that is not an Incentive Stock Option.

 

(q)              
“Option” means any option to purchase Shares (including Restricted Stock, if the Board so determines) granted pursuant to Section 5 hereof.

 

(r)                
“Participant” means an employee, consultant, Director, or other service provider
of or to the Corporation or any of its respective Affiliates to whom an Award is granted.

 

(s)               
“Person” or “Persons” means an individual(s), partnership(s), corporation(s),
limited liability company(ies), trust(s), joint venture(s), unincorporated association(s), or other entity(ies) or association(s).

 

(t)                
“Restricted Stock” means Shares that are subject to restrictions pursuant to
Section 7 hereof.

 

(u)              
“Shares” means shares of the
Corporation's common stock, $0.001 par value per
share, subject to substitution or adjustment as provided in Section 3(c) hereof.

 

(v)              
“Stockholders’ Agreement” means any Stockholders' Agreement, Voting
Agreement, Right of First Refusal and Co-Sale Agreement or other similar agreement to be executed and delivered by a Participant
at the time of any event of an Award or upon the exercise of any Options subject to an Award, as determined by the Board, and in
such form from time to time prescribed by the Board, as amended from time to time.

 

(w)            
“Subsidiary” means, with respect to the Corporation, a subsidiary corporation,
whether now or hereafter existing, as defined in Sections 424(f) and (g) of the Code.

 

Section
2.Administration. The Plan will be administered by the Board; provided, however, that the Board may at any time
appoint a Committee to perform some or all of the Board's administrative functions hereunder; provided further, that the
authority of any Committee appointed pursuant to this Section 2 will be subject to such terms and conditions as the
Board may prescribe and will be coextensive with, and not in lieu of, the authority of the Board hereunder.

 

Subject
to the requirements of the Corporation's Bylaws (as the same may be amended and/or restated from time to time), Certificate of
Incorporation (as the same may be amended and/or restated from time to time) and/or any other agreement that governs the appointment
of Board committees, any Committee established under this Section 2 will be composed of not fewer than 2 members, each of
whom will serve for such period of time as the Board determines; provided, however, that if the Corporation has a class of securities
required to be registered under Section 12 of the Exchange Act, all members of any Committee established pursuant to this Section
2 will be Non-Employee Directors. From time to time the Board may increase the size of the Committee and appoint additional
members thereto, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however
caused, or remove all members of the Committee and thereafter directly administer the Plan.

 

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Directors
who are eligible for Awards or have received Awards may vote on any matters affecting the administration of the Plan or the grant
of Awards, except that no such member will act upon the grant of an Award to himself or herself, but any such member may be counted
in determining the existence of a quorum at any meeting of the Board during which action is taken with respect to the grant of
Awards to himself or herself.

 

The
Board will have full authority to grant Awards under this Plan. In particular, subject to the terms of the Plan, the Board will
have the authority:

 

(a)               
to select the Persons to whom Awards may from time to time be granted hereunder (consistent with the eligibility conditions
set forth in Section 4);

 

(b)              
to determine the type of Award to be granted to any Person hereunder;

 

(c)               
to determine the number and type of Shares, if any, to be covered by each Award (consistent with the provisions of Section
3 regarding the maximum number of Shares subject to the Plan);

 

(d)              
to establish the terms and conditions of each Award Agreement;

 

(e)               
to determine whether and under what circumstances an Option may be exercised without a payment of cash under Section
5(d); and

 

(f)               
to require execution of a Stockholders' Agreement which may include, among other things, restrictions on resale of Shares
and/or a requirement to sell Shares in connection with a Change of Control or other similar transactions, and may impose a limitation
on marketability in connection with a public offering of the Corporation's stock.

 

The
Board will have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan
as it, from time to time, deems advisable; to establish the terms of each Award Agreement; to interpret the terms and provisions
of the Plan and any Award issued under the Plan (and any Award Agreement); and to otherwise supervise the administration of the
Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner
and to the extent it deems necessary to carry out the intent of the Plan.

 

All
decisions made by the Board pursuant to the provisions of the Plan will be final and binding on all Persons, including the Corporation
and Participants. No Director will be liable for any good faith determination, act or omission in connection with the Plan or any
Award.

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Section 3.Shares Subject to
the Plan.

 

(a)               
Shares Subject to the Plan. The Shares to be subject to Options or Restricted
Stock under the Plan will be authorized and unissued Shares of the Corporation, whether or not previously issued and subsequently
acquired by the Corporation. The maximum number of Shares that may be subject to Options or Restricted Stock under the Plan is
250,000. The Corporation will reserve for the purposes of the Plan, out of its authorized and unissued Shares, such number of Shares.

 

(b)              
Effect of the Expiration or Termination of Awards. If and to the extent that an
Option expires, terminates or is canceled or forfeited for any reason without having been exercised in full, the Shares associated
with that Option will again become available for grant under the Plan. Similarly, if any Restricted Share is canceled, forfeited
or repurchased for any reason, or if any Share is withheld pursuant to Section 9(d) in settlement of a tax withholding obligation
associated with an Award, that Share will again become available for grant under the Plan. If any Share is received in satisfaction
of the exercise price payable upon exercise of an Option, that Share will become available for grant under the Plan.

 

(c)               
Other Adjustment.In the event of any recapitalization, stock split or
combination, stock dividend or other similar event or transaction affecting the Shares, equitable substitutions or adjustments
may be made by the Board, in its sole and absolute discretion, to (i) the aggregate number, type and issuer of the securities reserved
for issuance under the Plan, (ii) the number, type and issuer of Shares subject to outstanding Options, (iii) the exercise price
of outstanding Options, and (iv) the number, type and issuer of Restricted Stock.

 

(d)              
Change of Control. Notwithstanding anything to the contrary set forth in the
Plan, upon or in anticipation of any Change of Control of the Corporation or any of its Affiliates, the Board, as constituted prior
to such Change of Control, may, in its sole and absolute discretion and without the need for the consent of any Participant, take
one or more of the following actions contingent upon the occurrence of that Change of Control: (i) cause any or all outstanding
Options to become vested and immediately exercisable, in whole or in part; (ii) cause any or all outstanding Restricted Stock to
become non-forfeitable, in whole or in part; (iii) cancel any Option in exchange for an option to purchase common stock of any
successor corporation or its parent in a manner consistent with the requirements of Treas. Reg. § 1.424-1 (a)(4)(i) (notwithstanding
the fact that the original Option may never have been intended to satisfy the requirements for treatment as an Incentive Stock
Option); (iv) cancel any Restricted Stock in exchange for restricted shares of the common stock of any successor corporation; (v)
redeem any Restricted Stock for cash and/or other substitute consideration with a value equal to the Fair Market Value of an unrestricted
Share on the date of the Change of Control; or (vi) cancel any Option held by a Participant affected by the Change of Control in
exchange for cash and/or other substitute consideration with a value equal to (A) the number of Shares subject to that Option,
multiplied by (B) the difference, if any, between the Fair Market Value per Share on the date of the Change of Control and the
exercise price of that Option; provided, however, that if the Fair Market Value per Share on the date of the Change of Control
does not exceed the exercise price of any such Option, the Board may cancel that Option without any payment of consideration therefor.

 

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For
purposes of clause (d)(iii) in this Section 3, the exchange of an Option issued under the Plan for an option to purchase
common stock of any successor corporation or its parent shall be permitted only to the extent that the ratio of the exercise price
to the fair market value of the shares subject to the Option immediately after the substitution or assumption is not greater than
the ratio of the exercise price to the Fair Market Value of the Shares subject to the Option immediately before the substitution
or assumption.

 

Section
4.Eligibility. Employees, Directors, consultants, and other individuals who provide services to the Corporation or
its Affiliates are eligible to be granted Awards under the Plan. Persons who are not employees of the Corporation or a
Subsidiary are not eligible to be granted Incentive Stock Options but are eligible to be granted other types of Awards.

 

Section 5.Options. Options granted
under the Plan may be of two types: (i) Incentive Stock Options, or (ii) Non-Qualified Stock Options. Any Option granted
under the Plan will be in such form as the Board may at the time of such grant approve. Without limiting the generality of Section
3(a), any number of the maximum number of Shares provided for in Section 3(a) may be subject to Incentive Stock
Options or Non-Qualified Stock Options, or any combination thereof.

 

The
Award Agreement evidencing any Option will incorporate the following terms and conditions and will contain such additional terms
and conditions, not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole and absolute discretion:

 

(a)               
Option Price. The exercise price per Share purchasable under an Incentive Stock
Option or a Non-Qualified Stock Option will be not less than 100% of the Fair Market Value of the Share on the date of the grant.
However, any Incentive Stock Option granted to any Participant who, at the time the Option is granted, owns more than 10% of the
voting power of all classes of shares of the Corporation or of a Subsidiary will have an exercise price per Share of not less than
110% of Fair Market Value per Share on the date of the grant.

 

(b)              
Option Term. The term of each Option will be fixed by the Board, but no
Incentive Stock Option will be exercisable more than 10 years after the date the Option is granted. However, any Incentive Stock
Option granted to any Participant who, at the time such Option is granted, owns more than 10% of the voting power of all classes
of shares of the Corporation or of a Subsidiary may not have a term of more than 5 years. No Option may be exercised by any Person
after expiration of the term of the Option.

 

(c)               
Exercisability. Options will vest and be exercisable at such time or times and
subject to such terms and conditions as determined by the Board at the time of grant. If the Board provides, in its sole and absolute
discretion, that any Option is exercisable only in installments, the Board may waive such installment exercise provisions at any
time at or after grant, in whole or in part, based on such factors as the Board determines, in its sole and absolute discretion.

 

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(d)              
Method of Exercise. Subject to the exercisability provisions of Section 5(c) and
the termination provisions set forth in Section 6, Options may be exercised in whole or in part at any time and from time
to time during the term of the Option, by the delivery of written notice of exercise by the Participant to the Corporation specifying
the number of Shares to be purchased. Such notice will be accompanied by payment in full of the purchase price, either by cash
or certified or bank check, or such other means as the Board may accept in its sole discretion. As determined by the Board, in
its sole and absolute discretion, at or after grant, payment in full or in part of the exercise price of an Option may be made
in the form of previously acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised; provided,
however, that, in the case of an Incentive Stock Option, the right to make a payment in the form of previously acquired Shares
may be authorized only at the time the Option is granted.

 

No
Shares will be issued upon exercise of an Option until full payment therefor has been made. A Participant will not have the right
to distributions or dividends or any other rights of a stockholder with respect to Shares subject to the Option until the Participant
has given written notice of exercise, has paid in full for such Shares, and, if requested, has given the representation described
in Section 9(a) hereof.

 

(e)               
Incentive Stock Option Limitations. In the case of an Incentive Stock Option, the
aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are
exercisable for the first time by the Participant during any calendar year under the Plan and/or any other plan of the Corporation
or any Subsidiary will not exceed $100,000. For purposes of applying the foregoing limitation, Incentive Stock Options will be
taken into account in the order granted. To the extent any Option does not meet such limitation, that Option will be treated for
all purposes as a Non-Qualified Stock Option.

 

(f)               
Termination of Service. Unless otherwise specified in the Award Agreement,
Options will be subject to the terms of Section 6 with respect to exercise upon or following termination of employment or
other service.

 

(g)              
Transferability of Options. Except as may otherwise be specifically determined
by the Board with respect to a particular Option, no Option will be transferable by the Participant other than by will or by the
laws of descent and distribution, and all Options will be exercisable, during the Participant's lifetime, only by the Participant
or, in the event of his or her Disability, by his or her personal representative.

 

Section
6.Termination of Service. Unless otherwise specified with respect to a particular Option in the applicable Award
Agreement, all Options will remain exercisable after termination of employment only to the extent specified in this Section
6.

 

(a)              
Termination by Reason of Death.
If a Participant's service with the Corporation or any Affiliate terminates by reason of death, any Option held by such
Participant may thereafter be exercised, to the extent then exercisable or on such accelerated basis as the Board may
determine, at or after grant, by the legal representative of the estate or by the legatee of the Participant under the will
of the Participant, for a period expiring on the earliest to occur of (i) such time as may be specified by the Board at or
after the time of grant, or (ii) if not specified by the Board, then 12 months from the date of death, or (iii) the
expiration of the stated term of such Option.

 

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(b)              
Termination by Reason of Disability. If a Participant's service with the
Corporation or any Affiliate terminates by reason of Disability, any Option held by such Participant may thereafter be exercised
by the Participant or his or her personal representative, to the extent it was exercisable at the time of termination, or on such
accelerated basis as the Board may determine at or after grant, for a period expiring on the earliest to occur of (i) such time
as may be specified by the Board at or after the time of grant, or (ii) if not specified by the Board, then 12 months from the
date of termination of service, or (iii) the expiration of the stated term of such Option.

 

(c)               
Cause. If a Participant's service with the Corporation or any Affiliate is
terminated for Cause: (i) any Option not already exercised will be immediately and automatically forfeited as of the date of such
termination, and (ii) any Shares for which the Corporation has not yet delivered share certificates will be immediately and automatically
forfeited and the Corporation will refund to the Participant the Option exercise price paid for such Shares, if any.

 

(d)              
Other Termination. If a Participant's service with the Corporation or any Affiliate
terminates for any reason other than death, Disability or Cause, then, except as otherwise provided in the applicable Award Agreement,
any Option held by such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the time
of such termination, or on such accelerated basis as the Board may determine at or after grant, for a period expiring on the earliest
to occur of (i) such time as may be specified by the Board at or after the time of grant, or (ii) if not specified by the Board,
then 90 days from the date of termination of service, or (iii) the expiration of the stated term of such Option.

 

Section 7.Restricted Stock.

 

(a)               
Issuance. Restricted Stock may be issued either alone or in conjunction with
other Awards. The Board will determine the time or times within which Restricted Stock may be subject to forfeiture, and all other
conditions of such Awards.

 

(b)              
Awards and Certificates. The Award Agreement evidencing the grant of any
Restricted Stock will contain such terms and conditions, not inconsistent with the terms of the Plan, as the Board deems appropriate
in its sole and absolute discretion. The prospective recipient of an Award of Restricted Stock will not have any rights with respect
to such Award, unless and until such recipient has delivered to the Corporation an executed Award Agreement and has otherwise complied
with the applicable terms and conditions of such Award. The purchase price for Restricted Stock may, but need not, be zero.

 

A share
certificate will be issued in connection with each Award of Restricted Stock. Such certificate will be registered in the name of
the Participant receiving the Award, and will bear the following legend and/or any other legend required by (i) this Plan, the
Award Agreement, a Stockholders' Agreement, or any other agreement governing the issuance of such Award of Restricted Stock, or
(ii) by applicable law:

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THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE PLEDGED, HYPOTHECATED, SOLD OR TRANSFERRED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION
OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH PLEDGE, HYPOTHECATION, SALE OR TRANSFER IS EXEMPT THEREFROM UNDER THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS.

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, REPURCHASE RIGHTS, AND/OR FORFEITURE CONDITIONS AS SET FORTH
IN THE EDGE THERAPEUTICS, INC. 2010 EQUITY INCENTIVE PLAN, A RESTRICTED STOCK AWARD AGREEMENT, AND/OR A STOCKHOLDERS' (OR SIMILAR)
AGREEMENT(S), COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL OFFICE OF THE CORPORATION AND WILL BE FURNISHED UPON REQUEST TO THE
HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.

 

Share
certificates evidencing Restricted Stock will be held in custody by the Corporation or in escrow by an escrow agent until the restrictions
thereon have lapsed. As a condition to any Restricted Stock Award, the Participant may be required to deliver to the Corporation
a stock power, endorsed in blank, relating to the Shares covered by such Award.

 

(c)               
Restrictions and
Conditions. The Restricted Stock awarded pursuant to this Section 7 will be subject to the following restrictions
and conditions, and any other restrictions and conditions set forth in the Award Agreement:

 

(i)                
During a period commencing with the date of an Award of
Restricted Stock and ending at such time or times as specified by the Board (the “Restriction Period ”),
the Participant will not be permitted to sell, transfer, pledge, assign or otherwise encumber Restricted Stock awarded under the
Plan. The Board may condition the lapse of restrictions on Restricted Stock upon the continued employment or service of the recipient,
the attainment of specified individual or corporate performance goals, or such other factors as the Board may determine, in its
sole and absolute discretion.

 

(ii)               Except
as provided in this Paragraph (ii) or Section 7(c)(i), once the Participant has been issued a certificate or
certificates for Restricted Stock, the Participant will have, with respect to the Restricted Stock, all of the rights of a
stockholder of the Corporation, including the right to vote the Shares, and the right to receive any cash distributions or
dividends. Any distributions or dividends paid in the form of securities with respect to Restricted Stock will be subject to
the same terms and conditions as the Restricted Stock with respect to which they were paid, including, without limitation,
the same Restriction Period.

 

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(iii)            
Subject to the applicable provisions of the Award Agreement, if a
Participant's service with the Corporation and its Affiliates terminates prior to the expiration of the Restriction Period, all
of that Participant's Restricted Stock which then remain subject to forfeiture will then be forfeited automatically.

 

(iv)            
If and when the Restriction Period expires without a prior
forfeiture of the Restricted Stock subject to such Restriction Period (or if and when the restrictions applicable to Restricted
Stock lapse pursuant to Section 3(d) hereof), the certificates for such Shares will be replaced with new certificates, without
the restrictive legends described in Section 7(b) hereof applicable to such lapsed restrictions, and such new certificates
will be promptly delivered to the Participant, the Participant's representative (if the Participant has suffered a Disability),
or the Participant's estate or heir (if the Participant has died).

 

Section 8.Amendments and
Termination. The Board may amend, alter or discontinue the Plan at any time, but except as otherwise provided in Section
3(d) of the Plan, no amendment, alteration or discontinuation will be made which (i) would impair the rights of a
Participant with respect to an Award, without that Participant's consent, or (ii) would (a) increase the total number of
Shares reserved for the purposes of the Plan (except as otherwise provided in Section 3(c) hereof), or (b) change the
Persons or class of Persons eligible to receive Awards, without the approval by the stockholders of the Corporation within
365 days of the date on which such amendment is adopted by the Board in a manner consistent with Section 1.422-5 of the
Treasury Regulations.

 

Section 9.General Provisions.

 

(a)               
The Board may require each Participant to represent to and agree with the
Corporation in writing that the Participant is acquiring securities of the Corporation for investment purposes and without a view
to distribution thereof and as to such other matters as the Board believes are appropriate. The certificate evidencing any Award
and any securities issued pursuant thereto may include any legend which the Board deems appropriate to reflect any restrictions
on transfer and compliance with applicable securities laws.

 

(b)              
All certificates for Shares or other securities delivered under the Plan will be
subject to such share-transfer orders and other restrictions as the Board may deem advisable under the rules, regulations, and
other requirements of the Securities Act of 1933, as amended, the Exchange Act, any stock exchange upon which the Shares are then
listed, and any other applicable federal or state securities laws, and the Board may cause a legend or legends to be put on any
such certificates to make appropriate reference to such restrictions.

 

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(c)               
Nothing contained in the Plan will 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.

 

(d)              
Neither the adoption of the Plan nor the execution of any document in connection
with the Plan will (i) confer upon any employee of the Corporation or an Affiliate any right to continued employment or engagement
with the Corporation or such Affiliate, or (ii) interfere in any way with the right of the Corporation or such Affiliate to terminate
the employment of any of its employees at any time.

 

(e)               
No later than the date as of which an amount first becomes includible in the gross
income of the Participant for federal income tax purposes with respect to any Award under the Plan, the Participant will pay to
the Corporation, or make arrangements satisfactory to the Board regarding the payment of, any federal, state or local taxes of
any kind required by law to be withheld with respect to such amount. Unless otherwise determined by the Board, the minimum required
withholding obligations may be settled with Shares, including, without limitation, Shares that are part of the Award that gives
rise to the withholding requirement. However, any required withholding obligations may not be settled with Shares of Restricted
Stock awarded under this Plan. The obligations of the Corporation under the Plan will be conditioned on such payment or arrangements
and the Corporation will, to the extent permitted by law, have the right to deduct any such Social Security contribution and taxes
from any payment of any kind otherwise due to the Participant.

 

Section
10. Effective Date of Plan. Subject to the approval of the Plan by the Corporation's stockholders within 12 months of the
Plan's adoption by the Board, the Plan will become effective on the date that it is adopted by the Board.

 

Section 11.Term of
Plan. The Plan will continue in effect until terminated in accordance with Section 8 hereof; provided, however,
that no Incentive Stock Option will be granted hereunder on or after the 10th anniversary of the date of stockholder approval
of the Plan (or, if the stockholders approve an amendment that increases the number of Shares subject to the Plan, the 10th
anniversary of the date of such approval); provided further, that Incentive Stock Options granted prior to such 10th
anniversary may extend beyond such date.

 

Section 12.Invalid Provisions. In
the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such
invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or
unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid or
unenforceable provision was not contained herein.

 

Section
13. Governing Law. The Plan and all Awards granted hereunder will be governed by and construed in accordance with the laws
and judicial decisions of the State of Delaware, without regard to the application of the principles of conflicts of laws of Delaware
or any other jurisdiction.

 

    	11

    	 

    

Section
14. Board Action. Notwithstanding anything to the contrary set forth in the Plan, any and all actions of the Board or Committee,
as the case may be, taken under or in connection with the Plan and any agreements, instruments, documents, certificates or other
writings entered into, executed, granted, issued and/or delivered pursuant to the terms hereof, will be subject to and limited
by any and all votes, consents, approvals, waivers or other actions of all or certain stockholders of the Corporation or other
Persons required by:

 

(a)               
the Corporation's Certificate of Incorporation (as the same may be amended
and/or restated from time to time);

 

(b)              
the Corporation's Bylaws (as the same may be amended and/or restated from time
to time); and

 

(c)               
any other agreement, instrument, document or writing now or hereafter existing,
between or among the Corporation and its stockholders or other Persons (as the same may be amended from time to time).

 

Section
15. Notices. Any notice to be given to the Corporation pursuant to the provisions of the Plan shall be given by registered
or certified mail, postage prepaid, and, addressed, if to the Corporation to its principal executive office to the attention of
its President or Chief Executive Officer (or such other Person as the Corporation may designate in writing from time to time),
and, if to a Participant, to the address given beneath his or her signature on his or her Award Agreement, or at such other address
as such Participant may hereafter designate in writing to the Corporation. Any such notice shall be deemed given or delivered 3
days after the date of mailing.

 

ADOPTION
AND APPROVAL OF PLAN

 

Date Plan adopted by Board: May 11, 2010 

 

Date Plan
approved by Stockholders: May 11, 2010

 

 

    	12

    	 

    

 

STOCK OPTION AGREEMENT

UNDER THE EDGE THERAPEUTICS, INC.

2010 EQUITY INCENTIVE PLAN

 

THIS STOCK OPTION
AGREEMENT (this “Agreement”) between Edge Therapeutics, Inc. (the “Corporation”
or the “Company”) and the individual specified on the Notice of Grant (the “Optionee”)
is made as of the date of grant specified on the Notice of Grant to which this Agreement is attached (the “Grant
Notice”). The date of grant specified on the Grant Notice is referred to herein as the “Grant Date.”

 

RECITALS

 

WHEREAS, the Corporation
maintains the Edge Therapeutics, Inc. 2010 Equity Incentive Plan (the “Plan”) for the benefit of its
employees, directors and consultants; and

 

WHEREAS, the Plan
permits the Corporation to award options with respect to shares of the Corporation’s common stock, $0.00033 par value per
share (“Shares”), subject to the terms of the Plan.

 

NOW, THEREFORE, in
consideration of these premises and the agreements set forth herein, the parties, intending to be legally bound hereby, agree as
follows:

 

1.                 
Award of Option. The Corporation hereby grants to the Optionee, as of the Grant Date, the option (the “Option”)
to purchase the number of Shares specified on the Grant Notice (the “Option Shares”). The Option
is subject to the terms set forth herein, and the terms of the Plan, which terms and provisions are incorporated herein by reference.
Except as otherwise specified herein or unless the context requires otherwise, capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Plan.

 

2.                 
Type of Option. If the Grant Notice indicates that the grant type is “ISO,” then the Option is intended
to be an Incentive Stock Option described by Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).
Notwithstanding the designation of this Option as either an Incentive Stock Option or non-qualified stock option, the Corporation
makes no representation as to the treatment of the Option under any federal, state, local or foreign tax law and the Corporation
has not advised the Optionee on such matters. If the Grant Notice does not specify the grant type as “ISO,” or if any
portion of the Option cannot qualify as an Incentive Stock Option, then the Option (or such portion of the Option, as applicable)
shall not be an Incentive Stock Option.

 

3.                 
Term of Option.

 

(a)               
Term. The term of the Option shall commence on the Grant Date and end on the Expiration Date specified on the Grant
Notice, or on such earlier date as provided in the Plan and Section 3(b), below (the “Term”).

 

    	 

    	 

    

 

(b)              
Termination of Employment. Subject to Section 6(c) of the Plan, upon termination of the Optionee’s employment
with the Company and its Subsidiaries other than due to death or Disability, the Option will cease to vest and the vested portion
of the Option shall remain exercisable until the earlier of (i) the Expiration Date, or (ii) 90 days following such termination
of employment. Upon termination of the Optionee’s employment due to death or Disability, the Option will be exercisable in
accordance with Section 6(a) or Section 6(b) of the Plan, as applicable.

 

4.                 
Exercise Price. The cost to the Optionee to purchase, pursuant to this Agreement, one Option Share is the Exercise
Price specified on the Grant Notice (subject to adjustment as set forth in the Plan).

 

5.                 
Exercise of Option. The Option will be exercisable during the Term only to the extent that it is then vested and
then only in accordance with the terms and provisions of the Plan and this Agreement.

 

(a)               
Vesting. The Option will vest and become exercisable in accordance with the vesting schedule set forth on the Grant
Notice. Upon the Optionee’s termination of employment with the Corporation and its Subsidiaries for any reason, the unvested
portion of the Option shall be immediately forfeited with no consideration due to the Optionee.

 

(b)              
Method of Exercise. The Optionee may exercise the Option by providing written notice to the Corporation stating the
election to exercise the Option, and making such additional representations and agreements as to the Optionee’s investment
intent with respect to the Option Shares as may be required by the Corporation hereunder or pursuant to the provisions of the Plan.
Such written notice shall be signed by the Optionee and shall be delivered in person or by certified mail to the Secretary of the
Corporation or such other Person as may be designated by the Corporation. The written notice shall be accompanied by (i) payment
of the Exercise Price, (ii) an executed Stockholders’ Agreement, as may be in effect from time to time, or joinder thereto,
and such other agreements as the Corporation may require, and (iii) payment of all applicable withholding taxes. Payment of the
purchase price shall be by cash, or certified or bank check or such other consideration and method of payment as may be authorized
by the Board pursuant to the Plan. Following exercise, any certificate(s) for Option Shares shall be registered in the name of
the Optionee (or his or her heirs or beneficiary, as applicable) and shall be legended as required under the Plan, this Agreement,
any applicable Stockholders’ Agreement(s) and/or applicable law. The Option shall be considered exercised on the last date
on which the Corporation has received all of the items (i) through (iii) of this Section 5(b).

 

(c)               
Partial Exercise. The Option, to the extent vested, may be exercised in whole or in part; provided, however, that
any exercise may apply only with respect to whole numbers of Option Shares.

 

(d)              
Restrictions on Exercise. The Option may not be exercised on an accelerated basis upon an initial public offering
of the Corporation’s Shares or other securities. Upon a Change of Control, the right to exercise the Option shall be subject
to Section 3(d) of the Plan. The Option shall not be exercised if the issuance of the Option Shares upon such exercise would constitute
a violation of any applicable federal or state securities laws or other laws or regulations. As a further condition to the exercise
of the Option, and in addition to any requirements of Section 5(b), Section 6 or Section 8 hereof, the Corporation may require
the Optionee to make any other representation or warranty to the Corporation as may be required by or advisable under any applicable
law or regulation.

 

    	2

    	 

    

 

(e)               
Termination of Option. Upon the end of the Term, any portion of the Option that remains unexercised shall be forfeited
and cancelled with no consideration due to the Optionee.

 

6.                 
Investment Representations. Unless the Option Shares have been registered under the Securities Act of 1933, the Optionee
represents and warrants to the Corporation as follows:

 

(a)               
The Optionee is acquiring the Option, and upon exercise of the Option, the Optionee will be acquiring the Option Shares
for investment for the Optionee’s own account, not as a nominee or agent, and not with a view to or for resale in connection
with any distribution thereof.

 

(b)              
The Optionee has a preexisting business or personal relationship with the Corporation or one of its directors, officers
or controlling Persons and by reason of the Optionee’s business or financial experience, has, and could be reasonably assumed
to have, the capacity to protect the Optionee’s interests in connection with the acquisition of the Option and the Option
Shares.

 

(c)               
The Corporation may require the Optionee to make additional representations upon exercise of the Option or any portion thereof.

 

7.                 
Non-Transferability of Option. The Option may not be sold, pledged, assigned, hypothecated, gifted, transferred or
disposed of in any manner either voluntarily or involuntarily by operation of law, other than by will or by the laws of descent
and distribution. During the Optionee’s lifetime, the Option is exercisable only by the Optionee. If the Optionee dies during
the Term, the terms of this Agreement and the Plan will be binding upon the executors, administrators, legal guardians, representatives,
estate and heirs of the Optionee, whether testamentary heirs or heirs by intestacy.

 

8.                 
Restrictions on Option Shares.

 

(a)               
Restrictions on Transfer. The Optionee is not permitted to, in any manner, sell, transfer, assign, donate, pledge,
encumber, or otherwise dispose of any Option Share (any such transaction being referred to herein as a “Transfer”),
except as permitted by and made in accordance with this Agreement.

 

(b)              
Conditions on All Transfers of Option Shares. Notwithstanding anything to the contrary contained in this Section
8, and in addition to any other terms and conditions of this Agreement, no Transfer of an Option Share shall be made, or, if attempted
or purported to be made, shall be effective, unless and until the Corporation is satisfied that the Transfer will not violate any
federal or state securities law or any other law or agreement (including this Agreement). If the Transfer would violate any such
law or agreement and the Optionee nevertheless attempts or purports to engage in a Transfer of Option Shares, then the Corporation
shall not recognize such Transfer on the books and records of the Corporation and such Transfer will be void. In addition, the
Optionee will be liable to the Corporation and the other stockholders of the Corporation for damages, if any, which may result
from such attempted or purported Transfer.

 

    	3

    	 

    

 

(c)               
Legend. All certificates representing Option Shares shall have a legend endorsed thereon in substantially the following
form:

 

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE PLEDGED, HYPOTHECATED, SOLD OR TRANSFERRED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION
OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH PLEDGE, HYPOTHECATION, SALE OR TRANSFER IS EXEMPT THEREFROM UNDER THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS.

 

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, REPURCHASE RIGHTS, AND/OR FORFEITURE CONDITIONS
AS SET FORTH IN THE EDGE THERAPEUTICS, INC. 2010 EQUITY INCENTIVE PLAN, AN OPTION AGREEMENT, A STOCKHOLDERS’ (OR SIMILAR)
AGREEMENT(S), AND/OR OTHER AGREEMENTS AND MAY NOT BE SOLD, EXCHANGED, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED
OF EXCEPT IN ACCORDANCE WITH AND SUBJECT TO ALL THE TERMS AND CONDITIONS OF SUCH DOCUMENTS AND AGREEMENTS. COPIES OF SUCH DOCUMENTS
AND AGREEMENTS ARE ON FILE AT THE PRINCIPAL OFFICE OF THE CORPORATION AND WILL BE FURNISHED UPON REQUEST TO THE HOLDER OF RECORD
OF THE SHARES REPRESENTED BY THIS CERTIFICATE WITHOUT CHARGE.

 

(d)              
Right of First Refusal.

 

(i)                
If the Optionee shall obtain a bona fide written offer (the “Offer”) for the Transfer of
Shares, whether or not acquired pursuant to the Option, held by the Optionee (the Shares specified in such Offer shall be referred
to herein as the “Offered Shares”) for a fixed price which the Optionee desires to accept, the Optionee
shall deliver prompt written notice (“Notice”) of such desire to the Corporation together with a copy
of the Offer. The Notice shall set forth the following: (i) the date of the Offer; (ii) the proposed price per Share; (iii) the
proposed number of Shares to be subject to the Transfer; (iv) the name or names of the proposed purchaser or purchasers; and (v)
all other material terms and conditions of the proposed Transfer. The Corporation shall consider the Notice in accordance with
this Section 8(d).

 

    	4

    	 

    

 

(ii)              
The Corporation (or an assignee of the Corporation’s rights under this Section 8(d), the Corporation and any such
assignee being referred to in this Section 8(d), collectively or separately, as the context may dictate, as the “Corporation”)
shall have the option, exercisable by written notice to the Optionee within sixty (60) days after the date on which the Corporation
receives the Notice, to purchase the Offered Shares or any portion of the Offered Shares upon the price and the terms set forth
in the Offer.

 

(iii)            
If the Corporation does not purchase all of the Offered Shares pursuant to this Section 8(d), the Optionee may complete
the Transfer of the Offered Shares (or any portion thereof) not so purchased only to the proposed purchaser or purchasers who made
the Offer and only on the terms contained in the Offer, provided that the proposed purchaser or purchasers agree in writing to
be bound by a stock restriction agreement with terms and conditions substantially similar to Section 8 of this Agreement and, provided
further, that such Transfer can be made in conformity with the other provisions of this Agreement. If such Transfer does not occur
within ninety (90) days after the date of the Offer, the Optionee shall, prior to any Transfer, again offer to sell such Shares
to the Corporation in accordance with this Section 8(d).

 

(iv)            
The Corporation’s rights under this Section 8(d) shall terminate upon the issuance of the Corporation’s Shares
in an initial public offering.

 

9.                 
Optionee Covenant; Market Standoff Agreement.

 

(a)               
General. The Optionee hereby agrees that the Optionee will not, without the prior written consent of the managing
underwriter, during the period commencing on the date of the final prospectus relating to the Corporation’s first underwritten
public offering of its common stock under the Securities Act of 1933, as amended (the “Securities Act”,
and such offering, an “IPO”), and ending on the date specified by the Corporation and the managing underwriter
(such period not to exceed one hundred eighty (180) days in the case of an IPO, which period may be extended upon the request of
the managing underwriter for an additional period of up to fifteen (15) days if the Corporation issues or proposes to issue an
earnings or other public release within fifteen (15) days of the expiration of the 180-day lockup period), will not offer, sell,
contract to sell, pledge or otherwise dispose of, directly or indirectly, any Shares or securities convertible into or exchangeable
or exercisable for any Shares, enter into a transaction which would have the same effect, or enter into any swap, hedge or other
arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Shares, whether any such
aforementioned transaction is to be settled by delivery of the Shares or such other securities, in cash or otherwise, or publicly
disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge
or other arrangement, in each case without the prior written consent of the underwriters. The foregoing provisions of this Section
9(a) shall apply only to the IPO, shall not apply to the sale of any Shares to an underwriter pursuant to an underwriting agreement,
and shall be applicable to the Optionee only if all officers, directors, and stockholders individually owning more than one percent
(1%) of the Corporation’s outstanding Shares are subject to the same restrictions. The underwriters in connection with such
registration are intended third party beneficiaries of this Section 9(a) and shall have the right, power, and authority to enforce
the provisions hereof as though they were a party hereto.

 

    	5

    	 

    

 

(b)              
The restrictions contained in Section 9(a) shall not apply to (i) the registration of or sale to the underwriters of any
Shares pursuant to the IPO, (ii) bona fide gifts, provided the recipient thereof agrees in writing with the underwriters to be
bound by the terms of this Agreement, (iii) dispositions to any trust, family limited partnership or family limited liability company
for the direct or indirect benefit of the undersigned and/or the immediate family of the undersigned, provided that such trust,
family limited partnership or family limited liability company agrees in writing with the underwriters to be bound by the terms
of this Agreement, or (iv) transfers of Shares by will or intestacy to the undersigned’s immediate family, provided that
such transferee agrees in writing with the underwriters to be bound by the terms of this Agreement. For purposes of this Agreement,
“immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.

 

(c)               
The Optionee agrees to execute and deliver such other agreements as may be reasonably requested by the Corporation and/or
the underwriters which are consistent with the provisions of this Section 9. Any discretionary waiver or termination of the restrictions
of any or all of such agreements by the Corporation or the underwriters shall apply pro rata to all stockholders of the
Corporation subject to agreements similar to this Section 9, based on the number of Shares subject to such agreements.

 

10.             
No Promise of Employment. Neither the Plan nor the Option nor the holding of Option Shares will confer upon the Optionee
any right to continue in the employ or other service of the Corporation or any Affiliate or Subsidiary of the Corporation, or limit,
in any respect, the right of the Corporation or any such Affiliate or Subsidiary to discharge the Optionee at any time, with or
without Cause and with or without notice.

 

11.             
Withholding. The Optionee shall be responsible to make appropriate provision for all taxes required to be withheld
in connection with the Option or the exercise thereof. Such responsibility shall extend to all applicable federal, state, local
or foreign withholding taxes. The Corporation or its Subsidiaries, in their sole discretion, shall have the right to retain the
number of shares whose Fair Market Value equals the amount to be withheld in satisfaction of the applicable withholding taxes (or
to withhold from any payroll or other amounts otherwise due to the Optionee the amount of withholding taxes due in connection with
the exercise of the Option). Notwithstanding the foregoing, if the Optionee is subject to Section 16 of the Exchange Act at the
time of exercise of the Option, then the Company shall permit the Optionee to pay the Exercise Price and the withholding taxes
relating to the exercise of the Option through a broker-assisted exercise of the Option whereby the broker will sell a number of
shares sufficient to pay such Exercise Price and withholding taxes and shall remit the proceeds of the sale to the Company, and
with any remaining shares to be credited to the account of the Optionee.

 

    	6

    	 

    

 

12.             
The Plan. The Optionee has received a copy of the Plan (a copy of which is attached hereto as Exhibit A),
has read the Plan and is familiar with its terms, and hereby accepts the Option subject to all of the terms and provisions of the
Plan, as amended from time to time, and this Agreement. Pursuant to the Plan, the Board is authorized to interpret the Plan and
to adopt rules and regulations not inconsistent with the Plan as it deems appropriate. The Optionee hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the Board with respect to the Plan, this Agreement, the Option
Shares or any agreement relating to the Option or the Option Shares.

 

13.             
Governing Law. This Agreement will be construed in accordance with the laws of the State of Delaware, without regard
to the application of the principles of conflicts of laws of Delaware or any other jurisdiction.

 

14.             
Severability. All provisions of this Agreement are distinct and severable and if any clause shall be held to be invalid,
illegal or against public policy, the validity or the legality of the remainder of this Agreement shall not be affected thereby,
and the remainder of this Agreement shall be interpreted to give maximum effect to the original intention of the parties hereto.

 

15.             
Amendment. Subject to the provisions of the Plan, this Agreement may only be amended by a writing signed by each
of the parties hereto.

 

16.             
Employment Agreement Override. If the Optionee is a party to an employment agreement with the Company or any of its
Subsidiaries that provides for any special vesting or exercise benefits in connection with a termination of employment that conflict
with those set forth in this Agreement, the provisions of such employment agreement shall control.

 

17.             
Entire Agreement. This Agreement, together with the Grant Notice and the Plan, and the other exhibits attached thereto
or hereto, represents the entire agreement between the parties hereto relating to the subject matter hereof, and merges and supersedes
all prior and contemporaneous discussions, agreements and understandings of every nature relating to the award of the Options described
herein to Optionee by the Corporation.

 

    	7

    	 

    

 

EXHIBIT A

 

Edge Therapeutics Inc.
2010 Equity Incentive Plan

 

    	8Exhibit 10.3

 

EDGE THERAPEUTICS, INC.

2012 EQUITY INCENTIVE PLAN

 

Section
1.               
Purpose; Definitions. The purposes of the Edge Therapeutics, Inc. 2012 Equity Incentive Plan (the “Plan”)
are to: (a) enable Edge Therapeutics, Inc. (the “Corporation”) and its respective affiliated companies
to recruit and retain highly qualified personnel; (b) provide those employees, directors and consultants of the Corporation with
an incentive for productivity; and (c) provide those personnel with an opportunity to share in the growth and value of the Corporation.

 

For purposes of the
Plan, the following capitalized words and phrases will be defined as set forth below, unless the context clearly requires a different
meaning:

 

(a)               
“Affiliate” means, with respect to a Person, a Person that directly or indirectly controls, or
is controlled by, or is under common control with such Person.

 

(b)              
“Award” means a grant of Options pursuant to the provisions of the Plan.

 

(c)               
“Award Agreement” means, with respect to any particular Award, the written document
that sets forth the terms of that particular Award.

 

(d)              
“Board” means the Board of Directors of the Corporation, as constituted from time to time; provided,
however, that if the Board appoints a Committee to perform some or all of the Board’s administrative functions hereunder
pursuant to Section 2, references in the Plan to the “Board” will be deemed to also refer to that Committee
in connection with matters to be performed by that Committee.

 

(e)               
“Cause” means (i) conviction of, or the entry of a plea of guilty or no contest to, a felony or
any other crime that causes the Corporation or its Affiliates public disgrace or disrepute, or adversely affects the Corporation’s
or its Affiliates’ operations or financial performance or the relationship the Corporation has with its Affiliates; (ii)
gross negligence or willful misconduct with respect to the Corporation or any of its Affiliates, including, without limitation,
fraud, embezzlement, theft or proven dishonesty in the course of the subject employment or engagement with the Corporation or its
Affiliates; (iii) refusal, failure or inability to perform any material obligation or fulfill any duty (other than any duty or
obligation of the type described in clause (v) below) to the Corporation (other than due to a Disability), which failure, refusal
or inability is not cured within 30 days after delivery of notice thereof; (iv) material breach of any agreement with or duty owed
to the Corporation or any of its Affiliates; or (v) any breach of any obligation or duty to the Corporation or any of its Affiliates
(whether arising by statute, common law, contract or otherwise) relating to confidentiality, noncompetition, nonsolicitation or
proprietary rights. Notwithstanding the foregoing, if a Participant and the Corporation (or any of its Affiliates) have entered
into an employment agreement, consulting agreement or other similar agreement that specifically defines “cause,” then
with respect to such Participant, “Cause” shall have the meaning defined in that employment agreement, consulting agreement
or other agreement.

 

    	1

    	 

    

(f)               
“Change of Control” means, with respect to any entity and except for the sole purpose of changing
domicile: (i) the sale, transfer, assignment or other disposition (including by merger or consolidation, but excluding any sales
by stockholders or other equity holders made as part of an underwritten public offering of the common stock of the entity) by stockholders
of the entity, in one transaction or a series of related transactions, of more than 50% of the voting power represented by the
then outstanding capital stock or other equity interests of the entity to one or more Persons, (ii) the sale of all or substantially
all the assets of the entity (other than a transfer of financial assets made in the ordinary course of business for the purpose
of securitization), or (iii) the liquidation or dissolution of the entity.

 

(g)              
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor
thereto.

 

(h)              
“Committee” means a committee appointed by the Board in accordance with Section 2 of the
Plan.

 

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

 

(j)                
“Disability” means a condition rendering a Participant Disabled, as determined by the Board in
its sole discretion.

 

(k)              
“Disabled” will have the same meaning as set forth in Section 22(e)(3) of the Code (without regard
to the last sentence thereof).

 

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

 

(m)            
“Fair Market Value” means, with respect to a Share, as of any date: (i) in the case of any determination
thereof other than in connection with a Change of Control, (x) if the Shares are not publicly traded, the value of such Shares
on that date, as determined by the Board after using a valuation method that complies with regulations for determining fair market
value as promulgated by the Internal Revenue Service; or (y) if the Shares are publicly traded, the last sale price of a Share
on the trading day immediately prior to the date of determination of fair market value or, if no sale is publicly reported on such
trading day, the last sale price of a Share prior to the date of determination of fair market value; and (ii) in the case of any
determination thereof in connection with a Change of Control, the value of a Share attributable to such Shares in the transaction
giving rise to the such Change of Control or, if no such value is so attributable, the value as determined by the Board after using
a valuation method that complies with regulations for determining fair market value as promulgated by the Internal Revenue Service.

 

(n)              
“Incentive Stock Option” means any Option intended to be and designated as an “Incentive
Stock Option” within the meaning of Section 422 of the Code.

 

    	2

    	 

    

(o)              
“Non-Employee Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by
the Securities and Exchange Commission under the Exchange Act, or any successor definition adopted by the Securities and Exchange
Commission; provided, however, that the Board or the Committee may, to the extent that it deems necessary to comply with Section
162(m) of the Code or regulations thereunder, require that each “Non-Employee Director” also be an “outside director”
as that term is defined in regulations under Section 162(m).

 

(p)              
“Non-Qualified Stock Option” means any Option that is not an Incentive Stock Option.

 

(q)              
“Option” means any option to purchase Shares granted pursuant to Section 5 hereof.

 

(r)                
“Participant” means an employee, consultant, Director, or other service provider of or to the
Corporation or any of its respective Affiliates to whom an Award is granted.

 

(s)               
“Person” or “Persons” means an individual(s), partnership(s), corporation(s),
limited liability company(ies), trust(s), joint venture(s), unincorporated association(s), or other entity(ies) or association(s).

 

(t)                
“Shares” means shares of the Corporation’s common stock, $0.00033 par value per share, subject
to substitution or adjustment as provided in Section 3(c) hereof.

 

(u)              
“Stockholders’ Agreement” means any Stockholders’ Agreement, Voting Agreement, Right
of First Refusal and Co-Sale Agreement or other similar agreement to be executed and delivered by a Participant at the time of
any event of an Award or upon the exercise of any Options subject to an Award, as determined by the Board, and in such form from
time to time prescribed by the Board, as amended from time to time.

 

(v)              
“Subsidiary” means, with respect to the Corporation, a subsidiary corporation, whether now or
hereafter existing, as defined in Sections 424(f) and (g) of the Code.

 

Section
2.               
Administration. The Plan will be administered by the Board; provided, however, that the Board may at any time
appoint a Committee to perform some or all of the Board’s administrative functions hereunder; provided, further that the
authority of any Committee appointed pursuant to this Section 2 will be subject to such terms and conditions as the Board
may prescribe and will be coextensive with, and not in lieu of, the authority of the Board hereunder.

 

Subject to the requirements
of the Corporation’s Bylaws (as the same may be amended and/or restated from time to time), Certificate of Incorporation
(as the same may be amended and/or restated from time to time) and/or any other agreement that governs the appointment of Board
committees, any Committee established under this Section 2 will be composed of not fewer than 2 members, each of whom will
serve for such period of time as the Board determines; provided, however, that if the Corporation has a class of securities required
to be registered under Section 12 of the Exchange Act, all members of any Committee established pursuant to this Section 2
will be Non-Employee Directors. From time to time the Board may increase the size of the Committee and appoint additional members
thereto, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused,
or remove all members of the Committee and thereafter directly administer the Plan.

 

    	3

    	 

    

Directors who are eligible
for Awards or have received Awards may vote on any matters affecting the administration of the Plan or the grant of Awards, except
that no such member will act upon the grant of an Award to himself or herself, but any such member may be counted in determining
the existence of a quorum at any meeting of the Board during which action is taken with respect to the grant of Awards to himself
or herself.

 

The Board will have
full authority to grant Awards under this Plan. In particular, subject to the terms of the Plan, the Board will have the authority:

 

(a)               
to select the Persons to whom Awards may from time to time be granted hereunder (consistent with the eligibility conditions
set forth in Section 4);

 

(b)              
to determine the type of Award to be granted to any Person hereunder;

 

(c)               
to determine the number and type of Shares, if any, to be covered by each Award (consistent with the provisions of Section
3 regarding the maximum number of Shares subject to the Plan);

 

(d)              
to establish the terms and conditions of each Award Agreement;

 

(e)               
to determine whether and under what circumstances an Option may be exercised without a payment of cash under Section
5(d); and

 

(f)               
to require execution of a Stockholders’ Agreement which may include, among other things, restrictions on resale of
Shares and/or a requirement to sell Shares in connection with a Change of Control or other similar transactions, and may impose
a limitation on marketability in connection with a public offering of the Corporation’s stock.

 

The Board will have
the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it, from time
to time, deems advisable; to establish the terms of each Award Agreement; to interpret the terms and provisions of the Plan and
any Award issued under the Plan (and any Award Agreement); and to otherwise supervise the administration of the Plan. The Board
may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the
extent it deems necessary to carry out the intent of the Plan.

 

    	4

    	 

    

All decisions made
by the Board pursuant to the provisions of the Plan will be final and binding on all Persons, including the Corporation and Participants.
No Director will be liable for any good faith determination, act or omission in connection with the Plan or any Award.

 

Section
3.               
Shares Subject to the Plan.

 

(a)               
Shares Subject to the Plan. The Shares to be subject to Options under the Plan will be authorized and unissued Shares
of the Corporation, whether or not previously issued and subsequently acquired by the Corporation. The maximum number of Shares
that may be subject to Options under the Plan is 1,500,000. The Corporation will reserve for the purposes of the Plan, out of its
authorized and unissued Shares, such number of Shares.

 

(b)              
Effect of the Expiration or Termination of Awards. If and to the extent that an Option expires, terminates or is
canceled or forfeited for any reason without having been exercised in full, the Shares associated with that Option will again become
available for grant under the Plan. Similarly, if any Share is withheld pursuant to Section 9(e) in settlement of a tax
withholding obligation associated with an Award, that Share will again become available for grant under the Plan. If any Share
is received in satisfaction of the exercise price payable upon exercise of an Option, that Share will become available for grant
under the Plan.

 

(c)               
Other Adjustment. In the event of any recapitalization, stock split or combination, stock dividend or other similar
event or transaction affecting the Shares, equitable substitutions or adjustments may be made by the Board, in its sole and absolute
discretion, to (i) the aggregate number, type and issuer of the securities reserved for issuance under the Plan, (ii) the number,
type and issuer of Shares subject to outstanding Options, and (iii) the exercise price of outstanding Options.

 

(d)              
Change of Control. Notwithstanding anything to the contrary set forth in the Plan, upon or in anticipation of any
Change of Control of the Corporation or any of its Affiliates, the Board, as constituted prior to such Change of Control, may,
in its sole and absolute discretion and without the need for the consent of any Participant, take one or more of the following
actions contingent upon the occurrence of that Change of Control: (i) cause any or all outstanding Options to become vested and
immediately exercisable, in whole or in part; (ii) cancel any Option in exchange for an option to purchase common stock of any
successor corporation or its parent in a manner consistent with the requirements of Treas. Reg. § 1.424-1 (a)(4)(i) (notwithstanding
the fact that the original Option may never have been intended to satisfy the requirements for treatment as an Incentive Stock
Option); or (iii) cancel any Option held by a Participant affected by the Change of Control in exchange for cash and/or other substitute
consideration with a value equal to (A) the number of Shares subject to that Option, multiplied by (B) the difference, if any,
between the Fair Market Value per Share on the date of the Change of Control and the exercise price of that Option; provided, however,
that if the Fair Market Value per Share on the date of the Change of Control does not exceed the exercise price of any such Option,
the Board may cancel that Option without any payment of consideration therefor.

 

    	5

    	 

    

For purposes of clause
(d)(ii) in this Section 3, the exchange of an Option issued under the Plan for an option to purchase common stock of any
successor corporation or its parent shall be permitted only to the extent that the ratio of the exercise price to the fair market
value of the shares subject to the Option immediately after the substitution or assumption is not greater than the ratio of the
exercise price to the Fair Market Value of the Shares subject to the Option immediately before the substitution or assumption.

 

Section
4.               
Eligibility. Employees, Directors, consultants, and other individuals who provide services to the Corporation
or its Affiliates are eligible to be granted Awards under the Plan. Persons who are not employees of the Corporation or a Subsidiary
are not eligible to be granted Incentive Stock Options but are eligible to be granted other types of Awards.

 

Section
5.               
Options. Options granted under the Plan may be of two types: (i) Incentive Stock Options, or (ii) Non-Qualified
Stock Options. Any Option granted under the Plan will be in such form as the Board may at the time of such grant approve. Without
limiting the generality of Section 3(a), any number of the maximum number of Shares provided for in Section 3(a)
may be subject to Incentive Stock Options or Non-Qualified Stock Options, or any combination thereof.

 

The Award Agreement
evidencing any Option will incorporate the following terms and conditions and will contain such additional terms and conditions,
not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole and absolute discretion:

 

(a)               
Option Price. The exercise price per Share purchasable under an Incentive Stock Option or a Non-Qualified Stock Option
will be not less than 100% of the Fair Market Value of the Share on the date of the grant. However, any Incentive Stock Option
granted to any Participant who, at the time the Option is granted, owns more than 10% of the voting power of all classes of shares
of the Corporation or of a Subsidiary will have an exercise price per Share of not less than 110% of Fair Market Value per Share
on the date of the grant.

 

(b)              
Option Term. The term of each Option will be fixed by the Board, but no Incentive Stock Option will be exercisable
more than ten (10) years after the date the Option is granted. However, any Incentive Stock Option granted to any Participant who,
at the time such Option is granted, owns more than 10% of the voting power of all classes of shares of the Corporation or of a
Subsidiary may not have a term of more than five (5) years. No Option may be exercised by any Person after expiration of the term
of the Option.

 

(c)               
Exercisability. Options will vest and be exercisable at such time or times and subject to such terms and conditions
as determined by the Board at the time of grant. If the Board provides, in its sole and absolute discretion, that any Option is
exercisable only in installments, the Board may waive such installment exercise provisions at any time at or after grant, in whole
or in part, based on such factors as the Board determines, in its sole and absolute discretion.

 

    	6

    	 

    

(d)              
Method of Exercise. Subject to the exercisability provisions of Section 5(c) and the termination provisions
set forth in Section 6, Options may be exercised in whole or in part at any time and from time to time during the term of
the Option, by the delivery of written notice of exercise by the Participant to the Corporation specifying the number of Shares
to be purchased. Such notice will be accompanied by payment in full of the purchase price, either by cash or certified or bank
check, or such other means as the Board may accept in its sole discretion. As determined by the Board, in its sole and absolute
discretion, at or after grant, payment in full or in part of the exercise price of an Option may be made in the form of previously
acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised; provided, however, that in the
case of an Incentive Stock Option, the right to make a payment in the form of previously acquired Shares may be authorized only
at the time the Option is granted.

 

No Shares will be issued
upon exercise of an Option until full payment therefor has been made. A Participant will not have the right to distributions or
dividends or any other rights of a stockholder with respect to Shares subject to the Option until the Participant has given written
notice of exercise, has paid in full for such Shares, and, if requested, has given the representation described in Section 9(a)
hereof.

 

(e)               
Incentive Stock Option Limitations. In the case of an Incentive Stock Option, the aggregate Fair Market Value (determined
as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the
Participant during any calendar year under the Plan and/or any other plan of the Corporation or any Subsidiary will not exceed
$100,000. For purposes of applying the foregoing limitation, Incentive Stock Options will be taken into account in the order granted.
To the extent any Option does not meet such limitation, that Option will be treated for all purposes as a Non-Qualified Stock Option.

 

(f)               
Termination of Service. Unless otherwise specified in the Award Agreement, Options will be subject to the terms of
Section 6 with respect to exercise upon or following termination of employment or other service.

 

(g)              
Transferability of Options. Except as may otherwise be specifically determined by the Board with respect to a particular
Option, no Option will be transferable by the Participant other than by will or by the laws of descent and distribution, and all
Options will be exercisable, during the Participant’s lifetime, only by the Participant or, in the event of his or her Disability,
by his or her personal representative.

 

Section
6.               
Termination of Service. Unless otherwise specified with respect to a particular Option in the applicable Award
Agreement, all Options will remain exercisable after termination of employment only to the extent specified in this Section
6.

 

(a)               
Termination by Reason of Death. If a Participant’s service with the Corporation or any Affiliate terminates
by reason of death, any Option held by such Participant may thereafter be exercised, to the extent then exercisable or on such
accelerated basis as the Board may determine, at or after grant, by the legal representative of the estate or by the legatee of
the Participant under the will of the Participant, for a period expiring on the earliest to occur of (i) twelve (12) months from
the date of death, and (ii) the expiration of the stated term of such Option.

 

    	7

    	 

    

(b)              
Termination by Reason of Disability. If a Participant’s service with the Corporation or any Affiliate terminates
by reason of Disability, any Option held by such Participant may thereafter be exercised by the Participant or his or her personal
representative, to the extent it was exercisable at the time of termination, or on such accelerated basis as the Board may determine
at or after grant, for a period expiring on the earliest to occur of (i) twelve (12) months from the date of termination of service,
and (ii) the expiration of the stated term of such Option.

 

(c)               
Cause. If a Participant’s service with the Corporation or any Affiliate is terminated for Cause: (i) any Option
not already exercised will be immediately and automatically forfeited as of the date of such termination, and (ii) any Shares for
which the Corporation has not yet delivered share certificates will be immediately and automatically forfeited and the Corporation
will refund to the Participant the Option exercise price paid for such Shares, if any.

 

(d)              
Other Termination. If a Participant’s service with the Corporation or any Affiliate terminates for any reason
other than death, Disability or Cause, then, except as otherwise provided in the applicable Award Agreement, any Option held by
such Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the time of such termination,
or on such accelerated basis as the Board may determine at or after grant, for a period expiring on the earliest to occur of (i)
ninety (90) days from the date of termination of service, and (ii) the expiration of the stated term of such Option.

 

Section
7.               
[Intentionally Omitted.]

 

Section
8.               
Amendments and Termination. The Board may amend, alter or discontinue the Plan at any time, but except as
otherwise provided in Section 3(d) of the Plan, no amendment, alteration or discontinuation will be made which (i) would
impair the rights of a Participant with respect to an Award, without that Participant’s consent, or (ii) would (a) increase
the total number of Shares reserved for the purposes of the Plan (except as otherwise provided in Section 3(c) hereof),
or (b) change the Persons or class of Persons eligible to receive Awards, without the approval by the stockholders of the Corporation
within 365 days of the date on which such amendment is adopted by the Board in a manner consistent with Section 1.422-5 of the
Treasury Regulations.

 

Section
9.               
General Provisions.

 

(a)               
The Board may require each Participant to represent to and agree with the Corporation in writing that the Participant is
acquiring securities of the Corporation for investment purposes and without a view to distribution thereof and as to such other
matters as the Board believes are appropriate. The certificate evidencing any Award and any securities issued pursuant thereto
may include any legend which the Board deems appropriate to reflect any restrictions on transfer and compliance with applicable
securities laws.

 

    	8

    	 

    

(b)              
All certificates for Shares or other securities delivered under the Plan will be subject to such share-transfer orders and
other restrictions as the Board may deem advisable under the rules, regulations, and other requirements of the Securities Act of
1933, as amended, the Exchange Act, any stock exchange upon which the Shares are then listed, and any other applicable federal
or state securities laws, and the Board may cause a legend or legends to be put on any such certificates to make appropriate reference
to such restrictions.

 

(c)               
Nothing contained in the Plan will 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.

 

(d)              
Neither the adoption of the Plan nor the execution of any document in connection with the Plan will (i) confer upon any
employee of the Corporation or an Affiliate any right to continued employment or engagement with the Corporation or such Affiliate,
or (ii) interfere in any way with the right of the Corporation or such Affiliate to terminate the employment of any of its employees
at any time.

 

(e)               
No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal
income tax purposes with respect to any Award under the Plan, the Participant will pay to the Corporation, or make arrangements
satisfactory to the Board regarding the payment of, any federal, state or local taxes of any kind required by law to be withheld
with respect to such amount. Unless otherwise determined by the Board, the minimum required withholding obligations may be settled
with Shares, including, without limitation, Shares that are part of the Award that gives rise to the withholding requirement. The
obligations of the Corporation under the Plan will be conditioned on such payment or arrangements and the Corporation will, to
the extent permitted by law, have the right to deduct any such Social Security contribution and taxes from any payment of any kind
otherwise due to the Participant.

 

Section
10.            Effective
Date of Plan. Subject to the approval of the Plan by the Corporation’s stockholders within 12 months of the Plan’s
adoption by the Board, the Plan will become effective on the date that it is adopted by the Board.

 

Section
11.            Term
of Plan. The Plan will continue in effect until terminated in accordance with Section 8 hereof; provided, however,
that no Incentive Stock Option will be granted hereunder on or after the 10th anniversary of the date of stockholder approval of
the Plan (or, if the stockholders approve an amendment that increases the number of Shares subject to the Plan, the 10th anniversary
of the date of such approval); provided, further that Incentive Stock Options granted prior to such 10th anniversary may extend
beyond such date.

 

Section
12.            Invalid
Provisions. In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any
applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained herein as
invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid
or unenforceable provision was not contained herein.

 

    	9

    	 

    

Section
13.            Governing
Law. The Plan and all Awards granted hereunder will be governed by and construed in accordance with the laws and judicial
decisions of the State of Delaware, without regard to the application of the principles of conflicts of laws of Delaware or any
other jurisdiction.

 

Section
14.            Board
Action. Notwithstanding anything to the contrary set forth in the Plan, any
and all actions of the Board or Committee, as the case may be, taken under or in connection with the Plan and any agreements, instruments,
documents, certificates or other writings entered into, executed, granted, issued and/or delivered pursuant to the terms hereof,
will be subject to and limited by any and all votes, consents, approvals, waivers or other actions of all or certain stockholders
of the Corporation or other Persons required by:

 

(a)               
the Corporation’s Certificate of Incorporation (as the same may be amended and/or restated from time to time);

 

(b)              
the Corporation’s Bylaws (as the same may be amended and/or restated from time to time); and

 

(c)               
any other agreement, instrument, document or writing now or hereafter existing, between or among the Corporation and its
stockholders or other Persons (as the same may be amended from time to time).

 

Section
15.            Notices.
Any notice to be given to the Corporation pursuant to the provisions of the Plan shall be given by registered or certified mail,
postage prepaid, and, addressed, if to the Corporation to its principal executive office to the attention of its President or Chief
Executive Officer (or such other Person as the Corporation may designate in writing from time to time), and, if to a Participant,
to the address given beneath his or her signature on his or her Award Agreement, or at such other address as such Participant may
hereafter designate in writing to the Corporation. Any such notice shall be deemed given or delivered 3 days after the date of
mailing.

 

ADOPTION AND APPROVAL OF PLAN

 

Date Plan adopted by Board: December 18,
2012

 

 

 

    	10

    	 

    

NON-QUALIFIED
STOCK OPTION AGREEMENT

 

UNDER THE 

EDGE THERAPEUTICS, INC.

2012 EQUITY INCENTIVE PLAN

 

__________ shares
of Common Stock

 

THIS NON-QUALIFIED
STOCK OPTION AGREEMENT (this “Agreement”) is made as of the ___th Day of December, 2012,
between Edge Therapeutics, Inc. (the “Corporation”) and [__________] (the “Optionee”).

 

Background

 

A. The Corporation maintains the Edge Therapeutics,
Inc. 2012 Equity Incentive Plan (the “Plan”) for the benefit of its employees, directors and consultants.

 

B. The Plan permits the
award of Options to purchase shares of the Corporation’s Common Stock, $0.00033 par value (the “Common Stock”),
subject to the terms of the Plan (the “Shares”).

 

C. The Corporation desires
to obtain the services of the Optionee as [__________] and induce him to serve as such by granting an Option to purchase the number
of shares of Common Stock set forth herein.

 

Common Stock

 

NOW, THEREFORE,
in consideration of these premises and the agreements set forth herein, the parties, intending to be legally bound hereby, agree
as follows:

 

1.Award of Option.
The Corporation hereby grants to the Optionee an option (the “Option”) to purchase [________] Shares
(the “Option Shares”) of the Company’s Common Stock. This grant is being made in
connection with a certain Board of Directors Agreement entered into between the Corporation and the Optionee as of the date hereof.
The Option is subject to the terms and conditions set forth herein, and in all respects is subject to the terms, definitions and
provisions of the Plan applicable to Non-Qualified Stock Options, which terms and provisions are incorporated herein by this reference.
Except as otherwise specified herein or unless the context herein requires otherwise, capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Plan.

 

2.Nature of the
Option. The Option is not intended to qualify as an Incentive Stock Option described by Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”). Notwithstanding the foregoing, the Corporation makes no representation
as to the taxation of the Option and the Corporation has not advised the Optionee on such matters.

 

3.Date
of Grant; Expiration of Option. The Option is granted as of the date hereof (the “Effective Date”),
and may not be exercised later than the date that is 10 years after date of grant, subject to earlier termination as provided in
the Plan.

 

4.Option Exercise
Price. The total cost to the Optionee to purchase, pursuant to this Agreement, one Share is the greater of (i) the fair market
value per share of the Common Stock on the date of grant of the Option, based on an appraisal conducted by independent valuation
expert, and (ii) $1.75.

 

    	 

    	 

    

5.Exercise of
Option. The Option will be exercisable during its term only in accordance with the terms and provisions of the Plan and this
Agreement, as follows:

 

(a)Right
to Exercise.

 

1)Fifty
percent (50%) of the Option Shares shall vest and be exercisable upon execution of this Agreement.

 

2)An
additional fifty percent (50%) Option Shares shall vest and become exercisable if the Optionee remains in continuous service as
a director to the Corporation through the applicable vesting date as follows: (x) 6.25% of the Option Shares shall vest and become
exercisable on July 31, 2013, and (y) 6.25% of the Option Shares shall vest and become exercisable on a quarter annual basis commencing
on October 15, 2013 and continuing on the fifteenth day of each January, April, July, and October until fully vested on April 15,
2017.

 

(b)Method
of Exercise. The Optionee may exercise the Option by providing written notice to the Corporation stating the election to exercise
the Option, specifying the number of Option Shares to be purchased and making such additional representations and agreements as
to the Optionee’s investment intent with respect to the Option Shares as may be required by the Board hereunder or pursuant
to the provisions of the Plan. Such written notice shall be signed by the Optionee and shall be delivered in person, by overnight
courier or by certified mail to the Secretary of the Corporation or such other Person as may be designated by the Corporation in
writing to the Optionee. The written notice shall be accompanied by (i) payment of the purchase price, (ii) an executed Stock Restriction
Agreement, in the form of Exhibit A attached hereto (the “Stock Restriction Agreement”), and (iv) an
executed Market Standoff Agreement in the form of Exhibit B attached hereto (the “Market Standoff Agreement”).
Payment of the purchase price shall be by cash, or certified or bank check or such other consideration and method of payment as
may be authorized by the Corporation’s Board, including, without limitation, the tender of previously acquired Shares based
on the Fair Market Value of such Shares on the date the Option is exercised. The certificate(s) for the Shares as to which the
Option shall be exercised shall be registered in the name of the Optionee and shall be legended as required under the Plan, the
Stock Restriction Agreement, the Market Standoff Agreement, and/or applicable law. No Shares will be issued upon exercise of an
option until full payment therefor has been made. The Optionee will not have the right to distributions or dividends or any other
rights of a stockholder with respect to the Option Shares until the Optionee has given written notice of exercise and has paid
for such Shares in full.

 

(c)Partial Exercise.
 The Option may be exercised in whole or in part; provided, however, that any exercise may apply only with respect to whole
numbers of Option Shares.

 

(d)Restrictions
on Exercise. The Option may not be exercised on an accelerated basis upon an initial public offering of the Corporation’s
securities. The Option shall immediately become fully vested and exercisable in connection with a Change of Control, notwithstanding
any action the Board may take pursuant to Section 3(d) of the Plan, and the Optionee shall have the right to exercise the Option
in connection with, and contingent upon, such Change of Control. The Option may not be exercised if the issuance of the Option
Shares upon such exercise would constitute a violation of any applicable federal or state securities laws or other laws or regulations.
As a further condition to the exercise of the Option, the Corporation may require the Optionee to make any representation or warranty
to the Corporation as may be required by or advisable under any applicable securities laws or regulations or applicable listing
standards.

 

6.Investment Representations.
Unless the Option Shares have been registered under the Securities Act of 1933, in connection with the acquisition of the Option,
the Optionee represents and warrants to the Corporation as follows:

 

(a)The Optionee
is acquiring the Option, and upon exercise of the Option, the Optionee will be acquiring the Option Shares for investment for the
Optionee’s own account, not as a nominee or agent, and not with a view to or for resale in connection with any distribution
thereof.

 

(b)The Optionee
has a preexisting business or personal relationship with the Corporation or one of its directors, officers or controlling Persons
and by reason of the Optionee’s business or financial experience, has, and could be reasonably assumed to have, the capacity
to protect the Optionee’s interests in connection with the acquisition of the Option and the Option Shares.

 

The Board may require
the Optionee to make additional representations upon exercise of the Option, to the extent necessary to satisfy applicable laws.

 

    	2

    	 

    

7.Non-Transferability
of Option. The Option may not be sold, pledged, assigned, hypothecated, gifted, transferred or disposed of in any manner either
voluntarily or involuntarily by operation of law, other than by will or by the laws of descent or distribution. During the Optionee’s
lifetime, the Option is exercisable only by the Optionee or, in the event of the Optionee’s Disability, by his or her personal
representative. Subject to the foregoing and the terms of the Plan, the terms of this Option will be binding upon the executors,
administrators, legal guardians, representatives and heirs of the Optionee, meaning for purposes of this Agreement, both testamentary
heirs and heirs by intestacy.

 

8.Withholding.
The Corporation reserves the right to withhold, in accordance with any applicable laws, from any consideration payable or property
transferable to Optionee any taxes required to be withheld by federal, state or local law as a result of the grant or exercise
of this Option or the sale or other disposition of the Shares. If the amount of any consideration payable to the Optionee is insufficient
to pay such taxes or if no consideration is payable to the Optionee, upon the request of the Corporation, the Optionee (or such
other Person entitled to exercise this Option pursuant to Section 6 of the Plan) will pay to the Corporation an amount sufficient
for the Corporation to satisfy any federal, state or local tax withholding requirements applicable to and as a condition to the
grant or exercise of this Option or the sale or other disposition of the Shares issued upon the exercise of this Option. The minimum
required withholding obligations may be settled with Shares, including Option Shares.

 

9.The Plan.
The Optionee has received a copy of the Plan (a copy of which is attached hereto), has read the Plan and is familiar with its terms,
and hereby accepts the Option subject to all of the terms and provisions of the Plan, as amended from time to time. Pursuant to
the Plan, the Board is authorized to interpret the Plan and to adopt rules and regulations not inconsistent with the Plan as it
deems appropriate. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Board upon any questions arising under the Plan with respect to the Option Shares or any Agreement related to such Shares.

 

10.Governing Law.
This Option Agreement will be construed in accordance with the laws of the State of Delaware, without regard to the application
of the principles of conflicts of laws of Delaware or any other jurisdiction.

 

11.Amendment.
This Agreement may only be amended by a writing signed by each of the parties hereto.

 

12.Entire Agreement.
This Agreement, together with the Plan and the other exhibits attached thereto or hereto, represents the entire agreement between
the parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions,
agreements and understandings of every nature relating to the award of Options to Optionee by the Corporation.

 

13.No Right of
Continued Service. Nothing in this Agreement will confer upon the Option any right to continued service with the Corporation
or an Affiliate or interfere in any way with the right of the Corporation or such Affiliate to terminate such service relationship.

 

14.Invalid Provisions.
In the event that any provision of this Agreement is found to be invalid or otherwise unenforceable under any applicable law, such
invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable,
and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision
was not contained herein.

 

15.Notices.
Any notice to be given pursuant to this Agreement shall be given by registered or certified mail, postage prepaid, and, addressed,
if to the Corporation to its principal executive office to the attention of its President or Chief Executive Officer (or such other
Person as the Corporation may designate in writing from time to time), and, if to the Optionee, to the address given beneath his
or her signature below, or at such other address as the Optionee may hereafter designate in writing to the Corporation. Any such
notice shall be deemed given or delivered 3 days after the date of mailing.

 

    	3

    	 

    

IN WITNESS WHEREOF, this Agreement
has been executed by the parties as of the ___th day of December, 2012.

 

EDGE THERAPEUTICS,
INC.

 

By: ____________________________

 

Name: Brian A. Leuthner

 

Title: CEO & President

 

OPTIONEE

 

____________________________

 

Signature

 

Address:

 

THIS OPTION AND THE SECURITIES WHICH
MAY BE PURCHASED UPON EXERCISE OF THIS OPTION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
STATE SECURITIES LAWS. THESE SECURITIES HAVE NOT BEEN ACQUIRED WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, ASSIGNED,
EXCHANGED, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR DISPOSED OF, BY GIFT OR OTHERWISE, OR IN ANY WAY ENCUMBERED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE
STATE SECURITIES LAWS, OR A SATISFACTORY OPINION OF COUNSEL SATISFACTORY TO EDGE THERAPEUTICS, INC. THAT REGISTRATION IS NOT REQUIRED
UNDER SUCH ACT AND UNDER APPLICABLE STATE SECURITIES LAWS.

 

THE SHARES WHICH MAY BE PURCHASED UPON
EXERCISE OF THIS OPTION ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND MAY NOT BE SOLD, EXCHANGED, TRANSFERRED, PLEDGED, HYPOTHECATED
OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH AND SUBJECT TO ALL THE TERMS AND CONDITIONS OF A CERTAIN STOCK RESTRICTION AGREEMENT,
MARKET STANDOFF AGREEMENT AND/OR RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND BETWEEN CERTAIN STOCKHOLDERS OF THE CORPORATION
AND THE CORPORATION, COPIES OF WHICH THE CORPORATION WILL FURNISH TO THE HOLDER OF THE SHARES UPON REQUEST AND WITHOUT CHARGE.

 

    	4

    	 

    

EXHIBIT
A

 

STOCK RESTRICTION
AGREEMENT

 

[Attached]

 

    	5

    	 

    

EXHIBIT
B

 

MARKET STANDOFF
AGREEMENT

 

[Attached]

 

    	6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}]]