Document:

EX-10.2

 Exhibit 10.2 

2019 EQUITY INCENTIVE PLAN 
 1.
Purpose; Eligibility. 
 1.1 General Purpose. The purposes of the Plan are to (a) enable HCW Biologics Inc., a
State of Delaware corporation (the “Company”), to attract and retain the types of Employees and Consultants, who will contribute to the Company’s long range success; (b) provide incentives that align the interests of Employees
and Consultants with those of the shareholders of the Company; and (c) promote the success of the Company’s business. 

1.2 Eligible Award Recipients. The persons eligible to receive Awards are the Employees and Consultants of the Company and its
affiliates. 
 1.3 Available Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options and (c) Restricted Stock. 
 2. Definitions. 

“Affiliate” means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under
common control with, the Company. 
 “Applicable Laws” means the requirements related to or implicated by the administration of the Plan
under applicable state corporate law, United States federal and state securities laws, the Code and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan. 

“Award” means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified
Stock Option, a Restricted Stock Award or a Restricted Stock Unit Award. 
 “Award Agreement” means a written agreement, contract,
certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement shall
be subject to the terms and conditions of the Plan. 
 “Board” means the Board of Directors of the Company, as constituted at any time.

 “Cause” means, unless the applicable Award Agreement provides otherwise: With respect to any Employee (or Consultant): (a) If the
Employee (or Consultant) is a party to an employment or service agreement with the Company or an Affiliate and such agreement provides for a definition of Cause, the definition contained therein; or (b) If no such agreement exists, or if such
agreement does not define Cause: (i) failure to perform such duties as are reasonably requested by the Board or the Chief Executive Officer of the Company; (ii) material breach of any agreement with the Company or an Affiliate, or a
material violation of the Company’s or an Affiliate’s code of conduct or other written policy; (iii) commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act
involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (iv) use of illegal drugs or abuse of alcohol that materially impairs the Participant’s ability to perform his or her duties to the
Company or an Affiliate; or (v) gross negligence or willful misconduct with respect to the Company or an Affiliate. The Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a
Participant has been discharged for Cause. 

 “Change in Control” means: (a) The acquisition (whether by purchase, merger,
consolidation, combination or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting
power of the then outstanding voting securities of the Company; provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (i) any acquisition by the Company or any Affiliate,
(ii) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (iii) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of persons including
the Participant (or any entity controlled by the Participant or any group of persons including the Participant); or (iv) the acquisition of securities pursuant to an offer made to the general public through a registration statement filed with
the Securities and Exchange Commission; or 
 (b) The sale, transfer or other disposition of all or substantially all of the assets of the Company to any
Person other than an Affiliate. 
 “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to
a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder. 
 “Committee” means a committee of
one or more appointed by the Board to administer the Plan in accordance with Section 3.4 and Section 3.5. 
 “Common Stock” means
the common stock of the Company. 
 “Company” means HCW Biologics Inc. a State of Delaware corporation, and any successor thereto. 

“Consultant” means any individual who is engaged by the Company or any Affiliate to render consulting or advisory services, whether or not
compensated for such services. 
 “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether
as an Employee or Consultant, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or an
Affiliate as an Employee or Consultant or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s Continuous Service; provided further that if any Award
is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director of an Affiliate will not
constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including
sick leave, military leave or any other personal or family leave of absence. 
 “Detrimental Activity” means any of the following:
(i) unauthorized disclosure of any confidential or proprietary information of the Company or any of its Affiliates; (ii) any activity that would be grounds to terminate the Participant’s employment or service with the Company or any
of its subsidiaries for Cause; (iii) the breach of any non-competition, non-solicitation, non-disparagement or other
agreement containing restrictive covenants, with the Company or its Affiliates; (iv) fraud or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion; or (v) any other
conduct or act determined to be materially injurious, detrimental or prejudicial to any interest of the Company or any of its Affiliates, as determined by the Committee in its sole discretion. 

  
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 “Director” means a member of the Board. 

“Disability” means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment; provided, however, for purposes of determining the term of an Incentive Stock Option pursuant to Section 6.9 hereof, the term Disability shall have the meaning described to it under Section 22(e)(3) of the
Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee. Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Stock
Option pursuant to Section 6.9 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by
the Company or any Affiliate in which a Participant participates. 
 “Disqualifying Disposition” has the meaning set forth in
Section 14.10. 
 “Effective Date” shall mean the date as of which this Plan is adopted by the Board. 

“Employee” means any person, including an officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of
determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment of a
director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. 

“Fair Market Value” means, on a given date, (i) if there is a public market for the shares of Common Stock on such date, the closing
price of the shares as reported on such date on the principal national securities exchange on which the shares are listed or, if no sales of shares have been reported on any national securities exchange, then the immediately preceding date on which
sales of the shares have been so reported or quoted, and (ii) if there is no public market for the shares of Common Stock on such date, then the fair market value shall be determined by the Committee in good faith after taking into
consideration all factors which it deems appropriate, including, without limitation, Sections 409A and 422 of the Code. 
 “Grant Date”
means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution,
then such date as is set forth in such resolution. 
 “Incentive Stock Option” means a type of company stock option granted exclusively to
employees within the meaning of Section 422 of the Code. 
 “Non-qualified Stock Option” means
an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option. 
 “Option” means an Incentive
Stock Option, or a Non-qualified Stock Option granted pursuant to the Plan. 
 “Option-holder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option. 

  
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 “Option Exercise Price” means the price at which a share of Common Stock may be purchased
upon the exercise of an Option. 
 “Participant” means an eligible person to whom an Award is granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Award. 
 “Permitted Transferee” means: (a) a member of the
Option-holder’s immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships), any person sharing the Option-holder’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial
interest, a foundation in which these persons (or the Option-holder) control the management of assets, and any other entity in which these persons (or the Option-holder) own more than 50% of the voting interests; or (b) such other transferees
as may be permitted by the Committee in its sole discretion; provided that, unless otherwise determined by the Committee, no person shall be a Permitted Transferee unless he or she executes and becomes a party to the Shareholders’ Agreement.

 “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act). 

“Plan” means this HCW Biologics Inc. 2019 Equity Incentive Plan, as amended and/or amended and restated from time to time. 

“Restricted Period” has the meaning set forth in Section 7. 

“Restricted Stock” means Common Stock, subject to certain specified restrictions (including, without limitation, a requirement that the
Participant provide Continuous Service for a specified period of time) granted under Section 7 of the Plan. 
 “Restricted Stock Unit”
means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant provide Continuous Service for a
specified period of time) granted under Section 7 of the Plan. 
 “Ten Percent Shareholder” means a person who owns (or is deemed to
own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Affiliates. 

3. Administration. 
 3.1
Authority of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the Board. Subject to the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other
express powers and authorization conferred by the Plan, the Committee shall have the authority: 
 (a) to construe and interpret the Plan and
apply its provisions; 

  
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 (b) to promulgate, amend, and rescind rules and regulations relating to the administration
of the Plan; 
 (c) to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the
Plan; 
 (d) to delegate its authority to one or more officers of the Company; 

(e) to determine when Awards are to be granted under the Plan and the applicable Grant Date; 

(f) from time to time to select, subject to the limitations set forth in this Plan, those Participants to whom Awards shall be granted; 

(g) to determine the number of shares of Common Stock to be made subject to each Award; 

(h) to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock
Option; 
 (i) to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment
and vesting provisions, and to specify the provisions of the Award Agreement relating to such grant; 
 (j) to amend any outstanding Awards,
including for the purpose of modifying the time or manner of vesting, or the term of any outstanding Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations under his or
her Award or creates or increases a Participant’s federal income tax liability with respect to an Award, such amendment shall also be subject to the Participant’s consent; 

(k) to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of their
employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under the Company’s employment policies; 

(l) to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers
anti-dilution adjustments; 
 (m) to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission
in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and 
 (n) to exercise discretion to make any and
all other determinations which it determines to be necessary or advisable for the administration of the Plan. 

  
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 3.2 Acquisitions and Other Transactions. The Committee may, from time to time,
assume outstanding awards granted by another entity, whether in connection with an acquisition of such other entity or otherwise, by either (i) granting an Award under the Plan in replacement of or in substitution for the award assumed by the
Company, or (ii) treating the assumed award as if it had been granted under the Plan if the terms of such assumed award could be applied to an Award granted under the Plan. Such assumed award shall be permissible if the holder of the assumed
award would have been eligible to be granted an Award hereunder if the other entity had applied the rules of this Plan to such grant. The Committee may also grant Awards under the Plan in settlement of or in substitution for outstanding awards or
obligations to grant future awards in connection with the Company or an Affiliate acquiring another entity, an interest in another entity, or an additional interest in an Affiliate whether by merger, stock purchase, asset purchase or other form of
transaction. 
 3.3 Committee Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan
shall be final and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious. 

3.4 Delegation. The Committee, or if no Committee has been appointed, the Board, may delegate administration of the Plan to a
committee or committees of one or more employees of the company, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. The Committee shall have the power to delegate to a subcommittee any
of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee shall be appointed by and serve at the
pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however
caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent
of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and
regulations for the conduct of its business as it may determine to be advisable. 
 3.5 Committee Composition. Except as
otherwise determined by the Board, the Committee shall consist solely of two or more Directors appointed to the Committee from time to time by the Board. 

3.6 Indemnification. In addition to such other rights of indemnification as they may have as Directors or members of the
Committee, and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney’s fees, actually incurred in connection with any action, suit or proceeding or in
connection with any appeal therein, to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in
settlement thereof (provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in
relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of
a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within 60 days after institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the
opportunity at its own expense to handle and defend such action, suit or proceeding. 

  
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 4. Shares Subject to the Plan. 

4.1 Subject to adjustment in accordance with Section 11, a total of 2,000,000 shares of Common Stock shall be available for the
grant of Awards under the Plan; provided that, no more than 2,000,000 shares of Common Stock may be granted as Incentive Stock Options. During the terms of the Awards, the Company shall keep available at all times the number of shares of Common
Stock required to satisfy such Awards. 
 4.2 Shares of Common Stock available for distribution under the Plan may consist, in whole
or in part, of authorized and unissued shares or treasury shares. 
 4.3 Any shares of Common Stock subject to an Award that is
canceled, forfeited or expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the Plan. Notwithstanding anything to the contrary contained herein: shares subject to an Award under the
Plan shall not again be made available for issuance or delivery under the Plan if such shares are (a) shares tendered in payment of an Option or (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation.

 4.4 If the Committee authorizes the assumption of awards pursuant to Section 3.2 or Section 12.1 hereof, the assumption
will reduce the number of shares available for issuance under the Plan in the same manner as if the assumed awards had been granted under the Plan. 
 5.
Eligibility. 
 5.1 Eligibility for Specific Awards. Incentive Stock Options may be granted to Employees only.
Awards other than Incentive Stock Options may be granted to Employees, Consultants and Directors. 
 5.2 Ten Percent
Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price is at least 110% of the Fair Market Value of the Common Stock at the Grant Date and the Option is not exercisable after the
expiration of five years from the Grant Date. 
 6. Option Provisions. 

Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions set forth in this
Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately designated Incentive Stock Options or
Non-qualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option.
Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute
“nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be
identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions: 

  
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 6.1 Term. Subject to the provisions of Section 5.2 regarding Ten Percent
Shareholders, no Incentive Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined by the
Committee; provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. 

6.2 Exercise Price of an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent
Shareholders, the Option Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be
granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the
Code. The exercise price will be determined in the Award Agreement. 
 6.3 Exercise Price of a
Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock
subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such
Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code. The exercise price will be determined in the Award Agreement. 

6.4 Method of Exercise. The Option Exercise Price shall be paid, to the extent permitted by Applicable Laws, either (a) in
cash or by certified or bank check at the time the Option is exercised or (b) in the discretion of the Committee, upon such terms as the Committee shall approve: (i) by delivery to the Company of other shares of Common Stock, duly endorsed
for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise Price (or portion thereof) due for the number of shares being acquired; (ii) by a “net exercise” procedure effected by
withholding the minimum number of shares of Common Stock otherwise issuable in respect of an Option that are needed to pay the Option Exercise Price; (iii) by any combination of the foregoing methods; or (iv) in any other form of legal
consideration that may be acceptable to the Committee. Unless otherwise specifically provided in the Option, the Option Exercise Price that is paid by delivery to the Company of other Common Stock acquired, directly or indirectly from the Company,
shall be paid only by shares of Common Stock that have been held for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). 

6.5 Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the
laws of descent and distribution and shall be exercisable during the lifetime of the Option-holder only by the Option-holder. Notwithstanding the foregoing, the Option-holder may, by delivering written notice to the Company, in a form satisfactory
to the Company, designate a third party who, in the event of the death of the Option-holder, shall thereafter be entitled to exercise the Option. 

  
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 6.6 Transferability of a Non-qualified
Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Committee, be transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the
Award Agreement. If the Non-qualified Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or
by the laws of descent and distribution and shall be exercisable during the lifetime of the Option-holder only by the Option-holder. Notwithstanding the foregoing, the Option-holder may, by delivering written notice to the Company, in a form
satisfactory to the Company, designate a third party who, in the event of the death of the Option-holder, shall thereafter be entitled to exercise the Option. 

6.7 Vesting of Options. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may,
but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of
individual Options may vary. No Option may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Award Agreement upon
the occurrence of a specified event. 
 6.8 Termination of Continuous Service. Unless otherwise provided in an Award Agreement
or in an employment agreement the terms of which have been approved by the Committee, in the event an Option-holder’s Continuous Service terminates (other than upon the Option-holder’s death or Disability), the Option-holder may exercise
his or her Option (to the extent that the Option-holder was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following the termination of the
Option-holder’s Continuous Service or (b) the expiration of the term of the Option as set forth in the Award Agreement; provided that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether
or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Option-holder does not exercise his or her Option within the time specified in the Award Agreement, the Option shall terminate. 

6.9 Disability of Option-holder. Unless otherwise provided in an Award Agreement, in the event that an Option-holder’s
Continuous Service terminates as a result of the Option-holder’s Disability, the Option-holder may exercise his or her Option (to the extent that the Option-holder was entitled to exercise such Option as of the date of termination), but only
within such period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Option-holder does not
exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate. 
 6.10 Death
of Option-holder. Unless otherwise provided in an Award Agreement, in the event an Option-holder’s Continuous Service terminates as a result of the Option-holder’s death, then the Option may be exercised (to the extent the
Option-holder was entitled to exercise such Option as of the date of death) by the Option-holder’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon
the Option-holder’s death, but only within the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option as set forth in the Award Agreement. If, after the
Option-holder’s death, the Option is not exercised within the time specified herein or in the Award Agreement, the Option shall terminate. 

6.11 Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of
grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Option-holder during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions
thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-qualified Stock Options. 

  
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 6.12 Detrimental Activity. Unless otherwise provided in an Award Agreement,
all outstanding Options (whether or not vested) shall immediately terminate and cease to be exercisable on the date on which an Option-holder engages in Detrimental Activity. 

7. Restricted Awards. 
 A Restricted Award is an
Award of actual shares of Common Stock (“Restricted Stock”) or an Award of hypothetical Common Stock Units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number of shares of
Common Stock. Restricted Awards may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any
obligation or for any other purpose for such period (the “Restricted Period”) as the Committee shall determine. Each Restricted Award granted under the Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted
shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

7.1 Restricted Stock. Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with
respect to the Restricted Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered
to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable and
(B) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement. If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock
power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the rights and privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted
Stock and the right to receive dividends; provided that, any dividends with respect to the Restricted Stock shall be withheld by the Company for the Participant’s account, and interest may be credited on the amount of the cash dividends
withheld at a rate and subject to such terms as determined by the Committee. The dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the
Participant in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited,
the Participant shall have no right to such dividends. 
 7.2 Restricted Stock Units. The terms and conditions of a grant of
Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of any such Award. A
Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. 

  
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 7.3 Restrictions. 

(a) Restrictions on Restricted Stock. Restricted Stock awarded to a Participant shall be subject to the following restrictions until the
expiration of the Restricted Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate;
(B) the shares shall be subject to the restrictions on transferability set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement; and (D) to the extent
such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the
Company. 
 (b) Restrictions on Restricted Stock Units. Restricted Stock Units awarded to a Participant shall be subject to
(A) forfeiture until the expiration of the Restricted Period and satisfaction of any applicable performance goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such Restricted Stock Units are
forfeited, all rights of the Participant to such Restricted Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement. 

(c) Committee Discretion to Remove Restrictions. The Committee shall have the authority to remove any or all of the restrictions on the
Restricted Stock or Restricted Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the Grant Date, such action is appropriate. 

7.4 Restricted Period. The Restricted Period shall commence on the Grant Date and end at the time or times set forth on a
schedule established by the Committee in the applicable Award Agreement; provided, however, that notwithstanding any such vesting dates, the Committee may in its sole discretion accelerate the vesting of any Restricted Award at any time and for any
reason. The Committee may, but shall not be required to, provide for an acceleration of vesting in the terms of any Award Agreement upon the occurrence of a specified event. 

7.5 Delivery of Restricted Stock and Settlement of Restricted Stock Units. Upon the expiration of the Restricted Period with
respect to any shares of Restricted Stock, the restrictions set forth in Section 7.3(a) and the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award
Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock which have not then been
forfeited and with respect to which the Restricted Period has expired (to the nearest full share) and any dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon, if any. Upon the
expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one share of Common Stock for each outstanding Restricted Stock Unit
provided, however, that if explicitly provided in the Award Agreement, the Committee may, in its sole discretion, elect to pay part cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock for vested Restricted Stock
Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed. 

  
 11 

 No Restricted Award may be granted or settled for a fraction of a share of Common Stock. 

8. Securities Law Compliance. 

8.1 Securities Registration. No Awards shall be granted under the Plan and no shares of Common Stock shall be issued and
delivered upon the exercise of Options granted under the Plan unless and until the Company and/or the Participant have complied with all applicable federal and state registration, listing and/or qualification requirements and all other requirements
of law or of any regulatory agencies having jurisdiction. 
 8.2 Representations; Legends. The Committee may, as a condition
to the grant of any Award or the exercise of any Option under the Plan, require a Participant to (i) represent in writing that the shares of Common Stock received in connection with such Award are being acquired for investment and not with a
view to distribution and (ii) make such other representations and warranties as are deemed appropriate by counsel to the Company. Each certificate representing shares of Common Stock acquired under the Plan shall bear a legend in such form as
the Company deems appropriate. 
 9. Use of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards, or upon
exercise thereof, shall constitute general funds of the Company. 
 10. Miscellaneous. 

10.1 Acceleration of Exercisability and Vesting. The Committee shall have the power to accelerate the time at which an Award may
first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the time during which it will vest.

 10.2 Shareholder Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the
holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to an Award unless and until such Participant has satisfied all requirements for exercise or settlement of the Award pursuant to its terms
(including any obligation to execute the Shareholders’ Agreement) and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record
date is prior to the date such Common Stock certificate is issued, except as provided in Section 11 hereof. 
 10.3 No
Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the
time the Award was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without Cause or (b) the service of a Director pursuant to the By-laws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. 

10.4 Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed
to result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another, or (b) an approved leave of absence for military service or sickness, or for any
other purpose approved by the 

  
 12 

 
Company, if the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee
otherwise so provides in writing, in either case, except to the extent inconsistent with Section 409A of the Code if the applicable Award is subject thereto. 

10.5 Withholding Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion of the
Committee, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in addition to the Company’s right to withhold
from any compensation paid to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise
issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the [minimum/maximum] amount of tax required to be withheld
by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock of the Company. 
 11. Adjustments Upon Changes
in Stock. 
 In the event of changes in the outstanding Common Stock or in the capital structure of the Company by reason of any stock or
extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring
after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and the maximum number of shares of Common Stock subject to Awards stated in Section 4 will be equitably adjusted or
substituted, as to the number, price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant to this
Section 11, unless the Committee specifically determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Stock Options, ensure that any adjustments under this
Section 11 will not constitute a modification, extension or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Stock Options,
ensure that any adjustments under this Section 11 will not constitute a modification of such Non-qualified Stock Options within the meaning of Section 409A of the Code. 

12. Effect of Change in Control 

12.1 In the event of a Change in Control, the Committee may, but shall not be obligated to: 

(a) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of any Award; 

(b) cancel Awards and cause to be paid to the holders of vested Awards the value of such Awards, if any, as determined by the Committee, in its
sole discretion, it being understood that in the case of any Option with an Option Exercise Price that equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option without
the payment of consideration therefor; 

  
 13 

 (c) provide for the issuance of substitute Awards or the assumption or replacement of such
Awards; or 
 (d) provide written notice to Participants that for a period of at least thirty (30) days prior to the Change in Control,
such Awards shall be exercisable, to the extent applicable, as to all shares of Common Stock subject thereto and upon the occurrence of the Change in Control, any Awards not so exercised shall terminate and be of no further force and effect. 

12.2 The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates, taken as a whole. 

13. Amendment of the Plan and Awards. 

13.1 Amendment of the Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as
provided in Section 11 relating to adjustments upon changes in Common Stock and Section 13.3, no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder approval is necessary to satisfy any
Applicable Laws. At the time of such amendment, the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval. 

13.2 Shareholder Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder
approval. 
 13.3 Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the
Board deems necessary or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock
Options or to the nonqualified deferred compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith. 

13.4 No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment
of the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing. 

13.5 Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards;
provided, however, that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award unless (a) the Company requests the consent of the Participant and (b) the Participant consents
in writing. 
 14. General Provisions. 

14.1 Clawback; Forfeiture. Notwithstanding anything to the contrary contained herein, the Committee may, in its sole discretion,
provide in an Award Agreement or otherwise that the Committee may cancel such Award if the Participant has engaged in or engages in any Detrimental Activity. The Committee may, in its sole discretion, also provide in an Award Agreement or otherwise
that (i) if the Participant has engaged in or engages in Detrimental Activity, the Participant will forfeit any gain realized on the vesting, 

  
 14 

 
exercise or settlement of any Award, and must repay the gain to the Company and (ii) if the Participant receives any amount in excess of what the Participant should have received under the
terms of the Award for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), then the Participant shall be required to repay any such excess amount to the Company.
Without limiting the foregoing, all Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with Applicable Laws. 

14.2 Shareholders’ Agreement. In connection with the grant, vesting and/or exercise of any Award under the Plan, the
Committee may require a Participant to execute and become a party to the Shareholders’ Agreement as a condition of such grant, vesting and/or exercise. The Shareholders’ Agreement may contain restrictions on the transferability of shares
of Common Stock acquired under the Plan (such as a right of first refusal or a prohibition on transfer) and such shares may be subject to call rights and drag-along rights of the Company and certain of its investors. The Company shall also have any
repurchase rights set forth in the Shareholders’ Agreement or any Award Agreement. 
 14.3
Sub-plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other laws of various
jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the
sub-plan was designed. 
 14.4 Unfunded Plan. The Plan shall be unfunded. Neither the
Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan. 

14.5 Recapitalizations. Each Award Agreement shall contain provisions required to reflect the provisions of Section 11.

 14.6 Delivery. Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts
due within a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, 30 days shall be considered a reasonable period of time. 

14.7 No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee
shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated. 

14.8 Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with
this Plan, including, without limitation, restrictions upon the exercise of the Awards, as the Committee may deem advisable. 
 14.9
Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in
compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless Applicable Laws require
otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, 

  
 15 

 
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s
termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation from service (or the Participant’s death, if
earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section 409A of the Code and neither
the Company nor the Committee will have any liability to any Participant for such tax or penalty. 
 14.10 Disqualifying
Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code) of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the
Grant Date of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive Stock Option (a “Disqualifying Disposition”) shall be required to immediately advise the
Company in writing as to the occurrence of the sale and the price realized upon the sale of such shares of Common Stock. 
 14.11
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke
all prior designations by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. 

14.12 Expenses. The costs of administering the Plan shall be paid by the Company. 

14.13 Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable,
whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby. 

14.14 Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the
construction of the provisions hereof. 
 14.15 Non-Uniform Treatment. The
Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall be
entitled to make nonuniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements. 

  
 16 

 INCENTIVE STOCK OPTION AGREEMENT 

This Incentive Stock Option Agreement (this “Agreement”) is made and entered into as of
                     by and between HCW Biologics Inc., a State of Delaware corporation (the “Company”) and
                                     (the
“Participant”). 
  

			
	Grant Date:	 	  

	Exercise Price per Share:	 	  

	Number of Option Shares:	 	  

	Expiration Date:	 	  

 1. Grant of Option. 

1.1 Grant; Type of Option. The Company hereby grants to the Participant an option (the “Option”) to purchase the total
number of shares of Common Stock of the Company equal to the number of Option Shares set forth above, at the Exercise Price set forth above. The Option is being granted pursuant to the terms of the HCW Biologics Inc. 2019 Equity Incentive Plan (the
“Plan”). The Option is intended to be an Incentive Stock Option within the meaning of Section 422 of the Code, although the Company makes no representation or guarantee that the Option will qualify as an Incentive Stock Option. To the
extent that the aggregate Fair Market Value (determined on the Grant Date) of the shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of
the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-qualified Stock Options.

 1.2 Consideration; Subject to Plan. The grant of the Option is made in consideration of the services to be rendered by the
Participant to the Company and is subject to the terms and conditions of the Plan. Capitalized terms used but not defined herein will have the meaning ascribed to them in the Plan. 

2. Exercise Period; Vesting. 

2.1 Vesting Schedule. The Option will become vested and exercisable with respect to _______________ shares according to the
following vesting Schedule, so long as the Participant’s Continuous Service has not terminated prior to the specified vesting date: 
  

	 	•	 	 20% of the total number of shares shall vest on the first anniversary of the Employment Start Date.

  

	 	•	 	 20% of the total number of shares shall vest on and not before the second anniversary of the Employment Start
Date. 

  

	 	•	 	 25% of the total number of shares shall vest on and not before the third anniversary of the Employment Start
Date. 

  

	 	•	 	 35% of the total number of shares shall vest on and not before the 4th anniversary of the Employment Start Date
(the “Full Vesting Date”) 

  
 1 

 The unvested portion of the Option will not be exercisable on or after the Participant’s termination of
Continuous Service. 
 2.2 Expiration. The Option will expire on the Expiration Date set forth above, or earlier as provided
in this Agreement or the Plan. 
 3. Termination of Continuous Service. 

3.1 Termination for Reasons Other Than Cause, Death, Disability. If the Participant’s Continuous Service is terminated for
any reason other than Cause, death or Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of: (a) the date three months following the termination of the
Participant’s Continuous Service or (b) the Expiration Date. 
 3.2 Termination for Cause. If the Participant’s
Continuous Service is terminated for Cause, the Option (whether vested or unvested) shall immediately terminate and cease to be exercisable. 

3.3 Termination due to Disability. If the Participant’s Continuous Service terminates as a result of the Participant’s
Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of: (a) the date 12 months following the Participant’s termination of Continuous Service or
(b) the Expiration Date. 
 3.4 Termination due to Death. If the Participant’s Continuous Service terminates as a
result of the Participant’s death, the vested portion of the Option may be exercised by the Participant’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by the person designated to exercise
the Option upon the Participant’s death, but only within the time period ending on the earlier of: (a) the date 12 months following the Participant’s termination of Continuous Service or (b) the Expiration Date. 

4. Manner of Exercise. 
 4.1
Election to Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant’s death or incapacity, the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to
the Company an executed stock option exercise agreement in such form as is approved by the Committee from time to time (the “Exercise Agreement”), which shall set forth, inter alia: 

a) the Participant’s election to exercise the Option; 

b) the number of shares of Common Stock being purchased; 

c) any restrictions imposed on the shares; and 

d) any representations, warranties and agreements regarding the Participant’s investment intent and access to information as may be
required by the Company to comply with applicable securities laws. 
 If someone other than the Participant exercises the Option, then such
person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option. 

4.2 Payment of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise. To the
extent permitted by applicable statutes and regulations, either: 
 a) in cash or by certified or bank check at the time the Option is
exercised; 
 b) in any other form of legal consideration that may be acceptable to the Committee. 

  
 2 

 4.3 Withholding. If the Company, in its discretion, determines that it is
obligated to withhold any tax in connection with the exercise of the Option, the Participant must make arrangements satisfactory to the Company to pay or provide for any applicable federal, state and local withholding obligations of the Company. The
Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise of the Option by any of the following means: 

a) tendering a cash payment; or 

b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result
of the exercise of the Option; provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax required to be withheld by law. 

The Company reserves the right to withhold from any compensation paid to a Participant. 

4.4 Issuance of Shares. Provided that the Exercise Agreement and payment are in form and substance satisfactory to the Company,
the Company shall issue the shares of Common Stock registered in the name of the Participant, the Participant’s authorized assignee, or the Participant’s legal representative which shall be evidenced by stock certificates representing the
shares with the appropriate legends affixed thereto, appropriate entry on the books of the Company or of a duly authorized transfer agent, or other appropriate means as determined by the Company. 

5. No Right to Continued Employment; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon the Participant any
right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Participant’s Continuous
Service at any time, with or without Cause. The Participant shall not have any rights as a shareholder with respect to any shares of Common Stock subject to the Option unless and until certificates representing the shares have been issued by the
Company to the holder of such shares, or the shares have otherwise been recorded on the books of the Company or of a duly authorized transfer agent as owned by such holder. 

6. Transferability. The Option is not transferable by the Participant other than to a designated beneficiary upon the Participant’s
death or by will or the laws of descent and distribution, and is exercisable during the Participant’s lifetime only by him or her. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by
operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws of descent or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or
transfer the Option will terminate and become of no further effect. 
 7. Change in Control. 

7.1 Acceleration of Vesting. Unless otherwise determined by the Committee at the time of a Change in Control, a Change in Control
shall have no effect on the Option. 
 7.2 Cash-out. In the event of a Change in
Control, the Committee may, in its discretion and upon at least ten (10) days’ advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share of Common Stock received
or to be received by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Stock in connection
with the Change in Control, the Committee may cancel the Option without the payment of consideration therefor. 
 8. Adjustments. The
shares of Common Stock subject to the Option may be adjusted or terminated in any manner as contemplated by Section 11 of the Plan. 
 9.
Tax Liability and Withholding. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and the Company (a) makes no
representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale of any shares acquired on exercise; and
(b) does not commit to structure the Option to reduce or eliminate the Participant’s liability for Tax-Related Items. 

  
 3 

 10. Qualification as an Incentive Stock Option. It is understood that this Option is
intended to qualify as an incentive stock option as defined in Section 422 of the Code to the extent permitted under Applicable Law. Accordingly, the Participant understands that in order to obtain the benefits of an incentive stock option, no
sale or other disposition may be made of shares for which incentive stock option treatment is desired within one (1) year following the date of exercise of the Option or within two (2) years from the Grant Date. The Participant understands
and agrees that the Company shall not be liable or responsible for any additional tax liability the Participant incurs in the event that the Internal Revenue Service for any reason determines that this Option does not qualify as an incentive stock
option within the meaning of the Code. 
 11. Disqualifying Disposition. If the Participant disposes of the shares of Common Stock
prior to the expiration of either two (2) years from the Grant Date or one (1) year from the date the shares are transferred to the Participant pursuant to the exercise of the Option (a “Disqualifying Disposition”), the
Participant shall notify the Company in writing within thirty (30) days after such disposition of the date and terms of such disposition. The Participant also agrees to provide the Company with any information concerning any such dispositions
as the Company requires for tax purposes. 
 12. Non-solicitation. 

12.1 Non-solicitation Restrictions. In consideration of the Option, the Participant
agrees and covenants not to: 
 a) directly or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of
employment of any employee of the Company or its Affiliates for 12 months following the Participant’s termination of Continuous Service; 

b) directly or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail,
express mail, telephone, fax, and instant message), attempt to contact or meet with the current, customers or collaborators of the Company or any of its Affiliates for purposes of offering or accepting goods or services similar to or competitive
with those offered by the Company or any of its Affiliates for a period of 12 months following the Participant’s termination of Continuous Service. 

12.2 Enforcement of Non-solicitation Restrictions. In the event of a breach or
threatened breach by the Participant of any of the covenants contained in Section 12.1: 
 a) any unvested portion of the Option shall
be forfeited effective as of the date of such breach, unless sooner terminated by operation of another term or condition of this Agreement or the Plan; and 

b) the Participant hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and
without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief. 

13. Compliance with Law. The exercise of the Option and the issuance and transfer of shares of Common Stock shall be subject to
compliance by the Company and the Participant with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s shares of Common Stock may be listed. No
shares of Common Stock shall be issued pursuant to this Option unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The
Participant understands that the Company is under no obligation to register the shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance. 

  
 4 

 14. Notices. Any notice required to be delivered to the Company under this Agreement
shall be in writing and addressed to the CEO of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the
Participant’s address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time. 

15. Governing Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Florida without regard to
conflict of law principles. 
 16. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the
Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company. 

17. Options Subject to Plan. This Agreement is subject to the Plan as approved by the Company’s shareholders. The terms and
provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and
provisions of the Plan will govern and prevail. 
 18. Successors and Assigns. The Company may assign any of its rights under this
Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the
Participant’s beneficiaries, executors, administrators and the person(s) to whom this Agreement may be transferred by will or the laws of descent or distribution. 

19. Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or
enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law. 

20. Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in
its discretion. The grant of the Option in this Agreement does not create any contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment,
modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant’s employment with the Company. 

21. Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Option, prospectively or retroactively;
provided, that, no such amendment shall adversely affect the Participant’s material rights under this Agreement without the Participant’s consent. 

22. No Impact on Other Benefits. The value of the Participant’s Option is not part of his or her normal or expected compensation for
purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit. 
 23. Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail
in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original
signature. 
 24. Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has
read and understands the terms and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse tax consequences upon exercise of the
Option or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such exercise or disposition. 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

 

			
	HCW Biologics Inc.
		
	By	 	  

	Name: Hing C. Wong
	Title: CEO

  

			
	 Participant Name:
	 	
 

			
	 By
	 	  

  
 6EX-10.3

 Exhibit 10.3 

FIRST AMENDMENT TO 
 HCW
BIOLOGICS INC. 
 2019 EQUITY INCENTIVE PLAN 

WHEREAS, the Board of Directors and stockholders of HCW Biologics Inc. (the “Company”) have adopted the HCW Biologics 2019 Equity
Incentive Plan (the “Plan”); 
 WHEREAS, the Company has amended and restated its Certificate of Incorporation effective on or
about June 7, 2019 (the “Restated Certificate”) to provide for the authorization of two classes of Common Stock, “Class A Common Stock” and “Class B Common Stock”; 

WHEREAS, pursuant to the Restated Certificate, the holders of Class B Common Stock shall have two (2) votes per share on matters
submitted to a vote of stockholders, but otherwise the holders of Class B Common Stock have the same rights and powers of, and rank equally to, share ratably with, and are identical in all respects and as to all matters to Class A Common
Stock; 
 WHEREAS, the Company desires to amend the Plan to specify that Awards granted under the Plan will be made with respect to
Class A Common Stock; 
 WHEREAS, the Company also desires to amend the plan to increase the number of shares issuable under the Plan
to 3 million shares of Class A Common Stock; and 
 WHEREAS, Section 13 of the Plan permits the Company to amend the Plan
from time to time, subject to certain limitations specified therein; 
 NOW, THEREFORE, the following amendments and modifications are
hereby made a part of the Plan subject to, and effective as of the date of, the approval of stockholders of the Plan as amended: 
 1.
Amendment to Section 2 (Definitions). 
 The definition of “Common Stock” under Section 2 of the
Plan is hereby amended in its entirety as follows: 
 “Common Stock” means, for purposes of the Plan and all Awards made
hereunder, Class A Common Stock of the Company. 
 2. Amendment to Section 4 (Shares Subject to the Plan).

 Section 4.1 is hereby amended in its entirety as follows: 

“4.1 Subject to adjustment in accordance with Section 11, a total of 3,000,000 shares of Common Stock shall be available for
the grant of Awards under the Plan; provided that, no more than 3,000,000 shares of Common Stock may be granted as Incentive Stock Options. During the terms of the Awards, the Company shall keep available at all times the number of shares of Common
Stock required to satisfy such Awards.” 

 3. Continuation of Plan. 

In all other respects, the Plan, as amended, is hereby ratified and confirmed and shall remain in full force and effect. 

IN WITNESS WHEREOF, the Company has executed this Amendment to the 2019 Equity Incentive Plan as of June 7th, 2019. 

 

			
	HCW BIOLOGICS INC.
		
	By:	 	 /s/ Hing C. Wong

	Name:	 	Hing C. Wong
	Title:	 	CEO

  
 2

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