Document:

Exhibit
10.1

 

CINGULATE
INC.

 

2021
OMNIBUS EQUITY INCENTIVE PLAN 

 

	1.	Establishment and Purpose

 

1.1
The purpose of the Cingulate Inc. 2021 Omnibus Equity Incentive Plan (as amended from time to time, the “Plan”) is
to provide a means whereby eligible employees, officers, non-employee Directors and other individual service providers develop a sense
of proprietorship and personal involvement in the development and financial success of the Company and to encourage them to devote their
best efforts to the business of the Company, thereby advancing the interests of the Company and its stockholders. The Company, by means
of the Plan, seeks to retain the services of such eligible persons and to provide incentives for such persons to exert maximum efforts
for the success of the Company and its Subsidiaries.

 

1.2
The Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units, Performance Shares, Performance Units, Incentive Bonus Awards, Other Cash-Based Awards and Other Stock-Based Awards. This
Plan shall become effective upon the date set forth in Section 17.1 hereof.

 

	2.	Definitions

 

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

 

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

 

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

 

2.3
“Award” means an award of a Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance
Share, Performance Unit, Incentive Bonus Award, Other Cash-Based Award and/or Other Stock-Based Award granted under the Plan.

 

2.4
“Award Agreement” means either (i) a written or electronic agreement entered into between the Company and a Participant
setting forth the terms and conditions of an Award including any amendment or modification thereof, or (ii) a written or electronic statement
issued by the Company to a Participant describing the terms and provisions of such Award, including any amendment or modification thereof.
The Committee may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic, internet
or other non-paper means for the acceptance thereof and actions thereunder by a Participant. Each Award Agreement shall be subject to
the terms and conditions of the Plan and need not be identical.

 

    	 

    	 

    

 

2.5
“Board” means the Board of Directors of the Company.

 

2.6
“Cause” means a Participant’s (i) conviction of, or the entry of a plea of guilty or no contest to, a felony
or any other crime that causes the Company or its Affiliates public disgrace or disrepute, or materially and adversely affects the Company’s
or its Affiliates’ operations or financial performance; (ii) gross negligence or willful misconduct with respect to the Company
or any of its Affiliates, including, without limitation fraud, embezzlement, theft or proven dishonesty in the course of Awardee’s
employment or other service; (iii) use of illegal drugs (other than in accordance with a physician’s prescription) in each case
that is in violation of Company policy or has caused (or can reasonably be expected to cause) the Participant to be unable to substantially
perform his or her duties or responsibilities or that adversely affects (or can reasonably be expected to adversely affect) the Company’s
business, operations, reputation or customer relationships; (iv) refusal to perform any lawful, material obligation or fulfill any duty
(other than any duty or obligation of the type described in clause (vi) below) to the Company or its Affiliates (other than due to a
Disability), which refusal, if curable, is not cured within fifteen (15) days after delivery of written notice thereof; (v) material
breach of any agreement with or duty owed to the Company or any of its Affiliates, which breach, if curable, is not cured within fifteen
(15) days after the delivery of written notice thereof; or (vi) any breach of any obligation or duty to the Company or any of its Affiliates
(whether arising by statute, common law or agreement) relating to confidentiality, noncompetition, nonsolicitation or proprietary rights.
Notwithstanding the foregoing, if a Participant and the Company (or any of its Affiliates) have entered into an employment agreement,
consulting agreement or other similar agreement that specifically defines “cause,” then with respect to such Participant,
“Cause” shall have the meaning defined in that employment agreement, consulting agreement or other agreement.

 

2.7
“Change in Control” means the occurrence of any one of the following events:

 

(i)
A change in the ownership of the Company which occurs on the date that any one Person, or more than one Person acting as a group, acquires
ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of
the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, the acquisition of
additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of
the Company will not be considered a Change in Control. Further, if the stockholders of the Company immediately before such change in
ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares
of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent
(50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall
not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership shall include, without
limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which
own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; 

 

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(ii)
A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during
any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior
to the date of the appointment or election. For purposes of this subsection (ii), if any Person is considered to be in effective control
of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or

 

(iii)
A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or
has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such Person or Persons) assets
from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value
of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes
of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s
assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer
of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect
to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly
or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting
power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power
of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii),
gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without
regard to any liabilities associated with such assets. 

 

Notwithstanding
the foregoing, if any Award is considered nonqualified deferred compensation that is subject to Section 409A of the Code and such Award
is payable on or in connection with a transaction that is required to be a “change in control event” under Section 409A of
the Code, then such a transaction will not be deemed a Change in Control unless the transaction qualifies as a “change in control
event” within the meaning of Section 409A of the Code, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time
to time.

 

Further
and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state
of the Company’s incorporation; or (ii) its sole purpose is to create a holding company that will be owned in substantially the
same proportions by the Persons who held the Company’s securities immediately before such transaction.

 

2.8
“Code” means the Internal Revenue Code of 1986, as amended. For purposes of this Plan, references to sections of the
Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision.

 

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2.9
“Committee” means the committee of the Board delegated with the authority to administer the Plan, or the full Board,
as provided in Section 3 of the Plan. With respect to any decision relating to a Reporting Person, the Committee shall consist
solely of two or more Directors who are disinterested within the meaning of Rule 16b-3 promulgated under the Exchange Act, as amended
from time to time, or any successor provision. The fact that a Committee member shall fail to qualify under any of these requirements
shall not invalidate an Award if the Award is otherwise validly made under the Plan. The Board may at any time appoint additional members
to the Committee, remove and replace members of the Committee with or without cause, and fill vacancies on the Committee however caused.

 

2.10
“Common Stock” means the Company’s Common Stock, $0.0001 par value per share.

 

2.11
“Company” means Cingulate Inc., a Delaware corporation, and any successor thereto as provided in Section 15.8.

 

2.12
“Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an employee,
Director or consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company
or an Affiliate as an employee, Director or consultant or a change in the entity for which the Participant renders such service, provided
that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate
a Participant’s Continuous Service; provided, however, that if the entity for which a Participant is rendering services
ceases to qualify as an Affiliate, as determined by the Committee in its sole discretion, such Participant’s Continuous Service
will be considered to have terminated on the date such entity ceases to qualify as an Affiliate. For example, a change in status from
an employee of the Company to a consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service.
To the extent permitted by Applicable Law, the Committee or the chief executive officer of the Company, in that party’s sole discretion,
may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Company
or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company,
an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes
of vesting in an Award only to such extent as may be provided in the Company’s (or an Affiliate’s) leave of absence policy,
in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by Applicable
Law or permitted by the Committee. Unless the Committee provides otherwise, in its sole discretion, or as otherwise required by Applicable
Law, vesting of Awards shall be tolled during any unpaid leave of absence by a Participant.

 

2.13
“Control” means, as to any Person, the power to direct or cause the direction of the management and policies of such
Person, or the power to appoint Directors of the Company, whether through the ownership of voting securities, by contract or otherwise
(the terms “Controlled by” and “under common Control with” shall have correlative meanings).

 

2.14
“Date of Grant” means the date on which an Award under the Plan is granted by the Committee, or such later date as
the Committee may specify to be the effective date of an Award.

 

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2.15
“Director” means a duly appointed or elected member of the Board.

 

2.16
“Disability” means a Participant being considered “disabled” within the meaning of Section 409A of the
Code and Treasury Regulation 1.409A-3(i)(4), as well as any successor regulation or interpretation.

 

2.17
“Eligible Person” means any person who is an employee, officer, Director, consultant, advisor or other individual
service provider of the Company or any Subsidiary, or any person who is determined by the Committee to be a prospective employee, officer,
Director, consultant, advisor or other individual service provider of the Company or any Subsidiary.

 

2.18
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

2.19
“Fair Market Value” of a share of Common Stock shall be, as applied to a specific date (i) the closing price of a
share of Common Stock as of such date on the principal established stock exchange or national market system on which the Common Stock
is then traded (or, if there is no trading in the Common Stock as of such date, the closing price of a share of Common Stock on the most
recent date preceding such date on which trades of the Common Stock were recorded), or (ii) if the shares of Common Stock are not then
traded on an established stock exchange or national market system but are then traded in an over-the-counter market, the average of the
closing bid and asked prices for the shares of Common Stock in such over-the-counter market as of such date (or, if there are no closing
bid and asked prices for the shares of Common Stock as of such date, the average of the closing bid and the asked prices for the shares
of Common Stock on the most recent date preceding such date on which such closing bid and asked prices are available on such over-the-counter
market), or (iii) if the shares of Common Stock are not then listed on a national securities exchange or national market system or traded
in an over-the-counter market, the price of a share of Common Stock as determined by the Committee in its discretion in a manner consistent
with Section 409A of the Code and Treasury Regulation 1.409A-1(b)(5)(iv), as well as any successor regulation or interpretation. For
purposes of any Awards granted on the Registration Date, the Fair Market Value will be the initial price to the public as set forth in
the final prospectus included within the registration statement on Form S-1 filed with the Securities and Exchange Commission for the
initial public offering of the Common Stock.

 

2.20
“Fiscal Year” means the fiscal year of the Company.

 

2.21
“Incentive Bonus Award” means an Award granted under Section 12 of the Plan.

 

2.22
“Incentive Stock Option” means a Stock Option granted under Section 6 hereof that is intended to meet the requirements
of Section 422 of the Code and the regulations promulgated thereunder.

 

2.23
“Nonqualified Stock Option” means a Stock Option granted under Section 6 hereof that is not an Incentive Stock
Option.

 

2.24
“Other Cash-Based Award” means a contractual right granted to an Eligible Person under Section 13 hereof entitling
such Eligible Person to receive a cash payment at such times, and subject to such conditions, as are set forth in the Plan and the applicable
Award Agreement.

 

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2.25
“Other Stock-Based Award” means a contractual right granted to an Eligible Person under Section 13 representing
a notional unit interest equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions
as are set forth in the Plan and the applicable Award Agreement.

 

2.26
“Outside Director” means a Director who is not an employee of the Company or a Subsidiary.

 

2.27
“Participant” means any Eligible Person who holds an outstanding Award under the Plan.

 

2.28
“Person” shall mean, unless otherwise provided, any individual, partnership, firm, trust, corporation, limited liability
company or other similar entity. When two or more Persons act as a partnership, limited partnership, syndicate or other group for the
purpose of acquiring, holding or disposing of Common Stock, such partnership, limited partnership, syndicate or group shall be deemed
a “Person”.

 

2.29
“Performance Goals” shall mean performance goals established by the Committee as contingencies for the grant, exercise,
vesting, distribution, payment and/or settlement, as applicable, of Awards.

 

2.30
“Performance Shares” means a contractual right granted to an Eligible Person under Section 10 hereof representing
a notional unit interest equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions,
as are set forth in the Plan and the applicable Award Agreement.

 

2.31
“Performance Unit” means a contractual right granted to an Eligible Person under Section 11 hereof representing a
notional dollar interest as determined by the Committee to be paid and distributed at such times, and subject to such conditions, as
are set forth in the Plan and the applicable Award Agreement.

 

2.32
“Plan” has the meaning set forth in Section 1.1.

 

2.33
“Plan Indemnified Parties” has the meaning set forth in Section 3.3.

 

2.34
“Registration Date” means the effective date of the first registration statement that is filed by the Company and
declared effective pursuant to Section 12 of the Exchange Act, with respect to any class of the Company’s securities.

 

2.35
“Reporting Person” means an officer, Director or greater than ten percent stockholder of the Company within the meaning
of Rule 16a-2 under the Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the Exchange Act.

 

2.36
“Restricted Stock Award” means a grant of shares of Common Stock to an Eligible Person under Section 8 hereof
that are issued subject to such vesting and transfer restrictions and such other conditions as are set forth in the Plan and the applicable
Award Agreement.

 

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2.37
“Restricted Stock Unit Award” means a contractual right granted to an Eligible Person under Section 9 hereof
representing notional unit interests equal in value to a share of Common Stock to be paid and distributed at such times, and subject
to such conditions, as are set forth in the Plan and the applicable Award Agreement.

 

2.38
“Securities Act” means the Securities Act of 1933, as amended.

 

2.39
“Stock Appreciation Right” or “SAR” means a contractual right granted to an Eligible Person under
Section 7 hereof entitling such Eligible Person to receive a payment, upon the exercise of such right, in such amount and at such
time, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.

 

2.40
“Stock Option” means a contractual right granted to an Eligible Person under Section 6 hereof to purchase shares
of Common Stock at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.

 

2.41
“Subsidiary” means an entity (whether or not a corporation) that is wholly or majority owned or controlled, directly
or indirectly, by the Company; provided, however, that with respect to Incentive Stock Options, the term “Subsidiary”
shall include only an entity that qualifies under section 424(f) of the Code as a “subsidiary corporation” with respect to
the Company.

 

	3.	Administration

 

3.1
Committee Members. The Plan shall be administered by the Committee; provided that the entire Board may act in lieu of the
Committee on any matter, subject to Section 16b-3 Award requirements referred to in Section 2.9 of the Plan. If and to the extent
permitted by Applicable Law, the Committee may authorize one or more Reporting Persons (or other officers) to make Awards to Eligible
Persons who are not Reporting Persons (or other officers whom the Committee has specifically authorized to make Awards). Subject to Applicable
Law and the restrictions set forth in the Plan, the Committee may delegate administrative functions to individuals who are Reporting
Persons, officers, or employees of the Company or its Subsidiaries.

 

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

 

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

 

	4.	Shares Subject to the Plan

 

4.1
Plan Share Limitation.

 

(a)
Subject to adjustment pursuant to Section 4.3 and any other applicable provisions hereof, the maximum aggregate number of shares
of Common Stock which may be issued under all Awards granted to Participants under the Plan shall be 2,350,000 shares.

 

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(b)
Subject to adjustment pursuant to Section 4.3 and any other applicable provisions hereof, the number of shares of Common Stock
available for issuance under the Plan will automatically be increased on the first day of each Fiscal Year beginning with the Company’s
Fiscal Year beginning in 2022, in an amount equal to lesser of (i) five percent (5%) of the outstanding shares of all classes of the
Company’s Common Stock (on a fully diluted basis, but rounded to the nearest 1,000 share increment) as of the last day of the immediately
preceding Fiscal Year or (ii) such number of Shares determined by the Board (the “Annual Increase”). Notwithstanding
the foregoing and, subject to adjustment as provided in Section 4.3 of the Plan, the maximum number of shares of Common Stock
that may be issued upon the exercise of Incentive Stock Options will equal the aggregate number of shares Common Stock stated in Section
4.1(a), and shall be increased on the first day of each Fiscal Year beginning with the Company’s Fiscal Year beginning in 2022
until (and including) the Company’s Fiscal Year beginning in 2031, by the Annual Increase for such Fiscal Year.

 

(c)
To the extent that any Award payable in shares of Common Stock is forfeited, cancelled, returned to the Company for failure to satisfy
vesting requirements or upon the occurrence of other forfeiture events, or otherwise terminates without payment being made thereunder,
the shares of Common Stock covered thereby will no longer be counted against the foregoing maximum share limitation and may again be
made subject to Awards under the Plan pursuant to such limitations. Awards settled in cash shall not count against the foregoing maximum
share limitation. Shares of Common Stock that otherwise would have been issued upon the exercise of a Stock Option or Stock Appreciation
Right or in payment with respect to any other form of Award, that are surrendered in payment or partial payment of taxes withheld with
respect to the exercise thereof or the making of such payment, will no longer be counted against the foregoing maximum share limitations
and may again be made subject to Awards under the Plan pursuant to such limitations. For the avoidance of doubt, any shares of Common
Stock tendered or withheld to pay the exercise price of Options, or that are covered by a Stock Appreciation Right (to the extent that
it is settled in shares of Common Stock, without regard to the number of shares of Common Stock that are actually issued upon exercise),
will not again become available for issuance under the Plan.

 

(d)
Shares of Common Stock issued under the Plan may be authorized but unissued shares, treasury shares, reacquired shares or any combination
thereof.

 

4.2
Outside Director Limitation. The maximum number of shares of Common Stock subject to Awards granted during a single fiscal year
of the Company to any Outside Director, taken together with any cash fees paid during the fiscal year to the Outside Director, in respect
of the Outside Director’s service as a member of the Board during such year (including service as a member or chair of any committees
of the Board), shall not exceed $750,000 in total value (calculating the value of any such Awards based on the grant date fair value
of such Awards for financial reporting purposes); provided that in the case of a new Outside Director, such amount shall be increased
to $1,000,000 for the initial year of the Outside Director’s term. The Committee may make exceptions to this limit for Awards made
to a new Outside Director upon his or her becoming a Director of the Board or a non-executive chair of the Board.

 

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4.3
Adjustments. If there shall occur any change with respect to the outstanding shares of Common Stock by reason of any recapitalization,
reclassification, stock dividend, extraordinary dividend, stock split, reverse stock split, or other distribution with respect to the
shares of Common Stock, or any merger, reorganization, consolidation, combination, spin-off or other similar corporate change, or any
other change affecting the Common Stock, the Committee shall, in the manner and to the extent that it deems appropriate and equitable
to the Participants and consistent with the terms of the Plan, cause an adjustment to be made in (i) the maximum numbers and kind of
shares provided in Section 4.1 hereof, (ii) the numbers and kind of shares of Common Stock, units, or other rights subject to
then outstanding Awards, (iii) the price for each share or unit or other right subject to then outstanding Awards, (iv) the performance
measures or goals relating to the vesting of an Award, and (v) any other terms of an Award that are affected by the event to prevent
dilution or enlargement of a Participant’s rights under an Award. Notwithstanding the foregoing, in the case of Incentive Stock
Options, any such adjustments shall, to the extent practicable, be made in a manner consistent with the requirements of Section 424(a)
of the Code.

 

	5.	Participation and Awards

 

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

 

5.2
Determination of Awards. The Committee shall determine the terms and conditions of all Awards granted to Participants in accordance
with its authority under Section 3.2 hereof. An Award may consist of one type of right or benefit hereunder or of two or more
such rights or benefits granted in tandem or in the alternative. To the extent deemed appropriate by the Committee, an Award shall be
evidenced by an Award Agreement as described in Section 15.1 hereof.

 

	6.	Stock Options

 

6.1
Grant of Stock Option. A Stock Option may be granted to any Eligible Person selected by the Committee. Subject to the provisions
of Section 6.6 hereof and Section 422 of the Code, each Stock Option shall be designated, in the sole discretion of the Committee,
as an Incentive Stock Option or as a Nonqualified Stock Option.

 

6.2
Exercise Price. The exercise price per share of a Stock Option shall not be less than 100% of the Fair Market Value of a share
of Common Stock on the Date of Grant, subject to adjustments as provided for under Section 4.3.

 

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6.3
Vesting of Stock Options. The Committee shall in its sole discretion prescribe the time or times at which, or the conditions upon
which, a Stock Option or portion thereof shall become vested and/or exercisable. The requirements for vesting and exercisability of a
Stock Option may be based on the Continuous Service of the Participant for a specified time period (or periods) and/or on the attainment
of a specified performance goal (or goals) established by the Committee in its discretion. The Committee may, in its sole discretion,
accelerate the vesting or exercisability of any Stock Option at any time. The Committee, in its sole discretion, may allow a Participant
to exercise unvested Nonqualified Stock Options, in which case the shares of Common Stock then issued shall be Restricted Stock having
analogous vesting restrictions to the unvested Nonqualified Stock Options.

 

6.4
Term of Stock Options. The Committee shall in its discretion prescribe in an Award Agreement the period during which a vested
Stock Option may be exercised, provided that the maximum term of a Stock Option shall be ten (10) years from the Date of Grant.
A Stock Option may be earlier terminated as specified by the Committee and set forth in an Award Agreement upon or following the termination
of a Participant’s Continuous Service for any reason, including by reason of voluntary resignation, death, Disability, termination
for Cause or any other reason. Except as otherwise provided in this Section 6 or in an Award Agreement as such agreement may be
amended from time to time upon authorization of the Committee, no Stock Option may be exercised at any time during the term thereof unless
the Participant is then in Continuous Service. Notwithstanding the foregoing, unless an Award Agreement provides otherwise:

 

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

 

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

 

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

 

    	-11- 

    	 

    

 

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

 

6.5
Stock Option Exercise. Subject to such terms and conditions as shall be specified in an Award Agreement, a Stock Option may be
exercised in whole or in part at any time during the term thereof by notice in the form required by the Company, and payment of the aggregate
exercise price by certified or bank check, or such other means as the Committee may accept. As set forth in an Award Agreement or otherwise
determined by the Committee, in its sole discretion, at or after grant, payment in full or in part of the exercise price of an Option
may be made: (i) in the form of shares of Common Stock that have been held by the Participant for such period as the Committee may deem
appropriate for accounting purposes or otherwise, valued at the Fair Market Value of such shares on the date of exercise; (ii) by surrendering
to the Company shares of Common Stock otherwise receivable on exercise of the Option; (iii) by a cashless exercise program implemented
by the Committee in connection with the Plan; and/or (iv) by such other method as may be approved by the Committee and set forth in an
Award Agreement (provided that such method does not involve the Company providing a loan or other extension of credit to the Participant).
Subject to any governing rules or regulations, as soon as practicable after receipt of written notification of exercise and full payment
of the exercise price and satisfaction of any applicable tax withholding pursuant to Section 16.5, the Company shall deliver to
the Participant evidence of book entry shares of Common Stock, or upon the Participant’s request, Common Stock certificates in
an appropriate amount based upon the number of shares of Common Stock purchased under the Option. Unless otherwise determined by the
Committee, all payments under all of the methods indicated above shall be paid in United States dollars or shares of Common Stock, as
applicable.

 

6.6
Additional Rules for Incentive Stock Options.

 

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

 

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

 

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

 

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

 

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

 

	7.	Stock Appreciation Rights

 

7.1
Grant of Stock Appreciation Rights. A Stock Appreciation Right may be granted to any Eligible Person selected by the Committee.
Stock Appreciation Rights may be granted on a basis that allows for the exercise of the right by the Participant or that provides for
the automatic payment of the right upon a specified date or event.

 

7.2
Base Price. The base price of a Stock Appreciation Right shall be determined by the Committee in its sole discretion; provided,
however, that the base price for any grant of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value of
a share of Common Stock on the Date of Grant, subject to adjustments as provided for under Section 4.3.

 

7.3
Vesting Stock Appreciation Rights. The Committee shall in its discretion prescribe the time or times at which, or the conditions
upon which, a Stock Appreciation Right or portion thereof shall become vested and/or exercisable. The requirements for vesting and exercisability
of a Stock Appreciation Right may be based on the Continuous Service of a Participant for a specified time period (or periods) or on
the attainment of a specified performance goal (or goals) established by the Committee in its discretion. The Committee may, in its sole
discretion, accelerate the vesting or exercisability of any Stock Appreciation Right at any time.

 

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

 

7.5
Payment of Stock Appreciation Rights. Subject to such terms and conditions as shall be specified in an Award Agreement, a vested
Stock Appreciation Right may be exercised in whole or in part at any time during the term thereof by notice in the form required by the
Company and payment of any exercise price. Upon the exercise of a Stock Appreciation Right and payment of any applicable exercise price,
a Participant shall be entitled to receive an amount determined by multiplying: (i) the excess of the Fair Market Value of a share of
Common Stock on the date of exercise of the Stock Appreciation Right over the base price of such Stock Appreciation Right, by (ii) the
number of shares as to which such Stock Appreciation Right is exercised. Payment of the amount determined under the immediately preceding
sentence may be made, as approved by the Committee and set forth in the Award Agreement, in shares of Common Stock valued at their Fair
Market Value on the date of exercise, in cash, or in a combination of shares of Common Stock and cash, subject to applicable tax withholding
requirements set forth in Section 16.5. If Stock Appreciation Rights are settled in shares of Common Stock, then as soon as practicable
following the date of settlement the Company shall deliver to the Participant evidence of book entry shares of Common Stock, or upon
the Participant’s request, Common Stock certificates in an appropriate amount.

 

	8.	Restricted Stock Awards

 

8.1
Grant of Restricted Stock Awards. A Restricted Stock Award may be granted to any Eligible Person selected by the Committee. The
Committee may require the payment by the Participant of a specified purchase price in connection with any Restricted Stock Award. The
Committee may provide in an Award Agreement for the payment of dividends and distributions to the Participant such times as paid to stockholders
generally or at the times of vesting or other payment of the Restricted Stock Award. If any dividends or distributions are paid in stock
while a Restricted Stock Award is subject to restrictions under Section 8.3 of the Plan, the dividends or other distributions
shares shall be subject to the same restrictions on transferability as the shares of Common Stock to which they were paid unless otherwise
set forth in the Award Agreement. The Committee may also subject the grant of any Restricted Stock Award to the execution of a voting
agreement with the Company or with any Affiliate of the Company.

 

8.2
Vesting Requirements. The restrictions imposed on shares of Common Stock granted under a Restricted Stock Award shall lapse in
accordance with the vesting requirements specified by the Committee in the Award Agreement. Upon vesting of a Restricted Stock Award,
such Award shall be subject to the tax withholding requirement set forth in Section 16.5. The requirements for vesting of a Restricted
Stock Award may be based on the Continuous Service of the Participant for a specified time period (or periods) or on the attainment of
a specified performance goal (or goals) established by the Committee in its discretion. The Committee may, in its sole discretion, accelerate
the vesting of a Restricted Stock Award at any time. If the vesting requirements of a Restricted Stock Award shall not be satisfied,
the Award shall be forfeited and the shares of Common Stock subject to the Award shall be returned to the Company. In the event that
the Participant paid any purchase price with respect to such forfeited shares, unless otherwise provided by the Committee in an Award
Agreement, the Company will refund to the Participant the lesser of (i) such purchase price and (ii) the Fair Market Value of such shares
on the date of forfeiture.

 

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8.3
Restrictions. Shares granted under any Restricted Stock Award may not be transferred, assigned or subject to any encumbrance,
pledge, or charge until all applicable restrictions are removed or have expired, unless otherwise allowed by the Committee. The Committee
may require in an Award Agreement that certificates representing the shares granted under a Restricted Stock Award bear a legend making
appropriate reference to the restrictions imposed, and that certificates representing the shares granted or sold under a Restricted Stock
Award will remain in the physical custody of an escrow holder until all restrictions are removed or have expired.

 

8.4
Rights as Stockholder. Subject to the foregoing provisions of this Section 8 and the applicable Award Agreement, the Participant
to whom a Restricted Stock Award is made shall have all rights of a stockholder with respect to the shares granted to the Participant
under the Restricted Stock Award, including the right to vote the shares and receive all dividends and other distributions paid or made
with respect thereto, unless the Committee determines otherwise at the time the Restricted Stock Award is granted.

 

8.5
Section 83(b) Election. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to a Restricted
Stock Award, the Participant shall file, within thirty (30) days following the Date of Grant, a copy of such election with the Company
(directed to the Secretary thereof) and with the Internal Revenue Service, in accordance with the regulations under Section 83 of the
Code. The Committee may provide in an Award Agreement that the Restricted Stock Award is conditioned upon the Participant’s making
or refraining from making an election with respect to the Award under Section 83(b) of the Code.

 

	9.	Restricted Stock Unit Awards

 

9.1
Grant of Restricted Stock Unit Awards. A Restricted Stock Unit Award may be granted to any Eligible Person selected by the Committee.
The value of each stock unit under a Restricted Stock Unit Award is equal to the Fair Market Value of the Common Stock on the applicable
date or time period of determination, as specified by the Committee. A Restricted Stock Unit Award shall be subject to such restrictions
and conditions as the Committee shall determine. A Restricted Stock Unit Award may be granted together with a dividend equivalent right
with respect to the shares of Common Stock subject to the Award, which may be accumulated and may be deemed reinvested in additional
stock units, as determined by the Committee in its sole discretion. If any dividend equivalents are paid while a Restricted Stock Unit
Award is subject to restrictions under Section 9 of the Plan, the Committee may, in its sole discretion, provide in the Award
Agreement for such dividend equivalents to immediately be paid to the Participant holding such Restricted Stock Unit Award or pay such
dividend equivalents subject to the same restrictions on transferability as the Restricted Stock Units to which they relate.

 

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9.2
Vesting of Restricted Stock Unit Awards. On the Date of Grant, the Committee shall, in its discretion, determine any vesting requirements
with respect to a Restricted Stock Unit Award, which shall be set forth in the Award Agreement. The requirements for vesting of a Restricted
Stock Unit Award may be based on the Continuous Service of the Participant for a specified time period (or periods) or on the attainment
of a specified performance goal (or goals) established by the Committee in its discretion. The Committee may, in its sole discretion,
accelerate the vesting of a Restricted Stock Unit Award at any time. A Restricted Stock Unit Award may also be granted on a fully vested
basis, with a deferred payment date as may be determined by the Committee or elected by the Participant in accordance with rules established
by the Committee.

 

9.3
Payment of Restricted Stock Unit Awards. A Restricted Stock Unit Award shall become payable to a Participant at the time or times
determined by the Committee and set forth in the Award Agreement, which may be upon or following the vesting of the Award. Payment of
a Restricted Stock Unit Award may be made, at the discretion of the Committee, in cash or in shares of Common Stock, or in a combination
thereof as described in the Award Agreement, subject to applicable tax withholding requirements set forth in Section 16.5. Any cash payment
of a Restricted Stock Unit Award shall be made based upon the Fair Market Value of the Common Stock, determined on such date or over
such time period as determined by the Committee. Notwithstanding the foregoing, unless specified otherwise in the Award Agreement, any
Restricted Stock Unit, whether settled in Common Stock or cash, shall be paid no later than two and one-half months after the later of
the calendar year or fiscal year in which the Restricted Stock Units vest. If Restricted Stock Unit Awards are settled in shares of Common
Stock, then as soon as practicable following the date of settlement, the Company shall deliver to the Participant evidence of book entry
shares of Common Stock, or upon the Participant’s request, Common Stock certificates in an appropriate amount.

 

	10.	Performance Shares

 

10.1
Grant of Performance Shares. Performance Shares may be granted to any Eligible Person selected by the Committee. A Performance
Share Award shall be subject to such restrictions and condition as the Committee shall specify. A Performance Share Award may be granted
with a dividend equivalent right with respect to the shares of Common Stock subject to the Award, which may be accumulated and may be
deemed reinvested in additional stock units, as determined by the Committee in its sole discretion.

 

10.2
Value of Performance Shares. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the
Date of Grant. The Committee shall set performance goals in its discretion that, depending on the extent to which they are met over a
specified time period, shall determine the number of Performance Shares that shall be paid to a Participant.

 

    	-16- 

    	 

    

 

10.3
Earning of Performance Shares. After the applicable time period has ended, the number of Performance Shares earned by the Participant
over such time period shall be determined as a function of the extent to which the applicable corresponding performance goals have been
achieved. This determination shall be made solely by the Committee. The Committee may, in its sole discretion, waive any performance
or vesting conditions relating to a Performance Share Award.

 

10.4
Form and Timing of Payment of Performance Shares. The Committee shall pay at the close of the applicable Performance Period, or
as soon as practicable thereafter, any earned Performance Shares in the form of cash or in shares of Common Stock or in a combination
thereof, as specified in a Participant’s Award Agreement, subject to applicable tax withholding requirements set forth in Section
16.5. Notwithstanding the foregoing, unless specified otherwise in the Award Agreement, all Performance Shares shall be paid no later
than two and one-half months following the later of the calendar year or fiscal year in which such Performance Shares vest. Any shares
of Common Stock paid to a Participant under this Section 10.4 may be subject to any restrictions deemed appropriate by the Committee.
If Performance Shares are settled in shares of Common Stock, then as soon as practicable following the date of settlement the Company
shall deliver to the Participant evidence of book entry shares of Common Stock, or upon the Participant’s request, Common Stock
certificates in an appropriate amount.

 

	11.	Performance Units

 

11.1
Grant of Performance Units. Performance Units may be granted to any Eligible Person selected by the Committee. A Performance Unit
Award shall be subject to such restrictions and condition as the Committee shall specify in a Participant’s Award Agreement.

 

11.2
Value of Performance Units. Each Performance Unit shall have an initial notional value equal to a dollar amount determined by
the Committee, in its sole discretion. The Committee shall set performance goals in its discretion that, depending on the extent to which
they are met over a specified time period, will determine the number of Performance Units that shall be settled and paid to the Participant.

 

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

 

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

 

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	12.	Incentive Bonus Awards

 

12.1
Incentive Bonus Awards. The Committee, at its discretion, may grant Incentive Bonus Awards to such Participants as it may designate
from time to time. The terms of a Participant’s Incentive Bonus Award shall be set forth in the Participant’s Award Agreement.
Each Award Agreement shall specify such general terms and conditions as the Committee shall determine.

 

12.2
Incentive Bonus Award Performance Criteria. The determination of Incentive Bonus Awards for a given year or years may be based
upon the attainment of specified levels of Company or Subsidiary performance as measured by pre-established, objective performance criteria
determined at the discretion of the Committee. The Committee shall (i) select those Participants who shall be eligible to receive an
Incentive Bonus Award, (ii) determine the performance period, (iii) determine target levels of performance, and (iv) determine the level
of Incentive Bonus Award to be paid to each selected Participant upon the achievement of each performance level. The Committee generally
shall make the foregoing determinations prior to the commencement of services to which an Incentive Bonus Award relates, to the extent
applicable, and while the outcome of the performance goals and targets is uncertain.

 

12.3
Payment of Incentive Bonus Awards.

 

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

 

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

 

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

 

13.1
Other Cash-Based and Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards not otherwise
described by the terms of this Plan (including the grant or offer for sale of unrestricted Shares) in such amounts and subject to such
terms and conditions, as the Committee shall determine. Such Awards may involve the transfer of actual shares of Common Stock to a Participant,
or payment in cash or otherwise of amounts based on the value of shares of Common Stock. In addition, the Committee, at any time and
from time to time, may grant Other Cash-Based Awards to a Participant in such amounts and upon such terms as the Committee shall determine,
in its sole discretion.

 

    	-18- 

    	 

    

 

13.2
Value of Cash-Based Awards and Other Stock-Based Awards. Each Other Stock-Based Award shall be expressed in terms of shares of
Common Stock or units based on shares of Common Stock, as determined by the Committee, in its sole discretion. Each Other Cash-Based
Award shall specify a payment amount or payment range as determined by the Committee, in its sole discretion. If the Committee exercises
its discretion to establish performance goals, the value of Other Cash-Based Awards that shall be paid to the Participant will depend
on the extent to which such performance goals are met.

 

13.3
Payment of Cash-Based Awards and Other Stock-Based Awards. Payment, if any, with respect to Other Cash-Based Awards and Other
Stock-Based Award shall be made in accordance with the terms of the Award, in cash or shares of Common Stock as the Committee determines.

 

	14.	Change in Control

 

14.1
Effect of a Change in Control.

 

(a)
Notwithstanding anything to the contrary set forth in the Plan, unless otherwise provided by an Award Agreement, upon or in anticipation
of any Change in Control, the Committee may, in its sole discretion and without the need for the consent of any Participant, take one
or more of the following actions contingent upon the occurrence of that Change in Control (unless the Award is continued after the Change
in Control on substantially the same terms as in effect before the Change in Control or on such other terms as are agreed to by the Company
and the acquirer): (i) cause any or all outstanding Options and/or Stock Appreciation Rights held by Participants affected by the Change
in Control to become vested and immediately exercisable, in whole or in part; (ii) cause restrictions and/or vesting conditions with
respect to any or all outstanding Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, and any Other Cash-Based
Award or Other Stock-Based Award held by a Participant affected by the Change in Control to lapse, in whole or in part; (iii) cancel
any Option or Stock Appreciation Right in exchange for a substitute option in a manner consistent with the requirements of Treasury Regulation.
§1.424-1(a) or §1.409A-1(b)(5)(v)(D), as applicable (notwithstanding the fact that the original Stock Option may never have
been intended to satisfy the requirements for treatment as an Incentive Stock Option); (iv) cancel any Restricted Stock, Restricted Stock
Units, Performance Shares, Performance Units, Other Cash-Based Awards or Other Stock-Based Awards held by a Participant in exchange for
restricted stock, restricted stock units, performance shares of or performance units, or other cash-based or other stock-based awards
in respect of the capital stock of any successor corporation; (v) terminate any Award in exchange for the Change in Control Consideration
(as defined below); provided, however that if the Change in Control Consideration with respect to any Option or Stock Appreciation
Right does not exceed the exercise price of such Option or Stock Appreciation Right, the Committee may cancel the Option or Stock Appreciation
Right without payment of any consideration therefor; or (vi) take any other action necessary or appropriate to carry out the terms of
any definitive agreement controlling the terms and conditions of the Change in Control. The Committee shall not be required to treat
all outstanding Awards held by Participants or all Awards held by a single Participant similarly. For purposes hereof, “Change
in Control Consideration” means an amount of cash and/or property equal to the amount, if any, that would have been attained
upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the Change in Control.
Any such Change in Control Consideration may be subject to any escrow, indemnification and similar obligations, contingencies and encumbrances
applicable in connection with the Change in Control to holders of Common Stock. Without limitation of the foregoing, if as of the date
of the occurrence of the Change in Control the Committee determines that no amount would have been attained upon the realization of the
Participant’s rights, then such Award may be terminated by the Company without payment.

 

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(b)
The Committee may cause the Change in Control Consideration to be subject to vesting conditions (whether or not the same as the vesting
conditions applicable to the Award prior to the Change in Control) and/or make such other modifications, adjustments or amendments to
outstanding Awards or this Plan as the Committee deems necessary or appropriate. The Committee may require a Participant to (i) represent
and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata share of any
post-closing indemnity obligations, and be subject to the same or similar post-closing purchase price adjustments, escrow terms, offset
rights, holdback terms and similar conditions as the other holders of Common Stock; and (iii) execute and deliver such documents and
instruments as the Committee may reasonably require for the Participant to be bound by such obligations.

 

	15.	General Provisions

 

15.1
Award Agreement. To the extent deemed necessary by the Committee, an Award under the Plan shall be evidenced by an Award Agreement
in a written or electronic form approved by the Committee setting forth the number of shares of Common Stock or units subject to the
Award, the exercise price, base price, or purchase price of the Award, the time or times at which an Award will become vested, exercisable
or payable and the term of the Award. The Award Agreement may also set forth the effect on an Award of termination of Continuous Service
under certain circumstances. The Award Agreement shall be subject to and incorporate, by reference or otherwise, all of the applicable
terms and conditions of the Plan, and may also set forth other terms and conditions applicable to the Award as determined by the Committee
consistent with the limitations of the Plan. Award Agreements evidencing Incentive Stock Options shall contain such terms and conditions
as may be necessary to meet the applicable provisions of Section 422 of the Code. The grant of an Award under the Plan shall not confer
any rights upon the Participant holding such Award other than such terms, and subject to such conditions, as are specified in the Plan
as being applicable to such type of Award (or to all Awards) or as are expressly set forth in the Award Agreement.

 

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15.2
Forfeiture Events/Representations. The Committee may specify in an Award Agreement at the time of the Award that the Participant’s
rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the
occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events
shall include, but shall not be limited to, termination of Continuous Service for Cause, violation of material Company policies, breach
of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant
that is detrimental to the business or reputation of the Company. The Committee may also specify in an Award Agreement that the Participant’s
rights, payments and benefits with respect to an Award shall be conditioned upon the Participant making a representation regarding compliance
with noncompetition, confidentiality or other restrictive covenants that may apply to the Participant and providing that the Participant’s
rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment on account
of a breach of such representation. Notwithstanding the foregoing, the confidentiality restrictions set forth in an Award Agreement shall
not, and shall not be interpreted to, impair a Participant from exercising any legally protected whistleblower rights (including under
Rule 21 of the Exchange Act). In addition and without limitation of the foregoing, any amounts paid hereunder shall be subject to recoupment
in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any
“clawback” policy adopted by the Company or as is otherwise required by applicable law or stock exchange listing condition.

 

15.3
No Assignment or Transfer; Beneficiaries.

 

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

 

(b)
Limited Transferability Rights. Notwithstanding anything else in this Section 15.3 to the contrary, the Committee
may in its discretion provide in an Award Agreement that an Award in the form of a Nonqualified Stock Option, share-settled Stock Appreciation
Right, Restricted Stock, Performance Share or share-settled Other Stock-Based Award may be transferred, on such terms and conditions
as the Committee deems appropriate, either (i) by instrument to the Participant’s “Immediate Family” (as defined
below), (ii) by instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to the Participant’s
designated beneficiaries, or (iii) by gift to charitable institutions. Any transferee of the Participant’s rights shall succeed
and be subject to all of the terms of the applicable Award Agreement and the Plan. “Immediate Family” means any child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

 

    	-21- 

    	 

    

 

15.4
Rights as Stockholder. A Participant shall have no rights as a holder of shares of Common Stock with respect to any unissued shares
of Common Stock covered by an Award until the date the Participant becomes the holder of record of such securities. Except as provided
in Section 4.3 hereof, no adjustment or other provision shall be made for dividends or other stockholder rights, except to the
extent that the Award Agreement provides for dividend payments or dividend equivalent rights.

 

15.5
Employment or Continuous Service. Nothing in the Plan, in the grant of any Award or in any Award Agreement shall confer upon any
Eligible Person or Participant any right to continue in Continuous Service, or interfere in any way with the right of the Company or
any of its Subsidiaries to terminate the employment or other service relationship of an Eligible Person or Participant for any reason
at any time.

 

15.6
Fractional Shares. In the case of any fractional share or unit resulting from the grant, vesting, payment or crediting of dividends
or dividend equivalents under an Award, the Committee shall have the discretionary authority to (i) disregard such fractional share or
unit, (ii) round such fractional share or unit to the nearest lower or higher whole share or unit, or (iii) convert such fractional share
or unit into a right to receive a cash payment.

 

15.7
Other Compensation and Benefit Plans. The amount of any compensation deemed to be received by a Participant pursuant to an Award
shall not constitute includable compensation for purposes of determining the amount of benefits to which a Participant is entitled under
any other compensation or benefit plan or program of the Company or any Subsidiary, including, without limitation, under any bonus, pension,
profit-sharing, life insurance, salary continuation or severance benefits plan, except to the extent specifically provided by the terms
of any such plan.

 

15.8
Plan Binding on Transferees. The Plan shall be binding upon the Company, its transferees and assigns, and the Participant, the
Participant’s executor, administrator and permitted transferees and beneficiaries. In addition, all obligations of the Company
under this Plan with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business
and/or assets of the Company.

 

    	-22- 

    	 

    

 

15.9
Foreign Jurisdictions. The Committee may adopt, amend and terminate such arrangements and grant such Awards, not inconsistent
with the intent of the Plan, as it may deem necessary or desirable to comply with any tax, securities, regulatory or other laws of other
jurisdictions with respect to Awards that may be subject to such laws, to prescribe, amend and rescind rules and regulations relating
to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws
or for qualifying for favorable tax treatment under applicable foreign laws. The terms and conditions of such Awards may vary from the
terms and conditions that would otherwise be required by the Plan solely to the extent the Committee deems necessary for such purpose.
Moreover, the Board may approve such supplements to or amendments, restatements or alternative versions of the Plan, not inconsistent
with the intent of the Plan, as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of the
Plan as in effect for any other purpose.

 

15.10
No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising an Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise
such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company
has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

 

15.11
Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant
will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument,
certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that
the corporate records (e.g., Board or Committee consents, resolutions or minutes) documenting the corporate action constituting the grant
contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement as
a result of a clerical error in the papering of the Award Agreement, the corporate records will control and the Participant will have
no legally binding right to the incorrect term in the Award Agreement.

 

15.12
Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of the Participant’s
services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an employee of the
Company and the employee has a change in status from a full-time employee to a part-time employee) after the date of grant of any Award
to the Participant, the Committee has the right in its sole discretion to (i) make a corresponding reduction in the number of shares
subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment and
(ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event
of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended.

 

15.13
Substitute Awards in Corporate Transactions. Nothing contained in the Plan shall be construed to limit the right of the Committee
to grant Awards under the Plan in connection with the acquisition, whether by purchase, merger, consolidation or other corporate transaction,
of the business or assets of any corporation or other entity. Without limiting the foregoing, the Committee may grant Awards under the
Plan to an employee or director of another corporation who becomes an Eligible Person by reason of any such corporate transaction in
substitution for awards previously granted by such corporation or entity to such person (“Substitute Awards”). The
terms and conditions of the Substitute Awards may vary from the terms and conditions that would otherwise be required by the Plan solely
to the extent the Committee deems necessary for such purpose. Any shares of Common Stock subject to these Substitute Awards shall not
be counted against any of the maximum share limitations set forth in the Plan; provided, that, Substitute Awards issued in connection
with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Stock Options shall be counted against
the Incentive Stock Option limit. Subject to applicable stock exchange requirements, available shares under a shareholder-approved plan
of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect
such acquisition or transaction) may be used for Awards under the Plan and shall not count toward any of the maximum share limitations
set forth in the Plan.

 

    	-23- 

    	 

    

 

	16.	Legal Compliance

 

16.1
Securities Laws. No shares of Common Stock will be issued or transferred pursuant to an Award unless and until all then applicable
requirements imposed by Federal and state securities and other laws, rules and regulations and by any regulatory agencies having jurisdiction,
and by any exchanges upon which the shares of Common Stock may be listed, have been fully met. As a condition precedent to the issuance
of shares pursuant to the grant or exercise of an Award, the Company may require the Participant to take any reasonable action to meet
such requirements. The Committee may impose such conditions on any shares of Common Stock issuable under the Plan as it may deem advisable,
including, without limitation, restrictions under the Securities Act, as amended, under the requirements of any exchange upon which such
shares of the same class are then listed, and under any blue sky or other securities laws applicable to such shares. The Committee may
also require the Participant to represent and warrant at the time of issuance or transfer that the shares of Common Stock are being acquired
only for investment purposes and without any current intention to sell or distribute such shares. All Common Stock issued pursuant to
the terms of this Plan shall constitute “restricted securities,” as that term is defined in Rule 144 promulgated pursuant
to the Securities Act, and may not be transferred except in compliance herewith and with the registration requirements of the Securities
Act or an exemption therefrom. Certificates representing Common Stock acquired pursuant to an Award may bear such legend as the Company
may consider appropriate under the circumstances. If an Award is made to an Eligible Person who is subject to Chinese jurisdiction, and
approval of the Award by China’s State Administration of Foreign Exchange is needed, the Award may be converted to cash or other
equivalent amount if and to the extent that such approval is not obtained.

 

16.2
Incentive Arrangement. The Plan is designed to provide an on-going, pecuniary incentive for Participants to produce their best
efforts to increase the value of the Company. The Plan is not intended to provide retirement income or to defer the receipt of payments
hereunder to the termination of a Participant’s employment or beyond. The Plan is thus intended not to be a pension or welfare
benefit plan that is subject to Employee Retirement Income Security Act of 1974 (“ERISA”), and shall be construed
accordingly. All interpretations and determinations hereunder shall be made on a basis consistent with the Plan’s status as not
an employee benefit plan subject to ERISA.

 

    	-24- 

    	 

    

 

16.3
Unfunded Plan. The adoption of the Plan and any reservation of shares of Common Stock or cash amounts by the Company to discharge
its obligations hereunder shall not be deemed to create a trust or other funded arrangement. Except upon the issuance of Common Stock
pursuant to an Award, any rights of a Participant under the Plan shall be those of a general unsecured creditor of the Company, and neither
a Participant nor the Participant’s permitted transferees or estate shall have any other interest in any assets of the Company
by virtue of the Plan. Notwithstanding the foregoing, the Company shall have the right to implement or set aside funds in a grantor trust,
subject to the claims of the Company’s creditors or otherwise, to discharge its obligations under the Plan.

 

16.4
Section 409A Compliance. To the extent applicable, it is intended that the Plan and all Awards hereunder comply with the requirements
of Section 409A of the Code or an exemption thereto, and the Plan and all Award Agreements shall be interpreted and applied by the Committee
in a manner consistent with this intent in order to avoid the imposition of any additional tax under Section 409A of the Code. Notwithstanding
anything in the Plan or an Award Agreement to the contrary, in the event that any provision of the Plan or an Award Agreement is determined
by the Committee, in its sole discretion, to not comply with the requirements of Section 409A of the Code or an exemption thereto, the
Committee shall, in its sole discretion, have the authority to take such actions and to make such interpretations or changes to the Plan
or an Award Agreement as the Committee deems necessary, regardless of whether such actions, interpretations, or changes shall adversely
affect a Participant, subject to the limitations, if any, of applicable law. If an Award is subject to Section 409A of the Code, any
payment made to a Participant who is a “specified employee” of the Company or any Subsidiary shall not be made before the
date that is six months after the Participant’s “separation from service” to the extent required to avoid the adverse
consequences of Section 409A of the Code. For purposes of this Section 16.4, the terms “separation from service” and “specified
employee” shall have the meanings set forth in Section 409A of the Code. In no event whatsoever shall the Company be liable for
any additional tax, interest or penalties that may be imposed on any Participant by Section 409A of the Code or any damages for failing
to comply with Section 409A of the Code.

 

16.5
Tax Withholding.

 

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

 

(b)
Subject to such terms and conditions as shall be specified in an Award Agreement, a Participant may, in order to fulfill the withholding
obligation, (i) tender previously-acquired shares of Common Stock or have shares of stock withheld from the exercise, provided that the
shares have an aggregate Fair Market Value sufficient to satisfy in whole or in part the applicable withholding taxes; and/or (ii) utilize
the broker-assisted exercise procedure described in Section 6.5 to satisfy the withholding requirements related to the exercise
of a Stock Option.

 

    	-25- 

    	 

    

 

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

 

16.6
No Guarantee of Tax Consequences. Neither the Company, the Board, the Committee nor any other Person make any commitment or guarantee
that any federal, state, local or foreign tax treatment will apply or be available to any Participant or any other Person hereunder.

 

16.7
Severability. If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court
of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms,
and all provisions shall remain enforceable in any other jurisdiction.

 

16.8
Stock Certificates; Book Entry Form. Notwithstanding any provision of the Plan to the contrary,
unless otherwise determined by the Committee or required by any applicable law, rule or regulation, any obligation set forth in the Plan
pertaining to the delivery or issuance of stock certificates evidencing shares of Common Stock may be satisfied by having issuance and/or
ownership of such shares recorded on the books and records of the Company (or, as applicable,
its transfer agent or stock plan administrator).

 

16.9
Governing Law. The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of the State
of Delaware, without reference to the principles of conflicts of laws, and to applicable Federal securities laws.

 

	17.	Effective Date, Amendment and Termination

 

17.1
Effective Date. The effective date of the Plan shall be the date on which the Plan is adopted by the Board; provided, however,
that Awards of Incentive Stock Options granted under the Plan shall be subject to stockholder approval within twelve months of the date
on which the Board adopts the Plan. In the event that stockholders do not approve the Plan within such period, any Incentive Stock Options
granted under the Plan shall automatically become Nonqualified Stock Options.

 

17.2
Amendment; Termination. The Board may suspend or terminate the Plan (or any portion thereof) at any time and may amend the Plan
at any time and from time to time in such respects as the Board may deem advisable or in the best interests of the Company or any Subsidiary;
provided, however, that (a) no such amendment, suspension or termination shall materially and adversely affect the rights of any
Participant under any outstanding Awards, without the consent of such Participant, provided that any amendment that disqualifies
an Incentive Stock Option for treatment as such shall not be deemed to materially and adversely affect the rights of a Participant and
(b) to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain
stockholder approval of any Plan amendment in such a manner and to such a degree as required. The Plan will continue in effect until
terminated in accordance with this Section 17.2; provided, however, that no Award will be granted hereunder on or after
the 10th anniversary of the date of the Plan’s initial adoption by the Board (the “Expiration Date”); but
provided further, that Awards granted prior to such Expiration Date may extend beyond that date.

 

INITIAL
BOARD APPROVAL: _______________, 2021

 

INITIAL
STOCKHOLDER APPROVAL: _____________________, 2021

 

    	-26-Exhibit
10.4

 

EMPLOYMENT
AGREEMENT

 

This
AGREEMENT (this “Agreement”) is made and effective as of this 23rd day of September, 2021 by and between CINGULATE
THERAPEUTICS LLC, a Delaware Limited Liability Company, whose principal address is 1901 W. 47th Place, 3rd
Floor, Kansas City, KS 66205 (the “Company”) and SHANE J. SCHAFFER, whose address is [**] (the “Executive”).
(The Company and the Employee hereinafter sometimes referred to as the “Parties”.)

 

WHEREAS,
the Company desires to continue to employ the Executive and the Executive desires to be employed by the Company on the terms contained
herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

1.
Position and Duties. The Company will employ Executive, and Executive agrees to work for the Company, as its Chief Executive Officer
(the “CEO”) to perform the duties and responsibilities inherent in such position and such other duties and responsibilities
consistent with such position as the Company’s Board of Managers (or Board of Directors) (the “Board”) shall from time
to time assign to him. Executive shall report directly to the Board and shall be subject to the supervision of, and shall have such authority
as is delegated to him by, the Board, which authority shall be sufficient to perform his duties hereunder. Executive shall devote his
best efforts in the performance of the foregoing, provided that he may accept board memberships or participate in charitable and similar
organizations which are not in conflict with his primary obligations to the Company, further provided that such activities shall be approved
by the Board, in writing, which approval shall not be unreasonably withheld. Executive may be required to travel from time to time in
connection with his position. The Executive shall devote his full working time and efforts to the business and affairs of the Company.

 

2. Place
of Performance. The principal place of Executive’s employment shall be the Kansas City, Kansas, or Morristown, New Jersey,
metropolitan area, as elected by the Executive.

 

3.
Compensation and Related Matters.

 

(a) Base
Salary. The Executive’s annual base salary shall be the amount of Four Hundred Seventy-Five Thousand ($475,000.00) Dollars
starting December 1, 2020. The Executive’s base salary shall be reviewed annually by the Board in consultation with the
Company’s annual budget, and the Board may, but shall not be required to, increase the base salary. However, the
Executive’s base salary may not be decreased by the Board other than as part of an across-the-board salary reduction that
applies in the same manner to all senior executives. The base salary in effect at any given time is referred to herein as
“Base Salary.” The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll
practices for senior executives.

 

(b)
Expenses. The Company shall promptly reimburse Executive for reasonable travel, entertainment, mileage, and other business expenses
incurred by Executive in the performance of his duties hereunder in accordance with the Company’s general policies, as amended
from time to time.

 

(c)
Employee Benefits. Executive shall be entitled to participate in all employee benefit plans, policies, practices and programs
maintained by the Company, as in effect from time to time, to the extent consistent with applicable law and the terms of the applicable
employee benefit plans, policies, practices and programs, including without limitation health care benefits, any 401k plan and equity
plans. Executive understands that, except when prohibited by applicable law, the Company’s benefit plans may be amended by the
Company from time to time in its sole discretion.

 

    		 	1

     

    

 

(d)
Incentive and Deferred Compensation. Executive shall be eligible to participate in all incentive and deferred compensation programs available
to other executives or officers of the Company, such participation to be in the same form, under the same terms, and to the same extent
that such programs are made available to other such executives or officers. Nothing in this Employment Agreement shall be deemed to require
the payment of bonuses, awards, or incentive compensation to Executive if such payment would not otherwise be required under the terms
of the Company’s incentive compensation programs.

 

(e)
Bonus Compensation. Executive will be eligible for an annual bonus of at least Twenty-Five (25%) of your annual base salary (“Annual
Target Bonus”), determined in the sole discretion of the Compensation Committee of the Company and based upon the Company’s
performance and your individual performance. Your compensation is subject to change in the sole discretion of the Compensation Committee
of the Company and will be reviewed on an annual basis.

 

(f)
Vacation; Paid Time Off. Executive shall be entitled to earn at least ten (10) hours of Paid Time Off (“PTO”) each
month, which will be forwarded to the employee’s PTO “bank” on the first Monday of each month, for a maximum of 120
hours per year (15 days). For purposes of this policy, the “PTO year” begins on January 1 of each year, as per the Employee
Handbook. The Executive shall receive other paid time off in accordance with the Company’s policies for Executives as such policies
may exist from time to time.

 

4. Termination.
The Executive’s employment hereunder may be terminated without any breach of this Agreement under the following
circumstances:

 

(a)
Death. The Executive’s employment hereunder
shall terminate upon his death.

 

(b)
Disability. The Company may terminate the Executive’s employment if he is disabled and unable to perform the essential functions
of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period
of one hundred eighty (180) days (which need not be consecutive) in any twelve (12) month period. If any question shall arise as to whether
during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing
position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to
the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s
guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue,
and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable
request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such
certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 4(b) shall
be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical
Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(c)
Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause.

 

    		 	2

     

    

 

(i)
For purposes of this Agreement, “Cause” shall mean: (i) Executive’s willful engagement in gross misconduct in connection
with the performance of his duties, which is materially injurious to the Company or its affiliates, including, without limitation, misappropriation
of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use
of Company property for personal purposes; (ii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude,
deceit, dishonesty or fraud, or any conduct by the Executive that would reasonably be expected to result in material injury or reputational
harm to the Company or any of its subsidiaries and affiliates if he were retained in his position; (iii) willful failure by the Executive
to perform his duties hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability),
which has continued for more than fifteen (15) days following written notice of such failure to perform from the Board; (iv) a breach
by the Executive of any of the provisions contained in Section 8 of this Agreement; (v) a material violation by the Executive of a material
written employment policy of the Company, or (vi) failure to cooperate with a bona fide internal investigation or an investigation by
regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure
to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate
or to produce documents or other materials in connection with such investigation.

 

(ii)
For purposes of this Section 4(c), no act or failure to act on the part of the Executive shall be considered “willful” unless
it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission
was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted
by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive
in good faith and in the best interests of the Company.

 

(iii)
Termination of the Executive’s employment shall not be deemed to be for Cause unless and until the Company delivers to the Executive
a copy of a resolution duly adopted by the affirmative vote of not less than eighty (80%) percent of the Board (after reasonable written
notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board),
finding that the Executive has engaged in any conduct described under Section 4(c)(i) above. Except for a failure, breach or refusal
which, by its nature, cannot reasonably be expected to be cured, the Executive shall have ten (10) business days from the delivery of
written notice by the Company within which to cure any acts constituting Cause; provided however, that, if the Company reasonably expects
irreparable injury from a delay of ten (10) business days, the Company may give the Executive notice of such shorter period within which
to cure as is reasonable under the circumstances, which may include the termination of the Executive’s employment without notice
and with immediate effect.

 

(d)
Termination Without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any
termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause
under Section 4(c) and does not result from the death or disability of the Executive under Section 4(a) or (b) shall be deemed a termination
without Cause.

 

(e)
Termination by the Executive. The Executive may terminate his employment hereunder at any time for any reason, including but not
limited to Good Reason.

 

    		 	3

     

    

 

(i)
For purposes of this Agreement, “Good Reason” shall mean any of the following events: (A) a material diminution in the Executive’s
responsibilities, authority or duties; (B) a material diminution in the Executive’s base compensation; (C) a material diminution
in the responsibilities, authority or duties of the supervisor to whom the Executive is required to report, including a requirement that
Executive report to a corporate officer or employee instead of reporting directly to the Board (or similar governing body with respect
to an entity other than a corporation); (D) a material change in the geographic location at which the Executive must perform the services
under this Agreement; or (E) the material breach of this Agreement by the Company.

 

(ii)
The Executive cannot terminate employment for Good Reason unless the Executive notifies the Company in writing of the existence of the
circumstances providing grounds for termination for Good Reason condition within ninety (90) days of the initial existence of such grounds
and the Company has had at least thirty (30) days following such notice (the “Cure Period”), to remedy such circumstances.
If the Executive does not terminate employment for Good Reason within one hundred twenty (120) days after the first occurrence of the
applicable grounds, then the Executive will be deemed to have waived the right to terminate for Good Reason with respect to such grounds.
If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

(f)
Notice of Termination. Except for termination as specified in Section 4(a), any termination of the Executive’s employment
by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto.
For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate: (i) the specific termination
provision in this Agreement relied upon; (ii) to the extent applicable, the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provision so indicated; and (iii) the applicable Date of Termination.

 

(g)
Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by his
death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability under Section 4(b), by
the Company for Cause under Section 4(c) or by the Company under Section 4(d), the date on which Notice of Termination is given; (iii)
if the Executive’s employment is terminated by the Executive under Section 4(e) without Good Reason, thirty (30) days after the
date on which a Notice of Termination is given, and (iv) if the Executive’s employment is terminated by the Executive under Section
4(e) for Good Reason, the date specified in the Executive’s Notice of Termination, but in no event sooner than the end of the Cure
Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may
unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of
this Agreement. Notwithstanding anything contained herein, the Date of Termination shall not occur until the date on which the Executive
incurs a “separation form service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”).

 

5.
Compensation Upon Termination.

 

(a)
Termination Generally. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay
or provide to the Executive (or to his authorized representative or estate): (i) any earned but unpaid base salary and accrued but unused
vacation, on or before thirty (30) days after the Executive’s Date of Termination; (ii) any unpaid expense reimbursements, which
shall be subject to and paid in accordance with the Company’s expense reimbursement policy, on or before thirty (30) days after
the Executive’s Date of Termination; (iii) any incentive compensation earned but not yet paid, which shall be paid on the otherwise
applicable payment date; and (iv) any vested benefits the Executive may be entitled to under any employee benefit plan of the Company,
provided that, in no event shall the Executive be entitled to any payments in the nature of severance or termination payments except
as specifically provided herein (the “Accrued Benefit”).

 

    		 	4

     

    

 

(b)
Termination by the Company Without Cause or by the Executive with Good Reason. If the Executive’s employment is terminated
by the Company without Cause as provided in Section 4(d), or the Executive terminates his employment for Good Reason as provided in Section
4(e), then the Company shall pay the Executive his Accrued Benefit. In addition:

 

(i)
Subject to the Executive signing a general release of claims in favor of the Company and related persons and entities in a form and manner
satisfactory to the Company (the “Release”) within the twenty-one (21) day period following the Date of Termination and the
expiration of the seven (7) day revocation period for the Release (such twenty-eight (28) day period, the “Release Execution Period”),
the Company shall pay the Executive a lump sum amount in cash equal to one and one-half (1 1⁄2) times the Executive’s Base
Salary and Annual Target Bonus (the “Severance Amount”), within sixty (60) days following the Date of Termination; provided
that, if the Release Execution Period begins in one taxable year and ends in another taxable year, payment shall not be made until the
beginning of the second taxable year. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Section
8 of this Agreement, the Severance Amount shall be forfeited; and

 

(ii)
Notwithstanding anything to the contrary in any applicable equity plan or award agreement, upon the Date of Termination, all stock options
and stock appreciation rights held by the Executive in which the Executive would have vested if he had remained employed for an additional
four (4) months following the Date of Termination shall become vested and exercisable as of the Date of Termination for the remainder
of their full term.

 

6.
Change in Control Payment. The provisions of this Section 6 set forth certain terms of an agreement reached between the Executive
and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These
provisions are intended to assure and encourage in advance the Executive’s continued attention and dedication to his assigned duties
and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly
supersede, the provisions of Section 5(b) regarding severance pay and benefits upon a termination of employment, if such termination
of employment occurs within twelve (12) months after the occurrence of the first event constituting a Change in Control. These provisions
shall terminate and be of no further force or effect beginning twelve (12) months after the occurrence of a Change in Control.

 

(a)
Change in Control. If within twelve (12) months after a Change in Control, the Executive’s employment is terminated by the
Company without Cause as provided in Section 4(d) or the Executive terminates his employment for Good Reason as provided in Section 4(e),
then:

 

(i)
Subject to the Executive signing the Release and the Release becoming effective at the end of the Release Execution Period, the Company
shall pay the Executive a lump sum amount in cash equal to two (2) times the Executive’s Base Salary and Annual Target Bonus in
effect immediately prior to the Change in Control, within sixty (60) days following the Date of Termination; provided that, if the Release
Execution Period begins in one taxable year and ends in another taxable year, payment shall not be made until the beginning of the second
taxable year; and

 

    		 	5

     

    

 

(ii)
Notwithstanding anything to the contrary in any applicable equity incentive plan or award agreements, upon the Date of Termination, all
stock options and stock appreciation rights held by the Executive shall become fully vested and exercisable as of the Date of Termination
for the remainder of their full term.

 

(b)
Additional Limitation. Notwithstanding anything in this Agreement or any other plan, arrangement or agreement to the contrary:

 

(i)
If any of the payments or benefits provided or to be provided by the Company or its affiliates to the Executive or for the Executive’s
benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute payments within the
meaning of Section 280G of the Code (“Parachute Payments”) and would, but for this Section 6(b) be subject to the excise
tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any
interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be either
(i) reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount,
the “Reduced Amount”) or (ii) payable in full if the Executive’s receipt on an after-tax basis of the full amount of
payments and benefits (after taking into account the applicable federal, state, local and foreign income, employment and excise taxes
(including the Excise Tax)) would result in the Executive receiving an amount greater than the Reduced Amount.

 

(ii)
Any such reduction shall be made in accordance with the requirements of Section 409A of the Code and the following: (A) the Covered Payments
which do not constitute nonqualified deferred compensation subject to Section 409A of the Code shall be reduced first; (B) then cash
payments shall be reduced before non-cash payments; and (C) payments to be made on a later payment date shall be reduced before payments
to be made on an earlier payment date.

 

(iii)
Any determination required under this Section shall be made in writing in good faith by a nationally recognized accounting firm selected
by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the
Executive within fifteen (15) business days of the Date of Termination or at such earlier time as is reasonably requested by the Company
or the Executive. The Company and the Executive shall provide the Accounting Firm with such information and documents as the Accounting
Firm may reasonably request in order to make a determination under this Section. For purposes of making the calculations and determinations
required by this Section, the Accounting Firm may rely on reasonable, good faith assumptions and approximations concerning the application
of Section 280G and Section 4999 of the Code. Furthermore, for purposes of the determination required under this Section, the Executive
shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the
calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual
taxation in the state and locality of the Executive’s residence on the Date of Termination, net of the maximum reduction in federal
income taxes which could be obtained from deduction of such state and local taxes. Any determination by the Accounting Firm shall be
binding upon the Company and the Executive. The Company shall be responsible for all fees and expenses incurred by the Accounting Firm
in connection with the calculations required by this Section.

 

    		 	6

     

    

 

(c)
Definitions. For purposes of this Section 6, “Change in Control” shall mean any of the following:

 

(i)
Any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”)
(other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee
benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates”
(as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term
is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50 percent or more of the
combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Board (“Voting
Securities”) (in such case other than as a result of an acquisition of securities directly from the Company); or

 

(ii)
The consummation of (A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation
or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the
Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the Company issuing cash
or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets
of the Company.

 

Notwithstanding
the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (i) solely
as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding,
increases the proportionate number of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting
power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter
become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar
transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50
percent or more of the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control”
shall be deemed to have occurred for purposes of the foregoing clause (i).

 

7.
Section 409A.

 

(a)
Anything in this Agreement to the contrary notwithstanding, if any payment or benefit provided to the Executive in connection with the
Executive’s termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning
of Section 409A of the Code and the Executive is determined to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, then such payment or benefit shall not be paid until the date that is the earlier of (A) six (6) months and one day after
the Executive’s separation from service, or (B) the Executive’s death. The aggregate of any payments that would otherwise
have been paid during the six (6) month period but for the application of this provision shall be paid to the Executive in a lump sum
on the date specified above, and any remaining payments shall be payable in accordance with their original schedule.

 

    		 	7

     

    

 

(b)
To the extent required by Section 409A of the Code, each reimbursement or in-kind benefit provided under this Agreement shall be provided
in accordance with the following: (i) all reimbursements shall be paid as soon as administratively practicable, but in no event shall
any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred; (ii) the
amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be
provided or the expenses eligible for reimbursement in any other taxable year; and such right to reimbursement or in-kind benefits is
not subject to liquidation or exchange for another benefit.

 

(c)
Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service”
under Section 409A of the Code and the regulations thereunder.

 

(d)
The Parties intend that this Agreement will be administered in accordance with Section 409A of the Code. Notwithstanding any other provision
of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A
or an applicable exemption. The Parties agree that this Agreement may be amended, as reasonably requested by either party, and as may
be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and
benefits provided hereunder without additional cost to either party.

 

(e)
The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of
this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption
from, or the conditions of, such Section.

 

8.
Confidential Information, Noncompetition and Cooperation.

 

(a)
Confidential Information. As used in this Agreement, “Confidential Information” means information belonging to the
Company which is of value to the Company in the course of conducting its business and the disclosure of which could result in a competitive
or other disadvantage to the Company. Confidential Information includes, without limitation, financial information, reports, and forecasts;
inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or
sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions
of businesses or facilities) which have been discussed or considered by the management of the Company. Confidential Information includes
information developed by the Executive in the course of the Executive’s employment by the Company, as well as other information
to which the Executive may have access in connection with the Executive’s employment. Confidential Information also includes the
confidential information of others with which the Company has a business relationship. Notwithstanding the foregoing, Confidential Information
does not include information in the public domain, unless due to breach of the Executive’s duties under Section 8(b).

 

(b)
Confidentiality. The Executive understands and agrees that the Executive’s employment creates a relationship of confidence
and trust between the Executive and the Company with respect to all Confidential Information. At all times, both during the Executive’s
employment with the Company and after its termination, the Executive will keep in confidence and trust all such Confidential Information,
and will not use or disclose any such Confidential Information without the written consent of the Company, except as may be necessary
in the ordinary course of performing the Executive’s duties to the Company.

 

    		 	8

     

    

 

(c)
Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining
to Confidential Information, which are furnished to the Executive by the Company or are produced by the Executive in connection with
the Executive’s employment will be and remain the sole property of the Company. The Executive will return to the Company all such
materials and property as and when requested by the Company. In any event, the Executive will return all such materials and property
immediately upon termination of the Executive’s employment for any reason. The Executive will not retain with the Executive any
such material or property or any copies thereof after such termination.

 

(d)
Noncompetition and Nonsolicitation. During the Executive’s employment with the Company and for twelve (12) months thereafter,
regardless of the reason for the termination, the Executive (i) will not, directly or indirectly, whether as owner, partner, shareholder,
consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing Business (as hereinafter
defined); (ii) will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing
or influencing any person to leave employment with the Company (other than terminations of employment of subordinate employees undertaken
in the course of the Executive’s employment with the Company); and (iii) will refrain from soliciting or encouraging any customer
or supplier to terminate or otherwise modify adversely its business relationship with the Company. The Executive understands that the
restrictions set forth in this Section 8(d) are intended to protect the Company’s interest in its Confidential Information and
established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and appropriate
for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean the treatment of Central Nervous
System and Neurobiological Disorders, including but not limited to the treatment of Attention Deficit Hyperactivity Disorder (ADHD) conducted
anywhere in the world, which is competitive with the business which the Company or any of its affiliates conducts or proposes to conduct
at any time during the employment of the Executive. Notwithstanding the foregoing, the Executive may own up to one percent (1%) of the
outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing Business.

 

(e)
Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement
with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s
engagement in any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s
employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations
the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will
not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party,
and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging
to or obtained from any such previous employment or other party.

 

(f)
Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate fully
with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against
or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company. The
Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to
meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During
and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation
or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that
transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket
expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 8(f).

 

    		 	9

     

    

 

(g)
Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from
any breach by the Executive of the promises set forth in this Section 8, and that in any event money damages would be an inadequate remedy
for any such breach. Accordingly, subject to Section 8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes
to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction
or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company.

 

9.
Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise
arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful
employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration
in any forum and form agreed upon by the Parties or, in the absence of such an agreement, under the auspices of the American Arbitration
Association (“AAA”) in Detroit, Michigan in accordance with the Employment Dispute Resolution Rules of the AAA, including,
but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other
than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted
to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered
in any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding the foregoing, this Section
8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary
injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration
proceeding pursuant to this Section 8.

 

10.
Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 8 of this Agreement,
the Parties hereby consent to the jurisdiction of the State of Delaware and the United States District Court for the District of Delaware.
Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents
to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to
personal jurisdiction or service of process.

 

11.
Integration. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and
supersedes all prior agreements between the Parties concerning such subject matter.

 

12.
Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required
to be withheld by the Company under applicable law.

 

13.
Successor to the Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal
representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after
his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall
continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate,
if the Executive fails to make such designation).

 

    		 	10

     

    

 

14.
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any
section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder
of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal
or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

 

15.
Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s
employment to the extent necessary to effectuate the terms contained herein.

 

16.
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure
of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

17.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing
and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid,
return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of
the Company, at its main offices, attention of the Board.

 

18.
Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company.

 

19.
Governing Law. This is a Delaware contract and shall be construed under and be governed in all respects by the laws of the State
of Delaware, without giving effect to the conflict of laws principles of such State. With respect to any disputes concerning federal
law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of
Appeals for the Third Circuit.

 

20.
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall
be taken to be an original; but such counterparts shall together constitute one and the same document.

 

21.
Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement
to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain
an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement.

 

22.
Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless
the context clearly indicates otherwise.

 

[INTENTIONALLY
LEFT BLANK]

 

    		 	11

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement effective on the date and year first above written.

 

	 	CINGULATE
    THERAPEUTICS LLC
	 	 
	 	/s/
    Shane J. Schaffer
	 	Chief
    Executive Officer

 

	 	/s/
    Craig S. Gilgallon
	 	General
    Counsel

 

    		 	12

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