Document:

Exhibit 10.12

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration
Rights Agreement (this “Agreement”) is made and entered into as of December 14, 2020, by and between Reviva
Pharmaceuticals Holdings, Inc., a Delaware corporation (formerly Tenzing Acquisition Corp., a company incorporated in the
British Virgin Islands (the “Predecessor”)) (together with the Predecessor and its successors, the “Company”),
and [__________] (“Holder”).

 

This Agreement is
made in connection with the Non-Redemption Agreement, dated as of December 8, 2020, by and between the Company and Holder
(the “Non-Redemption Agreement”). The Company and Holder hereby agree as follows:

 

1. Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Non-Redemption Agreement shall have the meanings
given such terms in the Redemption Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(c).

 

“Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the Exchange Act.

 

“Commission”
means the United States Securities and Exchange Commission or any successor thereto.

 

“Common Stock”
means shares of shares of common stock, par value $0.0001 per share, of the Company, along with any equity securities into which
such shares are exchanged or converted after the date hereof.

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 60th
calendar day following the date hereof (or, in the event of a “full review” by the Commission, the 90th
calendar day following the date hereof) and with respect to any additional Registration Statements which may be required pursuant
to Section 2(c) or Section 3(c), the 60th calendar day following the date on which an additional Registration
Statement is required to be filed hereunder (or, in the event of a “full review” by the Commission, the 90th
calendar day following the date such additional Registration Statement is required to be filed hereunder); provided,
however, that in the event the Company is notified by the Commission that one or more of the above Registration Statements
will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement
shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise
required above, provided, further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness
Date shall be the next succeeding Trading Day.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event Date”
shall have the meaning set forth in Section 2(d).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

    

     

    

 

“Filing Date”
means, with respect to the Initial Registration Statement required hereunder, the 15th calendar day following the date
hereof and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or
Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration
Statement related to the Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial Registration
Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Person”
means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or
political subdivision thereof, or an agency or instrumentality thereof.

 

“Plan of Distribution”
shall have the meaning set forth in Section 2(a).

 

“Proceeding”
means any claim, action, suit, litigation or other legal proceeding by or before any governmental authority.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, (a) the Additional Shares issued by the Company to Holder under
Section 2.1 of the Non-Redemption Agreement, (b) the Sponsor Warrants transferred to Holder by the Sponsor under Section 2.2
of the Non-Redemption Agreement, (c) all shares of Common Stock issuable upon exercise of the Sponsor Warrants (the “Warrant
Shares”), and (d) any securities issued or then issuable upon any stock split, dividend or other distribution,
recapitalization or similar event with respect to the foregoing; provided, however, that any such Registrable Securities
shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file
another, Registration Statement hereunder with respect thereto) for so long as (i) a Registration Statement with respect
to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable
Securities have been disposed of by Holder in accordance with such effective Registration Statement, (ii) such Registrable
Securities have been previously sold in accordance with Rule 144, or (iii) such securities become eligible for resale
without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in
a written opinion letter to such effect, addressed, delivered and reasonably acceptable to the Company’s transfer agent
and Holder (assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a
dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company, as reasonably
determined by the Company, upon the advice of counsel to the Company.

 

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“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any
additional registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus,
amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration
statement.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC Guidance”
means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests
of the Commission staff and (ii) the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“Selling Stockholder
Questionnaire” shall have the meaning set forth in Section 3(a).

 

“Trading Day”
means any day on which shares of Common Stock are traded on the principal securities exchange or securities market on which the
Common Stock are then traded.

 

“VWAP”
means, for any security as of any date(s), the dollar volume-weighted average price for such security on the principal securities
exchange or securities market on which such security is then traded during the period beginning at 9:30:01 a.m., New York time,
and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted average)
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market
on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by
Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers
for such security as reported by OTC Markets Group Inc. If the VWAP cannot be calculated for such security on such date(s) on
any of the foregoing bases, the VWAP of such security on such date(s) shall be the fair market value as determined reasonably
and in good faith by a majority of the board of directors (or equivalent governing body) of the applicable issuer. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction
during such period.

 

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2. Shelf Registration.

 

(a)            On
or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-3 (except
if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration
shall be on Form S-1 or another appropriate form in accordance herewith, subject to the provisions of Section 2(e))
and shall contain (unless otherwise directed by Holder) substantially the “Plan of Distribution” attached hereto
as Annex A and substantially the “Selling Stockholder” section attached hereto as Annex B; provided,
however, that Holder shall not be required to be named as an “underwriter” without Holder’s express prior
written consent. Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement
filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities
Act as promptly as possible after the filing thereof, but in any event no later than the applicable Effectiveness Date, and shall
use its best efforts to keep such Registration Statement continuously effective under the Securities Act until the date that all
Registrable Securities covered by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144,
or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for
the Company to be in compliance with the current public information requirement under Rule 144, as determined by the counsel
to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent
and Holder (the “Effectiveness Period”). The Company shall telephonically request effectiveness of a Registration
Statement as of 5:00 p.m. (New York City time) on a Trading Day. The Company shall immediately notify Holder via facsimile
or by e-mail of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically confirms
effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement. The Company
shall, by 9:30 a.m. (New York City time) on the Trading Day after the effective date of such Registration Statement, file
a final Prospectus with the Commission as required by Rule 424. Failure to so notify Holder within one (1) Trading Day
of such notification of effectiveness or failure to file a final Prospectus as foresaid shall be deemed an Event under Section 2(d).

 

(b)            Notwithstanding
the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single
registration statement, the Company agrees to promptly inform Holder thereof and use its commercially reasonable efforts to file
amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities
permitted to be registered by the Commission, on Form S-3, S-1 or such other form available to register for resale the Registrable
Securities as a secondary offering, subject to the provisions of Section 2(e); with respect to filing on Form S-3, S-1
or other appropriate form, and subject to the provisions of Section 2(d) with respect to the payment of liquidated damages;
provided, however, that prior to filing such amendment, the Company shall be obligated to use diligent efforts to
advocate with the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including
without limitation, Compliance and Disclosure Interpretation 612.09.

 

(c)            Notwithstanding
any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 2(d), if the Commission
or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular
Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the
Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by
Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement
will be reduced as follows:

 

(i)            First,
the Company shall reduce or eliminate any securities to be included other than Registrable Securities;

 

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(ii)            Second,
the Company shall reduce Registrable Securities represented by Warrant Shares;

 

(iii)           Third,
the Company shall reduce Registrable Securities represented by Sponsor Warrants; and

 

(iv)           Fourth,
the Company shall reduce other Registrable Securities.

 

In the event of a cutback hereunder, the
Company shall give Holder at least five (5) Trading Days prior written notice along with the calculations as to Holder’s
allotment. In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will
use its best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company
or to registrants of securities in general, one or more registration statements on Form S-3, S-1 or such other form available
to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement,
as amended.

 

(d)            If:
(i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration
Statement without affording Holder the reasonable opportunity to promptly review and comment on the same as required by Section 3(a) herein,
the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission
a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant
to the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever
is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further
review, or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment
and otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within ten (10) calendar
days after the receipt of comments by or notice from the Commission that such amendment is required in order for such Registration
Statement to be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities
is not declared effective by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v) after
the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective
as to all Registrable Securities included in such Registration Statement, or Holder is otherwise not permitted to utilize the
Prospectus therein to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more than an
aggregate of twenty (20) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure
or breach being referred to as an “Event”, and for purposes of clauses (i) and (iv), the date on which
such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day period is exceeded, and
for purpose of clause (iii) the date which such ten (10) calendar day period is exceeded, and for purpose of clause
(v) the date on which such ten (10) or twenty (20) calendar day period, as applicable, is exceeded being referred to
as “Event Date”), then, in addition to any other rights Holder may have hereunder or under applicable law,
on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured
by such date) until the applicable Event is cured, the Company shall pay to Holder an amount in cash, as partial liquidated damages
and not as a penalty, with respect to each type of the Registrable Securities described in clauses (a) and (b) in the
definition thereof (or clause (d) with respect to clauses (a) and (b)), the “Primary Registrable Securities”)
equal to the product of (A) 2.0% multiplied by (B) with respect to each type of Holder’s Primary Registrable Security
the quotient of (I) the number of Holder’s Primary Registrable Securities of such type that are not then covered by
a Registration Statement that is then effective and available for use by Holder divided by (II) the total number of Holder’s
Primary Registrable Securities of such type multiplied by (C) the VWAP of such Primary Registrable Securities over the five
(5) Trading Days ending at the close of business on the principal securities exchange or securities market on which such
type of Primary Registrable Securities are then traded immediately prior to the date of determination. Notwithstanding the foregoing,
the parties agree that the maximum aggregate liquidated damages payable to Holder under this Agreement (including any interest
thereon) shall be equal to $700,000. If the Company fails to pay any partial liquidated damages pursuant to this Section in
full within seven days after the date payable, the Company will pay interest thereon at a rate of 12% per annum (or such lesser
maximum amount that is permitted to be paid by applicable law) to Holder, accruing daily from the date such partial liquidated
damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant
to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event.

 

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(e)            If
Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register
the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities
on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has
been declared effective by the Commission.

 

(f)            Notwithstanding
anything to the contrary contained herein, in no event shall the Company be permitted to name Holder or Affiliate of Holder as
any Underwriter without the prior written consent of Holder.

 

3. Registration
Procedures. In connection with the Company’s registration obligations hereunder, the Company shall:

 

(a)            Not
less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading
Day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be
incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to Holder copies of all such
documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will
be subject to the reasonable review of Holder, and (ii) cause its officers and directors, counsel and independent registered
public accountants to respond to such reasonable inquiries as shall be necessary, in the reasonable opinion of respective counsel
to Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration
Statement or any such Prospectus or any amendments or supplements thereto to which Holder shall reasonably object in good faith,
provided that, the Company is notified of such objection in writing no later than three (3) Trading Days after Holder has
been so furnished copies of a Registration Statement or one (1) Trading Day after Holder has been so furnished copies of
any related Prospectus or amendments or supplements thereto. Holder agrees to furnish to the Company a completed questionnaire
in the form attached to this Agreement as Annex B (a “Selling Stockholder Questionnaire”) on a date
that is not less than two (2) Trading Days prior to the Filing Date or by the end of the second (2nd) Trading
Day following the date on which Holder receives draft materials in accordance with this Section.

 

(b)            (i) Prepare
and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable
Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements
in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus
to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented
or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received
from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible
to Holder true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided
that, the Company shall excise any information contained therein which would constitute material non-public information regarding
the Company or any of its subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities
Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during
the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by Holder
set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

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(c)            If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of securities then
registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case prior to
the applicable Filing Date, an additional Registration Statement covering the resale by Holder of not less than the number of
such Registrable Securities.

 

(d)            Notify
Holder (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction to suspend
the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of
(i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by Holder) confirm such notice
in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement
or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company
whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on
such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same
has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments
or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the Commission
or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt
by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any
of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose,
(v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement
ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration
Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be,
it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (vi) of
the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be
material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability
of a Registration Statement or Prospectus; provided, however, that in no event shall any such notice contain any
information which would constitute material, non-public information regarding the Company or any of its subsidiaries.

 

(e)            Use
its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the
effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

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(f)            Furnish
to Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent
requested by Holder, and all exhibits to the extent requested by Holder (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the Commission, provided that any such item which is available
on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

(g)            Subject
to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by Holder in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment
or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)            Prior
to any resale of Registrable Securities by Holder, use its commercially reasonable efforts to register or qualify or cooperate
with Holder in connection with the registration or qualification (or exemption from the Registration or qualification) of such
Registrable Securities for the resale by Holder under the securities or Blue Sky laws of such jurisdictions within the United
States as Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective
during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such
jurisdictions of the Registrable Securities covered by each Registration Statement, provided that the Company shall not be required
to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material
tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.

 

(i)            If
requested by Holder, cooperate with Holder to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent
permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations
and registered in such names as Holder may request.

 

(j)            Upon
the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking
into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the
premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference,
and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies
Holder in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus
until the requisite changes to such Prospectus have been made, then Holder shall suspend use of such Prospectus. The Company will
use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall
be entitled to exercise its right under this Section 3(j) to suspend the availability of a Registration Statement and
Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period
not to exceed 60 calendar days (which need not be consecutive days) in any 12-month period.

 

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(k)            Otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission under the Securities
Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including
any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform Holder
in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172
and, as a result thereof, Holder is required to deliver a Prospectus in connection with any disposition of Registrable Securities
and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

 

(l)            Once
it is available to the Company as a former shell company, the Company shall use its best efforts to maintain eligibility for use
of Form S-3 (or any successor form thereto) for the registration of the resale of Registrable Securities.

 

(m)          The
Company may require Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially
owned by Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over
the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of
the Registrable Securities solely because Holder fails to furnish such information within two (2) Trading Days of the Company’s
request, any liquidated damages that are accruing at such time as to Holder shall be tolled and any Event that may otherwise occur
solely because of such delay shall be suspended as to Holder, until such information is delivered to the Company.

 

4. Registration
Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be
borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses of the Company’s counsel and independent registered public accountants) (A) with
respect to filings made with the Commission, (B) with respect to filings required to be made with any securities exchange
or securities market on which the Common Stock is then listed for trading, and (C) in compliance with applicable state securities
or Blue Sky laws reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel
for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing expenses
(including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone
and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance,
if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection
with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all
of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense
of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities
exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of Holder or
any legal fees or other costs of Holder.

 

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5. Indemnification.

 

(a)            Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal
as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each of them, each Person who controls Holder (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and
any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and
all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue
statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder,
in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that
(i) such untrue statements or omissions are based solely upon information regarding Holder furnished in writing to the Company
by Holder expressly for use therein, or to the extent that such information relates to Holder or Holder’s proposed method
of distribution of Registrable Securities and was reviewed and expressly approved in writing by Holder expressly for use in a
Registration Statement, such Prospectus or in any amendment or supplement thereto (it being understood that Holder has approved
Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi),
the use by Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified Holder in writing
that the Prospectus is outdated, defective or otherwise unavailable for use by Holder and prior to the receipt by Holder of the
Advice contemplated in Section 6(c). The Company shall notify Holder promptly of the institution, threat or assertion of
any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified
person and shall survive the transfer of any Registrable Securities by Holder in accordance with Section 6(f).

 

(b)            Indemnification
by Holder. Holder shall indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person
who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act),
and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law,
from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission
is contained in any information so furnished in writing by Holder to the Company expressly for inclusion in such Registration
Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates to Holder’s
information provided in the Selling Stockholder Questionnaire or the proposed method of distribution of Registrable Securities
and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement (it being understood
that Holder has approved Annex A hereto for this purpose), such Prospectus or in any amendment or supplement thereto. In no event
shall the liability of Holder be greater in amount than the dollar amount of the proceeds (net of all expenses paid by Holder
in connection with any claim relating to this Section 5 and the amount of any damages Holder has otherwise been required
to pay by reason of such untrue statement or omission) received by Holder upon the sale of the Registrable Securities included
in the Registration Statement giving rise to such indemnification obligation.

 

    10

     

    

 

(c)            Conduct
of Indemnification Proceedings.

 

(i)             If
any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”),
such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”)
in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense
thereof, provided that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its
obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by
a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have
materially and adversely prejudiced the Indemnifying Party.

 

(ii)            An
Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying
Party has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume
the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding,
or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and
the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is
likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such
Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying
Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no
more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable
for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld
or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of
any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

 

(iii)           Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Trading Days of written notice thereof
to the Indemnifying Party, provided that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion
of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent
jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

    11

     

    

 

(d)            Contribution.
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold
an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such
Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by
such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if
the indemnification provided for in this Section was available to such party in accordance with its terms. The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in this
Section 5(d). In no event shall the contribution obligation of Holder be greater in amount than the dollar amount of the
proceeds (net of all expenses paid by Holder in connection with any claim relating to this Section 5 and the amount of any
damages Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation. The indemnity
and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may
have to the Indemnified Parties.

 

6.      Miscellaneous.

 

(a)            Remedies.
In the event of a breach by the Company or by Holder of any of their respective obligations under this Agreement, Holder or the
Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including
recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and Holder
agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any
of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect
of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)            Entire
Agreement. This Agreement (together with the Annexes hereto and the Non-Redemption Agreement to the extent incorporated herein,
and including all agreements entered into pursuant hereto or thereto or referenced herein or therein and all certificates and
instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written, relating to the subject matter hereof.

 

(c)            Discontinued
Disposition. By its acquisition of Registrable Securities, Holder agrees that, upon receipt of a notice from the Company of
the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees
and acknowledges that any periods during which Holder is required to discontinue the disposition of the Registrable Securities
hereunder shall be subject to the provisions of Section 2(d).

 

(d)            Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing
and signed by the Company and Holder. No failure or delay by a party in exercising any right hereunder shall operate as a waiver
thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall
be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

    12

     

    

 

(e)            Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means (including email), with affirmative confirmation
of receipt, (iii) one Trading Day after being sent, if sent by reputable, nationally recognized overnight courier service
or (iv) three (3) Trading Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt
requested, in each case to the applicable party at the following addresses (or at such other address for a party as shall be specified
by like notice):

 

	If to the Company, to:

                            

                           Reviva Pharmaceuticals Holdings, Inc.
 19925 Stevens Creek Blvd., Suite 100
 Cupertino, CA 95014
 Attn: Laxminarayan Bhat
 Facsimile No.: (408) 904.6270
 Telephone No.: (408) 501-8881
 Email: lbhat@revivapharma.com
	with a copy (which will not constitute notice) to:

                            

                           Lowenstein Sandler LLP
 One Lowenstein Drive
 Roseland, New Jersey 07068
 Attn: Steven M. Skolnick, Esq.
 Facsimile No.: (973) 597-2477
 Telephone No.: (973) 597-2476
 Email: sskolnick@lowenstein.com

	If to Holder, to:

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 
	 

 

(f)            Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties. Neither party may assign (except by merger) its rights or obligations hereunder without the prior written consent
of the other party hereto (not to be unreasonably withheld, delayed or conditioned), and any purported assignment without such
consent shall be null and void ab initio.

 

(g)            [Reserved].

 

(h)            Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such facsimile or “.pdf” signature page were an original thereof.

 

    13

     

    

 

(i)            Governing
Law; Jurisdiction; WAIVER OF JURY TRIAL. This Agreement shall be governed by, construed and enforced in accordance with the
laws of the State of New York without regard to the conflict of laws principles thereof. Any Proceeding arising out of or relating
to this Agreement shall be heard and determined exclusively in any state or federal court located in New York, New York (or in
any court in which appeal from such courts may be taken) (the “Specified Courts”). Each party hereto
hereby (a) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Proceeding arising out of
or relating to this Agreement and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise,
in any such Proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property
is exempt or immune from attachment or execution, that the Proceeding is brought in an inconvenient forum, that the venue of the
Proceeding is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified
Court. Each party agrees that a final judgment in any Proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by applicable law. Each party irrevocably consents to the service of the
summons and complaint and any other process in any other Proceeding relating to the transactions contemplated by this Agreement,
on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable address set
forth in Section 6(e). Nothing in this Section 6(i) shall affect the right of any party to serve legal process
in any other manner permitted by law. Each party hereto hereby waives to the fullest extent permitted by applicable law any right
it may have to a trial by jury with respect to any Proceeding directly or indirectly arising out of, under or in connection with
this Agreement or the transactions contemplated hereby.

 

(j)            Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(k)            Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(l)            Headings;
Interpretation. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall
not be deemed to limit or affect any of the provisions hereof. When reference is made in this Agreement to a Section, such reference
shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include”, “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”
The words “hereof,” “herein,” “hereby” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The
word “or” shall not be exclusive. Whenever used in this Agreement, any noun or pronoun shall be deemed to include
the plural as well as the singular and to cover all genders. This Agreement shall be construed without regard to any presumption
or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted.

 

********************

 

(Signature Pages Follow)

 

    14

     

    

 

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

 

	 	The Company:
	 	 	 
	 	REVIVA PHARMACEUTICALS HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 	 
	 	Holder:
	 	 	 
	 	 	 
	 	By:	                       
	 	Name:
	 	Title:

 

{Signature
Page to Registration Rights Agreement}

 

    

     

    

 

Annex A

 

Plan of Distribution

 

Each selling stockholder
(the “Selling Stockholders”) of the securities and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their securities covered hereby on the principal stock exchange, market or trading
facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling
Stockholder may use any one or more of the following methods when selling securities:

 

		·	ordinary
                                         brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block
                                         trades in which the broker-dealer will attempt to sell the securities as agent but may
                                         position and resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases
                                         by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an
                                         exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately
                                         negotiated transactions;

 

		·	settlement
                                         of short sales;

 

		·	in
                                         transactions through broker-dealers that agree with the Selling Stockholders to sell
                                         a specified number of such securities at a stipulated price per security;

 

		·	through
                                         the writing or settlement of options or other hedging transactions, whether through an
                                         options exchange or otherwise;

 

		·	a
                                         combination of any such methods of sale; or

 

		·	any
                                         other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell securities under Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction
a markup or markdown in compliance with FINRA Rule 2121.

 

In connection with
the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions
they assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions,
or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter
into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities
which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which
securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

    

     

    

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person or entity to distribute the securities.

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed
to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.

 

The Company agreed
to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling
Stockholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144 under
the Securities Act, without the requirement for the Company to be in compliance with the current public information under Rule 144
under the Securities Act or any other rule of similar effect or (ii) all of the securities have been sold pursuant to
this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities will
be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition,
in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

 

Under applicable rules and
regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), any person or entity
engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to
the common stock for the applicable restricted period, as defined in Regulation M under the Exchange Act, prior to the commencement
of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the Exchange Act and the
rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common
stock by the Selling Stockholders or any other person. The Company will make copies of this prospectus available to the Selling
Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time
of the sale (including by compliance with Rule 172 under the Securities Act).

 

    2

     

    

 

Annex B

 

SELLING SHAREHOLDERS

 

The common stock and
warrants being offered by the selling shareholders are those previously issued to the selling shareholders, and, with respect
to common stock, those issuable to the selling shareholders, upon exercise of the warrants. For additional information regarding
the issuances of those shares of common stock and warrants, see “[insert heading title]” above. We are registering
the shares of common stock and warrants in order to permit the selling shareholders to offer the securities for resale from time
to time. [Except for the ownership of shares of common stock and warrants, the selling shareholders have not had any material
relationship with us within the past three years.]

 

The table below lists
the selling shareholders and other information regarding the beneficial ownership of the shares of common stock by each of the
selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder,
based on its ownership of the shares of common stock and warrants, as of ________, 20[__], assuming exercise of the warrants held
by the selling shareholders on that date, without regard to any limitations on exercises.

 

The third column lists
the shares of common stock being offered by this prospectus by the selling shareholders.

 

In accordance with
the terms of a registration rights agreement with the selling shareholders, this prospectus generally covers the resale of the
sum of (i) the number of shares of common stock issued to the selling shareholders in the “[insert heading title]”
described above and (ii) the maximum number of shares of common stock issuable upon exercise of the related warrants, determined
as if the outstanding warrants were exercised in full as of the trading day immediately preceding the date this registration statement
was initially filed with the Securities and Exchange Commission, each as of the trading day immediately preceding the applicable
date of determination and all subject to adjustment as provided in the registration right agreement, without regard to any limitations
on the exercise of the warrants. The fourth column assumes the sale of all of the securities offered by the selling shareholders
pursuant to this prospectus.

 

Under the terms of
the warrants, if affirmatively elected by a holder thereof, a selling shareholder may not exercise the warrants to the extent
such exercise would cause such selling shareholder, together with its affiliates, to beneficially own a number of shares of common
stock which would exceed 9.8% of our then outstanding common stock following such exercise, excluding for purposes of such determination
shares of common stock issuable upon exercise of the warrants which have not been exercised. The number of shares in the second
column does not reflect this limitation. The selling shareholders may sell all, some or none of their shares in this offering.
See “Plan of Distribution.”

 

    3

     

    

 

 

	

        Name of Selling Shareholder
	Number of shares
    of 

Common Stock 

Owned Prior to 

Offering	Maximum Number
    of 

shares of Common 

Stock to be Sold

 Pursuant to this

 Prospectus	Number of shares
    of

 Common Stock 

Owned After

 Offering

 

    4

     

    

 

Annex CExhibit 10.13

 

REVIVA PHARMACEUTICALS HOLDINGS, INC.

 

2020 EQUITY INCENTIVE PLAN

 

1. Establishment and Purpose

 

The purpose of the
Reviva Pharmaceuticals Holdings, Inc. 2020 Equity Incentive Plan (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.

 

The Plan permits the
grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Stock Units, Performance
Shares, Performance Units, Incentive Bonus Awards, Other Cash-Based Awards and Other Stock-Based Awards. This Plan, as amended
and restated, 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 where Awards are, or will be, granted
under the Plan.

 

2.3 “Award”
means an award of a Stock Option, Stock Appreciation Right, Restricted Stock, 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 (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 or the relationship the Company has with its customers, (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 his or her employment; (iii) refusal to perform any lawful, material obligation or fulfill any
duty (other than any duty or obligation of the type described in clause (v) below) to the Company or its Affiliates (other
than due to a Disability), which refusal, if curable, is not cured within 10 days after delivery of written notice thereof; (iv) material
breach of any agreement with or duty owed to the Company or any of its Affiliates (other than any breach of the type described
in clause (v) below), which breach, if curable, is not cured within 10 days after the delivery of written notice thereof;
or (v) 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” shall be deemed to have occurred if any one of the following events shall occur:

 

(i) Any
Person becomes the beneficial owner (as defined in Rule 13(d)-3 under the Exchange Act) of shares of Common Stock representing
more than 50% of the total number of votes that may be cast for the election of directors of the Company;

 

(ii) The
consummation of any merger or other business combination of the Company, sale of all or substantially all of the Company’s
assets or combination of the foregoing transactions (a “Transaction”), other than a Transaction involving only
the Company and one or more of its subsidiaries, or a Transaction immediately following which the shareholders of the Company immediately
prior to the Transaction continue to have a majority of the voting power in the resulting entity;

 

(iii) Within
any 12-month period beginning on or after the Effective Date, the persons who were directors of the Company immediately before
the beginning of such period (the “Incumbent Directors”) shall cease (for any reason other than death) to constitute
at least a majority of the Board (or the board of directors of any successor to the Company); provided that any director who was
not a director as of the date hereof shall be deemed to be an Incumbent Director if such director was elected to the Board by,
or on the recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors
either actually or by prior operation of the foregoing unless such election, recommendation or approval was the result of an actual
or threatened election contest of the type contemplated by Rule 14a-11 promulgated under the Exchange Act or any successor
provision; or

 

    -2-

     

    

 

(iv) the
shareholders of the Company approve a plan of complete liquidation or dissolution of the Company.

 

Notwithstanding
the foregoing, no event or condition shall constitute a Change in Control to the extent that, if it were, a penalty tax would be
imposed under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute
a Change in Control to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution)
without causing the imposition of such penalty tax.

 

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.

 

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, par value $.0001 per share.

 

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

 

2.12 “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).

 

2.13 “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.

 

2.14 “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.

 

2.15 “Effective
Date” means the date set forth in Section 17.1 hereof.

 

2.16 “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; provided that the Award Agreement for
any grant of an Award to a prospective employee, officer, director, consultant, advisor or other individual service provider will
contain appropriate forfeiture provisions in the event such individual does not become employed or engaged by the Company or applicable
Subsidiary .

 

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

 

2.18 “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.

 

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

 

2.20 “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.

 

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

 

2.22 “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.

 

2.23 “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.

 

    -4-

     

    

 

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

 

2.25 “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.

 

2.26 “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.

 

2.27 “Person”
shall mean 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”.

 

2.28 “Plan”
means the Reviva Pharmaceuticals Holdings, Inc. 2020 Equity Incentive Plan, as set forth herein and as may be amended from
time to time.

 

2.29 “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.

 

2.30 “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.

 

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

 

2.32 “Service”
means a Participant’s employment or other service relationship with the Company or any Subsidiary. A change in the capacity
in which a Participant renders service to the Company or a Subsidiary 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 a Subsidiary, will not terminate a Participant’s Service; provided, however, that if the entity
for which a Participant is rendering services ceases to qualify as a Subsidiary, as determined by the Committee in its sole discretion,
such Participant’s Service will be considered to have terminated on the date such entity ceases to qualify as a Subsidiary.
For example, a change in status from an employee of the Company to a consultant to or director of the Company will not constitute
an interruption of 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 a Participant’s 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, a Subsidiary, or their successors. Notwithstanding the
foregoing, a leave of absence will be treated as Service for purposes of vesting in an Award only to such extent as may be provided
in the Company’s (or a Subsidiary’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. Unless the Committee provides otherwise, in
its discretion, or as otherwise required by Applicable Law, vesting of Options shall be tolled during any unpaid leave of absence
by a Participant.

 

    -5-

     

    

 

2.33 “Stock
Appreciation Right” 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.

 

2.34 “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.

 

2.35 “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.

 

2.36 “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

 

Section 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 the requirements of Section 2.9 of the Plan with respect to an Award to a Reporting Person. 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.

 

Section 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 the authority to amend the terms of an Award in any manner that is not inconsistent with the Plan (including to extend the
post-termination exercisability period of Stock Options and Stock Appreciation Rights), provided that no such action shall adversely
affect the rights of a Participant with respect to an outstanding Award without the Participant’s consent. 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 hereunder. 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.

 

    -6-

     

    

 

Section 3.3 No
Liability; Indemnification. Neither the Board nor any Committee member, nor any Person acting at the direction 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, any Award or any 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, 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 Company and its Subsidiaries may, but shall not be required to, obtain liability insurance for this
purpose.

 

4. Shares Subject to the Plan

 

Section 4.1 Share
Limitation.

 

		(a)	Subject to adjustment pursuant to Section 4.3 hereof and the automatic increase set forth
in Section 4.1(b), the maximum aggregate number of shares of Common Stock which may be issued under all Awards granted to
Participants under the Plan shall be 461,587 shares (the “Initial Limit”), all of which may, but need not, be
issued in respect of Incentive Stock Options.

 

		(b)	The number of shares of Common Stock available for issuance under the Plan shall automatically
increase on January 1st of each year commencing with the January 1 following the Effective Date and on each January 1
thereafter until the Expiration Date (as defined in Section 17.2 of the Plan), in an amount equal to the least of (i) ten
percent (10%) of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year or
(ii) such number of shares of Common Stock determined by the Board (the “Annual Increase”). Notwithstanding
the foregoing and, subject to adjustment as provided in Section 4.3, the maximum number of shares which may be issued in respect
of Incentive Stock Options shall be equal to the Initial Limit.

 

    -7-

     

    

 

		(c)	Shares of Common Stock issued under the Plan may be either authorized but unissued shares or shares
held in the Company’s treasury. Any shares of Common Stock subject to Awards that are settled in Common Stock shall be counted
against the maximum share limitations of this Section 4.1(a) as one share of Common Stock for every share of Common Stock
subject thereto. To the extent that any Award under the Plan payable in shares of Common Stock is forfeited, cancelled, returned
to or repurchased by 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 limitations and may again be made subject to Awards under the Plan pursuant to such limitations.
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 the exercise price thereof
and/or 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.

 

Section 4.2 Individual
Participant Limitations. Subject to adjustment as provided in Section 4.3, the number of shares of Common Stock with respect
to which Awards may be granted during any calendar year to any one Eligible Person who is a non-employee director of the Board
shall not exceed a number equal to twenty-five percent (25%) of all shares of Common Stock available for Awards under the Plan.

 

Section 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 Sections 4.1 and 4.2 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.

 

    -8-

     

    

 

5. Participation and Awards

 

Section 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, units or other
amounts subject to such Awards. 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.

 

Section 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

 

Section 6.1 Grants
of Stock Options. 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 discretion of the Committee,
as an Incentive Stock Option or as a Nonqualified Stock Option.

 

Section 6.2 Exercise
Price. The exercise price per share of a Stock Option shall not be less than 100 percent of the Fair Market Value of a share
of Common Stock on the Date of Grant, subject to adjustments as provided for under Section 4.2, provided that the Committee
may in its discretion specify for any Stock Option an exercise price per share that is higher than the Fair Market Value on the
Date of Grant and may establish an exercise price that is below Fair Market Value on the Date of Grant for Stock Options granted
to Participants who are not residents of the U.S if permitted by applicable law and any applicable rules of the principal
established stock exchange or national market system on which the Common Stock is traded.

 

Section 6.3 Vesting
of Stock Options. The Committee shall in its 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 continued 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 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.

 

    -9-

     

    

 

Section 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 Service, 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 Service. Notwithstanding the foregoing, unless an Award Agreement provides otherwise:

 

(a)            If
a Participant’s 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 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 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 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 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.

 

(d)            If
a Participant’s Service terminates for Cause, any Stock Option held by such Participant, whether vested or unvested, shall
be deemed forfeited and canceled on the date of such termination of Service.

 

    -10-

     

    

 

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

 

Section 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. 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.

 

Section 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 §1.421-7(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.

 

(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 or more of the total combined voting power of all classes of Common Stock
of the Company or any Subsidiary, then (A) the Stock Option exercise price per share shall in no event be less than 110 percent
of the Fair Market Value of the Common Stock on the date of such grant and (B) such Stock Option shall not be exercisable
after the expiration of five (5) years following the date such Stock Option is granted.

 

    -11-

     

    

 

(d) 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

 

Section 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.

 

Section 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 percent of the Fair Market
Value of a share of Common Stock on the Date of Grant, subject to adjustments as provided for under Section 4.2.

 

Section 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 continued 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 discretion, accelerate the vesting or exercisability of any Stock Appreciation Right at any time.

 

Section 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 Service, 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 the Service of the Company or one of its Subsidiaries.

 

Section 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.

 

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8. Restricted Stock Awards

 

Section 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 at 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.

 

Section 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 14.5. The requirements for vesting of a Restricted
Stock Award may be based on the continued 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 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.

 

Section 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.

 

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Section 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.

 

Section 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 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. Stock Unit Awards

 

Section 9.1 Grant
of Stock Unit Awards. A Stock Unit Award may be granted to any Eligible Person selected by the Committee. The value of each
Stock Unit under a 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 Stock Unit Award shall be subject to such restrictions and conditions as the
Committee shall determine. A 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 discretion. If any dividend equivalents are paid while a Stock Unit Award is subject to restrictions under
Section 9 of the Plan, the dividend equivalents shall be subject to the same restrictions on transferability as the Stock
Units to which they were paid, unless otherwise set forth in the Award Agreement.

 

Section 9.2 Vesting
of Stock Unit Awards. On the Date of Grant, the Committee shall, in its discretion, determine any vesting requirements with
respect to a Stock Unit Award, which shall be set forth in the Award Agreement. The requirements for vesting of a Stock Unit Award
may be based on the continued 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 discretion, accelerate the
vesting of a Stock Unit Award at any time. A 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.

 

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Section 9.3 Payment
of Stock Unit Awards. A 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 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 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 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 Stock Units vest. If 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

 

Section 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 discretion.

 

Section 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 Grant Date. 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.

 

Section 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 discretion, waive
any performance or vesting conditions relating to a Performance Share Award.

 

Section 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.

 

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11. Performance Units

 

Section 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.

 

Section 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.

 

Section 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 discretion, waive any performance or vesting conditions relating to a Performance
Unit Award.

 

Section 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.

 

12. Incentive Bonus Awards

 

Section 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.

 

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Section 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.

 

Section 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

 

Section 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 Cash-Based Awards to a Participant in such amounts and upon such terms
as the Committee shall determine, in its sole discretion.

 

Section 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.

 

Section 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 as the Committee determines.

 

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14. Change in Control

 

Section 14.1
Effect of Change in Control.

 

(a)            The
Committee may, at the time of the grant of an Award and as set forth in an Award Agreement, provide for the effect of a “Change
in Control” on an Award. Such provisions may include any one or more of the following: (i) the acceleration or extension
of time periods for purposes of exercising, vesting in, or realizing gain from any Award, (ii) the elimination or modification
of performance or other conditions related to the payment or other rights under an Award, (iii) provision for the cash settlement
of an Award for an equivalent cash value, as determined by the Committee, or (iv) such other modification or adjustment to
an Award as the Committee deems appropriate to maintain and protect the rights and interests of Participants upon or following
a Change in Control. To the extent necessary for compliance with Section 409A of the Code, an Award Agreement shall provide
that an Award subject to the requirements of Section 409A that would otherwise become payable upon a Change in Control shall
only become payable to the extent that the requirements for a “change in control” for purposes of Section 409A
have been satisfied.

 

(b)            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 and absolute discretion and without the need for the consent of any Participant,
take one or more of the following actions contingent upon the occurrence of that Change in Control: (i) cause any or all outstanding
Stock Options and 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 any or all outstanding Restricted Stock, Stock Units, Performance Shares, Performance
Units, Incentive Bonus Award and any other Award held by Participants affected by the Change in Control to become non-forfeitable,
in whole or in part; (iii) cancel any Stock 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, Stock Units, Performance Shares or Performance Units held by a Participant
in exchange for restricted stock or performance shares of or stock or performance units in respect of the capital stock of any
successor corporation; (v) redeem any Restricted Stock held by a Participant affected by the Change in Control for cash and/or
other substitute consideration with a value equal to the Fair Market Value of an unrestricted share of Common Stock on the date
of the Change in Control; (vi) terminate any Award in exchange for 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 (the “Change in Control Consideration”); 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. 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. 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.

 

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(c)            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. The Committee will endeavor to take action under this Section 14 in a
manner that does not cause a violation of Section 409A of the Code with respect to an Award.

 

15. General Provisions

 

Section 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 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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Section 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 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.

 

Section 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.

 

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Section 15.4
Rights as Stockholder. A Participant shall have no rights as a holder of shares of Common Stock with respect to any unissued
securities covered by an Award until the date the Participant becomes the holder of record of such securities. Except as provided
in Section 4.2 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.

 

Section 15.5
Employment or 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 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.

 

Section 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.

 

Section 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.

 

Section 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.

 

Section 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. 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.

 

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Section 15.10
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. 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.

 

16. Legal Compliance

 

Section 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.

 

Section 16.2
Incentive Arrangement. The Plan is designed to provide an ongoing, 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.

 

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Section 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.

 

Section 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 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.

 

Section 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. Notwithstanding the foregoing, if a minimum statutory
amount of withholding does not apply under the laws of any foreign jurisdiction, the Company may withhold such amount for remittance
to the applicable taxing authority of such jurisdiction as the Company determines in its discretion, uniformly applied, to be appropriate.

 

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(b) A
Participant may, in order to fulfill the withholding obligation, 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. The broker-assisted exercise procedure described in Section 6.5 may also be utilized
to satisfy the withholding requirements related to the exercise of a Stock Option.

 

(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.

 

Section 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.

 

Section 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.

 

Section 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).

 

Section 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

 

Section 17.1
Effective Date. The effective date of the Plan shall be the date on which the Plan is approved by the Board; provided, however,
that Awards granted under the Plan subsequent to the approval of the Plan by the Board shall be valid only if the Plan is approved
by the requisite percentage of the holders of the Common Stock of the Company within one year of the date on which such Board approval
occurs. If such stockholder approval is not obtained within one year after the date of the Board’s approval of the Plan,
then all Awards previously granted under the Plan shall terminate and cease to be outstanding, and no further Awards shall be granted
under the Plan.

 

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Section 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, (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, and (c) stockholder approval is required
for any amendment to the Plan that (i) increases the number of shares of Common Stock available for issuance under the Plan,
or (ii) changes the persons or class of persons eligible to receive Awards. 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 adoption of the Plan by the Board (the “Expiration Date”); but provided further,
that Awards granted prior to such Expiration Date may extend beyond that date.

 

ADOPTION AND APPROVAL OF PLAN

 

Date Plan initially adopted by Board: July 19,
2020

 

Date Plan approved by Shareholders: December 8,
2020

 

Effective Date of Plan: December 14,
2020

 

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