Document:

Exhibit 10.5

 

FORM OF 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”),
is effective as of October 4, 2021 (the “Effective Date”), between Spruce Engineering & Construction Inc., an Alberta
corporation headquartered at 1 Grosvenor Boulevard, St. Albert, Alberta T8N0X1, hereinafter referred to as the “Company”),
and Patrick Laurie (“Employee”).

 

RECITALS 

 

WHEREAS, the Company is
a duly organized Alberta corporation, with its principal place of business within the Province of Alberta, and is in the business of developing
and marketing energy-efficient cooling and heating systems; and

 

WHEREAS, the Company desires
Employee’s experience, skills, abilities, background and knowledge, and is willing to engage Employee’s services on the terms
and conditions set forth in this Agreement; and

 

WHEREAS, Employee desires
to be in the employ of the Company, and is willing to accept such employment on the terms and conditions set forth in this Agreement.

  

NOW, THEREFORE, the parties hereto agree to the terms and conditions
of this Agreement as follows:

  

1. Employment for Term. The Company hereby
agrees to employ Employee and Employee hereby accepts such employment with the Company. The term of this Agreement (the “Term”)
will commence on the Effective Date and shall continue until the termination of Employee’s employment in accordance with the provisions
of this Agreement. The termination of Employee’s employment under this Agreement shall end the Term but shall not terminate Employee’s
or the Company’s other obligations that are intended to survive the termination of this Agreement (including without limitation,
the payments under Sections 7 and 8 and Employee’s obligations under Section 9).

  

2. Position and Duties. During the Term, Employee
shall serve as Chief Executive Officer (CEO) of the Company and perform such duties as are consistent with such positions. The Employee
shall report to the Board of Directors of the Company. During the Term, Employee shall also hold such additional positions and titles
as the Board of Directors of the Company may determine from time to time. During the Term, Employee shall devote as much time as is necessary
to satisfactorily perform his duties as CEO of the Company.

  

3. Compensation. 

  

(a) Base Salary. As soon
as possible given the sufficiency of the Company's liquid cash flow, the Company will pay Employee a base salary of $81,484 per annum,
payable on the Company’s regular pay cycle for professional employees (the “Base Salary”). Except as specifically otherwise
provided herein, the Base Salary may be increased only by the Board. Until such time as the Company's liquid cash flow is sufficient to
pay the Base Salary in full, Employee shall receive a lesser amount and the difference shall not accrue or be due and payable. Determination
of sufficiency of liquid cash flow and amounts payable shall be at the sole discretion of the Company's board of directors and shall be
applied equally to the compensation of all Company founders and key persons. Employee shall not be entitled to additional compensation
for any additional or unusual time expended.

  

(b) Annual Review. The
Base Salary shall be reviewed at the end of each fiscal year.

   

(c) Equity Compensation.
In connection with the execution of this Agreement, the Company hereby agrees to grant, on or promptly after the Effective Date, 500,000
restricted shares of Company Class A Common Stock (the “Restricted Shares”). The Restricted Shares shall vest in accordance
with the terms set forth in the Restricted Stock Award Agreement attached as Exhibit A hereto. Additional equity grants may be made annually
during the Term in the amount approved by the Compensation Committee and commensurate with the performance level of the Employee.

  

    	1  

    	 

    

4. Employee Benefits. During the Term, Employee
shall be entitled to participate at the same level as other senior executive officers of the Company in any group insurance, hospitalization,
medical, health and accident, disability, fringe benefit and tax-qualified retirement plans or programs of the Company now existing or
hereafter established to the extent that he is eligible under the general provisions thereof. For the term of this Agreement, Employee
shall be entitled to paid time off at the rate of five (5) weeks per annum. In accordance with Company policy, unused paid time off may
not be carried over from year to year.

  

5. Expenses. The Company shall reimburse Employee
for actual, reasonable out-of-pocket expenses incurred by him in the performance of his services for the Company upon the receipt of appropriate
documentation of such expenses which shall be submitted in such form, and with such supporting documentation, as called for or required
by Company policy.

   

6. Termination. 

  

(a) General. The Term shall
end immediately upon Employee’s death. Employee’s employment may also be terminated by the Company with or without Cause or
as a result of Employee’s Disability, as defined in Section 7 or by Employee with or without Good Reason (as such terms are defined
below).

 

(b) Notice of Termination.
Either party shall give written notice of termination to the other party.

 

(c) Notification of New Employer.
In the event that Employee leaves the employ of the Company, Employee grants consent to notification by the Company to Employee’s
new employer about his rights and obligations under this Agreement and the PIA (hereinafter defined).

 

7. Severance Benefits. 

  

(a) Cause Defined. “Cause”
means (i) willful malfeasance or willful misconduct by Employee in connection with his employment; (ii) Employee’s gross negligence
in performing any of his duties under this Agreement; (iii) Employee’s conviction of, or entry of a plea of guilty to, or entry
of a plea of nolo contendere with respect to, any crime other than a traffic violation or infraction which is a misdemeanor; (iv)
Employee’s willful and deliberate violation of a Company policy, (v) Employee’s unintended but material breach of any written
policy applicable to all employees adopted by the Company which is not cured to the reasonable satisfaction of the Board of Directors
within thirty (30) days after notice thereof; (vi) the Employee’s unauthorized use or disclosure of any proprietary information
or trade secrets of the Company or any other party as to which the Employee owes an obligation of nondisclosure as a result of the Employee’s
relationship with the Company, (vii) the Employee’s willful and deliberate breach of his obligations under this Agreement, or (viii)
any other material breach by Employee of any of his obligations in this Agreement which is not cured to the reasonable satisfaction of
the Board of Directors within thirty (30) days after notice thereof.

  

(b) Disability Defined. “Disability”
shall mean (i) Employee’s incapacity due to a physical or mental condition and, if reasonable accommodation is required by law,
after any reasonable accommodation, that results in Employee being substantially unable to perform his duties hereunder for six consecutive
months (or for six months out of any nine month period) or (ii) a qualified independent physician mutually acceptable to the Company and
Employee determines that Employee is incapacitated due to a physical or mental condition and, if reasonable accommodation is required
by law, after any reasonable accommodation so as to be unable to regularly perform the duties of his position and such condition is expected
to be of a permanent or near-permanent duration. Until such time as Employee is terminated for Disability under this paragraph (b), Employee
shall continue to receive his Base Salary hereunder, provided that if the Company provides Employee with disability insurance coverage,
payments of Employee’s Base Salary shall be reduced by the amount of any disability insurance payments received by Employee due
to such coverage. The Company shall give Employee written notice of termination due to Disability which shall take effect sixty (60) days
after the date it is sent to Employee unless Employee shall have returned to the performance of his duties hereunder during such sixty
(60) day period (whereupon such notice shall become void). In the event that the Company terminates Employee’s employment as a result
of his Disability, Employee shall be entitled to the same benefits as if his employment had been terminated by the Company without Cause.

  

    	  

    	 

    

(c) Good Reason Defined.
For purposes of this Agreement, “Good Reason” shall mean, without Employee’s written consent: (i) there is a material
reduction of the level of Employee’s compensation (excluding any bonuses) (except where there is a general reduction applicable
to the management team generally, provided, however, that in no case may the Base Salary be reduced below the amount stated in Section
3(a)), (ii) there is a material reduction in Employee’s overall responsibilities or authority, or scope of duties (it being understood
that the occurrence of a Change in Control shall not, by itself, necessarily constitute a reduction in Employee’s responsibilities
or authority); or (iii) there is a material change in the principal geographic location at which Employee must perform his services (it
being understood that the relocation of Employee to a facility or a location within forty (40) miles of the State Capitol Building in
Denver, Colorado shall not be deemed material for purposes of this Agreement). No event shall be deemed to be “Good Reason”
if the Company has cured the event (if susceptible to cure) within 30 days of receipt of written notice from Employee specifying the event
or events which, absent cure, would constitute “Good Reason.”

  

(d) Accrued Compensation Defined.
As used herein, “Accrued Compensation” shall mean an amount which shall include all amounts earned or accrued by Employee
through the date of termination of this Agreement but not paid as of such date, including (i) Base Salary, (ii) reimbursement for business
expenses incurred by the Employee on behalf of the Company, pursuant to the Company’s expense reimbursement policy in effect at
such time, (iii) any expense allowance pursuant to Company policy, (iv) accrued but unused vacation pay per Company policy, and (v) bonuses
and incentive compensation earned and awarded prior to the date of termination. Accrued Compensation shall be paid on the first regular
pay date after the date of termination (or earlier, if required by applicable law).

  

(e) Termination.

  

(i) Cause; Without
Good Reason; Death. If the Company ends the Term for Cause, if Employee resigns as an employee of the Company for reasons other than
an event of Good Reason, or the Employee dies while employed, then the Company shall pay to Employee the Accrued Compensation but shall
have no obligation to pay Employee any amount, whether for salary, benefits, bonuses, or other compensation or expense reimbursements
of any kind, accruing after the end of the Term, and such rights shall, except as otherwise required by law or pursuant to the applicable
award agreement or plan, be forfeited immediately upon the end of the Term. For the sake of clarity, any stock options, restricted stock
or other equity compensation shall, to the extent vested on the date of resignation without Good Reason, the date the Company ends the
Term for Cause, or the date of Employee’s death, remain outstanding and exercisable to the extent provided in the applicable award
agreement or plan, by the Employee or his personal representative or executor.

  

(ii) Without Cause;
Disability; Good Reason. In the event that the Company terminates Employee’s employment hereunder without Cause or because of
Disability, or the Employee terminates his employment with Good Reason, he shall be entitled to the Accrued Compensation and, subject
to Section 21 and 22 below, the following:

  

(A) A lump sum payment equal to twenty-five
percent (25%) of his Base Salary in effect at the date of termination, less applicable withholding.

  

(B) In the event of a termination Without
Cause or for Good Reason, Employee’s Restricted Shares will vest in accordance with the terms of the Restricted Stock Agreement.

  

(C) Any severance payments and/or other separation
benefits contemplated by this Agreement are conditional on Employee: (i) continuing to comply with the terms of this Agreement and the
PIA (as defined herein); (ii) delivering prior to or contemporaneously with any such severance payments, and not revoking, (x) a customary
general release of claims relating to Employee’s employment and/or this Agreement against the Company or its successor, its subsidiaries
and their respective directors, officers and stockholders and (y) a customary affirmation of Employee’s continuing obligations hereunder
and under the PIA.

 

Unless otherwise required by law, no severance payments
and/or benefits under this Agreement will be paid and/or provided until after the expiration of any relevant revocation period. Subject
to the effectiveness of the release, the severance payments shall be paid on the first payroll
date that begins 30 days after Employee’s termination of employment.

 

    	  

    	 

    

  

8. Change in Control Payments. The provisions
of this Section 8 set forth the terms of an agreement reached between Employee and the Company regarding Employee’s rights and obligations
upon the occurrence of a “Change in Control” (as hereinafter defined) of the Company during the Term. These provisions are
intended to assure and encourage in advance Employee’s continued attention and dedication to his assigned duties and his objectivity
during the pendency and after the occurrence of any such Change in Control. The following provisions shall apply in the event of a Change
in Control, in addition to any payment or benefit that may be required pursuant to Section 7.

  

(a) Equity. Upon the occurrence
of a Change in Control, all stock options, restricted stock and other stock-based grants to Employee by the Company or that may be granted
in the future shall, irrespective of any provisions of his award agreements, immediately and irrevocably vest and become exercisable and
any restrictions thereon shall lapse. All stock options shall remain exercisable from the date of the Change in Control until the expiration
of the term of such stock options.

 

(b) Definitions. For purposes
of this Section 8, the following terms shall have the following meanings:

 

“Change in Control” shall mean any of
the following:

 

(1) the acquisition by any individual,
entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (the “Acquiring Person”), other
than the Company, or any of its Subsidiaries, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of 50% or more of the combined voting power or economic interests of the then-outstanding voting securities of the Company entitled
to vote generally in the election of directors (excluding any issuance of securities by the Company in a transaction or series of transactions
made principally for bona fide equity financing purposes); or

 

(2) the acquisition of the Company
by another entity by means of any transaction or series of related transactions to which the Company is party (including, without limitation,
any stock acquisition, reorganization, merger or consolidation but excluding any issuance of securities by the Company in a transaction
or series of transactions made principally for bona fide equity financing purposes) other than a transaction or series of related transactions
in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions
retain, immediately after such transaction or series of related transactions, as a result of shares in the Company held by such holders
prior to such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding
voting securities of the Company or such other surviving or resulting entity (or if the Company or such other surviving or resulting entity
is a wholly-owned subsidiary immediately following such acquisition, its parent); or

  

(3) the sale or other disposition
of all or substantially all of the assets of the Company in one transaction or series of related transactions.

 

9. Proprietary Information and Inventions Agreement.
As a condition of Employee’s employment with the Company, Employee agrees to sign the Company’s standard form of Proprietary
Information and Inventions Agreement (“PIA”).

  

10. Successors and Assigns. 

  

(a) Employee. This Agreement
is a personal contract, and the rights and interests that the Agreement accords to Employee may not be sold, transferred, assigned, pledged,
encumbered, or hypothecated by him. All rights and benefits of Employee shall be for the sole personal benefit of Employee, and no other
person shall acquire any right, title or interest under this Agreement by reason of any sale, assignment, transfer, claim or judgment
or bankruptcy proceedings against Employee. Except as so provided, this Agreement shall inure to the benefit of and be binding upon Employee
and his personal representatives, distributees and legatees.

 

(b) The Company. This Agreement
shall be binding upon the Company and inure to the benefit of the Company and of its successors and assigns, including (but not limited
to) any Company that may acquire all or substantially all of the Company’s assets or
business or into or with which the Company may be consolidated or merged. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm,
corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all
or substantially all of the assets or business of the Company.

 

 

    	  

    	 

    

  

11. Entire Agreement. This Agreement (together
with the equity award agreements referred to herein) represents the entire agreement between the parties concerning Employee’s employment
with the Company and supersedes all prior negotiations, discussions, understanding and agreements, whether written or oral, between Employee
and the Company relating to the subject matter of this Agreement.

  

12. Amendment or Modification, Waiver. No provision
of this Agreement may be amended or waived unless such amendment or waiver is agreed to in writing signed by Employee and by a duly authorized
officer of the Company. No waiver by any party to this Agreement or any breach by another party of any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same time,
any prior time or any subsequent time.

  

13. Notices. Any notice to be given under this
Agreement shall be in writing and delivered personally or sent by overnight courier or registered or certified mail, postage prepaid,
return receipt requested, addressed to the party concerned at the address indicated below, or to such other address of which such party
subsequently may give notice in writing:

  

	If to Employee:	
    Patrick Laurie

    1 Grosvenor Blvd

    St Albert, Alberta

    T8N 0X1

  

To the address specified in the payroll records of the Company.

  

	If to the Company:	Spruce Engineering & Construction Inc.
	 	1 Grosvenor Blvd
	 	St Albert, Alberta
	 	Attention: Patrick Laurie

  

Any notice delivered personally or by overnight courier
shall be deemed given on the date delivered and any notice sent by registered or certified mail, postage prepaid, return receipt requested,
shall be deemed given on the date mailed.

  

14. Severability. If any provision of this
Agreement or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction
or arbitrator acting pursuant to Section 19 below to be invalid and unenforceable to any extent, the remainder of this Agreement or the
application of such provision to such person or circumstances other than those to which it is so determined to be invalid and unenforceable
shall not be affected, and each provision of this Agreement shall be validated and shall be enforced to the fullest extent permitted by
law. If for any reason any provision of this Agreement containing restrictions is held to cover an area or to be for a length of time
that is unreasonable or in any other way is construed to be too broad or to any extent invalid, such provision shall not be determined
to be entirely null, void and of no effect; instead, it is the intention and desire of both the Company and Employee that, to the extent
that the provision is or would be valid or enforceable under applicable law, any court of competent jurisdiction or arbitrator acting
pursuant to Section 19 below shall construe and interpret or reform this Agreement to provide for a restriction having the maximum enforceable
area, time period and such other constraints or conditions (although not greater than those contained currently contained in this Agreement)
as shall be valid and enforceable under the applicable law.

 

15. Survivorship. The respective rights and
obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation
of such rights and obligations.

 

    	  

    	 

    

16. Headings. All descriptive headings of sections
and paragraphs in this Agreement are intended solely for convenience of reference, and no provision of this Agreement is to be construed
by reference to the heading of any section or paragraph.

 

17. Withholding Taxes. All salary, benefits,
reimbursements and any other payments to Employee under this Agreement shall be subject to all applicable payroll and withholding taxes
and deductions required by any law, rule or regulation of and federal, state or local authority.

 

18. Counterparts. This Agreement may be executed
in one or more counterparts, each of which shall be deemed to be an original but all of which together constitute one and same instrument.
The parties agree that facsimile signatures shall have the same force and effect as original signatures.

 

19. Applicable Law; Arbitration. The validity,
interpretation and enforcement of this Agreement and any amendments or modifications hereto shall be governed by the laws of the Province
of Alberta, as applied to a contract executed within and to be performed in Alberta, and it is acknowledged and agreed by the parties
that this Agreement will be subject to and governed by the Alberta Employment Standards Code (the “Code”), and in the event
of any conflict between the terms of this Agreement and the Code, the Code shall prevail. The parties agree that all disputes related
to or arising out of Employee’s employment with the Company, including but not limited to disputes relating to the validity, interpretation,
performance, breach, or enforcement of this Agreement and any amendments or modifications hereto shall be definitively resolved by binding
arbitration in accordance with the Arbitration Act (Alberta). Each party shall choose one arbitrator and the two arbitrators shall choose
a third arbitrator. All costs and fees related to such arbitration (and judicial enforcement proceedings, if any, but excluding Employee’s
legal fees) shall be borne by the Company unless Employee’s claim is deemed to be frivolous by the arbitrators. The arbitrators,
and not a court, will be authorized to determine whether the provisions of this Section apply to a dispute, controversy, or claim sought
to be resolved in accordance with these arbitration procedures. The parties consent to the jurisdiction to the courts of the Province
of Alberta to enforce any arbitration award rendered with respect thereto.  

  

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

 

	SPRUCE ENGINEERING & CONSTRUCTION INC. 	 	EMPLOYEE
	 	 	 	 
	By:	/s/ Patrick Laurie	 	/s/ Patrick Laurie
	Name:	 Patrick Laurie	 	Name: Patrick Laurie

  

 

    	  

    	 

    

 

EXHIBIT A

  

RESTRICTED STOCK AWARD AGREEMENT

 

This RESTRICTED STOCK AWARD AGREEMENT
(the “Agreement”) is made and entered into as of September __, 2021 (the “Effective Date”), by and
between Spruce Engineering & Construction Inc., an Alberta corporation (the “Company”), and Patrick Laurie (the
“Grantee”).

 

WHEREAS, in connection with Grantee’s
employment with the Company, the Company’s Board of Directors (the “Board”) has determined to issue five hundred
thousand (500,000) shares of the Company’s Class A Common stock to Grantee, subject to the terms of this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing, the Company and the Grantee agree as follows.

 

1.       Grant
of Stock. The Company hereby agrees to issue to the Grantee five hundred thousand (500,000) shares of the Company’s common stock
(the “Shares”). All of the Shares received by the Grantee from the Company pursuant to this Agreement are subject to
the terms of this Agreement, including but not limited to an option by the Company to repurchase such Shares.

 

2.       Company’s
Repurchase Option.

 

(a)       The
termination of the Grantee’s employment with the Company or a Related Entity (as defined below) for any reason will be a “Triggering
Event.” The Grantee’s employment will be deemed to have terminated either upon an actual termination of employment or
upon the entity for which the Grantee provides services ceasing to be a Related Entity. Employment will not be considered interrupted
in the case of any approved leave of absence or a transfer between the Company and any Related Entity. An approved leave of absence for
this purpose will include sick leave, military leave, or any other authorized personal leave, so long as the Company or Related Entity
has a reasonable expectation that the Grantee will return to provide services for the Company or Related Entity, and provided further
that the leave does not exceed six (6) months, unless the Grantee has a statutory or contractual right to re-employment following a longer
leave. The term “Related Entity” means any “parent corporation” of the Company, and any “subsidiary
corporation” of the Company, whether now or hereafter existing.

 

(b)       In
the event that a Triggering Event occurs, the Company will have an option (the “Repurchase Option”) for a period of
90 days from the date of such event (as reasonably fixed and determined by the Company), to repurchase any of the Shares that are not
vested pursuant to the vesting provisions set forth on Exhibit A hereto as of the date of such Triggering Event (such Shares, the
“Unvested Shares”) for no additional consideration. In the event the Company elects to exercise the Repurchase Option,
it will be exercised by the Company by written notice to the Grantee, which notice will specify the number of Shares and the time (not
later than 30 days from the date of the Company’s notice) and place for the closing of the repurchase of the Shares. Upon delivery
of such notice and payment of the purchase price (if any) in accordance with the terms hereof, the Company will become the legal and beneficial
owner of the Shares being repurchased and all rights and interests therein or relating thereto, and the Company will have the right to
retain and transfer to its own name the number of Shares being repurchased by the Company.

 

(c)       If,
at any time during the two (2) years immediately following the Effective Date, the Company desires to have its common stock listed on
a national securities exchange and the Board determines that the existence of this grant of Shares will prohibit or materially jeopardize,
delay or limit such listing, then the Company may exercise the Repurchase Option as to any Unvested Shares, on the same terms and conditions
as described in Section 2(b) above.

 

(d)       Whenever
the Company has the right to repurchase Shares hereunder, the Board may designate and assign to one or more assignees the right to exercise
all or part of the Company’s repurchase rights under this Agreement to purchase all or a part of such Shares.

 

3.       Release
of Shares From Repurchase Option. In the event the Repurchase Option is triggered pursuant to a Triggering Event and the Company (or
its assigns) fails to exercise the Company’s option for the repurchase of any or all of the Shares then, upon the expiration
of the 90-day option period, any and all such Shares not repurchased by the Company will be released from the Repurchase Option. Upon
the release of the Repurchase Option, any Unvested Shares will immediately vest.

 

 

    	  

    	 

    

 

4.       Restriction
on Transfer. Except for a transfer to a “Permitted Transferee” (as defined below), none of the Unvested Shares or any
beneficial interest therein will be transferred, pledged, hypothecated, encumbered or otherwise disposed of in any way. For purposes of
this Agreement, “Permitted Transferee” will mean any of Grantee’s spouse, the lineal descendant(s) (natural or
adopted) of Grantee’s parents, the spouse(s) of such descendants, or a trust for the sole benefit of such persons or any of them.
All transferees of Shares or any interest therein (including Permitted Transferees) will receive and hold such Shares or interest subject
to the provisions of this Agreement, and will agree in writing to take such Shares or interest therein subject to all the terms of this
Agreement, including restrictions on further transfer. Any sale or transfer of the Company’s Shares will be void unless the provisions
of this Agreement are met.

 

5.       Ownership
Rights. Grantee, as beneficial owner of the Shares, will have full voting rights with respect to the Shares during and after the vesting
period, except to the extent repurchased to the Repurchase Option. Grantee will be entitled to receive dividends with respect to Unvested
Shares prior to the vesting of such Shares as follows: (a) any regular cash dividends paid with respect to an Unvested Share will be retained
by the Company and will be paid to Grantee, without interest, within thirty (30) days after the associated Share vests as provided in
this Agreement, and will be forfeited if and when the associated Share is repurchased, and (b) any property (other than cash) distributed
with respect to an Unvested Share (including without limitation a distribution of stock by reason of a stock dividend, stock split, or
otherwise, or a distribution of other securities with respect to an associated Share) will be subject to the restrictions of this Agreement
in the same manner and for so long as the associated Share remains subject to those restrictions, and will be forfeited if and when the
associated Share is repurchased or will vest if and when the associated Share vests. If any Shares are repurchased pursuant to the Repurchase
Option, then, on the date of such repurchase, Grantee will no longer have any rights as a stockholder with respect to such repurchased
Shares or any interest therein.

 

6.       Investment
Intent; Legends on Certificates.

 

(a)       Simultaneously
with the execution hereof, the Grantee has executed and delivered to the Company a copy of the Investment Representation Statement in
the form of Exhibit B hereto concerning the Grantee’s investment intent with respect to the Shares.

 

(b)       The
Grantee acknowledges that the certificates evidencing the Shares will be endorsed with a legend, in addition to any other legends required
by any other agreement to which the Shares are subject, substantially as follows:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO THE PROVISIONS OF A UNANIMOUS SHAREHOLDERS AGREEMENT AMONG SPRUCE ENGINEERING & CONSTRUCTION INC. (THE “CORPORATION”)
AND ITS SHAREHOLDERS AND SUCH SHARES ARE NOT TRANSFERABLE ON THE BOOKS OF THE CORPORATION EXCEPT IN COMPLIANCE WITH THE TERMS AND CONDITIONS
OF SUCH AGREEMENT, A COPY OF WHICH AGREEMENT IS ON RECORD WITH THE SECRETARY OF THE CORPORATION.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE FURTHER SUBJECT TO A RESTRICTED STOCK AWARD AGREEMENT AND TO THE RESTRICTIONS CONTAINED THEREIN, INCLUDING RESTRICTIONS UPON TRANSFER.
A COPY OF THE AGREEMENT WILL BE FURNISHED TO ANY INTERESTED PARTY UPON WRITTEN REQUEST, WITHOUT CHARGE.”

 

(c)       The
Grantee understands and agrees that neither the Company nor any agent of the Company will be under any obligation to recognize and transfer
any of the Shares if, in the opinion of counsel for the Company, such transfer would result in violation by the Company of any federal
or state law with respect to the offering, issuance or sale of securities.

 

(d)       Grantee
understands and agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate
“stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities,
it may make appropriate notations to the same effect in its own records.

 

 

    	  

    	 

    

 

7.       Adjustment
for Stock Splits and the Like. All references to the number of Shares will be appropriately and equitably adjusted to reflect any
stock split, stock dividend or other change in the Company’s capitalization that may be made by the Company after the date of this
Agreement.

  

8.       Tax
Matters.

 

(a)       The
Grantee has reviewed with the Grantee’s own tax advisors the tax consequences of the grant of the Shares and the transactions contemplated
by this Agreement. The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of
its agents. The Grantee (and not the Company) will be responsible for the Grantee’s own tax liability that may arise as a result
of this investment or the transactions contemplated by this Agreement.

 

 

9.       General
Provisions.

 

(a)       This
Agreement will be construed and enforced in accordance with and governed by the laws of the Province of Alberta, without giving effect
to the choice of law rules of any jurisdiction.

 

(b)       Any
notice, demand or request required or permitted to be given pursuant to the terms of this Agreement will be in writing and will be deemed
given when delivered personally, one day after deposit with a recognized international delivery service (such as FedEx), or three days
after deposit in the U.S. mail, first class, certified or registered, return receipt requested, with postage prepaid, in each case addressed
to the parties at the addresses of the parties set forth at the end of this Agreement or such other address as a party may designate by
notifying the other in writing.

 

(c)       The
rights and obligations of the Company and the Grantee hereunder will be binding upon, inure to the benefit of and be enforceable against
their respective successors and assigns, legal representatives and heirs. In addition, the rights and obligations of the Company under
Section 2 of this Agreement will be transferable to any one or more persons or entities as set forth therein.

 

(d)       Either
party’s failure to enforce any provision or provisions of this Agreement, except for the exercise by the Company of its Repurchase
Option, will not in any way be construed as a waiver of any such provision or provisions, nor prevent the party thereafter from enforcing
each and every other provision of this Agreement. The rights granted the parties herein are cumulative and will not constitute a waiver
of any party’s right to assert all other legal remedies available to it under the circumstances.

 

(e)       Grantee
agrees, upon request, to execute any further documents or instruments necessary or desirable to carry out the purposes or intent of this
Agreement.

 

(f)       This
Agreement is not employment or service contract, and nothing in this Agreement creates or will be deemed to create in any way whatsoever
any obligation on the part of the Company to continue Grantee’s service.

 

(g)       This
Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or
written agreements with respect to the subject matter hereof. This Agreement may only be amended by a writing signed by both the Grantee
and the Company.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, the parties
have duly executed this Restricted Stock Award Agreement as of the day and year first set forth above.

 

    	  

    	 

    

 

	 	COMPANY:
	 	 	 
	 	Spruce Engineering & Construction Inc.
	 	 	 
	 	By:	    /s/ Patrick Laurie         
	 	 	 
	 	Name:	 Patrick Laurie
	 	 	 
	 	Title:	 Chief Executive Officer   

 

	 	Address:	 
	 	 	 

  

	 	
    GRANTEE:

     

    Patrick Laurie

      

    /s/ Patrick Laurie

   

 

    	  

    	 

    

 

EXHIBIT A

 

VESTING

 

A.              
One Hundred percent (100%) of the Shares shall be subject to the Company's Repurchase Option
as of the Effective Date. The Shares subject to the Repurchase Option shall be released from the Company's Repurchase Option as follows:
one-third of Shares subject to the Repurchase Option shall be released from the Company's Repurchase Option at each anniversary of the
Effective Date (respectively).

  

B.       Accelerated
Vesting. Notwithstanding the foregoing, vesting will be accelerated and the Shares will be released from the Repurchase Option upon
the first to occur of the following events, subject to Grantee’s continued employment with the Company or a Related Entity through
the date of such occurrence.

  

	 	1.	The consummation of a Change in Control Transaction (as defined below);

 

	 	2.	Grantee’s employment with the Company or a Related Entity is terminated as a result of Grantee’s resignation for Good Reason (as defined below), provided that Grantee has completed at least two (2) years of continued employment from the date the Shares were granted;

 

	 	3.	Grantee’s employment with the Company or a Related Entity is terminated as a result of Grantee’s Disability (as defined below); or

 

	 	4.	Grantee’s employment with the Company or a Related Entity is terminated by the Company without Cause (as defined below).

 

In the event that accelerated vesting occurs as described
in B.2., B.3., or B.4. above, then Grantee acknowledges and agrees that he will not sell any of the Shares so vested for a period of ninety
(90) days immediately following such vesting (or such longer period as may be agreed in a separate written agreement, if any, between
the Company and Grantee).

 

C       Cessation
of Vesting. To the extent vesting does not occur at the time of the termination of Grantee’s employment as described in B.2.,
B.3., or B.4. above, vesting will cease upon such termination.

 

D.       Definitions.
As used herein, the following terms have the definitions provided below.

 

“Change in Control Transaction” means the occurrence
of any of the following:

 

(i)       The
acquisition by any Person of more than fifty percent (50%) of either (A) the value of then outstanding equity securities of the Company
(the “Outstanding Company Stock”) or (B) the combined voting power of the then outstanding voting securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) (the
foregoing Beneficial Ownership hereinafter being referred to as a “Controlling Interest”); provided, however, that
for purposes of this Exhibit A, the following acquisitions shall not constitute or result in a Change in Control: (v) any acquisition
directly from the Company; (w) any acquisition by the Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial
Ownership of a Controlling Interest; (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any Related Entity; or (z) any acquisition by any entity pursuant to a transaction that complies with clauses (A), (B), and
(C) of subsection (iii) below; or

 

Exhibit A to Restricted Stock Award Agreement

 

	 	Page 1	 

    	  

    	 

    

 

 

(ii)       During
any period of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board on
the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as
though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 

(iii)       Consummation
of a reorganization, merger, statutory share exchange, or consolidation or similar transaction involving the Company or any of its Related
Entities, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or equity
of another entity by the Company or any of its Related Entities (each a “Business Combination”), in each case, unless,
following such Business Combination, (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively,
of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially
own, directly or indirectly, more than fifty percent (50%) of the value of the then outstanding equity securities and the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or comparable
governing body of an entity that does not have such a board), as the case may be, of the entity resulting from such Business Combination
(including, without limitation, an entity that as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior
to such Business Combination of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person
(excluding any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination or any
Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty
percent (50%) or more of the value of the then outstanding equity securities of the entity resulting from such Business Combination or
the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior
to the Business Combination, and (C) at least a majority of the members of the Board or other governing body of the entity resulting from
such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action
of the Board, providing for such Business Combination.

 

Exhibit A to Restricted Stock Award Agreement

 

	 	Page 2	 

    	  

    	 

    

 

 

“Cause” means, unless otherwise
provided in an employment agreement between the Company or a Related Entity and the Grantee, a determination by the Board (excluding Grantee
for such purposes if Grantee is then a Board member) that the Grantee’s employment with the Company or a Related Entity should be
terminated as a result of (i) any material breach by the Grantee of any agreement between the Grantee and the Company; (ii) the conviction
of or plea of nolo contendere by the Grantee to a felony or a crime involving moral turpitude; (iii) any material misconduct or willful
and deliberate non-performance (other than by reason of Disability) by the Grantee of the Grantee’s duties to the Company; (iv)
the Grantee’s fraud, embezzlement, or act(s) of dishonesty relating to the Company or any Related Entity, or (v) the Grantee’s
failure to follow the lawful instructions of the Company’s Chief Executive Officer (or the Board if Grantee is the Chief Executive
Officer).

 

“Disability” means (i) Grantee’s
incapacity due to a physical or mental condition and, if reasonable accommodation is required by law, after any reasonable accommodation,
that results in Grantee being substantially unable to perform his duties as an employee of the Company or a Related Entity for six consecutive
months (or for six months out of any nine month period); or (ii) a qualified independent physician mutually acceptable to the Company
and Grantee determines that Grantee is incapacitated due to a physical or mental condition and, if reasonable accommodation is required
by law, after any reasonable accommodation, so as to be unable to regularly perform his duties as an employee of the Company or a Related
Entity and such condition is expected to be of a permanent or near-permanent duration.

 

“Good Reason” means any of the
following, occurring without Grantee’s written consent: (i) there is a material reduction of the level of Grantee’s compensation
(excluding any bonuses) (except where there is a general reduction applicable to the similarly-situated employees generally), (ii) there
is a material reduction in Grantee’s overall responsibilities or authority, or scope of duties; or (iii) there is a material change
in the principal geographic location at which Grantee must perform his services (it being understood that the relocation of Grantee to
a facility or a location within forty (40) miles of the Grantee’s principal workplace as of the Effective Date shall not be deemed
material for purposes of this Agreement). No event shall be deemed to be “Good Reason” if the Company has cured the event
(if susceptible to cure) within 30 days of receipt of written notice from Grantee specifying the event or events which, absent cure, would
constitute “Good Reason.”

 

Exhibit A to Restricted Stock Award Agreement

 

	 	Page 3	 

    	  

    	 

    

 

 

EXHIBIT B

 

INVESTMENT REPRESENTATION STATEMENT

 

	Grantee:	Patrick Laurie
	 	 
	Issuer:	Spruce Engineering & Construction Inc. (the “Company”)
	 	 
	Security:	Class A Common Stock
	 	 
	No. of Shares:	500,000

 

In connection with the receipt
of the above securities, the Grantee represents to the Company as follows.

 

1.       Grantee
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to
reach an informed and knowledgeable decision to acquire the securities. Grantee acknowledges that the Company is issuing Grantee securities
of Company’s own issue and that Gantee is becoming an employee and executive officer of the Company.

 

2.       Grantee
understands that the securities have not been registered in reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of Grantee’s investment intent as expressed herein.

 

3.       Grantee
further understands that the securities must be held indefinitely unless subsequently registered or unless an exemption from registration
is available. Moreover, Grantee understands that the Company is under no obligation to register the securities. In addition, Grantee understands
that the certificate evidencing the securities will be imprinted with a legend that prohibits the transfer of the securities unless they
are registered or such registration is not required in the opinion of counsel for the Company.

 

	Date: October 4, 2021 	 	GRANTEE:
	 	 	 
	 	 	 /s/ Patrick Laurie
	 	 	Patrick LaurieExhibit 10.1

 

BLUE WATER VACCINES INC.

2019
EQUITY INCENTIVE PLAN

 

ADOPTED BY THE
BOARD OF DIRECTORS: July 1, 2019

APPROVED BY THE
STOCKHOLDERS: July 1, 2019

		1.	General.

 

(a) Eligible
Stock Award Recipients. Employees, Directors, Officers and Consultants of the Company and its Subsidiaries are eligible to receive
Stock Awards.

 

(b) Available
Stock Awards. The Plan provides for the grant of the following types of Stock Awards:

 

(i) Incentive
Stock Options,

 

(ii) Nonstatutory
Stock Options,

 

(iii) Stock
Appreciation Rights,

 

(iv) Restricted
Stock Awards,

 

(v) Restricted
Stock Unit Awards, and

 

(vi) Other
Stock Awards.

 

(c) Purpose.
The Plan, through the granting of Stock Awards, is intended to help the Company secure and retain the services of eligible award recipients,
provide incentives for such persons to exert maximum efforts for the success of the Company and its Subsidiaries and provide a means by
which the eligible recipients may benefit from increases in value of the Common Stock of the Company.

 

		2.	ADMINISTRATION.

 

(a) Administration
by Board. The Board of Directors of the Company will administer the Plan. The Board may delegate administration of the Plan to a Committee
or Committees, as provided in Section 2(c).

 

(b) Powers
of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To
determine (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type of Stock Award will be
granted; (D) the provisions of each Stock Award (which need not be identical), including when a person will be permitted to exercise or
otherwise receive cash or Common Stock under the Stock Award; (E) the number of shares of Common Stock subject to a Stock Award; and (F)
the Fair Market Value applicable to a Stock Award.

 

    1

     

    

 

(ii) To
construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for administration
of the Plan and Stock Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan
or in any Grant Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Stock Award fully effective.

 

(iii) To
settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv) To
accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or at which cash or shares of Common Stock
may be issued).

 

(v) To
suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Grant Agreement, suspension or termination of
the Plan will not impair a Participant’s rights under the Participant’s then-outstanding Stock Award without the Participant’s
written consent except as provided in subsection (viii) below.

 

(vi) To amend the
Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive
Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan or Stock Awards granted
under the Plan compliant with the requirements for Incentive Stock Options or exempt from or compliant with the requirements for nonqualified
deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. However, if required by
applicable law, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval
of any amendment of the Plan that (A) materially increases the number of shares of Common Stock available for issuance under the Plan,
(B) materially expands the class of individuals eligible to receive Stock Awards under the Plan, (C) materially increases the benefits
accruing to Participants under the Plan, (D) materially reduces the price at which shares of Common Stock may be issued or purchased
under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Stock Awards available for issuance
under the Plan. Except as provided in the Plan (including subsection (viii) below) or a Grant Agreement, no amendment of the Plan will
impair a Participant’s rights under an outstanding Stock Award unless (1) the Company requests the consent of the affected Participant,
and (2) such Participant consents in writing.

 

(vii) To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy the
requirements of Section 422 of the Code regarding Incentive Stock Options.

 

(viii) To
approve forms of Grant Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including, but not limited
to, amendments to provide terms more favorable to the Participant than previously provided in the Grant Agreement, subject to any specified
limits in the Plan that are not subject to Board discretion; provided however, that a Participant’s rights under any Stock
Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such
Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired
by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair
the Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one
or more Stock Awards without the affected Participant’s consent (A) to maintain the qualified status of the Stock Award as an Incentive
Stock Option under Section 422 of the Code; (B) to clarify the manner of exemption from, or to bring the Stock Award into compliance with,
Section 409A of the Code; or (C) to comply with other applicable laws.

 

    2 

    

    

 

(ix) Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company
and that are not in conflict with the provisions of the Plan or Stock Awards.

 

(x) To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants
who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications
to the Plan or any Grant Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).

 

(xi) To
effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price of any outstanding
Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of a new (1) Option or SAR, (2)
Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash and/or (6) other valuable consideration determined
by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number of shares of Common
Stock as the cancelled Stock Award and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C) any other
action that is treated as a repricing under generally accepted accounting principles.

 

(c) Delegation
to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration
of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any
of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the
Committee or subcommittee). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions
of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish the subcommittee
and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer
the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(d) Delegation
to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the following: (i) designate
Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards),
and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided,
however, that the Board resolutions regarding such delegation will specify the total number of shares of Common Stock that may
be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Any such
Stock Awards will be granted on the form of Grant Agreement most recently approved for use by the Committee or the Board, unless otherwise
provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely
in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(t) below.

 

(e) Effect
of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will not be subject
to review by any person and will be final, binding and conclusive on all persons.

 

    3 

    

    

 

		3.	SHARES SUBJECT TO THE PLAN.

 

(a) Share
Reserve.

 

(i) Subject
to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to
Stock Awards from and after the Effective Date will not exceed (A) 350,000 shares, the number of shares available for issuance under the
Plan’s terms plus (B) any shares that revert back to the Plan pursuant to Section 3(b), if any, which become available for grant
under this Plan from time to time (such aggregate number of shares described in (A) and (B) above, the “Share Reserve”).

 

(ii) For
clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued pursuant to
the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a).

 

(b) Reversion of Shares
to the Share Reserve. If a Stock Award or any portion thereof (i) expires or otherwise terminates without all of the shares covered
by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than stock), such
expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of Common Stock that may be available
for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or repurchased by the
Company because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that
are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares reacquired by the Company
in satisfaction of tax withholding obligations on a Stock Award or as consideration for the exercise or purchase price of a Stock Award
will again become available for issuance under the Plan.

 

(c) Incentive
Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number
of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 350,000 shares of Common Stock.

 

(d) Source
of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares
repurchased by the Company on the open market or otherwise.

 

    4 

    

    

 

		4.	ELIGIBILITY.

 

(a) Eligibility
for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation”
or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other
than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that Stock Awards may not
be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company,
as such term is defined in SEC Rule 405, unless (i) the stock underlying such Stock Awards is treated as “service recipient stock”
under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such as a spin off
transaction), or (ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt
from or alternatively comply with the distribution requirements of Section 409A of the Code.

 

(b) Ten
Percent Stockholders. A Ten Percent Stockholder of the Company will not be granted an Incentive Stock Option unless the exercise price
of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option is not exercisable
after the expiration of five (5) years from the date of grant.

 

(c) Consultants.
A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or sale of the Company’s
securities to such Consultant is not exempt under SEC Rule 701 because of the nature of the services that the Consultant is providing
to the Company, because the Consultant is not a natural person, or because of any other provision of Rule SEC 701, unless the Company
determines that such grant need not comply with the requirements of SEC Rule 701 and will satisfy another exemption under the Securities
Act as well as comply with the securities laws of all other relevant jurisdictions.

 

		5.	provisions relating to options and stock appreciation rights.

 

Each Option or SAR will be
in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive
Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates
will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as
an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify
as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The
provisions of separate Options or SARs need not be identical; provided, however, that each Grant Agreement will conform
to (through incorporation of provisions hereof by reference in the applicable Grant Agreement or otherwise) the substance of each of the
following provisions:

 

(a) Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration
of ten (10) years from the date of its grant or such shorter period specified in the Grant Agreement.

 

(b) Exercise
Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or
SAR will be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option or SAR on the
date the Stock Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower
than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Stock Award if such Stock Award is granted
pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in
a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated
in shares of Common Stock equivalents.

 

    5 

    

    

 

(c) Purchase
Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent permitted
by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below.
The Board will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the
ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The
permitted methods of payment are as follows:

 

(i) by
cash, check, bank draft or money order payable to the Company;

 

(ii) pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock subject
to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate
exercise price to the Company from the sales proceeds;

 

(iii) by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock held by the person for at least six (6) months;
or

 

(iv) if
an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number
of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the
aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the
Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole
shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent
that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered
to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or

 

(v) in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Grant Agreement.

 

(d) Exercise
and Payment of a SAR. At the discretion of the Board, any Participant granted an Option may also be granted SARs in tandem with that
Option, provided that the number of shares covered by the SARs shall not exceed the number of shares subject to the Option, and that the
strike price for the SARs shall be equal to the exercise price for such Option. If SARs have been granted to a Participant, the terms
of such SARs shall be set forth in the Participant’s Grant Agreement. To exercise any outstanding SAR, the Participant must provide
written notice of exercise to the Company in compliance with the provisions of the Grant Agreement evidencing such SAR. The appreciation
distribution payable to the Participant upon the exercise of a SAR will be an amount equal to the excess of (A) the aggregate Fair Market
Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in
which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B)
the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such
date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration,
as determined by the Board and contained in the Grant Agreement evidencing such SAR.

 

(e) Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as
the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability
of Options and SARs will apply:

 

(i) Restrictions
on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (and pursuant to
subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may
permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except as explicitly provided
herein, neither an Option nor a SAR may be transferred for consideration.

 

    6 

    

    

 

(ii) Domestic
Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted
by Treasury Regulation 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock
Option as a result of such transfer.

 

(iii) Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to
the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the Participant,
will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise.
In the absence of such a designation, upon the death of the Participant, the executor or administrator of the Participant’s estate
will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However,
the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation
would be inconsistent with the provisions of applicable laws.

 

(f) Vesting
Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable in periodic installments
that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or
may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board may deem appropriate.
The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any Option or SAR provisions
governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised.

 

(g) Termination
of Continuous Service. Except as otherwise provided in Subsections 5(h), (i), (j) or (k) below, or in the terms of the applicable
Grant Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other
than for Cause), the Participant may exercise the Participant’s Option or SAR (to the extent that the Participant was entitled to
exercise such Option or SAR as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i)
the date which occurs three (3) months following the termination of the Participant’s Continuous Service (or such longer or shorter
period specified in the applicable Grant Agreement, which period will not be less than thirty (30) days if necessary to comply with applicable
laws unless such termination is for Cause) or (ii) the expiration of the term of the Option or SAR as set forth in the Grant Agreement.
If, after termination of Continuous Service, the Participant does not exercise the Participant’s Option or SAR within the applicable
time frame, the Option or SAR (as applicable) will terminate.

 

(h) Termination
for Cause. Except as explicitly provided otherwise in a Participant’s Grant Agreement or other individual written agreement
between the Company or any Subsidiary and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option
or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the Participant will be prohibited
from exercising the Participant’s Option or SAR from and after the time of such termination of Continuous Service.

 

    7 

    

    

 

(i) Extension
of Termination Date. Except as otherwise provided in the applicable Grant Agreement or other agreement between the Participant and
the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for
Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of
shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on
the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post termination exercise
period after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be
in violation of such registration requirements, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable
Grant Agreement. In addition, unless otherwise provided in a Participant’s Grant Agreement, if the sale of any Common Stock received
upon exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would
violate the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of a period
of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s
Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of
the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Grant
Agreement.

 

(j) Disability
of Participant. Except as otherwise provided in the applicable Grant Agreement or other agreement between the Participant and the
Company or a Subsidiary, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the
Participant may exercise the Participant’s Option or SAR (to the extent that the Participant was entitled to exercise such Option
or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date
which occurs twelve (12) months following such termination of Continuous Service (or such shorter period specified in the Grant Agreement,
which period will not be less than six (6) months if necessary to comply with applicable laws), or (ii) the expiration of the term of
the Option or SAR as set forth in the Grant Agreement. If, after termination of Continuous Service, the Participant does not exercise
the Participant’s Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

(k) Death
of Participant. Except as otherwise provided in the applicable Grant Agreement, if (i) a Participant’s Continuous Service terminates
as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Grant Agreement
for exercisability after the termination of the Participant’s Continuous Service (for a reason other than death), then the Option
or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s
estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise
the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date which occurs twelve
(12) months following the date of death (or such longer or shorter period specified in the Grant Agreement, which period will not be less
than six (6) months if necessary to comply with applicable laws), or (ii) the expiration of the term of such Option or SAR as set forth
in the Grant Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame,
the Option or SAR (as applicable) will terminate.

 

(l) Non-Exempt
Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act
of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six (6) months following
the date of grant of the Option or SAR (although the Stock Award may vest prior to such date). Consistent with the provisions of the Worker
Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such
Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement
(as such term may be defined in the Participant’s Grant Agreement, in another agreement between the Participant and the Company
or a Subsidiary, or, if no such definition, in accordance with the then current employment policies and guidelines of the Company or Subsidiary),
the vested portion of any Options and SARs may be exercised earlier than six (6) months following the date of grant. The foregoing provision
is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or
SAR will be exempt from the employee’s regular rate of pay. To the extent permitted and/or required for compliance with the Worker
Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance
of any shares under any other Stock Award will be exempt from the employee’s regular rate of pay, the provisions of this Section
5(l) will apply to all Stock Awards and are hereby incorporated by reference into such Grant Agreements.

 

    8 

    

    

 

(m) Stockholder
Agreements. Notwithstanding any other provisions of this Plan or any Grant Agreement to the contrary, before any shares of Common
Stock may be issued to a Participant pursuant to the exercise of an Option or SAR, the Participant shall be required to take any and all
steps which may be requested by the Company to become a party bound by the terms of the Stockholder Agreements and any and all shares
issued to the Participant shall be issued subject to all of the provisions of the Stockholder Agreements, including but not limited to
those provisions of the Stockholder Agreements which may (A) allow the Company to elect to repurchase all or any part of the shares of
Common Stock acquired by the Participant pursuant to this Plan, or (B) allow the Company to elect to exercise a right of first refusal
with respect to any shares of Common Stock issued to the Participant pursuant to this Plan.

 

		6.	PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS AND SARS.

 

(a) Restricted
Stock Awards. Each Restricted Stock Grant Agreement will be in such form and will contain such terms and conditions as the Board deems
appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock underlying
a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until any restrictions relating
to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will be held in such form and manner as determined
by the Board. The terms and conditions of Restricted Stock Grant Agreements may change from time to time, and the terms and conditions
of separate Restricted Stock Grant Agreements need not be identical. Each Restricted Stock Grant Agreement will conform to (through incorporation
of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(i) Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past
services to the Company or a Subsidiary, or (C) any other form of legal consideration that may be acceptable to the Board, in its sole
discretion, and permissible under applicable law.

 

(ii) Vesting.
Shares of Common Stock issued under the Restricted Stock Grant Agreement may be subject to forfeiture to the Company in accordance with
a vesting schedule to be determined by the Board.

 

(iii) Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may receive through
a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant as of the date of termination
of Continuous Service under the terms of the Restricted Stock Grant Agreement.

 

(iv) Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Grant Agreement will be transferable by the Participant only upon
such terms and conditions as are set forth in the Restricted Stock Grant Agreement, as the Board will determine in its sole discretion,
so long as Common Stock awarded under the Restricted Stock Grant Agreement remains subject to the terms of the Restricted Stock Agreement.

 

(v) Dividends.
A Restricted Stock Grant Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting and forfeiture
restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

    9 

    

    

 

(b) Restricted
Stock Unit Awards. Each Restricted Stock Unit Grant Agreement will be in such form and will contain such terms and conditions as the
Board deems appropriate. The terms and conditions of Restricted Stock Unit Grant Agreements may change from time to time, and the terms
and conditions of separate Restricted Stock Unit Grant Agreements need not be identical. Each Restricted Stock Unit Grant Agreement will
conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following
provisions:

 

(i) Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant
upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant
for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable
to the Board, in its sole discretion, and permissible under applicable law.

 

(ii) Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting of the
Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii) Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof
or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Grant Agreement.

 

(iv) Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions
or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award
to a time after the vesting of such Restricted Stock Unit Award.

 

(v) Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award, as
determined by the Board and contained in the Restricted Stock Unit Grant Agreement. At the sole discretion of the Board, such dividend
equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such manner as determined
by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be
subject to all of the same terms and conditions of the underlying Restricted Stock Unit Grant Agreement to which they relate.

 

(vi) Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Grant Agreement, such
portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous
Service.

 

(vii) Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted Stock Unit Award granted
under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that such Restricted
Stock Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, shall be determined by the
Board and contained in the Restricted Stock Unit Grant Agreement evidencing such Restricted Stock Unit Award. For example, such restrictions
may include, without limitation, a requirement that any Common Stock that is to be issued in a year following the year in which the Restricted
Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

 

(c) Other Stock Awards.
Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation
in value thereof (e.g., options or stock rights with an exercise price or strike price less than one hundred percent (100%) of the Fair
Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards provided for under
Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and complete
authority to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the number of shares
of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other terms and conditions
of such Other Stock Awards.

 

    10 

    

    

 

		7.	COVENANTS OF THE COMPANY.

 

(a) Availability
of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy then-outstanding
Stock Awards.

 

(b) Securities
Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority
as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided,
however, that this undertaking will not require the Company to register under the Securities Act the Plan, any Stock Award or any
Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is
unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful
issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common
Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant
of a Stock Award or the subsequent issuance of cash or Common Stock pursuant to the Stock Award if such grant or issuance would be in
violation of any applicable securities law.

 

(c) No
Obligation to Notify, Minimize or Guarantee Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise
advise such holder of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not be exercised.
The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award. Notwithstanding
anything else contained in the Plan, neither the Company, the Board nor the Committee makes any commitment or guarantee that any federal,
state or local tax treatment will apply or be available with respect to any Stock Award and assumes no liability whatsoever for the tax
consequences to the holder of such Stock Award, whether under Section 83, 409A or any other tax provisions of the Code.

 

		8.	MISCELLANEOUS.

 

(a) Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will constitute
general funds of the Company.

 

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

 

(c) Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of
Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance
of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to the Stock
Award has been entered into the books and records of the Company.

 

    11 

    

    

 

(d) No
Employment or Other Service Rights. Nothing in the Plan, any Grant Agreement or any other instrument executed thereunder or in connection
with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue to be employed by or provide services
to the Company or a Subsidiary in the capacity in effect at the time the Stock Award was granted or will affect the right of the Company
or the Subsidiary to terminate (i) the employment of an Employee with or without notice and with or without Cause, (ii) the service of
a Consultant pursuant to the terms of such Consultant’s agreement with the Company or Subsidiary, or (iii) the service of a Director
pursuant to the bylaws of the Company, and any applicable provisions of the corporate law of the state in which the Company or the Subsidiary
is incorporated, as the case may be.

 

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

 

(f) Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with
respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans
of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000) (or such other limit established in the Code) or otherwise
does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to
the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding
any contrary provision of the applicable Option Agreement(s).

 

(g) Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award, (i)
to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and
business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that the Participant is capable of evaluating, alone or together with the
purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to
the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own
account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and
any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or
acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under
the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such
requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel
to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to
comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

    12 

    

    

 

(h) Withholding
Obligations. Unless prohibited by the terms of a Grant Agreement, the Company may, in its sole discretion, satisfy any federal, state
or local tax withholding obligation relating to a Stock Award to a Participant who is an Employee by any of the following means or by
a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares
of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however, that no
shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser amount
as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes); (iii) withholding cash
from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other
method as may be set forth in the Grant Agreement.

 

(i) Electronic
Delivery. Any reference herein to a “written” agreement or document will include any agreement or document delivered electronically
or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access).

 

(j) Compliance
with Section 409A of the Code. The Company shall make a good faith effort to ensure that all Stock Awards, to the extent subject to
Section 409A of the Code, incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of
the Code. To the extent applicable, the Plan and Grant Agreements shall be interpreted in accordance with Section 409A of the Code.

 

(k) Compliance
with Exemption Provided by Rule 12h-1(f). If at the end of the Company’s most recently completed fiscal year: (i) the aggregate
of the number of persons who hold outstanding compensatory employee stock options to purchase shares of Common Stock granted pursuant
to the Plan or otherwise (such persons, “Holders of Options”) equals or exceeds five hundred (500), and (ii) the Company’s
assets exceed $10 million, then the following restrictions will apply during any period during which the Company does not have a class
of its securities registered under Section 12 of the Exchange Act and is not required to file reports under Section 15(d) of the Exchange
Act, to the extent required by the Exchange Act or other applicable laws: (A) the Options and, prior to exercise, the shares of Common
Stock to be issued on exercise of the Options may not be transferred until the Company is no longer relying on the exemption provided
by SEC Rule 12h-1(f) promulgated under the Exchange Act (“Rule 12h-1(f)”), except: (1) as permitted by Rule 701(c)
promulgated under the Securities Act, (2) to a guardian upon the disability of the Holder of Options, or (3) to an executor upon the death
of the Holder of Options (collectively, the “Permitted Transferees”); provided, however, the following transfers
are permitted: (i) transfers by Holders of Options to the Company, and (ii) transfers in connection with a change of control or other
acquisition involving the Company, if following such transaction, the Options no longer remain outstanding and the Company is no longer
relying on the exemption provided by Rule 12h-1(f); provided further, that any Permitted Transferees may not further transfer the Options;
(B) except as otherwise provided in (A) above, the Options and shares of Common Stock issuable on exercise of the Options are restricted
as to any pledge, hypothecation, or other transfer, including any short position, any “put equivalent position” as defined
by SEC Rule 16a-1(h) promulgated under the Exchange Act, or any “call equivalent position” as defined by SEC Rule 16a-1(b)
promulgated under the Exchange Act by Holders of Options prior to exercise of an Option until the Company is no longer relying on the
exemption provided by Rule 12h-1(f); and (C) at any time that the Company is relying on the exemption provided by Rule 12h-1(f), the Company
will deliver to Holders of Options (whether by physical or electronic delivery or written notice of the availability of the information
on an internet site) the information required by SEC Rule 701(e)(3), (4), and (5) promulgated under the Securities Act every six (6) months,
including financial statements that are not more than one hundred eighty (180) days old; provided, however, that the Company may condition
the delivery of such information upon the Holder of Options’ agreement to maintain its confidentiality.

 

    13 

    

    

 

(l) Repurchase
Limitation. At the discretion of the Board, any shares of Common Stock issued to a Participant pursuant to this Plan may be subject
to a call option or other repurchase right, as specified in the terms of the Stockholders Agreement or the Participant’s Grant Agreement.
However, the Company will not exercise any such repurchase right until at least six (6) months (or such longer or shorter period of time
necessary to avoid classification of the Stock Award as a liability for financial accounting purposes) have elapsed following delivery
of shares of Common Stock subject to the Stock Award, unless otherwise specifically provided by the Board.

 

		9.	ADJUSTMENTS UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS.

 

(a) Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es)
and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that
may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and (iii) the class(es) and number of securities
and price per share of stock subject to outstanding Stock Awards. The Board will make such adjustments, and its determination will be
final, binding and conclusive.

 

(b) Dissolution
or Liquidation. Except as otherwise provided in the Grant Agreement for a Stock Award, in the event of a dissolution or liquidation
of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not
subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such
dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture
condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous
Service; provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested,
exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated)
before the dissolution or liquidation is completed but contingent on its completion.

 

(c) Corporate
Transactions. The following provisions will apply to Stock Awards in the event of a Transaction unless otherwise provided in the Grant
Agreement or any other written agreement between the Participant and the Company or any Subsidiary which may employ the Participant or
unless otherwise expressly provided by the Board at the time of grant of a Stock Award. In the event of a Transaction, then, notwithstanding
any other provision of the Plan, the Board may take one or more of the following actions with respect to Stock Awards, contingent upon
the closing or completion of the Transaction:

 

(i) arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume or
continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire
the same consideration paid to the stockholders of the Company pursuant to the Transaction);

 

(ii) arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Stock
Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company);

 

(iii) accelerate
the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to a date
prior to the effective time of such Transaction as the Board determines (or, if the Board does not determine such a date, to the date
that is five (5) days prior to the effective date of the Transaction), with such Stock Award terminating if not exercised (if applicable)
at or prior to the effective time of the 
Transaction; provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before
the effective date of a Transaction, which exercise is contingent upon the effectiveness of such Transaction;

 

(iv) arrange
for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

 

(v) cancel
or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the Transaction,
in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and

 

    14 

    

    

 

(vi) make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant
would have received upon the exercise of the Stock Award immediately prior to the effective time of the Transaction, over (B) any exercise
price payable by such holder in connection with such exercise. For clarity, this payment may be zero ($0) if the value of the property
is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration
to the holders of the Company’s Common Stock in connection with the Transaction is delayed as a result of escrows, earn outs, holdbacks
or any other contingencies.

 

The Board need not take the same action or actions
with respect to all Stock Awards or portions thereof or with respect to all Participants. The Board may take different actions with respect
to the vested and unvested portions of a Stock Award.

 

(d) Change
in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control
as may be provided in the Grant Agreement for such Stock Award or as may be provided in any other written agreement between the Participant
and the Company or any Subsidiary which may employ the Participant, but in the absence of such provision, no such acceleration will occur.

 

		10.	PLAN TERM; EARLIER TERMINATION OR SUSPENSION OF THE PLAN.

 

(a) Plan
Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan will automatically
terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the
date the Plan is approved by the stockholders of the Company. No Stock Awards may be granted under the Plan while the Plan is suspended
or after it is terminated.

 

(b) No
Impairment of Rights. Suspension or termination of the Plan will not impair rights and obligations under any Stock Award granted while
the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan.

 

		11.	EFFECTIVE DATE OF PLAN.

 

This Plan will become effective
on the Effective Date.

 

		12.	CHOICE OF
LAW.

 

The laws of the State of Delaware
will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s
conflict of laws rules.

 

		13.	DEFINITIONS.

 

As used in the Plan, the following
definitions will apply to the capitalized terms indicated below:

 

(a) “Affiliate”
means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such terms
are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or “majority-owned
subsidiary” status is determined within the foregoing definition.

 

(b) “Board”
means the Board of Directors of the Company.

 

    15 

    

    

 

(c) “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the
Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation,
reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend,
stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or any
similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards
Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the
Company will not be treated as a Capitalization Adjustment.

 

(d) “Cause”
will have the meaning ascribed to such term in any written agreement between the Participant and the Company or the Subsidiary employing
the Participant defining such term. In the absence of such agreement, such term means, with respect to a Participant, the occurrence of
any of the following events: (i) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude
under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in,
a fraud or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement
between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or
disclosure of the Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination
that a termination of the Participant’s Continuous Service is either for Cause or without Cause will be made by the Company, in
its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause
for the purposes of outstanding Stock Awards held by such Participant will have no effect upon any determination of the rights or obligations
of the Company or such Participant for any other purpose.

 

(e) “Change
in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of
the following events:

 

(i) any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar
transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities
of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate
thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions
the primary purpose of which is to obtain financing for the Company through the issuance of equity securities or (C) solely because the
level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the
outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number
of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition
of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities
that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities
Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur;

 

    16 

    

    

 

(ii) there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the
consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own,
directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding
voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than fifty percent (50%) of the
combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each
case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to
such transaction;

 

(iii) the
stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a complete
dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or

 

(iv) there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company
and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting securities of
which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such sale, lease, license or other disposition.

 

Notwithstanding the foregoing definition or any
other provision of this Plan, (A) the term Change in Control will not include a sale of assets, merger or other transaction effected exclusively
for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual
written agreement between the Participant and the Company or any Subsidiary which may employ the Participant will supersede the foregoing
definition with respect to Stock Awards subject to such agreement; provided, however, that if no definition of Change in Control or any
analogous term is set forth in such an individual written agreement, the foregoing definition will apply.

 

(f) “Code”
means the Internal Revenue Code of 1986, as amended.

 

(g) “Committee”
means a committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(h) “Common
Stock” means the common stock of the Company.

 

(i) “Company”
means Blue Water Vaccines Inc., a Delaware corporation.

 

(j) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or a Subsidiary to render consulting or advisory services and
is compensated for such services, or (ii) serving as a member of the board of directors of a Subsidiary or other Affiliate and is compensated
for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered
a “Consultant” for purposes of the Plan.

 

    17 

    

    

 

(k) “Continuous
Service” means that the Participant’s service with the Company or a Subsidiary, whether as an Employee, Director or
Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or 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 the Subsidiary, will not terminate a Participant’s
Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as a Subsidiary,
as determined by the Board in its sole discretion, such Participant’s Continuous 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
of a Subsidiary or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board
or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be
considered interrupted in the case of (i) any leave of absence approved by the Board 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 Continuous Service for purposes of vesting in a Stock Award only to such extent as
may be provided in the Company’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 law.

 

(l) “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i) a
sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of
the Company and its Subsidiaries;

 

(ii) a
sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company;

 

(iii) a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv) a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding
immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation
or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

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

 

(n) “Disability”
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to
last for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and
will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

    18 

    

    

 

(o) “Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved by the
Company’s stockholders, and (ii) the date this Plan is adopted by the Board.

 

(p) “Employee”
means any person employed by the Company or a Subsidiary of the Company. However, service solely as a Director, or payment of a fee for
such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(q) “Entity”
means a corporation, partnership, limited liability company or other entity.

 

(r) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(s) “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the
Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any
employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee
benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to an offering
of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d)
or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing
more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities.

 

(t) “Fair
Market Value” means, as of any date, the value of the Common Stock determined by the Board in good faith with Section 409A
of the Code or, in the case of an Incentive Stock Option, in good faith compliance with Section 422 of the Code.

 

(u) “Grant
Agreement” means an Option Grant Agreement, Restricted Stock Grant Agreement, Restricted Stock Unit Grant Agreement or other
Stock Grant Agreement.

 

(v) “Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is
intended to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(w) “Nonstatutory
Stock Option” means any option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option.

 

(x) “Officer”
means any person designated by the Company as an officer.

 

(y) “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(z) “Option
Grant Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions of
an Option grant. Each Option Grant Agreement will be subject to the terms and conditions of the Plan.

 

    19 

    

    

 

(aa) “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

(bb) “Other
Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the
terms and conditions of Section 6(c).

 

(cc) “Other
Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing the
terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms and conditions of the
Plan.

 

(dd) “Own,”
“Owned,” “Owner,” “Ownership” A person or Entity will be
deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(ee) “Participant”
means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock
Award.

 

(ff) “Plan”
means this Blue Water Vaccines Inc. 2019 Equity Incentive Plan, as it may be amended from time to time.

 

(gg) “Restricted
Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a).

 

(hh) “Restricted
Stock Grant Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Grant Agreement will be subject to the terms and conditions
of the Plan.

 

(ii) “Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions
of Section 6(b).

 

(jj) “Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award
evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Grant Agreement will be subject
to the terms and conditions of the Plan.

 

(kk) “SEC Rule
405” means Rule 405 promulgated under the Securities Act.

 

(ll) “SEC Rule
701” means Rule 701 promulgated under the Securities Act.

 

(mm) “Securities
Act” means the Securities Act of 1933, as amended.

 

(nn) “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is
granted pursuant to the terms and conditions of Section 5.

 

(oo) “Stock
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation Right evidencing
the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Grant Agreement will be subject to the terms
and conditions of the Plan.

 

    20 

    

    

 

(pp) “Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right or any Other Stock Award.

 

(qq) “Stockholder
Agreements” means, collectively, (i) the Right of First Refusal and Co-Sale Agreement dated on or around [_________], 2019
by and among the Company and certain stockholders of the Company listed therein and (ii) the Voting Agreement, dated on or around [________],
2019, by and among the Company and certain stockholders of the Company listed therein, as each may be amended or restated from time to
time.

 

(rr) “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock having
ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of
any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is
at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which
the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more
than fifty percent (50%) .

 

(ss) “Ten Percent
Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more
than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

(tt) “Transaction”
means a Corporate Transaction or a Change in Control.

 

* * * * *

 

 

21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]