Document:

Exhibit 10.4

 

CLENE INC.

2020 STOCK PLAN

 

1.
Purpose. The purpose of this 2020 Stock Plan (the “Plan”) is to enable Clene Inc., a Delaware
corporation (the “Company”), to attract and retain the services of (i) selected employees, officers,
and directors of the Company or any parent or subsidiary of the Company, and (ii) selected nonemployee agents, consultants,
advisers, and independent contractors of the Company or any parent or subsidiary of the Company. For purposes of this Plan, a person
is considered to be employed by or in the service of the Company if the person is employed by or in the service of any entity (the
“Employer”) that is either the Company or a parent or subsidiary of the Company.

 

2.
Shares Subject to the Plan. Subject to adjustment as provided below and in Section 8, the shares to be
offered under the Plan shall consist of Common Stock of the Company (“Common Stock”), and the total number
of shares of Common Stock that may be issued under the Plan shall be twelve million (12,000,000)
shares, all of which may be issued pursuant to Incentive Stock Options or any other type of award under the Plan. If an
option or other award granted under the Plan expires, terminates or is canceled, the unissued shares subject to that option or
award shall again be available under the Plan. If shares awarded pursuant to the Plan are forfeited to or repurchased at original
cost by the Company, the number of shares forfeited or repurchased at original cost shall again be available under the Plan.

 

3.
Effective Date and Duration of Plan.

 

3.1 Effective Date. The Plan
was adopted by the board of directors of the Company (the “Board of Directors”) and became effective
as of December 28, 2020 (the “Effective Date”). The Plan was approved by the Company’s stockholders
on December 30, 2020. Options and stock awards pursuant to Section 7 (“Stock Awards”) may
be granted at any time after the Effective Date and before termination of the Plan.

 

3.2 Duration. The Plan shall
continue in effect until the earlier of (i) the date that is 10 years after the Effective Date or (ii) such time as all
shares available for issuance under the Plan have been issued and all restrictions on the shares have lapsed. The Board of Directors
may suspend or terminate the Plan at any time except with respect to options Stock Awards then outstanding under the Plan. No options
or Stock Awards may be granted under the Plan after termination of the Plan. Termination shall not affect any outstanding awards,
any right of the Company to repurchase shares or the forfeitability of shares issued under the Plan.

 

4.
Administration.

 

4.1 Board of Directors. The
Plan shall be administered by the Board of Directors, which shall determine and designate the individuals to whom awards shall
be made (“Recipients”), the amount of the awards, and the other terms and conditions of the awards. Subject
to the provisions of the Plan, the Board of Directors may adopt and amend rules and regulations relating to administration of the
Plan, advance the lapse of any waiting period, accelerate any exercise date, waive or modify any restriction applicable to shares
(except those restrictions imposed by law), and make all other determinations in the judgment of the Board of Directors necessary
or desirable for the administration of the Plan. The interpretation and construction of the provisions of the Plan and related
agreements by the Board of Directors shall be final and conclusive. The Board of Directors may correct any defect or supply any
omission or reconcile any inconsistency in the Plan or in any related agreement in the manner and to the extent it deems expedient
to carry the Plan into effect, and the Board of Directors shall be the sole and final judge of such expediency.

 

     

     

    

 

4.2 Committee. The Board of
Directors may delegate to any committee of the Board of Directors (the “Committee”) any or all authority
for administration of the Plan. If authority is delegated to the Committee, all references to the Board of Directors in the Plan
shall mean and relate to the Committee, except (i) as otherwise provided by the Board of Directors, and (ii) that only
the Board of Directors may amend or terminate the Plan as provided in Section 3 and Section 9.

 

5.
Types of Awards, Eligibility. The Board of Directors may, from time to time, take the following actions, separately
or in combination, under the Plan: (i) grant incentive stock options (“Incentive Stock Options”),
as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), as provided
in Section 6.1 and Section 6.2; (ii) grant options other than Incentive Stock Options (“Non-Statutory
Stock Options”) as provided in Section 6.1; and (iii) grant Stock Awards as provided in Section 7.
Awards may be made to employees, including employees who are officers or directors, and to other individuals described in Section 1
selected by the Board of Directors; provided, however, that only employees of the Company or any parent or subsidiary
of the Company (as defined in subsections 424(e) and 424(f) of the Code) are eligible to receive Incentive Stock Options under
the Plan. The Board of Directors shall select the individuals to whom awards shall be made and shall specify the action taken with
respect to each individual to whom an award is made.

 

6.
Option Grants.

 

6.1 General Rules Relating to Options.

 

6.1-1 Terms of Grant. The Board of
Directors may grant options under the Plan. With respect to each option grant, the Board of Directors shall determine the number
of shares subject to the option, the exercise price, the period of the option, the time or times at which the option may be exercised
and whether the option is an Incentive Stock Option or a Non-Statutory Stock Option.

 

6.1-2 Exercise Price. The exercise
price per share shall be determined by the Board of Directors at the time of grant. Except as provided in Section 6.2-2,
the exercise price shall not be less than 100% of the fair market value of the Common Stock covered by the option at the date the
option is granted. The fair market value shall be the closing price of the Common Stock on the last trading day before the date
the option is granted, if the stock is publicly traded, or another value of the Common Stock as specified by the Board of Directors.

 

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6.1-3 Exercise of Options. Except
as provided in Section 6.1-6 or as determined by the Board of Directors, no option granted under the Plan may be exercised
unless at the time of exercise the Recipient is employed by or in the service of the Company and shall have been so employed or
provided such service continuously since the date the option was granted. Except as provided in Section 6.1-6 and Section 8,
options granted under the Plan may be exercised from time to time over the period stated in each option in amounts and at times
prescribed by the Board of Directors, provided that options may not be exercised for fractional shares.

 

6.1-4 Nontransferability. Each option
granted under the Plan by its terms (i) shall be nonassignable and nontransferable by the Recipient, either voluntarily or
by operation of law, except by will or by the laws of descent and distribution of the state or country of the Recipient’s
domicile at the time of death, and (ii) during the Recipient’s lifetime, shall be exercisable only by the Recipient;
provided, however, that the Board of Directors may permit a Non-Statutory Stock Option to be transferable by gift
or domestic relations order to a Family Member of the Recipient. For purposes of the foregoing proviso, the term “Family
Member” includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships, any person sharing the Recipient’s household (other than a tenant or employee), a trust in which these persons
have more than 50% of the beneficial interest, a foundation in which these persons (or the Recipient) control the management of
assets, and any other entity in which these persons (or the Recipient) own more than 50% of the voting interests.

 

6.1-5 Duration of Options. Subject
to Section 6.1-3, Section 6.1-6, and Section 6.2-2, options granted under the Plan shall continue
in effect for the period fixed by the Board of Directors, except that by its terms no option shall be exercisable after the expiration
of 10 years from the date it is granted.

 

6.1-6 Termination of Employment or Service.

 

(a) General Rule. Unless otherwise
determined by the Board of Directors, if a Recipient’s employment or service with the Company terminates for any reason other
than Total Disability (as provided in Section 6.1-6(b)), death (as provided in Section 6.1-6(c)), or Cause
(as provided in Section 6.1-6(d)), such Recipient’s option may be exercised at any time before the expiration
date of the option or the expiration of three months after the date of termination, whichever is the shorter period, but only if
and to the extent the Recipient was entitled to exercise the option at the date of termination; provided, however,
that the Board of Directors may not provide for a post-termination exercise period under this Section 6.1-6(a) that
ends before the earlier of (i) the expiration of 30 days after the date of termination, or (ii) the expiration date of
the option.

 

(b) Termination Because of Total Disability.
Unless otherwise determined by the Board of Directors, if a Recipient’s employment or service with the Company terminates
because of Total Disability, such Recipient’s option may be exercised at any time before the expiration date of the option
or before the date one year after the date of termination, whichever is the shorter period, but only if and to the extent the Recipient
was entitled to exercise the option at the date of termination; provided, however, that the Board of Directors may
not provide for a post-termination exercise period under this Section 6.1-6(b) that ends before the earlier of (i) the
expiration of six months after the date of termination, or (ii) the expiration date of the option. The term “Total
Disability” means a medically determinable mental or physical impairment that is expected to result in death or has
lasted or is expected to last for a continuous period of one year or more and that causes the Recipient to be unable to perform
the Recipient’s duties as an employee, director, officer or consultant of the Employer and to be unable to be engaged in
any substantial gainful activity.

 

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(c) Termination Because of Death. Unless
otherwise determined by the Board of Directors, if a Recipient dies while employed by or providing service to the Company, such
Recipient’s option may be exercised at any time before the expiration date of the option or before the date one year after
the date of death, whichever is the shorter period, but only if and to the extent the Recipient was entitled to exercise the option
at the date of death and only by the person or persons to whom the Recipient’s rights under the option shall pass by the
Recipient’s will or by the laws of descent and distribution of the state or country of the Recipient’s domicile at
the time of death; provided, however, that the Board of Directors may not provide for a post-termination exercise
period under this Section 6.1-6(c) that ends before the earlier of (i) the expiration of six months after the
date of termination, or (ii) the expiration date of the option.

 

(d) Termination for Cause. Unless otherwise
determined by the Board of Directors, if the Company terminates a Recipient’s employment or service with the Company for
Cause, such Recipient’s option shall immediately terminate and cease to be exercisable, whether or not any portion of it
had previously become exercisable. Unless otherwise determined by the Board of Directors, the term “Cause”
means Recipient’s (i) willful failure or refusal to perform Recipient’s duties, (ii) gross negligence or
intentional misconduct in connection with the performance of Recipient’s duties, or (iii) commission of a crime involving
dishonesty, breach of trust, or physical or emotional harm to any person.

 

(e) Intentional Misconduct. Unless
otherwise determined by the Board of Directors, an option shall immediately terminate and cease to be exercisable if the Recipient
engages in any intentional misconduct in connection with the performance of Recipient’s duties including, but not limited
to, unauthorized disclosure of any confidential or proprietary information of the Company or breach of any agreement with the Company.
If the Board of Directors at any time determines that a Recipient engaged in intentional misconduct before exercising an option,
the Company may elect to cancel the exercise of that option by returning to the Recipient any consideration paid on the exercise,
and the Recipient shall then surrender to the Company for cancellation the stock certificate representing the shares acquired on
that exercise.

 

(f) Amendment of Exercise Period Applicable
to Termination. The Board of Directors may at any time extend the three-month and one-year exercise periods any length of time
not longer than the original expiration date of the option. The Board of Directors may at any time increase the portion of an option
that is exercisable, subject to terms and conditions determined by the Board of Directors.

 

(g) Failure to Exercise Option. To
the extent that the option of any deceased Recipient or any Recipient whose employment or service terminates is not exercised within
the applicable period, all further rights to purchase shares pursuant to the option shall cease and terminate.

 

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(h) Leave of Absence. Absence on leave
approved by the Employer or on account of illness or disability shall not be deemed a termination or interruption of employment
or service. Unless otherwise determined by the Board of Directors, vesting of options shall continue during a medical, family or
military leave of absence, whether paid or unpaid, and vesting of options shall be suspended during any other unpaid leave of absence.

 

6.1-7 Purchase of Shares.

 

(a) Notice of Exercise. Unless the
Board of Directors determines otherwise, shares may be acquired pursuant to an option granted under the Plan only upon the Company’s
receipt of notice from the Recipient of the Recipient’s binding commitment to purchase shares, specifying the number of shares
the Recipient desires to purchase under the option and the date on which the Recipient agrees to complete the transaction, and,
if required to comply with the Securities Act of 1933 (the “Securities Act”), containing a representation
that it is the Recipient’s intention to acquire the shares for investment and not with a view to distribution. If the Common
Stock is publicly traded, the notice of exercise may include an irrevocable direction to a Company designated brokerage firm (on
a form prescribed by the Company) to sell some or all of the purchased shares and to deliver some or all of the sale proceeds to
the Company in payment of the exercise price and any required tax withholding.

 

(b) Payment. Unless the Board of Directors
determines otherwise, on or before the date specified for completion of the purchase of shares pursuant to an option exercise,
the Recipient must pay the Company the full purchase price of those shares in cash or by check or, with the consent of the Board
of Directors, in whole or in part, in Common Stock valued at fair market value, restricted stock or other contingent awards denominated
in either stock or cash, promissory notes, and other forms of consideration. The fair market value of Common Stock provided in
payment of the purchase price shall be the closing price of the Common Stock on the last trading day before the date payment in
Common Stock is made or, if earlier, committed to be made, if the Common Stock is publicly traded, or another value of the Common
Stock as specified by the Board of Directors. No shares shall be issued until full payment for the shares has been made, including
all amounts owed for tax withholding. With the consent of the Board of Directors, a Recipient may request the Company to apply
automatically the shares to be received upon the exercise of a portion of a stock option (even though stock certificates have not
yet been issued) to satisfy the purchase price for additional portions of the option.

 

(c) Tax Withholding. Each Recipient
who has exercised an option shall, immediately upon notification of the amount due, if any, pay to the Company in cash or by check
amounts necessary to satisfy any applicable federal, state, and local tax withholding requirements. If additional withholding is
or becomes required (as a result of exercise of an option or as a result of disposition of shares acquired pursuant to exercise
of an option) beyond any amount deposited before delivery of the certificates, the Recipient shall pay such amount, in cash or
by check, to the Company on demand. If the Recipient fails to pay the amount demanded, the Company or the Employer may withhold
that amount from other amounts payable to the Recipient, including salary, subject to applicable law. With the consent of the Board
of Directors, a Recipient may satisfy this obligation, in whole or in part, by instructing the Company to withhold from the shares
to be issued upon exercise or by delivering to the Company other shares of Common Stock; provided, however, that
the number of shares so withheld or delivered shall not exceed the amount necessary to pay tax withholding to each jurisdiction
calculated at the maximum tax rate applicable to income earned in that jurisdiction.

 

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(d) Reduction of Reserved Shares. Upon
the exercise of an option, the number of shares reserved for issuance under the Plan shall be reduced by the number of shares issued
upon exercise of the option, less the number of shares, if any, surrendered in payment for the exercise price or withheld or delivered
to satisfy withholding obligations.

 

6.1-8 Limitation on Grants to Non-Exempt
Employees. Unless otherwise determined by the Board of Directors, if an employee of the Company or any parent or subsidiary
of the Company is a non-exempt employee subject to the overtime compensation provisions of Section 7 of the Fair Labor Standards
Act (the “FLSA”), any option granted to that employee shall not be exercisable until at least six months
after the date it is granted; provided, however, that this six-month restriction on exercisability will cease to
apply if the employee dies, becomes disabled or retires, there is a change in ownership of the Company, or in other circumstances
permitted by regulation, all as prescribed in Section 7(e)(8)(B) of the FLSA.

 

6.2 Incentive Stock Options.
Incentive Stock Options shall be subject to the following additional terms and conditions:

 

6.2-1 Limitation on Amount of Grants.
If the aggregate fair market value of stock (determined as of the date the option is granted) for which Incentive Stock Options
granted under this Plan (and any other stock incentive plan of the Company or its parent or subsidiary corporations, as defined
in subsections 424(e) and 424(f) of the Code) are exercisable for the first time by an employee during any calendar year exceeds
$100,000.00, the portion of the option or options not exceeding $100,000.00, to the extent of whole shares, will be treated as
an Incentive Stock Option, and the remaining portion of the option or options will be treated as a Non-Statutory Stock Option.
The preceding sentence will be applied by taking options into account in the order in which they were granted. If, under the $100,000.00
limitation, a portion of an option is treated as an Incentive Stock Option and the remaining portion of the option is treated as
a Non-Statutory Stock Option, unless the Recipient designates otherwise at the time of exercise, the Recipient’s exercise
of all or a portion of the option will be treated as the exercise of the Incentive Stock Option portion of the option to the full
extent permitted under the $100,000.00 limitation. If a Recipient exercises an option that is treated as in part an Incentive Stock
Option and in part a Non-Statutory Stock Option, the Company will designate the portion of the stock acquired pursuant to the exercise
of the Incentive Stock Option portion as Incentive Stock Option stock by issuing a separate certificate for that portion of the
stock and identifying the certificate as Incentive Stock Option stock in its stock records.

 

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6.2-2 Limitations on Grants to 10% Stockholders.
An Incentive Stock Option may be granted under the Plan to an employee possessing more than 10% of the total combined voting power
of all classes of stock of the Company or any parent or subsidiary (as defined in subsections 424(e) and 424(f) of the Code) only
if the exercise price is at least 110% of the fair market value, as described in Section 6.1-2, of the Common Stock
subject to the option on the date it is granted and the option by its terms is not exercisable after the expiration of five years
from the date it is granted.

 

6.2-3 Early Dispositions. If within
two years after an Incentive Stock Option is granted or within one year after an Incentive Stock Option is exercised, the Recipient
sells or otherwise disposes of Common Stock acquired on exercise of the Option, the Recipient shall within 30 days of the sale
or disposition notify the Company in writing of (i) the date of the sale or disposition, (ii) the amount realized on
the sale or disposition, and (iii) the nature of the disposition (e.g., sale, gift, etc.).

 

7.
Stock Awards, Including Restricted Stock and Restricted Stock Units.

 

7.1 General Terms. The Board
of Directors may issue shares under the Plan as Stock Awards for any consideration determined by the Board of Directors, including
promissory notes and services and including no consideration or such minimum consideration as may be required by law. Stock Awards
shall be subject to the terms, conditions, and restrictions determined by the Board of Directors. The restrictions may include
restrictions concerning transferability, repurchase by the Company, and forfeiture of the shares issued, together with any other
restrictions determined by the Board of Directors. Stock Awards subject to restrictions may be either restricted stock awards under
which shares are issued immediately upon grant subject to forfeiture if vesting conditions are not satisfied, or restricted stock
unit awards under which shares are not issued until after vesting conditions are satisfied. All Stock Awards issued pursuant to
this Section 7 shall be subject to a stock award agreement, which shall be executed by the Company and the Recipient
of the Stock Award. The stock award agreement may contain any terms, conditions, restrictions, representations, and warranties
required by the Board of Directors. The certificates representing the shares shall bear any legends required by the Board of Directors.

 

7.2 Duration of Restricted Stock Units.
No shares shall be issuable under a restricted stock unit award or similar Stock Award after the expiration of 10 years from the
date it is granted.

 

7.3 Nontransferability. All
restricted stock unit awards granted under the Plan and any other rights to acquire shares under this Section 7 shall by
their terms be nonassignable and nontransferable by the Recipient, either voluntarily or by operation of law, except by will or
by the laws of descent and distribution of the state or country of the Recipient’s domicile at the time of death; provided,
however, that the Board of Directors may permit any such award or right to be transferable by gift or domestic relations
order to a Family Member of the Recipient, as such term is defined in Section 6.1-4.

 

7.4 Tax Withholding. The Company
may require any Recipient of a Stock Award to pay to the Company in cash or by check upon demand amounts necessary to satisfy any
applicable federal, state or local tax withholding requirements. If the Recipient fails to pay the amount demanded, the Company
or the Employer may withhold that amount from other amounts payable to the Recipient, including salary, subject to applicable law.
With the consent of the Board of Directors, a Recipient may satisfy this obligation, in whole or in part, by instructing the Company
to withhold from any shares to be issued or by delivering to the Company other shares of Common Stock; provided, however,
that the number of shares so withheld or delivered shall not exceed the amount necessary to pay tax withholding to each jurisdiction
calculated at the maximum tax rate applicable to income earned in that jurisdiction.

 

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7.5 Reduction in Reserved Shares. Upon
the issuance of shares pursuant to a Stock Award, the number of shares reserved for issuance under the Plan shall be reduced by
the number of shares issued, less the number of shares withheld or delivered to satisfy withholding obligations.

 

8.
Changes in Capital Structure.

 

8.1 Stock Splits, Stock Dividends, Etc.
If the outstanding Common Stock is hereafter increased or decreased or changed into or exchanged for a different number or kind
of shares or other securities of the Company by reason of any stock split, reverse stock split, combination of shares, dividend
payable in shares, recapitalization, reclassification or other distribution of Common Stock to stockholders generally without the
receipt of consideration by the Company, appropriate adjustment shall be made by the Board of Directors in the number and kind
of shares available for grants under the Plan and in all other share amounts set forth in the Plan. In addition, the Board of Directors
shall make appropriate adjustment in (i) the number and kind of shares subject to outstanding awards, and (ii) the exercise
price per share of outstanding options, so that the Recipient’s proportionate interest before and after the occurrence of
the event is maintained. Notwithstanding the foregoing, the Board of Directors shall have no obligation to effect any adjustment
that would or might result in the issuance of fractional shares, and any fractional shares resulting from any adjustment may be
disregarded or provided for in any manner determined by the Board of Directors. Any such adjustments made by the Board of Directors
shall be conclusive.

 

8.2 Mergers, Reorganizations, Etc.
Unless otherwise determined by the Board of Directors, in the event of a merger, consolidation, plan of exchange, acquisition of
property or stock, split-up, split-off, spin-off, reorganization or liquidation to which the Company is a party or any sale, lease,
exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets
of the Company (each, a “Transaction”), the Board of Directors shall, in its sole discretion and to the
extent possible under the structure of the Transaction, with respect to each outstanding option and Stock Award under the Plan,
select one of the following alternatives:

 

8.2-1 The outstanding option or Stock Award
shall remain in effect in accordance with its terms.

 

8.2-2 The outstanding option or Stock Award
shall be converted into an option or Stock Award to acquire stock in one (1) or more of the corporations, including the Company,
that are the surviving or acquiring corporations in the Transaction. The amount, type of securities subject thereto and exercise
or purchase price of the converted option or Stock Award shall be determined by the Board of Directors, taking into account the
relative values of the companies involved in the Transaction and the exchange rate, if any, used in determining shares of the surviving
corporation(s) to be held by holders of shares of the Company following the Transaction. Unless otherwise determined by the Board
of Directors, the converted option or Stock Award shall be vested only to the extent that the pre-conversion option or Stock Award
was vested.

 

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8.2-3 The Board of Directors shall provide
a period of 30 days or less before the completion of the Transaction during which the outstanding option may be exercised to the
extent then exercisable, and upon the expiration of that period, the unexercised portion of the option shall immediately terminate.
The Board of Directors may, in its sole discretion, accelerate the exercisability of the option so that it is exercisable in full
during that period. The Board of Directors also may, in its sole discretion, accelerate the vesting of any Stock Award or provide
that an unvested Stock Award shall terminate upon completion of the Transaction.

 

8.2-4 The outstanding option or Stock Award
shall be cancelled and converted into the right to receive payments with respect to each share subject to the option or Stock Award
equal to the excess of the payments received by holders of Common Stock with respect to each share of Common Stock in the Transaction
over the exercise or purchase price, if any. Payments with respect to the option or Stock Award shall be in the same form (e.g.,
cash, stock, other securities or property) as payments to holders of Common Stock and, once payments to holders of Common Stock
per share exceed the exercise or purchase price, if any, shall be paid to the Recipient at the same time as payments to holders
of Common Stock; provided, however, that to the extent that the option or Stock Award was subject to vesting
based on the Recipient’s continuing service, payments to the Recipient may be subject to vesting in accordance with the same
vesting schedule and payments may be delayed until vested; and provided further, that no such payments shall be made more
than five years after completion of the Transaction. The value of payments in any form other than cash shall be the fair market
value of such payments as determined by the Board of Directors. Payments to holders of Common Stock that are withheld for an escrow
fund, holdback or similar arrangement shall not be deemed to have been paid to the holders until released and actually paid.

 

8.2-5 If this Section 8.2-5
is specifically cited in an agreement for an outstanding option or Stock Award, or in a written consent or the minutes of a meeting
of the Board of Directors pursuant to which the option or Stock Award was granted, then such outstanding option or Stock Award
may not be terminated in connection with a Transaction in any manner that has an adverse effect on the Recipient without the Recipient’s
prior written consent, which such written consent must specifically reference this Section 8.2-5. Absent such written
consent, the option or Stock Award will vest or become exercisable according to its express terms (including any acceleration of
vesting or exercisability on or in connection with a Transaction), notwithstanding the Transaction’s effect on other options
or Stock Awards granted under the Plan.

 

8.3 Dissolution of the Company.
In the event of the dissolution of the Company, options and Stock Awards shall be treated in accordance with Section 8.2-3.

 

8.4 Rights Issued by Another Corporation.
The Board of Directors may also grant options and Stock Awards under the Plan with terms, conditions, and provisions that vary
from those specified in the Plan, provided that any such awards are granted in substitution for, or in connection with the
assumption of, existing options and Stock Awards granted by another corporation and assumed or otherwise agreed to be provided
for by the Company pursuant to or by reason of a Transaction.

 

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9.
Amendment of the Plan. The Board of Directors may at any time modify or amend the Plan in any respect; provided,
however, that any modification or amendment of the Plan shall be subject to stockholder approval to the extent required
under applicable law or the rules of any stock exchange on which the Company’s shares may then be listed. Notwithstanding
the foregoing, except as provided in Section 8, no change in an award already granted shall be made without the written
consent of the holder of the award if the change would adversely affect the holder.

 

10.
Approvals. The Company’s obligations under the Plan are subject to the approval of state and federal authorities
or agencies with jurisdiction in the matter. The Company will use its best efforts to take steps required by state or federal law
or applicable regulations, including rules and regulations of the Securities and Exchange Commission and any stock exchange on
which the Company’s shares may then be listed, in connection with the grants under the Plan. Notwithstanding the foregoing,
the Company shall not be obligated to issue or deliver Common Stock under the Plan if such issuance or delivery would, in the judgment
of the Board of Directors, violate state or federal securities laws.

 

11.
Employment and Service Rights. Nothing in the Plan or any award pursuant to the Plan shall (i) confer upon any
employee any right to be continued in the employment of an Employer or interfere in any way with the Employer’s right to
terminate the employee’s employment at will at any time, for any reason, with or without cause, or to decrease the employee’s
compensation or benefits, or (ii) confer upon any person engaged by an Employer any right to be retained or employed by the
Employer or to the continuation, extension, renewal or modification of any compensation, contract or arrangement with or by the
Employer.

 

12.
Rights as a Stockholder. The Recipient of any award under the Plan shall have no rights as a stockholder with respect
to any shares of Common Stock until the date the Recipient becomes the holder of record of those shares. Except as otherwise expressly
provided in the Plan or as determined by the Board of Directors, no adjustment shall be made for dividends or other rights for
which the record date occurs before the date the Recipient becomes the holder of record.

 

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13.
500 or More Optionholders/Company Assets in Excess of $10,000,000.00. If (i) the aggregate of the number of
holders of options granted under the Plan and the number of holders of all other outstanding compensatory options to purchase shares
of Common Stock equals or exceeds 500, and (ii) the assets of the Company at the end of the Company’s most recently
completed fiscal year exceed $10,000,000.00, then the following shall apply during any period when the Company is relying on the
exemption provided by Rule 12h-1(f) (“Rule 12h-1(f)”) under the Securities Exchange Act of 1934 (the
“Exchange Act”):

 

13.1 Transfer Restrictions.
The options granted under the Plan (including, prior to exercise, the shares underlying such options) may not be pledged, hypothecated
or otherwise transferred (including through any short position, any “put equivalent position” as defined in Rule 16a-1(h)
under the Exchange Act or any “call equivalent position” as defined in Rule 16a-1(b) under the Exchange Act), except
for any transfer (i) permitted by Rule 701(c) under the Securities Act, (ii) to an executor or guardian of the Recipient
upon the death or disability of the Recipient, or (iii) otherwise permitted by Rule 12h-1(f) (such permitted transferees,
collectively, the “Permitted Transferees”); provided, however, that any Permitted Transferees
may not further transfer the options; and provided further, that the foregoing restrictions are in addition to and not in
lieu of the restrictions on transfer set forth in Section 6.1-4.

 

13.2 Required Information. So
long as shall be required by applicable law, the Company shall provide to holders of options in accordance with Rule 12h-1(f) the
information described in Rules 701(e)(3), (4) and (5) under the Securities Act every six months with the financial statements being
not more than 180 days old; provided, however, that the Company may condition the provision of such information upon
the Recipient’s agreement to keep the information confidential.

 

Adopted by the Board of Directors and Stockholders: December
30, 2020.

 

    11

     

    

 

ADDENDUM A

 

Clene Inc.

2020 STOCK PLAN

(Provisions for California Participants)

 

With respect to awards granted to California
residents in reliance on Section 25102(o) of the California Corporations Code (“California Participants”)
prior to the date, if ever, on which the Common Stock becomes a Listed Security (as defined below) and/or the Company is subject
to the reporting requirements of the Exchange Act, and only to the extent required by applicable law, the following provisions
shall apply notwithstanding anything in the Plan or an award agreement to the contrary:

 

1. With respect to options, the exercise
period shall be no more than 120 months from the date the option is granted.

 

2. With respect to options, the option shall
be non-transferable other than by will, by the laws of descent and distribution, or, if and to the extent permitted under the award
agreement, to a revocable trust or as permitted by Rule 701 of the Securities Act.

 

3. With respect to options, unless employment
or service is terminated for “cause” as defined by applicable law, the terms of the Plan or award agreement, or a contract
of employment or service, the right to exercise the option in the event of termination of employment or service, to the extent
that the optionee is entitled to exercise on the date employment or service terminates, will continue until the earlier of the
option expiration date or:

 

(a) At least six months from the date of termination
if termination was caused by death or Permanent Disability.

 

(b) At least 30 days from the date of termination
if termination was caused by other than death or Permanent Disability.

 

“Permanent Disability”
for purposes of this Addendum shall mean the inability of the optionee, in the opinion of a qualified physician acceptable to the
Company, to perform the major duties of the optionee’s position with the Company because of the sickness or injury of the
optionee.

 

4. The award must be granted within 10 years
from the date the Plan is adopted or the date the Plan is approved by the Company’s security holders entitled to vote, whichever
is earlier.

 

5. Security holders representing a majority
of the Company’s outstanding securities entitled to vote must approve the Plan by the later of (a) within 12 months
before or after the date the Plan is adopted, or (b) prior to the granting of any award to a California Participant. 
Any option exercised or award granted before security holder approval is obtained must be rescinded if security holder approval
is not obtained in the manner described in the preceding sentence.  Such securities shall not be counted in determining whether
such approval is obtained.

 

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6. Notwithstanding anything to the contrary
in Section 8.1 of the Plan, the Board of Directors shall in any event make such adjustments as may be required by Section 25102(o)
of the California Corporations Code.

 

7. The Company will provide financial statements
to each award recipient annually during the period such individual has one or more awards outstanding, or as otherwise required
under Section 260.140.46 of Title 10 of the California Code of Regulations.  Notwithstanding the foregoing, the Company
will not be required to provide such financial statements to award recipients when (a) issuance is limited to key persons
whose duties in connection with the Company assure them access to equivalent information, or (b) the Plan complies with all
conditions of Rule 701 of the Securities Act; provided that for purposes of determining such compliance, any registered
domestic partner shall be considered a “family member” as that term is defined in Rule 701.

 

8. For purposes of this Addendum, “Listed
Security” means any security of the Company that is listed or approved for listing on a national securities exchange
or designated or approved for designation as a national market system security on an interdealer quotation system by the Financial
Industry Regulatory Authority (or any successor thereto).

 

9. This Addendum shall no longer be part
of the Plan at such time as the Company’s Common Stock becomes a Listed Security and/or the Company is subject to the reporting
requirements of the Exchange Act.

 

 

13Document

PERFORMANCE SHARE UNIT AWARD AGREEMENT
Comstock Mining Inc. 2020 Equity Incentive Plan
This Performance Share Unit Award Agreement (this “Agreement”) is entered into as of the      day of                         , 20     (the “Grant Date”) by and between Comstock Mining Inc., a Nevada corporation (the “Company”) and                          (the “Participant”).
RECITALS
In consideration of the services performed and to be performed by Participant, the Company has determined that it is in the best interests of the Company to grant Participant an award payable in common stock of the Company pursuant to Section 9 of the Comstock Mining Inc. 2020 Equity Incentive Plan (the “Plan”), which has been approved by the Company’s shareholders, and which common stock shall carry certain restrictions for vesting and delivery to Participant. Capitalized terms used herein shall have the meaning ascribed to them in the Plan, a copy of which is available to Participant from the Company’s human resources department and the terms of the Plan are hereby incorporated into this Agreement by reference.
TERMS AND CONDITIONS OF AWARD
1. Grant of Performance-Based Award. The Company hereby grants to Participant units covering                           (            ) shares of the Company’s common stock (the “Performance Share Units”) on the terms and conditions set forth herein. Shares corresponding to the number of Performance Share Units (the “PSU Shares”) granted herein are to be delivered to Participant after the Participant has become vested in the Performance Share Units pursuant to Section 2, below.
2. Vesting. The Performance Share Units granted hereunder shall vest on the following dates (each, a “Vesting Date”): (i) with respect to 50% of the Performance Share Units on or before the third anniversary of the Grant Date if, (a) Participant has remained continuously employed by the Company from the Grant Date through the third anniversary of the Grant Date; and (b) the Committee has determined that the Performance Goals incorporated by reference in Section 4 to be achieved by such third anniversary of the Grant Date, have been met, except as provided in Section 9 of this Agreement; and (ii) with respect to 50% of the Performance Share Units on or before the fifth anniversary of the Grant Date if, (a) Participant has remained continuously employed by the Company from the Grant Date through the Vesting Date; and (b) the Committee has determined that the Performance Goals incorporated by reference in Section 4 to be achieved on or before such fifth anniversary of the Grant Date, have been met, except as provided in Sections 9 of this Agreement.
 
3. Delivery of Stock Certificate. If the Performance Share Units vest, a certificate in the amount of the PSU Shares shall be registered in the name of the Participant and delivered to the Participant or Participant’s legal representative not later than 45 days following the Vesting Date.
4. Performance Goals. The objective Performance Goals established by the Committee, pursuant to the terms of the Plan are set forth in Appendix A, attached hereto.

5. Non-transferability. The Participant may not sell, assign, transfer pledge or otherwise encumber the Performance Share Units. Upon any attempted transfer, assignment pledge, hypothecation, or any right or privilege conferred hereby, contrary to the provisions hereof, or upon the levy of any attachment or similar process upon the Performance Share Units, or any right of privilege conferred hereby, the Performance Share Units and such rights or privileges, shall immediately become null and void.
6. Termination of Performance Share Units. Except as otherwise provided in this Agreement, the Performance Share Units shall be cancelled upon Participant’s termination of employment for any reason prior to a Vesting Date. 
7. Transfers and Leaves of Absence. The transfer of a Participant’s employment, without an intervening period of separation, among the Company and any subsidiary, shall not be deemed a termination of employment. A Participant who is granted a leave of absence, in writing, shall be deemed to have remained in the employ of the Company during such leave of absence.
8. Adjustments. In the event of any change in the outstanding common stock of the Company by reason of a stock split, spin-off, stock dividend, stock combination or reclassification, reorganization, recapitalization, merger, consolidation or similar event, the Committee shall adjust proportionately the number of Performance Share Units and make such other revisions to the Performance Share Units as the Committee deems to be equitably required.
9. Change in Control. In the event of a Change in Control, as defined in the Plan, the vesting of the Performance Share Units shall be accelerated and the Performance Share Units shall be deemed to be 100% vested immediately preceding the consummation of such Change in Control.  The Committee may in its discretion and upon at least 10 days’ advance written notice to the Participant, cancel any outstanding Performance Share Units (subject to the consummation of the Change in Control) and pay to the Participant, in cash or stock, or any combination thereof, the value of such awards based upon the price per share of common stock received or to be received by other shareholders of the Company in the connection with the transaction constituting the Change in Control.
10. Amendment and Termination. This Agreement may be modified by the Company in any manner which is consistent with the Plan, provided that no such amendment shall modify this Agreement in any manner adverse to Participant without Participant’s written consent.
11. Withholding Taxes. The Company’s obligation to deliver the PSU Shares upon vesting of the Performance Share Units is conditioned upon Participant’s payment to the Company of such amount as may be requested by the Company for purposes of depositing any federal, state or local income or other taxes required by law to be withheld with respect to the delivery of the Shares. The Participant may direct the Company to withhold Shares to cover such required withholding amounts.
12. Limitations and Conditions.
(a) Nothing contained herein shall affect the right of the Company to terminate any Participant’s employment at any time for any reason.

(b) Participant shall not be, and shall not have any of the rights or privileges of, a shareholder of the Company in respect of any PSU Shares as to which the Performance Share Units are granted hereunder unless and until certificates representing the PSU Shares have been issued by the Company to Participant.
(c) Neither Performance Share Units nor the PSU Shares shall be deemed compensation for purposes of computing benefits or contributions under any retirement plan of the Company or its subsidiaries and shall not affect any benefits, or contributions to benefits, under any other benefit plan of any kind now or subsequently in effect under which the availability or amount of benefits or contributions is related to level of compensation.
 
(d) Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Corporate Secretary, and any notice to be given to Participant shall be addressed to him/her at Participant’s address on the books of the Company. By a notice given pursuant to this Section, either party may designate a different address for notices to be given. Any notice shall have been deemed duly given when enclosed in a properly sealed envelope addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service, or sent by overnight delivery or facsimile.
(e) The laws of the State of Nevada shall govern the interpretation, validity and performance of the terms of this Agreement.

IN WITNESS WHEREOF, the Company has executed this Agreement and Participant has accepted this Agreement, including all of the terms and conditions hereof, which constitute a contract between the Company and Participant, as of the day and year first above written.

____________________________________
Participant

Comstock Mining Inc.

By: ____________________________________
Name:
Title:
 

Appendix A
Performance Goals (up to 3 years)
50% of the Performance Share Units shall vest on the date (which shall be no later than the third anniversary of the Grant Date) that the Committee shall determine in its sole and absolute discretion that the following Performance Goals have been achieved.  For the sake of clarity, up to 1/17th of 50% of the Performance Share Units shall be permitted to vest upon the Committee’s determination that each of the seventeen individual Performance Goals has been achieved. 
Establish and Grow our Lyon County Mineral Properties Values: 
•Establish the Dayton Resource area’s maiden, stand-alone mineral resource estimates (1); 
•Expand the Dayton-Spring Valley Complex (Including exploration drilling and geophysical (2); 
•Develop the expanded Dayton-SV toward full economic feasibility, supporting decision to mine (3); 
•Entitle the Dayton-SV Complex with geotechnical, metallurgical, environmental studies and permitting (4); 
•Assess and Capitalize on Value Enhancing Expansion Opportunities (5);
Validate the Comstock NSR Royalty portfolio (Lucerne Mine, Occidental Lode, Comstock Lode, etc.) (6);
Commercialize a Global, ESG-compliant, Profitable, Mercury Remediation System:
•Establish the technical efficacy of Comstock Mercury System, protect the intellectual property (7); 
•Deploy and Operate the first international mercury remediation project by deploying MCU’s second and third mercury remediation systems, into the Philippines (8); 
•Identify, evaluate and prioritize a pipeline of potential mercury remediation projects and deploying the third and fourth mercury remediation projects, producing extended, superior cash flow returns (9).
Monetize Non-strategic Assets
•Monetize our third-party, junior mining securities responsibly, for $12.5 million+ (10);
•Monetize our non-mining assets for $12.5 million, excluding the Gold Hill Hotel (11); 
•Grow the value of our Opportunity Zone investments to over $30 million (12);
•Close of Lucerne sale (incl. assigning liability; maintaining reimbursements; NCJV; Note payoffs, etc.) (13);
Build a quality organization
•Deploy a systemic organization, capable of accelerating growth and handling complexity
a.Maintaining Capital Structure – Financial Accounting & Reporting (Y-28 Days; Q-1 18 Days) (14);
b.Expanding the investment base with keen investors (Institutional +50%; ESG + 30%) (15);
c.Maintaining the Operating Platform & Permits – Health, Safety & Environmental (16); and 
d.Maintaining Social Credo – Comstock Responsible & Environmental-Sustainable-Governance (17).
Performance Goal (up to 5 years)
The remaining 50% of the Performance Share Units shall vest on the date (which shall be no later than the fifth anniversary of the Grant Date) that the Committee shall determine in its sole and absolute discretion that the share price of the Company meets or exceeds $12 per share for 20 out of 30 consecutive trading days.

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