Document:

EX-10.28

 Exhibit 10.28 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT AND ALL SUCH APPLICABLE LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 
  

			
	Warrant No. 1	  	July 24, 2020

 GREENLIGHT BIOSCIENCES INC. 

WARRANT TO PURCHASE SHARES OF SERIES D PREFERRED STOCK 

This Warrant is issued to Leerink Partners Co-Investment Fund, LLC or its registered assigns by
GreenLight Biosciences Inc., a Delaware corporation (the “Company”). 
 1. Purchase of Shares. Subject to the
terms and conditions hereinafter set forth, the holder (“Holder”) of this Warrant is entitled, upon surrender of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the
holder hereof in writing), to purchase from the Company up to Eight Hundred Seventy Four Thousand One Hundred Thirty (874,130) fully paid and nonassessable shares of the Company’s Series D Preferred Stock, $0.001 par value per share (the
“Series D Preferred Stock”), in each case as such number may be adjusted from time to time in accordance with the terms hereof (the “Shares”). 

2. Exercise Price; Term. 

(a) Exercise Price. The exercise price for each Share (as adjusted from time to time in accordance with the terms hereof, the
“Exercise Price”) shall be: $1.8118. 
 (b) Exercise Period. This Warrant shall be exercisable, in whole or in
part, during the term commencing on the date hereof and ending on the expiration of this Warrant pursuant to Section 12 hereof. 
 3.
Method of Exercise. While this Warrant remains outstanding and exercisable in 
 accordance with Section 2 above, the Holder may exercise, in
whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 
 (a) the surrender of the Warrant, together
with a notice of exercise to the President or Secretary of the Company at its principal offices substantially in the form attached hereto as Exhibit 1; and 

(b) the payment to the Company, in cash, of an amount equal to the aggregate Exercise Price for the number of Shares being purchased. 

4. Net Exercise. In lieu of cash exercising this Warrant, the holder of this Warrant may elect to exercise this Warrant on a “Net
Exercise” basis by surrender of this Warrant to the President or Secretary of the Company at the principal office of the Company, together with notice of such election, in which event the Company shall issue to the holder hereof a number of
Shares computed using the following formula: 

 Y(A-B) 

X =                 A 

Where 
 X = The number of Shares
to be issued to the holder of this Warrant. 
 Y = The number of Shares purchasable under this Warrant. 

A = The fair market value of one Share, as determined in good faith by the Company’s Board of Directors. 

B = The Exercise Price (as adjusted to the date of such calculations). 

5. Certificates for Shares. Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates for the number
of Shares so purchased shall be issued as soon as practicable thereafter, and in any event within fourteen (14) days of the delivery of the exercise notice and payment therefor. 

6. Issuance of Shares. The Company covenants that the Shares, when issued pursuant to the exercise of this Warrant, will be duly and
validly issued, fully paid and nonassessable and free from all taxes, liens, and charges with respect to the issuance thereof. 
 7.
Adjustment of Exercise Price and Number of Shares. The number of and kind of securities purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(a) Subdivisions, Combinations and Other Issuances. If the Company shall, from and after the date hereof and at any time prior to the
expiration of this Warrant subdivide the outstanding shares of Series D Preferred Stock, by split-up or otherwise, or combine the outstanding shares of Series D Preferred Stock, or issue shares of Series D
Preferred Stock as a dividend, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination.
Appropriate adjustments shall also be made to the Exercise Price payable per Share, such that the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment
under this Section 7(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of
such dividend. 
 (b) Reclassifications, Reorganizations, Conversions. In case of any reclassification, capital reorganization, or
change in the capital stock of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 7(a) above), or any automatic or mandatory conversion of all of the outstanding shares of the class or
series of capital stock for which this Warrant is then exercisable, then the holder of this Warrant shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that

 
payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization, change or
conversion by a holder of the same number of Shares as were purchasable by the holder of this Warrant immediately prior to such reclassification, reorganization, change or conversion. In any such case appropriate provisions shall be made with
respect to the rights and interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise hereof, and appropriate
adjustments shall be made to the Exercise Price per Share payable hereunder, provided the aggregate Exercise Price shall remain the same. 

(c) Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the
Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this Warrant. 

(d) Other Action Affecting Shares. In the event that the Company shall make a distribution in respect of the outstanding shares of
Warrant Stock that is not elsewhere described in this Section 7, the Holder shall be entitled, upon exercise of this Warrant, to receive from the Company its pro rata share of any such distribution such that the Holder receives, upon exercise
of this Warrant, the same type and amount of property which such Holder would have received if such Holder had exercised this Warrant immediately prior to such distribution or the date the Company shall take a record of the holders of its shares for
purposes of such distribution, as applicable, and, from and after the date of such distribution, the Company shall hold and set aside (or cause to be held and set aside in a commercially reasonable manner) an amount of such property equal to the
Holder’s pro rata portion thereof for distribution to the Holder pursuant hereto. 
 8. No Fractional Shares or Scrip. No
fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the fair market value thereof then in
effect. 
 9. Restrictive Legend. The Shares issuable upon exercise of this Warrant (unless registered under the Securities Act of
1933, as amended (the “Securities Act”)) shall be stamped or imprinted with a legend in substantially the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

 THE CORPORATION IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OR SERIES OF STOCK. THE POWERS,
DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS, AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS OF EACH CLASS OF STOCK OR SERIES OF ANY CLASS ARE SET FORTH IN THE
CERTIFICATE OF INCORPORATION OF THE CORPORATION. THE CORPORATION WILL FURNISH A COPY OF THE CERTIFICATE OF INCORPORATION OF THE CORPORATION TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A CERTAIN FIFTH AMENDED AND RESTATED INVESTORS’
RIGHTS AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF STOCK OF THE CORPORATION, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED
BY, THE TERMS AND CONDITIONS OF A CERTAIN FIFTH AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF STOCK OF THE
CORPORATION. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION. 
 THE SHARES EVIDENCED
HEREBY ARE SUBJECT TO A FIFTH AMENDED AND RESTATED VOTING AGREEMENT, AS MAY BE AMENDED FROM TIME TO TIME, (A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH
INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THAT VOTING AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND OWNERSHIP SET FORTH THEREIN. 

10. Warrant Transferable. Subject to compliance with the terms and conditions of this Section 10, this Warrant and all rights
hereunder are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes), upon surrender of this Warrant properly endorsed or accompanied by a written instruction of transfer substantially in the form attached
hereto as Exhibit 2; provided that the transferee consents in writing to be bound by the terms of this Warrant, the Fifth Amended and Restated Investors’ Rights Agreement dated as of June 15, 2020 by and among the Company and the
other parties thereto (the “IRA”), the Fifth Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of June 15, 2020 by and among the Company and the other
parties thereto (the “ROFR and Co-Sale Agreement”) and the Fifth Amended and Restated Voting Agreement dated as of June 15, 2020 by and among the Company and the other parties
thereto (the “Voting Agreement”) (together with the IRA and ROFR and Co-Sale Agreement, collectively, the “Stockholder Agreements”). With respect to any

 
offer, sale or other disposition of this Warrant prior to registration of such Warrant, the Holder hereof agrees to give written notice to the Company prior thereto, describing briefly the manner
thereof and indicating whether or not under the Securities Act certificates for this Warrant require any restrictive legend as to applicable restrictions on transferability in order to ensure compliance with such law. Upon receiving such written
notice and the written consent of the proposed transferee agreeing to be bound by the terms hereunder, the Company, as promptly as practicable, shall notify the Holder that it may sell or otherwise dispose of this Warrant, all in accordance with the
terms of the notice delivered to the Company. Each instrument representing this Warrant or any portion thereof in the event of a transfer in accordance with this Section 10 shall bear a legend as to the applicable restrictions on
transferability in order to ensure compliance with such laws, unless such legend is not required in order to ensure compliance with such laws. The Company may issue stop transfer instructions to its transfer agent in connection with such
restrictions. 
 11. “Market Stand-off” Agreement. Holder hereby agrees that it will
not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock, par value $0.001 per share
(“Common Stock”), or any other equity securities under the Securities Act on a registration statement on Form S-1, and ending on the date specified by the Company and the managing
underwriter (such period not to exceed one hundred eighty (180) days in the case of the Company’s first underwritten public offering of its Common Stock under the Securities Act (the “IPO”), which period may be
extended upon the request of the managing underwriter, to the extent required by any NASD rules, for an additional period of up to fifteen (15) days if the Company issues or proposes to issue an earnings or other public release within fifteen
(15) days of the expiration of the 180-day lockup period), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any
option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held
immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such
securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The underwriters in connection with such registration are intended third
party beneficiaries of this Section 11 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Holder further agrees to execute such agreements as may be reasonably requested by the
underwriters in connection with such registration that are consistent with this Section 11 or that are necessary to give further effect thereto. 

12. Rights of Stockholders. Except as expressly set forth in Section 7 hereof, no holder of this Warrant shall be entitled, as a
Warrant holder, to vote or receive dividends or be deemed the holder of the Shares or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to
confer upon the holder of this Warrant, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent
to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription
rights until the Warrant shall have been exercised. With respect to the Shares, Holder hereby accepts and assumes all rights and obligations of, and becomes a party to the Stockholder Agreements as, an “Investor” and
“Stockholder” under the Stockholder Agreements and will execute a joinder to the Stockholder Agreements if requested by the Company. 

 13. Expiration of Warrant; Notice of Certain Events Terminating This Warrant.  

(a) This Warrant shall expire and shall no longer be exercisable upon the earliest to occur of: 

(i) 5:00 p.m., Eastern Standard time, on July [24], 2025; 

(ii) the consummation of a Sale of the Company (as defined below); and 

(iii) the consummation of the Company’s first underwritten public offering of its Common Stock. 

(b) “Sale of the Company” means (a) a “Deemed Liquidation Event” as defined in the Company’s certificate of
incorporation in effect at the time of such event or (b) the sale, in a single transaction or series of related transactions, in which a person or entity, or a group of related persons or entities, acquires from stockholders of the Company
shares representing greater than fifty percent (50%) of the outstanding voting power of the Company. 
 (c) The Company shall provide at
least ten (10) days prior written notice to the Holder of any event set forth in Section 12(a)(ii) or (iii). 
 14. Notices.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S.
Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid or (d) one business day after the business day of facsimile transmission, if delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed (i) if to the Holder, at One
Federal Street, 37th Floor, Boston, MA 02110, and (ii) if to the Company, at the address of its principal corporate offices (attention: President) or at such other address as a party may designate by ten days advance written notice to the other
party pursuant to the provisions above. 
 15. Governing Law. This Warrant and all actions arising out of or in connection with this
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware or of any other state. 

 15. Rights and Obligations Survive Exercise of Warrant. Unless otherwise provided
herein, the rights and obligations of the Company and of the holder of this Warrant shall survive the exercise of this Warrant. 
 16.
Facsimile Signatures. This Warrant may be executed by facsimile signatures. 
 17. Amendments. Except as otherwise expressly
set forth in this Warrant, any term of this Warrant may be amended or waived (either retroactively or prospectively) with the written consent of the Company and the Holder hereof. 

18. No Waiver. No waiver of any provision or consent to any action shall constitute a waiver of any other provision or consent to any
other action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party to provide a waiver in the future except to the extent specifically set forth in writing. 

19. No Impairment. The Company shall not by any action, including, without limitation, through any reorganization, transfer of assets,
consolidation, merger, dissolution, or any other similar action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times carry out of all such terms and take all such actions as may be
necessary or appropriate to protect the rights of the Holder against impairment. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant to be duly
executed and delivered by their proper and duly authorized officers as of the date first written above. 
  

			
	GREENLIGHT BIOSCIENCES INC.
		
	By:	 	 /s/Andrey Zarur

	Name: Andrey Zarur
	Title: President

 EXHIBIT 1 

NOTICE OF EXERCISE 

TO:   GreenLight Biosciences Inc. 
 200
Boston Avenue, Suite 3100 
 Medford, MA 02155-4257 

Attention: President 
 1. The
undersigned hereby elects to purchase shares of pursuant to the terms of the attached Warrant. 
 2. Method of Exercise (Please check the
applicable blank): 
  

	 	☐	 The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders herewith
payment in full for the purchase price of the shares being purchased, together with all applicable transfer taxes, if any. 

  

	 	☐	 The undersigned elects to exercise the attached Warrant by means of the net exercise provisions of
Section 4 of the Warrant. 

 3. Please issue a certificate or certificates representing said Shares in the name of the
undersigned or in such other name as is specified below: 
  

	
	  
  

(Name)
  

	  
  

(Address)

  

					
		 		  	  

                    (Signature)

			
		 		  	  

                    (Name)

			
	  

                    (Date)
	 		  	  

                    (Title)

 EXHIBIT 2 

FORM OF TRANSFER 
 (To be
signed only upon transfer of Warrant) 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
________________________________________________ the right represented by the attached Warrant to purchase ___________ shares of _____________________________ of GreenLight Biosciences Inc., a Delaware corporation, to which the attached Warrant
relates, and appoints ________________________________Attorney to transfer such right on the books of ________________, with full power of substitution in the premises. 

Dated:                         
            
  

	
	  

	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)
	
	Address:                                     
                                         
        
	
	  

	
	  

 Signed in the presence of:EX-10.29

 Exhibit 10.29 

GREENLIGHT BIOSCIENCES, INC. 

2012 Stock Incentive Plan 

1. Purpose. 
 The purpose
of this plan (the “Plan”) is to secure for GreenLight Biosciences, Inc., a Delaware corporation (the “Company”) and its shareholders the benefits arising from capital stock ownership by employees, officers and directors of, and
consultants or advisors to, the Company and its parent and subsidiary corporations who are expected to contribute to the Company’s future growth and success. Under the Plan recipients may be awarded both (i) Options (as defined in
Section 2.1) to purchase the Company’s common stock, par value $.01 (“Common Stock”) and (ii) shares of Common Stock (“Restricted Stock Awards”). Except where the context otherwise requires, the term
“Company” shall include any parent and all present and future subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”). Those
provisions of the Plan which make express reference to Section 422 of the Code shall apply only to Incentive Stock Options (as that term is defined below). Appendix A to this Plan shall apply only to participants in the Plan who are residents
of the State of California. 
 2. Types of Awards and Administration. 

2.1 Options. Options granted pursuant to the Plan (“Options”) shall be authorized by action of the Board of Directors of
GreenLight Biosciences, Inc. (the “Board” or “Board of Directors”) and may be either incentive stock options (“Incentive Stock Options”) meeting the requirements of Section 422 of the Code or non-statutory Options which are not intended to meet the requirements of Section 422. All Options when granted are intended to be non-statutory Options, unless the
applicable Option Agreement (as defined in Section 5.1) explicitly states that the Option is intended to be an Incentive Stock Option. The vesting of Options may be conditioned upon the completion of a specified period of employment with the
Company and/or such other conditions or events as the Board may determine. The Board may also provide that Options are immediately exercisable subject to certain repurchase rights in the Company dependent upon the continued employment of the
optionee and/or such other conditions or events as the Board may determine. 
 2.1.1 Incentive Stock Options. Incentive Stock
Options may only be granted to employees of the Company. For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other incentive stock option plans of the Company) which are intended to constitute Incentive
Stock Options shall not constitute Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for shares of Common Stock with an aggregate fair market value (determined
as of the respective date or dates of grant) of more than $100,000. If an Option is 

 
intended to be an Incentive Stock Option, and if for any reason such Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification,
such Option (or portion thereof) shall be regarded as a non-statutory Option appropriately granted under the Plan provided that such Option (or portion thereof) otherwise meets the Plan’s requirements
relating to non-statutory Options. 
 2.2 Restricted Stock Awards. The Board in its
discretion may grant Restricted Stock Awards, entitling the recipient to acquire, for a purchase price determined by the Board, shares of Common Stock subject to such restrictions and conditions as the Board may determine at the time of grant
(“Restricted Stock”), including continued employment and/or achievement of pre-established performance goals and objectives. 

2.3 Administration. The Plan shall be administered by the Board, whose construction and interpretation of the terms and provisions of
the Plan shall be final and conclusive. The Board may in its sole discretion authorize issuance of Restricted Stock, the grant of Options and the issuance of shares upon exercise of such Options as provided in the Plan. The Board shall have
authority, subject to the express provisions of the Plan, to construe Restricted Stock Agreements, Option Agreements and the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to determine the terms and provisions of
Restricted Stock Agreements and Option Agreements, and to make all other determinations in the judgment of the Board necessary or desirable for the administration of the Plan. The Board may correct any defect or supply any omission or reconcile any
inconsistency in the Plan or in any Restricted Stock Agreement or Option Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. No director or
person acting pursuant to authority delegated by the Board shall be liable for any action or determination under the Plan made in good faith. The Board may, to the full extent permitted by or consistent with applicable laws or regulations, delegate
any or all of its powers under the Plan to a committee (the “Committee”) appointed by the Board, and if the Committee is so appointed, to the extent of such delegation, all references to the Board in the Plan shall mean and relate to such
Committee, other than references to the Board in this sentence and in Section 18 (as to amendment or termination of the Plan) and Section 22. 

3. Eligibility. 
 Options
may be granted, and Restricted Stock may be issued, to persons who are, at the time of such grant or issuance, employees, officers or directors of, or consultants or advisors to, the Company; provided, that the class of persons to whom
Incentive Stock Options may be granted shall be limited to employees of the Company. 
 3.1 10% Shareholder. If any employee
to whom an Incentive Stock Option is to be granted is, at the time of the grant of such Option, the owner of stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (after taking into account the
attribution of stock ownership rules of Section 424(d) of the Code) (a “Greater Than 10% Shareholder”), any Incentive Stock Option granted to such individual must: (i) have an exercise price per share of not less than 110% of the
fair market value of one share of Common Stock at the time of grant; and (ii) expire by its terms not more than five years from the date of grant. 

  
 - 2 - 

 4. Stock Subject to Plan. 

Subject to adjustment as provided in Section 14.2 below, the maximum number of shares of Common Stock which may be issued under the Plan
is 3,416,230 shares. If an Option shall expire or terminate for any reason without having been exercised in full, the unpurchased shares subject to such Option shall again be available for subsequent Option grants or Restricted Stock Awards under
the Plan. If shares of Restricted Stock shall be forfeited to, or otherwise repurchased by, the Company pursuant to a Restricted Stock Agreement, such repurchased shares shall again be available for subsequent Option grants or Restricted Stock
Awards under the Plan. If shares issued upon exercise of an Option are tendered to the Company in payment of the exercise price of an Option, such tendered shares shall again be available for subsequent Option grants or Restricted Stock Awards under
the Plan. 
 5. Forms of Restricted Stock Agreements and Option Agreements. 

5.1 Option Agreement. Each recipient of an Option shall execute an option agreement (“Option Agreement”) in such form not
inconsistent with the Plan as may be approved by the Board of Directors. Such Option Agreements may differ among recipients. 
 5.2
Restricted Stock Agreement. Each recipient of a grant of Restricted Stock shall execute an agreement (“Restricted Stock Agreement”) in such form not inconsistent with the Plan as may be approved by the Board of Directors. Such
Restricted Stock Agreements may differ among recipients. 
 5.3 “Lock-Up”
Agreement. Unless the Board specifies otherwise, each Restricted Stock Agreement and Option Agreement shall provide that upon the request of the Company or the managing underwriter(s) of any offering of securities of the Company that is the
subject of a registration statement filed under the United States Securities Act of 1933, as amended from time to time (the “Act”), the holder of any Option or the purchaser of any Restricted Stock shall, in connection therewith, agree in
writing (in such form as the Company or such managing underwriter(s) shall request) to the general effect that for a period of time (not to exceed 180 days, plus such additional number of days (not to exceed 35) as may reasonably be requested to
enable the underwriter(s) of such offering to comply with Rule 2711(f) of the Financial Industry Regulatory Authority or any amendment or successor thereto) from the effective date of the registration statement under the Act for such offering, the
holder or purchaser will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any shares of the common stock of the Company owned or controlled by him or her. 

6. Purchase Price. 
 6.1
General. The purchase price per share of Restricted Stock and per share of stock deliverable upon the exercise of an Option shall be determined by the Board, provided, however, that in the case of any Option, the exercise price shall not be
less than 100% of the fair market value of such stock, as determined by the Board, at the time of grant of such Option, or less than 110% of such fair market value in the case of any Incentive Stock Option granted to a Greater Than 10% Shareholder.

  
 - 3 - 

 6.2 Payment of Purchase Price. Option Agreements may provide for the payment of the
exercise price by delivery of cash or a check to the order of the Company in an amount equal to the exercise price of such Options, or, to the extent provided in the applicable Option Agreement, by one of the following methods: 

(i) with the consent of the Board by delivery to the Company of shares of Common Stock; such surrendered shares shall have a
fair market value equal in amount to the exercise price of the Options being exercised, 
 (ii) with the consent of the
Board a personal recourse note issued by the optionee to the Company in a principal amount equal to such aggregate exercise price and with such other terms, including interest rate and maturity, as the Company may determine in its discretion;
provided, however, that the interest rate borne by such note shall not be less than the lowest applicable federal rate, as defined in Section 1274(d) of the Code, 

(iii) with the consent of the Board if the class of Common Stock is registered under the Securities Exchange Act of 1934
at such time, subject to rules as may be established by the Board, by delivery to the Company of a properly executed exercise notice along with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and
acceptable to the Company for the purchase price, 
 (iv) with the consent of the Board by reducing the number of
Option shares otherwise issuable to the optionee upon exercise of the Option by a number of shares of Common Stock having a fair market value equal to such aggregate exercise price, 

(v) with the consent of the Board by any combination of such methods of payment. 

The fair market value of any shares of Common Stock or other non-cash consideration which may be
delivered upon exercise of an Option shall be determined by the Board of Directors. Restricted Stock Agreements may provide for the payment of any purchase price in any manner approved by the Board of Directors at the time of authorizing the
issuance thereof. 
 7. Option Period. 

Notwithstanding any other provision of the Plan or any Option Agreement, each Option and all rights thereunder shall expire on the date
specified in the applicable Option Agreement, provided that such date shall not be later than ten years after the date on which the Option is granted (or five years in the case of an Incentive Stock Option granted to a Greater Than 10% Shareholder),
and in either case, shall be subject to earlier termination as provided in the Plan or Option Agreement. 

  
 - 4 - 

 8. Exercise of Options. 

8.1 General. Each Option shall be exercisable either in full or in installments at such time or times and during such period as shall be
set forth in the Option Agreement evidencing such Option, subject to the provisions of the Plan. To the extent not exercised, installments shall accumulate and be exercisable, in whole or in part, at any time after becoming exercisable, but not
later than the date the Option expires. 
 8.2 Notice of Exercise. An Option may be exercised by the optionee by delivering to the
Company on any business day a written notice specifying the number of shares of Common Stock the optionee then desires to purchase and specifying the address to which the certificates for such shares are to be mailed (the “Notice”),
accompanied by payment for such shares. In addition, the Company may require any individual to whom an Option is granted, as a condition of exercising such Option, to give written assurances (the “Investment Letter”) in a substance and
form satisfactory to the Company to the effect that such individual is acquiring the Common Stock subject to the Option for his or her own account for investment and not with a view to the resale or distribution thereof, and to such other effects as
the Company deems necessary or advisable in order to comply with any securities law(s). 
 8.3 Delivery. As promptly as practicable
after receipt of the Notice, the Investment Letter (if required) and payment, the Company shall deliver or cause to be delivered to the optionee certificates for the number of shares with respect to which such Option has been so exercised, issued in
the optionee’s name; provided, however, that such delivery shall be deemed effected for all purposes when the Company or a stock transfer agent shall have deposited such certificates in the United States mail, addressed to the optionee, at the
address specified in the Notice. 
 9. Nontransferability of Options. 

No Option shall be assignable or transferable by the person to whom it is granted, either voluntarily or by operation of law, except by will or
the laws of descent and distribution. During the life of an optionee, an Option shall be exercisable only by the optionee. 

  
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 10. Termination of Employment; Disability; Death. Except as may be otherwise
expressly provided in the terms and conditions of the Option Agreement, Options shall terminate on the earliest to occur of: 
  

	 	(i)	 the date of expiration thereof; 

 

	 	(ii)	 0 days after termination of the optionee’s employment with, or provision of services to, the Company by
the Company for Cause (as hereinafter defined); 

  

	 	(iii)	 30 days after the date of voluntary termination of the optionee’s employment with, or provision of
services to, the Company by the optionee (other than for death or permanent disability as defined below); or 

  

	 	(iv)	 60 days after the date of termination of the optionee’s employment with, or provision of services
to, the Company by the Company without Cause (other than for death or permanent disability as defined below). 

 Until the date on which
the Option so expires, the optionee may exercise that portion of his or her Option which is exercisable at the time of termination of the employment or service relationship. 

An employment or service relationship between the Company and the optionee shall be deemed to exist during any period during which the
optionee is employed by or providing services to the Company. Whether an authorized leave of absence or an absence due to military or government service shall constitute termination of the employment relationship between the Company and the optionee
shall be determined by the Board at the time thereof. 
 For purposes of this Section 10, the term “Cause” shall mean
(a) any material breach by the optionee of any agreement to which the optionee and the Company are both parties, (b) any act (other than retirement) or omission to act by the optionee which may have a material and adverse effect on the
Company’s business or on the optionee’s ability to perform services for the Company, including, without limitation, the commission of any crime (other than minor traffic violations), or (c) any material misconduct or material neglect
of duties by the optionee in connection with the business or affairs of the Company. An optionee’s employment shall be deemed to have been terminated for Cause if the Company determines within thirty (30) days of the termination of
employment (whether such termination was voluntary or involuntary) that termination for Cause was warranted. 
 In the event of the
permanent and total disability or death of an optionee while in an employment or other relationship with the Company, any Option held by such optionee shall terminate on the earlier of the date of expiration of the Option or180 days following the
date of such disability or death. After disability or death, the optionee (or in the case of death, his or her executor, administrator or any person or persons to whom this option may be transferred by will or by laws of descent and distribution)
shall have the right, at any time prior to such termination of an Option, to exercise the Option to the extent the optionee was entitled to exercise such Option as of the date of his or her disability or death. An optionee is permanently and totally
disabled if he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than 12 months; permanent and total
disability shall be determined in accordance with Section 22(e)(3) of the Code and the regulations issued thereunder. 

  
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 11. Rights as a Shareholder. The holder of an Option shall have no rights as a
shareholder with respect to any shares covered by the Option (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a
stock certificate to him or her for such shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued. 

12. Additional Provisions. The Board of Directors may, in its sole discretion, include additional provisions in Restricted Stock
Agreements and Option Agreements, including, without limitation, restrictions on transfer, rights of the Company to repurchase shares of Restricted Stock or shares of Common Stock acquired upon exercise of Options, commitments to pay cash bonuses,
to make, arrange for or guaranty loans or to transfer other property to optionees upon exercise of Options, or such other provisions as shall be determined by the Board of Directors; provided that such additional provisions shall not be
inconsistent with any other term or condition of the Plan and such additional provisions shall not be such as to cause any Incentive Stock Option to fail to qualify as an Incentive Stock Option within the meaning of Section 422 of the Code.

 13. Acceleration, Extension, Etc. The Board of Directors may, in its sole discretion, (i) accelerate the date or dates
on which all or any particular Option or Options may be exercised or (ii) extend the period or periods of time during which all, or any particular, Option or Options may be exercised. 

14. Adjustment Upon Changes in Capitalization 

14.1 No Effect of Options upon Certain Corporate Transactions. The existence of outstanding Options shall not affect in any way the
right or power of the Company to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation, or any issue of Common Stock, or
any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business,
or any other corporate act or proceeding, whether of a similar character or otherwise. 
 14.2 Adjustment Provisions. If, through or
as a result of any merger, consolidation, sale of all or substantially all of the assets of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the
outstanding shares of Common Stock are increased, decreased or exchanged for a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or
other non-cash assets are distributed with respect to such shares of Common Stock or other securities, an appropriate and proportionate adjustment shall be made in (x) the maximum number and kind of
shares reserved 

  
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for issuance under the Plan, (y) the number and kind of shares or other securities subject to any then outstanding Options, and (z) the price for each share or other security subject to
any then outstanding Options, so that upon exercise of such Options, in lieu of the shares of Common Stock for which such Options were then exercisable, the relevant optionee shall be entitled to receive, for the same aggregate consideration, the
same total number and kind of shares or other securities, cash or property that the owner of an equal number of outstanding shares of Common Stock immediately prior to the event requiring adjustment would own as a result of the event. If any such
event shall occur, appropriate adjustment shall also be made in the application of the provisions of this Section 14 and Section 15 with respect to Options and the rights of optionees after the event so that the provisions of such Sections
shall be applicable after the event and be as nearly equivalent as practicable in operation after the event as they were before the event. 

14.3 No Adjustment in Certain Cases. Except as hereinbefore expressly provided, the issue by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, for cash or property or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations
of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock then subject to outstanding options. 

14.4 Board Authority to Make Adjustments. Any adjustments under this Section 14 will be made by the Board of Directors, whose
determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. No fractional shares will be issued under the Plan on account of any such adjustments. 

15. Effect of Certain Transactions 

15.1 General. Except as provided in any Option Agreement or Restricted Stock Agreement to the contrary, if the Company is merged with or
into or consolidated with another corporation under circumstances where the stockholders of the Company immediately prior to such merger or consolidation do not own after such merger or consolidation shares representing at least fifty percent (50%)
of the voting power of the Company or the surviving or resulting corporation, as the case may be, or if shares representing fifty percent (50%) or more of the voting power of the Company are transferred to an Unrelated Third Party, as hereinafter
defined, or if the Company is liquidated, or sells or otherwise disposes of all or substantially all its assets (each such transaction is referred to herein as a “Change in Control Transaction”), the Board, or the board of directors of any
corporation assuming the obligations of the Company, may, in its discretion, take any one or more of the following actions, as to some or all outstanding Options or Restricted Stock Awards (and need not take the same action as to each such Option or
Restricted Stock Award): (i) provide that such Options shall be assumed, or equivalent Options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such Options substituted for
Incentive Stock Options shall meet the requirements of Section 424(a) of the Code, (ii) upon written notice to the optionees, provide that all unexercised Options will terminate immediately prior to the consummation of the Change in
Control Transaction unless exercised by the optionee to the extent otherwise then exercisable within a specified period following the date of such notice, (iii) upon written notice to the grantees, provide that all unvested shares of
Restricted Stock shall be repurchased at cost, 

  
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(iv) make or provide for a cash payment to the optionees equal to the difference between (A) the fair market value of the per share consideration (whether cash, securities or other property
or any combination of the above) the holder of a share of Common Stock will receive upon consummation of the Change in Control Transaction (the “Per Share Transaction Price”) times the number of shares of Common Stock subject to
outstanding vested Options (to the extent then exercisable at prices not equal to or in excess of the Per Share Transaction Price) and (B) the aggregate exercise price of such outstanding vested Options, in exchange for the termination of such
Options, or (v) provide that all or any outstanding Options shall become exercisable and all or any outstanding Restricted Stock Awards shall vest in part or in full immediately prior to such event. To the extent that any Options are
exercisable at a price equal to or in excess of the Per Share Transaction Price, the Board may provide that such Options shall terminate immediately upon the consummation of the Change in Control Transaction without any payment being made to the
holders of such Options. “Unrelated Third Party” shall mean any person who is not, on the date of adoption of this Plan by the Board, a holder of stock of any class or preference or any stock option of the Company. 

15.2 Substitute Options. The Company may grant Options in substitution for options held by employees, officers or directors of, or
consultants or advisors to, another corporation who become employees, officers or directors of, or consultants or advisors to, the Company, as the result of a merger or consolidation of the employing corporation with the Company or as a
result of the acquisition by the Company, of property or stock of the employing corporation. The Company may direct that substitute Options be granted on such terms and conditions as the Board considers appropriate in the circumstances. 

15.3 Restricted Stock. In the event of a business combination or other transaction of the type detailed in Section 15.1, any
securities, cash or other property received in exchange for shares of Restricted Stock shall continue to be governed by the provisions of any Restricted Stock Agreement pursuant to which they were issued, including any provision regarding vesting,
and such securities, cash, or other property may be held in escrow on such terms as the Board of Directors may direct, to insure compliance with the terms of any such Restricted Stock Agreement. 

16. No Special Employment Rights. Nothing contained in the Plan or in any Option Agreement or Restricted Stock Agreement shall
confer upon any optionee or holder of Restricted Stock any right with respect to the continuation of his or her employment by the Company or interfere in any way with the right of the Company at any time to terminate such employment or to increase
or decrease his or her compensation. 
 17. Other Employee Benefits. The amount of any compensation deemed to be received by
an employee as a result of the issuance of shares of Restricted Stock or the grant or exercise of an Option or the sale of shares received upon issuance of a Restricted Stock Award or exercise of an Option will not constitute compensation with
respect to which any other employee benefits of such employee are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, life insurance or salary continuation plan, except as otherwise specifically determined
by the Board of Directors. 

  
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 18. Amendment of the Plan. 

18.1 The Board may at any time, and from time to time, modify or amend in any respect or terminate the Plan. If shareholder approval is not
obtained within twelve months after any amendment increasing the number of shares authorized under the Plan or changing the class of persons eligible to receive Options under the Plan, no Options granted pursuant to such amendments shall be deemed
to be Incentive Stock Options and no Incentive Stock Options shall be issued pursuant to such amendments thereafter. 
 18.2 The termination
or any modification or amendment of the Plan shall not, without the consent of an optionee or the holder of Restricted Stock, adversely affect his or her rights under an Option or Restricted Stock Award previously granted to him or her. With the
consent of the recipient of Restricted Stock or optionee affected, the Board may amend outstanding Restricted Stock Agreements or Option Agreements in a manner not inconsistent with the Plan. 

19. Withholding. The Company shall have the right to deduct from payments of any kind otherwise due to the optionee or recipient
of Restricted Stock, any federal, state or local taxes of any kind required by law to be withheld with respect to issuance of any shares of Restricted Stock or shares issued upon exercise of Options. Prior to delivery of any Common Stock pursuant to
the terms of this Plan, the Board has the right to require that the optionee or recipient of Restricted Stock remit to the Company an amount sufficient to satisfy any minimum tax withholding obligation. Subject to the prior approval of the Company,
which may be withheld by the Company in its sole discretion, the obligor may elect to satisfy any minimum withholding obligations, in whole or in part, (i) by causing the Company to withhold shares of Common Stock otherwise issuable, or
(ii) by delivering to the Company a sufficient number of shares of Common Stock. The shares so withheld shall have a fair market value equal to such minimum withholding obligation. The fair market value of the shares used to satisfy such
minimum withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined. A person who has made an election pursuant to this Section 19 may only satisfy his or her
withholding obligation with shares of Common Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar restrictions. 

20. Effective Date and Duration of the Plan. 

20.1 Effective Date. The Plan shall become effective when adopted by the Board of Directors. If shareholder approval is not obtained
within twelve months after the date of the Board’s adoption of the Plan, no Options previously granted under the Plan shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be granted thereafter. Amendments to the
Plan not requiring shareholder approval shall become effective when adopted by the Board. Amendments requiring shareholder approval shall become effective when adopted by the Board, but if shareholder approval is not obtained within twelve months of
the Board’s adoption of such amendment, any Incentive Stock Options granted pursuant to such amendment shall be deemed to be non-statutory Options provided that such Options are authorized by the Plan.
Subject to this limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed for termination of the Plan. 

  
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 20.2 Termination. Unless sooner terminated by action of the Board of Directors, the
Plan shall terminate upon the close of business on the day next preceding the tenth anniversary of the date of its adoption by the Board of Directors. 

21. Provision for Foreign Participants. The Board of Directors may, without amending the Plan, modify the terms of Option
Agreements or Restricted Stock Agreements to differ from those specified in the Plan with respect to participants who are foreign nationals or employed outside the United States to recognize differences in laws, rules, regulations or customs of such
foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters. 
 22. Requirements of Law.
The Company shall not be required to sell or issue any shares under any Option or Restricted Stock Award if the issuance of such shares shall constitute a violation by the optionee, the Restricted Stock Award recipient, or by the Company of any
provision of any law or regulation of any governmental authority. In addition, in connection with the Act, the Company shall not be required to issue any shares upon exercise of any Option unless the Company has received evidence satisfactory to it
to the effect that the holder of such Option will not transfer such shares except pursuant to a registration statement in effect under the Act or unless an opinion of counsel satisfactory to the Company has been received by the Company to the effect
that such registration is not required in connection with any such transfer. Any determination in this connection by the Board shall be final, binding and conclusive. In the event the shares issuable on exercise of an Option are not registered under
the Act or under the securities laws of each relevant state or other jurisdiction, the Company may imprint on the certificate(s) appropriate legends that counsel for the Company considers necessary or advisable to comply with the Act or any such
state or other securities law. The Company may register, but in no event shall be obligated to register, any securities covered by the Plan pursuant to the Act; and in the event any shares are so registered the Company may remove any legend on
certificates representing such shares. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option, the grant of any Restricted Stock Award or the issuance of shares pursuant thereto to comply with
any law or regulation of any governmental authority. 
 23. Conversion of Incentive Stock Options into Non-Qualified Options; Termination. The Board of Directors, with the consent of any optionee, may in its discretion take such actions as may be necessary to convert such optionee’s Incentive Stock Options
(or any installments or portions of installments thereof) that have not been exercised on the date of conversion into non-statutory Options at any time prior to the expiration of such Incentive Stock Options,
regardless of whether the optionee is an employee of the Company or a parent or subsidiary of the Company at the time of such conversion. At the time of such conversion, the Board of Directors (with the consent of the optionee) may impose such
conditions on the exercise of the resulting non-statutory Options as the Board of Directors in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in
this Plan shall be deemed to give any optionee the right to have such optionee’s Incentive Stock Options converted into non-statutory Options, and no such conversion shall occur until and unless the Board
of Directors takes appropriate action. The Board of Directors, with the consent of the optionee, may also terminate any portion of any Incentive Stock Option that has not been exercised at the time of such termination. 

  
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 24. Non-Exclusivity of this Plan; Non-Uniform Determinations. Neither the adoption of this Plan by the Board of Directors nor the approval of this Plan by the stockholders of the Company shall be construed as creating any limitations on the
power of the Board of Directors to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either applicable
generally or only in specific cases. 
 The determinations of the Board of Directors under this Plan need not be uniform and may be made by
it selectively among persons who receive or are eligible to receive Options or Restricted Stock Awards under this Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Board of Directors
shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Option Agreements and Restricted
Stock Agreements, as to (a) the persons to receive Options or Restricted Stock Awards under this Plan, (b) the terms and provisions of Options or Restricted Stock Awards, (c) the exercise by the Board of Directors of its discretion in
respect of the exercise of Options pursuant to the terms of this Plan, and (d) the treatment of leaves of absence pursuant to Section 10 hereof. 

25. Governing Law. This Plan and each Option or Restricted Stock Award shall be governed by the laws of The Commonwealth of
Massachusetts, without regard to its principles of conflicts of law. 
 * * * * * 

Amended on June 1, 2015 

Amended on July 26, 2013 

Adopted on January 12, 2012 

  
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 APPENDIX A 

TO GREENLIGHT BIOSCIENCES, INC. 2012 STOCK INCENTIVE PLAN 

FOR CALIFORNIA RESIDENTS ONLY 

This Appendix to the GreenLight Biosciences, Inc. 2012 Stock Incentive Plan (the “Plan”) shall have application only to participants
in the Plan who are residents of the State of California. Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise provided in this Appendix. Notwithstanding any provision contained in the Plan
to the contrary and to the extent required by applicable law, the following terms and conditions shall apply to all Options and Restricted Stock Awards (collectively “Awards”) granted to residents of the State of California, until such
time as the Common Stock becomes subject to registration under the Securities Act of 1933: 
 1. Awards shall be nontransferable other
than by will or the laws of descent and distribution. Notwithstanding the foregoing, and to the extent permitted by Section 422 of the Code, the Board, in its discretion, may permit distribution of an Award to an inter vivos or testamentary
trust in which the Award is to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined in Rule 16a-1(e) of the United States
Exchange Act of 1934. 
 2. Unless employment is terminated for Cause, the right to exercise an Option in the event of termination of
employment, to the extent that the optionee is otherwise entitled to exercise an Option on the date employment terminates, shall be 
 (a)
at least six months from the date of termination of employment if termination was caused by death or permanent disability; and 
 (b) at
least 30 days from the date of termination if termination of employment was caused by other than death or permanent disability; 
 (c) but
in no event later than the remaining term of the Option. 
 3. Any Award exercised before shareholder approval is obtained shall be
rescinded if shareholder approval is not obtained within 12 months of the Board’s adoption of the Plan. 

  
 A-1

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