Document:

Exhibit 10.1

 

HOTH THERAPEUTICS, INC.

2018 EQUITY INCENTIVE PLAN

EFFECTIVE AS OF MAY 4, 2018

 

     

     

    

 

HOTH THERAPEUTICS, INC.

2018 EQUITY INCENTIVE PLAN

EFFECTIVE AS OF MAY 4, 2018

 

SECTION
1.    INTRODUCTION.

 

The Company’s Board of Directors
adopted the Hoth Therapeutics, Inc. 2018 Equity Incentive Plan effective as of the Adoption Date subject to obtaining Company shareholder
approval as provided in Section 15 below.

 

The purpose of the Plan is to promote
the long-term success of the Company and the creation of shareholder value by offering Key Employees an opportunity to acquire a proprietary
interest in the success of the Company, or to increase such interest, and to encourage such Key Employees to continue to provide services
to the Company and to attract new individuals with outstanding qualifications.

 

The Plan seeks to achieve this purpose
by providing for Awards in the form of Options (which may constitute Incentive Stock Options or Nonstatutory Stock Options), Stock Appreciation
Rights, Restricted Stock Grants, Stock Units, Other Equity Awards and/or Cash Awards.

 

Capitalized terms shall have the meaning
provided in Section 2 unless otherwise provided in this Plan or any related Award Agreement.

 

SECTION
2.    DEFINITIONS. If
a Participant’s employment agreement or Award Agreement (or other written agreement executed by and between Participant and the
Company) expressly includes defined terms that expressly are different from and/or conflict with the defined terms contained in this Plan
then the defined terms contained in the employment agreement or Award Agreement (or other written agreement executed by and between Participant
and the Company) shall govern and shall supersede the definitions provided in this Plan.

 

(a)
“Adoption Date” means May 4, 2018.

 

(b)
“Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not
less than 50% of such entity.

 

(c)
“Award” means any award of an Option, SAR, Restricted Stock Grant, Stock Unit, Other Equity Award or Cash Award
under the Plan.

 

(d)
 “Award Agreement” means an agreement between the Company and a Participant evidencing the award of an Option,
SAR, Restricted Stock Grant, Stock Unit, Other Equity Award or Cash Award as applicable.

 

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(e)
 “Board” means the Board of Directors of the Company, as constituted from time to time.

 

(f)
“Cash Award” means, a cash incentive opportunity awarded under this Plan and which is (i) payable only in cash
and is (ii) not an Option, SAR, Restricted Stock Grant, Stock Unit or Other Equity Award.

 

(g)
“Cashless Exercise” means, to the extent that a Stock Option Agreement so provides and as permitted by applicable
law and in accordance with any procedures established by the Committee, an arrangement whereby payment of some or all of the aggregate
Exercise Price may be made all or in part by delivery of an irrevocable direction to a securities broker to sell Shares and to deliver
all or part of the sale proceeds to the Company. Cashless Exercise may also be utilized to satisfy an Option’s tax withholding obligations
as provided in Section 14(b).

 

(h)
“Cause” means, with respect to a Participant, the occurrence of any of the following: (i) a conviction of a
Participant for a felony crime or the failure of a Participant to contest prosecution for a felony crime, or (ii) a Participant’s
misconduct, fraud, disloyalty or dishonesty (as such terms may be defined by the Committee in its sole discretion), or (iii) any unauthorized
use or disclosure of confidential information or trade secrets by a Participant, or (iv) a Participant’s negligence, malfeasance,
breach of fiduciary duties, neglect of duties, or (v) any material violation by a Participant of a written Company or Subsidiary or Affiliate
policy or any material breach by a Participant of a written agreement with the Company or Subsidiary or Affiliate, or (vi) any other act
or omission by a Participant that, in the opinion of the Committee, could reasonably be expected to adversely affect the Company’s
or a Subsidiary’s or an Affiliate’s business, financial condition, prospects and/or reputation. In each of the foregoing subclauses
(i) through (vi), whether or not a “Cause” event has occurred will be determined by the Committee in its sole discretion or,
in the case of Participants who are directors or Officers or Section 16 Persons, the Board, each of whose determination shall be final,
conclusive and binding. A Participant’s Service shall be deemed to have terminated for Cause if, after the Participant’s Service
has terminated, facts and circumstances are discovered that would have justified a termination for Cause, including, without limitation,
violation of material Company policies or breach of noncompetition, confidentiality or other restrictive covenants that may apply to the
Participant.

 

(i)  
“Change in Control” means the occurrence of any of the following:

 

(i)  
The consummation of an acquisition, a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding immediately
after such acquisition, merger, consolidation or other reorganization is owned by persons who in the aggregate owned less than 20% of
the Company’s combined voting power represented by the Company’s outstanding securities immediately prior to such acquisition,
merger, consolidation or other reorganization;

 

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(ii)
 A sale of more than fifty percent (50%) of the outstanding shares of each class of capital stock of the Company to a person, entity
or group other than a person, entity or group affiliated with the Company; or

 

(iii)
The sale, transfer or other disposition of all or substantially all of the Company’s assets to a person, entity or group
other than a person, entity or group affiliated with the Company.

 

A transaction shall
not constitute a Change in Control if: (i) its principal purpose is to change the state of the Company’s incorporation or to create
a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately
before such transactions; or (ii) it is an equity financing primarily for capital raising purposes. In addition, an IPO shall not constitute
a Change in Control. If the timing of payments provided under an Award Agreement is based on or triggered by a Change in Control then,
to extent necessary to avoid violating Code Section 409A, a Change in Control must also constitute a Change in Control Event.

 

(j)  
“Change in Control Event” has the meaning provided to such term under Code Section 409A and the applicable regulations
and guidance promulgated thereunder.

 

(k)
“Charter” means the Company’s Amended and Restated Certificate of Incorporation, as amended as may be
amended from time to time.

 

(l)  
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated
thereunder.

 

(m)
“Committee” means a committee consisting of members of the Board that is appointed by the Board (as described
in Section 3) to administer the Plan. If no Committee has been appointed, the full Board shall constitute the Committee.

 

(n)
“Common Stock” means the Company’s common stock (as defined in the Charter and with the rights and obligations
provided under the Charter) and any other securities into which such shares are changed, for which such shares are exchanged or which
may be issued in respect thereof.

 

(o)
“Company” means Hoth Therapeutics, Inc., a Nevada corporation.

 

(p)
“Consultant” means an individual (or entity) which performs bona fide services to the Company, a Parent, a Subsidiary
or an Affiliate other than as an Employee or Non-Employee Director.

 

(q)
“Disability” means the following with respect to a Participant:

 

i. For
all ISOs, the permanent and total disability of the Participant within the meaning of Section 22(e)(3) of the Code;

 

ii. For
all Awards which are considered nonqualified deferred compensation under Code Section 409A and for which payment can be made on account
of the Participant’s disability, the disability of the Participant within the meaning of Section 409A of the Code; or

 

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iii. For
all other Awards, the Participant’s medically determinable physical or mental incapacitation such that for a continuous period of
not less than twelve (12) months, the Participant is unable to engage in any substantial gainful activity or which can be expected to
result in death.

 

Any question as to the existence of
the Participant’s physical or mental incapacitation as to which the Participant or Participant’s representative and the Company
cannot agree shall be determined in writing by a qualified independent physician selected by the Company. The physician’s determination
of Disability shall be made in writing to the Company and the determination shall be final and conclusive for all purposes of the Participant’s
Awards.

 

(r)
“Employee” means any individual who is a common-law employee of the Company, or of a Parent, or of a Subsidiary
or of an Affiliate.

 

(s)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(t)  
“Exercise Price” means, in the case of an Option, the amount for which a Share may be purchased upon exercise
of such Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of a SAR, means an amount,
as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value in determining the amount payable to a Participant
upon exercise of such SAR.

 

(u)
“Fair Market Value” means the market price of a Share, determined by the Committee as follows:

 

(i)  
If the Shares were traded on a stock exchange (such as the New York Stock Exchange, NYSE Amex, the NASDAQ Global Market or NASDAQ
Capital Market) at the time of determination, then the Fair Market Value shall be equal to the regular session closing price for such
stock as reported by such exchange (or the exchange or market with the greatest volume of trading in the Shares) on the date of determination,
or if there were no sales on such date, on the last date preceding such date on which a closing price was reported;

 

(ii)
If the Shares were traded on the OTC Markets at the time of determination, then the Fair Market Value shall be equal to the last-sale
price reported by the OTC Markets for such date, or if there were no sales on such date, on the last date preceding such date on which
a sale was reported; and

 

(iii)
If neither of the foregoing provisions is applicable, then the Fair Market Value shall be determined by the Committee in good faith
using a reasonable application of a reasonable valuation method as the Committee deems appropriate.

 

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Whenever possible, the determination
of Fair Market Value by the Committee shall be based on the prices reported by the applicable exchange or the OTC Markets, as applicable,
or a nationally recognized publisher of stock prices or quotations (including an electronic on-line publication). Such determination shall
be conclusive and binding on all persons.

 

(v)
“Incentive Stock Option” or “ISO” means an incentive stock option described in Code section
422.

 

(w)
“IPO” means an initial public offering by the Company of its equity securities pursuant to an effective registration
statement filed with the SEC.

 

(x)
“Key Employee” means an Employee, Non-Employee Director or Consultant who has been selected by the Committee
to receive an Award under the Plan.

 

(y)
“Net Exercise” means, to the extent that a Stock Option Agreement so provides and as permitted by applicable
law, an arrangement pursuant to which the number of Shares issued to the Optionee in connection with the Optionee’s exercise of
the Option will be reduced by the Company’s retention of a portion of such Shares. Upon such a net exercise of an Option, the Optionee
will receive a net number of Shares that is equal to (i) the number of Shares as to which the Option is being exercised minus (ii) the
quotient (rounded down to the nearest whole number) of the aggregate Exercise Price of the Shares being exercised divided by the Fair
Market Value of a Share on the Option exercise date. The number of Shares covered by clause (ii) will be retained by the Company and not
delivered to the Optionee. No fractional Shares will be created as a result of a Net Exercise and the Optionee must contemporaneously
pay for any portion of the aggregate Exercise Price that is not covered by the Shares retained by the Company under clause (ii). The number
of Shares delivered to the Optionee may be further reduced if Net Exercise is utilized under Section 14(b) to satisfy applicable tax withholding
obligations.

 

(z)
“Non-Employee Director” means a member of the Board who is not an Employee.

 

(aa)
“Nonstatutory Stock Option” or “NSO” means a stock option that is not an ISO.

 

(bb)
“Officer” means an individual who is an officer of the Company within the meaning of Rule 16a-1(f) of the Exchange
Act.

 

(cc)
“Option” means an ISO or NSO granted under the Plan entitling the Optionee to purchase Shares under the Plan
as provided in Section 6.

 

(dd)
“Optionee” means an individual, estate or other entity that holds an Option.

 

(ee)
“Other Equity Award” means an award (other than an Option, SAR, Stock Unit, Restricted Stock Grant or Cash Award)
which derives its value from the value of Shares and/or from increases in the value of Shares. Settlement of Other Equity Awards may be
in the form of Shares and/or cash as determined by the Committee.

 

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(ff)
 “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the
Company, if each of the corporations other than the Company owns stock possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date
after the Adoption Date shall be considered a Parent commencing as of such date.

 

(gg)
“Participant” means an individual or estate or other entity that holds an Award.

 

(hh)
“Plan” means this 2018 Equity Incentive Plan as it may be amended from time to time.

 

(ii)
“Re-Load Option” means a new Option or SAR that is automatically granted to a Participant as result of such
Participant’s exercise of an Option or SAR.

 

(jj)
“Re-Price” means that the Company has lowered or reduced the Exercise Price of outstanding Options and/or outstanding
SARs and/or outstanding Other Equity Awards for any Participant(s) in a manner described by SEC Regulation S-K Item 402(d)(2)(viii) (or
as described in any successor provision(s) or definition(s)). For avoidance of doubt, Re-Price also includes any exchange of Options or
SARs for other Awards or cash.

 

(kk)
“Restricted Stock Grant” means Shares awarded under the Plan as provided in Section 9.

 

(ll)
“Restricted Stock Grant Agreement” means the agreement described in Section 9 evidencing each Award of a Restricted
Stock Grant.

 

(mm)     
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect
from time to time.

 

(nn)
“SAR Agreement” means the agreement described in Section 8 evidencing each Award of a Stock Appreciation Right.

 

(oo)
“SEC” means the Securities and Exchange Commission.

 

(pp)
“Section 16 Persons” means those Officers or directors or Non-Employee Directors or other persons who are subject
to Section 16 of the Exchange Act.

 

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

 

(rr)
“Separation From Service” means a Participant’s separation from service with the Company within the meaning
of Code Section 409A.

 

(ss)
“Service” means service as an Employee, Non-Employee Director or Consultant. Service will be deemed terminated as
soon as the entity to which Service is being provided is no longer either (i) the Company, (ii) a Parent, (iii) a Subsidiary or (iv)
an Affiliate. The Committee determines when Service commences and when Service terminates. The Committee may determine whether any
Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed to result in
termination of Service for purposes of any affected Awards, and the Committee’s decision shall be final, conclusive and
binding.

 

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(tt)
“Share” means one share of Common Stock.

 

(uu)
“Stock Appreciation Right or SAR” means a stock appreciation right awarded under the Plan as provided in Section
8.

 

(vv)
“Stock Option Agreement” means the agreement described in Section 6 evidencing each Award of an Option.

 

(ww)
“Stock Unit” means a bookkeeping entry representing the equivalent of one Share awarded under the Plan as provided
in Section 10.

 

(xx)
“Stock Unit Agreement” means the agreement described in Section 10 evidencing each Award of Stock Units.

 

(yy)
“Shareholder Approval Date” means the date that the Company’s shareholder approve this Plan.

 

(zz)
“Shareholders Agreement” means any applicable agreement between the Company’s shareholders and/or investors
that provides certain rights and obligations for shareholders.

 

(aaa)
“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with
the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%)
or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that
attains the status of a Subsidiary on a date after the Adoption Date shall be considered a Subsidiary commencing as of such date.

 

(bbb)
“Termination Date” means the date on which a Participant’s Service terminates as determined by the Committee.

 

(ccc)
“10-Percent Shareholder” means an individual who owns more than ten percent (10%) of the total combined voting
power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries. In determining stock ownership, the attribution
rules of section 424(d) of the Code shall be applied.

 

SECTION
3.    ADMINISTRATION.

 

(a) Committee
Composition. A Committee appointed by the Board shall administer the Plan. The Board shall designate one of the members of the
Committee as chairperson. Members of the Committee shall serve for such period of time as the Board may determine and shall be
subject to removal by the Board at any time. The Board may also at any time terminate the functions of the Committee and reassume
all powers and authority previously delegated to the Committee.

 

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Effective with the Shares being publicly
traded or the Company being subject to the reporting requirements of the Exchange Act, with respect to Awards to Section 16 Persons, the
Committee shall consist either (i) solely of two or more individuals who satisfy the requirements of Rule 16b-3 (or its successor)
under the Exchange Act or (ii) of the full Board. The Board may also appoint one or more separate committees of the Board, each composed
of directors of the Company who need not qualify under Rule 16b-3, who may administer the Plan with respect to Key Employees who are not
Section 16 Persons, may grant Awards under the Plan to such Key Employees and may determine all terms of such Awards. To the extent permitted
by applicable law, the Board may also appoint a committee, composed of one or more Officers of the Company, that may authorize Awards
to Employees (who are not Section 16 Persons) within parameters specified by the Board and consistent with any limitations imposed by
applicable law.

 

(b)
Authority of the Committee. Subject to the provisions of the Plan, the Committee shall have full authority and discretion
to take any actions it deems necessary or advisable for the administration of the Plan. Such actions shall include without limitation:

 

		(i)	selecting Key Employees who are to receive Awards under the
Plan;

 

		(ii)	determining the type, number, vesting requirements, performance
conditions (if any) and their degree of satisfaction, and other features and conditions of such Awards and amending such Awards;

 

		(iii)	correcting any defect, supplying any omission, or reconciling
or clarifying any inconsistency in the Plan or any Award Agreement;

 

		(iv)	accelerating the vesting, or extending the post-termination
exercise term, or waiving restrictions, of Awards at any time and under such terms and conditions as it deems appropriate;

 

		(v)	interpreting the Plan and any Award Agreements;

 

		(vi)	making all other decisions relating to the operation of the
Plan; and

 

		(vii)	granting Awards to Key Employees who are foreign nationals
on such terms and conditions different from those specified in the Plan, which may be necessary or desirable to foster and promote achievement
of the purposes of the Plan, and adopting such modifications, procedures, and/or subplans (with any such subplans attached as appendices
to the Plan) and the like as may be necessary or desirable to comply with provisions of the laws or regulations of other countries or
jurisdictions to ensure the viability of the benefits from Awards granted to Participants employed in such countries or jurisdictions,
or to meet the requirements that permit the Plan to operate in a qualified or tax efficient manner, and/or comply with applicable foreign
laws or regulations.

 

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The Committee may adopt such rules or
guidelines, as it deems appropriate to implement the Plan. The Committee’s determinations under the Plan shall be final, conclusive
and binding on all persons. The Committee’s decisions and determinations need not be uniform and may be made selectively among Participants
in the Committee’s sole discretion. The Committee’s decisions and determinations will be afforded the maximum deference provided
by applicable law.

 

(c)
Indemnification. To the maximum extent permitted by applicable law, each member of the Committee, or of the Board, or any
persons (including without limitation Employees and Officers) who are delegated by the Board or Committee to perform administrative functions
in connection with the Plan, shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability,
or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit,
or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act
under the Plan or any Award Agreement, and (ii) from any and all amounts paid by him or her in settlement thereof, with the Company’s
approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided
he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle
and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled under the Company’s Bylaws or Charter, by contract, as a matter of law, or otherwise, or under
any power that the Company may have to indemnify them or hold them harmless.

 

SECTION
4.    GENERAL.

 

(a)
Eligibility. Only Employees, Non-Employee Directors and Consultants shall be eligible for designation as Key Employees by
the Committee.

 

(b)
Incentive Stock Options. Only Key Employees who are common-law employees of the Company, a Parent or a Subsidiary shall
be eligible for the grant of ISOs. In addition, a Key Employee who is a 10-Percent Shareholder shall not be eligible for the grant of
an ISO unless the requirements set forth in section 422(c)(5) of the Code are satisfied. If and to the extent that any Shares are issued
under a portion of any Option that exceeds the $100,000 limitation of Section 422 of the Code, such Shares shall not be treated as issued
under an ISO notwithstanding any designation otherwise. Certain decisions, amendments, interpretations and actions by the Committee and
certain actions by a Participant may cause an Option to cease to qualify as an ISO pursuant to the Code and by accepting an Option the
Participant agrees in advance to such disqualifying action taken by either the Participant, the Committee or the Company.

 

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(c)
 Restrictions on Shares. Any Shares issued pursuant to an Award shall be subject to such Company policies, rights of repurchase,
rights of first refusal and other transfer restrictions as the Committee may determine. Such restrictions shall apply in addition to any
restrictions that may apply to holders of Shares generally and shall also comply to the extent necessary with applicable law. In no event
shall the Company be required to issue fractional Shares under this Plan.

 

(d)
Beneficiaries. A Participant may designate one or more beneficiaries with respect to an Award by timely filing the prescribed
form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the
Participant’s death. If no beneficiary was designated or if no designated beneficiary survives the Participant, then after a Participant’s
death any vested Award(s) shall be transferred or distributed to the Participant’s estate.

 

(e)
Performance Conditions. The Committee may, in its discretion, include performance conditions in any Award.

 

(f)
Shareholder Rights. A Participant, or a transferee of a Participant, shall have no rights as a shareholder (including without
limitation voting rights or dividend or distribution rights) with respect to any Common Stock covered by an Award until such person becomes
entitled to receive such Common Stock, has satisfied any applicable withholding or tax obligations relating to the Award and the Common
Stock has been issued to the Participant. No adjustment shall be made for cash or stock dividends or other rights for which the record
date is prior to the date when such Common Stock is issued, except as expressly provided in Section 11. The issuance of an Award may be
subject to and conditioned upon the Participant’s agreement to become a party to a Shareholders Agreement and be bound by its terms.

 

(g)
Buyout of Awards. The Committee may at any time offer to buy out, for a payment in cash or cash equivalents (including without
limitation Shares issued at Fair Market Value that may or may not be issued under this Plan), an Award previously granted based upon such
terms and conditions as the Committee shall establish.

 

(h)
Termination of Service. Unless the applicable Award Agreement or employment agreement provides otherwise (and in such case,
the Award Agreement or employment agreement shall govern as to the consequences of a termination of Service for such Awards), the following
rules shall govern the vesting, exercisability and term of outstanding Awards held by a Participant in the event of termination of such
Participant’s Service (in all cases subject to the term of the Option or SAR or Other Equity Award as applicable):

 

(i) if the Service
of a Participant is terminated for Cause, then all Options, Cash Awards, Other Equity Awards, SARs, unvested portions of Stock Units and
unvested portions of Restricted Stock Grants shall terminate and be forfeited immediately without consideration as of the Termination
Date (except for repayment of any amounts the Participant had paid to the Company to acquire unvested Shares underlying the forfeited
Awards);

 

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(ii) if the Service
of Participant is terminated due to the Participant’s death or Disability, then the vested portion of his/her then-outstanding Options/SARs/Other
Equity Awards may be exercised by such Participant or his or her personal representative within six months after the Termination Date
and all unvested portions of any outstanding Awards shall be forfeited without consideration as of the Termination Date (except for repayment
of any amounts the Participant had paid to the Company to acquire unvested Shares underlying the forfeited Awards); and

 

(iii) if the
Service of Participant is terminated for any reason other than for Cause or other than due to death or Disability, then the vested portion
of his/her then-outstanding Options/SARs/Other Equity Awards may be exercised by such Participant within three months after the Termination
Date and all unvested portions of any outstanding Awards shall be forfeited without consideration as of the Termination Date (except for
repayment of any amounts the Participant had paid to the Company to acquire unvested Shares underlying the forfeited Awards).

 

(i)  
Intentionally Omitted.

 

(j)  
Suspension or Termination of Awards. To the extent provided in an Award Agreement, if at any time (including after a notice
of exercise has been delivered) the Committee (or the Board), reasonably believes that a Participant has committed an act of Cause (which
includes a failure to act), the Committee (or Board) may suspend the Participant’s right to exercise any Option or SAR (or vesting
of Restricted Stock Grants or Stock Units) pending a determination of whether there was in fact an act of Cause. To the extent provided
in an Award Agreement, if the Committee (or the Board) determines a Participant has committed an act of Cause, neither the Participant
nor his or her estate shall be entitled to exercise the outstanding Option or SAR whatsoever and the Participant’s outstanding Awards
shall then terminate without consideration. Any determination by the Committee (or the Board) with respect to the foregoing shall be final,
conclusive and binding on all interested parties.

 

(k) Code
Section 409A. Notwithstanding anything in the Plan to the contrary, the Plan and Awards granted hereunder are intended to comply
with the requirements of Code Section 409A and shall be interpreted in a manner consistent with such intention. In the event that
any provision of the Plan or an Award Agreement is determined by the Committee to not comply with the applicable requirements of
Code Section 409A or the Treasury Regulations or other guidance issued thereunder, the Committee shall have the authority to take
such actions and to make such changes to the Plan or an Award Agreement as the Committee deems necessary to comply with such
requirements (including without limitation, after the grant date of an Award, increasing the Exercise Price to equal what was the
Fair Market Value on the grant date of the Award). Each payment to a Participant made pursuant to this Plan shall be considered a
separate payment and not one of a series of payments for purposes of Code Section 409A. Notwithstanding the foregoing or anything
elsewhere in the Plan or an Award Agreement to the contrary, if upon a Participant’s Separation From Service he/she is then a
“specified employee” (as defined in Code Section 409A), then solely to the extent necessary to comply with Code Section
409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified deferred
compensation” subject to Code Section 409A payable as a result of and within six (6) months following such Separation From
Service under this Plan until the earlier of (i) the first (1st) business day of the seventh (7th) month
following the Participant’s Separation From Service, or (ii) ten (10) days after the Company receives written confirmation of
the Participant’s death. Any such delayed payments shall be made without interest. While it is intended that all payments and
benefits provided under this Plan will be exempt from or comply with Code Section 409A, the Company makes no representation or
covenant to ensure that the Awards and payments under this Plan are exempt from or compliant with Code Section 409A. The Company
will have no liability to any Participant or any other party if a payment or benefit under this Plan or any Award is challenged by
any taxing authority or is ultimately determined not to be exempt or compliant. Each Participant further understands and agrees that
each Participant will be entirely responsible for any and all taxes on any benefits payable to the Participant as a result of this
Plan or any Award. In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be
imposed on a Participant by Code Section 409A or for any damages for failing to comply with Code Section 409A.

 

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(l)  
Electronic Communications. Subject to compliance with applicable law and/or regulations, an Award Agreement or other documentation
or notices relating to the Plan and/or Awards may be communicated to Participants by electronic media.

 

(m)
Unfunded Plan. Insofar as it provides for Awards, the Plan shall be unfunded. Although bookkeeping accounts may be established
with respect to Participants who are granted Awards under this Plan, any such accounts will be used merely as a bookkeeping convenience.
The Company shall not be required to segregate any assets which may at any time be represented by Awards, nor shall this Plan be construed
as providing for such segregation, nor shall the Company or the Committee be deemed to be a trustee of stock or cash to be awarded under
the Plan.

 

(n)
Liability of Company Plan. The Company (or members of the Board or Committee) shall not be liable to a Participant or other
persons as to: (i) the non-issuance or sale of Shares as to which the Company has been unable to obtain from any regulatory body having
jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder;
and (ii) any unexpected or adverse tax consequence or any tax consequence expected, but not realized, by any Participant or other person
due to the grant, receipt, exercise or settlement of any Award granted under this Plan.

 

(o)
Reformation. In the event any provision of this Plan shall be held illegal or invalid for any reason, such provisions will
be reformed by the Board if possible and to the extent needed in order to be held legal and valid. If it is not possible to reform the
illegal or invalid provisions then the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall
be construed and enforced as if the illegal or invalid provision had not been included.

 

    12

     

    

 

(p)
 Successor Provision. Any reference to a statute, rule or regulation, or to a section of a statute, rule or regulation,
is a reference to that statute, rule, regulation, or section as amended from time to time, both before and after the Adoption Date and
including any successor provisions.

 

(q)
Governing Law. This Plan, and (unless otherwise provided in the Award Agreement) all Awards, shall be construed in accordance
with and governed by the laws of the State of Nevada, but without regard to its conflict of law provisions. The Committee may provide
that any dispute as to any Award shall be presented and determined in such forum as the Committee may specify, including through binding
arbitration. Unless otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed to submit to the exclusive
jurisdiction and venue of the federal or state courts of Nevada to resolve any and all issues that may arise out of or relate to the Plan
or any related Award Agreement.

 

(r)
No Re-Pricing of Options or SARs or Other Equity Awards or Award of Re-Load Options. 

 

Notwithstanding anything
to the contrary, (i) outstanding Options or SARs or Other Equity Awards may not be Re-Priced and (ii) Re-Load Options may not be awarded,
in each case without the approval of Company shareholders. Moreover, any amendment to the Plan or any Award Agreement that results in
the Re-Pricing of an Option or SAR or Other Equity Award issued under the Plan shall not be effective without prior approval of the shareholders
of the Company. For this purpose, repricing includes a reduction in the Exercise Price of an Option or a SAR or the cancellation of an
Option or SAR in exchange for cash, Options or SARs or Other Equity Award with an Exercise Price less than the Exercise Price of the cancelled
Option or SAR, other Awards under the Plan or any other consideration provided by the Company.

 

(s)
Other Awards. The Committee may in its discretion issue Other Equity Awards and/or Cash Awards to Key Employees. The terms
and conditions of any such Awards shall be evidenced by an Award Agreement between the Participant and the Company.

 

(t)  
Intentionally Omitted.

 

(u)
Deferral Elections. The Committee may permit a Participant to elect to defer his or her receipt of the payment of cash or
the delivery of Shares that would otherwise be due to such Participant by virtue of the exercise, earn out or vesting of an Award made
under the Plan. If any such election is permitted, the Committee shall establish rules and procedures for such payment deferrals, including
the possible (a) payment or crediting of reasonable interest on such deferred amounts credited in cash, and (b) the payment or crediting
of dividend equivalents in respect of deferrals credited in units of Common Stock. The Company and the Committee shall not be responsible
to any person in the event that the payment deferral does not result in deferral of income for tax purposes.

 

(v) Payment
of Non-Employee Director Cash Fees with Equity Awards. If the Board affirmatively decides to authorize such a process, each
Non-Employee Director may elect to receive a Restricted Stock Grant (or Stock Units or Other Equity Awards) issued under the Plan in
lieu of payment of all or a portion of his or her annual cash retainer and/or any other cash fees including without limitation
meeting fees, committee service fees and participation fees. Any such elections made by a Non-Employee Director shall be effected no
later than the time permitted by applicable law and in accordance with the Company’s insider trading policies and/or other
policies. The aggregate grant date fair market value of any Restricted Stock Grants or Stock Units or Other Equity Awards issued
pursuant to this Section 4(v) is intended to be equivalent to the value of the foregone cash fees. Any cash fees not elected to be
received as a Restricted Stock Grant or Stock Units or Other Equity Awards shall be payable in cash in accordance with the
Company’s standard payment procedures. The Board in its discretion shall determine the terms, conditions and procedures for
implementing this Section 4(v) and may also modify or terminate its operation at any time.

 

    13

     

    

 

SECTION
5.    SHARES SUBJECT TO
PLAN AND SHARE LIMITS.

 

(a)
Basic Limitations and Evergreen Share Reserve Increase.

 

		(i)	The Common Stock issuable under the Plan shall be authorized
but unissued Shares or treasury Shares. Subject to adjustment as provided in Section 11, the maximum aggregate number of Shares that
may be issued:

 

		(A)	under the Plan shall not exceed 3,921,926Shares (the “Share
Limit”); and

 

		(B)	pursuant to the exercise of ISOs granted under this Plan shall
not exceed 3,921,926 Shares (the “ISO Limit”).

 

		(ii)	Notwithstanding Section 5(a)(i) hereof, on the first day
of each fiscal year commencing on January 1, 2019, the Share Limit and the ISO Limit shall automatically be increased by that number
of shares equal to the lowest of:

 

		(A)	250,000 shares of our Common Stock;

 

		(B)	5% of the number of shares of our Common Stock outstanding
as of such date; and

 

		(C)	an amount determined by the Committee.

 

(b)
Share Accounting. This Section 5(b) describes the Share accounting process for Awards issued under the Plan with respect
to the Share Limit and ISO Limit.

 

(i) There
shall be counted against the numerical limitations in Section 5(a) the gross number of Shares subject to issuance upon exercise or
used for determining payment or settlement of Awards.  The below clauses (ii), (iii), (iv), (v) and (vi) of this Section
5(b) seek to clarify the intent of the foregoing sentence. The Shares issued (or settled) under an Award will be counted against the
Share Limit (and ISO Limit if the Award is an ISO) at the time(s) of exercise or settlement of the Award.  For avoidance
of doubt, Shares that are withheld as payment for the Award’s Exercise Price or applicable withholding taxes shall be counted
against the Share Limit (and ISO Limit if the Award is an ISO).

 

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(ii) For avoidance
of doubt, each Share issued (or settled or exercised) under any Award shall be counted against the Share Limit as one Share.

 

(iii) For avoidance
of doubt, whether or not a SAR is settled with any Shares, the gross number of Shares subject to the exercise and which are used for determining
the benefit payable under such SAR shall be counted against the Share Limit, regardless of the number of Shares actually used to settle
the SAR upon such exercise.

 

(iv) For avoidance
of doubt, to the extent an Option is exercised via a Cashless Exercise or Net Exercise or is not otherwise fully settled with Shares,
then the gross number of Shares subject to the exercise and which are used for determining the benefit payable under such Option shall
be counted against the Share Limit (and shall also count against the ISO Limit if the Option being exercised is an ISO), regardless of
the number of Shares actually issued to the Participant upon such exercise.

 

(v) If any portion
of an Award is forfeited, terminated without consideration, or expires unexercised, (collectively, “Forfeited Shares”), the
gross number of such Forfeited Shares shall again be available for Awards under the Plan and shall not be counted against the Share Limit
or ISO Limit.

 

(v) For avoidance
of doubt, if any Awards are settled or paid in cash in lieu of stock and/or are exchanged for other Awards (collectively, “Settled
Shares”), the gross number of such Settled Shares shall be counted against the Share Limit (and ISO Limit if the Award is an ISO).

 

(c) Substitute
Awards. Any Substitute Awards including without limitation any Shares that are delivered and any Awards that are granted by, or
become obligations of, the Company, as a result of the assumption by the Company of, or in substitution for, outstanding awards
previously granted by another entity (as provided below) shall not be counted toward the Share Limit or ISO Limit. Substitute Awards
shall not count toward the Share Limit, nor shall Shares subject to a Substitute Award again be available for Awards under the Plan
as provided in Section 5(b) above. Additionally, in the event that a company acquired by the Company or any Parent or any Subsidiary
or any Affiliate or with which the Company or any Parent or any Subsidiary or any Affiliate combines has shares available under a
pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination, the shares available
for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other
adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the
holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall
not count toward the Share Limit; provided that Awards using such available shares shall not be made after the date awards or grants
could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to
individuals who were not Employees or Board members prior to such acquisition or combination.

 

    15

     

    

 

(d)
Dividend Equivalents. Any dividend equivalents distributed under the Plan in the form of Shares shall be counted against
the Share Limit (with each Share that is distributed counting as one Share against the Share Limit). Dividend equivalents will not be
paid (or accrue) on unexercised Options or unexercised SARs.

 

SECTION
6.    TERMS AND CONDITIONS
OF OPTIONS.

 

(a)
Stock Option Agreement. Each Award of an Option under the Plan shall be evidenced by a Stock Option Agreement between the
Optionee and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other
terms and conditions that are not inconsistent with the Plan (including without limitation any performance conditions). The provisions
of the various Stock Option Agreements entered into under the Plan need not be identical. The Stock Option Agreement shall also specify
whether the Option is an ISO and if not specified then the Option shall be an NSO.

 

(b)
Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall
provide for the adjustment of such number in accordance with Section 11.

 

(c)
Exercise Price. An Option’s Exercise Price shall be established by the Committee and set forth in a Stock Option Agreement.
Except with respect to (i) outstanding stock options being assumed or (ii) Options being granted in exchange for cancellation of options
granted by another issuer as provided under Section 6(e) or (iii) an NSO granted with a per share Exercise Price that is less than the
per Share Fair Market Value on the date of Award and further provided that the Committee expressly acknowledges in its granting resolutions
its awareness that such Option may be subject to the requirements of Code Section 409A, the Exercise Price of an Option shall not be less
than 100% of the Fair Market Value (110% for 10-Percent Shareholders in the case of ISOs) of a Share on the date of Award.

 

(d)
Exercisability and Term. Each Stock Option Agreement shall specify the date when all or any installment of the Option is
to become vested and/or exercisable. The Stock Option Agreement shall also specify the term of the Option; provided, however that the
term of an Option shall in no event exceed ten (10) years from the date of Award.

 

    16

     

    

 

An ISO that is granted to a 10-Percent
Shareholder shall have a maximum term of five (5) years. No Option can be exercised after the expiration date specified in the applicable
Stock Option Agreement. A Stock Option Agreement may provide for accelerated exercisability in the event of the Optionee’s death,
Disability or retirement or other events. A Stock Option Agreement may permit an Optionee to exercise an Option before it is vested (an
“early exercise”), subject to the Company’s right of repurchase at the original Exercise Price of any Shares acquired
under the unvested portion of the Option which right of repurchase shall lapse at the same rate the Option would have vested had there
been no early exercise. In no event shall the Company be required to issue fractional Shares upon the exercise of an Option and the Committee
may specify a minimum number of Shares that must be purchased in any one Option exercise.

 

(e)
Modifications or Assumption of Options. Within the limitations of the Plan, the Committee may modify, extend or assume outstanding
Options or may accept the cancellation of outstanding stock options (whether granted by the Company or by another issuer) in return for
the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price. No modification of
an Option shall, without the consent of the Optionee, impair his or her rights or increase his or her obligations under such Option.

 

(f)
Assignment or Transfer of Options. Except as otherwise provided in the applicable Stock Option Agreement and then only to
the extent permitted by applicable law, no Option shall be transferable by the Optionee other than by will or by the laws of descent and
distribution. Except as otherwise provided in the applicable Stock Option Agreement, an Option may be exercised during the lifetime of
the Optionee only by Optionee or by the guardian or legal representative of the Optionee. Except as otherwise provided in the applicable
Stock Option Agreement, no Option or interest therein may be subject to a short position nor may any Option or interest therein be gifted,
transferred, assigned, alienated, pledged, hypothecated, attached, sold, or encumbered by the Optionee during his/her lifetime, whether
by operation of law or otherwise, or be made subject to execution, attachment or similar process.

 

SECTION
7.    PAYMENT FOR OPTION
SHARES.

 

(a)
General Rule. The entire Exercise Price of Shares issued upon exercise of Options shall be payable in cash (or check) at
the time when such Shares are purchased by the Optionee, except as follows and if so provided for in an applicable Stock Option Agreement:

 

(i)  
In the case of an ISO granted under the Plan, payment shall be made only pursuant to the express provisions of the applicable Stock
Option Agreement. The Stock Option Agreement may specify that payment may be made in any form(s) described in this Section 7.

 

(ii)
In the case of an NSO granted under the Plan, the Committee may in its discretion, at any time accept payment in any form(s) described
in this Section 7.

 

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(b)
 Surrender of Stock. To the extent that the Committee makes this Section 7(b) applicable to an Option in a Stock Option
Agreement, payment for all or any part of the Exercise Price may be made with Shares which have already been owned by the Optionee for
such duration as shall be specified by the Committee. Such Shares shall be valued at their Fair Market Value on the date when the new
Shares are purchased under the Plan.

 

(c)
Cashless Exercise. To the extent that the Committee makes this Section 7(c) applicable to an Option in a Stock Option Agreement,
payment for all or a part of the Exercise Price may be made through Cashless Exercise.

 

(d)
Net Exercise. To the extent that the Committee makes this Section 7(d) applicable to an Option in a Stock Option Agreement,
payment for all or a part of the Exercise Price may be made through Net Exercise.

 

(e)
Other Forms of Payment. To the extent that the Committee makes this Section 7(e) applicable to an Option in a Stock Option
Agreement, payment may be made in any other form that is consistent with applicable laws, regulations and rules and approved by the Committee.

 

SECTION
8.    TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS.

 

(a)
SAR Agreement. Each Award of a SAR under the Plan shall be evidenced by a SAR Agreement between the Participant and the
Company. Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent
with the Plan (including without limitation any performance conditions). A SAR Agreement may provide for a maximum limit on the amount
of any payout notwithstanding the Fair Market Value on the date of exercise of the SAR. The provisions of the various SAR Agreements entered
into under the Plan need not be identical. SARs may be granted in consideration of a reduction in the Participant’s other compensation.

 

(b)
Number of Shares. Each SAR Agreement shall specify the number of Shares to which the SAR pertains and is subject to adjustment
of such number in accordance with Section 11.

 

(c)
Exercise Price. Each SAR Agreement shall specify the Exercise Price. A SAR Agreement may specify an Exercise Price that
varies in accordance with a predetermined formula while the SAR is outstanding. Except with respect to outstanding stock appreciation
rights being assumed or SARs being granted in exchange for cancellation of stock appreciation rights granted by another issuer as provided
under Section 8(f), the Exercise Price of a SAR shall not be less than 100% of the Fair Market Value on the date of Award.

 

(d) Exercisability
and Term. Each SAR Agreement shall specify the date when all or any installment of the SAR is to become exercisable. The SAR
Agreement shall also specify the term of the SAR which shall not exceed ten (10) years from the date of Award. No SAR can be
exercised after the expiration date specified in the applicable SAR Agreement. A SAR Agreement may provide for accelerated
exercisability in the event of the Participant’s death, or Disability or other events. SARs may be awarded in combination with
Options or other Awards, and such an Award may provide that the SARs will not be exercisable unless the related Options or other
Awards are forfeited. A SAR may be included in an ISO only at the time of Award but may be included in an NSO at the time of Award
or at any subsequent time, but not later than six (6) months before the expiration of such NSO. A SAR granted under the Plan may
provide that it will be exercisable only in the event of a Change in Control.

 

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(e)
Exercise of SARs. If, on the date when a SAR expires, the Exercise Price under such SAR is less than the Fair Market Value
on such date but any portion of such SAR has not been exercised or surrendered, then such SAR may automatically be deemed to be exercised
as of such date with respect to such portion to the extent so provided in the applicable SAR agreement. Upon exercise of a SAR, the Participant
(or any person having the right to exercise the SAR after Participant’s death) shall receive from the Company (i) Shares, (ii) cash
or (iii) any combination of Shares and cash, as the Committee shall determine. The amount of cash and/or the Fair Market Value of Shares
received upon exercise of SARs shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of surrender)
of the Shares subject to the SARs exceeds the Exercise Price of the Shares.

 

(f)
Modification or Assumption of SARs. Within the limitations of the Plan, the Committee may modify, extend or assume outstanding
SARs or may accept the cancellation of outstanding SARs (including stock appreciation rights granted by another issuer) in return for
the grant of new SARs for the same or a different number of Shares and at the same or a different Exercise Price. No modification of a
SAR shall, without the consent of the Participant, impair his or her rights or increase his or her obligations under such SAR.

 

(g)
Assignment or Transfer of SARs. Except as otherwise provided in the applicable SAR Agreement and then only to the extent
permitted by applicable law, no SAR shall be transferable by the Participant other than by will or by the laws of descent and distribution.
Except as otherwise provided in the applicable SAR Agreement, a SAR may be exercised during the lifetime of the Participant only by the
Participant or by the guardian or legal representative of the Participant. No SAR or interest therein may be transferred, assigned, alienated,
pledged, hypothecated, attached, sold, or encumbered by the Participant during his or her lifetime, whether by operation of law or otherwise,
or be made subject to execution, attachment or similar process.

 

SECTION
9.    TERMS
AND CONDITIONS FOR RESTRICTED STOCK GRANTS.

 

(a) Restricted
Stock Grant Agreement. Each Restricted Stock Grant awarded under the Plan shall be evidenced by a Restricted Stock Grant
Agreement between the Participant and the Company. Each Restricted Stock Grant shall be subject to all applicable terms and
conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan (including
without limitation any performance conditions). The provisions of the Restricted Stock Grant Agreements entered into under the Plan
need not be identical.

 

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(b)
Number of Shares and Payment. Each Restricted Stock Grant Agreement shall specify the number of Shares to which the Restricted
Stock Grant pertains and is subject to adjustment of such number in accordance with Section 11. Restricted Stock Grants may be issued
with or without cash consideration under the Plan.

 

(c)
Vesting Conditions. Each Restricted Stock Grant may or may not be subject to vesting. Vesting shall occur, in full or in
installments, upon satisfaction of the conditions specified in the Restricted Stock Grant Agreement. A Restricted Stock Grant Agreement
may provide for accelerated vesting in the event of the Participant’s death, or Disability or other events.

 

(d)
Voting and Dividend Rights. The holder of a Restricted Stock Grant (irrespective of whether the Shares subject to the Restricted
Stock Grant are vested or unvested) awarded under the Plan shall have the same voting, dividend and other rights as other holders of Common
Stock. However, any dividends received on Shares that are unvested (whether such dividends are in the form of cash or Shares) may be subject
to the same vesting conditions and restrictions as the Restricted Stock Grant with respect to which the dividends were paid. Such additional
Shares issued as dividends that are subject to the Restricted Stock Grant shall not reduce the number of Shares available for issuance
under Section 5.

 

(e)
Modification or Assumption of Restricted Stock Grants. Within the limitations of the Plan, the Committee may modify or assume
outstanding Restricted Stock Grants or may accept the cancellation of outstanding Restricted Stock Grants (including stock granted by
another issuer) in return for the grant of new Restricted Stock Grants for the same or a different number of Shares. No modification of
a Restricted Stock Grant shall, without the consent of the Participant, impair his or her rights or increase his or her obligations under
such Restricted Stock Grant.

 

(f)
Assignment or Transfer of Restricted Stock Grants. Except as provided in Section 14, or in a Restricted Stock Grant
Agreement, or as required by applicable law, a Restricted Stock Grant awarded under the Plan shall not be anticipated, assigned, attached,
garnished, optioned, transferred or made subject to any creditor’s process, whether voluntarily, involuntarily or by operation of
law. Any act in violation of this Section 9(f) shall be void. However, this Section 9(f) shall not preclude a Participant from designating
a beneficiary pursuant to Section 4(d) nor shall it preclude a transfer of Restricted Stock Grant Awards by will or pursuant to Section
4(d).

 

SECTION
10.      TERMS
AND CONDITIONS FOR STOCK UNITS.

 

(a) Stock
Unit Agreement. Each grant of Stock Units under the Plan shall be evidenced by a Stock Unit Agreement between the Participant
and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that
are not inconsistent with the Plan (including without limitation any performance conditions). The provisions of the various Stock
Unit Agreements entered into under the Plan need not be identical. Stock Units may be granted in consideration of a reduction in the
Participant’s other compensation.

 

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(b)
Number of Shares and Payment. Each Stock Unit Agreement shall specify the number of Shares to which the Stock Unit Award
pertains and is subject to adjustment of such number in accordance with Section 11. To the extent that an Award is granted in the form
of Stock Units, no cash consideration shall be required of the Award recipients.

 

(c)
Vesting Conditions. Each Award of Stock Units may or may not be subject to vesting. Vesting shall occur, in full or in installments,
upon satisfaction of the conditions specified in the Stock Unit Agreement. A Stock Unit Agreement may provide for accelerated vesting
in the event of the Participant’s death, or Disability or other events.

 

(d)
Voting and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture, any
Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right
entitles the holder to be credited with an amount equal to all cash or Common Stock dividends paid on one Share while the Stock Unit is
outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the
form of cash, in the form of Shares, or in a combination of both. Prior to vesting of the Stock Units, any dividend equivalents accrued
on such unvested Stock Units may be subject to the same vesting conditions and restrictions as the Stock Units to which they attach.

 

(e)
Modification or Assumption of Stock Units. Within the limitations of the Plan, the Committee may modify or assume outstanding
Stock Units or may accept the cancellation of outstanding Stock Units (including stock units granted by another issuer) in return for
the grant of new Stock Units for the same or a different number of Shares. No modification of a Stock Unit shall, without the consent
of the Participant, impair his or her rights or increase his or her obligations under such Stock Unit.

 

(f)
Assignment or Transfer of Stock Units. Except as provided in Section 14, or in a Stock Unit Agreement, or as required by
applicable law, Stock Units shall not be anticipated, assigned, attached, garnished, optioned, transferred or made subject to any creditor’s
process, whether voluntarily, involuntarily or by operation of law. Any act in violation of this Section 10(f) shall be void. However,
this Section 10(f) shall not preclude a Participant from designating a beneficiary pursuant to Section 4(d) nor shall it preclude a transfer
of Stock Units pursuant to Section 4(d).

 

(g) Form and
Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (a) cash, (b) Shares or (c) any
combination of both, as determined by the Committee. The actual number of Stock Units eligible for settlement may be larger or
smaller than the number included in the original Award. Methods of converting Stock Units into cash may include (without limitation)
a method based on the average Fair Market Value of Shares over a series of trading days. Except as otherwise provided in a Stock
Unit Agreement or a timely completed deferral election, vested Stock Units shall be settled within thirty (30) days after vesting.
The distribution may occur or commence when all vesting conditions applicable to the Stock Units have been satisfied or have lapsed,
or it may be deferred, in accordance with applicable law, to a later specified date. The amount of a deferred distribution may be
increased by an interest factor or by dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units
shall be subject to adjustment pursuant to Section 11.

 

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(h)
Creditors’ Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the Company.
Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock
Unit Agreement.

 

SECTION
11.      ADJUSTMENTS.

 

(a)
Adjustments. In the event of a subdivision of the outstanding Shares, a declaration of a dividend payable in Shares, a declaration
of a dividend payable in a form other than Shares in an amount that has a material effect on the price of Shares, a combination or consolidation
of the outstanding Shares (by reclassification or otherwise) into a lesser number of Shares, a stock split, a reverse stock split, a reclassification
or other distribution of the Shares without the receipt of consideration by the Company, of or on the Common Stock, a recapitalization,
a combination, a spin-off or a similar occurrence, the Committee shall make equitable and proportionate adjustments to:

 

(i)  
the Share Limit and ISO Limit specified in Section 5(a);

 

(ii)
the number and kind of securities available for Awards (and which can be issued as ISOs) under Section 5;

 

(iii)
the number and kind of securities covered by each outstanding Award;

 

(iv)
the Exercise Price under each outstanding Option and SAR and Other Equity Award; and

 

(v)
the number and kind of outstanding securities issued under the Plan.

 

(b)
Participant Rights. Except as provided in this Section 11, a Participant shall have no rights by reason of any issue by
the Company of stock of any class or securities convertible into stock of any class, any subdivision or consolidation of shares of stock
of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class. If by
reason of an adjustment pursuant to this Section 11, a Participant’s Award covers additional or different shares of stock or securities,
then such additional or different shares and the Award in respect thereof shall be subject to all of the terms, conditions and restrictions
which were applicable to the Award and the Shares subject to the Award prior to such adjustment.

 

(c) Fractional
Shares. Any adjustment of Shares pursuant to this Section 11 shall be rounded down to the nearest whole number of Shares. Under
no circumstances shall the Company be required to authorize or issue fractional shares. To the extent permitted by applicable law,
no consideration shall be provided as a result of any fractional shares not being issued or authorized.

 

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SECTION
12.      EFFECT
OF A CHANGE IN CONTROL.

 

(a)
Merger or Reorganization. In the event that there is a Change in Control and/or the Company is a party to a merger or acquisition
or reorganization or Change in Control Event or similar transaction, outstanding Awards shall be subject to the merger agreement or other
applicable transaction agreement. Such agreement may provide, without limitation, that subject to the consummation of the applicable transaction,
for the assumption (or substitution) of outstanding Awards by the surviving corporation or its parent, for their continuation by the Company
(if the Company is a surviving corporation), for accelerated vesting or for their cancellation with or without consideration, or for the
mandatory exercise or conversion of Awards into Shares and/or cash whether by Net Exercise or otherwise, in all cases without the consent
of the Participant.

 

(b)
Acceleration of Vesting. In the event that a Change in Control occurs and there is no assumption, substitution or continuation
of Awards pursuant to Section 12(a), the Committee in its discretion may provide that some or all Awards shall vest and become exercisable
in connection with such Change in Control. For avoidance of doubt, “substitution” includes, without limitation, an Award being
replaced by a cash award that provides an equivalent intrinsic value (wherein intrinsic value equals the difference between the market
value of a share and any exercise price). The Committee may also in its discretion include in an Award Agreement a requirement that, under
certain circumstances, acceleration of vesting (or compensation payable) with respect to such Award shall be reduced (or eliminated) to
the extent that such reduction (or elimination) would, after taking into account any other payments in the nature of compensation to which
the Participant would have a right to receive from the Company and any other person contingent upon the occurrence of a Change in Control,
prevent the occurrence of a “parachute payment” as defined under Code Section 280G.

 

SECTION
13.      LIMITATIONS
ON RIGHTS.

 

(a)
Retention Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to
remain in Service as an Employee, Consultant, or Non-Employee Director of the Company, a Parent, a Subsidiary or an Affiliate or to receive
any future Awards under the Plan. he Company and its Parents and Subsidiaries and Affiliates reserve the right to terminate the Service
of any person at any time, and for any reason, subject to applicable laws, the Company’s Bylaws and Charter and a written employment
agreement (if any).

 

(b) Regulatory
Requirements. Any other provision of the Plan notwithstanding, the obligation of the Company to issue Shares or other securities
under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be
required. The Company reserves the right to restrict, in whole or in part, the delivery of Shares or other securities pursuant to
any Award prior to the satisfaction of all legal requirements relating to the issuance of such Shares or other securities, to their
registration, qualification or listing or to an exemption from registration, qualification or listing.

 

    23

     

    

 

(c)
Dissolution. To the extent not previously exercised or settled, all Options, SARs, Stock Units, Cash Awards, Other Equity
Awards and unvested Restricted Stock Grants shall terminate immediately prior to the dissolution or liquidation of the Company and shall
be forfeited to the Company without consideration (except for repayment of any amounts a Participant had paid to the Company to acquire
unvested Shares underlying the forfeited Awards).

 

(d)
Clawback Policy. The Company may (i) cause the cancellation of any Award, (ii) require reimbursement of any Award by a Participant
and (iii) effect any other right of recoupment of equity or other compensation provided under this Plan or otherwise in accordance with
Company policies and/or applicable law (each, a “Clawback Policy”). In addition, a Participant may be required to repay to
the Company certain previously paid compensation, whether provided under this Plan or an Award Agreement or otherwise, in accordance with
the Clawback Policy. By accepting an Award, a Participant is also agreeing to be bound by the Company’s Clawback Policy which may
be amended from time to time by the Company in its discretion (including without limitation to comply with applicable laws or stock exchange
requirements) and is further agreeing that all of the Participant’s Awards may be unilaterally amended by the Company to the extent
needed to comply with the Clawback Policy.

 

SECTION
14.      WITHHOLDING
TAXES.

 

(a)
General. A Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations
that arise in connection with his or her Award. The Company shall not be required to issue any Shares or make any cash payment under the
Plan until such obligations are satisfied and the Company shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment of any kind otherwise due to the Participant.

 

(b) Share
Withholding. The Committee in its discretion may permit or require a Participant to satisfy all or part of his or her
withholding tax obligations by having the Company withhold all or a portion of any Shares that otherwise would be issued to him or
her or by surrendering all or a portion of any Shares that he or she previously acquired (or by stock attestation). Such Shares
shall be valued based on the value of the actual trade or, if there is none, the Fair Market Value as of the previous day. Any
payment of taxes by assigning Shares to the Company may be subject to restrictions, including, but not limited to, any restrictions
required by rules of the SEC. The Committee may also, in its discretion, permit or require a Participant to satisfy withholding tax
obligations related to an Award through a sale of Shares underlying the Award or, in the case of Options, through Net Exercise or
Cashless Exercise. The number of Shares that are withheld from an Award pursuant to this section may also be limited by the
Committee, to the extent necessary, to avoid liability-classification of the Award (or other adverse accounting treatment) under
applicable financial accounting rules including without limitation by requiring that no amount may be withheld which is in excess of
the applicable maximum statutory withholding rates. The Committee, in its discretion, may permit other forms of payment of
applicable tax withholding.

 

SECTION
15.      DURATION
AND AMENDMENTS.

 

(a)
Term of the Plan. The Plan, as set forth herein, is effective on the Adoption Date. The Plan shall terminate on the day
before the tenth (10th) anniversary of the Adoption Date and may be terminated on any earlier date pursuant to this Section
15. This Plan will not in any way affect outstanding awards that were issued under any other Company equity compensation plans.

 

(b)
Right to Amend or Terminate the Plan. The Board may amend or terminate the Plan at any time and for any reason. No Awards
shall be granted under the Plan after the Plan’s termination. An amendment of the Plan shall be subject to the approval of the Company’s
shareholders only to the extent required by applicable laws, regulations or rules. In addition, no such amendment or termination (or amendment
of an executed Award Agreement) shall be made which would materially impair the rights of any Participant, without such Participant’s
written consent, under any then-outstanding Award. In the event of any conflict in terms between the Plan and any Award Agreement, the
terms of the Plan shall prevail and govern.

 

SECTION
16.      EXECUTION.

 

To record the adoption of the Plan by the Board, the Company
has caused its duly authorized Officer to execute this Plan on behalf of the Company.

  

	 	HOTH THERAPEUTICS, INC.
	 	 	 
	 	By:	                                              
	 	Name:  	Robb Knie
	 	Title: 	Chief Executive Officer

 

 

24EX-10.1

 Exhibit 10.1 

PROMISSORY NOTE 
  

			
	 $500,000
	  	As of January 31, 2022

 Plum Acquisition Corp. I (“Maker”) promises to pay to the order of Michael J. Dinsdale or his
successors or assigns (“Payee”) the principal sum of up to five hundred thousand dollars ($500,000), or so much thereof as is advanced, in lawful money of the United States of America, on the terms and conditions described below. 

1. Principal. The principal balance of this Note shall be repayable on the consummation of the Maker’s initial merger, share
exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). Payee understands that if a Business Combination is not
consummated, this Note will not be repaid and all amounts owed hereunder will be forgiven except to the extent that the Maker has funds available to it outside of its trust account established in connection with its initial public offering. 

2. Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3. Drawdown Requests. Maker and Payee agree that Maker may request up to five hundred thousand dollars ($500,000) for
working capital. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) March 18, 2023 or (ii) the date on which Maker consummates a Business Combination, upon written request from Maker to Payee
(each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Fifty Thousand Dollars ($50,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request
no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the aggregate amount of all drawdowns under this Note shall not exceed Five Hundred Thousand Dollars ($500,000). Once an amount is drawn down
under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. 

4. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any
sum due under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

5. Events of Default. The following shall constitute Events of Default: 

(a) Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following
the date when due. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy
Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its
debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing. 
 (c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days. 

6. Remedies. 
 (a)
Upon the occurrence of an Event of Default specified in Section 5(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 (b) Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the
unpaid principal balance of, and all other sums payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

7. Conversion. Upon consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the
outstanding principal balance of this Note, in whole or in part at the option of the Payee, into Private Placement Warrants (as defined in that certain Warrant Agreement, dated March 18, 2021, by and between the Maker and Continental Stock
Transfer & Trust Company), at a price of $1.50 per Private Placement Warrant. As promptly after notice by Payee to Maker to convert the principal balance of this Note, which must be made at least 24 hours prior to the consummation of the
Business Combination, as reasonably practicable and after Payee’s surrender of this Note, Maker shall have issued and delivered to Payee, without any charge to Payee, a warrant certificate or certificates (issued in the name(s) requested by
Payee), or made appropriate book-entry notation on the books and records of the Maker, for the number of Warrants of Maker issuable upon the conversion of this Note. 

8. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of
dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee. 
 9. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and
agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. 

10. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt
requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile or (v) sent
by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this Section: 

If to Maker: 
 Plum Acquisition
Corp. I 
 2021 Fillmore St #2089 

San Francisco, California 94115 

kanishka@plumpartners.com 
 If
to Payee: 
 Michael J. Dinsdale 

1662 Union Street 
 San
Francisco, California 94123 
 mike@plumpartners.com 

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date on which an e-mail transmission was received by the receiving party (iv) the date reflected on a signed delivery receipt, or (vi) two (2) Business
Days following tender of delivery or dispatch by express mail or delivery service. 

 11. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby
waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which proceeds of the Maker’s initial public offering of securities (“IPO”)
(including the deferred underwriters discounts and commissions) and proceeds of the sale of the warrants issued in a private placement which occurred in connection with the consummation of the IPO are deposited, as described in greater detail in the
registration statement and prospectus filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason
whatsoever. 
 12. Construction. This Note shall be construed and enforced in accordance with the domestic, internal law, but not the
law of conflict of laws, of the State of New York. 
 13. Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 [Remainder of Page Intentionally
Left Blank] 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by
its Chairman the day and year first above written. 
  

			
	 Plum Acquisition Corp. I

		
	 By:
	 	 /s/ Kanishka Roy

	 Name:
	 	 Kanishka Roy

	 Title:
	 	 Co-Chief Executive Officer & President

  

			
	 Agreed and Acknowledged:

		
	 By:
	 	 /s/ Michael J. Dinsdale

		 	 Michael J. Dinsdale

 [Signature Page to Promissory Note]

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