Document:

Exhibit
10.7

 

Amesite
Inc.

2017 Equity Incentive Plan

 

1. Purposes
of the Plan. The purposes of this Plan are:

 

	 	☐	to
    attract and retain the best available personnel for positions of substantial responsibility,

 

	 	☐	to
    provide additional incentive to Employees, Directors and Consultants, and

 

	 	☐	to
    promote the success of the Company’s business.

 

The
Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and
Restricted Stock Units.

 

2. Definitions.
As used herein, the following definitions will apply:

 

(a) “Administrator”
means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.

 

(b) “Applicable
Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws,
U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or
quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

 

(c) “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, or Restricted
Stock Units.

 

(d) “Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award
granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

 

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

 

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

 

(i) Change
in Ownership of the Company. The date on which any one person, or more than one person acting as a group (“Person”),
acquires ownership of the stock of the Company that, together with the stock held by such Person, first constitutes more than
50% of the total voting power of the stock of the Company; or

 

(ii) Change
in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the
Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board
is replaced during any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members
of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to
be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered
a Change in Control; or

 

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(iii) Change
in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of
the Company’s assets which occurs on the date that any Person acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market
value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to
such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such
assets.

 

For
purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation
that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control: (i) unless the transaction qualifies as a change in
control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed
or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder
from time to time, or (ii) if its sole purpose is to change the state of the Company’s incorporation, or (iii) its sole
purpose is 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 transaction, or (iv) if it results from a private financing of the Company that is approved
by the Board.

 

(g) “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any
successor or amended section of the Code.

 

(h) “Committee”
means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation
committee of the Board, in accordance with Section 4 hereof.

 

(i) “Common
Stock” means the Class A common stock of the Company.

 

(j) “Company”
means Amesite Inc., a Delaware corporation, or any successor thereto.

 

(k) “Consultant”
means any person, including an advisor, engaged by the Company or a Parent or majority-owned Subsidiary of the Company or a Parent,
to render services to such entity; provided that (i) the consultant or adviser renders bona fide services to the Company
or any Parent or Subsidiary of the Company; (ii) the services rendered by the consultant or adviser are not in connection with
the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market
for the Company’s securities; and (iii) the consultant or adviser is a natural person.

 

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

 

(m) “Disability”
means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other
than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists
in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 

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(n) “Employee”
means any person, including any officer or Director, that is an employee of the Company or any Parent or Subsidiary of the Company,
(as “employee” is defined in accordance with Section 3401(c) of the Code). Neither service as a Director nor payment
of a director’s fee by the Company shall be sufficient, by itself, to constitute “employment” by the Company.

 

(o) “Exchange
Act” means the Securities Exchange Act of 1934, as amended or any successor statute or statutes thereto. Reference
to any particular Exchange Act section shall include any successor section.

 

(p) “Equity
Restructuring” shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock
dividend, stock split, spin-off, rights offering, or a recapitalization through a large, nonrecurring cash dividend, that affects
the shares of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities) and causes
a change in the per share value of the Common Stock underlying outstanding awards granted under the Plan.

 

(q) “Exercise
Notice” means a notice in the form attached hereto as Exhibit A or such other form as the Administrator may
from time to time determine, on advice of counsel.

 

(r) “Exchange
Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards
of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash,
(ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or
entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator
will determine the terms and conditions of any Exchange Program in its sole discretion.

 

(s) 
“Fair Market Value” means, as of any date, the value of Common Stock determined as follows:

 

(i) If
the Common Stock is listed on any established stock exchange or a national market system, its Fair Market Value will be the closing
sales price for a share of such Common Stock (or the closing bid, if no sales were reported) as quoted on such exchange or system
on the day of determination, or if no closing bid price was reported for such date, the first date prior to such date during which
closing bid prices was quoted for such Common Stock as reported in The Wall Street Journal or such other source as the
Administrator deems reliable;

 

(ii) If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if
no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported
in The Wall Street Journal or such other source as the Administrator deems reliable; or

 

(iii) In
the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

 

(t) “Incentive
Stock Option” or “ISO” means an Option that by its terms qualifies and is otherwise intended
to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder.

 

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(u) “Investment
Representation Statement” means the Investment Representation Statement attached hereto as Exhibit B, or
such other form as the Administrator may from time to time determine, on advice of counsel.

 

(v) “Maximum
Pool Size” means 1,000,000 Shares.

 

(w) “Nonstatutory
Stock Option” or “NSO” means an Option that by its terms does not qualify or is not intended
to qualify as an Incentive Stock Option.

 

(x) “Option”
means a stock option granted pursuant to the Plan.

 

(y) “Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).

 

(z) “Participant”
means the holder of an outstanding Award.

 

(aa)“Period
of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions
and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time,
the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

 

(bb)“Plan”
means this 2017 Equity Incentive Plan.

 

(cc)“Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or
issued pursuant to the early exercise of an unvested Option.

 

(dd)“Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted
pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

(ee)“Securities
Act” means the Securities Act of 1933, as amended or any successor statute or statutes thereto. Reference to any
particular Exchange Act section shall include any successor section.

 

(ff)“Service
Provider” means an Employee, Director or Consultant.

 

(gg)“Share”
means one share of Common Stock, as adjusted in accordance with Section 13 of the Plan.

 

(hh)“Stock
Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7
is designated as a Stock Appreciation Right.

 

(ii) “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).

 

3. Stock
Subject to the Plan.

 

(a) Stock
Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares
that may be subject to Awards and sold under the Plan is equal to the Maximum Pool Size. The Shares may be authorized but unissued,
or reacquired Common Stock.

 

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(b) Lapsed
Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an
Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company
due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited
or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan
has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right
will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future
grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any
Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however,
that if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are
forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares
used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available
for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash
payment will not result in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing
and, subject to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise
of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable
under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance
under the Plan pursuant to Section 3(b).

 

(c) Share
Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as
will be sufficient to satisfy the requirements of the Plan.

 

4. Administration
of the Plan.

 

(a) Procedure.

 

(i) Multiple
Administrative Bodies. Unless and until the Board delegates administration to a Committee as set forth below, the Plan shall
be administered by the Board.

 

(ii) Committees.
The Board may delegate administration of the Plan to a Committee or Committees of 1 or more members of the Board, and the term
“Committee” shall apply to any person or persons to whom such authority has been delegated. If administration is delegated
to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed
by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to
exercise (and references in the Plan to the Board shall thereafter be to the Committee or subcommittee), subject, however, to
such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board
and one or more different Committees with respect to different groups of Service Providers may administer the Plan. The Board
may abolish the Committee at any time and revest in the Board the administration of the Plan. Appointment of Committee members
shall be effective upon acceptance of appointment. Committee members may resign at any time by delivering written notice to the
Board. Vacancies in the Committee may only be filled by the Board.

 

(iii) Other
Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which Committee
will be constituted to satisfy Applicable Laws.

 

    -5-

     

    

 

(b) Powers
of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties
delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

(i) to
determine the Fair Market Value;

 

(ii) to
select the Service Providers to whom Awards may be granted hereunder;

 

(iii) to
determine the number of Shares to be covered by each Award granted hereunder;

 

(iv) to
approve forms of Award Agreements for use under the Plan;

 

(v) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based
on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding
any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

 

(vi) to
determine whether to institute, to institute and to determine the terms and conditions of any Exchange Program;

 

(vii) to
construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

(viii) to
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable
foreign laws;

 

(ix) to
modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary
authority to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject
to Section 6(d));

 

(x) to
allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;

 

(xi) to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
by the Administrator;

 

(xii) to
allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such
Participant under an Award; and

 

(xiii) to
make all other determinations deemed necessary or advisable for administering the Plan.

 

(c) Effect
of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and
binding on all Participants and any other holders of Awards.

 

5. Eligibility.
Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be granted to any Service
Provider, as determined by the Administrator. Incentive Stock Options may be granted only to Employees.

 

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6. Stock
Options.

 

(a) Grant
of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Options in such amounts as the Administrator, in its sole discretion, will determine.

 

(b) Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term
of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such
other terms and conditions as the Administrator, in its sole discretion, will determine.

 

(c) Designation
as ISO or NSO; Limitations. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a
Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the
Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar
year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options
will be treated as Nonstatutory Stock Options. For purposes of this Section 6(c), (i) Incentive Stock Options will
be taken into account in the order in which they were granted, (ii) the Fair Market Value of the Shares will be determined as
of the time the Option with respect to such Shares is granted, and (iii) the calculation will be performed in accordance with
Code Section 422 and Treasury Regulations promulgated thereunder. If the Code is amended to provide for a different limitation
from that set forth in the preceding sentence, such different limitation shall be deemed incorporated herein effective as of the
date and with respect to such Options as required or permitted by such amendment to the Code.

 

(d) Term
of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be
no more than 10 years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at
the time the Incentive Stock Option is granted, owns stock representing more than 10% of the total combined voting power of all
classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be 5 years from the date
of grant or such shorter term as may be provided in the Award Agreement.

 

(e) Option
Exercise Price and Consideration.

 

(i) Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by
the Administrator, but will be no less than 100% of the Fair Market Value per Share on the date of grant. In addition, in the
case of an Incentive Stock Option granted to an Employee who owns stock representing more than 10% of the voting power of all
classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair
Market Value per Share on the date of grant. Notwithstanding the foregoing provisions of this Section 6(e)(i), Options
may be granted with a per Share exercise price of less than 100% of the Fair Market Value per Share on the date of grant pursuant
to a transaction described in, and in a manner consistent with, Code Section 424(a).

 

(ii) Waiting
Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option
may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

 

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(iii) Form
of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration
at the time of grant. Such consideration may consist entirely of: (A) cash; (B) check; (C) promissory note, to the extent
permitted by Applicable Laws, (D) other Shares, provided that such Shares have a Fair Market Value on the date of surrender
equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided further that
accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in
its sole discretion; (E) consideration received by the Company under cashless exercise program (whether through a broker or otherwise)
implemented by the Company in connection with the Plan; (F) by net exercise, (G) such other consideration and method of payment
for the issuance of Shares to the extent permitted by Applicable Laws, or (H) any combination of the foregoing methods of payment.
In making its determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration
may be reasonably expected to benefit the Company.

 

(f) Exercise
of Option.

 

(i) Procedure
for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan
and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option
may not be exercised for a fraction of a Share, and in all cases any fractional shares shall be rounded down to the nearest whole
share.

 

An
Option will be deemed exercised when the Company receives:

 

(A)
 written or electronic notice of exercise (in such form as the Administrator may specify
from time to time) from the person entitled to exercise the Option, and

 

(B)
 full payment for the Shares with respect to which the Option is exercised (together
with applicable tax withholding). Full payment may consist of any consideration and method of payment authorized by the Administrator
and permitted by the Award Agreement and the Plan; and

 

(C) 
Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance
with Applicable Laws. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate
to effect such compliance, including, without limitation, placing legends on share certificates and issuing stop transfer notices
to agents and registrars; and

 

(D) Upon
the exercise of all or a portion of an unvested Option, an executed Restricted Stock Purchase Agreement in a form determined by
the Administrator and signed by the Participant or other person then entitled to exercise the Option or such portion of the Option;
and

 

(E) An
executed signature page to any other agreement between the Company and its security holders that by its terms requires the stockholders
of the Company (or its Parent or Subsidiaries) to become party to such Agreement; and

 

(F) In
the event that the Option shall be exercised hereof by any person or persons other than the Participant, appropriate proof of
the right of such person or persons to exercise the Option.

 

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Shares
issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name
of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company
will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend
or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13
of the Plan.

 

Subject
to any subsequent repurchase by the Company of unvested shares, exercising an Option in any manner will decrease the number of
Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which
the Option is exercised.

 

(ii) Termination
of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s
termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within
30 days of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration
of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of termination.
Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire
Option, the Shares covered by the unvested portion of the Option will revert to the Plan and become once again available for issuance
hereunder. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator,
the Option will terminate, and the Shares covered by such Option will revert to the Plan and become once again available for issuance
hereunder.

 

(iii) Disability
of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant
may exercise his or her Option within six (6) months of termination, or such longer period of time as is specified in the Award
Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent
the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination
the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert
to the Plan and become once again available for issuance hereunder. If after termination the Participant does not exercise his
or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to
the Plan and become once again available for issuance hereunder.

 

(iv) Death
of Participant. If a Participant dies while a Service Provider, the Option may be exercised within six (6) months following
the Participant’s death, or within such longer period of time as is specified in the Award Agreement (but in no event later
than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on
the date of death, by the Participant’s designated beneficiary, provided that such beneficiary has been designated
prior to the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by
the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the
person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent
and distribution. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his
or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan and become
once again available for issuance hereunder. If the Option is not so exercised within the time specified herein, the Option will
terminate, and the Shares covered by such Option will revert to the Plan and become once again available for issuance hereunder.

 

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(g) Regulatory
Extension. A Participant’s Option Agreement may provide that if the exercise of the Option following the termination
of the Participant’s status as a Service Provider would be prohibited at any time solely because the issuance of shares
would violate the registration requirements under the Securities Act, then the Option shall terminate on the earlier of (i) the
expiration of the term of the Option set forth in Section 6(d) hereof or (ii) the expiration of a period of 3 months after
the termination of the Participant’s status as a Service Provider during which the exercise of the Option would not be in
violation of such registration requirements.

 

(h) Early
Exercisability. The Administrator may provide in the terms of a Participant’s Option Agreement that the Participant’s
may, at any time before the Participant’s status as a Service Provider terminates, exercise the Option in whole or in part
prior to the full vesting of the Option; provided, however, that Shares acquired upon exercise of an Option which has not
fully vested may be subject to any forfeiture, transfer, or other restrictions consistent with or permitted by this Plan as the
Administrator may determine in its sole discretion.

 

(i) Buyout
Provisions. The Administrator may at any time offer to buyout for a payment in cash or Shares, an Option previously granted,
based on such terms and conditions as the Administrator shall establish and communicate to the Participant at the time that such
offer is made.

 

7. Stock
Appreciation Rights.

 

(a) Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b) Number
of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock
Appreciation Rights.

 

(c) Exercise
Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received
upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and
will be no less than 100% of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to the
provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted
under the Plan.

 

(d) Stock
Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify
the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions
as the Administrator, in its sole discretion, will determine.

 

(e) Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the
Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d)
relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.

 

(f) Payment
of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive
payment from the Company in an amount determined by multiplying:

 

(i) The
difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

 

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(ii) The
number of Shares with respect to which the Stock Appreciation Right is exercised.

 

At
the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent
value, or in some combination thereof.

 

8. Restricted
Stock.

 

(a) Grant
of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

(b) Restricted
Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions
on such Shares have lapsed.

 

(c) Transferability.
Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

(d) Other
Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock
as it may deem advisable or appropriate.

 

(e) Removal
of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted
Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction
or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which
any restrictions will lapse or be removed.

 

(f) Voting
Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise
full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

(g) Dividends
and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled
to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise.
If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

 

(h) Return
of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan.

 

9. Restricted
Stock Units.

 

(a) Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator
determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions,
and restrictions related to the grant, including the number of Restricted Stock Units.

 

    -11-

     

    

 

(b) Vesting
Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The
Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including,
but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion.

 

(c) Earning
Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout
as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

(d) Form
and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined
by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted
Stock Units in cash, Shares, or a combination of both.

 

(e) Cancellation.
On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 

10. Compliance
With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application
of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the Administrator.
The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed
and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To
the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will
be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant,
payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A.
Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that any this Plan or
any Award hereunder may be subject to Section 409A of the Code and related Department of Treasury regulations and other interpretive
guidance issued thereunder, the Administrator may adopt such amendments to the Plan and the applicable agreement or adopt other
policies and procedures (including amendments, policies, and procedures with retroactive effect), or take any other actions, that
the Administrator determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve
the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section
409A of the Code and related Department of Treasury regulations and other interpretive guidance thereunder and thereby avoid the
application of any penalty taxes under such Section.

 

11. Leaves
of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will
be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (a) any leave of
absence approved by the Company or (b) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary.
For purposes of Incentive Stock Options, no such leave may exceed 3 months, unless reemployment upon expiration of such leave
is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so
guaranteed, then 6 months following the 1st day of such leave, any Incentive Stock Option held by the Participant will cease to
be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

 

    -12-

     

    

 

12. Limited
Transferability of Awards.

 

(a) Unless
determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in
any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant,
only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by will, (ii)
by laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act.

 

(b) Further,
until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the
Administrator determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange
Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act, an Option, or prior to exercise, the Shares subject
to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering
into any short position, any “put equivalent position” or any “call equivalent position” (as defined in
Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family
members” (as defined in Rule 701(c)(3) of the Securities Act through gifts or domestic relations orders, or (ii) an
executor or guardian of the Participant upon the death or disability of the Participant. Notwithstanding the foregoing sentence,
the Administrator, in its sole discretion, may determine to permit transfers (i) to the Company or (ii) in connection with a Change
in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f).

 

13. Adjustments;
Dissolution or Liquidation; Merger or Change in Control.

 

(a) Adjustments.
In the event that any Equity Restructuring including without limitation any dividend or other distribution (whether in the form
of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other
change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution
or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and
class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding
Award; provided, however, that the Administrator will make such adjustments to an Award required by applicable exemptions
to state or federal securities laws to the extent the Company is relying upon such exemption with respect to the Award.

 

(b) Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each
Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously
exercised, an Award will terminate immediately prior to the consummation of such proposed action.

 

(c) Merger
or Change in Control. In the event of a merger or Change in Control, each outstanding Award will be treated as the Administrator
determines in its sole and absolute discretion and without a Participant’s consent, including, without limitation, that
(i) Awards will be assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation
(or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice
to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such merger
or Change in Control (subject to the provisions of the next paragraph); (iii) outstanding Awards will vest and become exercisable,
realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of
such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the
effectiveness of such merger of Change in Control; (iv) (A) an Award will be terminated in exchange for an amount of cash and/or
property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s
rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence
of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such
Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or
(B) an Award will be replaced with other rights or property selected by the Administrator in its sole discretion; or (v) any combination
of the foregoing. In taking any of the actions permitted under this Section 13(c), the Administrator will not be obligated
to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.

 

    -13-

     

    

 

In
the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will
fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares
as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock
Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria
will be deemed achieved at 100% of target levels and all other terms and conditions met. In addition, if an Option or Stock Appreciation
Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant
in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by
the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such
period.

 

For
the purposes of this Section 13(c), an Award will be considered assumed if, following the merger or Change in Control,
the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change
in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control
by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however,
that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation
or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received
upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject
to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or Change in Control.

 

Notwithstanding
anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of
one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance
goals without the Participant’s consent; provided, however, that a modification to such performance goals only to
reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise
valid Award assumption.

 

Notwithstanding
anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A
and if the change in control definition contained in the Award Agreement does not comply with the definition of “change
of control” for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise
accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A
without triggering any penalties applicable under Code Section 409A.

 

    -14-

     

    

 

(d) Further
Provisions and Limitations. Subject to Section 3 hereof, the Administrator may, in its sole discretion, include such
further provisions and limitations in any Option, Stock Purchase Right, Restricted Stock Purchase Agreement, or certificate, as
it may deem equitable and in the best interests of the Company.

 

(e) No
Effect or Restrictions. Neither the Plan nor any Award shall affect or restrict in any way the right or power of the Company
or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the
Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options,
warrants, or rights to purchase stock or of bonds, debentures, preferred, or prior preference stocks whose rights are superior
to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, 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 nor shall it confer upon any party any rights as a stockholder.

 

14. Tax
Withholding.

 

(a) Withholding
Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have
the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with
respect to such Award (or exercise thereof).

 

(b) Withholding
Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time,
may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash,
(ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum statutory
amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory
amount required to be withheld (provided that the delivery of such Shares will not result in any adverse accounting consequences)
as the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable to
the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise)
equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which
the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum
federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the
amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered will be determined
as of the date that the taxes are required to be withheld.

 

15. No
Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing
the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s
right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted
by Applicable Laws.

 

16. Date
of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination
granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided
to each Participant within a reasonable time after the date of such grant.

 

    -15-

     

    

 

17. Term
of Plan. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board. No
Options or Stock Purchase Rights may be issued under the Plan after the 10th anniversary of the earlier of (a) the date upon which
the Plan is adopted by the Board or (b) the date the Plan is approved by the stockholders.

 

18. Amendment
and Termination of the Plan.

 

(a) Amendment
and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

 

(b) Stockholder
Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply
with Applicable Laws.

 

(c) Effect
of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights of any
Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing
and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise
the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

19. Conditions
Upon Issuance of Shares.

 

(a) Legal
Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company
with respect to such compliance.

 

(b) Investment
Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required. The form of
Investment Representation Statement, or any successor thereto approved by the Administrator in accordance with the terms of this
Plan, shall be delivered in such circumstances.

 

(c) Additional
Agreements. As a condition to the exercise of an Award, the Company may require the person exercising such Award to enter
into one or more Stockholder Agreements that are made generally applicable to the holders of Common Stock of the Company in their
capacity as such provided that the Company is then under an obligation to cause new holders of Common Stock to execute such agreements.
Copies of such Stockholder Agreements are available at no charge and upon request.

 

20. Inability
to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company’s counsel to be necessary to the lawful issuance of any Awards and/or the issuance and
sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares
as to which such requisite authority will not have been obtained.

 

21. Stockholder
Approval. The Plan will be subject to approval by the stockholders of the Company within 12 months after the date the Plan
is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable
Laws.

 

    -16-

     

    

 

22. Information
to Participants. Beginning on the earlier of (i) the date that the aggregate number of Participants under this Plan is 500
or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act and (ii) the date
that the Company is required to deliver information to Participants pursuant to Rule 701 under the Securities Act, and until
such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, is no
longer relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act or is no longer required to deliver information
to Participants pursuant to Rule 701 under the Securities Act, the Company shall provide to each Participant the information
described in paragraphs (e)(3), (4), and (5) of Rule 701 under the Securities Act not less frequently than every 6 months
with the financial statements being not more than 180 days old and with such information provided either by physical or electronic
delivery to the Participants or by written notice to the Participants of the availability of the information on an Internet site
that may be password-protected and of any password needed to access the information. The Company may request that Participants
agree to keep the information to be provided pursuant to this Section confidential. If a Participant does not agree to keep the
information to be provided pursuant to this Section confidential, then the Company will not be required to provide the information
unless otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act or Rule 701 of the Securities Act.

 

23. Stockholder
Agreements. From time to time the Company may enter into agreements pursuant to which it is required to cause its stockholders
to become party to such agreements (“Stockholder Agreements”). Among other things, such agreements may
include provisions that include additional restrictions on transfer, rights of first refusal and/or co-sale, the obligation to
vote for directors that are designated by others, and the obligation to vote in favor of (and not exercise any dissenters or appraisal
rights in respect of) and otherwise take such actions as are necessary to complete, an acquisition of the Company (whether by
way of stock purchase, merger, sale of assets or otherwise). It shall be a condition to the exercise of the Option that the Participant
enter into all such agreements upon request by the Company, copies of which will be provided prior to the effectiveness of the
exercise.

 

24. Repurchase
Provisions. The Administrator in its sole discretion may provide that the Company may repurchase Shares acquired upon exercise
of an Award upon the occurrence of certain specified events, including, without limitation, a Participant’s termination
as a Service Provider, divorce, bankruptcy, or insolvency; provided, however, that any such repurchase right shall be set
forth in the applicable Award Agreement or in another agreement referred to in such agreement.

 

    -17-

     

    

 

25. Rules
Particular To Specific Countries.

 

(a) Generally.
To the extent required by the Company, each Participant agrees that he or she shall enter into an election with the Company or
a Subsidiary (in a form approved by the Company) under which any Tax Liability (as defined below) including, but not limited to,
National Insurance Contributions (“NICs”) and any Fringe Benefit Tax (“FBT”),
is transferred to and met by the Plan participant. For purposes of this Section 25, Tax Liability shall mean any and all
liability under applicable non-U.S. laws, rules, or regulations, from any income tax, the Company’s (or a Subsidiary’s)
NICs, FBT, or similar liability, and the Service Provider’s NICs, FBT, or similar liability under applicable non-U.S. law
that are attributable to: (i) the grant, vesting, or exercise of, or any other benefit derived by the Plan participant from an
Award; (ii) the acquisition by the Plan participant of the Shares on exercise of an Option or the acquisition by the Plan participant
of the Shares pursuant to any Award Agreement; or (iii) the disposal of any Shares acquired by the Plan participant pursuant to
any Award granted under the Plan.

 

(b) Addendum.
Notwithstanding anything herein to the contrary, the terms and conditions of the Plan with respect to Service Providers who are
tax residents of a particular country other than the United States may be subject to an addendum to the Plan in the form of an
Appendix. To the extent that the terms and conditions set forth in an Appendix conflict with any provisions of the Plan, the provisions
of the Appendix shall govern. The adoption of any such Appendix shall be pursuant to Section 18 above.

 

26. Legends;
Restrictions on Transfer. The Shares issuable under the Plan are or may be subject to restrictions arising under the Plan,
this Award Agreement, the bylaws of the Company, the Certificate of Incorporation of the Company, and Stockholder Agreements.
The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel
deems necessary or appropriate in order to comply with such transfer restrictions and/or applicable securities law.

 

    -18-

     

    

 

Exhibit
A

 

Amesite
Inc.

2017 Equity Incentive Plan

 

Exercise
Notice

  

Amesite
Inc. 

Attention:
Corporate Secretary

 

1. Exercise
of Option. Effective as of the Exercise Effective Date set forth in the signature page below, the undersigned individual (“Participant”)
hereby elects to exercise Participant’s option (the “Option”) to purchase the number of shares
of the Common Stock reflected in the signature page below (the “Shares”) of Amesite Inc. (the “Company”)
under and pursuant to, and be subject to the terms and conditions of, the 2017 Equity Incentive Plan (the “Plan”),
the Stock Option Agreement and this Exercise Notice.

 

2. Delivery
of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3. Representations
of Participant. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement
and agrees to abide by and be bound by their terms and conditions.

 

4. Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option. The Shares shall be issued
to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall
be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 13
of the Plan.

 

5. Market
Standoff. If requested by the Company and an underwriter of Common Stock (or other securities) of the Company, Participant
shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging
or similar transaction with the same economic effect as a sale, of any Common Stock (or other securities) of the Company held
by such stockholder (other than those included in the registration) during the period from the filing of a registration statement
of the Company filed under the Securities Act that includes securities to be sold on behalf of the Company to the public in an
underwritten public offering under the Securities Act through the end of the 180-day period following the effective date of the
registration statement (or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions
including, but not limited to, FINRA Rule 2241, if applicable, or any similar or successor provisions or amendments thereto).

 

Participant
agrees, as a condition of acquiring such Shares, to execute and deliver such other agreements as may be reasonably requested by
the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto.
In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the
Company, Participant shall provide, within 10 days of such request, such information as may be required by the Company or such
representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration
statement filed under the Securities Act. The obligations described in this Section 5 shall not apply to a registration
relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a
registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company
may impose stop-transfer instructions and may stamp each such certificate with the third legend set forth in Section 8
with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of such 180-day
(or other) period. Participant agrees that any transferee of the Shares shall be bound by this Section 5.

 

    -1-

     

    

 

6. Transfer
Restrictions.

 

(a) 
Compliance with Agreement. Participant shall not transfer, assign, encumber, gift or otherwise dispose of any Shares except
in compliance with the terms herein and applicable securities laws. The Company shall not be required (i) to transfer on its books
any Shares that have been sold or otherwise transferred in violation of any of the provisions of the Plan or this Exercise Notice
or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee
to whom such Shares shall have been so transferred.

 

(b) 
Transfer Notice and Requirements. Participant, and any subsequent transferee of any of the Shares, (each a “Holder”)
agrees to comply in all respects with the provisions of this Section. Each Holder agrees not to transfer all or any portion
of the Shares, or any beneficial interest therein, unless and until the transferee thereof has agreed in writing for the benefit
of the Company to take and hold such Shares subject to, and to be bound by, the provisions of the Plan and as set forth herein,
and:

 

(i)  
there is then in effect a registration statement under the Securities Act covering such proposed disposition and the disposition
is made in accordance with the registration statement; or

 

(ii) 
the holder shall have given prior written notice to the Company of the Holder’s intention to make such disposition and shall
have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if requested
by the Company, such Holder shall have furnished the Company, at such Holder’s expense, with (A) an opinion of counsel or
other evidence reasonably satisfactory to the Company that such disposition will not require registration of such Shares under
the Securities Act, or (B) a “no action” letter from the U.S. Securities and Exchange Commission (the “SEC”)
to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the
SEC that action be taken with respect thereto, whereupon the Holder of such Shares shall be entitled to transfer such Shares in
accordance with the terms of the notice delivered by such Holder to the Company. It is agreed that the Company will not require
opinions of counsel for transactions made pursuant to Rule 144 except in unusual circumstances.

 

(c) 
Company’s Right of First Refusal. Before any Shares held by Participant or any Holder may be sold or otherwise transferred
(including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase
the Shares on the terms and conditions set forth in this Section 6 (the “Right of First Refusal”).

 

(i)  
Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (A) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (B) the name of each
proposed purchaser or other transferee (“Proposed Transferee”); (C) the number of Shares to be
transferred to each Proposed Transferee; and (D) the bona fide cash price or other consideration for which the Holder proposes
to transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price
to the Company or its assignee(s).

 

    -2-

     

    

 

(ii) 
Exercise of Right of First Refusal. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s)
may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred
to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (iii) below.

 

(iii)  
Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company
or its assignee(s) under this Section 6 shall be the Offered Price. If the Offered Price includes consideration other
than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company
in good faith.

 

(iv) 
Payment. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check),
by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase
by an assignee, to the assignee), or by any combination thereof within 30 days after receipt of the Notice or in the manner and
at the times set forth in the Notice.

 

(v) 
Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee
are not purchased by the Company and/or its assignee(s) as provided in this Section 6, then the Holder may sell or
otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such
sale or other transfer is consummated within 120 days after the date of the Notice, that any such sale or other transfer is effected
in accordance with any applicable securities laws, all of the requirements of the Plan and as set forth herein, and that the Proposed
Transferee agrees in writing that all of the restrictions set forth in the Plan and herein, including but not limited to the provisions
of this Section 6, shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described
in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and
the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be
sold or otherwise transferred.

 

(vi) 
Exception for Certain Family Transfers. Anything to the contrary contained in this Section 6 notwithstanding,
the transfer of any or all of the Shares during the Participant’s lifetime or on the Participant’s death by will or
intestacy to the Participant’s immediate family or a trust for the benefit of the Participant’s immediate family shall
be exempt from the provisions of this Section 6. “Immediate Family” as used herein shall mean spouse,
lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive
and hold the Shares so transferred subject to the provisions of this Section 6, and there shall be no further transfer
of such Shares except in accordance with the terms of this Section 6.

 

(vii) 
Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of
(i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation
has equity securities that are publicly traded.

 

(viii) 
Stop Transfer Instructions. The Company may impose stop-transfer instructions and stamp each stock certificate representing
the Shares with the second legend set forth in Section 8.

 

7. Tax
Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant
deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company
for any tax advice.

 

    -3-

     

    

 

8. Restrictive
Legends and Stop-Transfer Orders.

 

(a) Legends.
Participant understands and agrees that, in addition to any other legends that may be required pursuant to agreements that the
Participant is or becomes party to, the Company shall cause the legends set forth below or legends substantially equivalent thereto,
to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by
the Company or by state or federal securities laws:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF
COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH.

  

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE
ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY
OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING
ON TRANSFEREES OF THESE SHARES.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE
OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL
HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT
THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

  

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

 

(c) Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to
accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

9. Successors
and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors
and assigns.

 

    -4-

     

    

 

10. Interpretation.
Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith
to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator
shall be final and binding on all parties.

 

11. Governing
Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of
Delaware. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Exercise Notice shall continue in full force and effect.

 

12. Entire
Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the Option
Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject
matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect
to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing
signed by the Company and Participant.

 

13. Stockholder
Agreements. From time to time the Company may enter into agreements pursuant to which it is required to cause its stockholders
to become party to such agreements. Among other things, such agreements may include provisions that include additional restrictions
on transfer, rights of first refusal and/or co-sale, the obligation to vote for directors that are designated by others, and the
obligation to vote in favor of (and not exercise any dissenters or appraisal rights in respect of) and otherwise take such actions
as are necessary to complete, an acquisition of the Company (whether by way of stock purchase, merger, sale of assets or otherwise).
It shall be a condition to the exercise of the Option that the Participant enter into all such agreements upon request by the
Company, copies of which will be provided prior to the effectiveness of the exercise.

 

    -5-

     

    

 

IN WITNESS WHEREOF,
the Company and the Participant have executed this Exercise notice with respect to the exercise and purchase of __________ shares
of Common Stock (the “Shares”) pursuant to that certain Stock Option Agreement dated _______________________
(the “Stock Option Agreement”).

 

	Submitted by:	 	Accepted by:
	 	 	 
	PARTICIPANT (“Participant”)	 	AMESITE INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	Mailing Address:	 	Mailing Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Email address:	 	 
	 	 	 
	 	 	___________, 20___
	 	 	 
	 	 	Date Received (the “Effective Date”)

 

Stockholder Agreements:

 

    	 	-6-	 

    

    

 

Exhibit
B

 

Investment
Representation Statement

 

In connection with the purchase of the
Securities listed below, the undersigned Participant represents to the Company the following:

 

1. Participant
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment
for Participant’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

2. Participant
acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have
not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among
other things, the bona fide nature of Participant’s investment intent as expressed herein. In this connection, Participant
understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable
if Participant’s representation was predicated solely upon a present intention to hold these Securities for the minimum capital
gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the
Securities, or for a period of 1 year or any other fixed period in the future. Participant further understands that the Securities
must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration
is available. Participant further acknowledges and understands that the Company is under no obligation to register the Securities.
Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable
state securities laws.

 

3. Participant
is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance,
permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in
a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under
Rule 701 at the time of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities
Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, 90 days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under
Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in
the case of affiliates (a) the availability of certain public information about the Company, (b) the amount of Securities
being sold during any 3 month period not exceeding specified limitations, (c) the resale being made in an unsolicited “broker’s
transaction”, transactions directly with a “market maker” or “riskless principal transactions” (as
those terms are defined under the Securities Exchange Act of 1934) and (d) the timely filing of a Form 144, if applicable.

 

In the event that the
Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited
circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information
about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning
of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of
the conditions set forth in subsections (b), (c) and (d) of the paragraph immediately above.

 

    	 	-1-	 

    

    

 

4. Participant
further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion
that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to
Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available
for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their
own risk. Participant understands that no assurances can be given that any such other registration exemption shall be available
in such event.

 

5. This
Investment Representation Statement is given with respect to the acquisition by the Participant of ___________ Shares (the “Securities”)
of Common Stock of Amesite Inc. on or about the date set forth below.

 

	 	 	PARTICIPANT
	 	 	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	 
	 	 	Print Name
	 	 	 
	 	 	 
	 	 	Date
	 	 	 
	 	 	Mailing
    Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	Email
    Address:

 

    	 	-2-	 

    

    

 

AMESITE
INC.

 

2017
EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

Unless otherwise defined
herein, the terms defined in the 2017 Equity Incentive Plan (the “Plan”) shall have the same defined meanings in this
Stock Option Agreement (the “Option Agreement”).

 

I. NOTICE
OF STOCK OPTION GRANT

 

Name:

 

Address:

 

The undersigned Participant
has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Option
Agreement, as follows:

 

	 	Date of Grant:	 
	 	 	 
	 	Vesting Commencement Date:	 
	 	 	 
	 	Exercise Price per Share:	$
	 	 	 
	 	Total Number of Shares Granted:	 
	 	 	 
	 	Total Exercise Price :	$
	 	 	 
	 	Type of Option:	______ Incentive Stock
    Option
	 	 	 
	 		______ Nonstatutory Stock
    Option
	 	 	 
	 	Term/Expiration Date:	 

 

Vesting Schedule:

 

This Option shall be
exercisable, in whole or in part, according to the following vesting schedule:

 

[Twenty-five percent
(25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the Vesting Commencement Date, and one
forty-eighth (1/48th) of the Shares subject to the Option shall vest each month thereafter on the same day of the month
as the Vesting Commencement Date (or if there is no corresponding day, on the last day of the month), subject to Participant continuing
to be a Service Provider through each such date.]

 

    	 	-3-	 

    

    

 

Termination Period:

 

This Option shall be
exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to Participant’s
death or Disability, in which case this Option shall be exercisable for twelve (12) months after Participant ceases to be a Service
Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided
above and this Option may be subject to earlier termination as provided in Section 13(c) of the Plan.

 

II. AGREEMENT

 

1. Grant
of Option. The Administrator of the Company hereby grants to the Participant named in the Notice of Stock Option Grant in Part
I of this Agreement, an Option to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise
price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), and subject to the terms and
conditions of the Plan, which is incorporated herein by reference. Subject to Section 18(c) of the Plan, in the event of a
conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail.

 

If designated in the
Notice of Stock Option Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive
Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code
Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason
this Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion
thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or Subsidiary
or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of
the Option to qualify for any reason as an ISO.

 

2. Exercise
of Option.

 

(a) Right
to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice
of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement.

 

(b) Method
of Exercise. This Option shall be exercisable by delivery of an Exercise Notice in the form attached as Exhibit A
to the Plan or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to
exercise the Option, the number of Shares with respect to which the Option is being exercised (the “Exercised Shares”),
and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment
of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall be
deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise
Price, together with any applicable tax withholding.

 

No Shares shall be issued
pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance,
for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is exercised
with respect to such Shares.

 

    	 	-4-	 

    

    

 

3. Participant’s
Representations. In the event the Shares have not been registered under the Securities Act, at the time this Option is exercised,
Participant shall, if required by the Company, concurrently with the exercise of all or any portion of this Option, deliver to
the Company his or her Investment Representation Statement in the form attached hereto as Exhibit B to the Plan.

 

4. Lock-Up
Period. Participant hereby agrees that Participant shall not 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, lend, or otherwise transfer
or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock
(or other securities) of the Company held by Participant (other than those included in the registration) for a period specified
by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed 180-days following
the effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be
requested by the Company or an underwriter to accommodate regulatory restrictions including, but not limited to, FINRA Rule 2241,
if applicable, or any similar or successor provisions or amendments thereto).

 

Participant agrees to
execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent
with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative
of the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten (10) days of such
request, such information as may be required by the Company or such representative in connection with the completion of any public
offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations
described in this Section 4 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8
or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction
on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect
to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said 180-day (or other)
period. Participant agrees that any transferee of the Option or shares acquired pursuant to the Option shall be bound by this Section
4.

 

5. Method
of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election
of the Participant:

 

(a) cash;

 

(b) check;

 

(c) consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

    	 	-5-	 

    

    

 

(d) surrender
of other Shares which (i) shall be valued at its Fair Market Value on the date of exercise, and (ii) must be owned free and clear
of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator,
shall not result in any adverse accounting consequences to the Company.

 

6. Restrictions
on Exercise. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company,
or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute
a violation of any Applicable Law.

 

7. Non-Transferability
of Option.

 

(a) This
Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised
during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the
executors, administrators, heirs, successors and assigns of Participant.

 

(b) Further,
until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator
determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act
as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the “Reliance End Date”), Participant shall not transfer
this Option or, prior to exercise, the Shares subject to this Option, in any manner other than (i) to persons who are “family
members” (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor
or guardian of Participant upon the death or disability of Participant. Until the Reliance End Date, the Options and, prior to
exercise, the Shares subject to this Option, may not be pledged, hypothecated or otherwise transferred or disposed of, including
by entering into any short position, any “put equivalent position” or any “call equivalent position” (as
defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii)
of this paragraph.

 

8. Term
of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised
during such term only in accordance with the Plan and the terms of this Option Agreement.

 

9. Tax
Obligations.

 

(a) Tax
Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or
retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse
to deliver the Shares if such withholding amounts are not delivered at the time of exercise.

 

(b) Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years
after the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant shall immediately notify the
Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company
on the compensation income recognized by Participant.

 

    	 	-6-	 

    

    

 

(c) Code
Section 409A. Under Code Section 409A, an Option that vests after December 31, 2004 (or that vested on or prior to such date
but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by
the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the date of grant (a “discount
option”) may be considered “deferred compensation”. An Option that is a “discount option” may result
in (i) income recognition by Participant prior to the exercise of the Option, (ii) an additional twenty percent (20%) federal income
tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional state income,
penalty and interest tax to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS
will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the date of grant
in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price
that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible for Participant’s
costs related to such a determination.

 

10. Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s
interest except by means of a writing signed by the Company and Participant. This Option Agreement is governed by the internal
substantive laws but not the choice of law rules of Delaware.

 

11. No Guarantee
of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF
IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING
PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER
ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN
DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY
PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT
OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME,
WITH OR WITHOUT CAUSE.

 

    	 	-7-	 

    

    

 

Participant acknowledges
receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option in their entirety,
has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the
Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under the Plan or this Option. Participant further agrees to notify the Company upon any change in the
residence address indicated below.

 

	PARTICIPANT	 	AMESITE
    INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	Mailing Address:	 	 
	 	 	Title
	 	 	 
	 	 	 
	Email
    address:	 	 

 

 

-8-Exhibit 10.8

  

AMESITE
INC. 

 

2018
EQUITY INCENTIVE PLAN

 

Adopted
by Board: April 26, 2018

Approved
by Stockholders: April 26, 2018

Termination
Date: April 26, 2028

  

	I.	INTRODUCTION
    

 

1.1
Purposes. The purposes of the Amesite Inc. 2018 Equity Incentive Plan, effective _________, as set forth herein (this
“Plan”) are (i) to align the interests of the Company’s stockholders and the recipients of awards under
this Plan by increasing the proprietary interest of such recipients in the Company’s growth and success, (ii) to advance
the interests of the Company by attracting and retaining directors, officers, employees and other service providers and (iii)
to motivate such persons to act in the long-term best interests of the Company and its stockholders.

 

1.2
Certain Definitions. 

 

“Agreement”
shall mean an electronic or written agreement evidencing an award hereunder between the Company and the recipient of such
award.

 

“Assumed”
means that pursuant to a Change in Control, either (i) the award is expressly affirmed by the Company or (ii) the contractual
obligations represented by the award are expressly assumed (and not simply by operation of law) by the successor entity or its
parent in connection with the Change in Control with appropriate adjustments to the number and type of securities of the successor
entity or its parent subject to the award and the exercise or purchase price thereof which at least preserves the compensation
element of the award existing at the time of the Change in Control as determined in accordance with the instruments evidencing
the agreement to assume the award.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Bonus
Shares” shall mean Shares which are not subject to a Restriction Period or Performance Measures.

 

“Bonus
Share Award” shall mean an award of Bonus Shares under this Plan.

 

“Cash-Based
Award” shall mean an award denominated in cash that may be settled in cash and/or Shares, which may be subject to
restrictions, as established by the Committee.

 

“Change
in Control” shall have the meaning set forth in Section 6.8(b).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Committee”
shall mean the Committee designated by the Board, or a subcommittee thereof, consisting of two or more members of the Board,
each of whom is intended to be (i) a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act
and (ii) “independent” within the meaning of the rules of the Nasdaq Global Market or any other stock exchange on
which Shares are then traded.

 

“Common
Stock” shall mean the common stock of the Company.

 

“Company”
shall mean Amesite Inc., a Delaware corporation, or any successor thereto.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” shall mean the closing transaction price of a Share as reported on the Nasdaq Global Market on the
date as of which such value is being determined or, if Shares are not listed on the Nasdaq Global Market, the closing transaction
price of a Share on the principal national stock exchange on which Shares are traded on the date as of which such value is being
determined or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were
reported; provided, however, that if Shares are not listed on a national stock exchange or if Fair Market Value
for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means or method as the
Committee, in the good faith exercise of its discretion, shall at such time deem appropriate and in compliance with Section 409A
of the Code.

 

“Free-Standing
SAR” shall mean an SAR which is not granted in tandem with, or by reference to, an option, which entitles the holder
thereof to receive, upon exercise, Shares (which may be Restricted Shares) or, to the extent provided in the applicable Agreement,
cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value of one Share on the date of
exercise over the base price of such SAR, multiplied by the number of such SARs which are exercised.

 

“Incentive
Stock Option” shall mean an option to purchase Shares that meets the requirements of Section 422 of the Code, or
any successor provision, which is intended by the Committee to constitute an Incentive Stock Option.

 

“Incumbent
Director” shall have the meaning set forth in Section 6.8(b)(iii).

 

“Initial
Public Offering” shall mean the initial public offering of the Company registered on Form S-1 (or any successor
form under the Securities Act of 1933, as amended).

 

    	 	1	 

     

    

 

“Non-Employee
Director” shall mean any director of the Company who is not an officer or employee of the Company or any Subsidiary.

   

“Nonqualified
Option” shall mean an option to purchase Shares which is not an Incentive Stock Option.

 

“Performance
Measures” shall mean the criteria and objectives, established by the Committee in its sole discretion, which shall
be satisfied or met (i) as a condition to the grant or exercisability of all or a portion of an option or SAR or (ii) during the
applicable Restriction Period or Performance Period as a condition to the vesting of the holder’s interest, in the case
of a Restricted Share Award, of the Shares subject to such award, or, in the case of a Restricted Share Unit Award, Performance
Unit Award or Cash-Based Award, to the holder’s receipt of the Shares subject to such award or of payment with respect to
such award. The performance goals may consist of any objective or subjective corporate- wide or subsidiary, division, operating
unit or individual measures, whether or not listed herein. The applicable performance measures may be applied on a pre- or post-tax
basis and may be adjusted as determined by the Committee to include or exclude objectively determinable components of any performance
measure, including, without limitation, special charges such as restructuring or impairment charges, debt refinancing costs, extraordinary
or noncash items, unusual, nonrecurring or one-time events affecting the Company or its financial statements or changes in law
or accounting principles (“Adjustment Events”). In the sole discretion of the Committee, the Committee may amend or
adjust the Performance Measures or other terms and conditions of an outstanding award in recognition of any Adjustment Events.
Performance goals shall be subject to such other special rules and conditions as the Committee may establish at any time.

  

“Performance
Period” shall mean any period designated by the Committee during which (i) the Performance Measures applicable to
an award shall be measured and (ii) the conditions to vesting applicable to an award shall remain in effect.

 

“Performance
Unit” shall mean a right to receive, contingent upon the attainment of specified Performance Measures within a specified
Performance Period, a specified cash amount or, in lieu thereof and to the extent set forth in the applicable award Agreement,
Shares having a Fair Market Value equal to such cash amount.

 

“Performance
Unit Award” shall mean an award of Performance Units under this Plan.

 

“Replaced”
means that pursuant to a Change in Control the award is replaced with a comparable stock award or a cash incentive award or
program of the Company, the successor entity (if applicable) or parent of either of them which preserves the compensation element
of such award existing at the time of the Change in Control and provides for subsequent payout in accordance with the same (or,
for the participant, a more favorable) vesting schedule applicable to such award. The determination of award comparability shall
be made by the Committee and its determination shall be final, binding and conclusive.

 

“Restricted
Shares” shall mean Shares which are subject to a Restriction Period and which may, in addition thereto, be subject
to the attainment of specified Performance Measures within a specified Performance Period.

 

“Restricted
Share Award” shall mean an award of Restricted Shares under this Plan.

 

“Restricted
Share Unit” shall mean a right to receive one Share or, in lieu thereof and to the extent set forth in the applicable
award Agreement, the Fair Market Value of such Share in cash, which shall be contingent upon the expiration of a specified Restriction
Period and which may, in addition thereto, be contingent upon the attainment of specified Performance Measures within a specified
Performance Period.

 

“Restricted
Share Unit Award” shall mean an award of Restricted Share Units under this Plan.

 

“Restriction
Period” shall mean any period designated by the Committee during which (i) the Shares subject to a Restricted Share
Award may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, except as provided
in this Plan or the Agreement relating to such award, or (ii) the conditions to vesting applicable to a Restricted Share Unit
Award shall remain in effect.

 

“SAR”
shall mean a share appreciation right which may be a Free-Standing SAR or a Tandem SAR.

 

“Share”
shall mean a share of the Common Stock, $0.0001 par value per share, of the Company, and all rights appurtenant thereto.

  

“Share
Award” shall mean a Bonus Share Award, Restricted Share Award or Restricted Share Unit Award.

 

“Subsidiary”
shall mean any corporation, limited liability company, partnership, joint venture or similar entity in which the Company owns,
directly or indirectly, an equity interest possessing more than 50% of the combined voting power of the total outstanding equity
interests of such entity.

 

“Substitute
Award” shall mean an award granted under this Plan upon the assumption of, or in substitution for, outstanding equity
awards previously granted by a company or other entity in connection with a corporate transaction, including a merger, combination,
consolidation or acquisition of property or stock; provided, however, that in no event shall the term “Substitute
Award” be construed to refer to an award made in connection with the cancellation and repricing of an option or SAR.

 

“Tandem
SAR” shall mean an SAR which is granted in tandem with, or by reference to, an option (including a Nonqualified
Option granted prior to the date of grant of the SAR), which entitles the holder thereof to receive, upon exercise of such SAR
and surrender for cancellation of all or a portion of such option, Shares (which may be Restricted Shares) or, to the extent provided
in the applicable Agreement, cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value
of one Share on the date of exercise over the base price of such SAR, multiplied by the number of Shares subject to such option,
or portion thereof, which is surrendered.

 

“Tax
Date” shall have the meaning set forth in Section 6.5.

  

    	 	2	 

     

    

 

“Ten
Percent Holder” shall have the meaning set forth in Section 2.1(a).

 

1.3
Administration. This Plan shall be administered by the Committee. Any one or a combination of the following awards
may be made under this Plan to eligible persons: (i) options to purchase Shares in the form of Incentive Stock Options or Nonqualified
Options, (ii) SARs in the form of Tandem SARs or Free-Standing SARs, (iii) Share Awards in the form of Bonus Shares, Restricted
Shares or Restricted Share Units, (iv) Performance Units and (v) Cash-Based Awards. The Committee shall, subject to the terms
of this Plan, select eligible persons for participation in this Plan and determine the form, amount and timing of each award to
such persons and, if applicable, the number of Shares, the number of SARs, the number of Restricted Share Units, the value of
Cash-Based Awards and the number of Performance Units subject to such an award, the exercise price or base price associated with
the award, the time and conditions of exercise or settlement of the award and all other terms and conditions of the award, including,
without limitation, the form of the Agreement evidencing the award. The Committee may, in its sole discretion and for any reason
at any time, take action such that (i) any or all outstanding options and SARs shall become exercisable in part or in full, (ii)
all or a portion of the Restriction Period applicable to any outstanding Restricted Shares or Restricted Share Units shall lapse,
(iii) all or a portion of the Performance Period applicable to any outstanding award shall lapse and (iv) the Performance Measures
(if any) applicable to any outstanding award shall be deemed to be satisfied at the target or any other level. The Committee shall,
subject to the terms of this Plan, interpret this Plan and the application thereof, establish rules and regulations it deems necessary
or desirable for the administration of this Plan and may impose, incidental to the grant of an award, conditions with respect
to the award. All such interpretations, rules, regulations and conditions shall be conclusive and binding on all parties.

 

The
Committee may delegate some or all of its power and authority hereunder to the Board or, subject to applicable law, to the Chief
Executive Officer and President or such other executive officer as the Committee deems appropriate; provided, however,
that (i) the Committee may not delegate its power and authority to the Board or the President and Chief Executive Officer or other
executive officer of the Company with regard to the grant of an award to any person who is a Covered Employee or who, in the Committee’s
judgment, is likely to be a Covered Employee at any time during the period an award hereunder to such employee would be outstanding
and (ii) the Committee may not delegate its power and authority to the President and Chief Executive Officer or other executive
officer of the Company with regard to the selection for participation in this Plan of an officer, director or other person subject
to Section 16 of the Exchange Act or decisions concerning the timing, pricing or amount of an award to such an officer, director
or other person.

 

No
member of the Board or Committee, and neither the Chief Executive Officer and President or any other executive officer to whom
the Committee delegates any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction
or determination made in connection with this Plan in good faith, and the members of the Board and the Committee and the Chief
Executive Officer and President and any other executive officer shall be entitled to indemnification and reimbursement by the
Company in respect of any claim, loss, damage or expense (including attorneys’ fees) arising therefrom to the full extent
permitted by law (except as otherwise may be provided in the Company’s Certificate of Incorporation or By-Laws, each as
may be amended from time to time) and under any directors’ and officers’ liability insurance that may be in effect
from time to time.

 

A
majority of the Committee shall constitute a quorum. The acts of the Committee shall be either (i) acts of a majority of the members
of the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of
the Committee without a meeting.

 

1.4
Eligibility. Participants in this Plan shall consist of such officers, Non-Employee Directors, employees, consultants,
agents and independent contractors, and persons expected to become officers, Non-Employee Directors, employees, consultants, agents,
and independent contractors of the Company and its Subsidiaries as the Committee in its sole discretion may select from time to
time. The Committee’s selection of a person to participate in this Plan at any time shall not require the Committee to select
such person to participate in this Plan at any other time. For purposes of this Plan and except as otherwise provided for in an
Agreement, references to employment by the Company shall also mean employment by a Subsidiary, and references to employment shall
include service as a Non-Employee Director or independent contractor. The Committee shall determine, in its sole discretion, the
extent to which a participant shall be considered employed during any periods during which such participant is on an approved
leave of absence.

 

1.5
Shares and Cash Available. Subject to adjustment as provided in Section 6.7 and to all other limits set forth in this
Section 1.5, 2,529,000 Shares shall be available for awards under this Plan inclusive of 1,228,195 Shares subject to options originally
granted under the Amesite Inc. 2018 Equity Incentive Plan and assumed in connection with the merger of Amesite Inc. with a subsidiary
of Lola One Acquisition Corporation (the “Assumed Options”). The number of Shares that remain available for future
grants under the Plan shall be reduced by the sum of the aggregate number of Shares which become subject to outstanding options,
outstanding Free-Standing SARs and outstanding Share Awards and delivered upon the settlement of Performance Units. As of the
first day of each calendar year beginning on or after January 1, 2021, the number of Shares available for all awards under the
Plan, other than Incentive Stock Options, shall automatically increase by a number equal to the least of (x) 5% of the number
of Shares that are issued and outstanding as of such date, or (y) a lesser number of Shares determined by the Committee. To the
extent that Shares subject to an outstanding option, SAR, Share Award or other award granted under the Plan are not issued or
delivered by reason of (i) the expiration, termination, cancellation or forfeiture of such award (excluding Shares subject to
an option cancelled upon settlement in Shares of a related tandem SAR or Shares subject to a tandem SAR cancelled upon exercise
of a related option) or (ii) the settlement of such award in cash, then such Shares shall again be available under this Plan,
other than for grants of Incentive Stock Options.

 

To
the extent not prohibited by the listing requirements of the Nasdaq Global Market or any other stock exchange on which Shares
are then traded or applicable laws, any Shares covered by an award which are surrendered (i) in payment of the award exercise
or purchase price (including pursuant to the “net exercise” of an option pursuant to Section 2.1(c), or the “net
settlement” or “net exercise” of a Share-settled SAR pursuant to Section 2.2(c)) or (ii) in satisfaction of
tax withholding obligations incident to the grant, exercise, vesting or settlement of an award shall be deemed not to have been
issued for purposes of determining the maximum number of Shares which may be issued pursuant to all awards under the Plan, unless
otherwise determined by the Committee. Notwithstanding anything in this Section 1.5 to the contrary, Shares subject to an award
under this Plan may not be made available for issuance under this Plan if such shares are shares repurchased on the open market
with the proceeds of an option exercise.

 

    	 	3	 

     

    

 

Other
than with respect to the Assumed Options, the number of Shares for awards under this Plan shall not be reduced by (i) the number
of Shares subject to Substitute Awards or (ii) available shares under a stockholder approved plan of a company or other entity
which was a party to a corporate transaction with the Company (as appropriately adjusted to reflect such corporate transaction)
which become subject to awards granted under this Plan (subject to applicable stock exchange requirements).

 

Shares
to be delivered under this Plan shall be made available from authorized and unissued Shares, or authorized and issued Shares reacquired
and held as treasury shares or otherwise or a combination thereof.

 

1.6
Per Person Limits The aggregate grant date fair value of Shares that may be granted during any fiscal year of the Company
to any Non-Employee Director shall not exceed $150,000; provided, however, that (i) the limit set forth in this sentence shall
be $150,000 in the year in which a Non-Employee Director commences service on the Board and (ii) the limits set forth in this
sentence shall not apply to awards made pursuant to an election to receive the award in lieu of all or a portion of fees received
for service on the Board or any committee thereunder.

  

	II.	OPTIONS
    AND SHARE APPRECIATION RIGHTS 

 

2.1
Options. The Committee may, in its discretion, grant options to purchase Shares to such eligible persons as may
be selected by the Committee. Each option, or portion thereof, that is not an Incentive Stock Option, shall be a Nonqualified
Option. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of Shares with respect to which
options designated as Incentive Stock Options are exercisable for the first time by a participant during any calendar year (under
this Plan or any other plan of the Company, or any parent or Subsidiary) exceeds the amount (currently $100,000) established by
the Code, such options shall constitute Nonqualified Options.

  

Options
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent
with the terms of this Plan, as the Committee shall deem advisable:

 

(a)
Number of Shares and Purchase Price. The number of Shares subject to an option and the purchase price per Share purchasable
upon exercise of the option shall be determined by the Committee; provided, however, that the purchase price per
Share purchasable upon exercise of an option shall not be less than 100% of the Fair Market Value of a Share on the date of grant
of such option; provided further, that if an Incentive Stock Option shall be granted to any person who, at the time such
option is granted, owns capital stock possessing more than 10 percent of the total combined voting power of all classes of capital
stock of the Company (or of any parent or Subsidiary) (a “Ten Percent Holder”), the purchase price per Share
shall not be less than the price (currently 110% of Fair Market Value) required by the Code in order to constitute an Incentive
Stock Option.

 

Notwithstanding
the foregoing, in the case of an option that is a Substitute Award, the purchase price per Share of the Shares subject to such
option may be less than 100% of the Fair Market Value per Share on the date of grant, provided, that the excess of: (a) the aggregate
Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the
aggregate purchase price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately
preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the
shares of the predecessor company or other entity that were subject to the grant assumed or substituted for by the Company, over
(y) the aggregate purchase price of such shares.

 

(b)
Option Period and Exercisability. The period during which an option may be exercised shall be determined by the Committee;
provided, however, that no option shall be exercised later than ten years after its date of grant; provided further,
that if an Incentive Stock Option shall be granted to a Ten Percent Holder, such option shall not be exercised later than five
years after its date of grant. The Committee may, in its discretion, establish Performance Measures which shall be satisfied or
met as a condition to the grant of an option or to the exercisability of all or a portion of an option. The Committee shall determine
whether an option shall become exercisable in cumulative or non-cumulative installments and in part or in full at any time. An
exercisable option, or portion thereof, may be exercised only with respect to whole Shares. Prior to the exercise of an option,
the holder of such option shall have no rights as a stockholder of the Company with respect to the Shares subject to such option.

 

(c)
Method of Exercise. An option may be exercised (i) by giving written notice to the Company specifying the number of whole
Shares to be purchased and accompanying such notice with payment therefor in full (or arrangement made for such payment to the
Company’s satisfaction) either (A) in cash, (B) by delivery (either actual delivery or by attestation procedures established
by the Company) of Shares having a Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase price
payable by reason of such exercise, (C) authorizing the Company to withhold whole Shares which would otherwise be delivered having
an aggregate Fair Market Value, determined as of the date of exercise, equal to the amount necessary to satisfy such obligation,
(D) in cash by a broker-dealer acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise
or (E) a combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the option, (ii) if
applicable, by surrendering to the Company any Tandem SARs which are cancelled by reason of the exercise of the option and (iii)
by executing such documents as the Company may reasonably request. Any fraction of a Share which would be required to pay such
purchase price shall be disregarded and the remaining amount due shall be paid in cash by the optionee. No Shares shall be issued
and no certificate representing Shares shall be delivered until the full purchase price therefor and any withholding taxes thereon,
as described in Section 6.5, have been paid (or arrangement made for such payment to the Company’s satisfaction).

 

2.2
Share Appreciation Rights. The Committee may, in its discretion, grant SARs to such eligible persons as may be selected
by the Committee. The Agreement relating to an SAR shall specify whether the SAR is a Tandem SAR or a Free-Standing SAR.

 

SARs
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent
with the terms of this Plan, as the Committee shall deem advisable:

  

    	 	4	 

     

    

 

(a)
Number of SARs and Base Price. The number of SARs subject to an award shall be determined by the Committee. Any Tandem
SAR related to an Incentive Stock Option shall be granted at the same time that such Incentive Stock Option is granted. The base
price of a Tandem SAR shall be the purchase price per Share of the related option. The base price of a Free-Standing SAR shall
be determined by the Committee; provided, however, that such base price shall not be less than 100% of the Fair
Market Value of a Share on the date of grant of such SAR.

  

Notwithstanding
the foregoing, in the case of an SAR that is a Substitute Award, the base price per Share of the Shares subject to such SAR may
be less than 100% of the Fair Market Value per Share on the date of grant, provided, that the excess of: (a) the aggregate Fair
Market Value (as of the date such Substitute Award is granted) of the Shares subject to the Substitute Award, over (b) the aggregate
base price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the
transaction giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the
predecessor company or other entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate
base price of such shares.

 

(b)
Exercise Period and Exercisability. The period for the exercise of an SAR shall be determined by the Committee; provided,
however, that no Tandem SAR shall be exercised later than the expiration, cancellation, forfeiture or other termination
of the related option and no Free- Standing SAR shall be exercised later than ten years after its date of grant. The Committee
may, in its discretion, establish Performance Measures which shall be satisfied or met as a condition to the grant of an SAR or
to the exercisability of all or a portion of an SAR. The Committee shall determine whether an SAR may be exercised in cumulative
or non-cumulative installments and in part or in full at any time. An exercisable SAR, or portion thereof, may be exercised, in
the case of a Tandem SAR, only with respect to whole Shares and, in the case of a Free-Standing SAR, only with respect to a whole
number of SARs. If an SAR is exercised for shares of Restricted Shares, a certificate or certificates representing such Restricted
Shares shall be issued in accordance with Section 3.3(c), or such shares shall be transferred to the holder in book entry form
with restrictions on the Shares duly noted, and the holder of such Restricted Shares shall have such rights of a stockholder of
the Company as determined pursuant to Section 3.3(d). Prior to the exercise of an SAR, the holder of such SAR shall have no rights
as a stockholder of the Company with respect to the Shares subject to such SAR.

  

(c)
Method of Exercise. A Tandem SAR may be exercised (i) by giving written notice to the Company specifying the number of
whole SARs which are being exercised, (ii) by surrendering to the Company any options which are cancelled by reason of the exercise
of the Tandem SAR and (iii) by executing such documents as the Company may reasonably request. A Free-Standing SAR may be exercised
(A) by giving written notice to the Company specifying the whole number of SARs which are being exercised and (B) by executing
such documents as the Company may reasonably request. No Shares shall be issued and no certificate representing Shares shall be
delivered until any withholding taxes thereon, as described in Section 6.5, have been paid (or arrangement made for such payment
to the Company’s satisfaction).

 

2.3
Termination of Employment or Service. All of the terms relating to the exercise, cancellation or other disposition
of an option or SAR (i) upon a termination of employment with or service to the Company of the holder of such option or SAR, as
the case may be, whether by reason of disability, retirement, death or any other reason, or (ii) during a paid or unpaid leave
of absence, shall be determined by the Committee and set forth in the applicable award Agreement.

 

2.4
Repricing of Options and SARs. The Committee may reduce, in each case, in its sole discretion and without the approval
of the stockholders of the Company, the exercise price of any option awarded under the Plan and the base appreciation amount of
any SAR awarded under the Plan and to cancel, in each case, without stockholder approval, an option or SAR at a time when its
exercise price or base appreciation amount (as applicable) exceeds the Fair Market Value of the underlying Shares, in exchange
for another option, SAR, Restricted Shares, or other award or for cash.

  

	III.	SHARE
    AWARDS 

 

3.1
Share Awards. The Committee may, in its discretion, grant Share Awards to such eligible persons as may be selected
by the Committee. The Agreement relating to a Share Award shall specify whether the Share Award is a Bonus Share Award, Restricted
Share Award or Restricted Share Unit Award.

 

3.2
Terms of Bonus Share Awards. The number of Shares subject to a Bonus Share Award shall be determined by the Committee.
Bonus Share Awards shall not be subject to any Restriction Periods or Performance Measures. Upon the grant of a Bonus Share Award,
subject to the Company’s right to require payment of any taxes in accordance with Section 6.5, a certificate or certificates
evidencing ownership of the requisite number of Shares shall be delivered to the holder of such award.

 

3.3
Terms of Restricted Share Awards. Restricted Share Awards shall be subject to the following terms and conditions and
shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem
advisable.

 

(a)
Number of Shares and Other Terms. The number of Shares subject to a Restricted Share Award and the Restriction Period,
Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Share Award shall be determined by the
Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Restricted Share Award shall provide, in the manner determined by the
Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of the Shares subject to such award
(i) if the holder of such award remains continuously in the employment or service of the Company during the specified Restriction
Period and (ii) if specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for
the forfeiture of the Shares subject to such award (x) if the holder of such award does not remain continuously in the employment
or service of the Company during the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied
or met during a specified Performance Period.

  

    	 	5	 

     

    

 

(c)
Share Issuance. During the Restriction Period, the Restricted Shares shall be held by a custodian in book entry form with
restrictions on such Shares duly noted or, alternatively, a certificate or certificates representing a Restricted Share Award
shall be registered in the holder’s name and may bear a legend, in addition to any legend which may be required pursuant
to Section 6.6, indicating that the ownership of the Shares represented by such certificate is subject to the restrictions, terms
and conditions of this Plan and the Agreement relating to the Restricted Share Award. All such certificates shall be deposited
with the Company, together with stock powers or other instruments of assignment (including a power of attorney), each endorsed
in blank with a guarantee of signature if deemed necessary or appropriate, which would permit transfer to the Company of all or
a portion of the Shares subject to the Restricted Share Award in the event such award is forfeited in whole or in part. Upon termination
of any applicable Restriction Period (and the satisfaction or attainment of applicable Performance Measures), subject to the Company’s
right to require payment of any taxes in accordance with Section 6.5, the restrictions shall be removed from the requisite number
of any Shares that are held in book entry form, and all certificates evidencing ownership of the requisite number of Shares shall
be delivered to the holder of such award.

   

(d)
Rights with Respect to Restricted Share Awards. Unless otherwise set forth in the Agreement relating to a Restricted Share
Award, and subject to the terms and conditions of a Restricted Share Award, the holder of such award shall have all rights as
a stockholder of the Company, including, but not limited to, voting rights, the right to receive dividends and the right to participate
in any capital adjustment applicable to all holders of Shares; provided, however, that (i) a distribution with respect
to Shares, other than a regular cash dividend, and (ii) a regular cash dividend with respect to Shares that are subject to performance-based
vesting conditions, in each case, shall be deposited with the Company and shall be subject to the same restrictions as the Shares
with respect to which such distribution was made.

 

3.4
Terms of Restricted Share Unit Awards. Restricted Share Unit Awards shall be subject to the following terms and conditions
and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem
advisable.

 

(a)
Number of Shares and Other Terms. The number of Shares subject to a Restricted Share Unit Award and the Restriction Period,
Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Share Unit Award shall be determined
by the Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Restricted Share Unit Award shall provide, in the manner determined
by the Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of such Restricted Share Unit
Award (i) if the holder of such award remains continuously in the employment or service of the Company during the specified Restriction
Period and (ii) if specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for
the forfeiture of the Shares subject to such award (x) if the holder of such award does not remain continuously in the employment
or service of the Company during the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied
or met during a specified Performance Period.

 

(c)
Settlement of Vested Restricted Share Unit Awards. The Agreement relating to a Restricted Share Unit Award shall specify
(i) whether such award may be settled in Shares or cash or a combination thereof and (ii) whether the holder thereof shall be
entitled to receive, on a current or deferred basis, dividend equivalents, and, if determined by the Committee, interest on, or
the deemed reinvestment of, any deferred dividend equivalents, with respect to the number of Shares subject to such award. Any
dividend equivalents with respect to Restricted Share Units that are subject to performance-based vesting conditions shall be
subject to the same restrictions as such Restricted Share Units. Prior to the settlement of a Restricted Share Unit Award, the
holder of such award shall have no rights as a stockholder of the Company with respect to the Shares subject to such award.

 

3.5
Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the
termination of the Restriction Period or Performance Period relating to a Share Award, or any forfeiture and cancellation of such
award (i) upon a termination of employment or service with the Company of the holder of such award, whether by reason of disability,
retirement, death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee
and set forth in the applicable award Agreement.

  

	IV.	PERFORMANCE
    UNIT AWARDS 

 

4.1
Performance Unit Awards. The Committee may, in its discretion, grant Performance Unit Awards to such eligible persons
as may be selected by the Committee.

 

4.2
Terms of Performance Unit Awards. Performance Unit Awards shall be subject to the following terms and conditions and
shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem
advisable.

 

(a)
Number of Performance Units and Performance Measures. The number of Performance Units subject to a Performance Unit Award
and the Performance Measures and Performance Period applicable to a Performance Unit Award shall be determined by the Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Performance Unit Award shall provide, in the manner determined by the
Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of such Performance Unit Award if the
specified Performance Measures are satisfied or met during the specified Performance Period and for the forfeiture of such award
if the specified Performance Measures are not satisfied or met during the specified Performance Period.

 

(c)
Settlement of Vested Performance Unit Awards. The Agreement relating to a Performance Unit Award shall specify whether
such award may be settled in Shares (including shares of Restricted Shares) or cash or a combination thereof. If a Performance
Unit Award is settled in Restricted Shares, such Restricted Shares shall be issued to the holder in book entry form or a certificate
or certificates representing such Restricted Shares shall be issued in accordance with Section 3.3(c) and the holder of such Restricted
Shares shall have such rights as a stockholder of the Company as determined pursuant to Section 3.3(d). Any dividends or dividend
equivalents with respect to a Performance Unit Award shall be subject to the same restrictions as such Performance Unit Award.
Prior to the settlement of a Performance Unit Award in Shares, including Restricted Shares, the holder of such award shall have
no rights as a stockholder of the Company.

 

    	 	6	 

     

    

 

4.3
Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the
termination of the Performance Period relating to a Performance Unit Award, or any forfeiture and cancellation of such award (i)
upon a termination of employment or service with the Company of the holder of such award, whether by reason of disability, retirement,
death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and set forth
in the applicable award Agreement.

   

	V.	CASH-BASED
    AWARDS 

 

5.1
Cash-Based Awards. The Committee may, in its discretion, grant Cash-Based Awards to such eligible persons as may be
selected by the Committee.

 

5.2
Terms of Cash-Based Awards. Cash-Based Awards shall be subject to the terms and conditions, not inconsistent with the
terms of this Plan, determined by the Committee and set forth in the applicable award Agreement.

  

	VI.	GENERAL
    

 

6.1
Effective Date and Term of Plan. This Plan will become effective upon its adoption by the Board, provided that it must
be approved by a majority of the outstanding securities entitled to vote within twelve (12) months before or after the date of
such adoption. Unless terminated earlier by the Board, this Plan shall terminate on the tenth anniversary of the date it is adopted
by the Board or approved by the Company’s stockholders, whichever is earlier. Termination of this Plan shall not affect
the terms or conditions of any award granted prior to termination. Awards hereunder may be made at any time prior to the termination
of this Plan, provided that no award may be made later than ten (10) years after the effective date of this Plan.

 

6.2
Amendments. The Board may amend this Plan as it shall deem advisable, subject to any requirement of stockholder approval
required by applicable law, rule or regulation, including any rule of the Nasdaq Global Market or any other stock exchange on
which Shares are then traded; provided, however, that no amendment may materially impair the rights of a holder
of an outstanding award without the consent of such holder.

 

6.3
Agreement. Each award under this Plan shall be evidenced by an Agreement setting forth the terms and conditions applicable
to such award. No award shall be valid until an Agreement is executed by the Company and, to the extent required by the Company,
either executed by the recipient or accepted by the recipient by electronic means approved by the Company within the time period
specified by the Company. Upon such execution or execution and electronic acceptance, and delivery of the Agreement to the Company,
such award shall be effective as of the effective date set forth in the Agreement.

  

6.4
Non-Transferability. No award shall be transferable other than by will, the laws of descent and distribution or pursuant
to beneficiary designation procedures approved by the Company or, to the extent expressly permitted in the Agreement relating
to such award, to the holder’s family members, a trust or entity established by the holder for estate planning purposes
or a charitable organization designated by the holder, in each case, without consideration. Except to the extent permitted by
the foregoing sentence or the Agreement relating to an award, each award may be exercised or settled during the holder’s
lifetime only by the holder or the holder’s legal representative or similar person. Except as permitted by the second preceding
sentence, no award may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by
operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer,
assign, pledge, hypothecate, encumber or otherwise dispose of any award, such award and all rights thereunder shall immediately
become null and void.

 

6.5
Tax Withholding. The Company shall have the right to require, prior to the issuance or delivery of any Shares or the
payment of any cash pursuant to an award made hereunder, payment by the holder of such award of any federal, state, local or other
taxes which may be required to be withheld or paid in connection with such award. An Agreement may provide that (i) the Company
shall withhold whole Shares which would otherwise be delivered to a holder, having an aggregate Fair Market Value determined as
of the date the obligation to withhold or pay taxes arises in connection with an award (the “Tax Date”), or
withhold an amount of cash which would otherwise be payable to a holder, in the amount necessary to satisfy any such obligation
or (ii) the holder may satisfy any such obligation by any of the following means: (A) a cash payment to the Company, (B) delivery
(either actual delivery or by attestation procedures established by the Company) to the Company of previously owned whole Shares
having an aggregate Fair Market Value, determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation,
(C) authorizing the Company to withhold whole Shares which would otherwise be delivered having an aggregate Fair Market Value,
determined as of the Tax Date, or withhold an amount of cash which would otherwise be payable to a holder, equal to the amount
necessary to satisfy any such obligation, (D) in the case of the exercise of an option and except as may be prohibited by applicable
law, a cash payment by a broker-dealer acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise
or (E) any combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the award. Shares
to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by the Committee not
to have an adverse accounting impact on the Company. Any fraction of a Share which would be required to satisfy such an obligation
shall be disregarded and the remaining amount due shall be paid in cash by the holder.

  

    	 	7	 

     

    

 

6.6
Restrictions on Shares. Each award made hereunder shall be subject to the requirement that if at any time the Company
determines that the listing, registration or qualification of the Shares subject to such award upon any securities exchange or
under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable
as a condition of, or in connection with, the delivery of shares thereunder, such shares shall not be delivered unless such listing,
registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not
acceptable to the Company. The Company may require that certificates evidencing Shares delivered pursuant to any award made hereunder
bear a legend indicating that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance
with the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

6.7
Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting
Standards Codification Topic 718, Compensation—Stock Compensation) that causes the per Share value of Shares to change,
such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary dividend, the number
and class of securities available under this Plan, the terms of each outstanding option and SAR (including the number and class
of securities subject to each outstanding option or SAR and the purchase price or base price per share), the terms of each outstanding
Restricted Stock Award and Restricted Stock Unit Award (including the number and class of securities subject thereto), and the
terms of each outstanding Performance Unit Award shall be appropriately adjusted by the Committee, such adjustments to be made
in the case of outstanding options and SARs without an increase in the aggregate purchase price or base price and in accordance
with Section 409A of the Code. In the event of any other change in corporate capitalization, including a merger, consolidation,
reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence
may be made as determined to be appropriate and equitable by the Committee to prevent dilution or enlargement of rights of participants.
In either case, the decision of the Committee regarding any such adjustment shall be final, binding and conclusive.

  

6.8
Change in Control. 

 

(a)
Subject to the terms of the applicable award Agreement, in the event of a Change in Control, the Board (as constituted prior to
such Change in Control) may, in its discretion:

 

	 	(i)	provide
    that (A) some or all outstanding options and SARs shall become exercisable in full or in part, either immediately or upon
    a subsequent termination of employment or service, (B) the Restriction Period applicable to some or all outstanding Restricted
    Share Awards and Restricted Share Unit Awards shall lapse in full or in part, either immediately or upon a subsequent termination
    of employment or service, (C) the Performance Period applicable to some or all outstanding awards shall lapse in full or in
    part, and (D) the Performance Measures applicable to some or all outstanding awards shall be deemed to be satisfied at the
    target or any other level; 

 

	 	(ii)	provide
    that some or all outstanding awards shall terminate without consideration as of the date of such Change in Control; 

 

	 	(iii)	require
    that shares of the corporation or other entity resulting from such Change in Control, or a parent thereof, be substituted
    for some or all of the Shares subject to an outstanding award, with an appropriate and equitable adjustment to such award
    as shall be determined by the Board in accordance with Section 6.7; and/or 

 

	 	(iv)	require
    outstanding awards, in whole or in part, to be surrendered to the Company by the holder, and to be immediately cancelled by
    the Company, and to provide for the holder to receive (A) a cash payment in an amount equal to (i) in the case of an option
    or an SAR, the number of Shares then subject to the portion of such option or SAR surrendered multiplied by the excess, if
    any, of the Fair Market Value of a Share as of the date of the Change in Control, over the purchase price or base price per
    Share subject to such option or SAR, (ii) in the case of a Share Award, the number of Shares then subject to the portion of
    such award surrendered multiplied by the Fair Market Value of a Share as of the date of the Change in Control, and (iii) in
    the case of a Performance Unit Award, the value of the Performance Units then subject to the portion of such award surrendered;
    (B) shares of the corporation or other entity resulting from such Change in Control, or a parent thereof, having a fair market
    value not less than the amount determined under clause (A) above; or (C) a combination of the payment of cash pursuant to
    clause (A) above and the issuance of shares pursuant to clause (B) above. 

 

(b)
A “Change in Control” of the Company shall be deemed to have occurred upon the occurrence of any of the following
events:

 

(i)
The acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more
of either the then outstanding Shares of the Company or the combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by
the Company or any of its Subsidiaries, or any employee benefit plan (or related trust) of the Company or its Subsidiaries, or
any corporation with respect to which, following such acquisition, more than 50% of, respectively, the then outstanding Shares
of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote
generally in the election of all or substantially all directors is then beneficially owned, directly or indirectly, by the individuals
and entities who were the beneficial owners, respectively, of Shares and voting securities of the Company immediately prior to
such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding
Shares of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally
in the election of directors, as the case may be;

  

    	 	8	 

     

    

 

(ii)
The consummation of a reorganization, merger or consolidation of the Company, in each case, with respect to which all or substantially
all of the individuals and entities who were the respective beneficial owners of Shares and voting securities of the Company immediately
prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially
own, directly or indirectly, more than 50% of, respectively, the then outstanding Shares and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation
resulting from such reorganization, merger or consolidation;

 

(iii)
During any twenty-four (24) month period, individuals who, as of the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director
subsequent to the beginning of such period whose election or nomination for election was approved by a vote of at least a majority
of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in
which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director;
provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or
threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies
by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; or

 

(iv)
a complete liquidation or dissolution of the Company or of the sale or other disposition of all or substantially all of the assets
of the Company.

 

In
no event shall a Change in Control include the Initial Public Offering or any bona fide primary or secondary public offering following
the occurrence of the Initial Public Offering.

 

6.9
Deferrals. The Committee may determine that the delivery of Shares or the payment of cash, or a combination thereof,
upon the exercise or settlement of all or a portion of any award (other than awards of Incentive Stock Options, Nonqualified Options
and SARs) made hereunder shall be deferred, or the Committee may, in its sole discretion, approve deferral elections made by holders
of awards. Deferrals shall be for such periods and upon such terms as the Committee may determine in its sole discretion, subject
to the requirements of Section 409A of the Code.

   

6.10
No Right of Participation, Employment or Service. Unless otherwise set forth in an employment agreement, no person
shall have any right to participate in this Plan. Neither this Plan nor any award made hereunder shall confer upon any person
any right to continued employment by or service with the Company, any Subsidiary or any affiliate of the Company or affect in
any manner the right of the Company, any Subsidiary or any affiliate of the Company to terminate the employment or service of
any person at any time without liability hereunder.

  

6.11
Rights as Stockholder. No person shall have any right as a stockholder of the Company with respect to any Shares or
other equity security of the Company which is subject to an award hereunder unless and until such person becomes a stockholder
of record with respect to such Shares or equity security.

 

6.12
Designation of Beneficiary. A holder of an award may file with the Committee a written designation of one or more persons
as such holder’s beneficiary or beneficiaries (both primary and contingent) in the event of the holder’s death or
incapacity. To the extent an outstanding option or SAR granted hereunder is exercisable, such beneficiary or beneficiaries shall
be entitled to exercise such option or SAR pursuant to procedures prescribed by the Committee.

 

Each
beneficiary designation shall become effective only when filed in writing with the Committee during the holder’s lifetime
on a form prescribed by the Committee. The spouse of a married holder domiciled in a community property jurisdiction shall join
in any designation of a beneficiary other than such spouse. The filing with the Committee of a new beneficiary designation shall
cancel all previously filed beneficiary designations.

 

If
a holder fails to designate a beneficiary, or if all designated beneficiaries of a holder predecease the holder, then each outstanding
option and SAR hereunder held by such holder, to the extent exercisable, may be exercised by such holder’s executor, administrator,
legal representative or similar person.

 

6.13
Compliance With Section 409A of the Code. To the extent applicable, awards will be designed and operated in such a
manner that they are either exempt from the application of, or comply with, the requirements of Section 409A of the Code. The
Plan and each award Agreement are intended to meet the requirements of Section 409A of the Code and will be construed and interpreted
in accordance with such intent, except as otherwise determined in the Committee’s sole discretion. Notwithstanding the foregoing,
the Company makes no representation with respect to the tax compliance of the Plan or any Award Agreement, including compliance
with Section 409A of the Code.

 

6.14
Governing Law. This Plan, each award hereunder and the related Agreement, and all determinations made and actions taken
pursuant thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the
laws of the State of Illinois and construed in accordance therewith without giving effect to principles of conflicts of laws.

 

6.15
Non-U.S. Service Providers. Without amending this Plan, the Committee may grant awards to eligible persons who are
foreign nationals on such terms and conditions different from those specified in this Plan as may in the judgment of the Committee
be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such purposes
the Committee may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply
with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees
or service providers.

 

6.16
Awards Subject to Clawback. The awards granted under this Plan and any cash payment or Shares delivered pursuant to
an award are subject to forfeiture, recovery by the Company or other action pursuant to the applicable Agreement or any clawback
or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company
may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations
thereunder, or as otherwise required by law.

  

    	 	9	 

     

    

 

AMESITE
INC. 

 

2018
EQUITY INCENTIVE PLAN 

 

STOCK
OPTION AGREEMENT 

 

This
Stock Option Agreement (this “Agreement”) is made and entered into as of the date set forth on the signature
page hereto by and between Amesite Inc., a Delaware corporation (the “Company”), and the undersigned
participant (“Participant”). Unless otherwise defined herein, capitalized terms used herein shall have
the same defined meanings as set forth in the Amesite Inc. 2018 Equity Incentive Plan attached hereto as Exhibit A (the
“Plan”).

  

	I.	NOTICE
    OF STOCK OPTION GRANT 

 

Participant
has been granted an option to purchase Common Stock, subject to the terms and conditions of the Plan and this Agreement, as follows:

  

	Participant:	 	 
	Address:	 	 
	 	 	 
	Grant Number:	 	 
	Grant Date:	 	 
	Vesting Commencement Date:	 	 
	Exercise Price per Share:	 	 
	Number of Shares Subject to Option: 	 	 
	Total Exercise Price:	 	 
	Type of Option:	ISO 	NSO	Term/Expiration
	Date:	 	, or earlier as provided
	 	in the Plan or this Agreement	 

 

Vesting
Schedule; Accelerated Vesting:

 

This
Option shall become vested and exercisable, in whole or in part, according to the following vesting schedule:   

 

Termination
Period: 

 

This
Option shall be exercisable for three months after Participant ceases to be a service provider, unless such termination is due
to Participant’s death or disability, in which case this Option shall be exercisable for 12 months after Participant ceases
to be a service provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration
Date as provided above, and this Option may be subject to earlier termination as provided in the Plan.

  

	II.	AGREEMENT
    

 

1.
Grant of Option. In consideration of the services to be rendered by Participant to the Company or any Affiliate
and subject to the terms and conditions of the Plan and this Agreement, the Administrator hereby grants to Participant an option
(this “Option”) to purchase the number of Shares set forth in the Notice of Stock Option Grant in Part
I of this Agreement, at the Exercise Price per Share set forth in the Notice of Stock Option Grant in Part I of this Agreement
(the “Exercise Price”).

 

If
designated as an ISO in the Notice of Stock Option Grant in Part I of this Agreement, this Option is intended to qualify as an
Incentive Stock Option; provided, however, that, to the extent that the aggregate Fair Market Value (determined
at the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by Participant
during any calendar year (under all plans of the Company and any Affiliate) exceeds $100,000, such Options or portions thereof
that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options. Further,
if for any reason this Option (or portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such
nonqualification, this Option (or portion thereof) shall be regarded as a Nonstatutory Stock Option. In no event shall the Administrator,
the Company or any Affiliate, or any of their respective employees or directors, have any liability to Participant (or any other
Person) due to the failure of this Option (or portion thereof) to qualify for any reason as an Incentive Stock Option.

 

2.
Exercise of Option.

 

(a)
Right to Exercise. This Option shall be exercisable during its term in accordance with (i) the Vesting Schedule
set out in the Notice of Stock Option Grant in Part I of this Agreement and (ii) the applicable provisions of the Plan and this
Agreement. This Option may not be exercised for a fraction of a Share.

 

(b)
Method of Exercise. This Option shall be exercisable by delivery of an option exercise notice in the form attached
hereto as Exhibit B (the “Option Exercise Notice”) or in a manner and pursuant to such
procedures as the Administrator may determine, which shall state the election to exercise this Option, the whole number of Shares
with respect to which this Option is being exercised, and such other representations and agreements as may be required by the
Company. If someone other than Participant exercises this Option, as permitted by the Plan, then such Person must submit documentation
reasonably acceptable to the Company verifying that such Person has the legal right to exercise this Option. The Option Exercise
Notice shall be accompanied by payment of the aggregate Exercise Price as to all exercised Shares, together with any applicable
tax withholding. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Option Exercise
Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding.

  

    	 	10	 

     

    

 

3.
Participant’s Representations. If the Common Stock has not been registered under the Securities Act at the
time this Option is exercised, Participant shall concurrently with the exercise of all or any portion of this Option, if required
by the Company, deliver to the Company Participant’s Investment Representation Statement in the form attached hereto as
Exhibit C.

   

4.
Lock-Up Period. Participant will not, during the period commencing on the date of the final prospectus relating
to the registration by the Company for its own behalf of shares of its Common Stock or any other equity securities under the Securities
Act on a Form S-1 (excluding a registration relating solely to employee benefit plans on Form S-1) or Form S-3 and ending on the
date specified by the Company and the underwriter(s) (such period not to exceed 180 days in the case of the Company’s IPO
or 90 days in the case of any registration other than the Company’s IPO, or such other period as may be requested by the
Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports
and (ii) analyst recommendations and opinions, including the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4)
(or any successor provisions or amendments thereto), as applicable), (A) sell, dispose of, make any short sale of, offer, hypothecate,
pledge, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, grant any right or
warrant to purchase, lend or otherwise transfer or encumber, directly or indirectly, any Shares or other securities convertible
into or exercisable or exchangeable (directly or indirectly) for shares of Common Stock (whether such Shares or other securities
are then held by Participant or thereafter acquired) (such Shares and other securities, the “Lock-Up Shares”)
or (B) enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any Lock-Up Shares. The foregoing provisions of this Section II.4 shall not prevent the exercise of any repurchase
option in favor of the Company or apply to the sale of any Lock-Up Shares to an underwriter pursuant to an underwriting agreement
or to the Transfer (as defined in Section II.7) of any Lock-Up Shares by Participant to any trust for the direct or indirect benefit
of Participant or an Immediate Family Member (as defined in the Option Exercise Notice) of Participant (provided that the
trustee of the trust agrees, in writing, to be bound by the restrictions set forth herein and provided further that any
such Transfer (as defined in Section II.7) does not involve a disposition for value). Participant shall execute such documents
as may be reasonably requested by the Company or the underwriters in connection with any registered offering described in this
Section II.4 and that are consistent with this Section II.4 or necessary to give further effect thereto.

 

5.
Method of Payment. To the extent permitted by Applicable Laws, payment of the aggregate Exercise Price as to all
exercised Shares shall be by any of the following methods, or a combination thereof, at Participant’s election:

 

(a)
cash;

 

(b)
check;

 

(c)
surrender of other Shares which (i) shall be valued at their Fair Market Value on the date of exercise and (ii) must be owned
by Participant free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the Administrator’s
sole discretion, will not result in any adverse accounting consequences to the Company; or

 

(d)
consideration received by the Company under a cashless exercise program (whether through a broker or otherwise) implemented by
the Company in connection with the Plan.

 

Any
fraction of a Share which would be required to pay such aggregate Exercise Price shall be disregarded, and the remaining amount
due shall be paid in cash by Participant.

  

6.
Restrictions on Exercise. This Option may not be exercised unless the issuance of Shares upon such exercise, or
the method of payment of consideration for such Shares, complies with Applicable Laws. Assuming such compliance, Shares shall
be considered transferred to Participant, for income tax purposes, on the date on which this Option is exercised with respect
to such Shares.

 

7.
Non-Transferability of Option. This Option (or, prior to exercise, the Shares subject to this Option) may not be
sold, pledged, assigned, hypothecated or otherwise transferred in any manner, including by entering into any short position, any
“put equivalent position” or any “call equivalent position” (as defined in
Rule 16a-1(h) and Rule 16a-1(b), respectively, of the Exchange Act), whether by operation of law or otherwise (“Transfer”),
other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of Participant, only
by Participant. The terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors
and assigns of Participant.

 

8.
Term of Option. This Option may be exercised only (i) within the term set out in the Notice of Stock Option Grant
in Part I of this Agreement and (ii) in accordance with the terms and conditions of the Plan and this Agreement.

 

9.
Tax Obligations.

 

(a)
Tax Withholding. Participant agrees to make appropriate arrangements satisfactory to the Company to pay or provide
for the satisfaction of all federal, state, local, foreign and other taxes (including Participant’s FICA obligation) required
to be withheld with respect to the exercise of this Option. Participant acknowledges and agrees that the Company may refuse to
honor the exercise of this Option, and refuse to deliver the Shares, if such withholding amounts are not delivered by Participant
at the time of exercise.

 

(b)
Notice of Disqualifying Disposition of ISO Shares. If this Option is an Incentive Stock Option, and if Participant
makes a “disposition” (as defined in Section 424 of the Code) of all or any portion of the Shares acquired upon exercise
of this Option within two years from the Grant Date set out in the Notice of Stock Option Grant in Part I of this Agreement or
within one year after issuance of the Shares acquired upon exercise of this Option, then Participant shall immediately notify
the Company in writing as to the occurrence of, and the price realized upon, such disposition. Participant agrees that Participant
may be subject to income tax withholding by the Company on the compensation income recognized by Participant.

  

    	 	11	 

     

    

 

(c)
Section 409A of the Code. Under Section 409A of the Code, an Option that was granted with a per Share exercise price
that is determined by the U.S. Internal Revenue Service (the “IRS”) to be less than the Fair Market
Value of a Share on the date of grant (a “discount option”) may be considered “deferred
compensation.” An Option that is a “discount option” may result in (i) income recognition
by Participant prior to the exercise of this Option, (ii) an additional 20% federal income tax, (iii) potential penalty and interest
charges, and (iv) additional state income, penalty and interest tax to Participant (collectively, “409A Penalties”).
Participant acknowledges that the Company cannot guarantee, and has not guaranteed, that the IRS will agree, in a later examination,
that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the date of grant. Participant
agrees that, if the IRS determines that this Option is a “discount option,” Participant shall be solely
responsible for Participant’s costs related to such a determination, including any 409A Penalties.

  

10.
General Provisions.

 

(a)
Power and Authority. Participant hereby represents to the Company that

 

(i)
Participant has full power and authority and legal capacity to enter into, execute and deliver this Agreement and to perform fully
Participant’s obligations hereunder, (ii) the execution, delivery and performance of this Agreement by Participant does
not conflict with, constitute a breach of or violate any arrangement, understanding or agreement to which Participant is a party
or by which Participant is bound, and (iii) this Agreement has been duly and validly executed and delivered by Participant and
constitutes the legal, valid and binding obligation of Participant, enforceable against Participant in accordance with its terms.

 

(b)
Survival. The representations, warranties, covenants and agreements made in or pursuant to this Agreement shall
survive the execution and delivery hereof and shall not be affected by any investigation made by or on behalf of any party hereto.

 

(c)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois
without regard to conflict-of-law principles.

 

(d)
Entire Agreement. This Agreement, together with the attached Exhibits, sets forth the entire agreement and understanding
between the parties hereto relating to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, discussions, representations and warranties, both written and oral, between the parties hereto, including any representations
made during any interviews or relocation negotiations, with respect to such subject matter. In the event of a conflict between
the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan shall prevail.

 

(e)
Notices. All notices or other communications required or permitted hereunder shall be in writing and shall be deemed
given or delivered (i) when delivered personally, (ii) one business day after being deposited with an overnight courier service
(costs prepaid), (iii) when sent by facsimile or e-mail if sent during normal business hours and on the next business day if sent
after normal business hours, in each case with confirmation of transmission by the transmitting equipment, or (iv) when received
or rejected by the addressee, if sent by certified mail, return receipt requested, postage prepaid, in each case to the addresses,
facsimile numbers or e-mail addresses and marked to the attention of the persons designated (by name or title) on the signature
page hereto, as applicable, or to such other address, facsimile number, e-mail address or person as such party may designate by
a notice delivered to the other party hereto.

 

(f)
Successors and Assigns; Transfers. The Company may assign this Agreement, and its rights and obligations
hereunder, in whole or in part, to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, sale
of assets or stock or otherwise). Except as set forth herein, (x) neither this Agreement nor any rights, duties and obligations
hereunder shall be assigned, transferred, delegated or sublicensed by Participant without the Company’s prior written consent
and (y) any attempt by Participant to assign, transfer, delegate or sublicense this Agreement or any rights, duties or obligations
hereunder, without the Company’s prior written consent, shall be void. Subject to any restrictions on transfer set forth
herein, this Agreement shall be binding upon, and enforceable against, (i) the Company and its successors and assigns and (ii)
Participant and his or her heirs, executors, successors, assigns, administrators and other legal representatives. Except as set
forth herein, any transfer in violation of any restriction upon transfer contained in any provision hereof shall be void, unless
such restriction is waived in accordance with the terms hereof.

 

(g)
Modification and Waiver. This Agreement may not be amended, modified or supplemented except by a written instrument
signed by an authorized representative of each party hereto. Any term or provision hereof may be waived, or the time for its performance
may be extended, by the party or parties entitled to the benefit thereof. Any such waiver or extension shall be validly and sufficiently
authorized for the purposes hereof if, as to any party, it is authorized in writing by an authorized representative of such party.
The failure or delay of any party to enforce at any time any provision hereof shall not be construed to be a waiver of such provision,
nor in any way to affect the validity of this Agreement or any part hereof or the right of any party thereafter to enforce each
and every such provision. No waiver of any breach hereof shall be held to constitute a waiver of any other or subsequent breach.

 

(h)
Further Assurances. Participant shall execute and deliver such additional documents, instruments, conveyances and
assurances and take such further actions as may reasonably be necessary or desirable in the view of the Company to carry out the
purposes or intent hereof, including the applicable Exhibits attached hereto.

 

(i)
Severability. Should any provision contained herein be held as invalid, illegal or unenforceable, such holding
shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties
with any such modification to become a part hereof and treated as though originally set forth herein.

  

    	 	12	 

     

    

 

(j)
Interpretation. For purposes of this Agreement, (i) the words “include,” “includes” and
“including” shall be deemed to be followed by the words “without limitation,” (ii) the word “or”
is not exclusive, (iii) the words “herein,” “hereof,” “hereby,” “hereto,” “hereunder”
and words of similar import refer to this Agreement as a whole, and (iv) with respect to the determination of any period of time,
“from” means “from and including” and “to” means “to but excluding.” Unless the
context otherwise requires, references herein: (A) to a Section or an Exhibit mean a Section or an Exhibit of, or attached to,
this Agreement; (B) to agreements, instruments and other documents shall be deemed to include all subsequent amendments, supplements
and other modifications thereto; (C) to statutes or regulations are to be construed as including all statutory and regulatory
provisions consolidating, amending or replacing the statute or regulation referred to; (D) to any Person includes such Person’s
successors and assigns, but, if applicable, only if such successors and assigns are not prohibited by this Agreement; and (E)
to any gender includes each other gender. The Exhibits attached hereto shall be construed with, and as an integral part of, this
Agreement to the same extent as if they were set forth verbatim herein. The titles, captions and headings herein are for convenience
of reference only and shall not affect the meaning or interpretation hereof. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument
to be drafted.

   

(k)
Counterparts. This Agreement may be executed in counterparts, each of which shall be considered an original, but
all of which, when taken together, shall be considered one and the same agreement, and shall become binding when one or more counterparts
have been signed by each party hereto and delivered to the other party hereto. Delivery of an executed counterpart of a signature
page to this Agreement shall be as effective as delivery of a manually executed counterpart of this Agreement. The exchange of
copies of this Agreement and of signature pages hereto by facsimile transmission or e-mail shall constitute effective execution
and delivery of this Agreement and may be used in lieu of the original Agreement for all purposes. Signatures transmitted by facsimile
or e-mail shall be deemed to be original signatures for all purposes.

 

(l)
Service Relationship At Will. Participant acknowledges and agrees that the vesting of this Option pursuant
hereto is earned only by his or her continuing service as a service provider at will (and not through the act of being hired,
being granted this Option or acquiring Shares hereunder). Participant further acknowledges and agrees that this Agreement, the
transactions contemplated hereby and the vesting schedule set forth herein do not constitute an express or implied promise of
continued engagement as a service provider for the vesting period, or for any period at all, and shall not interfere with the
right of either the Company or Participant to terminate Participant’s relationship as a service provider at any time, with
or without cause or notice.

 

(m)
Third Party Beneficiary Rights. No provisions hereof are intended, nor shall be interpreted, to provide or create
any third party beneficiary rights or any other rights of any kind in any client, customer, affiliate, stockholder, partner or
employee of any party hereto or any other Person, unless specifically provided otherwise herein; provided, however,
that Section II.4 is intended to benefit the underwriters for any registered offering described in Section II.4, and such underwriters
shall have the right, power and authority to enforce the provisions of Section II.4 as though they were parties hereto.

 

(n)
Adjustments. In the event of any dividend or other distribution (whether in the form of cash, Shares, other
securities or other property), recapitalization, reincorporation, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, reclassification, repurchase or exchange of Shares or other securities of the Company, or other
change in the corporate structure of the Company affecting the Shares, the Administrator will appropriately adjust the number,
class and price of Shares subject to this Option, with such adjustment to be made in accordance with Section 409A of the Code.

 

(o)
No Impact on Other Benefits. The value of this Option is not part of Participant’s normal or expected
compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

 

(p)
Acceptance. Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar
with the terms and provisions thereof and hereby accepts this Option subject to all of the terms and provisions of the Plan and
this Agreement (including all Exhibits attached hereto). Participant has reviewed, and fully understands all provisions of, the
Plan and this Agreement in their entirety (including all Exhibits attached hereto) and has had an opportunity to obtain the advice
of his or her own legal counsel, tax advisors and other advisors prior to executing this Agreement. Any questions or disputes
regarding the interpretation of the Plan or this Agreement (including all Exhibits attached hereto), or arising hereunder or thereunder,
shall be submitted by the Company or Participant to the Administrator, and Participant hereby agrees to accept as final, binding
and conclusive all decisions, determinations and interpretations of the Administrator upon any such questions or disputes.

 

(q)
Equitable Relief. In the event of a breach or threatened breach by Participant of any provision hereof, Participant
hereby consents and agrees that the Company may seek, in addition to other available remedies, injunctive or other equitable relief
from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not
afford an adequate remedy, and without the necessity of posting any bond or other security. Participant understands that any breach
or threatened breach of this Agreement will cause irreparable injury and that money damages will not provide an adequate remedy
therefor, and Participant hereby consents to the issuance of an injunction or other equitable relief. The aforementioned equitable
relief shall be in addition to, and not in lieu of, legal remedies, monetary damages or other available forms of relief.

 

(signature
page follows) 

  

    	 	13	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Stock Option Agreement as of ________, 20__ .

 

COMPANY

 

Amesite
Inc.

 

By:
                                                                           

Name:
Ann Marie Sastry

Title:
Chief Executive Officer

 

Notice
Address: 205 East Washington Street, Suite B

Ann
Arbor, Michigan 48104

 

Facsimile:

E-mail:
ams@amesite.com

Attention:
Ann Marie Sastry

 

PARTICIPANT

  

Notice
Address:

 

 

Facsimile:

E-mail:

Attention:

 

Exhibits:

 

A
– 2018 Equity Incentive Plan

B
– Option Exercise Notice

  

[Signature
Page to Stock Option Agreement] 

  

    	 	14	 

     

    

 

EXHIBIT
A 

 

AMESITE
INC. 

 

2018
EQUITY INCENTIVE PLAN 

  

    	 	15	 

     

    

 

EXHIBIT
B 

 

OPTION
EXERCISE NOTICE 

 

Amesite
Inc.

205
East Washington Street, Suite B

Ann
Arbor, Michigan 48104

Attention:
Secretary

 

1.
Exercise of Option. Effective as of today,  , the undersigned (“Participant”)
hereby elects to exercise Participant’s option (the “Option”) to purchase   shares
(the “Exercised Shares”) of the common stock of Amesite Inc., a Delaware corporation (the “Company”),
under and pursuant to the Company’s 2018 Equity Incentive Plan (the “Plan”) and that certain Stock
Option Agreement made and entered into as of ________, 20__ by and between the Company and Participant (the “Option
Agreement”).

 

2.
Delivery of Payment. Participant herewith delivers to the Company the full exercise price of the Exercised Shares,
as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.
Representations of Participant. Participant acknowledges that Participant has received, read and understood the
Plan and the Option Agreement and agrees to abide, and be bound, by their terms and conditions.

 

4.
Rights as Stockholder. Until the issuance of the Exercised Shares (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or other distributions
or any other rights as a stockholder shall exist with respect to the Exercised Shares, notwithstanding the exercise of the Option.
The Exercised Shares shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the
Option Agreement. No adjustment shall be made for a dividend or distribution or other right for which the record date is prior
to the date of issuance, except as provided in Section 13 of the Plan.

 

5.
Tax Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Exercised Shares. Participant represents that Participant has consulted with any tax consultants
Participant deems advisable in connection with the purchase or disposition of the Exercised Shares and that Participant is not
relying on the Company for any tax advice.

 

6.
Restrictive Legends and Stop-Transfer Orders.

 

(a)
Legends. Participant understands and agrees that the Company shall cause the legends set forth below, or substantially
equivalent legends, to be placed upon any certificate(s) evidencing ownership of the Exercised Shares, together with any other
legends that may be required by the Company or by applicable federal or state securities laws:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE
SALE OR DISTRIBUTION THEREOF AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED
UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE
OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, A RIGHT OF FIRST REFUSAL AND A LOCK-UP
PERIOD IN THE EVENT OF A PUBLIC OFFERING AS SET FORTH IN AGREEMENTS BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES,
COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH RESTRICTIONS ON TRANSFER, RIGHT OF FIRST REFUSAL AND
LOCK-UP PERIOD ARE BINDING ON TRANSFEREES OF THESE SECURITIES.

 

(b)
Stop-Transfer Notices. In order to ensure compliance with the restrictions referred to herein and in the Option
Agreement, including the provisions of Section II.4 of the Option Agreement, the Company may issue appropriate stop-transfer instructions
to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same
effect in its own records.

 

(c)
Refusal to Transfer. The Company shall not be required to transfer on its books any Exercised Shares that have been
Transferred in violation of any provision hereof or to treat as owner of such Exercised Shares, or otherwise to accord voting
or dividend rights to, any purchaser or other transferee to whom such Exercised Shares shall have been so Transferred. Any attempt
to Transfer Exercised Shares in violation hereof shall be null and void and shall be disregarded by the Company.

  

    	 	16	 

     

    

 

7.
Consent to Notices by Electronic Transmission. Upon becoming a stockholder of the Company and without limiting the
manner by which notice otherwise may be given effectively to Participant, Participant hereby consents in accordance with Section
232 of the Delaware General Corporation Law to stockholder notices given by the Company to Participant by any of the following
forms of electronic transmission: (i) by facsimile telecommunications to the facsimile number set forth on the signature page
to the Option Agreement or to such other facsimile number as Participant may designate by a written notice delivered to the Company;
(ii) by electronic mail to the e-mail address set forth on the signature page to the Option Agreement or to such other e-mail
address as Participant may designate by a written notice delivered to the Company; (iii) by a posting on an electronic network
together with separate notice to Participant of such specific posting; and (iv) by any other form of electronic transmission when
directed to Participant.

   

8.
Capitalized Terms. Unless otherwise defined herein, capitalized terms used herein shall have the same defined meanings
as set forth in the Plan or, if not defined therein, in the Option Agreement.

 

9.
Governing Law; Severability. This Option Exercise Notice shall be governed by and construed in accordance with the
laws of the State of Illinois without regard to conflict-of-law principles. Should any provision contained herein be held as invalid,
illegal or unenforceable, such holding shall not affect the validity of the remainder of this Option Exercise Notice, the balance
of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though
originally set forth herein.

  

	Submitted by:	 	Accepted by:
	 	 	 
	PARTICIPANT	 	COMPANY
	 	 	 
	 	 	 
	Signature	 	By:	 
	 	 	Name: 	Ann Marie Sastry
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	 	Date Received:

 

17

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