Document:

ex_188285.htm

Exhibit 4.1

 

THE SHARES UNDERLYING THIS CONVERTIBLE NOTE AND THE CONVERTIBLE NOTE HAVE NOT BEEN REGISTERED UNDER THE FEDERAL OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR HYPOTHECATED IN ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH LAWS AS MAY BE APPLICABLE OR, AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION FROM SUCH APPLICABLE LAWS EXIST.

 

CONVERTIBLE PROMISSORY NOTE

 

	$29,973	Original Issuance Date: May 18, 2020
	 	Maturity Date: February 18, 2021

                      

 

FOR VALUE RECEIVED, Vado Corp., a Nevada corporation (the “Company”), hereby promises to pay to the order of Dusan Konc (the “Holder”), the principal sum of $29,973 together with interest thereon computed at the annual rate of 12% calculated on a 365 day year. Principal and interest shall be due and payable nine months from the Original Issuance Date (defined above) of this Convertible Note (the “Maturity Date”) unless this Convertible Note (the “Note”) has been converted or prepaid as provided below. While in default, this Note shall bear interest at the rate of 18% per annual or such maximum rate of interest allowable under the laws of the State of New York.

 

1.     Conversion to Common Stock.

 

(a)     Conversion Upon Election of Holder. At any time following the Original Issuance Date, the Holder shall be entitled, upon written notice to the Company, to convert all or any part of the outstanding balance of this Note (excluding interest) into a number of fully paid and nonassessable shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) at $0.001 per share (the “Conversion Price”). In no event shall the Conversion Price be less than par value. ). A form of the Conversion Notice is attached as Exhibit I. In order to convert the Note in full, the Company must first receive the original Note or an affidavit of lost Note as set forth in Section 1(f).

 

(b)     Conversion Time. The “Conversion Time” shall mean the date notice and either the original Note or affidavit of lost Note was delivered by the Holder in accordance with this Note.

 

(c)     Mechanics of Conversion. Before the Holder shall be entitled to convert this Note into shares of Common Stock in connection with a conversion pursuant to Section 1(a), the Holder shall surrender this Note (or, if the Holder alleges that this Note has been lost, stolen or destroyed, a lost affidavit and agreement reasonably acceptable to the Company to indemnify the Company against any claim that may be made against the Company on account of the alleged loss, theft or destruction of such original promissory note), at the office of the Company together with the Conversion Notice. If required by the Company, this Note shall be endorsed or accompanied by an investment letter in customary form and a written instrument or instruments

 

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of transfer, in form reasonably satisfactory to the Company, duly executed by the Holder or his, her or its attorney duly authorized in writing.

 

(d)     New Promissory Note. In the event less than all of the remaining balance of this Note is converted, the Company shall promptly issue to the Holder a similar promissory note representing the outstanding balance of this Note.

 

(e)     Prepayment. The Company shall be entitled to prepay this Note at its option at anytime.

 

2.     Adjustments.

 

(a)     Adjustment Upon Common Stock Event. At any time or from time to time after the Original Issuance Date, upon the happening of a Common Stock Event (as hereinafter defined), the Conversion Price shall, simultaneously with the happening of such Common Stock Event, be adjusted by dividing the Conversion Price in effect immediately prior to such Common Stock Event by a fraction, (i) the numerator of which shall be the number of shares of Common Stock issued and outstanding immediately after such Common Stock Event, and (ii) the denominator of which shall be the number of shares of Common Stock issued and outstanding immediately prior to such Common Stock Event, and the product so obtained shall thereafter be the Conversion Price. The Conversion Price shall be readjusted in the same manner upon the happening of each subsequent Common Stock Event. As used herein, the term “Common Stock Event” shall mean (i) the issue by the Company of additional shares of Common Stock as a dividend or other distribution on outstanding Common Stock, (ii) a subdivision of the outstanding shares of Common Stock into a greater number of shares of Common Stock, or (iii) a combination of the outstanding shares of Common Stock into a smaller number of shares of Common Stock.

 

(b)     Adjustments for Other Dividends and Distributions. If at any time or from time to time after the Original Issuance Date the Company pays a dividend or makes another distribution to the holders of the Common Stock payable in securities of the Company, other than an event constituting a Common Stock Event, then in each such event provision shall be made so that the Holder shall receive upon conversion thereof, in addition to the number of shares of Common Stock receivable upon conversion thereof, the amount of securities of the Company which the Holder would have received had this Note been converted into Common Stock on the date of such event (or such record date, as applicable) and had they thereafter, during the period from the date of such event (or such record date, as applicable) to and including the conversion date, retained such securities receivable by them as aforesaid during such period, subject to all other adjustments called for during such period under this Section 2 with respect to the rights of the Holder or with respect to such other securities by their terms.

 

(c)     Adjustment for Reclassification, Exchange and Substitution. If at any time or from time to time after the Original Issuance Date, the Common Stock issuable upon the conversion of this Note is changed into the same or a different number of shares of any class or classes of stock, whether by recapitalization, reclassification or otherwise (other than by a Common Stock Event or, reorganization, merger, or consolidation provided for elsewhere in this Section 2), then in any such event, but subject to Section 1, the Holder shall have the right thereafter to convert this Note into the kind and amount of stock and other securities and property

 

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receivable upon such recapitalization, reclassification or other change by holders of the number of shares of Common Stock into which this Note could have been converted immediately prior to such recapitalization, reclassification or change, all subject to further adjustment as provided herein or with respect to such other securities or property by the terms thereof.

 

(d)     Reorganizations, Mergers and Consolidations. If at any time or from time-to-time after the Original Issue Date there is a reorganization of the Company (other than a recapitalization, subdivision, combination, reclassification or exchange of shares provided for elsewhere in this Section 2) or a merger or consolidation of the Company with or into another corporation, then, as a part of such reorganization, merger or consolidation, provision shall be made so that the Holder thereafter shall be entitled to receive, upon conversion of this Note, the number of shares of stock or other securities or property of the Company, or of such successor corporation resulting from such reorganization, merger or consolidation, to which a holder of Common Stock deliverable upon conversion would have been entitled on such reorganization, merger or consolidation. In any such case, appropriate adjustment shall be made in the application of the provisions of this Section 2 with respect to the rights of the Holder after the reorganization, merger or consolidation to the end that the provisions of this Section 2 (including adjustment of the Conversion Price then in effect and number of shares issuable upon conversion of this Note) shall be applicable after that event and be as nearly equivalent to the provisions hereof as may be practicable. This Section 2 shall similarly apply to successive reorganizations, mergers and consolidations.

 

3.     Event of Default.

 

(a)     For purposes of this Note, an “Event of Default” means:

 

(i)     the Company shall default in the payment of principal or interest on this Note;

 

(ii)     the Company fails to deliver the shares issuable upon conversion of this Note in accordance with the provisions of Section 1;

 

(iii)     the Company shall fail to materially perform any covenant, term, provision, condition, agreement or obligation of the Company under this Note (other than for non- payment or failure to deliver conversion shares) and such failure shall continue uncured for a period of 10 days after notice from the Holder of such failure (or if such breach is not capable of being cured within such 15 Trading day period but the Company commences to cure and diligently and continuously acts to cure such breach, such longer period as may be necessary to cure such breach);

 

(iv)     an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (A) liquidation, reorganization or other relief in respect of the Company or any of their debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (B) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or for a substantial part of any of its assets, and, in any such case, such proceeding or petition shall not be dismissed within 30 days;

 

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(v)     the Company shall (A) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (B) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 3(a)(iii), (C) apply for or consent to the appointment of a receiver, trustee, custodian, conservator or similar official for the Company or for a substantial part of its assets, (D) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (E) make a general assignment for the benefit of creditors or (F) take any action for the purpose of effecting any of the foregoing;

 

4.     Miscellaneous

 

(a)     Loss, Theft, Destruction or Mutilation of Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note and, in the case of loss, theft or destruction, delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Note, the Company shall execute and deliver, in lieu of this Note, a new note executed in the same manner as this Note, in the same principal amount as the unpaid principal amount of this Note and dated the date to which interest shall have been paid on this Note or, if no interest shall have yet been so paid, dated the date of this Note.

 

(b)     Waivers. The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.

 

(c)     Waiver and Amendment. Any provision of this Note may be amended, waived or modified only by an instrument in writing signed by the party against which enforcement of the same is sought.

 

(d)     Notices. All notices, offers, acceptance and any other acts under this Note (except payment) shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar overnight next business day delivery, or by email delivery followed by overnight next business day delivery as follows:

 

	 	(i)	If to the Holder, to:	Dusan Konc
	 	 	 	Dlhá 816/9
	 	 	 	Nitra, Slovakia 94901
	 	 	 	 
	 	(ii)	If to the Company:	Vado Corp.
	 	 	 	Dlhá 816/9
	 	 	 	Nitra, Slovakia 94901

 

or to such other address as any of them, by notice to the other may designate from time to time. Time shall be counted from, the date of transmission.

 

(e)      Expenses; Attorneys’ Fees. If an action is instituted to enforce or collect

 

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this Note, the non-prevailing party shall pay all reasonable costs and expenses.

 

(f)     Successors and Assigns. Upon any endorsement, assignment, or other transfer of this Note by the Holder or by operation of law, the term “Holder,” as used herein, shall mean such endorsee, assignee, or other transferee or successor to the Holder, then becoming the holder of this Note. This Note shall inure to the benefit of the Holder and its successors and assigns and shall be binding upon the undersigned and their successors and assigns. The term “Company” as used herein, shall include the respective successors and assigns of the Company and any other obligor.

 

(g)     Headings. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect any of the provisions hereof.

 

(h)     Exclusive Jurisdiction; Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of laws thereof. The Company and the Holder agree that all legal proceedings concerning the interpretation, or enforcement of this Note shall only be commenced in the state and federal courts sitting in New York County, New York (the “New York Courts”). The Company and the Holder each irrevocably submit to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby. The Company and the Holder irrevocably waive, and agree not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. The Company and the Holder each irrevocably waive personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. The Company and the Holder each irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions contemplated hereby.

 

 

[The balance of this page is intentionally blank]

 

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IN WITNESS WHEREOF, the Company has caused this Note to be executed as of the date first indicated above.

 

VADO CORP.

 

 

By: /s/ Dusan Konc                                        

 

 

 

 

 

6Exhibit 10.1

 

	 	 	 

 

ESPERION THERAPEUTICS, INC.

 

2020 EMPLOYEE STOCK PURCHASE
PLAN

 

The purpose of the Esperion Therapeutics,
Inc. 2020 Employee Stock Purchase Plan (“the Plan”) is to provide eligible employees of Esperion Therapeutics, Inc.
(the “Company”) and each Designated Subsidiary (as defined in Section 11) with opportunities to purchase shares of
the Company’s common stock, par value $0.001 per share (the “Common Stock”). Eight-hundred and twenty-five thousand
(825,000) shares of Common Stock in the aggregate have been approved and reserved for this purpose. The Plan is intended to constitute
an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal Revenue Code of 1986, as
amended (the “Code”), and shall be interpreted in accordance with that intent.

 

1.                 
Administration. The Plan will be administered by the person or persons (the “Administrator”) appointed
by the Company’s Board of Directors (the “Board”) for such purpose. The Administrator has authority at any time
to: (i) adopt, alter and repeal such rules, guidelines and practices for the administration of the Plan and for its own acts and
proceedings as it shall deem advisable; (ii) interpret the terms and provisions of the Plan; (iii) make all determinations it deems
advisable for the administration of the Plan; (iv) decide all disputes arising in connection with the Plan; and (v) otherwise supervise
the administration of the Plan. All interpretations and decisions of the Administrator shall be binding on all persons, including
the Company and the Participants. No member of the Board or individual exercising administrative authority with respect to the
Plan shall be liable for any action or determination made in good faith with respect to the Plan or any option granted hereunder.

 

     

     

    

 

	 	 	 

 

2.                 
Offerings. The Company will make one or more offerings to eligible employees to purchase Common Stock under the Plan
(“Offerings”). Unless otherwise determined by the Administrator, an Offering will begin on the first business day occurring
on or after each September 1 and March 1 and will end on the last business day occurring on or before the following February 28
or February 29 on a leap year and August 31, respectively. The Administrator may, in its discretion, designate a different period
for any Offering, provided that no Offering shall exceed 27 months in duration or overlap any other Offering.

 

3.                  Eligibility.
All individuals classified as employees on the payroll records of the Company and each Designated Subsidiary are eligible to
participate in any one or more of the Offerings under the Plan, provided that as of the first day of the applicable Offering
(the “Offering Date”) they are customarily employed by the Company or a Designated Subsidiary for more than 20
hours a week and have completed at least six months of employment. Notwithstanding any other provision herein, individuals
who are not contemporaneously classified as employees of the Company or a Designated Subsidiary for purposes of the
Company’s or applicable Designated Subsidiary’s payroll system are not considered to be eligible employees of the
Company or any Designated Subsidiary and shall not be eligible to participate in the Plan. In the event any such individuals
are reclassified as employees of the Company or a Designated Subsidiary for any purpose, including, without limitation,
common law or statutory employees, by any action of any third party, including, without limitation, any government agency, or
as a result of any private lawsuit, action or administrative proceeding, such individuals shall, notwithstanding such
reclassification, remain ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals who
are not contemporaneously classified as employees of the Company or a Designated Subsidiary on the Company’s or
Designated Subsidiary’s payroll system to become eligible to participate in this Plan is through an amendment to this
Plan, duly executed by the Company, which specifically renders such individuals eligible to participate herein.

 

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4.                 
Participation.

 

(a)              
Participants. An eligible employee who is not a Participant in any prior Offering may participate in a subsequent
Offering by submitting an enrollment form to his or her appropriate payroll location at least 15 business days before the Offering
Date (or by such other deadline as shall be established by the Administrator for the Offering).

 

(b)              
Enrollment. The enrollment form will (a) state a whole percentage to be deducted from an eligible employee’s
Compensation (as defined in Section 11) per pay period, (b) authorize the purchase of Common Stock in each Offering in
accordance with the terms of the Plan and (c) specify the exact name or names in which shares of Common Stock purchased for
such individual are to be issued pursuant to Section 10. An employee who does not enroll in accordance with these procedures
will be deemed to have waived the right to participate. Unless a Participant files a new enrollment form or withdraws from the
Plan, such Participant’s deductions and purchases will continue at the same percentage of Compensation for future Offerings,
provided he or she remains eligible.

 

(c)              
Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements
of the Code.

 

5.                  Employee
Contributions. Each eligible employee may authorize payroll deductions at a minimum of 1 percent up to a maximum of
10 percent of such employee’s Compensation for each pay period. The Company will maintain book accounts showing
the amount of payroll deductions made by each Participant for each Offering. No interest will accrue or be paid on payroll
deductions.

 

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6.                 
Deduction Changes. Except as may be determined by the Administrator in advance of an Offering, a Participant may
not increase or decrease his or her payroll deduction during any Offering, but may increase or decrease his or her payroll deduction
with respect to the next Offering (subject to the limitations of Section 5) by filing a new enrollment form at least 15 business
days before the next Offering Date (or by such other deadline as shall be established by the Administrator for the Offering). The
Administrator may, in advance of any Offering, establish rules permitting a Participant to increase, decrease or terminate his
or her payroll deduction during an Offering.

 

7.                 
Withdrawal. A Participant may withdraw from participation in the Plan by delivering a written notice of withdrawal
to his or her appropriate payroll location. The Participant’s withdrawal will be effective as of the next business day. Following
a Participant’s withdrawal, the Company will promptly refund such individual’s entire account balance under the Plan
to him or her (after payment for any Common Stock purchased before the effective date of withdrawal). Partial withdrawals are not
permitted. Such an employee may not begin participation again during the remainder of the Offering, but may enroll in a subsequent
Offering in accordance with Section 4.

 

8.                  Grant
of Options. On each Offering Date, the Company will grant to each eligible employee who is then a Participant in the Plan
an option (“Option”) to purchase on the last day of such Offering (the “Exercise Date”), at the
Option Price hereinafter provided for, the lowest of (a) a number of shares of Common Stock determined by dividing such
Participant’s accumulated payroll deductions on such Exercise Date by the lower of (i) 85 percent of the Fair
Market Value of the Common Stock on the Offering Date, or (ii) 85 percent of the Fair Market Value of the Common Stock
on the Exercise Date, (b) a number of shares of Common Stock determined by dividing $25,000 by the Fair Market Value of
the Common Stock on the Offering Date of such Offering; or (c) such other lesser maximum number of shares as shall have been
established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to the
limitations set forth below. Each Participant’s Option shall be exercisable only to the extent of such
Participant’s accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under
each Option (the “Option Price”) will be 85 percent of the Fair Market Value of the Common Stock on the Offering
Date or the Exercise Date, whichever is less.

 

Notwithstanding the foregoing, no Participant
may be granted an option hereunder if such Participant, immediately after the option was granted, would be treated as owning stock
possessing 5 percent or more of the total combined voting power or value of all classes of stock of the Company or any Parent
or Subsidiary (as defined in Section 11). For purposes of the preceding sentence, the attribution rules of Section 424(d)
of the Code shall apply in determining the stock ownership of a Participant, and all stock which the Participant has a contractual
right to purchase shall be treated as stock owned by the Participant. In addition, no Participant may be granted an Option which
permits his or her rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company and its Parents
and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined on the option grant
date or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the limitation in the preceding
sentence is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in
which they were granted.

 

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9.                 
Exercise of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on the Exercise
Date shall be deemed to have exercised his or her Option on such date and shall acquire from the Company such number of whole shares
of Common Stock reserved for the purpose of the Plan as his or her accumulated payroll deductions on such date will purchase at
the Option Price, subject to any other limitations contained in the Plan. Any amount remaining in a Participant’s account
at the end of an Offering solely by reason of the inability to purchase a fractional share will be carried forward to the next
Offering; any other balance remaining in a Participant’s account at the end of an Offering will be refunded to the Participant
promptly.

 

10.             
Issuance of Certificates. Certificates representing shares of Common Stock purchased under the Plan may be issued
only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship,
or in the name of a broker authorized by the employee to be his, her or their, nominee for such purpose.

 

11.             
Definitions.

 

The term “Compensation” means
the amount of base pay, prior to salary reduction pursuant to Sections 125, 132(f) or 401(k) of the Code, but excluding overtime,
commissions, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances or travel expenses,
income or gains on the exercise of Company stock options, and similar items.

 

The term “Designated Subsidiary”
means any present or future Subsidiary (as defined below) that has been designated by the Board to participate in the Plan. The
Board may so designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after
the Plan is approved by the stockholders.

 

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The term “Fair Market Value of the
Common Stock” on any given date means the fair market value of the Common Stock determined in good faith by the Administrator;
provided, however, that if the Common Stock is admitted to quotation on the National Association of Securities Dealers Automated
Quotation System (“NASDAQ”), NASDAQ Global Market or another national securities exchange, the determination shall
be made by reference to the closing price on such date. If there is no closing price for such date, the determination shall be
made by reference to the last date preceding such date for which there is a closing price.

 

The term “Parent” means a “parent
corporation” with respect to the Company, as defined in Section 424(e) of the Code.

 

The term “Participant” means
an individual who is eligible as determined in Section 3 and who has complied with the provisions of Section 4.

 

The term “Subsidiary” means
a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of the Code.

 

12.              Rights
on Termination of Employment. If a Participant’s employment terminates for any reason before the Exercise Date for
any Offering, no payroll deduction will be taken from any pay due and owing to the Participant and the balance in the
Participant’s account will be paid to such Participant or, in the case of such Participant’s death, to his or her
designated beneficiary as if such Participant had withdrawn from the Plan under Section 7. An employee will be deemed to
have terminated employment, for this purpose, if the corporation that employs him or her, having been a Designated
Subsidiary, ceases to be a Subsidiary, or if the employee is transferred to any corporation other than the Company or a
Designated Subsidiary. [Unless otherwise determined by the Administrator, a Participant whose employment transfers between
Designated Subsidiaries or a Designated Subsidiary and the Company or whose employment terminates with an immediate rehire
(with no break in service) by the Company or a Designated Subsidiary will not be treated as having terminated employment for
purposes of participating in the Plan or an Offering.] Further, an employee will not be deemed to have terminated employment
for this purpose, if the employee is on an approved leave of absence for military service or sickness or for any other
purpose approved by the Company, if the employee’s right to reemployment is guaranteed either by a statute or by
contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise provides in
writing.

 

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13.             
Special Rules. Notwithstanding anything herein to the contrary, the Administrator may adopt special rules applicable
to the employees of a particular Designated Subsidiary, whenever the Administrator determines that such rules are necessary or
appropriate for the implementation of the Plan in a jurisdiction where such Designated Subsidiary has employees; provided that
such rules are consistent with the requirements of Section 423(b) of the Code. Any special rules established pursuant to this
Section 13 shall, to the extent possible, result in the employees subject to such rules having substantially the same rights
as other Participants in the Plan.

 

14.             
Optionees Not Stockholders. Neither the granting of an Option to a Participant nor the deductions from his or her
pay shall constitute such Participant a holder of the shares of Common Stock covered by an Option under the Plan until such shares
have been purchased by and issued to him or her.

 

15.             
Rights Not Transferable. Rights under the Plan are not transferable by a Participant other than by will or the laws
of descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant.

 

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16.             
Application of Funds. All funds received or held by the Company under the Plan may be combined with other corporate
funds and may be used for any corporate purpose.

 

17.             
Adjustment in Case of Changes Affecting Common Stock. In the event of a subdivision of outstanding shares of Common
Stock, the payment of a dividend in Common Stock or any other change affecting the Common Stock, the number of shares approved
for the Plan and the share limitation set forth in Section 8 shall be equitably or proportionately adjusted to give proper
effect to such event.

 

18.             
Amendment of the Plan. The Board may at any time and from time to time amend the Plan in any respect, except that
without the approval within 12 months of such Board action by the stockholders, no amendment shall be made increasing the number
of shares approved for the Plan or making any other change that would require stockholder approval in order for the Plan, as amended,
to qualify as an “employee stock purchase plan” under Section 423(b) of the Code.

 

19.             
Insufficient Shares. If the total number of shares of Common Stock that would otherwise be purchased on any Exercise
Date plus the number of shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable
under the Plan, the shares then available shall be apportioned among Participants in proportion to the amount of payroll deductions
accumulated on behalf of each Participant that would otherwise be used to purchase Common Stock on such Exercise Date.

 

20.             
Termination of the Plan. The Plan may be terminated at any time by the Board. Upon termination of the Plan, all amounts
in the accounts of Participants shall be promptly refunded.

 

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21.             
Governmental Regulations. The Company’s obligation to sell and deliver Common Stock under the Plan is subject
to obtaining all governmental approvals required in connection with the authorization, issuance, or sale of such stock.

 

22.             
Governing Law. This Plan and all Options and actions taken thereunder shall be governed by, and construed in accordance
with, the laws of the State of Delaware, applied without regard to conflict of law principles.

 

23.             
Issuance of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from
shares held in the treasury of the Company, or from any other proper source.

 

24.             
Tax Withholding. Participation in the Plan is subject to any minimum required tax withholding on income of the Participant
in connection with the Plan. Each Participant agrees, by entering the Plan, that the Company and its Subsidiaries shall have the
right to deduct any such taxes from any payment of any kind otherwise due to the Participant, including shares issuable under the
Plan.

 

25.             
Notification Upon Sale of Shares. Each Participant agrees, by entering the Plan, to give the Company prompt notice
of any disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of
the Option pursuant to which such shares were purchased or within one year after the date such shares were purchased.

 

26.             
Effective Date and Approval of Shareholders. The Plan shall take effect on the later of the date it is adopted by
the Board and the date it is approved by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum
is present or by written consent of the stockholders.

 

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