Document:

Exhibit 4.6

 

THESE
WARRANTS AND ANY SHARES ACQUIRED UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES LAWS. THESE WARRANTS AND SUCH SHARES AND ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN
MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER ANY APPLICABLE
STATE SECURITIES LAWS. THESE WARRANTS AND SUCH SHARES MAY NOT BE EXERCISED OR TRANSFERRED EXCEPT UPON THE CONDITIONS SPECIFIED IN THIS
WARRANT CERTIFICATE, AND NO EXERCISE OR TRANSFER OF THESE WARRANTS OR TRANSFER OF SUCH SHARES SHALL BE VALID OR EFFECTIVE UNLESS AND
UNTIL SUCH CONDITIONS SHALL HAVE BEEN COMPLIED WITH.

 

Cadrenal
Therapeutics Inc.

Warrant
To Purchase Common Stock

Warrant
No.:

Date
of Issuance: ______________ (“Issuance Date”)

 

Cadrenal
Therapeutics Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Boustead Securities, LLC, the registered holder hereof or its permitted
assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise
Price (as defined below) then in effect, Company common stock, par value $0.001 (“Common Stock”) (including any Warrants
to purchase shares issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times on or
after the date hereof but not after 11:59 p.m., Eastern Time, on the Expiration Date (as defined below), such number (subject to adjustment
as provided herein) of fully paid and non-assessable shares of Common Stock equal to six percent (6.0%) of the shares of Company common
stock into which the Company’s Convertible Notes dated _________________, 2022 in the principal amount of $_________ (the “Notes”)
converts into (the “Warrant Shares”).

 

 1. EXERCISE OF WARRANT.

 

(a)  
Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day on or
after the date hereof, in whole or in part, by delivery (whether via facsimile, email, or otherwise) of a written notice, in the form
attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant,
by submitting information including the then-applicable Exercise Price, number of Warrant Shares purchased equal to or lower than the
then-applicable number of Warrant Shares and the FMV (collectively, the “Exercise Information”). Within one (1) Trading
Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount equal to the Exercise
Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant was so exercised (the
“Aggregate Exercise Price”) in cash or via wire transfer of immediately available funds if, subject to the provisions
of Section 1(d), the Holder has not notified the Company in such Exercise Notice that such exercise is made pursuant to a Cashless Exercise
(as defined in Section 1(d)) at a time and under circumstances which permit a Cashless Exercise. The Holder shall not be required to
deliver the original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect
to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant and issuance of a new
Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice for all
of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of this Warrant after delivery of the
Warrant Shares in accordance with the terms hereof. On or before the first (1st) Trading Day following the date on which the
Company has received an Exercise Notice, upon checking that the Exercise Information supplied by the Holder is accurate, the Company
shall transmit by facsimile or email an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto
as Exhibit B, to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before
the third (3rd) Trading Day following the date on which the Company has received such Exercise Notice and, in the event that
the Holder has chosen to exercise in cash, the receipt of the payment of the Aggregate Exercise Price, the Company shall instruct the
Transfer Agent to issue to the Holder the number of Warrant Shares to which the Holder is entitled pursuant to such exercise and to,
at the sole direction of the Holder pursuant to the Exercise Notice, hold such Warrant Shares in electronic form at the Transfer Agent
registered in the Company’s share register in the name of the Holder or its designee (as indicated in the applicable Exercise Notice),
or mail to the Holder or, at the Holder’s instruction pursuant to the Exercise Notice, the Holder’s agent or designee, in
each case, sent by reputable overnight courier to the address as specified in the applicable Exercise Notice, a certificate, registered
in the Company’s share register in the name of the Holder or its designee (as indicated in the applicable Exercise Notice). Upon
delivery of an Exercise Notice and in the event that the Holder has chosen to exercise in cash, the Company’s receipt of the payment
of the Aggregate Exercise Price, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such
Warrant Shares (as the case may be). If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the
total number of Warrant Shares represented by this Warrant is greater than the number of Warrant Shares being acquired by the Holder
upon an exercise, then, at the request of the Holder, the Company shall as soon as practicable and in no event later than three (3) Business
Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section
7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant,
less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional Warrant Shares are to be issued upon
the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be rounded up to the nearest whole number. The
Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company in respect of the issuance or
delivery of Warrant Shares upon the exercise of this Warrant, but the Company shall not be obligated to pay any transfer taxes in respect
of this Warrant or such shares.

 

     

     

    

 

(b) 
Exercise Price. For purposes of this Warrant, “Exercise Price” means $5.00, such number of Warrants to be determined
based upon a conversion price of $5.00.

 

(c)   Company’s
Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason, to issue to the Holder within
three (3) Trading Days after receipt of the applicable Exercise Notice, a certificate for the number of Warrant Shares to which the
Holder is entitled and register such Warrant Shares on the Company’s share register, the Holder will have the right to rescind
such exercise. In addition to any other rights available to the Holder, if the Company shall fail, for any reason or for no reason,
to issue to the Holder within three (3) Trading Days after receipt of the applicable Exercise Notice, a certificate for the number
of Warrant Shares to which the Holder is entitled and register such Warrant Shares on the Company’s share register and if on
or after such third (3rd) Trading Day the Holder (or any other Person in respect, or on behalf, of the Holder) purchases
(in an open market transaction or otherwise) Common Stock to deliver in satisfaction of a sale by the Holder of all or any portion
of the number of Warrant Shares, or a sale of a number of Warrant Shares equal to all or any portion of the number of Warrant
Shares, issuable upon such exercise that the Holder so anticipated receiving from the Company, then, in addition to all other
remedies available to the Holder, the Company shall, within three (3) Business Days after the Holder’s request and in the
Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price
(including reasonable brokerage commissions and other reasonable out-of-pocket expenses, if any) for the Warrant Shares so purchased
(including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In
Price”), at which point the Company’s obligation to so issue and deliver such certificate or credit the
Holder’s balance account with DTC for the number of Warrant Shares to which the Holder is entitled upon the Holder’s
exercise hereunder (as the case may be) (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation to
so issue and deliver to the Holder a certificate or certificates representing such Warrant Shares or credit the Holder’s
balance account with DTC for the number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise hereunder
(as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of
(A) such number of Warrant Shares multiplied by (B) the lowest Closing Sale Price of the Common Stock on any Trading Day during the
period commencing on the date of the applicable Exercise Notice and ending on the date of such issuance and payment under this
clause (ii).

 

(d) 
Cashless Exercise. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole discretion, exercise
this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise
in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of Warrant Shares
determined according to the following formula (a “Cashless Exercise”), provided that the Holder may elect to cashless
exercise pursuant to this Section 1(d) only if B as set forth in the following formula is higher than C as set forth in the following
formula:

 

Net
Number = (A x B) - (A x C)

B

 

For
purposes of the foregoing formula:

 

		A=	the
total number of shares with respect to which this Warrant is then being exercised.

 

		B=	the
FMV

 

		C=	the
Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

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(e)   Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares
to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are not
disputed and resolve such dispute in accordance with Section 14.

 

 (f) Intentionally Left Blank.

 

(g) 
Insufficient Authorized Shares. The Company shall at all times keep reserved for issuance under this Warrant a number of shares
of Common Stock as shall be necessary to satisfy the Company’s obligation to issue Warrant Shares hereunder (without regard to
any limitation otherwise contained herein with respect to the number of Warrant Shares that may be acquirable upon exercise of this Warrant).
If, notwithstanding the foregoing, and not in limitation thereof, at any time while the Warrant remains outstanding the Company does
not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon
exercise of the Warrant at least a number of shares of Common Stock equal to the number of shares of Common Stock as shall from time
to time be necessary to effect the exercise of the Warrant then outstanding (the “Required Reserve Amount”) (an “Authorized
Share Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized shares
of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Warrant then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share
Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting,
the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval
of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they
approve such proposal.

 

2. ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise of this
Warrant are subject to adjustment from time to time as set forth in this Section 2.

 

(a)   Stock
Dividends and Splits. Without limiting any provision of Section 4, if the Company, at any time on or after the date hereof, (i)
pays a stock dividend on one or more classes of its then outstanding shares of Common Stock or otherwise makes a distribution on any
class of capital stock that is payable in shares of Common Stock, (ii) subdivides (by any stock split, stock dividend,
recapitalization or otherwise) one or more classes of its then outstanding shares of Common Stock into a larger number of shares or
(iii) combines (by combination, reverse stock split or otherwise) one or more classes of its then outstanding shares of Common Stock
into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the
number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such
dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination. If any event requiring an adjustment under this paragraph occurs during
the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise Price shall be adjusted
appropriately to reflect such event.

 

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 (b) Intentionally Left Blank.

 

(c)  
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to only paragraph (a) of this Section
2, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same
as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise contained
herein).

 

(d) 
Other Events. In the event that the Company (or any subsidiary) shall take any action to which the provisions hereof are not strictly
applicable, or, if applicable, would not operate to protect the Holder from dilution or if any event occurs of the type contemplated
by the provisions of this Section 2 but not expressly provided for by such provisions (including, without limitation, the granting of
stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s board of directors shall
in good faith determine and implement an appropriate adjustment in the Exercise Price and the number of Warrant Shares (if applicable)
so as to protect the rights of the Holder, provided that no such adjustment pursuant to this Section 2(d) will increase the Exercise
Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2, provided further that if the Holder
does not accept such adjustments as appropriately protecting its interests hereunder against such dilution, then the Company’s
board of directors and the Holder shall agree, in good faith, upon an independent investment bank of nationally recognized standing to
make such appropriate adjustments, whose determination shall be final and binding and whose fees and expenses shall be borne by the Company.

 

(e)  
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th
of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or
held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

3.  
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if the Company shall declare or
make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable
upon a complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the date on which
a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the participation in such Distribution.

 

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 4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)  
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time while the Warrant remains outstanding
and before the Expiration Date, the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase
Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase
Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon a complete exercise
of this Warrant (without regard to any limitations on exercise hereof) immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of
Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

(b)  Fundamental
Transactions. During the term of this Warrant, the Company shall not enter into or be party to a Fundamental Transaction unless
the Successor Entity assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions
of this Section 4(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the
Holder prior to such Fundamental Transaction, such approval not to be unreasonably withheld, conditioned or delayed, including
agreements to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for a
corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of
this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the economic value
of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the consummation of each Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of the applicable
Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the
Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable
Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such
items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise
of this Warrant prior to the applicable Fundamental Transaction, such shares of publicly traded Common Stock (or its equivalent) of
the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of the
applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction
(without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant.
Notwithstanding the foregoing, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this
Section 4(b) to permit the Fundamental Transaction without the assumption of this Warrant. In addition to and not in substitution
for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of shares of
Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a
“Corporate Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have
the right to receive upon an exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction
but prior to the Expiration Date, in lieu of the shares of the Common Stock Shares (or other securities, cash, assets or other
property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter))
issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or
any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been
entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior
to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). Provision made
pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder.

 

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Reserved.

 

(c)  
Application. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and Corporate
Events and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations
on the exercise of this Warrant.

 

5.  
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of
securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the
rights of the Holder. Without limiting the generality of the foregoing, the Company (a) shall not increase the par value of the Common
Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (b) shall take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock
upon the exercise of this Warrant, and (c) shall, so long as the Warrant is outstanding, take all action necessary to reserve and keep
available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the Warrant,
the maximum number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Warrant then outstanding
(without regard to any limitations on exercise).

 

6. WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a
holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity as the
Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or
otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder
of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in
this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant
or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the
Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices and other information
given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

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 7. REISSUANCE OF WARRANTS.

 

(a)  
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as
the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less
than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section
7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b) 
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated below shall
suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute
and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then
underlying this Warrant.

 

(c)  
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office
of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of
such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants for fractional shares
of Common Stock shall be given.

 

(d)  Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or
Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the
other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date,
and (iv) shall have the same rights and conditions as this Warrant.

 

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 8. NOTICES; PAYMENTS.

 

(a)  
The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable
detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give
written notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth
in reasonable detail, and certifying, the calculation of such adjustment(s) and (ii) at least fifteen (15) days prior to the date on
which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock,
(B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities
or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction,
dissolution or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction
with such notice being provided to the Holder and

(iii)
at least ten (10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously
file such notice with the SEC pursuant to a Current Report on Form 8-K. It is expressly understood and agreed that the time of execution
specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

(b) 
Payments. Whenever any payment is to be made by the Company to any Person pursuant to this Warrant, such payment shall be made
in lawful money of the United States of America via wire transfer of U.S. Dollars in immediately available funds in accordance with the
Holder’s wire transfer instructions delivered to the Company on or prior to such payment date or, in the absence of such instructions,
by a certified check drawn on the account of the Company and sent via overnight courier service to such Person at such address as previously
provided to the Company in writing.

 

9.  
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Holder. No waiver shall be effective unless it is in writing and signed by an authorized representative of the
waiving party.

 

10.  SEVERABILITY.
If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the
effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

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11. 
GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdiction other than the State of New York. The Company hereby irrevocably submits
to the exclusive jurisdiction of the federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the
Company in any other jurisdiction to collect on the Company’s obligations to the Holder or to enforce a judgment or other court
ruling in favor of the Holder. If service of process is effected pursuant to the above sentence, such service will be deemed sufficient
under New York law and the Company shall not assert otherwise. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

 12. RESERVED.

 

13. 
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or
affect the interpretation of, this Warrant. Terms used in this Warrant but defined in the other Transaction Documents shall have the
meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to in writing by the
Holder.

 

14. 
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or FMV or the arithmetic calculation
of the Warrant Shares (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed determinations or
arithmetic calculations (as the case may be) via facsimile (a) within two (2) Business Days after receipt of the applicable notice giving
rise to such dispute to the Company or the Holder (as the case may be) or (b) if no notice gave rise to such dispute, at any time after
the Holder learned of the circumstances giving rise to such dispute (including, without limitation, as to whether any issuance or sale
or deemed issuance or sale was an issuance or sale or deemed issuance or sale of Excluded Securities). If the Holder and the Company
are unable to agree upon such determination or calculation (as the case may be) of the Exercise Price, or FMV or the number of Warrant
Shares (as the case may be) within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to
the Company or the Holder (as the case may be), then the Company shall, within two (2) Business Days submit via facsimile (i) the disputed
determination of the Exercise Price or FMV (as the case may be) to an independent, reputable investment bank selected by the Holder or
(ii) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall
cause at its expense the investment bank or the accountant (as the case may be) to perform the determinations or calculations (as the
case may be) and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives such
disputed determinations or calculations (as the case may be). Such investment bank’s or accountant’s determination or calculation
(as the case may be) shall be binding upon all parties absent demonstrable error.

 

    9

     

    

 

15. REMEDIES,
CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative
and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder
to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company covenants to the
Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth
or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts to be
received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the
performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such
breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an
injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being
required. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable the
Holder to confirm the Company’s compliance with the terms and conditions of this Warrant (including, without limitation,
compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise of
this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.

 

16. 
TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

17. 
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

 (a) “Bloomberg” means Bloomberg, L.P.

 

(b) 
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New
York are authorized or required by law to remain closed.

 

(c)  
“Closing Sale Price” means, for any security as of any date, the last closing trade price for such security on the
Eligible Market, as reported by Bloomberg, or, if the Eligible Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Bloomberg, or,
if the Eligible Market is not the principal securities exchange or trading market for such security, the last trade price of such security
on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing
does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any
market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau,
Inc.). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing
Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the
Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance
with the procedures in Section 14. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock
combination or other similar transaction during such period.

 

    10

     

    

 

(d) 
“Convertible Securities” means any stock or other security (other than Options) that is at any time and under any
circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof
to acquire, any shares of Common Stock.

 

(e)  
“Eligible Market” means The New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq
Global Market or the Nasdaq Capital Market.

 

(f)  
“Expiration Date” means the date that is five years from the Issuance Date, or, if such date falls on a day other
than a Business Day or on which trading does not take place on the Eligible Market (a “Holiday”), the next date that
is not a Holiday.

 

(g)  Fundamental
Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related
transactions, (A) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving
corporation) any other Person, or (B) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its respective properties or assets to any other Person, or (C) allow any other Person to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any
shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons
making or party to, such purchase, tender or exchange offer), or (D) consummate a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any
other Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not
including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (E)
(1) reorganize, recapitalize or reclassify the Common Stock, (2) effect or consummate a stock combination, reverse stock split or
other similar transaction involving the Common Stock or (3) make any public announcement or disclosure with respect to any stock
combination, reverse stock split or other similar transaction involving the Common Stock (including, without limitation, any public
announcement or disclosure of (a) any potential, possible or actual stock combination, reverse stock split or other similar
transaction involving the Common Stock or (b) board or stockholder approval thereof, or the intention of the Company to seek board
or stockholder approval of any stock combination, reverse stock split or other similar transaction involving the Common Stock), or
(ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934
Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule
13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and
outstanding Voting Stock of the Company.

 

    11

     

    

 

(h) 
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.

(i) 
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose
Common Stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent
Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(j) 
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization, any other entity or a government or any department or agency thereof.

 

 (k) “SEC” means the United States Securities and Exchange Commission.

 

(l) 
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from
or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental
Transaction shall have been entered into.

 

(m)  
“Trading Day” means any day on which the Common Stock is traded on the Eligible Market, or, if the Eligible Market
is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the
Common Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00 p.m., New York time) unless such day is otherwise designated as a Trading
Day in writing by the Holder.

 

(n) 
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the
holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of
directors, managers or trustees of such Person (irrespective of whether or not at the time capital stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency).

 

(o) 
“FMV” means, for any date, the price determined by the first of the following clauses that applies: (a) if the
Common Stock is then listed or quoted on a Eligible Market, the value shall be deemed to be the highest intra-day or closing price
on any trading day on such Eligible Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days preceding the
exercise, (b) if OTCQB or OTCQX is not an Eligible Market, the value shall be deemed to be the highest intra-day or closing price on
any trading day on the OTCQB or OTCQX on which the Common Stock is then quoted as reported by Bloomberg L.P. (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days preceding the exercise, as
applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock
are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the “OTC Markets Group”, the value shall be deemed to be the highest
intra-day or closing price on any trading day on the Pink Sheets on which the Common Stock is then quoted as reported by OTC Markets
Group (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) during the five trading days
preceding the exercise, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

[signature
page follows]

 

    12

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out
above.

 

	Cadrenal Therapeutics Inc.	 
	 	 	 
	By:	 	 
	Name:  	Quang
    Pham	 
	Title:	CEO	 

 

     

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

CADRENAL
THERAPEUTICS INC.

 

The
undersigned holder hereby exercises the right to purchase____________________ Common Stock (“Warrant Shares”) of Cadrenal
Therapeutics Inc., a Delaware corporation (the “Company”), evidenced by Warrant to Purchase Common Stock No.
____ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.

 

1. Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

	 	 	 	a
    “Cash Exercise” with respect to Warrant Shares; and/or	 	 
	 	 	 	 	 	 
	 	 	 	a
    “Cashless Exercise” with respect to Warrant Shares.	 	 

 

In
the event that the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant
hereto, the Holder hereby represents and warrants that (i) this Exercise Notice was executed by the Holder on the date set forth
below and (ii) if applicable, the FMV as of the date prior to the date of the Exercise Notice was $            .]

 

1.   Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as a “Cash
Exercise”.]

 

2.  
Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant
Shares to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $to the Company in accordance
with the terms of the Warrant.

 

3.  
Delivery of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below,                    Warrant
Shares in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

		☐	Check
here if requesting delivery as a certificate to the following name and to the following address:

 

	 	Issue
to:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

		☐	Check
here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

	 	DTC Participant:	 
	 	 	 
	 	DTC Number:	 
	 	 	 
	 	Account Number:	 

  

Date:
                        ,       

  

	 	 
	Name of Registered Holder	 
	 	 	 	 
	By:	 	 	 
		Name: 	 	 
		Title: 	 	 
	 	 	 	 
		Tax
    ID: 	 	 
	 	 	 	 
		Facsimile: 	 	 

 

     

     

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

TheCompanyherebyacknowledgesthisExerciseNoticeandherebydirects
______________ to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated
                   , 20__, from the Company
and acknowledged and agreed to by                  .

 

	 	Cadrenal Therapeutics Inc.
	 	 	 
	 	By:	   
	 	Name:	 
	 	Title:Exhibit 10.1

 

CADRENAL THERAPEUTICS, INC.

2022 EQUITY INCENTIVE PLAN

 

Section 1. Purposes; Definitions.

 

The purpose of the Cadrenal Therapeutics, Inc.
2022 Equity Incentive Plan is to enable Cadrenal Therapeutics, Inc. (the “Company”) to offer to those of its employees and
to the employees of its Subsidiaries and other persons who are expected to contribute to the success of the Company, long term performance-based
stock and/or other equity interests in the Company, thereby enhancing their ability to attract, retain and reward such key employees or
other persons, and to increase the mutuality of interests between those employees or other persons and the stockholders of the Company.

 

For purposes of the Plan, unless the context requires
otherwise, the following terms shall be defined as set forth below:

 

(a) “Award”
means an award granted under the Plan including a Stock Option, Stock Appreciation Right, Restricted Stock, or RSUs.

 

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

 

(c) “Cause”
shall have the meaning ascribed thereto in Section 5(a)(ii)(I) below.

 

(d) “Change
of Control” shall have the meaning ascribed thereto in Section 9 below.

 

(e) “Code”
means the Internal Revenue Code of 1986, as amended from time to time and any successor thereto.

 

(f) “Committee”
means the Compensation Committee of the Board, if established, or any other committee of the Board which the Board may designate, consisting
of two or more members of the Board each of whom shall meet the definition of an “independent director” under the listing
rules of any securities exchange or national securities association on which the Stock is listed for trading  and the requirements
set forth in any other law, rule or regulation applicable to the Plan hereinafter enacted, provided, however, that with respect to any
Award that is intended to satisfy the requirements of Rule 16b-3, such Award shall be granted and administered by a committee of the Board
consisting of at least such number of directors as are required from time to time by Rule 16b-3, and each such committee member shall
meet such qualifications as are required by Rule 16b-3.

 

(g) “Company”
means Cadrenal Therapeutics, Inc., a corporation organized under the laws of the State of Delaware or any successor entity.

 

(h) “Disability”
means the permanent and total disability as defined in Section 22(e)(3) of the Code.

 

    1

     

    

 

(i) “Early
Retirement” means retirement, with the approval of the Board or the Committee, for purposes of one or more Award(s) hereunder,
from active employment with the Company or any Parent or Subsidiary prior to age 65.

  

(j) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, as in effect from time to time.

 

(k) “Fair
Market Value.”

 

(i) If shares
of Stock are listed on a stock exchange, Fair Market Value shall be determined based on the last reported sale price of a share on the
principal exchange on which shares are listed on the date of determination, or if such date is not a trading day, the next trading date.

 

(ii) If
shares of Stock are not so listed, but trades of shares are reported on the Nasdaq National Market, Fair Market Value shall be determined
based on the last quoted sale price of a share on the Nasdaq National Market on the date of determination, or if such date is not a trading
day, the next trading date.

 

(iii) If
shares of Stock are not so listed nor trades of shares so reported, Fair Market Value shall be determined by the Committee in good faith.

 

(l) “409A Change” shall mean:

 

(i) the acquisition by any one person, or more
than one person acting as a group, of Stock that, together with Stock held by such person or group, constitutes more than fifty percent
(50%) of the total fair market value or total voting power of the Stock; (ii) (a) the acquisition by any one person, or more than one
person acting as a group (or the acquisition during the 12-month period ending on the date of the most recent acquisition by such person
or persons) of ownership of Stock possessing fifty percent (50%) or more of the total voting power of the Stock; or (b) 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; or (iii) the acquisition by any one person or more than one
person acting as a group (or the acquisition during the 12-month period ending on the date of the most recent acquisition by such person
or persons) of assets from the Company resulting in a Change of Control and, in any event, that have a total gross fair market value equal
to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately prior to such
acquisition or acquisitions. The foregoing definition of “409A Change” shall be interpreted consistent with, and shall include
all of the requirements of, Section 409A of the Code and the Treasury regulations issued thereunder, to constitute a change in the ownership
or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation as defined therein.

 

(m)
“Incentive Stock Option” means any Stock Option which is intended to be and is designated as an “incentive stock
option” within the meaning of Section 422 of the Code, or any successor thereto. An Incentive Stock Option may only be granted to
an employee of the Company, a Parent or a Subsidiary as set forth in Section 421 and 422 of the Code, as applicable.

 

    2

     

    

 

(n) “Non-Qualified
Stock Option” means any Stock Option that is not an Incentive Stock Option.

 

(o) “Normal
Retirement” means retirement from active employment with the Company or any Parent or Subsidiary on or after age 65.

 

(p) “Participant”
shall mean any person who has received an award of a Stock Option, SAR, Restricted Stock, or RSU.

 

(q) “Parent”
means any present or future parent of the Company, as such term is defined in Section 424(e) of the Code, or any successor thereto.

 

(r) “Performance-Based
Award” means an Award that vests in whole or in part upon the achievement of one or more specified Performance Goals, as determined
by the Committee

 

(s) “Performance
Goals” means the performance goals established by the Board or Committee, as the case may be, in connection with the grant
of an Award.

 

(t) “Performance
Period” means that period established by the Committee at the time any Performance Award is granted or at any time thereafter
during which any Performance Goals specified by the Committee with respect to such Award are to be measured.

 

(u) “Plan”
means this Cadrenal Therapeutics, Inc. 2022 Equity Incentive Plan, as hereinafter amended from time to time.

 

(v) “Restricted
Stock” means Stock, received under an award made pursuant to Section 6 below that is subject to restrictions imposed pursuant
to said Section 6.

 

(w) “Restricted
Stock Unit” or “RSU” means an award grant pursuant to Section 7 hereof.

 

(x) “Retirement”
means Normal Retirement or Early Retirement.

 

(y) “Rule
16b-3” means Rule 16b-3 of the General Rules and Regulations under the Exchange Act, as in effect from time to time, and any
successor thereto.

  

(z) “Securities
Act” means the Securities Act of 1933, as amended, as in effect from time to time.

 

(aa) “Stock” means the common
stock of the Company.1

 

(bb) “Stock Appreciation Right”
or “SAR” means a stock appreciation right granted under the Plan and described in Section 5(b) hereof.

 

 

	1	Insert class and par value of stock available under the Plan

 

    3

     

    

 

(cc) “Stock Option” or “Option”
means any option to purchase shares of Stock which is granted pursuant to the Plan.

  

(dd) “Subsidiary” means
any present or future subsidiary corporation of the Company, as such term is defined in Section 424(f) of the Code, or any successor thereto.

 

Section 2. Administration.

 

(a) The
Plan shall be administered by the Board, or, at its discretion, the Committee.

 

(b) The
Board or the Committee, as the case may be, shall have the authority to grant Awards pursuant to the terms of the Plan, to officers and
other employees or other persons eligible under Section 4 below.

 

(c) For
purposes of illustration and not of limitation, the Board or the Committee, as the case may be, shall have the authority (subject to the
express provisions of the Plan):

 

(i)    to
select the officers, other employees of the Company or any Parent or Subsidiary and other persons to whom Stock Options, SARs, Restricted
Stock and/or RSUs may be from time to time granted hereunder;

 

   (ii)   to
determine the Incentive Stock Options, Non-Qualified Stock Options, SARs, Restricted Stock and/or RSUs or any combination thereof, if
any, to be granted hereunder to one or more eligible persons;

 

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

 

   (iv)  to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but not limited
to, share price, any restrictions or limitations, and any vesting acceleration, exercisability and/or forfeiture provisions); and

 

   (v)   to
determine the terms and conditions under which Awards granted hereunder are to operate on a tandem basis and/or in conjunction with or
apart from other awards made by the Company or any Parent or Subsidiary outside of the Plan.

 

(d) Subject
to Section 10 hereof, the Board or the Committee, as the case may be, shall have the authority to (i) adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable, (ii) interpret the terms and provisions
of the Plan and any Award issued under the Plan (and to determine the form and substance of all agreements relating thereto), and (iii)
to otherwise supervise the administration of the Plan.

  

(e) Subject
to the express provisions of the Plan, all decisions made by the Board or the Committee, as the case may be, pursuant to the provisions
of the Plan shall be made in the Board’s or the Committee’s, as the case may be, sole and absolute discretion and shall be
final and binding upon all persons, including the Company, its Parent and Subsidiaries and the Participants.

 

    4

     

    

 

(f) Subject
to the provisions of the Plan, the Board or the Committee, as the case may be, may, in its sole discretion, from time to time delegate
to the Chief Executive Officer of the Company (the “CEO”) the authority, subject to such terms as the Board or the Committee,
as the case may be, to determine and designate from time to time the employees or other persons to whom Awards may be granted and to perform
other specified functions under the Plan; provided, however, that at any time that the any securities issued by the Company are covered
by a then-current registration statement under the 1933 Act, the CEO may not grant any Award to, or perform any function related to an
Award to, himself or any individual (i) then subject to Section 15 of the Exchange Act, and any such grant or function relating to such
individuals shall be performed solely by the Board or the Committee, as the case may be, to ensure compliance with the applicable requirements
of the Exchange Act and the Code or (ii) where the grant or performance of such function by the CEO will cause the Plan not to comply
with any applicable regulation of any securities exchange or automated quotation system where the Stock is listed for trading.

  

(g) Any
such delegation of authority by the Board or the Committee, as the case may be, shall be by a resolution adopted by the Board or the Committee,
as the case may be, and shall specify all of the terms and conditions of the delegation. The resolution of the Board or the Committee,
as the case may be, granting such authority may authorize the CEO to grant Awards pursuant to the Plan and may set forth the types of
Awards that may be granted; provided, however, that the resolution shall (i) specify the maximum number of shares of Stock that may be
awarded to any individual Participant and to all Participants during a specified period of time and (ii) specify the exercise price (or
the method for determining the exercise price), if any, of an Award, the vesting schedule, and any other terms, conditions, or restrictions
that may be imposed by the Board or the Committee, as the case may be, in its sole discretion. The resolution of the Board or the Committee,
as the case may be, shall also require the CEO to provide the Board or the Committee, as the case may be, on at least a monthly basis,
a report that identifies the Awards granted, the Awards granted pursuant to the delegated authority and, with respect to each Award: the
name of the Participant, the date of grant of the award, the number of shares of Stock, the exercise price and period, if any, and the
vesting provisions of such Award, the terms of such Awards, in all cases, being subject to the resolutions of the Board or the Committee,
as the case may be, granting such authority.

 

(h) The
Board or the Committee, or the case may be, may also delegate to other officers of the Company, pursuant to a written delegation, the
authority to perform specified functions under the Plan that are not inconsistent with Rule 16b-3 or other rules or regulations applicable
to the Plan. Any actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed to have
been taken by the Board or the Committee, as the case may be.

 

(i) No member
of the Board or the Committee, and no employee of the Company shall be liable for any act or failure to act with respect to the Plan,
except in circumstances involving his or her bad faith or willful misconduct, or for any act or failure to act hereunder by any other
member of the Board or the Committee or employee or by any agent to whom duties in connection with the administration of the Plan have
been delegated. The Company shall indemnify members of the Committee and the Board and any agent of the Committee or the Board who is
an employee of the Company or a Parent or Subsidiary against any and all liabilities or expenses to which they may be subjected by reason
of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s
bad faith or willful misconduct.

 

    5

     

    

 

Section 3. Stock Subject to Plan.

 

(a) Share
Pool. The total number of shares of Stock reserved and available for distribution under the Plan shall be 2,000,000 shares. Such shares
may consist, in whole or in part, of authorized and unissued shares or treasury shares. The maximum number of shares of Stock with respect
to which Incentive Stock Options may be granted under the Plan shall be 2,000,000 shares of Stock. 

 

(b) Automatic
Increases to Share Pool. The aggregate number of Shares reserved for Awards under Section 3(a) of the Plan will automatically increase
on January 1 of each year, for a period of not more than ten (10) years, commencing on July 11, 2023 and ending on (and including) July
11, 2032, to an amount equal to twenty percent (20%) of the total number of shares of Stock outstanding on December 31 of the preceding
calendar year. Notwithstanding the foregoing, the Board or the Committee, as applicable may act prior to January 1 of a given year to
provide that there will be no January 1 increase for such year or that the increase for such year will be a lesser number of Shares than
provided herein.

 

(c) Adjustments
to Share Pool. If any shares of Stock that have been optioned cease to be subject to a Stock Option award for any reason (other than
by issuance of such shares upon exercise of a Stock Option), or if any shares of Stock that are subject to any SAR, Restricted Stock or
RSU award are forfeited or any such award otherwise terminates without the issuance of such shares, such shares shall again be available
for distribution under the Plan. Without limiting the foregoing, (i) any shares of Stock subject to an Award that remain unissued upon
the cancellation, surrender, exchange or termination of such Award without having been exercised or settled, (ii) any shares of Stock
subject to an Award that are retained by the Company as payment of the exercise price or tax withholding obligations with respect to an
Award, and (iii) any shares of Stock equal to the number of previously owned shares of Stock surrendered to the Company as payment of
the exercise price of a Stock Option or to satisfy tax withholding obligations with respect to an Award, shall again be available for
distribution under the Plan.

 

(d) Change
in Capitalization. In the event of any merger, reorganization, consolidation, recapitalization, stock dividend, stock split, extraordinary
distribution with respect to the Stock or other change in corporate structure affecting the Stock, such substitution or adjustments shall
be made in the (A) aggregate number of shares of Stock reserved for issuance under the Plan, (B) number, kind and exercise price of shares
of Stock subject to outstanding Options granted under the Plan, and (C) number, kind, purchase price and/or appreciation base of shares
of Stock subject to other outstanding Awards granted under the Plan, as may be determined to be appropriate by the Board or the Committee,
as the case may be, in order to prevent dilution or enlargement of rights; provided, however, that the number of shares of Stock subject
to any Award shall always be a whole number. Such adjusted exercise price shall also be used to determine the amount which is payable
to the optionee upon the exercise by the Board or the Committee, as the case may be, of the alternative settlement right which is set
forth in Section 5(a)(ii)(K) below.  Any adjustments to outstanding Awards shall be consistent with section 409A or 424 of the Code,
to the extent applicable.

 

    6

     

    

 

Section 4. Eligibility.

 

(a) Officers
and other employees of the Company or any Parent or Subsidiary (but excluding any person whose eligibility would adversely affect the
compliance of the Plan with the requirements of Rule 16b-3) who are at the time of the grant of an Award under the Plan employed by the
Company or any Parent or Subsidiary and who are responsible for or contribute to the management, growth and/or profitability of the business
of the Company or any Parent or Subsidiary are eligible to be granted Awards under the Plan. In addition, Non-Qualified Stock Options
and other Awards (but not Incentive Stock Options) may be granted under the Plan to any person, including, but not limited to, directors,
independent agents, consultants and attorneys who the Board or the Committee, as the case may be, believes has contributed or will contribute
to the success of the Company. Eligibility under the Plan shall be determined by the Board or the Committee, as the case may be.

 

(b) The
Board or the Committee, as the case may be, may, in its sole discretion, include additional conditions and restrictions in the agreement
entered into in connection with such Awards under the Plan. The grant of an Option or other Award under the Plan, and any determination
made in connection therewith, shall be made on a case by case basis and can differ among optionees and grantees. The grant of an Option
or other Award under the Plan is a privilege and not a right and the determination of the Board or the Committee, as the case may be,
can be applied on a non-uniform (discretionary) basis.

 

Section 5. Stock Options and Stock Appreciation
Rights.

 

(a)  Stock
Options.

 

(i) Grant
and Exercise. Stock Options granted under the Plan may be of two types: (A) Incentive Stock Options and (B) Non-Qualified Stock Options.
Any Stock Option granted under the Plan shall contain such terms as the Board or the Committee, as the case may be, may from time to time
approve. The Board or the Committee, as the case may be, shall have the authority to grant to any optionee Incentive Stock Options, Non-Qualified
Stock Options, or both types of Stock Options, and they may be granted alone or in addition to other awards granted under the Plan. To
the extent that any Stock Option is not designated as an Incentive Stock Option or does not qualify as an Incentive Stock Option, it shall
constitute a Non-Qualified Stock Option. The grant of an Option shall be deemed to have occurred on the date on which the Board or the
Committee, as the case may be, by resolution, designates an individual as a grantee thereof, and determines the number of shares of Stock
subject to, and the terms and conditions of, said Option, including the exercise price.

 

Anything in the Plan to the contrary notwithstanding,
no term of the Plan relating to Incentive Stock Options or any agreement providing for Incentive Stock Options shall be interpreted, amended
or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify the Plan under Section 422
of the Code, or, without the consent of the optionee(s) affected, to disqualify any Incentive Stock Option under said Section 422.

 

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(ii)  Terms
and Conditions. Stock Options granted under the Plan shall be subject to the following terms and conditions:

 

     (A)
  Option Price. The option price per share of Stock purchasable under a Stock Option shall be determined by the Board
or the Committee, as the case may be, at the time of the grant and shall not be less than 100% (110% in the case of an Incentive Stock
Option granted to an optionee who, at the time of grant, owns Stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or its Parent, if any, or its Subsidiaries (“10% Stockholder”)) of the Fair Market Value of
the Stock at the time the Stock Option is granted.

 

     (B)   Option
Term. The term of each Stock Option shall be fixed by the Board or the Committee, as the case may be, but no Incentive Stock Option
shall be exercisable more than ten years (five years, in the case of an Incentive Stock Option granted to a 10% Stockholder) after the
date on which the Option is granted.  

  

     (C)  Exercisability.
Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Board
or the Committee, as the case may be. If the Board or the Committee, as the case may be, provides, in its discretion, that any Stock Option
is exercisable only in installments, the Board or the Committee, as the case may be, may waive such installment exercise provisions at
any time at or after the time of grant in whole or in part, based upon such factors as the Board or the Committee, as the case may be,
shall determine.

 

     (D)  Method
of Exercise. Subject to whatever installment, exercise and waiting period provisions are applicable in a particular case, Stock Options
may be exercised in whole or in part at any time during the option period by giving written notice of exercise to the Company specifying
the number of shares of Stock to be purchased. Such notice shall be accompanied by payment in full of the exercise price for the Stock
Options exercised, which shall be in cash or, if provided in the Stock Option agreement referred to in Section 5(a)(ii)(L) below or otherwise
provided by the Board, or Committee, as the case may be, either at or after the date of grant of the Stock Option, in whole shares of
Stock which are already owned by the holder of the Option or partly in cash and partly in such Stock. Cash payments shall be made by wire
transfer, certified or bank check or personal check, in each case payable to the order of the Company; provided, however, that the Company
shall not be required to deliver certificates for shares of Stock with respect to which an Option is exercised until the Company has confirmed
the receipt of good and available funds in payment of the purchase price thereof. If permitted, payments of the exercise price and any
tax required to be withheld by the Company in the form of Stock (which shall be valued at the Fair Market Value of a share of Stock on
the date of exercise) shall be made by delivery of stock certificates in negotiable form which are effective to transfer good and valid
title thereto to the Company, free of any liens or encumbrances. In addition to the foregoing, payment of the exercise price may be made
by delivery to the Company by the optionee of an executed exercise form, together with irrevocable instructions to a broker-dealer to
sell or margin a sufficient portion of the shares covered by the option and deliver the sale or margin loan proceeds directly to the Company.
Except as otherwise expressly provided in the Plan or in the Stock Option agreement referred to in Section 5(a)(ii)(L) below or otherwise
provided by the Board or Committee, as the case may be, either at or after the date of grant of the Option, no Option which is granted
to a person who is at the time of grant an employee of the Company or of a Subsidiary or Parent of the Company may be exercised at any
time unless the holder thereof is then an employee of the Company or of a Parent or a Subsidiary. The holder of an Option shall have none
of the rights of a stockholder with respect to the shares subject to the Option until the optionee has given written notice of exercise,
has paid in full for those shares of Stock and, if requested by the Board or Committee, as the case may be, has given the representation
described in Section 12(a) below.

 

    8

     

    

 

   (E) Transferability;
Exercisability. No Stock Option shall be transferable by the optionee other than by will or by the laws of descent and distribution,
except as may be otherwise provided with respect to a Non-Qualified Option pursuant to the specific provisions of the Stock Option agreement
pursuant to which it was issued as referred to in Section 5(a)(ii)(L) below (which agreement may be amended, from time to time). Except
as otherwise provided in the Stock Option agreement relating to a Non-Qualified Stock Option, all Stock Options shall be exercisable,
during the optionee’s lifetime, only by the optionee or his or her guardian or legal representative.

 

   (F) Termination
by Reason of Death. Subject to Section 5(a)(ii)(J) below, if an optionee’s employment by the Company or any Parent or Subsidiary
terminates by reason of death, any Stock Option held by such optionee may thereafter be exercised, to the extent then exercisable or on
such accelerated basis as the Board or Committee, as the case may be, may determine at or after the time of grant, for a period of one
year (or such other period as the Board or the Committee, as the case may be, may specify at or after the time of grant) from the date
of death or until the expiration of the stated term of such Stock Option, whichever period is the shorter.

 

   (G) Termination
by Reason of Disability. Subject to Section 5(a)(ii)(J) below, if an optionee’s employment by the Company or any Parent or Subsidiary
terminates by reason of Disability, any Stock Option held by such optionee may thereafter be exercised by the optionee, to the extent
it was exercisable at the time of termination or on such accelerated basis as the Board or the Committee, as the case may be, may determine
at or after the time of grant, for a period of one year (or such other period as the Board or the Committee, as the case may be, may specify
at or after the time of grant) from the date of such termination of employment or until the expiration of the stated term of such Stock
Option, whichever period is the shorter; provided, however, that if the optionee dies within such one year period (or such other period
as the Board or the Committee, as the case may be, shall specify at or after the time of grant), any unexercised Stock Option held by
such optionee shall thereafter be exercisable to the extent to which it was exercisable at the time of death for a period of one year
from the date of death or until the expiration of the stated term of such Stock Option, whichever period is the shorter.

  

   (H) Termination
by Reason of Retirement. Subject to Section 5(a)(ii)(J) below, if an optionee’s employment by the Company or any Parent or Subsidiary
terminates by reason of Normal Retirement, any Non-Qualified Stock Option held by such optionee may thereafter be exercised by the optionee,
to the extent it was exercisable at the time of termination or on such accelerated basis as the Board or the Committee, as the case may
be, may determine at or after the time of grant, for a period of one year (or such other period as the Board or the Committee, as the
case may be, may specify at or after the time of grant) from the date of such termination of employment or the expiration of the stated
term of such Stock Option, whichever period is the shorter; provided, however, that if the optionee dies within such one year period (or
such other period as the Board or the Committee, as the case may be, shall specify at or after the date of grant), any unexercised Stock
Option held by such optionee shall thereafter be exercisable to the extent to which it was exercisable at the time of death for a period
of one year from the date of death or until the expiration of the stated term of such Stock Option, whichever period is the shorter. If
an optionee’s employment with the Company or any Parent or Subsidiary terminates by reason of Early Retirement, the Stock Option
shall thereupon terminate; provided, however, that if the Board or the Committee, as the case may be, so approves at the time of Early
Retirement, any Stock Option held by the optionee may thereafter be exercised by the optionee as provided above in connection with termination
of employment by reason of Normal Retirement.

 

    9

     

    

 

   (I) Other
Termination. Subject to the provisions of Section 12(h) below, and unless otherwise determined by the Board or Committee, as the case
may be, at or after the time of grant, if an optionee’s employment by the Company or any Parent or Subsidiary terminates for any
reason other than death, Disability or, in the case of a Non-Qualified Stock Option, Retirement, the Stock Option shall thereupon automatically
terminate, except that if the optionee is involuntarily terminated by the Company or any Parent or a Subsidiary without Cause (as hereinafter
defined), such Stock Option may be exercised by the optionee, to the extent it was exercisable at the time of termination or on such accelerated
basis as the Board or the Committee, as the case may be, may determine at or after the time of grant, for a period of three months (or
such other period as the Board or the Committee, as the case may be, shall specify at or after the time of grant) from the date of such
termination or until the expiration of the stated term of such Stock Option, whichever period is shorter. For purposes of the Plan, “Cause”
shall mean (1) the conviction of the optionee of a felony under Federal law or the law of the state in which such action occurred, (2)
dishonesty by the optionee in the course of fulfilling his or her employment duties, or (3) the failure on the part of the optionee to
perform his or her employment duties in any material respect. In addition, with respect to an option granted to an employee of the Company,
a Parent or a Subsidiary, for purposes of the Plan, “Cause” shall also include any definition of “Cause” contained
in any employment agreement between the optionee and the Company, Parent or Subsidiary, as the case may be.

 

   (J) Additional
Incentive Stock Option Limitation. In the case of an Incentive Stock Option, the aggregate Fair Market Value of Stock (determined
at the time of grant of the Option) with respect to which Incentive Stock Options are exercisable for the first time by an individual
optionee during any calendar year (under all such plans of optionee’s employer corporation and its Parent and Subsidiaries) shall
not exceed $100,000.

 

   (K) Alternative
Settlement of Option. If provided for, upon the receipt of written notice of exercise or otherwise provided for by the Board or Committee,
as the case may be, either at or after the time of grant of the Stock Option, the Board or the Committee, as the case may be, may elect
to settle all or part of any Stock Option by paying to the optionee an amount, in cash or Stock (valued at Fair Market Value on the date
of exercise), equal to the product of the excess of the Fair Market Value of one share of Stock, on the date of exercise over the Option
exercise price, multiplied by the number of shares of Stock with respect to which the optionee proposes to exercise the Option. Any such
settlements which relate to Options which are held by optionees who are subject to Section 16(b) of the Exchange Act shall comply with
any “window period” provisions of Rule 16b-3, to the extent applicable, and with such other conditions as the Board or Committee,
as the case may be, may impose.

 

   (L) Stock
Option Agreement. Each grant of a Stock Option shall be confirmed by, and shall be subject to the terms of, an agreement executed
by the Company and the Participant.  An Incentive Stock Option granted pursuant to the Plan shall be issued substantially in
the form set forth in Appendix I hereof, which form is hereby incorporated by reference and made a part hereof, and shall contain substantially
the terms and conditions set forth therein. A Non-Qualified Stock Option granted  to an Employee pursuant to
the Plan shall be issued substantially in the form set forth in Appendix II hereof, which form is hereby incorporated by reference and
made a part hereof, and shall contain substantially the terms and conditions set forth therein.  A Non-Qualified Stock Option
granted to a non-employee directors or consultants shall be issued substantially in the form set forth in Appendix III hereof, which form
is hereby incorporated by reference and made a part hereof, and shall contain substantially the terms and conditions set forth therein.
At the time of the grant of a Stock Option, the Board or Committee may, in the Board or Committee’s sole discretion, amend or supplement
any of the option terms contained in Appendix I, II or III hereof for any particular optionee, provided that with respect to an Incentive
Stock Option, the Stock Option satisfies the requirements for an Incentive Stock Option set forth in the Code.

 

    10

     

    

 

(b) SARs.

 

  (i) Nature of Award. Upon the exercise
of a SAR, its holder will be entitled to receive an amount equal to the excess (if any) of: (A) the Fair Market Value of the Shares
as to which the SAR is then being exercised, over (B) the Fair Market Value of those Shares as of the date the SAR was granted. Such
amount may be paid in either cash and/or Shares, as determined by the Board in its discretion.

 

(ii) Terms
and Conditions. The Award Agreement evidencing any SAR will incorporate the following terms and conditions and will contain such additional
terms and conditions, not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole and absolute discretion:

 

(iii) Term
of SAR. Unless otherwise specified in the Award Agreement, the term of a SAR will be ten years.

 

(i) Exercisability.
SARs will vest and become exercisable at such time or times and subject to such terms and conditions as will be determined by the Board
at the time of grant.

 

(ii) Method
of Exercise. Subject to the exercisability and termination provisions set forth herein and in the applicable Award Agreement, SARs
may be exercised in whole or in part from time to time during their term by delivery of written notice to the Company specifying the portion
of the SAR to be exercised.

 

(iii) Termination
of Service. Unless otherwise specified in the Award Agreement, SARs will be subject to the terms similar to the terms applicable to
Options under Section 5(a)(ii) with respect exercise upon termination of service.

 

    (vii) Non-Transferability.
Except as may otherwise be specifically determined by the Board with respect to a particular SAR:

 

     (A)  SARs may not be sold, pledged,
assigned, hypothecated, gifted, transferred or disposed of in any manner either voluntarily or involuntarily by operation of law, other
than by will or by the laws of descent or distribution, and

 

     (B) during the Participant’s
lifetime, SARs will be exercisable only by the Participant (or, in the event of the Participant’s Disability, by his personal representative).

 

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Section 6. Restricted Stock.

  

(a) Grant and Exercise. Shares of Restricted
Stock may be issued either alone or in addition to or in tandem with other awards granted under the Plan. The Board or the Committee,
as the case may be, shall determine the eligible persons to whom, and the time or times at which, grants of Restricted Stock will be made,
the number of shares to be awarded, the price (if any) to be paid by the recipient, the time or times within which such Awards may be
subject to forfeiture (the “Restriction Period”), the vesting schedule and rights to acceleration thereof, and all other terms
and conditions of the Awards. The Board or the Committee, as the case may be, may condition the grant of Restricted Stock upon the attainment
of such factors as the Board or the Committee, as the case may be, may determine.

 

 (b) Terms and Conditions. Each Restricted
Stock award shall be subject to the following terms and conditions:

 

(i)   Restricted
Stock, when issued, shall be represented by a stock certificate or certificates registered in the name of the holder to whom such Restricted
Stock shall have been awarded. During the Restriction Period, any certificates representing the Restricted Stock and any securities constituting
Retained Distributions (as defined below) shall bear a restrictive legend to the effect that ownership of the Restricted Stock (and such
Retained Distributions), and the enjoyment of all rights related thereto, are subject to the restrictions, terms and conditions provided
in the Plan and the Restricted Stock agreement referred to in Section 6(b)(iv) below. Any such certificates shall be deposited by the
holder with the Company, together with stock powers or other instruments of assignment, endorsed in blank, which will permit transfer
to the Company of all or any portion of the Restricted Stock and any securities constituting Retained Distributions that shall be forfeited
or that shall not become vested in accordance with the Plan and the applicable Restricted Stock agreement.

 

(ii) Restricted
Stock shall constitute issued and outstanding shares of Common Stock for all corporate purposes, and the issuance thereof shall be made
for at least the minimum consideration (if any) necessary to permit the shares of Restricted Stock to be deemed to be fully paid and nonassessable.
Unless the Board or the Committee, as the case may be, determines otherwise, the holder will have the right to vote such Restricted Stock,
to receive and retain all regular cash dividends and other cash equivalent distributions as the Board or the Committee, as the case may
be, may, in its sole discretion designate, pay or distribute on such Restricted Stock and to exercise all other rights, powers and privileges
of a holder of Stock with respect to such Restricted Stock, with the exceptions that (A) the holder will not be entitled to delivery of
the stock certificate or certificates representing such Restricted Stock until the Restriction Period shall have expired and unless all
other vesting requirements with respect thereto shall have been fulfilled; (B) the Company will retain custody of the stock certificate
or certificates representing the Restricted Stock during the Restriction Period; (C) other than regular cash dividends and other cash
equivalent distributions as the Board or the Committee, as the case may be, may in its sole discretion designate, pay or distribute, the
Company will retain custody of all distributions (“Retained Distributions”) made or declared with respect to the Restricted
Stock (and such Retained Distributions will be subject to the same restrictions, terms and conditions as are applicable to the Restricted
Stock) until such time, if ever, as the Restricted Stock with respect to which such Retained Distributions shall have been made, paid
or declared shall have become vested and with respect to which the Restriction Period shall have expired; (D) the holder may not sell,
assign, transfer, pledge, exchange, encumber or dispose of the Restricted Stock or any Retained Distributions during the Restriction Period;
and (E) a breach of any of the restrictions, terms or conditions contained in the Plan or the Restricted Stock agreement referred to in
Section 6(b)(iv) below, or otherwise established by the Board or the Committee, as the case may be, with respect to any Restricted Stock
or Retained Distributions will cause a forfeiture of such Restricted Stock and any Retained Distributions with respect thereto.  

  

    12

     

    

 

(iii) Upon
the expiration of the Restriction Period with respect to each award of Restricted Stock and the satisfaction of any other applicable restrictions,
terms and conditions (A) all or part of such Restricted Stock shall become vested in accordance with the terms of the Restricted Stock
agreement referred to in Section 6(b)(iv) below, and (B) any Retained Distributions with respect to such Restricted Stock shall become
vested to the extent that the Restricted Stock related thereto shall have become vested. Any such Restricted Stock and Retained Distributions
that do not vest shall be forfeited to the Company and the holder shall not thereafter have any rights with respect to such Restricted
Stock and Retained Distributions that shall have been so forfeited.

 

(iv) Restricted
Stock Agreement.  Each Restricted Stock award shall be confirmed by, and shall be subject to the terms of, an agreement executed
by the Company and the Participant.  A Restricted Stock award granted pursuant to the Plan shall be issued substantially in
the form set forth in Appendix IV hereof, which form is hereby incorporated by reference and made a part hereof, and shall contain substantially
the terms and conditions set forth therein. At the time of the grant of Restricted Stock, the Board or Committee may, in the Board or
Committee’s sole discretion, amend or supplement any of the terms contained in Appendix IV hereof for any particular Restricted
Stock holder.

 

Section 7. Restricted Stock Units (RSUs).

 

(i)  Restricted
stock units (RSUs) are Awards denominated in Stock that will be settled, subject to the terms and conditions of the RSUs, in an amount
in cash, Stock, or both. The Board or the Committee, as the case may be, shall determine the eligible individuals to whom and the time
or times at which grants of RSUs will be awarded, the number of shares in respect of which any granted RSUs shall relate, the conditions
for vesting, the time or times within which such RSUs may be subject to forfeiture and any other terms and conditions of the RSUs, in
addition to those contained in Section 7(ii).

 

(ii)
RSUs shall be subject to the following terms and conditions and such other terms and conditions as are set forth in the Plan and the applicable
award agreement or other document approved by the Committee: (1) the Board of the Committee, as the case may be, shall, prior to or at
the time of grant, condition (A) the vesting of RSUs upon the continued service of the applicable Participant, or (B) the grant or vesting
of RSUs upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the applicable Participant.
The conditions for grant or vesting and the other provisions of RSUs (including without limitation any applicable performance targets)
need not be the same with respect to each recipient. An Award of RSUs shall be settled as and when the RSUs vest, at a later time specified
by the Board of the Committee, as the case may be, in the applicable award agreement, or, if the Board or Committee so permits, in accordance
with an election of the Participant; and (2) subject to the provisions of the Plan and the applicable award agreement, during the period
in which the RSUs are subject to vesting restrictions, if any, set by the Committee, the Participant shall not be permitted to sell, assign,
transfer, pledge or otherwise encumber RSUs.

 

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(iii)
A Participant to whom RSUs are awarded shall have no rights as a stockholder with respect to the Stock represented by the RSUs unless
and until Stock are actually delivered to the Participant in settlement thereof. Subject to Section 12(n), (i) cash dividends on the class
or series of common stock that is the subject of the RSUs shall accrue either in cash or reinvestment in additional RSUs, as determined
by the Board or the Committee, as the case may be, and be paid or delivered only to the extent the underlying RSU vests, and (ii) dividends
payable in common stock shall accrue, assuming reinvestment in the form of additional RSUs, and be delivered only to the extent the underlying
RSU vests. Notwithstanding the immediately preceding sentence, if an adjustment to an Award of RSUs is made pursuant to Section 3 as a
result of any dividend or distribution, no increase to such Award (by means of deemed reinvestment in additional RSUs) shall be made,
and no dividend equivalents shall be paid, as described herein as a result of the same dividend or distribution.

 

(iv)
RSU Agreement.  Each RSU award shall be confirmed by, and shall be subject to the terms of, an agreement executed by the Company
and the Participant.  An RSU award granted pursuant to the Plan shall be issued substantially in the form set forth in Appendix
V hereof, which form is hereby incorporated by reference and made a part hereof, and shall contain substantially the terms and conditions
set forth therein. At the time of the grant of RSUs, the Board or Committee may, in the Board or Committee’s sole discretion, amend
or supplement any of the terms contained in Appendix V hereof for any particular RSU holder.

 

Section 8. Performance-Based Awards.

 

(a)  In
General. Options, Restricted Stock awards and RSU awards may be granted as Performance-Based Awards. The Performance Goals to be achieved
during any Performance Period and the length of the Performance Period shall be determined by the Board or Committee, as the case may
be, at the time grant for each Performance-Based Award. The conditions for grant or vesting and the other provisions of Performance-Based
Awards (including without limitation any applicable Performance Goals) need not be the same with respect to each recipient.

  

(b)  Performance
Goals. The Board or the Committee, as the case may be, may use the following performance measures (either individually or in any combination)
to set performance targets with respect to awards intended to qualify as Performance-Based Awards: revenue; pretax income before allocation
of corporate overhead and bonus; budget; earnings per share; net income; division, group or corporate financial goals; return on stockholders’
equity; return on assets; return on net assets; return on investment capital; gross margin return on investment; gross margin dollars
or percent; payroll as a percentage of revenues; inventory shrink; employee turnover; sales, general and administrative expense; attainment
of strategic and operational initiatives; appreciation in and/or maintenance of the price of Common Stock or any other publicly-traded
securities of the Company, if any; market share; gross profits; earnings before interest and taxes; earnings before interest, taxes, depreciation
and amortization (“EBITDA”); EBITDA adjusted for non-cash or non-recurring items; economic value-added models; comparisons
with various stock market indices; achievement of technological or product development milestones; and/or reductions in costs. The foregoing
criteria shall have any reasonable definitions that the Board or Committee may specify, which may include or exclude any or all of the
following items as the Board or Committee may specify: extraordinary, unusual or non-recurring items; effects of accounting changes; effects
of financing activities; expenses for restructuring or productivity initiatives; other non-operating items; spending for acquisitions;
effects of divestitures; and effects of litigation activities and settlements. Any such performance criterion or combination of such criteria
may apply to the Participant’s award opportunity in its entirety or to any designated portion or portions of the award opportunity,
as the Board or Committee may specify.

 

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Section 9. Change of Control Provisions.

 

(a)  A
“Change of Control” shall be deemed to have occurred when:

 

(i)   any
individual, corporation or other entity or group (as defined in Section 13(d)(3) of the Exchange Act), becomes, directly or indirectly,
the beneficial owner (as defined in the General Rules and Regulations of the Securities and Exchange Commission with respect to Sections
13(d) and 13(g) of the Exchange Act) of more than 50% of the then outstanding shares of the Company’s capital stock entitled to
vote generally in the election of directors of the Company; or

 

(ii)  (A)
the merger or other business combination of the Company with or into another corporation pursuant to which the stockholders of the Company
do not own, immediately after the transaction, more than 50% of the voting power of the corporation that survives, or (B) the sale, exchange
or other disposition of all or substantially all of the assets of the Company, or (C) any plan or proposal for the liquidation or dissolution
of the Company; provided, however, that a “Change of Control” shall not be deemed to have taken place if beneficial ownership
is acquired (A) directly from the Company, other than an acquisition by virtue of the exercise or conversion of another security unless
the security so converted or exercised was itself acquired directly from the Company, or (B) by, or a tender or exchange offer is commenced
or announced by, the Company, any profit-sharing, employee ownership or other employee benefit plan of the Company; or any trustee of
or fiduciary with respect to any such plan when acting in such capacity.

 

(b) In the event of a “Change of Control”
as defined in Section 9(a) above, and unless otherwise provided in a grant agreement, employment agreement or other agreement between
the Company and the Participant, Awards granted under the Plan will be subject to the following provisions, unless the provisions of this
Section 9 are suspended or terminated by an affirmative vote of a majority of the Board prior to the occurrence of such a “Change
of Control”:

 

(i)    all
outstanding Stock Options and SARs which have been outstanding for at least six months  shall become exercisable in full, whether
or not otherwise exercisable at such time, and any such Stock Option and SAR shall remain exercisable in full thereafter until it expires
pursuant to its terms; and

 

(ii)   all
restrictions and deferral limitations contained in Restricted Stock and RSU awards granted under the Plan shall lapse and the shares of
stock subject to such awards shall be distributed to the Participant within thirty (30) days of the “Change of Control.” Notwithstanding
the foregoing to the contrary, all restrictions and deferral limitations with respect to an Award to which Section 409A of the Code applies
shall not lapse and no distribution made under this Section 9(b) unless the “Change of Control” qualifies as a 409A Change
and such lapse and distribution does not cause adverse tax consequences under Section 409A of the Code.

 

    15

     

    

 

(c) Upon the occurrence of a Change of Control,
unless otherwise specifically prohibited under applicable laws or by the rules and regulations of any governing governmental agencies
or national securities exchanges, or unless the Board or Committee shall specify otherwise in the applicable award agreement, the Board
or Committee, as the case may be, is authorized (but not obligated) to make any of the following adjustments (or any combination thereof)
in the terms and conditions of outstanding Awards: (a) continuation or assumption of such outstanding Awards under the Plan by the Company
(if it is the surviving company or corporation) or by the surviving company or corporation or its parent; (b) substitution by the surviving
company or corporation or its parent of equity, equity-based and/or cash awards with substantially the same terms for outstanding Awards
(Subject to Section 9(b) above), including, in the case of Options, substitution by the surviving company or corporation or its parent
of restricted stock or other equity in an amount equal to the intrinsic value of such Options; (c) accelerated exercisability, vesting
and/or lapse of restrictions under outstanding Awards immediately prior to the occurrence of such event; (d) upon written notice, provide
that any outstanding Awards must be exercised, to the extent then exercisable, during a reasonable period of time immediately prior to
the scheduled consummation of the event or such other period as determined by the Committee (contingent upon the consummation of the event),
and at the end of such period, such Awards shall terminate to the extent not so exercised within the relevant period; and (e) cancellation
of all or any portion of outstanding Awards for fair value (in the form of cash, Stock, other property or any combination thereof) as
determined in the sole discretion of the Board or Committee, as the case may be, and which value (for example, in the case of Options
that are not in the money) may be zero; provided, that, in the case of Options, (x) such fair value may equal
the excess, if any, of the value of the consideration to be paid in the Change of Control transaction to holders of the same number of
shares of Stock subject to such Awards (or, if no such consideration is paid, the Fair Market Value of the Stock subject to such outstanding
Awards or portion thereof being canceled) over the aggregate exercise price with respect to such Awards or the portion thereof being canceled
(or if no such excess, zero), and (y) to the extent that the Options are not then vested, such excess may be paid in restricted stock
or other equity, which may be subject to substantially the same vesting and/or forfeiture terms as such Options in an amount equal to
the intrinsic value of such Options.

  

Section 10. Amendments and Termination.

 

The Board may at any time, and from time to time,
amend any of the provisions of the Plan, and may at any time suspend or terminate the Plan. The Board or the Committee, as the case may
be, may amend the terms of any Stock Option or other award theretofore granted under the Plan; provided, however, that subject to Sections
3, 9 and 15 hereof, no such amendment may be made by the Board or the Committee, as the case may be, which in any material respect impairs
the rights of the Participant without the Participant’s consent, except for such amendments which are made to cause the Plan to
qualify for the exemption provided by Rule 16b-3. Moreover, no Stock Option previously granted under the Plan may be amended to reduce
the exercise price of the Stock Option unless such amendment is approved by the Company’s stockholders.

  

Section 11. Unfunded Status of Plan.

 

The Plan is intended to constitute an “unfunded”
plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or optionee by the Company, nothing
contained herein shall give any such Participant or optionee any rights that are greater than those of a creditor of the Company.

 

    16

     

    

 

Section 12. General Provisions.

 

(a)  The
Board or the Committee, as the case may be, may require each person acquiring shares of Stock pursuant to an Option, SAR, Restricted Stock,
RSU or other award under the Plan to represent to and agree with the Company in writing, among other things, that the optionee or Participant
is acquiring the shares for investment without a view to distribution thereof.

 

(b)  All
certificates for shares of Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the
Board or the Committee, as the case may be, may deem to be advisable under the rules, regulations, and other requirements of the Securities
and Exchange Commission, any stock exchange or association upon which the Stock is then listed or traded, any applicable Federal or state
securities law, and any applicable corporate law, and the Board or the Committee, as the case may be, may cause a legend or legends to
be put on any such certificates to make appropriate reference to such restrictions.

 

(c)  Nothing
contained in the Plan shall prevent the Board from adopting such other or additional incentive arrangements as it may deem desirable,
including, but not limited to, the granting of stock options and the awarding of stock and cash otherwise than under the Plan; and such
arrangements may be either generally applicable or applicable only in specific cases.

   

(d)  Nothing
contained in the Plan or in any award hereunder shall be deemed to confer upon any employee or other service provider of the Company or
any Parent or Subsidiary any right to continued employment or service with the Company or any Parent or Subsidiary, nor shall it interfere
in any way with the right of the Company or any Parent or Subsidiary to terminate the employment or other service of any of its employees
or other service providers at any time.

 

(e)  No
later than the date as of which an amount first becomes includable in the gross income of the Participant for Federal income tax purposes
with respect to any Option, SAR, Restricted Stock, RSU, or other award under the Plan, the Participant shall pay to the Company, or make
arrangements satisfactory to the Board or the Committee, as the case may be, regarding the payment of, any Federal, state and local taxes
of any kind required by law to be withheld or paid with respect to such amount. If permitted by the Board or the Committee, as the case
may be, tax withholding or payment obligations may be settled with Stock, including Stock that is part of the award that gives rise to
the withholding requirement. The obligations of the Company under the Plan shall be conditional upon such payment or arrangements, and
the Company or the Participant’s employer (if not the Company) shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to the Participant from the Company or the Participant’s employer (if not
the Company) or any Parent or Subsidiary.

 

(f)  The
Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware
(without regard to choice of law provisions).

 

 

    17

     

    

 

(g)  Any
Stock Option, SAR, Restricted Stock, RSU, or other award made under the Plan shall not be deemed compensation for purposes of computing
benefits under any retirement plan of the Company or any Parent or Subsidiary and shall not affect any benefits under any other benefit
plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation (unless
required by specific reference in any such other plan to awards under the Plan).

 

(h)  Subject
to the requirements of Section 409A of the Code if applicable, a leave of absence, unless otherwise determined by the Board or the Committee,
as the case may be, prior to the commencement thereof, shall not be considered a termination of employment. Any Stock Option, SAR, Restricted
Stock, or other awards made under the Plan shall not be affected by any change of employment, so long as the holder continues to be an
employee of the Company or any Parent or Subsidiary.

 

(i)  Except
as otherwise expressly provided in the Plan or in any Stock Option agreement, SAR agreement, Restricted Stock agreement, or RSU agreement,
no right or benefit under the Plan may be alienated, sold, assigned, hypothecated, pledged, exchanged, transferred, encumbranced or charged,
and any attempt to alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same shall be void. No right
or benefit hereunder shall in any manner be subject to the debts, contracts or liabilities of the person entitled to such benefit.

 

(j)  The
obligations of the Company with respect to all Stock Options, SARs, Restricted Stock, RSUs, and other awards under the Plan shall be subject
to (A) all applicable laws, rules and regulations, and such approvals by any governmental agencies as may be required, including, without
limitation, the effectiveness of a registration statement under the Securities Act, and (B) the rules and regulations of any securities
exchange or association on which the Stock may be listed or traded.

 

(k)  If
any of the terms or provisions of the Plan conflicts with the requirements of Rule 16b-3 as in effect from time to time, or with the requirements
of any other applicable law, rule or regulation, and with respect to Incentive Stock Options, Section 422 of the Code, then such terms
or provisions shall be deemed inoperative to the extent they so conflict with the requirements of said Rule 16b-3, and with respect to
Incentive Stock Options, Section 422 of the Code. With respect to Incentive Stock Options, if the Plan does not contain any provision
required to be included herein under Section 422 of the Code, such provision shall be deemed to be incorporated herein with the same force
and effect as if such provision had been set out at length herein.

 

(l)  The
Board or the Committee, as the case may be, may terminate any Stock Option, SAR, Restricted Stock, RSU, or other award made under the
Plan if a written agreement relating thereto is not executed and returned to the Company within 30 days after such agreement has been
delivered to the optionee or Participant for his or her execution.

 

(m)  The
grant of awards pursuant to the Plan shall not in any way effect the right or power of the Company to make reclassifications, reorganizations
or other changes of or to its capital or business structure or to merge, consolidate, liquidate, sell or otherwise dispose of all or any
part of its business or assets.

 

(n) Reinvestment of dividends in additional Restricted
Stock at the time of any dividend payment, and the payment of Stock with respect to dividends to Participants holding Awards of RSUs,
or the adjustment of RSUs in respect of such dividends, shall only be permissible if sufficient Stock is available under Section 3 for
such reinvestment or payment or the settlement of such Awards (taking into account then-outstanding Awards).

 

    18

     

    

 

(o) Awards granted hereunder are subject to any
clawback policy that may be adopted by the Company from time to time or any recoupment requirement imposed under applicable laws, rules,
regulations or stock exchange listing standards, including, without limitation, recoupment requirements imposed pursuant to the provisions
of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 304 of the Sarbanes-Oxley Act, or any regulations
promulgated thereunder.

 

(p) The Board may from time to time establish
one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions.
The Board shall establish such sub-plans by adopting supplements to the Plan setting forth (i) such limitations on the Committee’s
discretion under the Plan as the Board deems necessary or desirable and (ii) such additional terms and conditions not otherwise inconsistent
with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of the Plan,
but each supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide
copies of any supplement to Participants in any jurisdiction that is not affected.

 

Section 13. Effective Date of Plan.

 

The Plan shall be effective on the date of its
approval by the Company’s stockholders. The Plan shall be null and void and of no effect if the foregoing condition is not fulfilled.

 

Section 14. Term of Plan.

 

No Stock Option, SAR, Restricted Stock, or RSU
shall be granted pursuant to the Plan after the tenth anniversary of the effective date of the Plan, but awards granted on or prior to
such tenth anniversary may extend beyond that date.

  

Section 15. Compliance With Section 409A of
the Code.

 

(a) Awards under the Plan are intended either
to be exempt from the rules of Section 409A of the Code or to satisfy those rules and shall be construed accordingly. If intended to satisfy
the applicable requirements of Section 409A of the Code, an Award and the Plan, as applicable, shall be performed and interpreted consistent
with such intent. If the Board or the Committee, as the case may be, determines in good faith that any provision of this Plan does not
satisfy such requirements or could cause any person to recognize additional taxes, penalties or interest under Section 409A of the Code,
the Board or the Committee, as the case may be, is empowered to modify, to the extent practicable, the original intent of the applicable
provision without violation of Section 409A of the Code. In addition, notwithstanding any provision contained herein to the contrary,
the Board or the Committee, as the case may be, shall have broad authority to amend or to modify the Plan, without advance notice to or
consent by any person, to the extent necessary or desirable to ensure compliance with Section 409A of the Code. However, the Company shall
not be liable to any Participant or other holder of an Award with respect to any Award-related adverse tax consequences arising under
Section 409A of the Code or other provision of the Code.

 

    19

     

    

 

(b) If any provision of the Plan or an Award agreement
contravenes any regulations or treasury guidance promulgated under Section 409A of the Code or could cause an Award to be subject to the
interest and penalties under Section 409A of the Code, such provision of the Plan or Award shall be deemed automatically modified to maintain,
to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Section 409A of
the Code and the Board or the Committee, as the case may be, in its reasonable discretion, may take such actions as it determines to avoid
contravention of Section 409A of the Code. Moreover, any discretionary authority that the Board or the Committee, as the case may be,
may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A of the Code to the extent such discretionary
authority will contravene Section 409A of the Code or the treasury regulations or guidance promulgated thereunder.

 

(c) Notwithstanding any provisions of this Plan
or any Award granted hereunder to the contrary, no acceleration shall occur with respect to any Award to the extent such acceleration
would cause the Plan or an Award granted hereunder to fail to comply with Section 409A of the Code.

 

(d) Notwithstanding any provisions of this Plan
or any applicable Award agreement to the contrary, no payment shall be made with respect to any Award granted under this Plan to a “specified
employee” (as such term is defined for purposes of Section 409A of the Code) prior to the first date that is at least six months
after the employee’s separation of service to the extent such six-month delay in payment is required to comply with Section 409A
of the Code. To the extent required to comply with Section 409A of the Code, a termination of employment shall not be deemed to have occurred
for purposes of any payment or distribution upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Section 409A of the Code and accordingly, a reference to termination of employment, termination
of service or like terms shall mean a “separation from service” as the context may require.

 

(e) The Board or the Committee, as the case may
be, may adopt rules and procedures subject to the requirements of Section 409A of the Code to permit a Participant to defer the receipt
of any of the cash or Stock to be received pursuant to an Award.

 

(f) In the case of an Award providing for the
payment of deferred compensation subject to Section 409A of the Code, any payment of such deferred compensation by reason of a “change
of control” shall be made only if the “change of control” is (1) one described in Section 9 and (2) one described in
a 409A Change, and shall be paid consistent with the requirements of Section 409A of the Code. If any deferred compensation that would
otherwise be payable by reason of a “change of control” cannot be paid by reason of the immediately preceding sentence, it
shall be paid as soon as practicable thereafter consistent with the requirements of Section 409A of the Code, as determined by the Board
or the Committee, as the case may be.  

 

    20

     

    

 

APPENDIX I

 

INCENTIVE STOCK OPTION

 

	To:	 	 
	 	Name	 
	 	 	 
	 	Address	 

 

Date of Grant:  _____________________

 

You (“Optionee”) are hereby granted
an option, effective as of the date hereof, to purchase __________ shares of common stock (“Common Stock”), of Cadrenal Therapeutics,
Inc., a Delaware corporation (the “Company”), at a price of $ ___ per share pursuant to the Company’s 2022 Equity
Incentive Plan (the “Plan”).

 

This option shall terminate and is not exercisable
after ten years from the date of its grant (the “Scheduled Termination Date”), except if terminated earlier as hereafter provided.

 

Your option may first be exercised on and after
one year from the date of grant, but not before that time.  On and after one year and prior to the last day of the fifth three-month
interval from the date of grant, your option may be exercised for up to _________ % of the total number of shares subject to the
option minus the number of shares previously purchased by exercise of the option (as adjusted for any change in the outstanding shares
of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation,
transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar circumstances).  Beginning
on the last day each succeeding three month interval from the date of grant, your option may be exercised for up to an additional __________
% of the total number of shares subject to the option minus the number of shares previously purchased by exercise of the option (as adjusted
for any change in the outstanding shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of
shares, recapitalization, merger, consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in
its sole discretion to be similar circumstances).  Thus, this option is fully exercisable on and after _________ years after
the date of grant, except if terminated earlier as provided herein.

 

You may exercise your option by giving written
notice to the Secretary of the Company on forms supplied by the Company at its then principal executive office, accompanied by payment
of the option price for the total number of shares you specify that you wish to purchase.  The payment may be in any of the
following forms: (a) cash, which may be evidenced by a check and includes cash received from a stock brokerage firm in a so-called
“cashless exercise”; (b) (unless prohibited by the Board or Committee) certificates representing shares of Common Stock
of the Company, which will be valued by the Secretary of the Company at the fair market value per share of the Company’s Common
Stock (as determined in accordance with the Plan) on the date of delivery of such certificates to the Company, accompanied by an assignment
of the stock to the Company; or (c) (unless prohibited by the Board or Committee) any combination of cash and Common Stock of the
Company valued as provided in clause (b).  The use of the so-called “attestation procedure”) to exercise a
stock option may be permitted by the Board or Committee. Any assignment of stock shall be in a form and substance satisfactory to the
Secretary of the Company, including guarantees of signature(s) and payment of all transfer taxes if the Secretary deems such guarantees
necessary or desirable.

 

    APPENDIX I - 1

     

    

 

Your option will, to the extent not previously
exercised by you, terminate three months after the date on which your employment by the Company or any Parent or Subsidiary is terminated
other than: (i)  by reason of Disability or death, in which case your option will terminate one year from the date of termination
of employment due to Disability or death (but in no event later than the Scheduled Termination Date) or (ii) for Cause or your resignation,
in which case your option will terminate immediately and you will forfeit any right to exercise the option. After the date your employment
is terminated, as aforesaid (other than for the reasons stated in clause ii), you may exercise this option only for the number of shares
which you had a right to purchase and did not purchase on the date your employment terminated.  If you are employed by any Parent
or Subsidiary, your employment shall be deemed to have terminated on the date your employer ceases to be a Parent or Subsidiary, unless
you are on that date transferred to the Company or another Parent or Subsidiary.  Your employment shall not be deemed to have
terminated if you are transferred from the Company to any Parent or Subsidiary, or vice versa, or from one Subsidiary to another Subsidiary.
 

 

If you die while employed by the Company or any
Parent or Subsidiary, your executor or administrator, as the case may be, may, at any time within one year after the date of your death
(but in no event later than the Scheduled Termination Date), exercise the option as to any shares which you had a right to purchase and
did not purchase during your lifetime.  If your employment with the Company or  any Parent or Subsidiary is terminated
by reason of your Disability, you or your legal guardian or custodian may at any time within one year after the date of such termination
(but in no event later than the Scheduled Termination Date), exercise the option as to any shares which you had a right to purchase and
did not purchase prior to such termination.  Your executor, administrator, guardian or custodian must present proof of his authority
satisfactory to the Company prior to being allowed to exercise this option.

 

Notwithstanding the foregoing, the option, to
the extent then not vested, shall expire and be forfeited immediately without any further action by or the Company upon the termination
of your employment for any reason.

 

In the event of any change in the outstanding
shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger,
consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar
circumstances, the number and kind of shares subject to this option and the option price of such shares shall be appropriately adjusted
in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in
the absence of clear and convincing evidence of bad faith.

 

In the event of a Change of Control, the Board
or the Committee, as the case may be, shall have the authority (but not the obligation) to take any of the actions described in Section
9(c) of the Plan in respect of this option.

 

This option is not transferable otherwise than
by will or the laws of descent and distribution, and is exercisable during your lifetime only by you, including, for this purpose, your
legal guardian or custodian in the event of Disability.  Until the option price has been paid in full pursuant to due exercise
of this option and the purchased shares are delivered to you, you do not have any rights as a shareholder of the Company.  The
Company reserves the right not to deliver to you the shares purchased by virtue of the exercise of this option during any period of time
in which the Company deems, in its sole discretion, that such delivery would violate a federal, state, local or securities exchange rule,
regulation or law.

 

    APPENDIX I - 2

     

    

 

Notwithstanding anything to the contrary contained
herein, this option is not exercisable until all the following events occur and during the following periods of time:

 

(a)  Until
the Plan pursuant to which this option is granted is approved by the shareholders of the Company in the manner required by any applicable
provision of the Code and the regulations thereunder and any applicable securities exchange or listing rule or agreement;

 

(b)  Until
this option and the optioned shares are approved, registered and listed with such federal, state, local and foreign regulatory bodies
or agencies and securities exchanges as the Company may deem necessary or desirable, or the Company deems such option or optioned shares
to be exempted therefrom;

 

(c)  During
any period of time in which the Company deems that the exercisability of this option, the offer to sell the shares optioned hereunder,
or the sale thereof, may violate a federal, state, local or foreign law, rule or regulation, or any applicable securities exchange or
listing rule or agreement, or may cause the Company to be legally obligated to issue or sell more shares than the Company is legally entitled
to issue or sell; or

 

(d)  Until
you have paid or made suitable arrangements to pay (which may include payment through the surrender of Common Stock, unless prohibited
by the Board or Committee) (i) all federal, state, local and foreign tax withholding required by the Company in connection with the option
exercise and (ii) the employee’s portion of other federal, state, local and foreign payroll and other taxes due in connection with
the option exercise.  

 

The following two paragraphs shall be applicable
if, on the date of exercise of this option, no registration statement and current prospectus under the Securities Act of 1933 covers the
Common Stock to be purchased pursuant to such exercise, and shall continue to be applicable for so long as such registration has not occurred
and such current prospectus is not available:

 

(a)  You
hereby agree, warrant and represent that you will acquire the Common Stock to be issued hereunder for your own account for investment
purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter
permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such
Common Stock to be issued hereunder without an effective registration statement under the Securities Act of 1933, as amended, and under
any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will
be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as
the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation,
or any securities exchange rule or listing agreement.

 

(b)  The
certificates for the Common Stock to be issued to you hereunder shall bear the following legend:

 

“The shares represented by this
certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The
shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective
registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel
acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

    APPENDIX I - 3

     

    

 

The foregoing legend shall be removed upon registration
of the legended shares under the Securities Act of 1933, as amended, and under any applicable state laws, and the availability of a current
prospectus, or upon receipt of any opinion of counsel acceptable to the Company that such registration and current prospectus are no longer
required.

 

The sole purpose of the agreements, warranties,
representations and legend set forth in the two immediately preceding paragraphs is to prevent violations of the Securities Act of 1933,
as amended, and any applicable state securities laws.

 

It is the intention of the Company and you that
this option shall, if possible, be an “Incentive Stock Option” as that term is used in Section 422(b) of the Code and
the regulations thereunder.  In the event this option is in any way inconsistent with the legal requirements of the Code or
the regulations thereunder for an “Incentive Stock Option,” this option shall be deemed automatically amended as of the date
hereof to conform to such legal requirements, if such conformity may be achieved by amendment.  To the extent that the number
of shares subject to this option which are exercisable for the first time exceed the $100,000 limitation contained in Section 422(d) of
the Code, this option will not be considered an Incentive Stock Option.

 

If shares of Common Stock acquired by exercise
of this option are disposed of within two (2) years following the date of grant or one (1) year following the issuance of the shares to
you (or any situation in which the option will be taxed as a non-qualified option), you shall, immediately prior to such disposition,
notify the Company in writing of the date and terms of such disposition and provide such other information regarding the disposition as
the Company may reasonably require .

 

Nothing herein shall modify your status as
an at-will employee of the Company or any Parent or Subsidiary.  Further, nothing herein guarantees you employment for any specified
period of time.  This means that either you or the Company or any Parent or Subsidiary may terminate your employment at any
time for any reason, with or without cause, or for no reason.  You recognize that, for instance, you may terminate your employment
or the Company or any Parent or Subsidiary may terminate your employment prior to the date on which your option becomes vested or exercisable.
 

 

You understand and agree that the existence of
this option will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation
of the Company, or any issuance of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise
affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

Any notice you give to the Company must be in
writing and either hand-delivered or mailed to the office of the Company. If mailed, it should be addressed to  the Chief Financial
Officer of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on
the personnel records of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be
deemed to have been duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

 

    APPENDIX I - 4

     

    

 

In the event that any question or controversy
shall arise with respect to the nature, scope or extent of any one or more rights conferred by this option, or any provision of this option,
the determination in good faith by the Board of Directors of the Company (as constituted at the time of such determination) of your rights
as the Optionee shall be conclusive, final and binding upon you as the Optionee and upon any other person who shall assert any right pursuant
to this option.

 

This option shall be subject to the terms of the
Plan in effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized
terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan. In the event of any conflict
between the terms of this option and the terms of the Plan in effect on the date of this option, the terms of the Plan shall govern.  This
option constitutes the entire understanding between the Company and you with respect to the subject matter hereof and no amendment, supplement
or waiver of this option, in whole or in part, shall be binding upon the Company unless in writing and signed by the President of the
Company.  This option and the performances of the parties hereunder shall be construed in accordance with and governed by the
laws of the State of Delaware.

 

Please sign the copy of this option and return
it to the Company’s Secretary, thereby indicating your understanding of and agreement with its terms and conditions.

 

	 	CADRENAL THERAPEUTICS, INC.
	 	 
	 	By: 	                    

 

    APPENDIX I - 5

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the
Plan.  I hereby represent that I have read and understood the terms and conditions of the Plan and of this option.  I
hereby signify my understanding of, and my agreement with, the terms and conditions of the Plan and of this option.  I agree
to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions arising
under the Plan with respect to this option.  I accept this option in full satisfaction of any previous written or verbal promise
made to me by the Company or any Parent or Subsidiary with respect to option or stock grants.

 

	Date:  _____________	 	 
	 	 	Signature of Optionee
	 	 	 
	 	 	 
	 	 	Print Name

 

    APPENDIX I - 6

     

    

 

INCENTIVE STOCK OPTION SUMMARY SHEET

 

Name of Optionee: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Options: _____________________________________

 

Vesting: ___% after the lapse of one year from the Date of Grant, and
then ___% after the lapse of each succeeding quarter until all Options are fully vested. All Options will be fully vested on the ___th
anniversary of the Date of Grant

 

    APPENDIX I - 7

     

    

 

APPENDIX II

 

NON-QUALIFIED STOCK OPTION FOR OFFICERS AND
OTHER

EMPLOYEES

 

	To:	 	 
	 	Name	 
	 	 	 
	 	Address	 

 

 

Date of Grant:  _____________________

 

You (“Optionee”) are hereby granted
an option, effective as of the date hereof, to purchase __________ shares of common stock (“Common Stock”), of  Cadrenal
Therapeutics, a Delaware corporation (the “Company”), at a price of $ ___ per share pursuant to the Company’s  2022
Equity Incentive Plan (the “Plan”).

 

This option shall terminate and is not exercisable
after ten years from the date of its grant (the “Scheduled Termination Date”), except if terminated earlier as hereafter provided.

 

Your option may first be exercised on and after
one year from the date of grant, but not before that time.  On and after one year and prior to the last day of the fifth three-month
interval from the date of grant, your option may be exercised for up to _________ % of the total number of shares subject to the
option minus the number of shares previously purchased by exercise of the option (as adjusted for any change in the outstanding shares
of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation,
transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar circumstances).  Beginning
on the last day each succeeding three month interval from the date of grant, your option may be exercised for up to an additional __________
% of the total number of shares subject to the option minus the number of shares previously purchased by exercise of the option (as adjusted
for any change in the outstanding shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of
shares, recapitalization, merger, consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in
its sole discretion to be similar circumstances).  Thus, this option is fully exercisable on and after _________ years after
the date of grant, except if terminated earlier as provided herein.

 

You may exercise your option by giving written
notice to the Secretary of the Company on forms supplied by the Company at its then principal executive office, accompanied by payment
of the option price for the total number of shares you specify that you wish to purchase.  The payment may be in any of the
following forms: (a) cash, which may be evidenced by a check and includes cash received from a stock brokerage firm in a so-called
“cashless exercise”; (b) (unless prohibited by the Board or Committee) certificates representing shares of Common Stock
of the Company, which will be valued by the Secretary of the Company at the fair market value per share of the Company’s Common
Stock (as determined in accordance with the Plan) on the date of delivery of such certificates to the Company, accompanied by an assignment
of the stock to the Company; or (c) (unless prohibited by the Board or Committee) any combination of cash and Common Stock of the
Company valued as provided in clause (b).  The use of the so-called “attestation procedure” to exercise a stock
option may be permitted by the Board or Committee. Any assignment of stock shall be in a form and substance satisfactory to the Secretary
of the Company, including guarantees of signature(s) and payment of all transfer taxes if the Secretary deems such guarantees necessary
or desirable.  

  

    APPENDIX II - 1

     

    

 

Your option will, to the extent not previously
exercised by you, terminate three months after the date on which your employment by the Company or  any Parent or Subsidiary
is terminated other than: (i)  by reason of Disability or death, in which case your option will terminate one year from the
date of termination of employment due to Disability or death (but in no event later than the Scheduled Termination Date) or (ii) for Cause
or your resignation, in which case your option will terminate immediately and you will forfeit any right to exercise the option. After
the date your employment is terminated, as aforesaid (other than for the reasons stated in clause ii), you may exercise this option only
for the number of shares which you had a right to purchase and did not purchase on the date your employment terminated.  If
you are employed by any Parent or Subsidiary, your employment shall be deemed to have terminated on the date your employer ceases to be
a Parent or Subsidiary, unless you are on that date transferred to the Company or another Parent or Subsidiary.  Your employment
shall not be deemed to have terminated if you are transferred from the Company to any Parent or Subsidiary, or vice versa, or from one
Subsidiary to another Subsidiary.

 

If you die while employed by the Company or any
Parent or Subsidiary, your executor or administrator, as the case may be, may, at any time within one year after the date of your death
(but in no event later than the Scheduled Termination Date), exercise the option as to any shares which you had a right to purchase and
did not purchase during your lifetime.  If your employment with the Company or any Parent or Subsidiary is terminated by reason
of your Disability, you or your legal guardian or custodian may at any time within one year after the date of such termination (but in
no event later than the Scheduled Termination Date), exercise the option as to any shares which you had a right to purchase and did not
purchase prior to such termination.  Your executor, administrator, guardian or custodian must present proof of his authority
satisfactory to the Company prior to being allowed to exercise this option.

 

Notwithstanding the foregoing, the option, to
the extent then not vested, shall expire and be forfeited immediately without any further action by or the Company upon the termination
of your employment for any reason.

 

In the event of any change in the outstanding
shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger,
consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar
circumstances, the number and kind of shares subject to this option and the option price of such shares shall be appropriately adjusted
in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in
the absence of clear and convincing evidence of bad faith.

 

In the event of a Change of Control, the Board
or the Committee, as the case may be, shall have the authority (but not the obligation) to take any of the actions described in Section
9(c) of the Plan in respect of this option.

 

This option is not transferable otherwise than
by will or the laws of descent and distribution, and is exercisable during your lifetime only by you, including, for this purpose, your
legal guardian or custodian in the event of Disability.  Until the option price has been paid in full pursuant to due exercise
of this option and the purchased shares are delivered to you, you do not have any rights as a shareholder of the Company.  The
Company reserves the right not to deliver to you the shares purchased by virtue of the exercise of this option during any period of time
in which the Company deems, in its sole discretion, that such delivery would violate a federal, state, local or securities exchange rule,
regulation or law.

 

    APPENDIX II - 2

     

    

 

Notwithstanding anything to the contrary contained
herein, this option is not exercisable until all the following events occur and during the following periods of time:

 

(a)  Until
the Plan pursuant to which this option is granted is approved by the shareholders of the Company in the manner required by any applicable
provision of the Code and the regulations thereunder and any applicable securities exchange or listing rule or agreement;

 

(b)  Until
this option and the optioned shares are approved, registered and listed with such federal, state, local and foreign regulatory bodies
or agencies and securities exchanges as the Company may deem necessary or desirable, or the Company deems such option or optioned shares
to be exempted therefrom;

 

(c)  During
any period of time in which the Company deems that the exercisability of this option, the offer to sell the shares optioned hereunder,
or the sale thereof, may violate a federal, state, local or foreign law, rule or regulation, or any applicable securities exchange or
listing rule or agreement, or may cause the Company to be legally obligated to issue or sell more shares than the Company is legally entitled
to issue or sell; or  

  

(d)  Until
you have paid or made suitable arrangements to pay (which may include payment through the surrender of Common Stock, unless prohibited
by the Board or Committee) (i) all federal, state, local and foreign tax withholding required by the Company in connection with the option
exercise and (ii) the employee’s portion of other federal, state, local and foreign payroll and other taxes due in connection with
the option exercise.

 

The following two paragraphs shall be applicable
if, on the date of exercise of this option, no registration statement and current prospectus under the Securities Act of 1933 covers the
Common Stock to be purchased pursuant to such exercise, and shall continue to be applicable for so long as such registration has not occurred
and such current prospectus is not available:

 

(a)  You
hereby agree, warrant and represent that you will acquire the Common Stock to be issued hereunder for your own account for investment
purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter
permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such
Common Stock to be issued hereunder without an effective registration statement under the Securities Act of 1933, as amended, and under
any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will
be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as
the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation,
or any securities exchange rule or listing agreement.

 

    APPENDIX II - 3

     

    

 

(b)  The
certificates for the Common Stock to be issued to you hereunder shall bear the following legend:

 

“The shares represented by this
certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The
shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective
registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel
acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

The foregoing legend shall be removed upon registration
of the legended shares under the Securities Act of 1933, as amended, and under any applicable state laws or upon receipt of any opinion
of counsel acceptable to the Company that said registration is no longer required.

 

The sole purpose of the agreements, warranties,
representations and legend set forth in the two immediately preceding paragraphs is to prevent violations of the Securities Act of 1933,
as amended, and any applicable state securities laws.

 

It is the intention of the Company and you that
this option shall not be an “Incentive Stock Option” as that term is used in Section 422(b) of the Code and the regulations
thereunder.

 

Nothing herein shall modify your status as
an at-will employee of the Company or any Parent or Subsidiary.  Further, nothing herein guarantees you employment for any specified
period of time.  This means that either you or the Company or any Parent or Subsidiary may terminate your employment at any
time for any reason, with or without cause, or for no reason.  You recognize that, for instance, you may terminate your employment
or the Company or any Parent or Subsidiary may terminate your employment prior to the date on which your option becomes vested or exercisable.

 

You understand and agree that the existence of
this option will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation
of the Company, or any issuance of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise
affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.  

  

Any notice you give to the Company must be in
writing and either hand-delivered or mailed to the office of the Company. If mailed, it should be addressed to the Chief Financial Officer
of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on the personnel
records of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be deemed to have
been duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

 

In the event that any question or controversy
shall arise with respect to the nature, scope or extent of any one or more rights conferred by this option, or any provision of this option,
the determination in good faith by the Board of Directors of the Company (as constituted at the time of such determination) of your rights
as the Optionee shall be conclusive, final and binding upon you as the Optionee and upon any other person who shall assert any right pursuant
to this option.

 

    APPENDIX II - 4

     

    

 

This option shall be subject to the terms of the
Plan in effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized
terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan.  In the event of
any conflict between the terms of this option and the terms of the Plan in effect on the date of this option, the terms of the Plan shall
govern.  This option constitutes the entire understanding between the Company and you with respect to the subject matter hereof
and no amendment, supplement or waiver of this option, in whole or in part, shall be binding upon the Company unless in writing and signed
by the President of the Company.  This option and the performances of the parties hereunder shall be construed in accordance
with and governed by the laws of the State of Delaware.

 

Please sign the copy of this option and return
it to the Company’s Secretary, thereby indicating your understanding of and agreement with its terms and conditions.

 

	 	CADRENAL THERAPEUTICS, INC.
	 	 
	 	By:	                    

 

    APPENDIX II - 5

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the
Plan.  I hereby represent that I have read and understood the terms and conditions of the Plan and of this option.  I
hereby signify my understanding of, and my agreement with, the terms and conditions of the Plan and of this option.  I agree
to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions arising
under the Plan with respect to this option.  I accept this option in full satisfaction of any previous written or verbal promise
made to me by the Company or any Parent or Subsidiary with respect to option or stock grants.

 

	Date:  _____________	 	 
	 	 	Signature of Optionee
	 	 	 
	 	 	 
	 	 	Print Name

  

    APPENDIX II - 6

     

    

 

NON-QUALIFIED STOCK OPTION SUMMARY SHEET

 

Name of Optionee: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Options: _____________________________________

 

Vesting: ___% after the lapse of one year from the Date of Grant,
and then ___% after the lapse of each succeeding quarter until all Options are fully vested. All Options will be fully vested on the
___th anniversary of the Date of Grant

 

    APPENDIX II - 7

     

    

 

APPENDIX III

 

NON-QUALIFIED STOCK OPTION FOR DIRECTORS

AND CONSULTANTS

 

	To:	 	 
	 	Name	 
	 	 	 
	 	Address	 

 

Date of Grant:  _____________________

 

You (“Optionee”) are hereby granted
an option, effective as of the date hereof, to purchase __________ shares of common stock (“Common Stock”), of Cadrenal Therapeutics,
Inc., a Delaware corporation (the “Company”), at a price of $ ____ per share pursuant to the Company’s  2022
Equity Incentive Plan (the “Plan”).

 

This option shall terminate and is not exercisable
after ten years from the date of its grant (the “Scheduled Termination Date”), except if terminated earlier as hereafter provided.

 

Your option may first be exercised on and after
one year from the date of grant, but not before that time.  On and after one year and prior to two years from the date of grant,
your option may be exercised for up to _____% of the total number of shares subject to the option minus the number of shares previously
purchased by exercise of the option (as adjusted for any change in the outstanding shares of the Common Stock of the Company by reason
of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, transfer of assets, reorganization,
conversion or what the Board or Committee deems in its sole discretion to be similar circumstances).  Each succeeding year thereafter
your option may be exercised for up to an additional ____% of the total number of shares subject to the option minus the number of shares
previously purchased by exercise of the option (as adjusted for any change in the outstanding shares of the Common Stock of the Company
by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, transfer of assets, reorganization,
conversion or what the Board or Committee deems in its sole discretion to be similar circumstances).  Thus, this option is fully
exercisable on and after ________ years after the date of grant, except if terminated earlier as provided herein.

 

You may exercise your option by giving written
notice to the Secretary of the Company on forms supplied by the Company at its then principal executive office, accompanied by payment
of the option price for the total number of shares you specify that you wish to purchase.  The payment may be in any of the
following forms: (a) cash, which may be evidenced by a check and includes cash received from a stock brokerage firm in a so-called
“cashless exercise”; (b) (unless prohibited by the Board or Committee) certificates representing shares of Common Stock
of the Company, which will be valued by the Secretary of the Company at the fair market value per share of the Company’s Common
Stock (as determined in accordance with the Plan) on the date of delivery of such certificates to the Company, accompanied by an assignment
of the stock to the Company; or (c) (unless prohibited by the Board or Committee) any combination of cash and Common Stock of the
Company valued as provided in clause (b).  The use of the so-called “attestation procedure” to exercise a stock
option may be permitted by the Board or Committee. Any assignment of stock shall be in a form and substance satisfactory to the Secretary
of the Company, including guarantees of signature(s) and payment of all transfer taxes if the Secretary deems such guarantees necessary
or desirable.

 

    APPENDIX III - 1

     

    

 

Your option will, to the extent not previously
exercised by you, terminate three months after the date on which your directorship or consultancy by the Company or any Parent or Subsidiary
is terminated other than by reason of (i) Disability or death, in which case your option will terminate one year from the date of termination
of directorship or consultancy due to Disability or death (but in no event later than the Scheduled Termination Date) or (ii) for Cause
or your resignation, in which case your option will terminate immediately and you will forfeit any right to exercise the option. After
the date your directorship or consultancy is terminated, as aforesaid (other than for the reasons stated in clause (ii), you may exercise
this option only for the number of shares which you had a right to purchase and did not purchase on the date your directorship or consultancy
terminated. Provided you are willing to continue your directorship or consultancy for the Company or a successor after a Change of Control
at the same compensation you enjoyed immediately prior to such Change of Control, if your directorship or consultancy is involuntarily
terminated without cause after a Change of Control, you may exercise this option for the number of shares you would have had a right to
purchase on the date of such termination of your directorship or consultancy. If you are engaged by any Parent or Subsidiary, your directorship
or consultancy shall be deemed to have terminated on the date such entity ceases to be a Parent or Subsidiary, unless you are on that
date transferred to the Company or another Parent or Subsidiary.  Your directorship or consultancy shall not be deemed to have
terminated if you are transferred from the Company to a Parent or Subsidiary, or vice versa, or from one Subsidiary to another Subsidiary.
 

  

If you die while acting as a director of consultant
of  the Company or any Parent or Subsidiary, your executor or administrator, as the case may be, may, at any time within one
year after the date of your death (but in no event later than the Scheduled Termination Date), exercise the option as to any shares which
you had a right to purchase and did not purchase during your lifetime.  If your directorship or consultancy with the Company
or  any Parent or Subsidiary is terminated by reason of your Disability, you or your legal guardian or custodian may at any
time within one year after the date of such termination (but in no event later than the Scheduled Termination Date), exercise the option
as to any shares which you had a right to purchase and did not purchase prior to such termination.  Your executor, administrator,
guardian or custodian must present proof of his authority satisfactory to the Company prior to being allowed to exercise this option.

 

Notwithstanding the foregoing, the option, to
the extent then not vested, shall expire and be forfeited immediately without any further action by or the Company upon the termination
of your directorship or consultancy with the Company or  any Parent or Subsidiary for any reason.

 

In the event of any change in the outstanding
shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger,
consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar
circumstances, the number and kind of shares subject to this option and the option price of such shares shall be appropriately adjusted
in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in
the absence of clear and convincing evidence of bad faith.

 

In the event of a Change of Control, the Board
or the Committee, as the case may be, shall have the authority (but not the obligation) to take any of the actions described in Section
9(c) of the Plan in respect of this option.

 

    APPENDIX III - 2

     

    

 

This option is not transferable otherwise than
by will or the laws of descent and distribution, and is exercisable during your lifetime only by you, including, for this purpose, your
legal guardian or custodian in the event of Disability.  Until the option price has been paid in full pursuant to due exercise
of this option and the purchased shares are delivered to you, you do not have any rights as a shareholder of the Company.  The
Company reserves the right not to deliver to you the shares purchased by virtue of the exercise of this option during any period of time
in which the Company deems, in its sole discretion, that such delivery would violate a federal, state, local or securities exchange rule,
regulation or law.

 

Notwithstanding anything to the contrary contained
herein, this option is not exercisable until all the following events occur and during the following periods of time:

 

(a)  Until
the Plan pursuant to which this option is granted is approved by the shareholders of the Company in the manner required by any applicable
provision of the Code and the regulations thereunder and any applicable securities exchange or listing rule or agreement;

 

(b)  Until
this option and the optioned shares are approved, registered and listed with such federal, state, local and foreign regulatory bodies
or agencies and securities exchanges as the Company may deem necessary or desirable, or the Company deems such option or optioned shares
to be exempted therefrom;

 

(c)  During
any period of time in which the Company deems that the exercisability of this option, the offer to sell the shares optioned hereunder,
or the sale thereof, may violate a federal, state, local or foreign law, rule or regulation, or any applicable securities exchange or
listing rule or agreement, or may cause the Company to be legally obligated to issue or sell more shares than the Company is legally entitled
to issue or sell; or  

  

 (d)  Until
you have paid or made suitable arrangements to pay (which may include payment through the surrender of Common Stock, unless prohibited
by the Board or Committee) (i) all federal, state, local and foreign tax withholding required by the Company in connection with the option
exercise and (ii) the employee’s portion of other federal, state, local and foreign payroll and other taxes due in connection with
the option exercise.

 

The following two paragraphs shall be applicable
if, on the date of exercise of this option, no registration statement and current prospectus under the Securities Act of 1933 covers the
Common Stock to be purchased pursuant to such exercise, and shall continue to be applicable for so long as such registration has not occurred
and such current prospectus is not available:

 

(a)  You
hereby agree, warrant and represent that you will acquire the Common Stock to be issued hereunder for your own account for investment
purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter
permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such
Common Stock to be issued hereunder without an effective registration statement under the Securities Act of 1933, as amended, and under
any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will
be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as
the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation,
or any securities exchange rule or listing agreement.

 

    APPENDIX III - 3

     

    

 

(b)  The
certificates for the Common Stock to be issued to you hereunder shall bear the following legend:

 

“The shares represented by this
certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The
shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective
registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel
acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

The foregoing legend shall be removed upon registration
of the legended shares under the Securities Act of 1933, as amended, and under any applicable state laws or upon receipt of any opinion
of counsel acceptable to the Company that said registration is no longer required.

 

The sole purpose of the agreements, warranties,
representations and legend set forth in the two immediately preceding paragraphs is to prevent violations of the Securities Act of 1933,
as amended, and any applicable state securities laws.

 

It is the intention of the Company and you that
this option shall not be an “Incentive Stock Option” as that term is used in Section 422(b) of the Code and the regulations
thereunder.

 

Nothing herein guarantees your term as a director
of, or consultant to, the Company or any Parent or Subsidiary for any specified period of time.  This means that either you
or the Company or any Parent or Subsidiary may terminate your directorship or consultancy at any time for any reason, with or without
cause, or for no reason.  You recognize that, for instance, the Company or any Parent or Subsidiary may terminate your directorship
or consultancy with the Company or any Parent or Subsidiary prior to the date on which your option becomes vested or exercisable.

 

You understand and agree that the existence of
this option will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation
of the Company, or any issuance of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise
affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.  

  

Any notice you give to the Company must be in
writing and either hand-delivered or mailed to the office of the Company. If mailed, it should be addressed to the Chief Financial Officer
of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on the records
of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be deemed to have been
duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

 

In the event that any question or controversy
shall arise with respect to the nature, scope or extent of any one or more rights conferred by this option, or any provision of this option,
the determination in good faith by the Board of Directors of the Company (as constituted at the time of such determination) of your rights
as the Optionee shall be conclusive, final and binding upon you as the Optionee and upon any other person who shall assert any right pursuant
to this option.

 

    APPENDIX III - 4

     

    

 

This option shall be subject to the terms of the
Plan in effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized
terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan.  In the event of
any conflict between the terms of this option and the terms of the Plan in effect on the date of this option, the terms of the Plan shall
govern.  This option constitutes the entire understanding between the Company and you with respect to the subject matter hereof
and no amendment, supplement or waiver of this option, in whole or in part, shall be binding upon the Company unless in writing and signed
by the President of the Company.  This option and the performances of the parties hereunder shall be construed in accordance
with and governed by the laws of the State of Delaware.

 

Please sign the copy of this option and return
it to the Company’s Secretary, thereby indicating your understanding of and agreement with its terms and conditions.

 

	 	[●]
	 	 
	 	By:	     

 

    APPENDIX III - 5

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the
Plan.  I hereby represent that I have read and understood the terms and conditions of the Plan and of this option.  I
hereby signify my understanding of, and my agreement with, the terms and conditions of the Plan and of this option.  I agree
to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions arising
under the Plan with respect to this option.  I accept this option in full satisfaction of any previous written or verbal promise
made to me by the Company or any Parent or Subsidiary with respect to option or Stock grants.

 

	Date:  _____________	 	 
	 	 	Signature of Optionee
	 	 	 
	 	 	 
	 	 	Print Name

 

    APPENDIX III - 6

     

    

 

NON-QUALIFIED STOCK OPTION SUMMARY SHEET

 

Name of Optionee: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Options: _____________________________________

 

Vesting: ___% after the lapse of one year from the Date of Grant,
and then ___% after the lapse of each succeeding quarter until all Options are fully vested. All Options will be fully vested on the
___th anniversary of the Date of Grant

 

    APPENDIX III - 7

     

    

 

APPENDIX IV

 

RESTRICTED STOCK AGREEMENT

 

To:

 

Date of Award:

 

You are hereby awarded, effective as of the date hereof (the “Award
Date”), _________ shares (the “Shares”) of common stock (“Common Stock”), of Cadrenal Therapeutics,
Inc., a Delaware corporation (the “Company”), pursuant to the Company’s 2022 Equity Incentive Plan (the “Plan”),
subject to certain restrictions specified below in Restrictions and Forfeiture. (While subject to the Restrictions, this Agreement
refers to the Shares as “Restricted Shares”).

 

During the period commencing on the Award Date and terminating on ________________
(the “Restricted Period”), except as otherwise provided herein, the Shares may not be sold, assigned, transferred, pledged,
or otherwise encumbered and are subject to forfeiture (the “Restrictions”).

 

Except as set forth below, the Restricted Period with respect to the
Shares will lapse in accordance with the vesting schedule set forth below (the “Vesting Schedule”).  Subject to
the restrictions set forth in the Plan, the Board or Committee shall have the authority, in its discretion, to accelerate the time at
which any or all of the Restrictions shall lapse with respect to any Shares subject thereto, or to remove any or all of such Restrictions,
whenever the Board or Committee may determine that such action is appropriate by reason of changes in applicable tax or other laws, or
other changes in circumstances occurring after the commencement of the Restricted Period.

 

In addition to the terms, conditions, and restrictions set forth in
the Plan, the following terms, conditions, and restrictions apply to the Restricted Shares:

 

	Restrictions and Forfeiture	 	You may not sell, assign, pledge, encumber, or otherwise transfer any interest in the Restricted Shares until the dates set forth in the Vesting Schedule, at which point the Restricted Shares will be referred to as “ Vested. “

 

	Vesting Schedule	 	Assuming you provide Continuous Service (as defined herein) as an employee of the Company or any Parent or Subsidiary of the Company, all Restrictions will lapse on the Restricted Shares on the Vesting date or Vesting dates set forth in the schedule below for the applicable grant of Restricted Shares and they will become Vested.

 

	Vesting Schedule	 
	Vesting Date	 	Number of Restricted Shares that Vest	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    APPENDIX IV - 1

     

    

 

	Continuous Service	 	“Continuous Service,” as used herein, means the absence of any interruption or termination of your service as an employee of the Company or any Parent or Subsidiary.  If you are employed by a Parent or Subsidiary, your employment shall be deemed to have terminated on the date your employer ceases to be a Parent or Subsidiary, unless you are on that date transferred to the Company or another Parent or Subsidiary.  Service shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company or any then Parent or Subsidiary.  Your employment shall not be deemed to have terminated if you are transferred from the Company to any Parent or Subsidiary, or vice versa, or from one Subsidiary to another Subsidiary.

  

	 Share Certificates	 	The Company will issue a certificate (or certificates) in your name with respect to the Shares, and will hold such certificate (or certificates) on deposit for your account until the expiration of the Restricted Period with respect to the Shares represented thereby.  Such certificate (or certificates) will contain the following restrictive legend:
	 	 	 
	 	 	“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) contained in the 2022 Equity Incentive Plan of the Company, copies of which are on file in the office of the Secretary of the Company.”
	 	 	 
	
    Additional Conditions

    to Issuance of Stock

    Certificates
	 	You will not receive the certificates representing the Restricted Shares unless and until the Company has received a stock power or stock powers in favor of the Company executed by you.
	 	 	 
	Voting Rights	 	Prior to vesting, you will have no voting rights with respect to any Restricted Shares that have not Vested.
	 	 	 
	Cash Dividends	 	Cash dividends, if any, paid on the Restricted Shares shall be held by the Company for your account and paid to you upon the expiration of the Restricted Period, except as otherwise determined by the Board or Committee.  All such withheld dividends shall not earn interest, except as otherwise determined by the Board or Committee.  You will not receive withheld cash dividends on any Restricted Shares which are forfeited and all such cash dividends shall be forfeited along with the Restricted Shares which are forfeited.
	 	 	 
	Tax Withholding	 	Unless you make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and pay taxes in accordance with that election, you will be taxed on the Shares as they become Vested and must arrange to pay the taxes on this income. If the Board or Committee so determines, arrangements for paying the taxes may include your surrendering Shares that otherwise would be released to you upon becoming Vested or your surrendering Shares you already own. The fair market value of the Shares you surrender, determined as of the date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.

 

    APPENDIX IV - 2

     

    

 

	 	 	The Company shall have the right to withhold from your compensation an amount sufficient to fulfill its or its Parent’s or Subsidiary’s obligations for any applicable withholding and employment taxes.  Alternatively, the Company may require you to pay to the Company the amount of any taxes which the Company is required to withhold with respect to the Shares, or, in lieu thereof, to retain or sell without notice a sufficient number of Shares to cover the amount required to be withheld.  The Company may withhold from any cash dividends paid on the Restricted Shares an amount sufficient to cover taxes owed as a result of the dividend payment.  The Company’s method of satisfying its withholding obligations shall be solely in the discretion of the Board or Committee, subject to applicable federal, state, local and foreign laws.  The Company shall have a lien and security interest in the Shares and any accumulated dividends to secure your obligations hereunder.

 

	Tax Representations	 	You hereby represent and warrant to the Company as follows:
	 	 	 
	 	 	(a)  You have reviewed with your own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement.  You are relying solely on such advisors and not on any statements or representations of the Company or any of its employees or agents.
	 	 	 
	 	 	(b)  You understand that you (and not the Company) shall be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.  You understand that Section 83 of the Code taxes (as ordinary income) the fair market value of the Shares as of the date any “restrictions” on the Shares lapse.  To the extent that an award hereunder is not otherwise an exempt transaction for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), with respect to officers, directors and 10% shareholders subject to Section 16 of the 1934 Act, a “restriction” on the Shares includes for these purposes the period after the award of the Shares during which such officers, directors and 10% shareholders could be subject to suit under Section 16(b) of the 1934 Act.  Alternatively, you understand that you may elect to be taxed at the time the Shares are awarded rather than when the restrictions on the Shares lapse, or the Section 16(b) period expires, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days from the date of the award.

 

	 	 	YOU HEREBY ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION AVAILABLE TO YOU UNDER SECTION 83(B) OF THE CODE, EVEN IF YOU REQUEST THAT THE COMPANY OR ITS REPRESENTATIVES MAKE THIS FILING ON YOUR BEHALF.
	 	 	 
	Securities Law Representations	 	The following two paragraphs shall be applicable if, on the date of issuance of the Restricted Shares, no registration statement and current prospectus under the Securities Act of 1933, as amended (the “1933 Act”), covers the Shares, and shall continue to be applicable for so long as such registration has not occurred and such current prospectus is not available:

 

	 	 	(a)  You hereby agree, warrant and represent that you will acquire the Shares to be issued hereunder for your own account for investment purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such Shares to be issued hereunder without an effective registration statement under the 1933 Act, and under any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation, or any securities exchange rule or listing agreement.

 

    APPENDIX IV - 3

     

    

 

	 	 	(b)  The certificates for Shares to be issued to you hereunder shall bear the following legend:
	 	 	 
	 	 	“The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

	
    Stock Dividend, Stock

    Split and Similar

    Capital Changes
	 	In the event of any change in the outstanding shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar circumstances, the number and kind of shares subject to this Agreement shall be appropriately adjusted in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in the absence of clear and convincing evidence of bad faith.  Any shares of Common Stock or other securities received, as a result of the foregoing, by you with respect to the Restricted Shares shall be subject to the same restrictions as the Restricted Shares, the certificate or other instruments evidencing such shares of Common Stock or other securities shall be legended and deposited with the Company as provided above with respect to the Restricted Shares, and any cash dividends received with respect to such shares of Common Stock or other securities shall be accumulated as provided above with respect to the Restricted Shares.
	 	 	 
	Non-Transferability	 	Restricted Shares are not transferable.

 

    APPENDIX IV - 4

     

    

 

	
    No Effect on

    Employment
	 	Except as otherwise provided in your Employment Agreement [IF APPLICABLE], dated _____________________, nothing herein shall modify your status as an at-will employee of the Company or any Parent or Subsidiary.  Further, nothing herein guarantees you employment for any specified period of time.  This means that, except as provided in the Employment Agreement, either you or the Company or any Parent or Subsidiary may terminate your employment at any time for any reason, with or without cause, or for no reason.  You recognize that, for instance, you may terminate your employment or the Company or any Parent or Subsidiary may terminate your employment prior to the date on which your Shares become vested.
	 	 	 
	
    No Effect on Corporate

    Authority
	 	You understand and agree that the existence of this Agreement will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or other stocks with preferences ahead of or convertible into, or otherwise affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
	 	 	 
	
    Questions or

    Controversies
	 	In the event that any question or controversy shall arise with respect to the nature, scope or extent of any one or more rights conferred by this Agreement, or any provision of this Agreement, the determination in good faith by the Board or the Committee (as constituted at the time of such determination) of your rights under this Agreement shall be conclusive, final and binding upon you and upon any other person who shall assert any right pursuant to this Agreement.
	 	 	 
	Governing Law	 	The laws of the State of Delaware will govern all matters relating to this Agreement, without regard to the principles of conflict of laws.
	 	 	 
	Notices	 	Any notice you give to the Company must be in writing and either hand-delivered or mailed to the office of the Chief Financial Officer of the Company. If mailed, it should be addressed to the Chief Financial Officer   of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on the personnel records of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be deemed to have been duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

 

    APPENDIX IV - 5

     

    

  

	
    Agreement Subject to

    Plan; Entire Agreement
	 	This Agreement shall be subject to the terms of the Plan in effect on the date hereof, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan. This Agreement constitutes the entire understanding between the Company and you with respect to the subject matter hereof and no amendment, supplement or waiver of this Agreement, in whole or in part, shall be binding upon the Company unless in writing and signed by the Chief Executive Officer of the Company
	 	 	 
	Conflicting Terms	 	Wherever a conflict may arise between the terms of this Agreement and the terms of the Plan in effect on the date hereof, the terms of the Plan will control.

 

Please sign the copy of this Restricted Stock Agreement and return
it to the Chief Financial Officer, thereby indicating your understanding of, and agreement with, its terms and conditions.

 

	 	[●]
	 	 
	 	By:	    

 

    APPENDIX IV - 6

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the Plan.  I hereby
represent that I have read and understood the terms and conditions of the Plan and of the Restricted Stock Agreement.  I hereby
signify my understanding of, and my agreement with, the terms and conditions of the Plan and of the Restricted Stock Agreement.  I
agree to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions
arising under the Plan with respect to this Restricted Stock Agreement.  I accept this Restricted Stock Agreement in full satisfaction
of any previous written or oral promise made to me by the Company or any Parent or Subsidiary with respect to option or stock grants.

 

Date:  ____________________

	 	 
	 	 
	 	 
	 	ADDRESS

 

 

    APPENDIX IV - 7

     

    

 

RESTRICTED STOCK GRANT SUMMARY SHEET

 

Name of Participant: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Shares of Restricted Stock: _____________________________________

 

Vesting:  [●]

 

    APPENDIX IV - 8

     

    

 

APPENDIX V

 

RESTRICTED STOCK UNIT AGREEMENT

 

To:

 

Date of Award:

 

You are hereby awarded, effective as of the date hereof (the “Award
Date”), _________ Restricted Stock Units (the “RSUs”) with respect to shares of the common stock (“Common
Stock”) of Cadrenal Therapeutics, Inc., a Delaware corporation (the “Company”), pursuant to the Company’s 2022
Equity Incentive Plan (the “Plan”), subject to certain restrictions specified below in Restrictions and Forfeiture.

 

Each RSU represents the right to receive one share of Common Stock
to be issued and delivered when the underlying RSU vests. Except as set forth below, the RSUs will vest in accordance with the vesting
schedule set forth below (the “Vesting Schedule”).  Subject to the restrictions set forth in the Plan, the Board
or Committee shall have the authority, in its discretion, to accelerate the time at which any or all of the RSUs shall vest whenever the
Board or Committee may determine that such action is appropriate by reason of changes in applicable tax or other laws, or other changes
in circumstances occurring after the Award Date.

 

In addition to the terms, conditions, and restrictions set forth in
the Plan, the following terms, conditions, and restrictions apply to the Restricted Shares:

 

	Delivery Date	 	Vested RSUs will be settled by delivery of shares of Common Stock. As soon as practicable after vesting (but in no event later than 75 days thereafter), the number of shares of Common Stock underlying the vested RSUs (minus any withholding for taxes) shall be delivered to you. If you die before any payment due hereunder is made, such delivery shall be made to your beneficiary. Once delivery of a share of Common Stock has been made with respect to an RSU, the RSU shall be canceled.

 

	Vesting Schedule	 	Assuming you provide Continuous Service (as defined herein) as an employee of the Company or any Parent or Subsidiary of the Company through the applicable vesting date, the RSUs shall vest as set forth in the schedule below.

 

	Vesting Schedule	 
	Vesting Date	 	Number of Restricted Stock Units that Vest	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	Continuous Service	 	“Continuous Service,” as used herein, means the absence of any interruption or termination of your service as an employee of the Company or any Parent or Subsidiary.  If you are employed by a Parent or Subsidiary, your employment shall be deemed to have terminated on the date your employer ceases to be a Parent or Subsidiary, unless you are on that date transferred to the Company or another Parent or Subsidiary.  Service shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company or any then Parent or Subsidiary.  Your employment shall not be deemed to have terminated if you are transferred from the Company to any Parent or Subsidiary, or vice versa, or from one Subsidiary to another Subsidiary.

  

    APPENDIX V - 1

     

    

 

	 Share Certificates	 	The Company will issue a certificate (or certificates) in your name with respect to the shares of Common Stock delivered in settlement of RSUs hereunder.  Such certificate (or certificates) will contain the following restrictive legend:
	 	 	 
	 	 	“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) contained in the 2022 Equity Incentive Plan of the Company, copies of which are on file in the office of the Secretary of the Company.”
	 	 	 
	
    Additional Conditions

    to Issuance of Stock

    Certificates
	 	You will not receive the certificates representing the settled RSUs unless and until the Company has received a stock power or stock powers in favor of the Company executed by you.
	 	 	 
	Stockholder Rights	 	Neither you nor any person claiming under or through you shall have any of the rights or privileges of a stockholder of the Company in respect of any shares of Common Stock deliverable hereunder unless and until certificates representing such shares have been issued and recorded on the books and records of the Company or its transfer agents or registrars, and delivered to you (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, you shall have all the rights of a stockholder of the Company, including with respect to the right to vote the shares and the right to receive any cash or share dividends or other distributions paid to or made with respect to such shares.  
	 	 	 
	Cash Dividends	 	Cash dividends, if any, paid on the shares of Common Stock underlying RSUs shall be held by the Company for your account and paid to you upon vesting of the underlying RSU, except as otherwise determined by the Board or Committee.  All such withheld dividends shall not earn interest, except as otherwise determined by the Board or Committee.  You will not receive withheld cash dividends on any shares of Common Stock underlying RSUs that are forfeited and all such cash dividends shall be forfeited along with the RSUs that are forfeited.
	 	 	 
	Tax Withholding	 	You will be taxed on the shares of Common Stock underlying RSUs as the RSUs become vested and you must arrange to pay the taxes on this income. If the Board or Committee so determines, arrangements for paying the taxes may include your surrendering shares of Common Stock that otherwise would be delivered to you upon vesting of the underlying RSUs or your surrendering shares of Common Stock you already own. The fair market value of the shares of Common Stock you surrender, determined as of the date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.

 

    APPENDIX V - 2

     

    

 

	 	 	The Company shall have the right to withhold from your compensation an amount sufficient to fulfill its or its Parent’s or Subsidiary’s obligations for any applicable withholding and employment taxes.  Alternatively, the Company may require you to pay to the Company the amount of any taxes which the Company is required to withhold with respect to the shares of Common Stock deliverable in respect of vested RSUs or, in lieu thereof, to retain or sell without notice a sufficient number of shares of Common Stock underlying vested RSUs to cover the amount required to be withheld.  The Company may withhold from any cash dividends paid on the shares of Common Stock underlying vested RSUs an amount sufficient to cover taxes owed as a result of the dividend payment.  The Company’s method of satisfying its withholding obligations shall be solely in the discretion of the Board or Committee, subject to applicable federal, state, local and foreign laws.  The Company shall have a lien and security interest in the shares of Common Stock underlying RSUs and any accumulated dividends to secure your obligations hereunder.

 

	Tax Representations	 	You hereby represent and warrant to the Company as follows:
	 	 	 
	 	 	(a)  You have reviewed with your own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement.  You are relying solely on such advisors and not on any statements or representations of the Company or any of its employees or agents.
	 	 	 
	 	 	(b)  You understand that you (and not the Company) shall be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.  

 

	Securities Law Representations	 	The following two paragraphs shall be applicable if, on the date of delivery of the shares of Common Stock, no registration statement and current prospectus under the Securities Act of 1933, as amended (the “1933 Act”), covers the Shares, and shall continue to be applicable for so long as such registration has not occurred and such current prospectus is not available:
	 	 	 
	 	 	(a)  You hereby agree, warrant and represent that you will acquire the shares of Common Stock to be issued hereunder for your own account for investment purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such shares to be issued hereunder without an effective registration statement under the 1933 Act, and under any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation, or any securities exchange rule or listing agreement.
	 	 	 
	 	 	(b)  The certificates for shares of Common Stock to be delivered to you hereunder shall bear the following legend:
	 	 	 
	 	 	“The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

    APPENDIX V - 3

     

    

 

	
    Stock Dividend, Stock

    Split and Similar

    Capital Changes
	 	In the event of any change in the outstanding shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar circumstances, the number and kind of shares subject to this Agreement shall be appropriately adjusted in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in the absence of clear and convincing evidence of bad faith.  Any shares of Common Stock or other securities received, as a result of the foregoing, by you with respect to the RSUs shall be subject to the same restrictions as the RSUs, the certificate or other instruments evidencing such shares of Common Stock or other securities shall be legended and deposited with the Company as provided above with respect to the RSUs, and any cash dividends received with respect to such shares of Common Stock or other securities shall be accumulated as provided above with respect to the RSUs.
	 	 	 
	Change of Control	 	In the event of a Change of Control, the Board or the Committee, as the case may be, shall have the authority (but not the obligation) to take any of the actions described in Section 9(c) of the Plan in respect of the RSUs.
	 	 	 
	Non-Transferability	 	RSUs are not transferable.
	 	 	 
	
    No Effect on

    Employment
	 	Except as otherwise provided in your Employment Agreement [IF APPLICABLE], dated _____________________, nothing herein shall modify your status as an at-will employee of the Company or any Parent or Subsidiary.  Further, nothing herein guarantees you employment for any specified period of time.  This means that, except as provided in the Employment Agreement, either you or the Company or any Parent or Subsidiary may terminate your employment at any time for any reason, with or without cause, or for no reason.  You recognize that, for instance, you may terminate your employment or the Company or any Parent or Subsidiary may terminate your employment prior to the date on which your Shares become vested.
	 	 	 
	
    No Effect on Corporate

    Authority
	 	You understand and agree that the existence of this Agreement will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or other stocks with preferences ahead of or convertible into, or otherwise affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
	 	 	 
	
    Questions or

    Controversies
	 	In the event that any question or controversy shall arise with respect to the nature, scope or extent of any one or more rights conferred by this Agreement, or any provision of this Agreement, the determination in good faith by the Board or the Committee (as constituted at the time of such determination) of your rights under this Agreement shall be conclusive, final and binding upon you and upon any other person who shall assert any right pursuant to this Agreement.
	 	 	 
	Governing Law	 	The laws of the State of Delaware will govern all matters relating to this Agreement, without regard to the principles of conflict of laws.
	 	 	 
	Notices	 	Any notice you give to the Company must be in writing and either hand-delivered or mailed to the office of the Chief Financial Officer of the Company. If mailed, it should be addressed to the Chief Financial Officer   of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on the personnel records of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be deemed to have been duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

  

    APPENDIX V - 4

     

    

 

	
    Agreement Subject to

    Plan; Entire Agreement
	 	This Agreement shall be subject to the terms of the Plan in effect on the date hereof, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan. This Agreement constitutes the entire understanding between the Company and you with respect to the subject matter hereof and no amendment, supplement or waiver of this Agreement, in whole or in part, shall be binding upon the Company unless in writing and signed by the Chief Executive Officer of the Company
	 	 	 
	Conflicting Terms	 	Wherever a conflict may arise between the terms of this Agreement and the terms of the Plan in effect on the date hereof, the terms of the Plan will control.

 

Please sign the copy of this Restricted Stock Unit Agreement and return
it to the Chief Financial Officer, thereby indicating your understanding of, and agreement with, its terms and conditions.

 

	 	[●]
	 	 
	 	By:	    

 

    APPENDIX V - 5

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the Plan.  I hereby
represent that I have read and understood the terms and conditions of the Plan and of the Restricted Stock Unit Agreement.  I
hereby signify my understanding of, and my agreement with, the terms and conditions of the Plan and of the Restricted Stock Unit Agreement.  I
agree to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions
arising under the Plan with respect to this Restricted Stock Unit Agreement.  I accept this Restricted Stock Unit Agreement
in full satisfaction of any previous written or oral promise made to me by the Company or any Parent or Subsidiary with respect to option
or stock grants.

 

Date:  ____________________

	 	 
	 	 
	 	 
	 	ADDRESS

 

    APPENDIX V - 6

     

    

 

RESTRICTED STOCK UNIT GRANT SUMMARY SHEET

 

Name of Participant: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Restricted Stock Units: _____________________________________

 

Vesting:  [●]

 

 

APPENDIX V - 7

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