Document:

Exhibit 10.51

 

	 	Xenetic
                                         Biosciences, Inc.

40 Speen Street,

Suite 102

Framingham,
MA 01701

t
781-778-7720

e info@xeneticbio.com

 

 

[DATE]

[NAME]

[ADDRESS]

 

Re: Board of Directors Appointment

 

Dear [_____________]:

 

This Letter Agreement (the “Agreement”)
is to confirm the terms of your proposed appointment on [___________] as a non-employee, [independent] Director of the Board of
Directors (the “Board”) of Xenetic Biosciences, Inc. (the “Company”).

 

Overall, in terms of time commitment, we
expect your attendance at all the meetings of the Board and meetings of such committees of the Board that you will be appointed
to (as applicable). In addition, you will be expected to devote appropriate preparation time ahead of each meeting. By accepting
this appointment, you have confirmed that you are able to allocate sufficient time to meet the expectations of this position.

 

1.    
Consideration. For and in consideration of the services to be performed by you, the Company agrees to compensate
you as follows:

 

		1.1	Director Fee. A director fee equal to $[_______] per annum, payable quarterly (the “Board
Meeting Fee”) will be the cash compensation for your role as a director, as well as any Board committees, as chair or as
a member, you may participate.

 

		1.2	Stock Option. Subject to all approvals required by law, the Company will grant you, pursuant
to an equity incentive plan or such other plan to be adopted by the Company from time to time (the “Plan”) and upon
such terms and conditions as determined by the Compensation Committee or the Board (as applicable), an option to purchase [________]
shares of common stock of the Company at a strike price determined by the closing price of the common stock on the date of such
grant (the “Initial Option”). This option shall be exercisable as provided herein and shall vest [quarterly over twelve
months] so long as you are a member of our Board. An additional option to purchase [____] shares of Company common stock shall
be granted for service each year at the date of the Company’s Annual Meeting of Shareholders commencing with the [____] Annual
Meeting of Shareholders (together with the Initial Option, the “Options”). The exercise price shall be determined by
the closing price of the common stock on the date of such grant.

 

If your service
on the Board is terminated or ends for any reason, all granted Options that have not vested shall be forfeited, and any Options
that have vested, but have not been exercised, may be exercisable by you any time within three (3) months following the termination
of your Board position (the “Termination Exercise Period”). Any Options that are not exercised within the Termination
Exercise Period shall expire immediately.

 

A.             
Term of Options. All Options, if and to the extent vested according to Section 1.2 above, shall be in effect for
a period of 10 years commencing immediately after the granting of all Options granted to you under this Agreement, and shall expire
immediately thereafter, unless terminated sooner as provided in Section 1.2. Without derogating from the aforesaid, if the Plan
that shall be approved by the Company shall include additional provisions related to expiration of Options, such provisions shall
also apply with respect to all Options granted to you under this Agreement.

 

B.             
Vesting. All Options granted to you shall vest as provided in Section 1.2.

 

C.             
Price. The exercise price of the Options shall be equal to the Company’s closing stock price on the date of
your grant.

 

D.             
General. All Options granted to you shall be in effect subject to your continuous service as a Director and subject
to the terms and conditions of the Company’s Plan, including such terms related to vesting and expiration, and subject to
such terms and conditions as will be approved by the Company, at its sole discretion. In case of contradiction between the provisions
of this Agreement and the provisions of the Plan, the provisions of the Plan shall supersede.

 

 

 

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E.              
Certain Representations. You represent and agree that you are accepting the option to purchase shares of the Company’s
common stock being issued to you pursuant to this Agreement for your own account and not with a view to or for sale of distribution
thereof. You understand that the securities are restricted securities and you understand the meaning of the term “restricted
securities.” You further represent that you were not solicited by publication of any advertisement in connection with the
receipt of the shares and that you have consulted tax counsel as needed regarding the shares.

 

		1.3	The Company agrees to reimburse you for out-of-pocket expenses incurred by you in connection with
your service, including out-of-pocket expenses, transportation, and airfare on the Company’s business, provided that such
expenses are against original and valid receipts (the “Expenses”).

 

		1.4	Payment of the Expenses, as applicable, shall be made against your itemized invoice following the
receipt of the relevant invoice, which invoice shall be submitted to the Company within seven (7) days of the end of each calendar
month during the term of this Agreement.

 

		1.5	For the avoidance of any doubt, the Board Meeting Fee and the Options (subject to their terms)
and the aforementioned Expenses constitute the full and final consideration for your appointment, and you shall not be entitled
to any additional consideration, of any form, for your appointment and service.

 

		2.	The term of your appointment as a non-employee, [independent] director of the Company shall be
for one year or until the next Annual Meeting of Shareholders and shall be renewable on a yearly basis by vote of the shareholders
or appointment by the Board.

 

		3.	You will undertake such travelling as may reasonably be necessary for the performance of your duties,
including travelling for Board meetings and site visits if required.

 

		4.	You will undertake such duties and powers relating to the Company and any subsidiaries or associated
companies (the “Group”) as the Board may from time to time reasonably request. The Board as a whole is collectively
responsible for promoting the success of the Company by directing and supervising the Company’s affairs, inter alia, as follows:

 

		4.1	Providing entrepreneurial leadership of the Group within a framework of prudent and effective controls
which enable risk to be assessed and managed; and

 

		4.2	Setting the Group’s strategic aims, ensuring that the necessary financial and human resources
are in place for the Group to meet its objectives and reviewing management performance; and

 

		4.3	Setting the Group’s values and standards and ensuring that its obligations to its shareholders
and others are understood and met, including, but not limited to:

 

A.             
Managing conflicts of interest that may arise in Board meetings; and

 

B.             
Ensuring that all Board members are acting in the best interests of all shareholders.

 

		5.	Confidential Information.

 

		5.1	You undertake to the Company that you shall maintain in strict confidentiality all trade, business,
technical or other information regarding the Company, the Group, its affiliated entities and their business affairs including,
without limitation, all marketing, sales, technical and business know-how, intellectual property, trade secrets, identity and requirements
of customers and prospective customers, the Company’s methods of doing business and any and all other information relating
to the operation of the Company (collectively, the “Confidential Information”). You shall at no time disclose any Confidential
Information to any person, firm, or entity, for any purpose unless such disclosure is required in order to fulfill your responsibilities
as director. You further undertake that you shall not use such Confidential Information for personal gain.

 

 

 

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“Confidential
Information” shall not include information that (i) is or becomes part of the public domain other than as a result of disclosure
by you, (ii) becomes available to you on a non-confidential basis from a source other than the Company, provided that the source
is not bound with respect to that information by a confidentiality agreement with the Group or is otherwise prohibited from transmitting
that information by a contractual legal or other obligation, or (iii) can be proven by you to have been in your possession prior
to disclosure of the information by the Company.

 

In the event
that you are requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil
investigative demand or other process) to disclose any Confidential Information, it is agreed that you, to the extent practicable
under the circumstances, will provide the Company with prompt notice of any such request or requirement so that the Company may
seek an appropriate protective order or waive compliance with this Section 5. If a protective order or the receipt of a waiver
hereunder has not been obtained, you may disclose only that portion of the Confidential Information which you are legally compelled
to disclose.

 

		6.	Blackout Period. You understand that we have, or intend to have, a policy pursuant to which,
among other restrictions, no officer, director or key executive (or any of their affilaites) may engage in transactions in
our stock during the periods commencing at the close of business on the 15th day before the end of each fiscal quarter
and ending after markets close on the second full trading day after the financial information for the then-current quarter has
been publicly released, subject to the terms and conditions of the Company’s policy.

 

		7.	Term and Termination.

 

		7.1	Subject to Section 7.2 hereunder, this Agreement and appointment shall terminate immediately and
without claim for compensation on the occurrence of any of the following events:

 

A.             
If you resign as a Director of the Company for any reason; and/or

 

B.             
If you are removed or not re-appointed as a Director of the Board at an Annual Meeting of Shareholders of the Company in
accordance with the requirements of the Business Corporation Law of the State of Nevada and/or any other applicable law or regulation
and/or the Company’s Articles of Incorporation; and/or

 

C.             
If you have been declared bankrupt or made an arrangement or composition with or for the benefit of your creditors; and/or

 

D.             
If you have been disqualified from acting as a Director (including, but not limited to, an event in which you are declared
insane or become of unsound mind or become physically incapable of performing your functions as Director for a period of at least
sixty (60) days); and/or

 

E.              
If an order of a court having jurisdiction over the Company requires you to resign.

 

		6.2	Any termination of this Agreement shall be without payment of damages or compensation (except that
you shall be entitled to any accrued Board Meeting Fees or Expenses properly incurred under the terms of this Agreement prior to
the date of such termination).

 

		7.	The Company will put directors’ and officers’ liability insurance in place within sixty
(60) days of this Agreement, if not already in place, and will use commercial reasonable efforts to maintain such insurance coverage
for the full term of your appointment.

 

		8.	On termination of this appointment, you shall return all property belonging to the Group, together
with all documents, papers, disks and information, howsoever stored, relating to the Group and used by you in connection with your
position with the Company.

 

		9.	Subject to the proper performance of your obligations to the Company under this Agreement and any
applicable law, the Company agrees that you will be free to accept other appointments, directorships and chairmanships provided
that:

 

 

 

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		9.1	They do not in any way conflict with the interests of the Company or any member of the Group; and

 

		9.2	They do not restrict you from devoting the necessary time and attention properly to services to
be performed under this Agreement; and

 

		9.3	In the event that you become aware of any potential conflicts of interest, these must be disclosed
to the Chairman and/or the Chief Executive Officer (the “CEO”) of the Company as soon as they become apparent.

 

		10.	The performance of individual Directors, the Chairman and the Board and its committees is evaluated
annually. If, in the interim, there are any matters which cause you concern about your position, you should discuss them with the
Chairman and/or the CEO as soon as is appropriate.

 

		11.	In addition to any right pursuant to applicable law, occasions may arise when you consider that
you need professional advice in the furtherance of your duties as a director. Circumstances may occur when it will be appropriate
for you to seek such advice from independent advisors at the Company’s expense, to the extent provided under applicable law
and subject to the prior written approval of the CEO and/or the Board.

 

		12.	This Agreement refers to your appointment as a Director of the Company and your future membership
on the committees of the Board.

 

		13.	You shall ensure that you comply at all times with the Company’s inside trading policies
as in effect from time to time.

 

		14.	You shall discharge your general duties as a Director pursuant to the Company’s Articles
of Incorporation, Bylaws and applicable law.

 

		15.	This Agreement shall be governed by and construed in accordance with the law of the State of Massachusetts.

 

Please sign the attached copy of this Agreement
and return it to the Company to signify your acceptance of the terms set out above.

 

***

 

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Sincerely yours,

 

XENETIC BIOSCIENCES INC.

 

 

___________________________

Name: Jeffrey Eisenberg

Title: Chief Executive Officer

 

 

 

AGREED AND ACKNOWLEDGED BY:

 

 

 

Name of Director:

 

 

 

 

 

    	 	5Exhibit 10.52

 

Option No.

 

XENETIC
BIOSCIENCES, INC.

 

Stock Option Grant Notice

Stock Option Grant under the

Amended and Restated Xenetic Biosciences,
Inc.

Equity Incentive Plan, adopted by the Board
of Directors on September 26, 2019 and approved by stockholders on December 4, 2019

 

	1.         Name and Address of Participant:	 
	 
	 
	 	 
	2.         Date of Option Grant:	
	 	 
	3.         Type of Grant:	
	4.         Maximum Number of Shares for which this Option is exercisable:	
	 	 
	5.         Exercise (purchase) price per share:	
	 	 
	6.         Option Expiration Date:	 
	7.         Vesting Start Date:	 
	8.         Vesting Schedule: This Option shall become exercisable (and the Shares issued upon exercise shall be vested) as follows provided the Participant is an Eligible Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date:

 

 

 

 

 

 

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The foregoing rights
are cumulative and are subject to the other terms and conditions of the Agreement and the Amended and Restated Xenetic Biosciences,
Inc. Equity Incentive Plan adopted by the Board of Directors on September 26, 2019 and approved by stockholders on December 4,
2019, as amended from time to time (the “Plan”).

 

Notwithstanding the foregoing or any
terms in the Agreement or the Plan to the contrary, in the event of a Change in Control (as defined in the Plan) all of the Shares
which would have vested in each vesting installment(s) remaining under this Option will be vested and exercisable upon the Change
in Control.

 

Notwithstanding the foregoing, unless
otherwise approved by the Administrator in its sole discretion, the Option shall only be exercised from and after the date the
Company has filed a Form S-8 registration statement with the U.S. Securities and Exchange Commission covering the Shares authorized
under the Plan.

 

The Company and the Participant acknowledge
receipt of this Stock Option Grant Notice and agree to the terms of the Stock Option Agreement Incorporated Terms and Conditions
(attached hereto and incorporated by reference herein (the “Agreement”)), the Plan and the terms of this Option Grant
as set forth above.

 

	 	XENETIC BIOSCIENCES, INC.

 

 

By:______________________________

      Name:

      Title:

 

 

 

 

_________________________________

Participant

 

 

 

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XENETIC BIOSCIENCES, INC.

 

STOCK OPTION AGREEMENT - INCORPORATED
TERMS AND CONDITIONS

 

AGREEMENT made as of
the date of grant set forth in the Stock Option Grant Notice by and between Xenetic Biosciences, Inc. (the “Company”),
a Nevada corporation, and the individual whose name appears on the Stock Option Grant Notice (the “Participant”).

 

WHEREAS, the Company
desires to grant to the Participant an Option to purchase shares of its common stock, $0.001 par value per share (the “Shares”),
under and for the purposes set forth in the Amended and Restated Xenetic BioSciences, Inc. Equity Incentive Plan, adopted by the
Board of Directors on September 26, 2019 and adopted by stockholders on December 4, 2019, as amended from time to time (the “Plan”),
and any rules and regulations promulgated by the Committee with respect to the Plan;

 

WHEREAS, the Company
and the Participant understand and agree that any terms used and not defined herein have the same meanings as in the Plan; and

 

WHEREAS, the Company
and the Participant each intend that the Option granted herein shall be of the type set forth in the Stock Option Grant Notice.

 

NOW, THEREFORE, in
consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree
as follows:

 

1.             GRANT OF OPTION.

 

The Company hereby grants
to the Participant the right and option to purchase all or any part of an aggregate of the number of Shares set forth in the Stock
Option Grant Notice, on the terms and conditions and subject to all the limitations set forth therein and herein (collectively,
the “Agreement”), under United States securities and tax laws, and in the Plan, which is incorporated herein by reference.
The Participant acknowledges receipt of a copy of the Plan.

 

2.             EXERCISE PRICE.

 

The exercise price of
the Shares covered by the Option shall be the amount per Share set forth in the Stock Option Grant Notice, subject to adjustment,
as provided in the Plan, in the event of a stock split, reverse stock split or other events affecting the holders of Shares after
the date hereof (the “Exercise Price”). Payment shall be made in accordance with Section 5(c) of the Plan.

 

3.             EXERCISABILITY OF OPTION.

 

Subject to the terms
and conditions set forth in this Agreement and the Plan, the Option granted hereby shall become vested and exercisable as set forth
in the Stock Option Grant Notice and is subject to the other terms and conditions of this Agreement and the Plan.

 

4.             TERM OF OPTION.

 

This Option shall terminate
on the Option Expiration Date as specified in the Stock Option Grant Notice and, if this Option is designated in the Stock Option
Grant Notice as an Incentive Stock Option (an “ISO”) and the Participant is a 10% Stockholder, such date may not be
more than five years from the date of this Agreement, but shall be subject to earlier termination as provided herein or in the
Plan.

 

 

 

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If the Participant ceases
to be an Employee, director or Consultant of the Company or of an Affiliate for any reason other than the death or Disability of
the Participant, or termination of the Participant for Cause (the “Termination Date”), the Option to the extent then
vested and exercisable pursuant to Section 3 hereof as of the Termination Date, and not previously terminated in accordance with
this Agreement, may be exercised within three months after the Termination Date, or on or prior to the Option Expiration Date as
specified in the Stock Option Grant Notice, whichever is earlier, but may not be exercised thereafter except as set forth below.
In such event, the unvested portion of the Option shall not be exercisable and shall expire and be cancelled on the Termination
Date.

 

If this Option is designated
in the Stock Option Grant Notice as an ISO and the Participant ceases to be an Employee of the Company or of an Affiliate but continues
after termination of employment to provide service to the Company or an Affiliate as a director or Consultant, this Option shall
continue to vest in accordance with Section 3 above as if this Option had not terminated until the Participant is no longer providing
services to the Company. In such case, this Option shall automatically convert and be deemed a Nonstatutory Stock Option as of
the date that is three months from termination of the Participant’s employment and this Option shall continue on the same
terms and conditions set forth herein until such Participant is no longer providing service to the Company or an Affiliate.

 

Notwithstanding the foregoing,
in the event of the Participant’s Disability or death within three months after the Termination Date, the Participant (or,
in the case of death, the legal representative of the Participant’s estate) may exercise the Option within one year after
the Termination Date, but in no event after the Option Expiration Date as specified in the Stock Option Grant Notice.

 

In the event the Participant’s
service is terminated by the Company or an Affiliate for Cause, the Participant’s right to exercise any unexercised portion
of this Option even if vested shall cease immediately as of the time the Participant is notified his or her service is terminated
for Cause, and this Option shall thereupon terminate. Notwithstanding anything herein to the contrary, if subsequent to the Participant’s
termination, but prior to the exercise of the Option, the Committee determines that, either prior or subsequent to the Participant’s
termination, the Participant engaged in conduct which would constitute Cause, then the Participant shall immediately cease to have
any right to exercise the Option and this Option shall thereupon terminate.

 

In the event of the Disability
of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within one year after the Participant’s
termination of service due to Disability or, if earlier, on or prior to the Option Expiration Date as specified in the Stock Option
Grant Notice. In such event, the Option shall be exercisable:

 

		(a)	to the extent that the Option has become exercisable but has not been exercised as of the date
of the Participant’s termination of service due to Disability; and

 

		(b)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion
through the date of the Participant’s termination of service due to Disability of any additional vesting rights that would
have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of
days accrued in the current vesting period prior to the date of the Participant’s termination of service due to Disability
provided that in no event shall any portion of the Option vest within one year of the date of grant.

 

In the event of the death
of the Participant while an Employee, director or Consultant of the Company or of an Affiliate, the Option shall be exercisable
by the legal representative of the Participant’s estate within one year after the date of death of the Participant or, if
earlier, on or prior to the Option Expiration Date as specified in the Stock Option Grant Notice. In such event, the Option shall
be exercisable:

 

 

 

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		(x)	to the extent that the Option has become exercisable but has not been exercised as of the date
of death; and

 

		(y)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion
through the date of death of any additional vesting, rights that would have accrued on the next vesting date had the Participant
not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s
date of death provided that in no event shall any portion of the Option vest within one year of the date of grant.

 

5.             METHOD OF EXERCISING OPTION.

 

Subject to the terms
and conditions of this Agreement, the Option may be exercised by written notice to the Company or its designee, in substantially
the form of Exhibit A attached hereto (or in such other form acceptable to the Company, which may include electronic notice).
Such notice shall state the number of Shares with respect to which the Option is being exercised and shall be signed by the person
exercising the Option (which signature may be provided electronically in a form acceptable to the Company). Payment of the Exercise
Price for such Shares shall be made in accordance with Section 5(c) of the Plan. The Company shall deliver such Shares as soon
as practicable after the notice shall be received, provided, however, that the Company may delay issuance of such Shares until
completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law. The Shares as
to which the Option shall have been so exercised shall be issued to the Participant in the form of a book-entry account, for the
benefit of the Participant or his or her designee, maintained by the Company’s stock transfer agent or its designee. In the
event the Option shall be exercised, pursuant to Section 4 hereof, by any person other than the Participant, such notice shall
be accompanied by appropriate proof of the right of such person to exercise the Option. All Shares that shall be purchased upon
the exercise of the Option as provided herein shall be fully paid and nonassessable.

 

6.             PARTIAL EXERCISE.

 

Exercise of this Option
to the extent above stated may be made in part at any time and from time to time within the above limits, except that no fractional
share shall be issued pursuant to this Option.

 

7.             NON-ASSIGNABILITY.

 

The Option shall not
be transferable by the Participant otherwise than by will or by the laws of descent and distribution. If this Option is a Nonstatutory
Stock Option then it may also be transferred pursuant to a qualified domestic relations order as defined by the Code or Title I
of the Employee Retirement Income Security Act or the rules thereunder. Except as provided above in this paragraph, the Option
shall be exercisable, during the Participant’s lifetime, only by the Participant (or, in the event of legal incapacity or
incompetency, by the Participant’s guardian or representative) and shall not be assigned, pledged or hypothecated in any
way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted
transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights granted hereunder contrary to the
provisions of this Section 7, or the levy of any attachment or similar process upon the Option shall be null and void.

 

8.             NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE.

 

The Participant shall
have no rights as a stockholder with respect to Shares subject to this Agreement until entry of the Shares in the Company’s
book-entry account, in the name of the Participant or his or her designee, maintained by the Company’s stock transfer agent
or its designee. Except as is expressly provided in the Plan with respect to certain changes in the capitalization of the Company,
no adjustment shall be made for dividends or similar rights for which the record date is prior to the date of such registration.

 

 

 

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9.             ADJUSTMENTS.

 

The Plan contains provisions
covering the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment
with respect to stock subject to Options and the related provisions with respect to successors to the business of the Company are
hereby made applicable hereunder and are incorporated herein by reference.

 

10.           TAXES.

 

The Participant acknowledges
and agrees that (i) any income or other taxes due from the Participant with respect to this Option or the Shares issuable pursuant
to this Option shall be the Participant’s responsibility; (ii) the Participant was free to use professional advisors of his
or her choice in connection with this Agreement, has received advice from his or her professional advisors in connection with this
Agreement, understands its meaning and import, and is entering into this Agreement freely and without coercion or duress; (iii)
the Participant has not received and is not relying upon any advice, representations or assurances made by or on behalf of the
Company or any Affiliate or any employee of or counsel to the Company or any Affiliate regarding any tax or other effects or implications
of the Option, the Shares or other matters contemplated by this Agreement; and (iv) neither the Committee, the Company, its Affiliates,
nor any of its officers or directors, shall be held liable for any applicable costs, taxes, or penalties associated with the Option
if, in fact, the Internal Revenue Service were to determine that the Option constitutes deferred compensation under Section 409A
of the Code.

 

If this Option is designated
in the Stock Option Grant Notice as a Nonstatutory Stock Option or if the Option is an ISO and is converted into a Nonstatutory
Stock Option and such Nonstatutory Stock Option is exercised, the Participant agrees that the Company may withhold from the Participant’s
remuneration, if any, the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that
is considered compensation includable in such person’s gross income. At the Company’s discretion, and to the extent
permitted by applicable law, the Participant agrees that the amount required to be withheld may be withheld in cash from such remuneration,
or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option. The Participant further agrees that,
if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s
income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld
and if reimbursement is not permissible under applicable law, the Participant will deliver sufficient funds to satisfy any withholding
obligation in advance of, or simultaneous with, the exercise of the Option and the Company is not required to recognize the exercise
of any such Option to the extent the withholding obligations have not been so satisfied.

 

11.           PURCHASE FOR INVESTMENT.

 

Unless the offering and
sale of the Shares to be issued upon the particular exercise of the Option shall have been effectively registered under the Securities
Act, the Company shall be under no obligation to issue the Shares covered by such exercise unless the Company has determined that
such exercise and issuance would be exempt from the registration requirements of the Securities Act and until the following conditions
have been fulfilled:

 

		(a)	The person(s) who exercise the Option shall warrant to the Company, at the time of such exercise,
that such person(s) are acquiring such Shares for their own respective accounts, for investment, and not with a view to, or for
sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound
by the provisions of the following legend which shall be endorsed upon any certificate(s) evidencing the Shares issued pursuant
to such exercise:

 

“The shares represented
by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a
pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act
of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration
under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws;” and

 

 

 

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		(b)	If the Company so requires, the Company shall have received an opinion of its counsel that the
Shares may be issued upon such particular exercise in compliance with the Securities Act without registration thereunder. Without
limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining
of any consent, which the Company deems necessary under any applicable law (including without limitation state securities or “blue
sky” laws).

 

12.          
NO OBLIGATION TO MAINTAIN RELATIONSHIP.

 

The Participant acknowledges
that: (i) the Company is not by the Plan or this Option obligated to continue the Participant as an employee, director or Consultant
of the Company or an Affiliate; (ii) the Plan is discretionary in nature and may be suspended or terminated by the Company at any
time; (iii) the grant of the Option is a one-time benefit which does not create any contractual or other right to receive future
grants of options, or benefits in lieu of options; (iv) all determinations with respect to any such future grants, including, but
not limited to, the times when options shall be granted, the number of shares subject to each option, the option price, and the
time or times when each option shall be exercisable, will be at the sole discretion of the Company; (v) the Participant’s
participation in the Plan is voluntary; (vi) the value of the Option is an extraordinary item of compensation which is outside
the scope of the Participant’s employment or consulting contract, if any; and (vii) the Option is not part of normal or expected
compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service
awards, pension or retirement benefits or similar payments.

 

13.           IF OPTION IS INTENDED TO BE AN ISO.

 

If this Option is designated
in the Stock Option Grant Notice as an ISO so that the Participant (or, in the case of death, the legal representative of the Participant’s
estate) may qualify for the favorable tax treatment provided to holders of Options that meet the standards of Section 422 of the
Code then any provision of this Agreement or the Plan which conflicts with the Code so that this Option would not be deemed an
ISO is null and void and any ambiguities shall be resolved so that the Option qualifies as an ISO. The Participant should consult
with the Participant’s own tax advisors regarding the tax effects of the Option and the requirements necessary to obtain
favorable tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements.

 

Notwithstanding the foregoing,
to the extent that the Option is designated in the Stock Option Grant Notice as an ISO and is not deemed to be an ISO pursuant
to Section 422(d) of the Code because the aggregate Fair Market Value (determined as of the Date of Option Grant) of any of the
Shares with respect to which this ISO is granted becomes exercisable for the first time during any calendar year in excess of $100,000,
the portion of the Option representing such excess value shall be treated as a Nonstatutory Stock Option and the Participant shall
be deemed to have taxable income measured by the difference between the then Fair Market Value of the Shares received upon exercise
and the price paid for such Shares pursuant to this Agreement.

 

Neither the Company nor
any Affiliate shall have any liability to the Participant, or any other party, if the Option (or any part thereof) that is intended
to be an ISO is not an ISO or for any action taken by the Committee, including without limitation the conversion of an ISO to a
Nonstatutory Stock Option.

 

14.           NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION OF AN ISO.

 

If this Option is designated
in the Stock Option Grant Notice as an ISO then the Participant agrees to notify the Company in writing immediately after the Participant
makes a Disqualifying Disposition of any of the Shares acquired pursuant to the exercise of the ISO. A Disqualifying Disposition
is defined in Section 424(c) of the Code and includes any disposition (including any sale) of such Shares before the later of (a)
two years after the date the Participant was granted the ISO or (b) one year after the date the Participant acquired Shares by
exercising the ISO, except as otherwise provided in Section 424(c) of the Code. If the Participant has died before the Shares are
sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter.

 

 

 

    	 	7	 

     

    

 

15.           NOTICES.

 

Any notices required
or permitted by the terms of this Agreement or the Plan shall he given by recognized courier service, facsimile, registered or
certified mail, return receipt requested, addressed as follows:

 

If to the Company:

 

Xenetic Biosciences, Inc.

40 Speen Street, Ste 102

Framingham, MA 01701

Attention: CFO

 

If to the Participant, at the address set
forth on the Stock Option Grant Notice.

 

or to such other address or addresses of
which notice in the same manner has previously been given. Any such notice shall be deemed to have been given upon the earlier
of receipt, one business day following delivery to a recognized courier service or three business days following mailing by registered
or certified mail.

 

16.           GOVERNING LAW.

 

This Agreement shall
be governed by and construed in accordance with the laws of Delaware, without giving effect to the conflict of law principles thereof.
For the purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction
in Delaware and agree that such litigation shall be conducted in the state courts of Delaware or the federal courts of the United
States located in Delaware.

 

17.           BENEFIT OF AGREEMENT,

 

Subject to the provisions
of the Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors,
administrators, successors and assigns of the parties hereto.

 

18.           ENTIRE AGREEMENT.

 

This Agreement, together
with the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation,
warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict,
the express terms and provisions of this Agreement, provided however, in any event, this Agreement shall be subject to and governed
by the Plan.

 

19.           MODIFICATIONS
AND AMENDMENTS.

 

The terms and provisions
of this Agreement may be modified or amended as provided in the Plan.

 

 

 

    	 	8	 

     

    

 

20.           WAIVERS AND CONSENTS.

 

Except as provided in
the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written
document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed
to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.
Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall
not constitute a continuing waiver or consent.

 

21.           DATA PRIVACY.

 

By entering into this
Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering
the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data
as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan;
and (ii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set
forth in this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9	 

     

    

 

Exhibit A

 

NOTICE OF EXERCISE OF STOCK OPTION

 

[Form for Shares registered in
the United States]

 

To: Xenetic Biosciences, Inc.

 

Ladies and Gentlemen:

 

I hereby exercise my
Stock Option to purchase _______________ shares (the “Shares”) of the common stock, $0.001 par value, of Xenetic Biosciences,
Inc. (the “Company”), at the exercise price of $_______________ per share, pursuant to and subject to the terms of
that Stock Option Grant Notice dated _______________, 20___.

 

I understand the nature
of the investment I am making and the financial risks thereof. I am aware that it is my responsibility to have consulted with competent
tax and legal advisors about the relevant national, state and local income tax and securities laws affecting the exercise of the
Option and the purchase and subsequent sale of the Shares.

 

I am paying the option
exercise price for the Shares as follows:

 

_______________________________________

 

Please issue the Shares
(cheek one):

 

[_] to me; or

 

[_] to me and _______________________,
as joint tenants with right of

survivorship,

 

at the following address:

________________________________________

________________________________________

________________________________________

 

My mailing address
for stockholder communications, if different from the address listed above, is:

 

________________________________________

________________________________________

________________________________________

 

 

	 	Very truly yours,

 

___________________________________

     Participant

 

___________________________________

     Print Name

 

___________________________________

     Date

 

 

 

    	 	10

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