Document:

Exhibit 10.27

 

MIROMATRIX MEDICAL INC.

2010 STOCK INCENTIVE PLAN

  

1.       Purpose.
The purpose of the 2010 Stock Incentive Plan (the “Plan”) of Miromatrix Medical Inc., a Delaware corporation (the “Company”),
is to increase stockholder value and to advance the interests of the Company by furnishing a variety of economic incentives (the “Incentives”)
designed to attract, retain and motivate employees, directors, officers and consultants. Incentives may consist of opportunities to purchase
or receive shares of the Company’s Common Stock, $0.00001 par value, or other equity securities of the Company (collectively referred
to herein as the “Company Stock”), monetary payments, or other incentive awards, on terms determined under this Plan.

 

2.       Administration.

 

2.1       The
Plan shall be administered by a committee of the Company’s Board of Directors (the “Board”) or by the Board itself.
The Board shall have complete authority to determine all provisions of all Incentives awarded under the Plan (as consistent with the terms
of the Plan), to interpret the Plan, and to make any other determination which it believes necessary and advisable for the proper administration
of the Plan. The Board’s decisions and matters relating to the Plan shall be final and conclusive on the Company and its participants.
No member of the Board will be liable for any action or determination made in good faith with respect to the Plan or any Incentives granted
under the Plan. The Board will also have the authority under the Plan to amend or modify the terms of any outstanding Incentives in any
manner; provided, however, that the amended or modified terms are permitted by the Plan as then in effect. No amendment or modification
to an Incentive, however, whether pursuant to this Section 2 or any other provisions of the Plan, will be deemed to be a re-grant of such
Incentive for purposes of this Plan.

 

2.2       In
the event of (i) any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock
split, combination of stock, rights offering, extraordinary dividend or divestiture (including a spin-off) or any other similar change
in organizational structure; (ii) any purchase, acquisition, sale or disposition of a significant amount of assets or a significant
business; (iii) any change in accounting principles or practices; or (iv) any other similar change, in each case with respect
to the Company or any other entity whose performance is relevant to the grant or vesting of an Incentive, the Board (or, if the Company
is not the surviving entity in any such transaction, the board of directors or similar governing body of the surviving entity) may, without
the consent of any affected participant, amend or modify the vesting criteria of any outstanding Incentive that is based in whole or in
part on the financial performance of the Company (or any subsidiary or division thereof) or such other entity so as equitably to reflect
such event, with the desired result that the criteria for evaluating such financial performance of the Company or such other entity will
be substantially the same (in the sole discretion of the Board or the board of directors or other governing body of the surviving entity)
following such event as prior to such event; provided, however, that the amended or modified terms are permitted by the Plan as
then in effect.

 

3.       Eligible
Participants. Employees of the Company or its subsidiaries (including officers and employees of the Company or its
subsidiaries), directors and consultants, advisors or other independent contractors who provide services to the Company or its
subsidiaries (including stockholders of the Company) shall be eligible to receive Incentives under the Plan when designated by the
Board. Participants may be designated individually or by groups or categories (for example, by pay grade) as the Board deems
appropriate. Participation by officers of the Company or its subsidiaries and any performance objectives relating to such officers
must be approved by the Board. Participation by others and any performance objectives relating to others may be approved by groups
or categories (for example, by pay grade) and authority to designate participants who are not officers and to set or modify such
targets may be delegated to Company officers.

 

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4.       Types
of Incentives. Incentives under the Plan may be granted in any one or a combination of the following forms: (a) incentive stock options
and non-statutory stock options; (b) stock-appreciation rights (“Appreciation Rights”); (c) stock awards; (d) restricted
stock; and (e) performance shares.

 

5.       Shares
Subject to the Plan.

 

5.1.       Number
of Shares. Subject to adjustment as provided in Section 11.6, the aggregate number of shares of Company Stock, of any class, which
may be issued under the Plan shall not exceed Three Hundred Seventy-Five Thousand (375,000). Shares of Company Stock that are issued under
the Plan or that are subject to outstanding Incentives will be applied to reduce the maximum number of shares of Company Stock remaining
available for issuance under the Plan.

 

5.2.       Cancellation.
To the extent that cash in lieu of shares of Company Stock is delivered upon the exercise of an Appreciation Right pursuant to Section
7.4, the Company shall be deemed, for purposes of applying the limitation on the number of shares of Company Stock, to have issued the
greater of the number of shares of Company Stock which it was entitled to issue upon such exercise or on the exercise of any related option.
In the event that an option or Appreciation Right granted hereunder expires or is terminated or canceled unexercised or unvested as to
any shares of Company Stock, such shares of Company Stock may again be issuable under the Plan. In the event that shares of Company Stock
are issued as restricted shares or pursuant to an award and thereafter are forfeited or reacquired by the Company pursuant to rights reserved
upon issuance thereof, such forfeited and reacquired shares of Company Stock may again be issued under the Plan. The Board may also determine
to cancel, and agree to the cancellation of, Incentives in order to make a participant eligible for the grant of an incentive at a lower
price than the Incentive to be canceled; provided, however, that the substituted Incentive must satisfy or be exempt from the requirements
of Code Section 409A of the Internal Revenue Code of 1986, as amended, including the rules and regulations thereunder (together, “Code
Section 409A”).

 

5.3       Type
of Company Stock. Company Stock issued under the Plan in connection with Incentives may be authorized and unissued shares or treasury
stock, as designated by the Board.

 

6.       Options.
An option is a right to purchase shares of Company Stock from the Company. Each option granted under this Plan shall be subject to the
following terms and conditions:

 

6.1.       Price.
The option price per share shall be determined by the Board, subject to adjustment under Section 11.6. Notwithstanding the foregoing sentence,
except as permitted under Section 11.16, the option price per share shall not be less than the Fair Market Value (as defined in Section
11.2) of the Company Stock on the grant date, unless the stock option satisfies the provisions of Code Section 409A

 

6.2.       Number.
The number of shares of Company Stock subject to the option shall be determined by the Board, subject to adjustment as provided in Section
11.6. The number of shares of Company Stock issuable upon exercise of an option shall be reduced in the same proportion that the holder
thereof exercises an Appreciation Right if any Appreciation Right is granted in conjunction with or related to the option.

 

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6.3.       Duration
and Time for Exercise. Subject to earlier termination as provided in Section 11.4, the term of each option shall be determined by
the Board. Each option shall become exercisable at such time or times during its term as shall be determined by the Board at the time
of grant. The Board may accelerate the exercisability of any option. Subject to the foregoing and with the approval of the Board, all
or any part of the shares of Company Stock with respect to which the right to purchase has accrued may be purchased by the Company at
the time of such accrual or at any time or times thereafter during the term of the option.

 

6.4.       Manner
of Exercise. Subject to the conditions contained in this Plan and in the agreement with the recipient evidencing such option, an option
may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of shares of Company Stock to be
purchased and accompanied by the full purchase price for such shares. The exercise price shall be payable (a) in United States dollars
upon exercise of the option and may be paid by cash, uncertified or certified check or bank draft; (b) at the discretion of the Board,
by delivery of shares of Company Stock that are already owned by the participant in payment of all or any part of the exercise price,
which shares shall be valued for this purpose at the Fair Market Value on the date such option is exercised; or (c) at the discretion
of the Board, by instructing the Company to withhold, from the shares of Company Stock issuable upon exercise of the option, shares in
payment of all or any part of the exercise price and/or any related withholding tax obligations, which shares shall be valued for this
purpose at the Fair Market Value or in such other manner as may be authorized from time to time by the Board. The shares of Company Stock
delivered by the participant pursuant to Section 6.4 must have been held by the participant for a period of not less than six months prior
to the exercise of the option, unless otherwise determined by the Board. Prior to the issuance of shares of Company Stock upon the exercise
of an option, a participant shall have no rights as a stockholder of the Company. Except as otherwise provided in the Plan, no adjustment
will be made for distributions with respect to such options as to which there is a record date preceding the date the participant becomes
the holder of record of such shares of Company Stock, except as the Board may determine in its discretion.

 

6.5       Incentive
Stock Options. Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the grant
of stock options which are intended to qualify as Incentive Stock Options (as such term is defined in Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”)):

 

(a)       The
aggregate Fair Market Value (determined as of the time the option is granted) of the shares of Company Stock with respect to which Incentive
Stock Options are exercisable for the first time by any participant during any calendar year (under all of the Company’s plans)
shall not exceed $100,000. The determination will be made by taking Incentive Stock Options into account in the order in which they were
granted. If such excess only applies to a portion of an Incentive Stock Option, the Board, in its discretion, will designate which shares
will be treated as shares to be acquired upon exercise of an Incentive Stock Option.

 

(b)       Any
option agreement for an Incentive Stock Option under the Plan shall contain such other provisions as the Board shall deem advisable, but
shall in all events be consistent with and contain all provisions required in order to qualify the options as Incentive Stock Options.

 

(c)       All
Incentive Stock Options must be granted within ten years from the earlier of the date on which this Plan was adopted by the Board or the
date this Plan was approved by the stockholders.

 

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(d)       Unless
sooner exercised, all Incentive Stock Options shall expire no later than ten years after the grant date.

 

(e)       The
option price for Incentive Stock Options shall be not less than the Fair Market Value of the Company Stock subject to the option on the
grant date.

 

(f)       If
Incentive Stock Options are granted to any participant who, at the time such option is granted, would own (within the meaning of Code
Section 422) stock possessing more than 10% of the total combined voting power of all classes of stock of the employer corporation or
of its parent or subsidiary corporation, (i) the option price for such Incentive Stock Options shall be not less than 110% of the Fair
Market Value of the Company Stock subject to the option on the grant date and (ii) such Incentive Stock Options shall expire no later
than five years after the grant date.

 

7.       Stock-Appreciation
Rights. An Appreciation Right is a right to receive, without payment to the Company, a number of shares of Company Stock, cash or
any combination thereof, the amount of which is determined pursuant to the formula set forth in Section 7.4. An Appreciation Right may
be granted (a) with respect to any option granted under this Plan, either concurrently with the grant of such option or at such later
time as determined by the Board (as to all or any portion of the shares of Company Stock issuable upon exercise of the option), or (b)
alone, without reference to any related option. Each Appreciation Right granted by the Board under this Plan shall be subject to the following
terms and conditions:

 

7.1.       Number;
Exercise Price. Each Appreciation Right granted to any participant shall relate to such number of shares of Company Stock as shall
be determined by the Board, subject to adjustment as provided in Section 11.6. In the case of an Appreciation Right granted with respect
to an option, the number of shares of Company Stock to which the Appreciation Right pertains shall be reduced in the same proportion that
the holder of the option exercises the related option. The exercise price of an Appreciation Right will be determined by the Board, in
its discretion, at the date of grant but may not be less than 100% of the Fair Market Value of one share of Company Stock on the date
of grant unless the Appreciation Right satisfies the provisions of Code Section 409A.

 

7.2.       Duration.
Subject to earlier termination as provided in Section 11.4, the term of each Appreciation Right shall be determined by the Board. Unless
otherwise provided by the Board, each Appreciation Right shall become exercisable at such time or times, to such extent and upon such
conditions as the option, if any, to which it relates is exercisable. The Board may in its discretion accelerate the exercisability of
any Appreciation Right. Subject to the first sentence of this paragraph, the Board may extend the term of any Appreciation Right to the
extent provided in Section 11.4.

 

7.3.       Exercise.
An Appreciation Right may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of Appreciation
Rights which the holder wishes to exercise. Upon receipt of such written notice, the Company shall, within 90 days thereafter, deliver
to the exercising holder certificates for the shares of Company Stock, or cash, or both, as determined by the Board, to which the holder
is entitled pursuant to Section 7.4.

 

7.4.       Payment.
Subject to the right of the Board to deliver cash in lieu of shares of Company Stock, the number of shares of Company Stock which shall
be issuable upon the exercise of an Appreciation Right shall be determined by dividing:

 

(a)       the
number of shares of Company Stock as to which the Appreciation Right is exercised multiplied by the amount of the appreciation in
such shares (for this purpose, the “appreciation” shall be the amount by which the Fair Market Value of the shares of
Company Stock subject to the Appreciation Right on the exercise date exceeds (i) in the case of an Appreciation Right related to an
option, the exercise price of the shares of Company Stock under the option or (ii) in the case of an Appreciation Right granted
alone, without reference to a related option, an amount which shall be determined by the Board at the time of grant, subject to
adjustment under Section 11.6); by

 

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(b)       the
Fair Market Value of a share of Company Stock (of the applicable class or series) on the exercise date.

 

In lieu of issuing
shares of Company Stock upon the exercise of an Appreciation Right, the Board may elect to pay the holder of the Appreciation Right cash
equal to the Fair Market Value on the exercise date of any or all of the shares of Company Stock which would otherwise be issuable. No
fractional shares of Company Stock shall be issued upon the exercise of an Appreciation Right; instead, the holder of the Appreciation
Right shall be entitled to receive a cash adjustment equal to the same fraction of the Fair Market Value of a share of Company Stock on
the exercise date or to purchase the portion necessary to make a whole share at its Fair Market Value on the date of exercise.

 

8.       Stock
Awards and Restricted Stock. A stock award consists of the Company’s issuance/transfer of shares of Company Stock to a participant,
without other payment therefor, as additional compensation for services rendered to the Company. A share of restricted stock consists
of a share of Company Stock which is sold or transferred by the Company to a participant at a price determined by the Board and subject
to restrictions on resale or other transfer by the participant, which contractual restrictions and conditions may be determined by the
Board as long as such restrictions and conditions are not inconsistent with the terms of the Plan. The transfer of shares of Company Stock
pursuant to stock awards and the transfer and sale of restricted stock shall be subject to the following terms and conditions:

 

8.1.       Number
of Shares. The number of shares to be transferred or sold by the Company to a participant pursuant to a stock award or as restricted
stock shall be determined by the Board.

 

8.2.       Sale
Price. The Board shall determine the price, if any, at which shares of restricted stock shall be sold or granted to a participant,
which may vary from time to time and among participants and which may be below the Fair Market Value of such shares of Company Stock at
the date of sale.

 

8.3.       Restrictions.
All shares of restricted stock transferred or sold hereunder shall be subject to such restrictions as the Board may determine, including
without limitation any or all of the following:

 

(a)       a
prohibition against the sale, transfer, pledge or other encumbrance of the shares of restricted stock, such prohibition to lapse at such
time or times as the Board shall determine (whether in annual or more frequent installments, at the time of the death, disability or retirement
of the holder of such shares, or otherwise);

 

(b)       a
requirement that the holder of shares of restricted stock forfeit, or (in the case of shares sold to a participant) resell back to the
Company at his or her cost, all or a part of such shares in the event of termination of his or her employment or consulting engagement
during any period in which such shares are subject to restrictions; or

 

(c)       such
other conditions or restrictions as the Board may deem advisable.

 

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8.4.       Escrow.
In order to enforce the restrictions imposed by the Board pursuant to Section 8.3, the participant receiving shares of restricted stock
shall enter into an agreement with the Company setting forth the conditions of the grant. Shares of restricted stock shall be registered
in the name of the participant and deposited, together with an assignment separate from certificate endorsed in blank, with the Company.
Each such certificate shall bear a legend in substantially the following form:

 

THE TRANSFERABILITY OF THE SHARES
REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING CONDITIONS OF FORFEITURE) CONTAINED IN THE 2010 STOCK
INCENTIVE PLAN OF MIROMATRIX MEDICAL INC. (THE “COMPANY”), AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER
HEREOF AND THE COMPANY. A COPY OF THE 2010 STOCK INCENTIVE PLAN AND THE AGREEMENT IS ON FILE IN THE OFFICE OF THE SECRETARY OF THE COMPANY.

 

8.5.       End
of Restrictions. Subject to Section 11.5, at the end of any time period during which the shares of restricted stock are subject to
forfeiture and restrictions on transfer, such shares will be delivered free of all restrictions to the participant or to the participant’s
legal representative, beneficiary or heir.

 

8.6.       Rights
as Holders of Restricted Stock. Subject to the terms and conditions of the Plan, each participant receiving restricted stock shall
have all the rights of a stockholder with respect to shares of restricted stock during any period in which such shares are subject to
forfeiture and restrictions on transfer, including without limitation the right to vote such shares. Dividends paid in cash or property
(other than dividends payable in stock, in the nature of a stock dividend or split) with respect to restricted stock shall be paid to
the participant currently, unless the Board determines otherwise in its sole discretion. Unless the Board specifically determines otherwise
in its sole discretion, any dividends (including regular quarterly cash dividends) paid with respect to restricted stock will be subject
to the same restrictions as the shares of restricted stock to which such dividends relate. In the event the Board determines not to pay
dividends currently, the Board will determine in its sole discretion whether any interest will be paid on such dividends. In addition,
the Board in its sole discretion may require such dividends to be reinvested (and in such case the participant consents to such reinvestment)
in shares of restricted stock that will be subject to the same restrictions as the shares to which such dividends relate.

 

9.       Performance
Shares. A performance share consists of an award which shall be paid in shares of Company Stock, as described below. The grant of
a performance share shall be subject to such terms and conditions as the Board deems appropriate, including the following:

 

9.1.       Performance
Objectives. Each performance share will be subject to performance objectives for the Company or one of its operating divisions to
be achieved by the participant before the end of a specified period. The number of performance shares granted shall be determined by the
Board and may be subject to such terms and conditions as the Board shall determine. If the performance objectives are achieved, each participant
will be paid in shares of Company Stock, or cash, or both, as determined by the Board. If such objectives are not met, each grant of performance
shares may provide for lesser payments in accordance with formulae established in the award.

 

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9.2.       Not
a Stockholder. The grant of performance shares to a participant shall not create any rights in such participant as a stockholder of
the Company, until the payment of shares of Company Stock with respect to an award.

 

9.3.       No
Adjustments. No adjustment shall be made in performance shares granted on account of cash dividends which may be paid or other rights
which may be issued to the holders of shares of Company Stock prior to the end of any period for which performance objectives were established.

 

9.4.       Expiration
of Performance Share. If any participant’s employment or consulting engagement with the Company is terminated for any reason
other than normal retirement, death or disability prior to the achievement of the participant’s stated performance objectives, all
the participant’s rights with respect to the performance shares shall expire and terminate unless otherwise determined by the Board.
In the event of termination of employment or consulting by reason of death, disability, or normal retirement, then the Board, in its own
discretion may determine what portions, if any, of the performance shares should be paid to the participant.

 

10.       Change
of Control.

 

10.1       Change
in Control. For purposes of this Section 10, a “Change in Control” of the Company will mean the following:

 

(a)       the
sale, lease, exchange or other transfer, directly or indirectly, of substantially all of the assets of the Company (in one transaction
or in a series of related transactions) to a person or entity that is not controlled by the Company;

 

(b)       the
approval by the stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company;

 

(c)       any
person becomes after the effective date of the Plan the “beneficial owner” (as defined in Rule 13d-3 under the Securities
and Exchange Act of 1934, as amended (the “Exchange Act”), directly or indirectly, of (i) 20% or more, but not 50%
or more, of the combined voting power of the Company’s outstanding equity securities ordinarily having the right to vote in matters
submitted to a vote of the Company’s stockholders, unless the transaction resulting in such ownership has been approved in advance
by the Continuing Directors (as defined below), or (ii) 50% or more of the combined voting power of the Company’s outstanding equity
securities ordinarily having the right to vote in matters submitted to a vote of the Company’s stockholders (regardless of any approval
by the Continuing Directors); or

 

(d)       a
merger or consolidation to which the Company is a party if the Company’s stockholders immediately prior to effective date of such
merger or consolidation have “beneficial ownership” (as defined in Rule 13d-3 of the Exchange Act), immediately following
the effective date of such merger or consolidation, of securities of the surviving entity representing (i) 50% or more, but less than
80%, of the combined voting power of the surviving entity’s then-outstanding securities ordinarily having the right to vote in matters
submitted to a vote of the owners of such entity, unless such merger or consolidation has been approved in advance by the Continuing Directors,
or (ii) less than 50% of the combined voting power of the surviving entity’s then-outstanding securities ordinarily having
the right to vote in matters submitted to a vote of the owners of such entity (regardless of any approval by the Continuing Directors).

 

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(e)       notwithstanding
the foregoing, any transaction that is fundamentally a financing transaction, as determined in good faith by the Board, shall not be deemed
a change of control for the purposes of the Plan.

 

10.2       Continuing
Directors. For purposes of this Section 10, “Continuing Directors” of the Company will mean any individuals who
are members of the Board on the effective date of the Plan and any individual who subsequently becomes a member of the Board whose (i)
election or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the Continuing
Directors, or (ii) appointment is permitted under the Company’s Certificate of Incorporation and Bylaws.

 

10.3       Acceleration
of Incentives. Without limiting the authority of the Board under the Plan, if a Change in Control of the Company occurs whereby the
acquiring entity or successor to the Company does not assume the Incentives or replace them with substantially equivalent incentive awards;
then, unless otherwise determined by the Board in its reasonable discretion or provided by the Board in its sole discretion in the agreement
evidencing an Incentive at the time of grant, as of the date of the Change of Control: (a) all outstanding options and Appreciation Rights
will vest and will become immediately exercisable in full and will remain exercisable for the remainder of their terms, regardless of
whether the participant to whom such options or Appreciation Rights have been granted remains in the employ or service of the Company
or any subsidiary of the Company or any acquiring entity or successor to the Company; (b) the restrictions on all shares of restricted
stock under the Plan shall lapse immediately; and (c) all performance objectives relating to performance shares shall be deemed to be
met and payment made immediately.

 

10.4       Cash
Payment for Options. If a Change in Control of the Company occurs, then the Board, if approved by the Board in its sole discretion
either in an agreement evidencing an option at the time of grant or at any time after the grant of an option, and without the consent
of any participant affected thereby, may determine that:

 

(a)       some
or all participants holding outstanding options will receive, with respect to some or all of the shares of Company Stock subject to such
options, as of the effective date of any such Change in Control of the Company, cash in an amount equal to the excess of the Fair Market
Value of such shares immediately prior to the effective date of such Change in Control of the Company over the exercise price per share
of such options; and

 

(b)       any
options as to which, as of the effective date of any such Change in Control, the Fair Market Value of the shares of Company Stock subject
to such options is less than or equal to the exercise price per share of such options, shall terminate as of the effective date of any
such Change in Control.

 

If the Board makes
a determination as set forth in subparagraph (a) of this Section 10.4, then as of the effective date of any such Change in Control of
the Company such options will terminate as to such shares of Company Stock and the participants formerly holding such options will only
have the right to receive such cash payment(s). If the Board makes a determination as set forth in subparagraph (b) of this Section 10.4,
then as of the effective date of any such Change in Control of the Company such options will terminate, become void and expire as to all
unexercised shares of Company Stock subject to such options on such date, and the participants formerly holding such options will have
no further rights with respect to such options.

 

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11.       General
Provisions.

 

11.1.       Effective
Date. The Plan will become effective upon approval by the Company’s Board.

 

11.2.       Duration.
The Plan shall remain in effect until all Incentives granted under the Plan have either been satisfied by the issuance of shares of Company
Stock or the payment of cash or been terminated under the terms of the Plan and all restrictions imposed on shares of Company Stock in
connection with their issuance under the Plan have lapsed.

 

11.3.       Non-transferability
of Incentives. Except in the event of the holder’s death, by will or the laws of descent and distribution to the limited extent
provided in the Plan or the Incentive, no option, Appreciation Right, share of restricted stock or performance share may be transferred,
pledged or assigned by the holder thereof, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise,
and the Company shall not be required to recognize any attempted assignment of such rights by any participant, unless the Board determines
otherwise. During a participant’s lifetime, an Incentive may be exercised only by him or her or by his or her guardian or legal
representative.

 

11.4.       Effect
of Termination or Death. In the event that a participant ceases to be an employee, director, officer of or consultant to the Company
(or a subsidiary of the Company), or the participant’s other service with the Company is terminated for any reason, including death,
any Incentives may be exercised or shall expire at such times as may be determined by the Board in its sole discretion in the agreement
evidencing an Incentive. Notwithstanding the other provisions of this Section 11.4, upon a participant’s termination of employment
or other service with the Company and all subsidiaries, the Board may, in its sole discretion (which may be exercised at any time on or
after the date of grant, including following such termination), cause options and Appreciation Rights (or any part thereof) then held
by such participant to become or continue to become exercisable and/or remain exercisable following such termination of employment or
service and awards of restricted stock, performance shares and stock awards then held by such participant to vest and/or continue to vest
or become free of transfer restrictions, as the case may be, following such termination of employment or service, in each case in the
manner determined by the Board; provided, however, that no Incentive may remain exercisable or continue to vest beyond its expiration
date, unless the Incentive satisfies (or is amended to satisfy) the requirements of Code Section 409A.

 

11.5.       Additional
Conditions. Notwithstanding anything in this Plan to the contrary: (a) the Company may, if it shall determine it necessary or
desirable for any reason, at the time of award of any Incentive or the issuance of any shares of Company Stock pursuant to any
Incentive, require the recipient of the Incentive, as a condition to the receipt thereof or to the receipt of shares of Company
Stock issued pursuant thereto, to deliver to the Company a written representation of present intention to acquire the Incentive or
the shares of Company Stock issued pursuant thereto for his or her own account for investment and not for distribution; and (b) if
at any time the Company further determines, in its sole discretion, that the listing, registration or qualification (or any updating
of any such document) of any Incentive or the shares of Company Stock issuable pursuant thereto is necessary on any securities
exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory
body is necessary or desirable as a condition of, or in connection with the award of any Incentive, the issuance of shares of
Company Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such Incentive shall not be awarded or
such shares of Company Stock shall not be issued or such restrictions shall not be removed, as the case may be, in whole or in part,
unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions
not acceptable to the Company. Notwithstanding any other provision of the Plan or any agreements entered into pursuant to the Plan,
the Company will not be required to issue any shares of Company Stock under this Plan, and a participant may not sell, assign,
transfer or otherwise dispose of shares of Company Stock issued pursuant to any Incentives granted under the Plan, unless
(a) there is in effect with respect to such shares a registration statement under the Securities Act of 1933 (the
 “Securities Act”), and any applicable state or foreign securities laws or an exemption from such registration
under the Securities Act and applicable state or foreign securities laws, and (b) there has been obtained any other consent,
approval or permit from any other regulatory body which the Board, in its sole discretion, deems necessary or advisable. The Company
may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved, and
the placement of any legends on any certificates representing shares, as may be deemed necessary or advisable by the Company in
order to comply with such securities law or other restrictions.

 

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11.6.       Adjustment.
In the event of any merger, consolidation or reorganization of the Company with any other entity, there shall be substituted for each
of the shares of Company Stock then subject to the Plan, including shares subject to restrictions, options, or achievement of performance
objectives, the number and kind of other securities to which the holders of the shares will be entitled pursuant to the transaction. In
the event of any recapitalization, reclassification, stock split, combination of stock or other similar change in the organizational or
capital structure of the Company, the exercise price of an outstanding Incentive and the number of shares of Company Stock then subject
to the Plan, including shares subject to restrictions, options or achievements of performance shares, shall be adjusted in proportion
to the change in outstanding shares in order to prevent dilution or enlargement of the rights of the participants. In the event of any
such adjustments, the purchase price of any option, the performance objectives of any Incentive, and the shares issuable pursuant to any
Incentive shall be adjusted as and to the extent appropriate, in the discretion of the Board, to provide participants with the same relative
rights before and after such adjustment.

 

11.7.       Incentive
Plans and Agreements. Except in the case of stock awards or cash awards, the terms of each Incentive shall be stated in a plan or
agreement approved by the Board. The Board may also determine to enter into agreements with holders of options to reclassify or convert
certain outstanding options, within the terms of the Plan, and for any other purpose not manifestly inconsistent with the intent of the
Plan.

 

11.8.       Withholding.

 

(a)       The
Company shall have the right to (i) withhold and deduct from any payments made under the Plan or from future wages or guaranteed payments
of the participant (or from other amounts that may be due and owing to the participant from the Company or a subsidiary of the Company),
or make other arrangements for the collection of, all legally required amounts necessary to satisfy any and all foreign, federal, state
and local withholding and employment-related tax requirements attributable to an Incentive, or (ii) require the participant promptly to
remit the amount of such withholding to the Company before taking any action, including issuing any shares of Company Stock, with respect
to an Incentive. At any time when a participant is required to pay to the Company an amount required to be withheld under applicable income
tax laws in connection with a distribution of shares or upon exercise of an option or Appreciation Right, the participant may satisfy
this obligation in whole or in part by electing (the “Election”) to have the Company withhold from the distribution
shares of Company Stock having a value up to the amount required to be withheld. The value of the shares of Company Stock to be withheld
shall be based on the Fair Market Value of the shares on the date that the amount of tax to be withheld shall be determined (the “Tax
Date”).

 

(b)       Each
Election must be made prior to the Tax Date. The Board may disapprove of any Election, may suspend or terminate the right to make Elections,
or may provide with respect to any Incentive that the right to make Elections shall not apply to such Incentive. An Election is irrevocable.

 

    -10-

     

    

 

11.9.       No
Continued Employment, Engagement or Right to Company Assets. No participant under the Plan shall have any right, because of his or
her participation, to continue in the employ of the Company for any period of time or to any right to continue his or her present or any
other rate of compensation. Nothing contained in the Plan shall be construed as giving an employee, a consultant, a director, an officer,
or any such persons’ beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating
a trust of any kind or a fiduciary relationship of any kind between the Company and any such person.

 

11.10.       Deferral
Permitted. Payment of cash or distribution of any shares of Company Stock to which a participant is entitled under any Incentive shall
be made as provided in the Incentive. Payment may be deferred at the option of the participant if provided in the Incentive. Except as
permitted under Section 11.16, payments and distributions may not be deferred under any incentive unless the deferral complies with the
requirements of Code Section 409A.

 

11.11.       Amendment
of the Plan. The Board may amend, suspend or discontinue the Plan at any time. The Board may restrict the rights of participants or
the applicability of this Section 11.11 to the extent necessary to comply with Section 16(b) of the Exchange Act, the Code or any other
applicable law or regulation. The grant of an Incentive award pursuant to the Plan shall not limit in any way the right or power of the
Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, exchange
or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets.

 

11.12.       Definition
of Fair Market Value. For purposes of this Plan, the “Fair Market Value” of an applicable share of Company Stock
at a specified date shall, unless otherwise expressly provided in this Plan, be the amount which the Board determines in good faith in
the exercise of its reasonable discretion to be 100% of the fair market value of such share as of the date in question.

 

11.13       Breach
of Non-Disclosure, Confidential Information, Non-Competition, Non-Solicitation or Invention Assignment Agreements. Notwithstanding
anything in the Plan to the contrary, in the event that a participant materially breaches the terms of any non-disclosure, confidential
information, non-competition, non-solicitation or invention assignment covenant or agreement entered into with the Company or any subsidiary
of the Company (regardless of how such covenant or agreement is styled or titled), whether such breach occurs before or after termination
of such participant’s employment or other service with the Company or any subsidiary, the Board in its sole discretion may immediately
terminate all rights of the participant under the Plan and any agreements evidencing an Incentive then held by the participant without
notice of any kind.

 

11.14       Governing
Law. The validity, construction, interpretation, administration and effect of the Plan and any rules, regulations and actions relating
to the Plan will be governed by and construed exclusively in accordance with the laws of the State of Minnesota, notwithstanding the conflict-of-laws
principles of any jurisdictions.

 

11.15       Successors
and Assigns. The Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Company and the
participants in the Plan.

 

11.16       Compliance
with Code Section 409A. This Agreement will be interpreted and administered in a manner intended to comply with Code Section 409A.

  

Date of Adoption: February 26, 2010

 

    -11-Exhibit 10.28

 

Executive version

 

MIROMATRIX MEDICAL INC.

2019 EQUITY INCENTIVE PLAN

 

1.       Purpose.
The purpose of the Miromatrix Medical Inc. 2019 Equity Incentive Plan (the “Plan”) is to attract and retain the best available
personnel for positions of responsibility with the Company, to provide additional incentives to them and align their interests with those
of the Company’s stockholders, and to thereby promote the Company’s long-term business success.

 

2.       Definitions.
In this Plan, the following definitions will apply.

 

(a)       “Affiliate”
means any corporation that is a Subsidiary or Parent of the Company.

 

(b)       “Agreement”
means the written or electronic agreement, notice or other document containing the terms and conditions applicable to each Award granted
under the Plan. An Agreement is subject to the terms and conditions of the Plan.

 

(c)       “Award”
means a grant made under the Plan in the form of Options, Stock Appreciation Rights, Restricted Stock, Stock Units or an Other Stock-Based
Award.

 

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

 

(e)       “Cause”
means, unless otherwise defined in a then-effective written agreement (including an Agreement) between a Participant and the Company or
any Affiliate, a Participant’s (i) failure or refusal to perform satisfactorily the duties reasonably required of the Participant
by the Company (other than by reason of Disability) in any material respect; (ii) material violation of any law, rule, regulation, court
order or Company code of conduct; (iii) material breach of any fiduciary duty to the Company or any Affiliate; (iv) material breach of
any nondisclosure, non-solicitation, non-competition or similar obligation owed to the Company or any of its Affiliates; or (v) engaging
in dishonorable or disruptive behavior, practices or acts which would be reasonably expected to harm or bring disrepute to Company or
any of its Affiliates, their business or any of their customers, employees or vendors.

 

(f)       “Change
in Control” means, unless otherwise defined in a then-effective written agreement (including an Agreement) between a Participant
and the Company or any Affiliate hereunder:

 

(1)     any person becomes
after the effective date of the Plan the “beneficial owner” (as defined in Rule 13d-3 under the Securities and Exchange Act
of 1934, as amended (the “Exchange Act”), directly or indirectly, of:

 

(A)     20% or more, but
not 50% or more, of the combined voting power of the Company’s outstanding equity securities ordinarily having the right to vote
in matters submitted to a vote of the Company’s stockholders, unless the transaction resulting in such ownership has been approved
in advance by the Continuing Directors; or

 

(B)     50% or more of the
combined voting power of the Company’s outstanding equity securities ordinarily having the right to vote in matters submitted to
a vote of the Company’s stockholders (regardless of any approval by the Continuing Directors); or

 

    

     

    

 

(2)     a merger or consolidation
to which the Company is a party if the Company’s stockholders immediately prior to effective date of such merger or consolidation
have “beneficial ownership” (as defined in Rule 13d-3 of the Exchange Act), immediately following the effective date
of such merger or consolidation, of securities of the surviving entity representing:

 

(A)     50% or more, but
less than 80%, of the combined voting power of the surviving entity’s then-outstanding securities ordinarily having the right to
vote in matters submitted to a vote of the owners of such entity, unless such merger or consolidation has been approved in advance by
the Continuing Directors; or

 

(B)     less than 50% of
the combined voting power of the surviving entity’s then-outstanding securities ordinarily having the right to vote in matters submitted
to a vote of the owners of such entity (regardless of any approval by the Continuing Directors); or

 

(3)     the
sale, lease, exchange or other transfer, directly or indirectly, of substantially all of the assets of the Company (in one transaction
or in a series of related transactions) to a person or entity that is not controlled by the Company; or

 

(4)     the consummation
of a complete liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, any transaction
that is fundamentally a financing transaction, as determined in good faith by the Board, shall not be deemed a change of control for the
purposes of the Plan. In addition, if any repurchase or other acquisition by the Company of its outstanding equity securities causes any
person to become the beneficial owner of the combined voting power of the Company’s outstanding equity securities over the threshold
amounts referenced in clauses 1(A) and 1(B) above, then no change of control will be deemed to have occurred for the purposes of the Plan.

 

Notwithstanding the foregoing, to the extent that
any Award constitutes a deferral of compensation subject to Code Section 409A, and if that Award provides for a change in the time or
form of payment upon a Change in Control, then no Change in Control shall be deemed to have occurred upon an event described in this Section
2(f) unless the event would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial
portion of the assets of, the Company under Code Section 409A.

 

(g)       “Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time. For purposes of the Plan, references to sections
of the Code shall be deemed to include any applicable regulations thereunder and any successor or similar statutory provisions.

 

(h)       “Committee”
means the Board or a committee of the Board comprised of two or more Non-Employee Directors designated by the Board to administer the
Plan.

 

(i)         “Company”
means Miromatrix Medical Inc., a Delaware corporation, and any successor thereto.

 

(j)       “Continuing
Director” means any individual who is a member of the Board on the effective date of the Plan and any individual who subsequently
becomes a member of the Board whose (i) election or nomination for election by the Company’s stockholders was approved by a vote
of at least a majority of the Continuing Directors, or (ii) appointment is permitted under the Company’s Certificate of Incorporation
and Bylaws.

 

(k)      “Disability”
means (A) any permanent and total disability under any long-term disability plan or policy of the Company or its Affiliates that covers
the Participant, or (B) if there is no such long-term disability plan or policy, “total and permanent disability” within the
meaning Code Section 22(e)(3).

 

(l)       “Employee”
means an employee of the Company or an Affiliate.

 

    2

     

    

 

(m)       “Exchange
Program” means a program under which (i) outstanding Options or SARs are surrendered or cancelled in exchange for Options or SARs
of the same type (which may have lower or higher exercise prices and different terms), Awards of a different type and/or cash, or (ii)
the exercise price of an outstanding Option or SAR is reduced. The terms and conditions of any Exchange Program shall be determined by
the Committee in its sole discretion.

 

(n)       “Fair
Market Value” means the fair market value of a Share determined as follows:

 

(1)       If
the Shares are readily tradable on an established securities market (as determined under Code Section 409A), then Fair Market Value will
be the closing or last sales price for a Share on the principal securities market on which it trades on the date for which it is being
determined, or if no sale of Shares occurred on that date, on the next preceding date on which a sale of Shares occurred, as reported
in The Wall Street Journal or such other source as the Committee deems reliable; or

 

(2)       If
the Shares are not then readily tradable on an established securities market (as determined under Code Section 409A), then Fair Market
Value will be determined by the Committee as the result of a reasonable application of a reasonable valuation method that satisfies the
requirements of Code Section 409A.

 

(o)       “Grant
Date” means the date on which the Committee approves the grant of an Award under the Plan, or such later date as may be specified
by the Committee on the date the Committee approves the Award.

 

(p)       “Group”
means two or more persons who act, or agree to act together, as a partnership, limited partnership, syndicate or other group for the purpose
of acquiring, holding, voting or disposing of securities of the Company.

 

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

 

(r)       “Option”
means a right granted under the Plan to purchase a specified number of Shares at a specified price. An “Incentive Stock Option”
or “ISO” means any Option designated as such and granted in accordance with the requirements of Code Section 422. A “Non-Qualified
Stock Option” means an Option other than an Incentive Stock Option.

 

(s)       “Other
Stock-Based Award” means an Award described in Section 11 of this Plan.

 

(t)       “Parent”
means a “parent corporation,” as defined in Code Section 424(e).

 

(u)       “Participant”
means a Service Provider to whom a then-outstanding Award has been granted under the Plan.

 

(v)       “Plan”
means this Miromatrix Medical Inc. 2019 Equity Incentive Plan, as amended and in effect from time to time.

 

(w)      “Restricted
Stock” means Shares issued to a Participant that are subject to such restrictions on transfer, vesting conditions and other
restrictions or limitations as may be set forth in this Plan and the applicable Agreement.

 

(x)       “Service”
means the provision of services by a Participant to the Company or any Affiliate in any Service Provider capacity. A Service
Provider’s Service shall be deemed to have terminated either upon an actual cessation of providing services or upon the entity
for which the Service Provider provides services ceasing to be an Affiliate. Except as otherwise provided in this Plan or any
Agreement, Service shall not be deemed terminated in the case of (i) any approved leave of absence; (ii) transfers among the Company
and any Affiliates in any Service Provider capacity; or (iii) any change in status so long as the individual remains in the service
of the Company or any Affiliate in any Service Provider capacity.

 

    3

     

    

 

(y)       “Service
Provider” means an Employee, a Non-Employee Director, or any consultant or advisor who is a natural person and who provides services
(other than in connection with (i) a capital-raising transaction or (ii) promoting or maintaining a market in Company securities)
to the Company or any Affiliate.

 

(z)       “Share”
means a share of Stock.

 

(aa)     “Stock”
means the common stock, par value $0.00001 per share, of the Company.

 

(bb)     “Stock
Appreciation Right” or “SAR” means the right to receive, in cash and/or Shares as determined by the Committee, an amount
equal to the appreciation in value of a specified number of Shares between the Grant Date of the SAR and its exercise date.

 

(cc)     “Stock Unit”
means a right to receive, in cash and/or Shares as determined by the Committee, the Fair Market Value of a Share, subject to such restrictions
on transfer, vesting conditions and other restrictions or limitations as may be set forth in this Plan and the applicable Agreement.

 

(dd)     “Subsidiary”
means a “subsidiary corporation,” as defined in Code Section 424(f), of the Company.

 

3.       Administration
of the Plan.

 

(a)       Administration.
The authority to control and manage the operations and administration of the Plan shall be vested in the Committee in accordance with
this Section 3.

 

(b)       Scope
of Authority. Subject to the terms of the Plan, the Committee shall have the authority, in its discretion, to take such actions as
it deems necessary or advisable to administer the Plan, including:

 

(1)       determining
the Service Providers to whom Awards will be granted, the timing of each such Award, the types of Awards and the number of Shares covered
by each Award, the terms, conditions, performance criteria, restrictions and other provisions of Awards, and the manner in which Awards
are paid or settled;

 

(2)       cancelling
or suspending an Award, accelerating the vesting or extending the exercise period of an Award, or otherwise amending the terms and conditions
of any outstanding Award, subject to the requirements of Section 15(d);

 

(3)       adopting
sub plans or special provisions applicable to Awards, establishing, amending or rescinding rules to administer the Plan, interpreting
the Plan and any Award or Agreement made under the Plan, reconciling any inconsistency, correcting any defect or supplying an omission
in the Plan or any Agreement, and making all other determinations necessary or
desirable for the administration of the Plan; 

 

(4)       instituting
an Exchange Program, the terms and conditions of which shall be determined by the Committee in its sole discretion; and

 

    4

     

    

 

(5)       requiring
or permitting the deferral of the settlement of an Award, and establishing the terms and conditions of any such deferral.

 

(c)       Acts
of the Committee; Delegation. A majority of the members of the Committee shall constitute a quorum for any meeting of the Committee,
and any act of a majority of the members present at any meeting at which a quorum is present or any act unanimously approved in writing
by all members of the Committee shall be the act of the Committee. To the extent not inconsistent with applicable law or stock exchange
rules, the Committee may delegate all or any portion of its authority under the Plan to any one or more of its members or, as to Awards
that are made to Participants who are neither Non-Employee Directors nor executive officers of the Company, to one or more directors or
executive officers of the Company. The Committee may also delegate non-discretionary administrative responsibilities in connection with
the Plan to such other persons as it deems advisable.

 

(d)       Finality
of Decisions. The Committee’s interpretation of the Plan and of any Award or Agreement made under the Plan and all related decisions
or resolutions of the Board or Committee shall be final and binding on all parties with an interest therein.

 

(e)       Indemnification.
Each person who is or has been a member of the Committee or of the Board, and any other person to whom the Committee delegates authority
under the Plan, shall be indemnified by the Company, to the maximum extent permitted by law, against liabilities and expenses imposed
upon or reasonably incurred by such person in connection with or resulting from any claims against such person by reason of the performance
of the individual's duties under the Plan. This right to indemnification is conditioned upon such person providing the Company an opportunity,
at the Company’s expense, to handle and defend the claims before such person undertakes to handle and defend them on such person’s
own behalf. The Company will not be required to indemnify any person for any amount paid in settlement of a claim unless the Company has
first consented in writing to the settlement. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such person or persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law,
or otherwise.

 

4.       Shares
Available Under the Plan.

 

(a)       Maximum
Shares Available. Subject to Section 4(b) and to adjustment as provided in Section 12(a), a total of 1,000,000 Shares may be the subject
of Awards and issued under the Plan. The maximum number of Shares that may be issued upon the exercise of Incentive Stock Options shall
equal the aggregate number of Shares stated in the previous sentence. Shares issued under the Plan may come from authorized and unissued
shares or treasury shares. In determining the number of Shares to be counted against this Share reserve in connection with any Award,
the following rules shall apply:

 

(1)       Where
the number of Shares subject to an Award is variable on the Grant Date, the number of Shares to be counted against the share reserve shall
be the maximum number of Shares that could be received under that particular Award, until such time as it can be determined that only
a lesser number of shares could be received.

 

(2)       Where
two or more types of Awards are granted to a Participant in tandem with each other, such that the exercise of one type of Award with respect
to a number of Shares cancels at least an equal number of Shares of the other, the number of Shares to be counted against the share reserve
shall be the largest number of Shares that would be counted against the share reserve under either of the Awards.

 

(3)       Awards
that may be settled solely in cash shall not be counted against the share reserve.

 

    5

     

    

 

(b)       Effect
of Forfeitures and Other Actions. Any Shares subject to an Award that is forfeited, expires, is settled for cash, is surrendered pursuant
to an Exchange Program, or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award shall, to
the extent of such forfeiture, expiration, cash settlement, surrender or non-issuance, again become available for Awards under this Plan,
and the Share reserve under Section 4(a) shall be correspondingly increased. In the event that (i) any Award is exercised through the
tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company in payment of the applicable exercise
price, or (ii) any tax withholding obligations arising from such Award are satisfied by the tendering of Shares (either actually or by
attestation) or by the withholding of Shares by the Company, then the Shares so tendered or withheld shall again become available for
Awards under this Plan, and the Share reserve under Section 4(a) shall be correspondingly increased.

 

(c)       No
Fractional Shares. Unless otherwise determined by the Committee, the number of Shares subject to an Award shall always be a whole
number. No fractional Shares may be issued under the Plan, but the Committee may, in its discretion, adopt any rounding convention it
deems suitable or pay cash in lieu of any fractional Share in settlement of an Award.

 

5.       Eligibility.
Participation in the Plan is limited to Service Providers. Incentive Stock Options may only be granted to Employees.

 

6.       General
Terms of Awards.

 

(a)       Award
Agreement. Each Award shall be evidenced by an Agreement setting forth the amount of the Award together with such other terms and
conditions applicable to the Award (and not inconsistent with the Plan) as determined by the Committee. An Award to a Participant may
be made singly or in combination with any form of Award.

 

(b)       Vesting
and Term. Each Agreement shall set forth the period until the applicable Award is scheduled to vest and, if applicable, expire (which
shall not be more than ten years from the Grant Date), the applicable vesting conditions and any applicable performance period. The Committee
may provide in an Agreement for such vesting conditions and timing as it may determine.

 

(c)       Transferability.
Except as provided in this Section 6(c), (i) during the lifetime of a Participant, only the Participant or the Participant’s guardian
or legal representative may exercise an Option or SAR, or receive payment with respect to any other Award; and (ii) no Award may be sold,
assigned, transferred, exchanged or encumbered, voluntarily or involuntarily, other than by will or the laws of descent and distribution.
Any attempted transfer in violation of this Section 6(c) shall be of no effect. The Committee may, however, provide in an Agreement
or otherwise that an Award (other than an Incentive Stock Option) may be transferred pursuant to a domestic relations order or may be
transferable by gift to any “family member” (as defined in Rule 701 under the Securities Act of 1933) of the Participant.
Any Award held by a transferee shall continue to be subject to the same terms and conditions that were applicable to that Award immediately
before the transfer thereof. For purposes of any provision of the Plan relating to notice to a Participant or to acceleration or termination
of an Award upon the death or termination of Service of a Participant, the references to “Participant” shall mean the original
grantee of an Award and not any transferee.

 

(d)       Designation
of Beneficiary. To the extent permitted by the Committee, a Participant may designate a beneficiary or beneficiaries to exercise any
Award or receive a payment under any Award that is exercisable or payable on or after the Participant’s death. Any such designation
shall be on a form approved by the Committee and shall be effective upon its receipt by the Company.

 

    6

     

    

 

(e)       Termination
of Service. Unless otherwise provided in an Agreement or another then effective written agreement between a Participant and the Company,
and subject to Section 12 of this Plan, if a Participant’s Service with the Company and all of its Affiliates terminates, the following
provisions shall apply (in all cases subject to the scheduled expiration of an Option or SAR Award, as applicable):

 

(1)       Upon
termination of Service for Cause, all unexercised Option and SAR Awards and all unvested portions of any other outstanding Awards shall
be immediately forfeited without consideration.

 

(2)       Upon
termination of Service for any other reason, all unvested and unexercisable portions of any outstanding Awards shall be immediately forfeited
without consideration.

 

(3)       Upon
termination of Service for any reason other than Cause, death or Disability, the currently vested and exercisable portions of Option and
SAR Awards may be exercised for a period of three months after the date of such termination. However, if a Participant thereafter dies
during such three-month period, the vested and exercisable portions of the Option and SAR Awards may be exercised for a period of one
year after the date of such termination.

 

(4)       Upon
termination of Service due to death or Disability, the currently vested and exercisable portions of Option and SAR Awards may be exercised
within one year of the date of such termination.

 

(f)       Rights
as Stockholder. No Participant shall have any rights as a stockholder with respect to any Shares covered by an Award unless and until
the date the Participant becomes the holder of record of the Shares, if any, to which the Award relates.

 

(g)       Performance-Based
Awards. Any Award may be granted as a performance-based Award if the Committee establishes one or more measures of corporate,
business unit or individual performance which must be attained, and the performance period over which the specified performance is to
be attained, as a condition to the grant, vesting, exercisability, lapse of restrictions and/or settlement in cash or Shares of such Award.
In connection with any such Award, the Committee shall determine the extent to which performance measures have been attained and other
applicable terms and conditions have been satisfied, and the degree to which the grant, vesting, exercisability, lapse of restrictions
and/or settlement of such Award has been earned. The Committee shall also have the authority to provide, in an Agreement or otherwise,
for the modification of a performance period and/or an adjustment or waiver of the achievement of performance measures under specified
circumstances such as (i) the occurrence of events that are unusual in nature or infrequently occurring, such as a Change in Control,
an equity restructuring (as described in Section 12(a)), acquisitions, divestitures, restructuring activities, recapitalizations, or asset
write-downs, (ii) a change in applicable tax laws or accounting principles, or (iii) the Participant’s death or Disability.

 

7.       Stock
Option Awards.

 

(a)       Type
and Exercise Price. The Agreement pursuant to which an Option Award is granted shall specify whether the Option is an Incentive Stock
Option or a Non-Qualified Stock Option. The exercise price at which each Share subject to an Option may be purchased shall be determined
by the Committee and set forth in the Agreement, and shall not be less than the Fair Market Value of a Share on the Grant Date.

 

(b)       Payment
of Exercise Price. The purchase price of the Shares with respect to which an Option Award is exercised shall be payable in full
at the time of exercise. The purchase price may be paid in cash or in such other manner as the Committee may permit, including by
withholding Shares otherwise issuable to the Participant upon exercise of the Option, by delivery to the Company of Shares (by
actual delivery or attestation) already owned by the Participant (in each case, such Shares having a Fair Market Value as of the
date the Option is exercised equal to the purchase price of the Shares being purchased), by delivery of a promissory note, or a
combination thereof. Any promissory note to be accepted in payment of the exercise price of an Option Award shall contain such terms
and conditions as may be specified by the Committee, and be secured by the Option Shares and such other collateral as the Committee
may deem acceptable.

 

    7

     

    

 

(c)       Exercisability
and Expiration. Each Option Award shall be exercisable in whole or in part on the terms provided in the Agreement. An Agreement may
provide that a Participant, while still a Service Provider, may elect to exercise an Option Award in whole or in part at any time prior
to the full vesting of the Option Award. Any unvested Shares so purchased shall be subject to a repurchase right in favor of the Company
or to any other restriction the Committee deems appropriate. No Option Award shall be exercisable at any time after its scheduled expiration.
When an Option Award is no longer exercisable, it shall be deemed to have terminated.

 

(d)       Incentive
Stock Options.

 

(1)       Incentive
Stock Option Awards may be granted pursuant to the Plan only if the Company’s stockholders approve the Plan within 12 months of
its adoption by the Board. If the stockholders fail to approve the Plan within 12 months of its adoption by the Board, any Incentive Stock
Option Award already made under the Plan shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes
as a Non-Qualified Stock Option.

 

(2)       An
Option Award will constitute an Incentive Stock Option Award only if the Participant receiving the Option Award is an Employee, and only
to the extent that (i) it is so designated in the applicable Agreement and (ii) the aggregate Fair Market Value (determined as of the
Option Grant Date) of the Shares with respect to which Incentive Stock Option Awards held by the Participant first become exercisable
in any calendar year (under the Plan and all other plans of the Company and its Affiliates) does not exceed $100,000. To the extent an
Option Award granted to a Participant exceeds this limit, the Option Award shall be treated as a Non-Qualified Stock Option Award.

 

(3)       No
Participant may receive an Incentive Stock Option Award under the Plan if, immediately after the grant of such Award, the Participant
would own (after application of the rules contained in Code Section 424(d)) Shares possessing more than 10% of the total combined Voting
Power of all classes of stock of the Company or an Affiliate, unless (i) the per Share exercise price for such Award is at least 110%
of the Fair Market Value of a Share on the Grant Date and (ii) such Award will expire no later than five years after its Grant Date.

 

(4)       For
purposes of continued Service by a Participant who has been granted an Incentive Stock Option Award, no approved leave of absence may
exceed three months unless reemployment upon expiration of such leave is provided by statute or contract. If reemployment is not so provided,
then on the date six months following the first day of such leave, any Incentive Stock Option held by the Participant shall cease to be
treated as an Incentive Stock Option and shall be treated for tax purposes as a Non-Qualified Stock Option.

 

(5)       If
an Incentive Stock Option Award is exercised after the expiration of the exercise periods that apply for purposes of Code Section 422,
such Option shall thereafter be treated as a Non-Qualified Stock Option Award.

 

(6)       The
Agreement covering an Incentive Stock Option Award shall contain such other terms and provisions that the Committee determines necessary
to qualify the Option Award as an Incentive Stock Option.

 

    8

     

    

 

8.       Stock
Appreciation Right Awards. 

 

(a)       Nature
of Award. An Award of Stock Appreciation Rights shall be subject to such terms and conditions as are determined by the Committee,
and shall provide a Participant the right to receive upon exercise of the SAR Award all or a portion of the excess of (i) the Fair Market
Value as of the date of exercise of the SAR Award of the number of Shares as to which the SAR Award is being exercised, over (ii) the
aggregate exercise price for such number of Shares. The per Share exercise price for any SAR Award shall be determined by the Committee
and set forth in the applicable Agreement, and shall not be less than the Fair Market Value of a Share on the Grant Date.

 

(b)       Exercise
of SAR. Each SAR Award may be exercisable in whole or in part at the times, on the terms and in the manner provided in the Agreement.
No SAR Award shall be exercisable at any time after its scheduled expiration. When a SAR Award is no longer exercisable, it shall be deemed
to have terminated. Upon exercise of a SAR Award, payment to the Participant shall be made at such time or times as shall be provided
in the Agreement in the form of cash, Shares or a combination of cash and Shares as determined by the Committee. The Agreement may provide
for a limitation upon the amount or percentage of the total appreciation on which payment (whether in cash and/or Shares) may be made
in the event of the exercise of a SAR Award.

 

9.       Restricted
Stock Awards.

 

(a)       Vesting
and Consideration. Shares subject to a Restricted Stock Award shall be subject to vesting and the lapse of applicable restrictions
based on such conditions or factors and occurring over such period of time as the Committee may determine in its discretion. The Committee
may provide whether any consideration other than Services must be received by the Company or any Affiliate as a condition precedent to
the grant of a Restricted Stock Award, and may correspondingly provide for Company reacquisition or repurchase rights if such additional
consideration has been required and some or all of a Restricted Stock Award does not vest.

 

(b)       Shares
Subject to Restricted Stock Awards. Unvested Shares subject to a Restricted Stock Award shall be evidenced by a book-entry in the
name of the Participant with the Company or its transfer agent or by one or more Stock certificates issued in the name of the Participant.
Any such Stock certificate shall be deposited with the Company or its designee, together with an assignment separate from the certificate,
in blank, signed by the Participant, and bear an appropriate legend referring to the restricted nature of the Restricted Stock evidenced
thereby. Any book-entry shall be subject to comparable restrictions and corresponding stop transfer instructions. Upon the vesting of
Shares of Restricted Stock, and the Company’s determination that any necessary conditions precedent to the release of vested Shares
(such as satisfaction of tax withholding obligations and compliance with applicable legal requirements) have been satisfied, such vested
Shares shall be made available to the Participant in such manner as may be prescribed or permitted by the Committee. Such
vested Shares may, however, remain subject to additional restrictions as provided in Sections 16 and 17(c). 

 

(c)       Stockholder
Rights. Except as otherwise provided in this Plan or the applicable Agreement, a Participant with a Restricted Stock Award shall have
all the rights of a stockholder, including the right to vote the Shares of Restricted Stock. Unless otherwise expressly provided in an
applicable Agreement, any dividends or distributions, including regular cash dividends and distributions of Shares, securities or property
as a result of adjustments pursuant to Section 12(a), payable with respect to Shares that are subject to the unvested portion of a Restricted
Stock Award will be subject to the same restrictions and risk of forfeiture as the Shares to which such dividends or distributions relate.

 

    9

     

    

 

10.       Stock
Unit Awards.

 

(a)       Vesting
and Consideration. A Stock Unit Award shall be subject to vesting and the lapse of applicable restrictions based on such conditions
or factors and occurring over such period of time as the Committee may determine in its discretion. If vesting of a Stock Unit Award is
conditioned on the achievement of specified performance goals, the extent to which they are achieved over the specified performance period
shall determine the number of Stock Units that will be earned and eligible to vest, which may be greater or less than the target number
of Stock Units stated in the Agreement. The Committee may provide whether any consideration other than Services must be received by the
Company or any Affiliate as a condition precedent to the settlement of a Stock Unit Award.

 

(b)       Settlement
of Award. Following the vesting of a Stock Unit Award, and the Company’s determination that any necessary conditions precedent
to the settlement of the Award (such as satisfaction of tax withholding obligations and compliance with applicable legal requirements)
have been satisfied, settlement of the Award and payment to the Participant shall be made at such time or times in the form of cash, Shares
(which may themselves be considered Restricted Stock under the Plan) or a combination of cash and Shares as determined by the Committee.

 

(c)       Dividend
Equivalents. In its discretion, the Committee may provide in an Agreement for a Stock Unit Award that the Participant will be entitled
to receive dividend equivalents, based on dividends actually declared and paid on outstanding Shares, on the units subject to the Stock
Unit Award, and such dividend equivalents will be subject to the same restrictions and risk of forfeiture as the underlying units to which
such dividend equivalents relate unless otherwise provided in the applicable Agreement. The additional terms of any such dividend equivalents
will be as set forth in the applicable Agreement, including the time and form of payment and whether such dividend equivalents will be
credited with interest or deemed to be reinvested in additional units. Any Shares issued or issuable during the term of this Plan as the
result of the deemed reinvestment of dividend equivalents in connection with an Award shall be counted against, and replenish upon any
subsequent forfeiture, the Plan’s share reserve as provided in Section 4.

 

11.       Other
Stock-Based Awards. The Committee may from time to time grant Shares and other forms of Awards that are valued by reference to
and/or payable in whole or in part in Shares under the Plan. The Committee shall determine the terms and conditions of such Awards, which
shall be consistent with the terms and purposes of the Plan. The Committee may direct the Company to issue Shares subject to restrictive
legends and/or stop transfer instructions that are consistent with the terms and conditions of the Award to which the Shares relate.

 

12.       Changes
in Capitalization, Change in Control. 

 

(a)       Adjustments
for Changes in Capitalization. In the event of any equity restructuring (within the meaning of FASB ASC Topic 718) that causes
the per share value of Shares to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through
an extraordinary dividend, the Committee shall make such adjustments as it deems equitable and appropriate to (i) the aggregate
number and kind of Shares or other securities issued or reserved for issuance under the Plan, (ii) the number and kind of Shares or
other securities subject to outstanding Awards, (iii) the exercise price of outstanding Options and SARs, and (iv) any maximum
limitations prescribed by the Plan with respect to certain types of Awards. In the event of any other change in corporate
capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the Company, such equitable
adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee to
prevent dilution or enlargement of rights of Participants.  In either case, any such adjustment shall be conclusive and binding
for all purposes of the Plan.  No adjustment shall be made pursuant to this Section 12(a) in connection with the
conversion of any convertible securities of the Company, or in a manner that would cause Incentive Stock Options to violate Section
422(b) of the Code or cause an Award to be subject to adverse tax consequences under Section 409A of the
Code.

 

    10

     

    

 

(b)       Change
in Control. Unless otherwise provided in an applicable Agreement or another then effective written agreement between the Participant
and the Company, the following provisions shall apply to outstanding Awards in the event of a Change in Control.

 

(1)       Continuation,
Assumption or Replacement of Awards. In the event of a Change in Control, then the surviving or successor entity (or its Parent)
may continue, assume or replace Awards outstanding as of the date of the Change in Control (with such adjustments as may be required or
permitted by Section 12(a)), and such Awards or replacements therefor shall remain outstanding and be governed by their respective terms,
subject to Section 12(b)(4) below. A surviving or successor entity may elect to continue, assume or replace only some Awards or portions
of Awards. For purposes of this Section 12(b)(1), an Award shall be considered assumed or replaced if, in connection with the Change
in Control and in a manner consistent with Code Section 409A (and Code Section 424 if the Award is an ISO),
either (i) the contractual obligations represented by the Award are expressly assumed by the surviving or successor entity (or its Parent)
with appropriate adjustments to the number and type of securities subject to the Award and the exercise price thereof that preserves the
intrinsic value of the Award existing at the time of the Change in Control, or
(ii) the Participant has received a comparable equity-based award that preserves the intrinsic value of the Award existing at the time
of the Change in Control and contains terms and conditions that are substantially similar to those of the Award.

 

(2)       Acceleration.
If and to the extent that outstanding Awards under the Plan are not continued, assumed or replaced in connection with a Change in Control,
then the Committee may provide that (i) all outstanding Option and SAR Awards shall become fully exercisable for such period of time prior
to the effective time of the Change in Control as is deemed fair and equitable by the Committee, and shall terminate at the effective
time of the Change in Control, and (ii) all outstanding Restricted Stock and Stock Unit Awards shall fully vest immediately prior to the
effective time of the Change in Control. The Committee shall provide written notice of the period of accelerated exercisability of Option
and SAR Awards to all affected Participants. The exercise of any Option or SAR Award whose exercisability is accelerated as provided in
this Section 12(b)(2) shall be conditioned upon the consummation of the Change in Control and shall be effective only immediately before
such consummation.

 

(3)       Payment
for Awards. If and to the extent that outstanding Awards under the Plan are not continued, assumed or replaced in connection
with a Change in Control, then the Committee may provide that holders of some or all of such outstanding Awards shall be canceled at
or immediately prior to the effective time of the Change in Control in exchange for payments to the holders as provided in this
Section 12(b)(3). The Committee will not be required to treat all Awards similarly for purposes of this Section 12(b)(3). The
payment for any Award surrendered shall be in an amount equal to the difference, if any, between (i) the fair market value (as
determined in good faith by the Committee) of the consideration that would otherwise be received in the Change in Control for the
number of Shares subject to the Award, and (ii) the aggregate exercise price (if any) for the Shares subject to such Award. If
the amount determined pursuant to the preceding sentence is not a positive number with respect to any Award, such Award may be
canceled pursuant to this Section 12(b)(3) without payment of any kind to the affected Participant. Payment of any amount under this
Section 12(b)(3) shall be made in such form, on such terms and subject to such conditions as the Committee determines in its
discretion, which may or may not be the same as the form, terms and conditions applicable to payments to the Company’s
stockholders in connection with the Change in Control, and may, in the Committee’s discretion, include subjecting such
payments to vesting conditions comparable to those of the Award surrendered, subjecting such payments to escrow or holdback terms
comparable to those imposed upon the Company’s stockholders under the Change in Control, or calculating and paying the present
value of payments that would otherwise be subject to escrow or holdback terms.

 

    11

     

    

 

(4)       Termination
After a Change in Control. If and to the extent that Awards are continued, assumed or replaced under the circumstances described
in Section 12(b)(1), and if within one year after the Change in Control a Participant experiences an involuntary termination of Service
for reasons other than Cause, then (i) outstanding Option and SAR Awards issued to the Participant that are not yet fully exercisable
shall immediately become exercisable in full and shall remain exercisable for one year following the Participant’s termination of
Service, and (ii) any Restricted Stock or Stock Unit Awards that are not yet fully vested shall immediately vest in full.

 

13.       Plan
Participation and Service Provider Status. Status as a Service Provider shall not be construed as a commitment that any Award
will be made under the Plan to that Service Provider or to eligible Service Providers generally. Nothing in the Plan or in any Agreement
or related documents shall confer upon any Service Provider or Participant any right to continued Service with the Company or any Affiliate,
nor shall it interfere with or limit in any way any right of the Company or any Affiliate to terminate the person’s Service at any
time with or without Cause or change such person’s compensation, other benefits, job responsibilities or title.

 

14.       Tax
Withholding. The Company or any Affiliate, as applicable, shall have the right to (i) withhold from any cash payment under the
Plan or any other compensation owed to a Participant an amount sufficient to cover any required withholding taxes related to the grant,
vesting, exercise or settlement of an Award, and (ii) require a Participant or other person receiving Shares under the Plan to pay a cash
amount sufficient to cover any required withholding taxes before actual receipt of those Shares. In lieu of all or any part of a cash
payment from a person receiving Shares under the Plan, the Committee may permit the Participant to satisfy all or any part of the
required tax withholding obligations (but not to exceed the maximum individual statutory tax rate in each applicable jurisdiction) by
authorizing the Company to withhold a number of the Shares that would otherwise be delivered to the Participant pursuant to the Award,
or by transferring to the Company Shares already owned by the Participant, with the Shares so withheld or delivered having a Fair Market
Value on the date the taxes are required to be withheld equal to the amount of taxes to be withheld.

 

15.       Effective
Date, Duration, Amendment and Termination of the Plan.

 

(a)       Effective
Date. The Plan shall become effective on the date it is approved by the requisite vote of the Company’s Board.

 

(b)       Duration
of the Plan. The Plan shall remain in effect until all Shares subject to it shall be distributed, all Awards have expired or terminated,
the Plan is terminated pursuant to Section 15(c), or the tenth anniversary of the effective date of the Plan, whichever occurs first (the
 “Termination Date”). Awards made before the Termination Date shall continue to be outstanding in accordance with their
terms and the terms of the Plan unless otherwise provided in the applicable Agreements.

 

(c)       Amendment
and Termination of the Plan. The Board may at any time terminate, suspend or amend the Plan. The Company shall submit any amendment
of the Plan to its stockholders for approval only to the extent required by applicable laws or regulations or the rules of any securities
exchange on which the Shares may then be listed. No termination, suspension, or amendment of the Plan may materially impair the rights
of any Participant under a previously granted Award without the Participant’s consent, unless such action is necessary to comply
with applicable law or stock exchange rules.

 

(d)       Amendment
of Awards. The Committee may unilaterally amend the terms of any Agreement previously granted, except that no such amendment may
materially impair the rights of any Participant under the applicable Award without the Participant's consent, unless such amendment
is necessary to comply with applicable law or stock exchange rules.

 

    12

     

    

 

16.       Restrictions
on Shares. At the discretion of the Committee, the Company may reserve to itself and its successors and assignees in an Agreement
or otherwise (i) a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer
to a third party, (ii) a right to repurchase a portion of or all Shares held by a Participant upon the Participant’s termination
of Service with the Company and its Affiliates for any reason within a specified time (but not to exceed 90 days of the later of termination
or exercise of the Award, if required by applicable laws), (iii) the right to require the Participant from time to time to execute and
deliver stockholder, voting or similar agreements to which holders of a majority of the Stock are parties,  (iv) the right of the
Company to require the Participant from time to time to execute and deliver underwriter lock-up agreements, and (v) the right to repurchase
upon a Participant's termination of Service any or all unvested Shares acquired in accordance with Section 7(c) as the result of the exercise
of an unvested Option. The price to be paid upon any purchase or repurchase of Shares pursuant to clause (i) or (ii) above shall be determined
by the Committee, and the per Share price to be paid upon repurchase of Shares pursuant to clause (v) shall be the lesser of (A) the exercise
price per Share paid by the Participant or (B) the Fair Market Value per Share at the time of the Participant's termination of Service.
Any reservation of rights pursuant to clauses (i) through (iii) above shall be effective only during any period prior to registration
of the Stock pursuant to Section 12 of the Securities Exchange Act of 1934.

 

17.       Other
Provisions.

 

(a)       Unfunded
Plan. The Plan shall be unfunded and the Company shall not be required to segregate any assets that may at any time be represented
by Awards under the Plan. Neither the Company, its Affiliates, the Committee, nor the Board shall be deemed to be a trustee of any amounts
to be paid under the Plan nor shall anything contained in the Plan or any action taken pursuant to its provisions create or be construed
to create a fiduciary relationship between the Company and/or its Affiliates, and a Participant. To the extent any person has or acquires
a right to receive a payment in connection with an Award under the Plan, this right shall be no greater than the right of an unsecured
general creditor of the Company.

 

(b)       Limits
of Liability. Except as may be required by law, neither the Company nor any member of the Board or of the Committee, nor any other
person participating (including participation pursuant to a delegation of authority under Section 3(c) of the Plan) in any determination
of any question under the Plan, or in the interpretation, administration or application of the Plan, shall have any liability to any party
for any action taken, or not taken, in good faith under the Plan.

 

(c)       Compliance
with Applicable Legal Requirements. No Shares distributable pursuant to the Plan shall be issued and delivered unless the issuance
of the Shares complies with all applicable legal requirements, including compliance with the provisions of applicable state and federal
securities laws, and the requirements of any exchanges on which the Company’s Shares may, at the time, be listed. During any period
in which the offering and issuance of Shares under the Plan is not registered under federal or state securities laws, Participants shall
acknowledge that they are acquiring Shares under the Plan for investment purposes and not for resale, and that Shares may not be transferred
except pursuant to an effective registration statement under, or an exemption from the registration requirements of, such securities laws. 
Any stock certificate or book-entry evidencing Shares issued under the Plan that are subject to securities law restrictions shall
bear or be accompanied by an appropriate restrictive legend or stop transfer instruction.

 

(d)       Other
Benefit and Compensation Programs. Payments and other benefits received by a Participant under an Award made pursuant to the
Plan shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of the termination, indemnity
or severance pay laws of any country and shall not be included in, nor have any effect on, the determination of benefits under any
other employee benefit plan, contract or similar arrangement provided by the Company or an Affiliate unless expressly so provided by
such other plan, contract or arrangement, or unless the Committee expressly determines that an Award or portion of an Award should
be included to accurately reflect competitive compensation practices or to recognize that an Award has been made in lieu of a
portion of competitive cash compensation.

 

    13

     

    

 

(e)       Governing
Law. To the extent that federal laws do not otherwise control, the Plan and all determinations made and actions taken pursuant to
the Plan shall be governed by the laws of the State of Minnesota without regard to its conflicts-of-law principles and shall be construed
accordingly.

 

(f)       Severability.
If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining
parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 

(g)       Code
Section 409A.

 

(1)               
It is intended that (i) all Awards of Options, SARs and Restricted Stock under the Plan will not provide for the deferral of compensation
within the meaning of Code Section 409A and thereby be exempt from Code Section 409A, and (ii) all other Awards under the Plan will either
not provide for the deferral of compensation within the meaning of Code Section 409A, or will comply with the requirements of Code Section
409A, and Awards shall be structured and the Plan administered and interpreted in accordance with this intent. The Plan and any Agreement
may be unilaterally amended by the Company in any manner deemed necessary or advisable by the Committee or Board in order to maintain
such exemption from or compliance with Code Section 409A, and any such amendment shall conclusively be presumed to be necessary to comply
with applicable law. Notwithstanding anything to the contrary in the Plan or any Agreement, with respect to any Award that constitutes
a deferral of compensation subject to Code Section 409A, if any amount is payable under such Award upon a termination of Service, a termination
of Service will be deemed to have occurred only at such time as the Participant has experienced a “separation from service”
as such term is defined for purposes of Code Section 409A.

 

(2)               
None of the Company, the Board, the Committee nor any other person involved with the administration of this Plan shall (i) in any
way be responsible for ensuring the exemption of any Award from, or compliance by any Award with, the requirements of Code Section 409A,
(ii) have any obligation to design or administer the Plan or Awards granted thereunder in a manner that minimizes a Participant’s
tax liabilities, including the avoidance of any additional tax liabilities under Code Section 409A, and (iii) shall have any liability
to any Participant for any such tax liabilities.

 

(h)       Forfeiture
and Compensation Recovery. The Committee may specify in an Agreement that the Participant’s rights, payments, and benefits with
respect to an Award will be subject to reduction, cancellation, forfeiture or recovery by the Company upon the occurrence of certain specified
events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include termination of
Service for Cause; violation of any material Company or Affiliate policy; breach of noncompetition, non-solicitation or confidentiality
provisions that apply to the Participant; a determination that the payment of the Award was based on an incorrect determination that financial
or other criteria were met or other conduct by the Participant that is detrimental to the business or reputation of the Company or its
Affiliates.

 

    14

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