Document:

Exhibit 10.12

 

 

`TARGETED GENETICS
CORPORATION

STOCK INCENTIVE PLAN

 

Effective as of March 3, 2009

  

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	SECTION 1.	INTRODUCTION	3
	 	 	 
	SECTION 2.	DEFINITIONS	3
	 	 	 
	SECTION 3.	ADMINISTRATION	7
	 	 	 
	SECTION 4.	GENERAL	9
	 	 	 
	SECTION 5.	SHARES SUBJECT TO PLAN AND SHARE LIMITS	10
	 	 	 
	SECTION 6.	TERMS AND CONDITIONS OF OPTIONS	10
	 	 	 
	SECTION 7.	PAYMENT FOR OPTION SHARES	12
	 	 	 
	SECTION 8.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS	12
	 	 	 
	SECTION 9.	TERMS AND CONDITIONS FOR STOCK GRANTS.	13
	 	 	 
	SECTION 10.	TERMS AND CONDITIONS OF STOCK UNITS	13
	 	 	 
	SECTION 11.	PROTECTION AGAINST DILUTION	15
	 	 	 
	SECTION 12.	EFFECT OF A CORPORATE TRANSACTION	16
	 	 	 
	SECTION 13.	LIMITATIONS ON RIGHTS	16
	 	 	 
	SECTION 14.	WITHHOLDING TAXES	17
	 	 	 
	SECTION 15.	DURATION AND AMENDMENTS	17
	 	 	 
	SECTION 16.	Addenda	18
	 	 	 
	SECTION 17.	Severability	18
	 	 	 
	SECTION 18.	EXECUTION	18

 

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TARGETED GENETICS
CORPORATION

 

STOCK INCENTIVE
PLAN

 

EFFECTIVE AS OF MARCH 3, 2009

 

SECTION
1.          INTRODUCTION.

 

On March 26, 2007, the Board amended,
restated and renamed the Targeted Genetics Corporation 1999 Stock Option Plan into the Targeted Genetics Corporation Stock Incentive
Plan (the “Plan”), and the Plan became effective upon its approval by the Company shareholders on May 17, 2007. Notwithstanding
anything to the contrary, stock options granted prior to the date the Plan became effective shall be governed by the terms and
provisions of the Targeted Genetics Corporation 1999 Stock Option Plan and the applicable stock option agreement.

 

The Targeted Genetics Corporation
1999 Stock Option Plan was originally adopted by the Board on January 21, 1999 and it was thereafter approved by the Company’s
shareholders on May 5, 1999. Such plan was last amended by the Board on March 22, 2004 and approved by the Company’s shareholders
on May 20, 2004. The Plan was last amended by the Board on March 3, 2009 and approved by the Company’s shareholders on May
14, 2009.

 

The purposes of the Plan are to
promote the long-term success of the Company and the creation of shareholder value by offering Key Service Providers an opportunity
to share in such long-term success by acquiring a proprietary interest in the Company and to attract and retain the best available
personnel for positions of substantial responsibility, and to provide additional incentive to Employees, Consultants and Directors.

 

The Plan seeks to achieve these
purposes by providing for discretionary long-term incentive Awards in the form of Options (which may constitute Incentive Stock
Options or Nonstatutory Stock Options), Stock Appreciation Rights, Stock Grants and Stock Units.

 

The Plan shall be governed by, and
construed in accordance with, the laws of the State of Washington (except its choice-of-law provisions). Capitalized terms shall
have the meaning provided in Section 2 unless otherwise provided in the Plan or any related Stock Option Agreement, SAR Agreement,
Stock Grant Agreement or Stock Unit Agreement.

 

SECTION
2.          DEFINITIONS.

 

(a)          “Affiliate”
means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less than 50% of such entity.

 

(b)          “Applicable
Laws” means all applicable laws, rules, regulations and requirements, including, but not limited to, all applicable U.S.
federal or state laws, any Stock Exchange rules or regulations, and the applicable laws, rules or regulations of any other country
or jurisdiction where Awards are granted under the Plan or where Participants reside or provide services, as such laws, rules,
and regulations shall be in effect from time to time.

 

(c)          “Award”
means any Grant of an Option, SAR, Stock Grant or Stock Unit under the Plan.

 

(d)          “Board”
means the Board of Directors of the Company, as constituted from time to time.

 

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(e)          “Cashless
Exercise” means, to the extent that a Stock Option Agreement so provides and as permitted by applicable law, a program approved
by the Committee in which payment may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable
direction to a securities broker to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of the
aggregate Exercise Price and, if applicable, the amount necessary to satisfy the Company’s withholding obligations at the
minimum statutory withholding rates, including, but not limited to, U.S. federal, state and local income taxes, payroll taxes,
and foreign taxes, if applicable.

 

(f)          “Cause”
means, except as may otherwise be provided in a Participant’s employment agreement or Award agreement, a conviction of a
Participant for a felony crime or the failure of a Participant to contest prosecution for a felony crime, or a Participant’s
misconduct, fraud or dishonesty (as such terms are defined by the Committee in its sole discretion), or any unauthorized use or
disclosure of confidential information or trade secrets, in each case as determined by the Committee, and the Committee’s
determination shall be conclusive and binding.

 

(g)          “Change
in Control” means the occurrence of any one or more of the following:

 

(i)          the
sale, transfer or disposition of all or substantially all of the Company’s assets other than to (A) a corporation or other
entity of which at least a majority of its combined voting power is owned directly or indirectly by the Company, (B) a corporation
or other entity owned directly or indirectly by the holders of capital stock of the Company in substantially the same proportions
as their ownership of Common Stock, or (C) an Excluded Entity (as defined in subsection (ii) below)

 

(ii)         the
merger, consolidation or other business combination transaction of the Company with or into another corporation, entity or person,
other than a transaction with or into another corporation, entity or person
in which the holders of at least a majority of the shares of voting capital stock of the Company outstanding immediately
prior to such transaction continue to hold (either by such shares remaining outstanding in the continuing entity or by their
being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power represented by
the shares of voting capital stock of the Company (or the surviving entity) outstanding immediately after such transaction (an
“Excluded Entity”); or

 

(iii)        the
acquisition, directly or indirectly, by any person or related group of persons (other than the Company or a person that directly
or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning
of Rule 13d-3 of the Exchange Act) of securities of the Company representing more than 50% of the total combined voting power of
the Company’s then outstanding securities pursuant to a tender or exchange offer made directly to the Company’s stockholders
which the Board does not recommend such stockholders accept.

 

A transaction (including a Corporate
Transaction) shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation
or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s
securities immediately before such transactions.

 

(h)         “Code”
means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated thereunder.

 

(i)          “Committee”
means a committee described in Section 3.

 

(j)          “Common
Stock” means the Company’s common stock.

 

(k)         “Company”
means Targeted Genetics Corporation, a Washington corporation, and any successor.

 

(l)          “Consultant”
means an individual who performs bona-fide services to the Company, a Parent, a Subsidiary or an Affiliate, other than as an Employee
or Director.

 

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(m)          “Corporate
Transaction” means a sale of all or substantially all of the Company’s assets, or a merger, consolidation or other
capital reorganization or business combination transaction of the Company with or into another corporation, entity or person.

 

(n)          “Covered
Employees” means those persons who are subject to the limitations of Section 162(m) of the Code.

 

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

 

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

 

(q)          “Employee”
means any individual who is a common-law employee of the Company, a Parent, a Subsidiary, or an Affiliate.

 

(r)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(s)          “Exercise
Price” means, in the case of an Option, the amount for which a Share may be purchased upon exercise of such Option, as specified
in the applicable Stock Option Agreement. “Exercise Price,” in the case of a SAR, means an amount, as specified in
the applicable SAR Agreement, which is subtracted from the Fair Market Value in determining the amount payable upon exercise of
such SAR.

 

(t)          
“Fair Market Value” means the market price of a Share as established in good faith by the Committee or (a) if the
Common Stock is listed on the Nasdaq National Market, the closing selling price for the Common Stock as reported by the Nasdaq
National Market for a single trading day or (b) if the Common Stock is listed on the New York Stock Exchange or the American Stock
Exchange, the closing selling price for the Common Stock as such price is officially quoted in the composite tape of transactions
on such exchange for a single trading day. If there is no such reported price for the Common Stock for the date in question, then
such price on the last preceding date for which such price exists shall be determinative of Fair Market Value. the market price
of a Share as determined in good faith by the Committee.

 

(u)          “Fiscal
Year” means the Company’s fiscal year.

 

(v)         “Grant”
means any grant of an Award under the Plan.

 

(w)        “Incentive
Stock Option” or “ISO” means an incentive stock option described in Section 422 of the Code.

 

(x)         “Key
Service Provider” means an Employee, Director or Consultant who has been selected by the Committee to receive an Award under
the Plan.

 

(y)        “Non-Employee
Director” means a Director who is not an Employee.

 

(z)         “Nonstatutory
Stock Option” or “NSO” means a stock option that is not an Incentive Stock Option.

 

(aa)       “Option”
means an ISO or NSO granted under the Plan entitling the Optionee to purchase Shares.

 

(bb)      “Optioned
Stock” means Shares that are subject to an Option or that were issued pursuant to the exercise of an Option.

 

(cc)       “Optionee”
means an individual, estate or other entity that holds an Option.

 

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(dd)       “Parent”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall
be considered a Parent commencing as of such date.

 

(ee)       “Participant”
means an individual or an estate or other entity that holds an Award.

 

(ff)       “Performance
Goals” means one or more objective measurable performance factors as determined by the Committee with respect to each Performance
Period based upon one or more factors, including, but not limited to: (i) operating income; (ii) earnings before interest,
taxes, depreciation and amortization (“EBITDA”); (iii) earnings; (iv) cash flow; (v) market share; (vi) sales
or revenue; (vii) expenses; (viii) cost of goods sold; (ix) profit/loss or profit margin; (x) working capital;
(xi) return on equity or assets; (xii) earnings per share; (xiii) economic value added (“EVA”); (xiv) stock
price; (xv) price/earnings ratio; (xvi) debt or debt-to-equity; (xvii) accounts receivable; (xviii) writeoffs;
(xix) cash; (xx) assets; (xxi) liquidity; (xxii) operations; (xxiii) intellectual property (e.g.,
patents); (xxiv) product development; (xxv) regulatory activity, including clinical trial activity; (xxvi) manufacturing,
production or inventory; (xxvii) mergers and acquisitions or divestitures; (xxviii) business development activities; (xxix)
financings; (xxx) cash burn; and/or (xxxi) cash horizon, each with respect to the Company and/or one or more of its Affiliates
or operating units. Awards issued to persons who are not Covered Employees may take into account other factors.

 

(gg)       “Performance
Period” means any period not exceeding thirty-six (36) months as determined by the Committee, in its sole discretion. The
Committee may establish different Performance Periods for different Participants, and the Committee may establish concurrent or
overlapping Performance Periods.

 

(hh)      “Plan”
means this Targeted Genetics Corporation Stock Incentive Plan, as it may be amended from time to time.

 

(ii)         “Re-Price”
means that the Company has lowered or reduced the Exercise Price of outstanding Options and/or outstanding SARs for any Participant(s)
in a manner described by Item 402(i)(1) of SEC Regulation S-K (or its successor provision).

 

(jj)        “Retirement”
means retirement as of the individual’s normal retirement date under the Company’s 401(k) Plan or other similar successor
plan applicable to salaried employees.

 

(kk)     “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision.

 

(ll)       “SAR
Agreement” means the agreement described in Section 8 evidencing each Award of a Stock Appreciation Right.

 

(mm)   “SEC”
means the Securities and Exchange Commission.

 

(nn)    “Section
16 Persons” means those officers, directors or other persons who are subject to Section 16 of the Exchange Act.

 

(oo)    “Securities
Act” means the Securities Act of 1933, as amended.

 

(pp)    “Service”
means the absence of any interruption or termination of service as an Employee, Director or Consultant. Continuous Service Status
shall not be considered interrupted or terminated in the case of: (i) Company approved sick leave; (ii) military leave;
(iii) any other bona fide leave of absence approved by the Committee, provided that such leave is for a period of not more
than ninety (90) days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided
otherwise pursuant to a written Company policy. Also, Continuous Service Status as an Employee or Consultant shall not be considered
interrupted or terminated in the case of a transfer between locations of the Company or between the Company, its Parents,
Subsidiaries or Affiliates, or their respective successors, or a change in status from an Employee to a Consultant or from a Consultant
to an Employee.

 

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(qq)      “Share”
means one share of Common Stock.

 

(rr) 
      “Stock Appreciation Right” or “SAR” means a stock appreciation right
awarded under the Plan.

 

(ss)       “Stock
Exchange” means any stock exchange or consolidated stock price reporting system on which prices for the Common Stock are
quoted at any give time.

 

(tt)        “Stock
Grant” means Shares awarded under the Plan.

 

(uu)      “Stock
Grant Agreement” means the agreement described in Section 9 evidencing each Award of a Stock Grant.

 

(vv)      “Stock
Option Agreement” means the agreement described in Section 6 evidencing each Award of an Option.

 

(ww)    “Stock
Unit” means a bookkeeping entry representing the equivalent of one Share, as awarded under the Plan.

 

(xx)       “Stock
Unit Agreement” means the agreement described in Section 10 evidencing each Award of a Stock Unit.

 

(yy)      “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary
on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

(zz)       “10-Percent
Shareholder” means an individual who owns more than 10% of the total combined voting power of all classes of outstanding
stock of the Company, its Parent or any of its Subsidiaries. In determining stock ownership, the attribution rules of Section 424(d)
of the Code shall be applied.

 

SECTION
3.          ADMINISTRATION.

 

(a)          General.
The Plan shall be administered by the Board or a Committee, or a combination thereof, as determined by the Board. The Plan may
be administered by different administrative bodies with respect to different classes of Participants and, if permitted by Applicable
Laws, the Board may authorize one or more officers of the Company to make Awards under the Plan to Employees and Consultants (who
are not Section 16 Persons) within parameters specified by the Board.

 

(b)          Committee
Composition. If a Committee has been appointed pursuant to this Section 3, such Committee shall continue to serve in
its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of any Committee
and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor,
fill vacancies (however caused) and dissolve a Committee and thereafter directly administer the Plan, all to the extent permitted
by the Applicable Laws and, in the case of a Committee administering the Plan in accordance with the requirements of Rule 16b-3
or of Section 162(m) of the Code, to the extent permitted or required by such provisions.

 

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Unless the Board provides otherwise,
the Board’s Compensation Committee shall be the Committee. Members of the Committee shall serve for such period of time as
the Board may determine and shall be subject to removal by the Board at any time. The Board may also at any time terminate the
functions of the Committee and reassume all powers and authority previously delegated to the Committee.

 

The Committee shall have membership
composition which enables (i) Awards to Section 16 Persons to qualify as exempt from liability under Section 16(b) of the Exchange
Act and (ii) Awards to Covered Employees to qualify as “performance-based compensation” as provided under Section 162(m)
of the Code.

 

The Board may also appoint one or
more separate committees of the Board, each composed of two or more directors of the Company who need not qualify under Rule 16b-3
or under Section 162(m) of the Code, that may administer the Plan with respect to Key Service Providers who are not Section 16
Persons or Covered Employees, respectively, may grant Awards under the Plan to such Key Service Providers and may determine all
terms of such Awards.

 

Notwithstanding the foregoing, the
Board shall constitute the Committee and shall administer the Plan with respect to Non-Employee Directors, shall grant Awards under
the Plan to such Non-Employee Directors, and shall determine all terms of such Awards.

 

(c)          Authority
of the Committee. Subject to the provisions of the Plan, the Committee shall have full authority and sole discretion to take any
actions it deems necessary or advisable for the administration of the Plan. Such actions shall include:

 

		(i)	selecting Key Service Providers who are to receive Awards
under the Plan;

		(ii)	determining the type, number, vesting requirements and
other features and conditions of such Awards and amending such Awards;

		(iii)	correcting any defect, supplying any omission, or reconciling
any inconsistency in the Plan or any Award agreement;

		(iv)	accelerating the vesting, or extending the post-termination
exercise term, of Awards at any time and under such terms and conditions as it deems appropriate;

		(v)	interpreting the Plan;

		(vi)	making all other decisions relating to the operation
of the Plan; and

		(vii)	adopting such plans or sub-plans as may be deemed necessary
or appropriate to provide for the participation by Key Service Providers of the Company and its Subsidiaries and Affiliates who
reside outside the U.S., which plans and/or sub-plans shall be attached hereto as Appendices.

 

The Committee may adopt such rules
or guidelines as it deems appropriate to implement the Plan. The Committee’s determinations under the Plan shall be final
and binding on all persons.

 

(d)          Indemnification.
To the maximum extent permitted by applicable law, each member of the Committee, or of the Board, shall be indemnified and held
harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a
party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any Stock Option
Agreement, SAR Agreement, Stock Grant Agreement or Stock Unit Agreement, and (ii) from any and all amounts paid by him or
her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such
claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense,
to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right
of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Articles of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that
the Company may have to indemnify them or hold them harmless.

 

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SECTION
4.          GENERAL.

 

(a)          General
Eligibility. Only Employees, Directors and Consultants shall be eligible for designation as Key Service Providers by the Committee,
in its sole discretion.

 

(b)          Incentive
Stock Options. Only Key Service Providers who are common-law employees of the Company, a Parent or a Subsidiary shall be eligible
for the grant of ISOs. In addition, a Key Service Provider who is a 10-Percent Shareholder shall not be eligible for the grant
of an ISO unless the requirements set forth in Section 422(c)(5) of the Code are satisfied.

 

(c)          Restrictions
on Shares. Any Shares issued pursuant to an Award shall be subject to such rights of repurchase, rights of first refusal and other
transfer restrictions as the Committee may determine, in its sole discretion. Such restrictions shall apply in addition to any
restrictions that may apply to holders of Shares generally and shall also comply to the extent necessary with applicable law. In
no event shall the Company be required to issue fractional Shares under the Plan.

 

(d)          Beneficiaries.
Unless stated otherwise in an Award agreement, a Participant may designate one or more beneficiaries with respect to an Award by
timely filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with
the Company at any time before the Participant’s death. If no beneficiary was designated or if no designated beneficiary
survives the Participant, then after a Participant’s death any vested Award(s) shall be transferred or distributed to the
Participant’s estate.

 

(e)          Performance
Conditions. The Committee may, in its discretion, include performance conditions in an Award. If performance conditions are included
in Awards to Covered Employees, then such Awards may be subject to the achievement of Performance Goals established by the Committee.
Such Performance Goals shall be established and administered pursuant to the requirements of Section 162(m) of the Code. Before
any Shares underlying an Award or any Award payments subject to Performance Goals are released to a Covered Employee with respect
to a Performance Period, the Committee shall certify in writing that the Performance Goals for such Performance Period have been
satisfied. Awards with performance conditions that are granted to Key Service Providers who are not Covered Employees need not
comply with the requirements of Section 162(m) of the Code.

 

(f)          No
Rights as a Shareholder. A Participant, or a transferee of a Participant, shall have no rights as a shareholder with respect to
any Common Stock covered by an Award until such person has satisfied all of the terms and conditions to receive such Common Stock,
has satisfied any applicable withholding or tax obligations relating to the Award and the Shares have been issued (as evidenced
by an appropriate entry on the books of the Company or a duly authorized transfer agent of the Company).

 

(g)          Termination
of Service. Unless the applicable Award agreement or, with respect to Participants who reside in the U.S., the applicable employment
agreement provides otherwise, the following rules shall govern the vesting, exercisability and term of outstanding Awards held
by a Participant in the event of termination of such Participant’s Service (in all cases subject to the term of the Award
as applicable): (i) upon termination of Service for any reason, all unvested portions of any outstanding Awards shall be immediately
forfeited without consideration and the vested portions of any outstanding Stock Units shall be settled; (ii) if the Service of
a Participant is terminated for Cause, then all unexercised Options and SARs, unvested portions of Stock Units and unvested portions
of Stock Grants shall terminate and be forfeited immediately without consideration; (iii) if the Service of Participant is terminated
for any reason other than for Cause, death, Retirement or Disability, then the vested portion of his/her then-outstanding Options/SARs
may be exercised by such Participant or his or her personal representative within three (3) months after the date of such termination;
or (iv) if the Service of a Participant is terminated due to death, Retirement or Disability, the vested portion of his/her then-outstanding
Options/SARs may be exercised within twelve (12) months after the date of termination of Service.

 

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(h)          Director
Fees. Subject to the consent and approval by the Board, each Non-Employee Director may elect to receive a Stock Grant under the
Plan in lieu of payment of a portion of his or her regular annual retainer based on the Fair Market Value of the Shares on the
date any regular annual retainer would otherwise be paid. For purposes of the Plan, a Non-Employee Director’s regular annual
retainer shall not include any additional retainer paid in connection with service on any committee of the Board or paid for any
other reason. Such an election may be for any dollar or percentage amount equal to at least 25% of the Non-Employee Director’s
regular annual retainer (up to a limit of 100% of the Non-Employee Director’s regular annual retainer). The election must
be made prior to the beginning of the annual B cycle which shall be any twelve (12) month continuous period designated by the Board.
Any amount of the regular annual retainer not elected to be received as a Stock Grant shall be payable in cash in accordance with
the Company’s standard payment procedures. Shares granted under this Section 4(h) shall otherwise be subject to the terms
of the Plan applicable to Non-Employee Directors or to Participants generally (other than provisions specifically applying only
to Employees).

 

SECTION
5.          SHARES SUBJECT TO PLAN AND SHARE LIMITS.

 

(a)          Basic
Limitation. The stock issuable under the Plan shall be authorized but unissued Shares or Shares acquired by the Company. The aggregate
number of Shares reserved for Awards under the Plan shall not exceed 4,200,000 Shares, subject to adjustment pursuant to Section
11, which includes the 950,000 Shares reserved for issuance under the Targeted Genetics Corporation 1999 Stock Option Plan immediately
prior to the Plan’s approval by the Company shareholders. All of the Shares available for issuance under the Plan may be
issued as Incentive Stock Options.

 

(b)          Additional
Shares. If Awards are forfeited or are terminated for any other reason before being exercised, then the Shares underlying such
Awards shall again become available for Awards under the Plan. SARs shall be counted in full against the number of Shares available
for issuance under the Plan, regardless of the number of Shares issued upon settlement of the SARs. In addition, if a stock option
previously granted under the Targeted Genetics Corporation 1999 Stock Option Plan terminates, expires, or lapses for any reason,
any Shares subject to such stock option shall again be available to be the subject of an Award under the Plan.

 

(c)          Dividend
Equivalents. Any dividend equivalents distributed under the Plan shall not be applied against the number of Shares available for
Awards.

 

(d)          Share
Limits.

 

(i)          Limitation
on Grants to Participants. Subject to adjustment as provided in Section 11 below, the maximum aggregate number of Shares that
may be subject to Awards granted to any one person under the Plan for any Fiscal Year of the Company shall be 150,000 Shares, provided
that such limitation shall be 500,000 Shares during the fiscal year of any person’s initial year of service with the Company.

 

(ii)         Limits
on Awards to Non-Employee Directors. Subject to adjustment pursuant to Section 11, no Non-Employee Director shall receive Awards
during any Fiscal Year covering, in the aggregate, in excess of 50,000 Shares; provided that any Shares received pursuant to an
election under Section 4(h) shall not count against such limit.

 

SECTION
6.          TERMS AND CONDITIONS OF OPTIONS.

 

(a)          Stock
Option Agreement. Each Grant of an Option under the Plan shall be evidenced and governed exclusively by a Stock Option Agreement
between the Optionee and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be
subject to any other terms and conditions that are not inconsistent with the Plan and that the Committee deems appropriate for
inclusion in a Stock Option Agreement (including without limitation any performance conditions). The provisions of the various
Stock Option Agreements entered into under the Plan need not be identical. The Stock Option Agreement shall also specify whether
the Option is an ISO or an NSO.

 

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(b)          Number
of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall be subject to
adjustment of such number in accordance with Section 11.

 

(c)          Exercise
Price. An Option’s Exercise Price shall be established by the Committee and set forth in a Stock Option Agreement. The Exercise
Price of an Option shall not be less than 100% of the Fair Market Value (110% for ISO grants to 10-Percent Shareholders) on the
date of Grant.

 

(d)          Exercisability
and Term. The Stock Option Agreement shall specify the term of the Option; provided that the term of an Option shall in no event
exceed ten (10) years from the date of Grant. If not so established in the instrument evidencing the Option, the Option shall vest
and become exercisable according to the following schedule, which may be waived or modified by the Committee at any time:

  

	
        Period
        of Service
	 	
        Percent
        Vested

	After 3 months	 	6.25% of the Shares subject to the Option
	 	 	 
	For each additional 3-month period thereafter	 	An additional 6.25% of the Shares subject to the Option
	 	 	 
	After 4 years	 	100% of the Shares subject to the Option

  

A Stock Option Agreement may provide
for accelerated vesting in the event of the Participant’s death, Disability, or other events. Notwithstanding any other provision
of the Plan, no Option can be exercised after the expiration date provided in the applicable Stock Option Agreement and no Option
may provide that, upon exercise of the Option, a new Option will automatically be granted.

 

(e)          Modifications
or Assumption of Options. Within the limitations of the Plan, the Committee may modify, extend or assume outstanding options or
may accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for the grant
of new Options for the same or a different number of Shares, at the same or a different Exercise Price, and with the same or different
vesting provisions. Notwithstanding the preceding sentence or anything to the contrary herein, the Committee may not Re-Price outstanding
Options unless there is approval by the Company shareholders and no modification of an Option shall, without the consent of the
Optionee, impair his or her rights or obligations under such Option.

 

(f)          Assignment
or Transfer of Options. Except as otherwise provided in the applicable Stock Option Agreement and then only to the extent permitted
by applicable law, no Option shall be transferable by the Optionee other than by will or by the laws of descent and distribution.
Except as otherwise provided in the applicable Stock Option Agreement, an Option may be exercised during the lifetime of the Optionee
only by the Optionee or by the guardian or legal representative of the Optionee. No Option or interest therein may be assigned,
pledged or hypothecated by the Optionee during his or her lifetime, whether by operation of law or otherwise, or be made subject
to execution, attachment or similar process.

 

    	11

    	 

    

  

SECTION
7.          PAYMENT FOR OPTION SHARES.

 

(a)          Cash.
The entire Exercise Price of Shares issued upon exercise of Options shall be payable in cash at the time when such Shares are purchased.

 

(b)          Surrender
of Stock. To the extent provided for in the applicable Stock Option Agreement, payment for all or any part of the Exercise Price
may be made with Shares which have already been owned by the Optionee; provided that the Committee may, in its sole discretion,
require that Shares tendered for payment be previously held by the Optionee for a minimum duration. Such Shares shall be valued
at their Fair Market Value.

 

(c)          Cashless
Exercise. To the extent provided for in the applicable Stock Option Agreement, payment for all or any part of the Exercise Price
may be made through Cashless Exercise.

 

(d)          Other
Forms of Payment. To the extent provided for in the applicable Stock Option Agreement, payment for all or any part of the Exercise
Price may be made in any other form that is consistent with Applicable Laws, regulations and rules and approved by the Committee.

 

In the case of an ISO granted under
the Plan, payment shall be made only pursuant to the express provisions of the applicable Stock Option Agreement. The Stock Option
Agreement may specify that payment may be made in any form(s) described in this Section 7. In the case of an NSO granted under
the Plan, the Committee may, in its discretion at any time, accept payment in any form(s) described in this Section 7.

 

SECTION
8.          TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS.

 

(a)          SAR
Agreement. Each Grant of a SAR under the Plan shall be evidenced and governed exclusively by a SAR Agreement between the Participant
and the Company. Such SAR shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms
and conditions that are not inconsistent with the Plan and that the Committee deems appropriate for inclusion in a SAR Agreement
(including without limitation any performance conditions). A SAR Agreement may provide for a maximum limit on the amount of any
payout notwithstanding the Fair Market Value on the date of exercise of the SAR. The provisions of the various SAR Agreements entered
into under the Plan need not be identical. SARs may be granted in consideration of a reduction in the Participant’s compensation.

 

(b)          Number
of Shares. Each SAR Agreement shall specify the number of Shares to which the SAR pertains and shall be subject to adjustment of
such number in accordance with Section 11.

 

(c)          Exercise
Price. Each SAR Agreement shall specify the Exercise Price which shall be established by the Committee. The Exercise Price of a
SAR shall not be less than 100% of the Fair Market Value on the date of Grant.

 

(d)          Exercisability
and Term. The SAR Agreement shall specify the term of the SAR which shall not exceed ten (10) years from the date of Grant. Unless
the applicable SAR Agreement provides otherwise, each SAR shall vest and become exercisable with respect to 25% of the Shares subject
to the SAR upon completion of one year of Service measured from the vesting commencement date, the balance of the Shares subject
to the SAR shall vest and become exercisable in thirty-six (36) equal installments upon completion of each month of Service thereafter,
and the term of the SAR shall be ten (10) years from the date of Grant. A SAR Agreement may provide for accelerated vesting in
the event of the Participant’s death, Disability, or other events. SARs may be awarded in combination with Options or Stock
Grants, and such an Award shall provide that the SARs will not be exercisable unless the related Options or Stock Grants are forfeited.
A SAR may be included in an ISO only at the time of Grant but may be included in an NSO at the time of Grant or at any subsequent
time, but not later than six months before the expiration of such NSO. No SAR may provide that, upon exercise of the SAR, a new
SAR will automatically be granted.

 

    	12

    	 

    

  

(e)          Exercise
of SARs. If, on the date when a SAR expires, the Exercise Price under such SAR is less than the Fair Market Value on such date
but any portion of such SAR has not been exercised or surrendered, then such SAR shall automatically be deemed to be exercised
as of such date with respect to such portion. Upon exercise of a SAR, the Participant (or any person having the right to exercise
the SAR) shall receive from the Company (i) Shares, (ii) cash or (iii) any combination of Shares and cash, as the Committee shall
determine at the time of Grant of the SAR, in its sole discretion. The amount of cash and/or the Fair Market Value of Shares received
upon exercise of SARs shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of exercise)
of the Shares subject to the SARs exceeds the Exercise Price of the Shares.

 

(f)          Modification
or Assumption of SARs. Within the limitations of the Plan, the Committee may modify, extend or assume outstanding stock appreciation
rights or may accept the cancellation of outstanding stock appreciation rights (including stock appreciation rights granted by
another issuer) in return for the grant of new SARs for the same or a different number of Shares, at the same or a different Exercise
Price, and with the same or different vesting provisions. Notwithstanding the preceding sentence or anything to the contrary herein,
unless there is approval by the Company shareholders, the Committee may not Re-Price outstanding SARs and no modification of a
SAR shall, without the consent of the Participant, impair his or her rights or obligations under such SAR.

 

(g)          Assignment
or Transfer of SARs. Except as otherwise provided in the applicable SAR Agreement and then only to the extent permitted by applicable
law, no SAR shall be transferable by the Participant other than by will or by the laws of descent and distribution. Except as otherwise
provided in the applicable SAR Agreement, a SAR may be exercised during the lifetime of the Participant only by the Participant
or by the guardian or legal representative of the Participant. No SAR or interest therein may be assigned, pledged or hypothecated
by the Participant during his or her lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment
or similar process.

 

SECTION
9.          TERMS AND CONDITIONS FOR STOCK GRANTS.

 

(a)          Amount
and Form of Awards. Awards under this Section 9 may be granted in the form of a Stock Grant. Each Stock Grant Agreement shall specify
the number of Shares to which the Stock Grant pertains and shall be subject to adjustment of such number in accordance with Section
11. A Stock Grant may also be awarded in combination with NSOs, and such an Award may provide that the Stock Grant will be forfeited
in the event that the related NSOs are exercised.

 

(b)          Stock
Grant Agreement. Each Stock Grant awarded under the Plan shall be evidenced and governed exclusively by a Stock Grant Agreement
between the Participant and the Company. Each Stock Grant shall be subject to all applicable terms and conditions of the Plan and
may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Committee deems appropriate
for inclusion in the applicable Stock Grant Agreement (including without limitation any performance conditions). The provisions
of the various Stock Grant Agreements entered into under the Plan need not be identical.

 

(c)          Payment
for Stock Grants. Stock Grants may be issued with or without cash consideration or any other form of legally permissible consideration
approved by the Committee.

 

(d)          Vesting
Conditions. Each Stock Grant may or may not be subject to vesting. Any such vesting provision may provide that Shares shall vest
based on Service over time or shall vest, in full or in installments, upon satisfaction of performance conditions specified in
the Stock Grant Agreement which may include Performance Goals pursuant to Section 4(e). Unless the applicable Stock Grant Agreement
provides otherwise, each Stock Grant shall vest with respect to 25% of the Shares subject to the Stock Grant upon completion of
each year of Service on each of the first through fourth annual anniversaries of the vesting commencement date. A Stock Grant Agreement
may provide for accelerated vesting in the event of the Participant’s death, Disability, or other events.

 

    	13

    	 

    

  

(e)          Assignment
or Transfer of Stock Grants. Except as provided in the applicable Stock Grant Agreement, and then only to the extent permitted
by applicable law, a Stock Grant awarded under the Plan shall not be anticipated, assigned, attached, garnished, optioned, transferred
or made subject to any creditor’s process, whether voluntarily, involuntarily or by operation of law. Any act in violation
of this Section 9(e) shall be void. However, this Section 9(e) shall not preclude a Participant from designating a beneficiary
who will receive any vested outstanding Stock Grant Awards in the event of the Participant’s death, nor shall it preclude
a transfer of vested Stock Grant Awards by will or by the laws of descent and distribution.

 

(f)          Voting
and Dividend Rights. The holder of a Stock Grant awarded under the Plan shall have the same voting, dividend and other rights as
the Company’s other shareholders. A Stock Grant Agreement, however, may require that the holder of such Stock Grant invest
any cash dividends received in additional Shares subject to the Stock Grant. Such additional Shares subject to the Stock Grant
shall be subject to the same conditions and restrictions as the Stock Grant with respect to which the dividends were paid. Such
additional Shares subject to the Stock Grant shall not reduce the number of Shares available for issuance under Section 5.

 

(g)          Modification
or Assumption of Stock Grants. Within the limitations of the Plan, the Committee may modify or assume outstanding stock grants
or may accept the cancellation of outstanding stock grants (including stock granted by another issuer) in return for the grant
of new Stock Grants for the same or a different number of Shares and with the same or different vesting provisions. Notwithstanding
the preceding sentence or anything to the contrary herein, no modification of a Stock Grant shall, without the consent of the Participant,
impair his or her rights or obligations under such Stock Grant.

 

SECTION
10.         TERMS AND CONDITIONS OF STOCK UNITS.

 

(a)          Stock
Unit Agreement. Each grant of Stock Units under the Plan shall be evidenced and governed exclusively by a Stock Unit Agreement
between the Participant and the Company. Such Stock Units shall be subject to all applicable terms and conditions of the Plan and
may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Committee deems appropriate
for inclusion in the applicable Stock Unit Agreement (including without limitation any performance conditions). The provisions
of the various Stock Unit Agreements entered into under the Plan need not be identical. Stock Units may be granted in consideration
of a reduction in the Participant’s other compensation.

 

(b)          Number
of Shares. Each Stock Unit Agreement shall specify the number of Shares to which the Stock Unit Grant pertains and shall be subject
to adjustment of such number in accordance with Section 11.

 

(c)          Payment
for Stock Units. Stock Units shall be issued without consideration.

 

(d)          Vesting
Conditions. Each Award of Stock Units may or may not be subject to vesting. Any such vesting provision may provide that Shares
shall vest based on Service over time or shall vest, in full or in installments, upon satisfaction of performance conditions specified
in the Stock Unit Agreement which may include Performance Goals pursuant to Section 4(e). Unless the applicable Stock Unit Agreement
provides otherwise, each Stock Unit shall vest with respect to 25% of the Shares subject to the Stock Unit upon completion of each
year of Service on each of the first through fourth annual anniversaries of the vesting commencement date. A Stock Unit Agreement
may provide for accelerated vesting in the event of the Participant’s death, Disability, or other events.

 

    	14

    	 

    

  

(e)          Voting
and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture, any Stock Unit
awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles
the holder to be credited with an amount equal to all cash dividends paid on one Share while the Stock Unit is outstanding. Dividend
equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of cash, in
the form of Shares, or in a combination of both. Prior to distribution, any dividend equivalents which are not paid shall be subject
to the same conditions and restrictions as the Stock Units to which they attach.

 

(f)          Form
and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (a) cash, (b) Shares or
(c) any combination of both, as determined by the Committee at the time of the grant of the Stock Units, in its sole discretion.
Methods of converting Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of
Shares over a series of trading days. Vested Stock Units may be settled in a lump sum or in installments. The distribution may
occur or commence when the vesting conditions applicable to the Stock Units have been satisfied or have lapsed, or it may be deferred,
in accordance with applicable law, to any later date. The amount of a deferred distribution may be increased by an interest factor
or by dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment
pursuant to Section 11.

 

(g)          Creditors’
Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units represent
an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock Unit Agreement.

 

(h)          Modification
or Assumption of Stock Units. Within the limitations of the Plan, the Committee may modify or assume outstanding stock units or
may accept the cancellation of outstanding stock units (including stock units granted by another issuer) in return for the grant
of new Stock Units for the same or a different number of Shares and with the same or different vesting provisions. Notwithstanding
the preceding sentence or anything to the contrary herein, no modification of a Stock Unit shall, without the consent of the Participant,
impair his or her rights or obligations under such Stock Unit.

 

(i)          Assignment
or Transfer of Stock Units. Except as provided in the applicable Stock Unit Agreement, and then only to the extent permitted by
applicable law, Stock Units shall not be anticipated, assigned, attached, garnished, optioned, transferred or made subject to any
creditor’s process, whether voluntarily, involuntarily or by operation of law. Any act in violation of this Section 10(i)
shall be void. However, this Section 10(i) shall not preclude a Participant from designating a beneficiary who will receive any
outstanding vested Stock Units in the event of the Participant’s death, nor shall it preclude a transfer of vested Stock
Units by will or by the laws of descent and distribution.

 

SECTION
11.         PROTECTION AGAINST DILUTION.

 

(a)          Adjustments.
Subject to any action required under Applicable Laws by the holders of capital stock of the Company, (i) the numbers and class
of Shares or other stock or securities: (x) available for future Awards under Section 5(a) above, (y) set forth in Section 5(d)
above, and (z) covered by each outstanding Award, (ii) the Exercise Price of each outstanding Option, and (iii) any repurchase
price per Share applicable to Shares issued pursuant to any Award, shall be proportionately adjusted by the Committee in the event
of a stock split, reverse stock split, stock dividend, combination, consolidation, recapitalization (including a recapitalization
through a large nonrecurring cash dividend) or reclassification of the Shares, subdivision of the Shares, a rights offering, a
reorganization, merger, spin-off, split-up, change in corporate structure or other similar occurrence. Any adjustment by the Committee
pursuant to this Section 11 shall be made in the Committee’s sole and absolute discretion and shall be final, binding and
conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible
into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number
or Exercise Price of an Award. If, by reason of a transaction described in this Section 11 or an adjustment pursuant to this Section
11, a Participant’s Award agreement covers additional or different shares of stock or securities, then such additional or
different shares, and the Award agreement in respect thereof, shall be subject to all of the terms, conditions and restrictions
which were applicable to the Award prior to such adjustment.

 

    	15

    	 

    

  

(b)          Participant
Rights. Except as provided in this Section 11, a Participant shall have no rights by reason of any issue by the Company of stock
of any class or securities convertible into stock of any class, any subdivision or consolidation of shares of stock of any class,
the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class. If by reason
of an adjustment pursuant to this Section 11 a Participant’s Award covers additional or different shares of stock or securities,
then such additional or different shares and the Award in respect thereof shall be subject to all of the terms, conditions and
restrictions which were applicable to the Award and the Shares subject to the Award prior to such adjustment.

 

(c)          Fractional
Shares. Any adjustment of Shares pursuant to this Section 11 shall be rounded down to the nearest whole number of Shares. Under
no circumstances shall the Company be required to authorize or issue fractional shares and no consideration shall be provided as
a result of any fractional shares not being issued or authorized.

 

SECTION
12.         EFFECT OF A CORPORATE TRANSACTION.

 

(a)          Corporate
Transaction. In the event that the Company is a party to a Corporate Transaction, outstanding Awards shall be subject to the applicable
agreement of merger, reorganization, or sale of assets. Such agreement may provide, without limitation, for the assumption or substitution
of outstanding Options, SARs, or Stock Units by the surviving entity or its parent, for the assumption of outstanding Stock Grant
Agreements by the surviving entity or its parent, for the replacement of outstanding Options, SARs, and Stock Units with a cash
incentive program of the surviving entity which preserves the spread existing on the unvested portions of such outstanding Awards
at the time of the transaction and provides for subsequent payout in accordance with the same vesting provisions applicable to
those Awards, for accelerated vesting of outstanding Awards, or for the cancellation of outstanding Options, SARs, and Stock Units,
with or without consideration, in all cases without the consent of the Participant. Notwithstanding the foregoing, if outstanding
Options, SARs or Stock Units are not assumed, substituted, or replaced with a cash incentive program or any outstanding Stock Grant
Agreements are not assumed pursuant to Section 12(a), then such Awards shall terminate upon the consummation of the Corporate Transaction;
provided, however, that the Committee shall notify the Participant that the Award will terminate at least five (5) days prior to
the date on which the Award terminates.

 

(b)          Acceleration.
The Committee may determine, at the time of grant of an Award or thereafter, that such Award shall become fully vested as to all
Shares subject to such Award in the event that a Change in Control occurs. Unless otherwise provided in the applicable Award agreement,
employment agreement or other applicable written agreement, in the event that a Change in Control occurs and any outstanding Awards
held by a current Key Service Provider is to be terminated (in whole or in part) pursuant to the preceding paragraph, the vesting
(and exercisability, if applicable) of each such Award shall accelerate such that the Award shall become vested (and exercisable,
if applicable) in full prior to the consummation of the Change in Control at such time and on such conditions as the Committee
shall determine.

 

SECTION
13.         LIMITATIONS ON RIGHTS.

 

(a)          No
Entitlements. A Participant’s rights, if any, in respect of or in connection with any Award is derived solely from the discretionary
decision of the Company to permit the individual to participate in the Plan and to benefit from a discretionary Award. By accepting
an Award under the Plan, a Participant expressly acknowledges that there is no obligation on the part of the Company to continue
the Plan and/or grant any additional Awards. Any Award granted hereunder is not intended to be compensation of a continuing or
recurring nature, or part of a Participant’s normal or expected compensation, and in no way represents any portion of a Participant’s
salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation or any other purpose.

 

    	16

    	 

    

  

Neither the Plan nor any Award granted
under the Plan shall be deemed to give any individual a right to remain an Employee, Consultant or Director of the Company, a Parent,
a Subsidiary or an Affiliate. The Company and its Parent and Subsidiaries and Affiliates reserve the right to terminate the Service
of any person at any time, and for any reason, subject to Applicable Laws, the Company’s Articles of Incorporation
and Bylaws and a written employment agreement (if any), and such terminated person shall be deemed irrevocably to have waived
any claim to damages or specific performance for breach of contract or dismissal, compensation for loss of office, tort or otherwise
with respect to the Plan or any outstanding Award that is forfeited and/or is terminated by its terms or to any future Award.

 

(b)          Shareholders’
Rights. A Participant shall have no dividend rights, voting rights or other rights as a shareholder with respect to any Shares
covered by his or her Award prior to the issuance of such Shares (as evidenced by an appropriate entry on the books of the Company
or a duly authorized transfer agent of the Company). No adjustment shall be made for cash dividends or other rights for which the
record date is prior to the date when such Shares are issued, except as expressly provided in Section 11.

 

(c)          Issuance
Requirements. Any other provision of the Plan notwithstanding, the obligation of the Company to issue Shares or other securities
under the Plan shall be subject to all Applicable Laws, rules and regulations and such approval by any regulatory body as may be
required. The Company reserves the right to restrict, in whole or in part, the delivery of Shares or other securities pursuant
to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Shares or other securities, to
their registration, qualification or listing or to an exemption from registration, qualification or listing.

 

SECTION
14.         WITHHOLDING TAXES.

 

(a)          General.
A Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that
arise in connection with his or her Award. The Company shall not be required to issue any Shares or make any cash payment under
the Plan until such obligations are satisfied.

 

(b)          Share
Withholding. If a public market for the Company’s Shares exists, the Committee may permit a Participant to satisfy all or
part of his or her withholding or income tax obligations by having the Company withhold all or a portion of any Shares that otherwise
would be issued to him or her or by surrendering or attesting to all or a portion of any Shares that he or she previously acquired.
Such Shares shall be valued based on the value of the actual trade or, if there is none, the Fair Market Value as of the previous
day. Any payment of taxes by assigning Shares to the Company may be subject to restrictions, including, but not limited to, any
restrictions required by rules of the SEC. The Committee may, in its discretion, also permit a Participant to satisfy withholding
or income tax obligations related to an Award through Cashless Exercise or through a sale of Shares underlying the Award.

 

SECTION
15.         DURATION AND AMENDMENTS.

 

(a)          Term
of the Plan. The Plan shall become effective upon its adoption by the Board. It shall continue in effect for a term of ten (10)
years unless sooner terminated under this Section 15. If required by the Applicable Laws, continuance of the Plan shall be subject
to approval by the holders of capital stock of the Company within twelve (12) months before or after the date the Plan is adopted
or, to the extent required by Applicable Laws, any date the Plan is amended. Such approval shall be obtained in the manner and
to the degree required under the Applicable Laws.

 

(b)          Right
to Amend or Terminate the Plan. The Board may amend or terminate the Plan at any time and for any reason. The termination of the
Plan, or any amendment thereof, shall not impair the rights or obligations of any Participant under any Award previously granted
under the Plan without the Participant’s consent. No Awards shall be granted under the Plan after the Plan’s termination.
An amendment of the Plan shall be subject to the approval of the Company’s shareholders only to the extent such approval
is otherwise required by Applicable Laws, regulations or rules.

 

    	17

    	 

    

 

SECTION
16.         Addenda.

 

The Committee may approve such addenda
to the Plan as it may consider necessary or appropriate for the purpose of granting Awards to Employees, Consultants or Directors,
which Awards may contain such terms and conditions as the Committee deems necessary or appropriate to accommodate differences in
local law, tax policy or custom, which, if so required under Applicable Laws, may deviate from the terms and conditions set forth
in the Plan. The terms of any such addenda shall supersede the terms of the Plan to the extent necessary to accommodate such differences
but shall not otherwise affect the terms of the Plan as in effect for any other purpose.

 

SECTION
17.         Severability.

 

If any provision of the Plan or any Award is determined
to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Plan or any Award under
any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to Applicable Laws,
or, if it cannot be so construed or deemed amended without, in the Committee’s determination, materially altering the intent
of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan
and any such Award shall remain in full force and effect.

 

SECTION
18.         EXECUTION.

 

To record the adoption of the Plan
by the Board, the Company has caused its duly authorized officer to execute the Plan on behalf of the Company.

 

	 	TARGETED GENETICS CORPORATION
	 	 
	 	By  /s/ David J. Poston
	 	 
	 	Title  Vice President, Finance and Chief Financial Officer

 

    	18Exhibit 10.13

 

AmpliPhi
Biosciences Corporation

2012 STOCK INCENTIVE PLAN

 

Effective as of October 23,
2012

 

Contents

 

	SECTION 1	INTRODUCTION	 	2
	 	 	 	 
	SECTION 2	DEFINITIONS	 	2
	 	 	 	 
	SECTION 3	ADMINISTRATION	 	7
	 	 	 	 
	SECTION 4	GENERAL	 	8
	 	 	 	 
	SECTION 5	SHARES SUBJECT TO PLAN AND SHARE LIMITS	 	10
	 	 	 	 
	SECTION 6	TERMS AND CONDITIONS OF OPTIONS	 	10
	 	 	 	 
	SECTION 7	PAYMENT FOR OPTION SHARES	 	11
	 	 	 	 
	SECTION 8	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS	 	12
	 	 	 	 
	SECTION 9	TERMS AND CONDITIONS FOR STOCK GRANTS	 	13
	 	 	 	 
	SECTION 10	TERMS AND CONDITIONS OF STOCK UNITS	 	15
	 	 	 	 
	SECTION 11	PROTECTION AGAINST DILUTION	 	16
	 	 	 	 
	SECTION 12	EFFECT OF A CORPORATE TRANSACTION	 	17
	 	 	 	 
	SECTION 13	LIMITATIONS ON RIGHTS	 	18
	 	 	 	 
	SECTION 14	WITHHOLDING TAXES	 	19
	 	 	 	 
	SECTION 15	DURATION AND AMENDMENTS	 	19
	 	 	 	 
	SECTION 16	ADDENDA	 	19
	 	 	 	 
	SECTION 17	SEVERABILITY	 	20
	 	 	 	 
	SECTION 18	EXECUTION	 	20

 

    	1

    	 

    

 

		SECTION 1	INTRODUCTION

 

The purposes of this Plan are to promote the long-term
success of the Company and the creation of shareholder value by offering Key Service Providers an opportunity to share in such
long-term success by acquiring a proprietary interest in the Company and to attract and retain the best available personnel for
positions of substantial responsibility, and to provide additional incentive to Employees, Consultants and Directors.

 

The Plan seeks to achieve these purposes by providing
for discretionary long-term incentive Awards in the form of Options, Stock Appreciation Rights, Stock Grants and Stock Units.

 

The Plan shall be governed by, and construed in accordance
with, the laws of the State of Washington (except its choice-of-law provisions). Capitalized terms shall have the meaning provided
in Section 2 unless otherwise provided in the Plan or any related Stock Option Agreement, SAR Agreement, Stock Grant Agreement
or Stock Unit Agreement.

 

		SECTION 2	DEFINITIONS

 

		(a)	“Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less
than 50% of such entity.

 

		(b)	“Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but not limited to,
all applicable U.S. federal or state laws, any Stock Exchange rules or regulations, and the applicable laws, rules or regulations
of any other country or jurisdiction where Awards are granted under the Plan or where Participants reside or provide services,
as such laws, rules, and regulations shall be in effect from time to time.

 

		(c)	“Award” means any Grant of an Option, SAR, Stock Grant or Stock Unit under the Plan.

 

		(d)	“Board” means the Board of Directors of the Company, as constituted from time to time.

 

		(e)	“Cashless Exercise” means, to the extent that a Stock Option Agreement so provides and as permitted by applicable
law, a program approved by the Committee in which payment may be made all or in part by delivery (on a form prescribed by the Committee)
of an irrevocable direction to a securities broker to sell Shares and to deliver all or part of the sale proceeds to the Company
in payment of the aggregate Exercise Price and, if applicable, the amount necessary to satisfy the Company’s withholding
obligations at the minimum statutory withholding rates, including, but not limited to, U.S. federal, state and local income taxes,
payroll taxes, and foreign taxes, if applicable.

 

		(f)	“Cause” means, except as may otherwise be provided in a Participant’s employment agreement or Award agreement,
a conviction of a Participant for a felony crime or the failure of a Participant to contest prosecution for a felony crime, or
a Participant’s misconduct, fraud or dishonesty (as such terms are defined by the Committee in its sole discretion), or any
unauthorized use or disclosure of confidential information or trade secrets, in each case as determined by the Committee, and the
Committee’s determination shall be conclusive and binding.

 

    	2

    	 

    

 

		(g)	“Change in Control” means the occurrence of any one or more of the following:

 

		(i)	the sale, transfer or disposition of all or substantially all of the Company’s assets other than to (A) a corporation
or other entity of which at least a majority of its combined voting power is owned directly or indirectly by the Company, (B) a
corporation or other entity owned directly or indirectly by the holders of capital stock of the Company in substantially the same
proportions as their ownership of Common Stock, or (C) an Excluded Entity (as defined in subsection (ii) below)

 

		(ii)	the merger, consolidation or other business combination transaction of the Company with or into another corporation, entity
or person, other than a transaction with or into another corporation, entity or person in which the holders of at least a majority
of the shares of voting capital stock of the Company outstanding immediately prior to such transaction continue to hold (either
by such shares remaining outstanding in the continuing entity or by their being converted into shares of voting capital stock
of the surviving entity) a majority of the total voting power represented by the shares of voting capital stock of the Company
(or the surviving entity) outstanding immediately after such transaction (an “Excluded Entity”); or

 

		(iii)	the acquisition, directly or indirectly, by any person or related group of persons (other than the Company or a person that
directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within
the meaning of Rule 13d-3 of the Exchange Act) of securities of the Company representing more than 50% of the total combined voting
power of the Company’s then outstanding securities pursuant to a tender or exchange offer made directly to the Company’s
stockholders which the Board does not recommend such stockholders accept.

 

A transaction (including a Corporate Transaction) shall
not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create
a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities
immediately before such transactions.

 

		(h)	“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated
thereunder.

 

		(i)	“Committee” means a committee described in Section 3.

 

		(j)	“Common Stock” means the Company’s common stock.

 

		(k)	“Company” means AmpliPhi Biosciences Corporation, a Washington corporation, and any successor.

 

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		(l)	“Consultant” means an individual who performs bona-fide services to the Company, a Parent, a Subsidiary or an Affiliate,
other than as an Employee or Director.

 

		(m)	“Corporate Transaction” means a sale of all or substantially all of the Company’s assets, or a merger, consolidation
or other capital reorganization or business combination transaction of the Company with or into another corporation, entity or
person.

 

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

 

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

 

		(p)	“Employee” means any individual who is a common-law employee of the Company, a Parent, a Subsidiary, or an Affiliate.

 

		(q)	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

		(r)	“Exercise Price” means, in the case of an Option, the amount for which a Share may be purchased upon exercise of
such Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of a SAR, means an
amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value in determining the amount
payable upon exercise of such SAR.

 

		(s)	“Fair Market Value” means the market price of a Share as established in good faith by the Committee or (a) if the
Common Stock is listed on the Nasdaq National Market, the closing selling price for the Common Stock as reported by the Nasdaq
National Market for a single trading day or (b) if the Common Stock is listed on the New York Stock Exchange or the American Stock
Exchange, the closing selling price for the Common Stock as such price is officially quoted in the composite tape of transactions
on such exchange for a single trading day. If there is no such reported price for the Common Stock for the date in question, then
such price on the last preceding date for which such price exists shall be determinative of Fair Market Value.

 

		(t)	“Fiscal Year” means the Company’s fiscal year.

 

		(u)	“Grant” means any grant of an Award under the Plan.

 

		(v)	“Key Service Provider” means an Employee, Director or Consultant who has been selected by the Committee to receive
an Award under the Plan.

 

		(w)	“Non-Employee Director” means a Director who is not an Employee.

 

		(x)	“Option” means a stock option granted under the Plan entitling the Optionee to purchase Shares. No Option granted
under this Plan shall be intended to qualify as an incentive stock option within the meaning of Section 422 of the Code.

 

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		(y)	“Optioned Stock” means Shares that are subject to an Option or that were issued pursuant to the exercise of an
Option.

 

		(z)	“Optionee” means an individual, estate or other entity that holds an Option.

 

		(aa)	“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company,
if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after
the adoption of the Plan shall be considered a Parent commencing as of such date.

 

		(bb)	“Participant” means an individual or an estate or other entity that holds an Award.

 

		(cc)	“Performance Goals” means one or more objective measurable performance factors as determined by the Committee with
respect to each Performance Period based upon one or more factors, including, but not limited to: (i) operating income; (ii) earnings
before interest, taxes, depreciation and amortization (“EBITDA”); (iii) earnings; (iv) cash flow; (v) market
share; (vi) sales or revenue; (vii) expenses; (viii) cost of goods sold; (ix) profit/loss or profit margin;
(x) working capital; (xi) return on equity or assets; (xii) earnings per share; (xiii) economic value added
(“EVA”); (xiv) stock price; (xv) price/earnings ratio; (xvi) debt or debt-to-equity; (xvii) accounts
receivable; (xviii) writeoffs; (xix) cash; (xx) assets; (xxi) liquidity; (xxii) operations; (xxiii) intellectual
property (e.g., patents); (xxiv) product development; (xxv) regulatory activity, including clinical trial activity; (xxvi) manufacturing,
production or inventory; (xxvii) mergers and acquisitions or divestitures; (xxviii) business development activities;
(xxix) financings; (xxx) cash burn; and/or (xxxi) cash horizon, each with respect to the Company and/or one or more
of its Affiliates or operating units. Awards issued to persons who are not Covered Employees may take into account other factors.

 

		(dd)	“Performance Period” means any period as determined by the Committee, in its sole discretion. The Committee may
establish different Performance Periods for different Participants, and the Committee may establish concurrent or overlapping Performance
Periods.

 

		(ee)	“Plan” means this AmpliPhi Biosciences Corporation 2012 Stock Incentive Plan, as it may be amended from time to
time.

 

		(ff)	“Retirement” means retirement as of the individual’s normal retirement date under the Company’s 401(k)
Plan or other similar successor plan applicable to salaried employees.

 

		(gg)	“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor
provision.

 

		(hh)	“SAR Agreement” means the agreement described in Section 8 evidencing each Award of a Stock Appreciation Right.

 

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		(ii)	“SEC” means the Securities and Exchange Commission.

 

		(jj)	“Section 16 Persons” means those officers, directors or other persons who are subject to Section 16 of the
Exchange Act.

 

		(kk)	“Securities Act” means the Securities Act of 1933, as amended.

 

		(ll)	“Service” means service to the Company, a Parent, a Subsidiary or an Affiliate as an Employee, Director or Consultant.
Service shall not be considered interrupted or terminated in the case of: (i) Company approved sick leave; (ii) military
leave; (iii) any other bona fide leave of absence approved by the Committee, provided that such leave is for a period of not
more than ninety (90) days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or
unless provided otherwise pursuant to a written Company policy. Also, Service as an Employee or Consultant shall not be considered
interrupted or terminated in the case of a transfer between locations of the Company or between the Company, its Parents,
Subsidiaries or Affiliates, or their respective successors, or a change in status from an Employee to a Consultant or from a Consultant
to an Employee.

 

		(mm)	“Share” means one share of Common Stock.

 

		(nn)	“Stock Appreciation Right” or “SAR” means a stock appreciation right awarded under the Plan.

 

		(oo)	“Stock Grant” means Shares awarded under the Plan.

 

		(pp)	“Stock Grant Agreement” means the agreement described in Section 9 evidencing each Award of a Stock Grant.

 

		(qq)	“Stock Option Agreement” means the agreement described in Section 6 evidencing each Award of an Option.

 

		(rr)	“Stock Unit” means a bookkeeping entry representing the equivalent of one Share, as awarded under the Plan.

 

		(ss)	“Stock Unit Agreement” means the agreement described in Section 10 evidencing each Award of a Stock Unit.

 

		(tt)	“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with
the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more
of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains
the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 

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		SECTION 3	ADMINISTRATION

 

		(a)	General. The Plan shall be administered by the Board or a Committee, or a combination thereof, as determined by the
Board. The Plan may be administered by different administrative bodies with respect to different classes of Participants and, if
permitted by Applicable Laws, the Board may authorize one or more officers of the Company to make Awards under the Plan to Employees
and Consultants (who are not Section 16 Persons) within parameters specified by the Board.

 

		(b)	Committee Composition. If a Committee has been appointed pursuant to this Section 3, such Committee shall continue
to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of
any Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution
therefor, fill vacancies (however caused) and dissolve a Committee and thereafter directly administer the Plan, all to the extent
permitted by the Applicable Laws and, in the case of a Committee administering the Plan in accordance with the requirements of
Rule 16b-3.

 

Unless the Board provides otherwise, the Board’s
Compensation Committee shall be the Committee. Members of the Committee shall serve for such period of time as the Board may determine
and shall be subject to removal by the Board at any time. The Board may also at any time terminate the functions of the Committee
and reassume all powers and authority previously delegated to the Committee.

 

The Committee shall have membership composition which
enables Awards to Section 16 Persons to qualify as exempt from liability under Section 16(b) of the Exchange Act.

 

The Board may also appoint one or more separate committees
of the Board, each composed of two or more directors of the Company who need not qualify under Rule 16b-3, that may administer
the Plan with respect to Key Service Providers who are not Section 16 Persons, may grant Awards under the Plan to such Key
Service Providers and may determine all terms of such Awards.

 

Notwithstanding the foregoing, the Board shall constitute
the Committee and shall administer the Plan with respect to Non-Employee Directors, shall grant Awards under the Plan to such Non-Employee
Directors, and shall determine all terms of such Awards.

 

		(c)	Authority of the Committee. Subject to the provisions of the Plan, the Committee shall have full authority and sole
discretion to take any actions it deems necessary or advisable for the administration of the Plan. Such actions shall include:

 

		(i)	selecting Key Service Providers who are to receive Awards under the Plan;

 

		(ii)	determining the type, number, vesting requirements and other features and conditions of such Awards and amending such Awards;

 

    	7

    	 

    

 

		(iii)	correcting any defect, supplying any omission, or reconciling any inconsistency in the Plan or any Award agreement;

 

		(iv)	accelerating the vesting, or extending the post-termination exercise term, of Awards at any time and under such terms and conditions
as it deems appropriate;

 

		(v)	interpreting the Plan;

 

		(vi)	making all other decisions relating to the operation of the Plan; and

 

		(vii)	adopting such plans or sub-plans as may be deemed necessary or appropriate to provide for the participation by Key Service
Providers of the Company and its Subsidiaries and Affiliates who reside outside the U.S., which plans and/or sub-plans shall be
attached hereto as Appendices.

 

The Committee may adopt such rules or guidelines as
it deems appropriate to implement the Plan. The Committee’s determinations under the Plan shall be final and binding on all
persons.

 

		(d)	Indemnification. To the maximum extent permitted by applicable law, each member of the Committee, or of the Board, shall
be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed
upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which
he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or
any Stock Option Agreement, SAR Agreement, Stock Grant Agreement or Stock Unit Agreement, and (ii) from any and all amounts
paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment
in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at
its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled
under the Company’s Articles of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power
that the Company may have to indemnify them or hold them harmless.

 

		SECTION 4	GENERAL

 

		(a)	General Eligibility. Only Employees, Directors and Consultants shall be eligible for designation as Key Service Providers
by the Committee, in its sole discretion.

 

		(b)	Restrictions on Shares. Any Shares issued pursuant to an Award shall be subject to such rights of repurchase, rights
of first refusal and other transfer restrictions as the Committee may determine, in its sole discretion. Such restrictions shall
apply in addition to any restrictions that may apply to holders of Shares generally and shall also comply to the extent necessary
with applicable law. In no event shall the Company be required to issue fractional Shares under the Plan.

 

    	8

    	 

    

 

		(c)	Beneficiaries. Unless stated otherwise in an Award agreement, a Participant may designate one or more beneficiaries
with respect to an Award by timely filing the prescribed form with the Company. A beneficiary designation may be changed by filing
the prescribed form with the Company at any time before the Participant’s death. If no beneficiary was designated or if no
designated beneficiary survives the Participant, then after a Participant’s death any vested Award(s) shall be transferred
or distributed to the Participant’s estate.

 

		(d)	Performance Conditions. The Committee may, in its discretion, include performance conditions in an Award. If performance
conditions are included in Awards to Covered Employees, then such Awards may be subject to the achievement of Performance Goals
established by the Committee.

 

		(e)	No Rights as a Shareholder. A Participant, or a transferee of a Participant, shall have no rights as a shareholder with
respect to any Common Stock covered by an Award until such person has satisfied all of the terms and conditions to receive such
Common Stock, has satisfied any applicable withholding or tax obligations relating to the Award and the Shares have been issued
(as evidenced by an appropriate entry on the books of the Company or a duly authorized transfer agent of the Company).

 

		(f)	Termination of Service. Unless the applicable Award agreement or, with respect to Participants who reside in the U.S.,
the applicable employment agreement provides otherwise, the following rules shall govern the vesting, exercisability and term of
outstanding Awards held by a Participant in the event of termination of such Participant’s Service (in all cases subject
to the term of the Award as applicable): (i) upon termination of Service for any reason, all unvested portions of any outstanding
Awards shall be immediately forfeited without consideration and the vested portions of any outstanding Stock Units shall be settled;
(ii) if the Service of a Participant is terminated for Cause, then all unexercised Options and SARs, unvested portions of
Stock Units and unvested portions of Stock Grants shall terminate and be forfeited immediately without consideration; (iii) if
the Service of a Participant is terminated for any reason other than for Cause, death, Retirement or Disability, then the vested
portion of his/her then-outstanding Options/SARs may be exercised by such Participant or his or her personal representative within
three (3) months after the date of such termination; or (iv) if the Service of a Participant is terminated due to death,
Retirement or Disability, the vested portion of his/her then-outstanding Options/SARs may be exercised within twelve (12) months
after the date of the Participant’s termination of Service.

 

    	9

    	 

    

 

		(g)	Director Fees. Subject to the consent and approval by the Board, each Non-Employee Director may elect to receive a Stock
Grant under the Plan in lieu of payment of a portion of his or her regular annual retainer based on the Fair Market Value of the
Shares on the date any regular annual retainer would otherwise be paid. For purposes of the Plan, a Non-Employee Director’s
regular annual retainer shall not include any additional retainer paid in connection with service on any committee of the Board
or paid for any other reason. Such an election may be for any dollar or percentage amount equal to at least 25% of the Non-Employee
Director’s regular annual retainer (up to a limit of 100% of the Non-Employee Director’s regular annual retainer).
The election must be made prior to the beginning of the annual Board cycle which shall be any twelve (12) month continuous
period designated by the Board. Any amount of the regular annual retainer not elected to be received as a Stock Grant shall be
payable in cash in accordance with the Company’s standard payment procedures. Shares granted under this Section 4(g)
shall otherwise be subject to the terms of the Plan applicable to Non-Employee Directors or to Participants generally (other than
provisions specifically applying only to Employees).

 

		SECTION 5	SHARES SUBJECT TO PLAN AND SHARE LIMITS

 

		(a)	Basic Limitation. The stock issuable under the Plan shall be authorized but unissued Shares or Shares acquired by the
Company. The aggregate number of Shares reserved for Awards under the Plan shall not exceed 35,000,000 Shares.

 

		(b)	Additional Shares. If Awards are forfeited or are terminated for any other reason before being exercised, then the Shares
underlying such Awards shall again become available for Awards under the Plan. SARs shall be counted in full against the number
of Shares available for issuance under the Plan, regardless of the number of Shares issued upon settlement of the SARs.

 

		(c)	Dividend Equivalents. Any dividend equivalents distributed under the Plan shall not be applied against the number of
Shares available for Awards.

 

		SECTION 6	TERMS AND CONDITIONS OF OPTIONS

 

		(a)	Stock Option Agreement. Each Grant of an Option under the Plan shall be evidenced and governed exclusively by a Stock
Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms and conditions of the
Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Committee deems
appropriate for inclusion in a Stock Option Agreement (including without limitation any performance conditions). The provisions
of the various Stock Option Agreements entered into under the Plan need not be identical.

 

		(b)	Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and
shall be subject to adjustment of such number in accordance with Section 11.

 

		(c)	Exercise Price. An Option’s Exercise Price shall be established by the Committee and set forth in a Stock Option
Agreement. The Exercise Price of an Option shall not be less than 100% of the Fair Market Value on the date of Grant.

 

		(d)	Exercisability and Term. The Stock Option Agreement shall specify the term of the Option; provided that the term of
an Option shall in no event exceed ten (10) years from the date of Grant. If not so established in the instrument evidencing
the Option, the Option shall vest and become exercisable according to the following schedule, which may be waived or modified by
the Committee at any time:

 

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	Period of Service	Percent Vested
	 	 
	After 3 months	6.25% of the Shares subject to the Option
	 	 
	For each additional 3-month period thereafter	An additional 6.25% of the Shares subject to the Option
	 	 
	After 4 years	100% of the Shares subject to the Option

 

A Stock Option Agreement may provide for accelerated
vesting in the event of the Participant’s death, Disability, or other events. Notwithstanding any other provision of the
Plan, no Option can be exercised after the expiration date provided in the applicable Stock Option Agreement and no Option may
provide that, upon exercise of the Option, a new Option will automatically be granted.

 

		(e)	Modifications or Assumption of Options. Within the limitations of the Plan, the Committee may modify, extend or assume
outstanding options or may accept the cancellation of outstanding options (whether granted by the Company or by another issuer)
in return for the grant of new Options for the same or a different number of Shares, at the same or a different Exercise Price,
and with the same or different vesting provisions. Notwithstanding the preceding sentence or anything to the contrary herein, no
modification of an Option shall, without the consent of the Optionee, impair his or her rights or obligations under such Option.

 

		(f)	Assignment or Transfer of Options. Except as otherwise provided in the applicable Stock Option Agreement and then only
to the extent permitted by applicable law, no Option shall be transferable by the Optionee other than by will or by the laws of
descent and distribution. Except as otherwise provided in the applicable Stock Option Agreement, an Option may be exercised during
the lifetime of the Optionee only by the Optionee or by the guardian or legal representative of the Optionee. No Option or interest
therein may be assigned, pledged or hypothecated by the Optionee during his or her lifetime, whether by operation of law or otherwise,
or be made subject to execution, attachment or similar process.

 

		SECTION 7	PAYMENT FOR OPTION SHARES

 

		(a)	Cash. The entire Exercise Price of Shares issued upon exercise of Options shall be payable in cash at the time when
such Shares are purchased.

 

		(b)	Surrender of Stock. To the extent provided for in the applicable Stock Option Agreement, payment for all or any part
of the Exercise Price may be made with Shares which have already been owned by the Optionee; provided that the Committee may, in
its sole discretion, require that Shares tendered for payment be previously held by the Optionee for a minimum duration. Such Shares
shall be valued at their Fair Market Value.

 

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		(c)	Cashless Exercise. To the extent provided for in the applicable Stock Option Agreement, payment for all or any part
of the Exercise Price may be made through Cashless Exercise.

 

		(d)	Other Forms of Payment. To the extent provided for in the applicable Stock Option Agreement, payment for all or any
part of the Exercise Price may be made in any other form that is consistent with Applicable Laws, regulations and rules and approved
by the Committee.

 

		SECTION 8	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

 

		(a)	SAR Agreement. Each Grant of a SAR under the Plan shall be evidenced and governed exclusively by a SAR Agreement between
the Participant and the Company. Such SAR shall be subject to all applicable terms and conditions of the Plan and may be subject
to any other terms and conditions that are not inconsistent with the Plan and that the Committee deems appropriate for inclusion
in a SAR Agreement (including without limitation any performance conditions). A SAR Agreement may provide for a maximum limit on
the amount of any payout notwithstanding the Fair Market Value on the date of exercise of the SAR. The provisions of the various
SAR Agreements entered into under the Plan need not be identical. SARs may be granted in consideration of a reduction in the Participant’s
compensation.

 

		(b)	Number of Shares. Each SAR Agreement shall specify the number of Shares to which the SAR pertains and shall be subject
to adjustment of such number in accordance with Section 11.

 

		(c)	Exercise Price. Each SAR Agreement shall specify the Exercise Price which shall be established by the Committee. The
Exercise Price of a SAR shall not be less than 100% of the Fair Market Value on the date of Grant.

 

		(d)	Exercisability and Term. The SAR Agreement shall specify the term of the SAR which shall not exceed ten (10) years
from the date of Grant. Unless the applicable SAR Agreement provides otherwise, each SAR shall vest and become exercisable with
respect to 25% of the Shares subject to the SAR upon completion of one year of Service measured from the vesting commencement date,
the balance of the Shares subject to the SAR shall vest and become exercisable in thirty-six (36) equal installments upon
completion of each month of Service thereafter, and the term of the SAR shall be ten (10) years from the date of Grant. A
SAR Agreement may provide for accelerated vesting in the event of the Participant’s death, Disability, or other events. SARs
may be awarded in combination with Options or Stock Grants, and such an Award shall provide that the SARs will not be exercisable
unless the related Options or Stock Grants are forfeited. A SAR may be included in an Option at the time of Grant or at any subsequent
time, but not later than six months before the expiration of such Option. No SAR may provide that, upon exercise of the SAR, a
new SAR will automatically be granted.

 

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		(e)	Exercise of SARs. If, on the date when a SAR expires, the Exercise Price under such SAR is less than the Fair Market
Value on such date but any portion of such SAR has not been exercised or surrendered, then such SAR shall automatically be deemed
to be exercised as of such date with respect to such portion. Upon exercise of a SAR, the Participant (or any person having the
right to exercise the SAR) shall receive from the Company (i) Shares, (ii) cash or (iii) any combination of Shares
and cash, as the Committee shall determine at the time of Grant of the SAR, in its sole discretion. The amount of cash and/or the
Fair Market Value of Shares received upon exercise of SARs shall, in the aggregate, be equal to the amount by which the Fair Market
Value (on the date of exercise) of the Shares subject to the SARs exceeds the Exercise Price of the Shares.

 

		(f)	Modification or Assumption of SARs. Within the limitations of the Plan, the Committee may modify, extend or assume outstanding
stock appreciation rights or may accept the cancellation of outstanding stock appreciation rights (including stock appreciation
rights granted by another issuer) in return for the grant of new SARs for the same or a different number of Shares, at the same
or a different Exercise Price, and with the same or different vesting provisions. Notwithstanding the preceding sentence or anything
to the contrary herein, no modification of a SAR shall, without the consent of the Participant, impair his or her rights or obligations
under such SAR.

 

		(g)	Assignment or Transfer of SARs. Except as otherwise provided in the applicable SAR Agreement and then only to the extent
permitted by applicable law, no SAR shall be transferable by the Participant other than by will or by the laws of descent and distribution.
Except as otherwise provided in the applicable SAR Agreement, a SAR may be exercised during the lifetime of the Participant only
by the Participant or by the guardian or legal representative of the Participant. No SAR or interest therein may be assigned, pledged
or hypothecated by the Participant during his or her lifetime, whether by operation of law or otherwise, or be made subject to
execution, attachment or similar process.

 

		SECTION 9	TERMS AND CONDITIONS FOR STOCK GRANTS

 

		(a)	Amount and Form of Awards. Awards under this Section 9 may be granted in the form of a Stock Grant. Each Stock
Grant Agreement shall specify the number of Shares to which the Stock Grant pertains and shall be subject to adjustment of such
number in accordance with Section 11. A Stock Grant may also be awarded in combination with Options, and such an Award may
provide that the Stock Grant will be forfeited in the event that the related Options are exercised.

 

		(b)	Stock Grant Agreement. Each Stock Grant awarded under the Plan shall be evidenced and governed exclusively by a Stock
Grant Agreement between the Participant and the Company. Each Stock Grant shall be subject to all applicable terms and conditions
of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Committee
deems appropriate for inclusion in the applicable Stock Grant Agreement (including without limitation any performance conditions).
The provisions of the various Stock Grant Agreements entered into under the Plan need not be identical.

 

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		(c)	Payment for Stock Grants. Stock Grants may be issued with or without cash consideration or any other form of legally
permissible consideration approved by the Committee.

 

		(d)	Vesting Conditions. Each Stock Grant may or may not be subject to vesting. Any such vesting provision may provide that
Shares shall vest based on Service over time or shall vest, in full or in installments, upon satisfaction of performance conditions
specified in the Stock Grant Agreement which may include Performance Goals pursuant to Section 4(e). Unless the applicable
Stock Grant Agreement provides otherwise, each Stock Grant shall vest with respect to 25% of the Shares subject to the Stock Grant
upon completion of each year of Service on each of the first through fourth annual anniversaries of the vesting commencement date.
A Stock Grant Agreement may provide for accelerated vesting in the event of the Participant’s death, Disability, or other
events.

 

		(e)	Assignment or Transfer of Stock Grants. Except as provided in the applicable Stock Grant Agreement, and then only to
the extent permitted by applicable law, a Stock Grant awarded under the Plan shall not be anticipated, assigned, attached, garnished,
optioned, transferred or made subject to any creditor’s process, whether voluntarily, involuntarily or by operation of law.
Any act in violation of this Section 9(e) shall be void. However, this Section 9(e) shall not preclude a Participant
from designating a beneficiary who will receive any vested outstanding Stock Grant Awards in the event of the Participant’s
death, nor shall it preclude a transfer of vested Stock Grant Awards by will or by the laws of descent and distribution.

 

		(f)	Voting and Dividend Rights. The holder of a Stock Grant awarded under the Plan shall have the same voting, dividend
and other rights as the Company’s other shareholders. A Stock Grant Agreement, however, may require that the holder of such
Stock Grant invest any cash dividends received in additional Shares subject to the Stock Grant. Such additional Shares subject
to the Stock Grant shall be subject to the same conditions and restrictions as the Stock Grant with respect to which the dividends
were paid. Such additional Shares subject to the Stock Grant shall not reduce the number of Shares available for issuance under
Section 5.

 

		(g)	Modification or Assumption of Stock Grants. Within the limitations of the Plan, the Committee may modify or assume outstanding
stock grants or may accept the cancellation of outstanding stock grants (including stock granted by another issuer) in return for
the grant of new Stock Grants for the same or a different number of Shares and with the same or different vesting provisions. Notwithstanding
the preceding sentence or anything to the contrary herein, no modification of a Stock Grant shall, without the consent of the Participant,
impair his or her rights or obligations under such Stock Grant.

 

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		SECTION 10	TERMS AND CONDITIONS OF STOCK UNITS

 

		(a)	Stock Unit Agreement. Each grant of Stock Units under the Plan shall be evidenced and governed exclusively by a Stock
Unit Agreement between the Participant and the Company. Such Stock Units shall be subject to all applicable terms and conditions
of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Committee
deems appropriate for inclusion in the applicable Stock Unit Agreement (including without limitation any performance conditions).
The provisions of the various Stock Unit Agreements entered into under the Plan need not be identical. Stock Units may be granted
in consideration of a reduction in the Participant’s other compensation.

 

		(b)	Number of Shares. Each Stock Unit Agreement shall specify the number of Shares to which the Stock Unit Grant pertains
and shall be subject to adjustment of such number in accordance with Section 11.

 

		(c)	Payment for Stock Units. Stock Units shall be issued without consideration.

 

		(d)	Vesting Conditions. Each Award of Stock Units may or may not be subject to vesting. Any such vesting provision may provide
that Shares shall vest based on Service over time or shall vest, in full or in installments, upon satisfaction of performance conditions
specified in the Stock Unit Agreement which may include Performance Goals pursuant to Section 4(e). Unless the applicable
Stock Unit Agreement provides otherwise, each Stock Unit shall vest with respect to 25% of the Shares subject to the Stock Unit
upon completion of each year of Service on each of the first through fourth annual anniversaries of the vesting commencement date.
A Stock Unit Agreement may provide for accelerated vesting in the event of the Participant’s death, Disability, or other
events.

 

		(e)	Voting and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture,
any Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents.
Such right entitles the holder to be credited with an amount equal to all cash dividends paid on one Share while the Stock Unit
is outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made
in the form of cash, in the form of Shares, or in a combination of both. Prior to distribution, any dividend equivalents which
are not paid shall be subject to the same conditions and restrictions as the Stock Units to which they attach.

 

		(f)	Form and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (a) cash,
(b) Shares or (c) any combination of both, as determined by the Committee at the time of the grant of the Stock Units,
in its sole discretion. Methods of converting Stock Units into cash may include (without limitation) a method based on the average
Fair Market Value of Shares over a series of trading days. Vested Stock Units may be settled in a lump sum or in installments.
The distribution may occur or commence when the vesting conditions applicable to the Stock Units have been satisfied or have lapsed,
or it may be deferred, in accordance with applicable law, to any later date. The amount of a deferred distribution may be increased
by an interest factor or by dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units shall
be subject to adjustment pursuant to Section 11.

 

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		(g)	Creditors’ Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the
Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the
applicable Stock Unit Agreement.

 

		(h)	Modification or Assumption of Stock Units. Within the limitations of the Plan, the Committee may modify or assume outstanding
stock units or may accept the cancellation of outstanding stock units (including stock units granted by another issuer) in return
for the grant of new Stock Units for the same or a different number of Shares and with the same or different vesting provisions.
Notwithstanding the preceding sentence or anything to the contrary herein, no modification of a Stock Unit shall, without the consent
of the Participant, impair his or her rights or obligations under such Stock Unit.

 

		(i)	Assignment or Transfer of Stock Units. Except as provided in the applicable Stock Unit Agreement, and then only to the
extent permitted by applicable law, Stock Units shall not be anticipated, assigned, attached, garnished, optioned, transferred
or made subject to any creditor’s process, whether voluntarily, involuntarily or by operation of law. Any act in violation
of this Section 10(i) shall be void. However, this Section 10(i) shall not preclude a Participant from designating a
beneficiary who will receive any outstanding vested Stock Units in the event of the Participant’s death, nor shall it preclude
a transfer of vested Stock Units by will or by the laws of descent and distribution.

 

		SECTION 11	PROTECTION AGAINST DILUTION

 

		(a)	Adjustments. Subject to any action required under Applicable Laws by the holders of capital stock of the Company, (i) the
numbers and class of Shares or other stock or securities: (x) available for future Awards under Section 5(a) above, (y) set
forth in Section 5(d) above, and (z) covered by each outstanding Award, (ii) the Exercise Price of each outstanding
Option or SAR, and (iii) any repurchase price per Share applicable to Shares issued pursuant to any Award, shall be proportionately
adjusted by the Committee in the event of a stock split, reverse stock split, stock dividend, combination, consolidation, recapitalization
(including a recapitalization through a large nonrecurring cash dividend) or reclassification of the Shares, subdivision of the
Shares, a rights offering, a reorganization, merger, spin-off, split-up, change in corporate structure or other similar occurrence.
Any adjustment by the Committee pursuant to this Section 11 shall be made in the Committee’s sole and absolute discretion
and shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock
of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall
be made with respect to, the number or Exercise Price of an Award. If, by reason of a transaction described in this Section 11
or an adjustment pursuant to this Section 11, a Participant’s Award agreement covers additional or different shares
of stock or securities, then such additional or different shares, and the Award agreement in respect thereof, shall be subject
to all of the terms, conditions and restrictions which were applicable to the Award prior to such adjustment.

 

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		(b)	Participant Rights. Except as provided in this Section 11, a Participant shall have no rights by reason of any
issue by the Company of stock of any class or securities convertible into stock of any class, any subdivision or consolidation
of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of
stock of any class. If by reason of an adjustment pursuant to this Section 11 a Participant’s Award covers additional
or different shares of stock or securities, then such additional or different shares and the Award in respect thereof shall be
subject to all of the terms, conditions and restrictions which were applicable to the Award and the Shares subject to the Award
prior to such adjustment.

 

		(c)	Fractional Shares. Any adjustment of Shares pursuant to this Section 11 shall be rounded down to the nearest whole
number of Shares. Under no circumstances shall the Company be required to authorize or issue fractional shares and no consideration
shall be provided as a result of any fractional shares not being issued or authorized.

 

		SECTION 12	EFFECT OF A CORPORATE TRANSACTION

 

		(a)	Corporate Transaction. In the event that the Company is a party to a Corporate Transaction, outstanding Awards shall
be subject to the applicable agreement of merger, reorganization, or sale of assets. Such agreement may provide, without limitation,
for the assumption or substitution of outstanding Options, SARs, or Stock Units by the surviving entity or its parent, for the
assumption of outstanding Stock Grant Agreements by the surviving entity or its parent, for the replacement of outstanding Options,
SARs, and Stock Units with a cash incentive program of the surviving entity which preserves the spread existing on the unvested
portions of such outstanding Awards at the time of the transaction and provides for subsequent payout in accordance with the same
vesting provisions applicable to those Awards, for accelerated vesting of outstanding Awards, or for the cancellation of outstanding
Options, SARs, and Stock Units, with or without consideration, in all cases without the consent of the Participant. Notwithstanding
the foregoing, if outstanding Options, SARs or Stock Units are not assumed, substituted, or replaced with a cash incentive program
or any outstanding Stock Grant Agreements are not assumed pursuant to this Section 12(a), then such Awards shall terminate
upon the consummation of the Corporate Transaction; provided, however, that the Committee shall notify the Participant that the
Award will terminate at least five (5) days prior to the date on which the Award terminates.

 

		(b)	Acceleration. The Committee may determine, at the time of grant of an Award or thereafter, that such Award shall become
fully vested as to all Shares subject to such Award in the event that a Change in Control occurs. Unless otherwise provided in
the applicable Award agreement, employment agreement or other applicable written agreement, in the event that a Change in Control
occurs and any outstanding Awards held by a current Key Service Provider is to be terminated (in whole or in part) pursuant to
the preceding paragraph, the vesting (and exercisability, if applicable) of each such Award shall accelerate such that the Award
shall become vested (and exercisable, if applicable) in full prior to the consummation of the Change in Control at such time and
on such conditions as the Committee shall determine.

 

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		SECTION 13	LIMITATIONS ON RIGHTS

 

		(a)	No Entitlements. A Participant’s rights, if any, in respect of or in connection with any Award is derived solely
from the discretionary decision of the Company to permit the individual to participate in the Plan and to benefit from a discretionary
Award. By accepting an Award under the Plan, a Participant expressly acknowledges that there is no obligation on the part of the
Company to continue the Plan and/or grant any additional Awards. Any Award granted hereunder is not intended to be compensation
of a continuing or recurring nature, or part of a Participant’s normal or expected compensation, and in no way represents
any portion of a Participant’s salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy,
resignation or any other purpose.

 

Neither the Plan nor any Award granted under the Plan
shall be deemed to give any individual a right to remain an Employee, Consultant or Director of the Company, a Parent, a Subsidiary
or an Affiliate. The Company and its Parent and Subsidiaries and Affiliates reserve the right to terminate the Service of any person
at any time, and for any reason, subject to Applicable Laws, the Company’s Articles of Incorporation and Bylaws and a written
employment agreement (if any), and such terminated person shall be deemed irrevocably to have waived any claim to damages or specific
performance for breach of contract or dismissal, compensation for loss of office, tort or otherwise with respect to the Plan or
any outstanding Award that is forfeited and/or is terminated by its terms or to any future Award.

 

		(b)	Shareholders’ Rights. A Participant shall have no dividend rights, voting rights or other rights as a shareholder
with respect to any Shares covered by his or her Award prior to the issuance of such Shares (as evidenced by an appropriate entry
on the books of the Company or a duly authorized transfer agent of the Company). No adjustment shall be made for cash dividends
or other rights for which the record date is prior to the date when such Shares are issued, except as expressly provided in Section 11.

 

		(c)	Issuance Requirements. Any other provision of the Plan notwithstanding, the obligation of the Company to issue Shares
or other securities under the Plan shall be subject to all Applicable Laws, rules and regulations and such approval by any regulatory
body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Shares or other securities
pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Shares or other securities,
to their registration, qualification or listing or to an exemption from registration, qualification or listing.

 

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		SECTION 14	WITHHOLDING TAXES

 

		(a)	General. A Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax
obligations that arise in connection with his or her Award. The Company shall not be required to issue any Shares or make any cash
payment under the Plan until such obligations are satisfied.

 

		(b)	Share Withholding. If a public market for the Company’s Shares exists, the Committee may permit a Participant
to satisfy all or part of his or her withholding or income tax obligations by having the Company withhold all or a portion of any
Shares that otherwise would be issued to him or her or by surrendering or attesting to all or a portion of any Shares that he or
she previously acquired. Such Shares shall be valued based on the value of the actual trade or, if there is none, the Fair Market
Value as of the previous day. Any payment of taxes by assigning Shares to the Company may be subject to restrictions, including,
but not limited to, any restrictions required by rules of the SEC. The Committee may, in its discretion, also permit a Participant
to satisfy withholding or income tax obligations related to an Award through Cashless Exercise or through a sale of Shares underlying
the Award.

 

		SECTION 15	DURATION AND AMENDMENTS

 

		(a)	Term of the Plan. The Plan shall become effective upon its adoption by the Board. It shall continue in effect for a
term of ten (10) years unless sooner terminated under this Section 15.

 

		(b)	Right to Amend or Terminate the Plan. The Board may amend or terminate the Plan at any time and for any reason. The
termination of the Plan, or any amendment thereof, shall not impair the rights or obligations of any Participant under any Award
previously granted under the Plan without the Participant’s consent. No Awards shall be granted under the Plan after the
Plan’s termination. An amendment of the Plan shall be subject to the approval of the Company’s shareholders only to
the extent such approval is otherwise required by Applicable Laws, regulations or rules.

 

		SECTION 16	ADDENDA

 

The Committee may approve such addenda to the Plan
as it may consider necessary or appropriate for the purpose of granting Awards to Employees, Consultants or Directors, which Awards
may contain such terms and conditions as the Committee deems necessary or appropriate to accommodate differences in local law,
tax policy or custom, which, if so required under Applicable Laws, may deviate from the terms and conditions set forth in the Plan.
The terms of any such addenda shall supersede the terms of the Plan to the extent necessary to accommodate such differences but
shall not otherwise affect the terms of the Plan as in effect for any other purpose.

 

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		SECTION 17	SEVERABILITY

 

If any provision of the Plan or any Award is determined
to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Plan or any Award under
any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to Applicable Laws,
or, if it cannot be so construed or deemed amended without, in the Committee’s determination, materially altering the intent
of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan
and any such Award shall remain in full force and effect.

 

		SECTION 18	EXECUTION

 

To record the adoption of the Plan by the Board, the
Company has caused its duly authorized officer to execute the Plan on behalf of the Company.

 

	 	AmpliPhi Biosciences Corporation
	 	 
	 	By	 
	 	 	 
	 	Title	 

 

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