Document:

EX-10.1

 Exhibit 10.1 

PRE-PAID ADVANCE AGREEMENT 

THIS PRE-PAID ADVANCE AGREEMENT (this “Agreement”) dated as of
September 15, 2022 is made by and between YA II PN, LTD., a Cayman Islands exempt limited partnership (the “Investor”), and CELULARITY INC., a company incorporated under the laws of the State of Delaware (the
“Company”). 
 WHEREAS, the parties desire that, upon the terms and subject to the conditions contained herein, the
Investor shall have the right to purchase from the Company, from time to time as provided herein, and the Company shall issue and sell to the Investor, up to $150.0 million of the Company’s shares of Class A common stock, par value
$0.0001 per share (the “Common Shares”); and 
 WHEREAS, the Common Shares are listed for trading on the Nasdaq
Capital Market under the symbol “CELU;” and 
 WHEREAS, the offer and sale of the Common Shares issuable hereunder will be
registered on the Company’s registration statement on Form S-3 (file No. 333-266786) under Section 5 under the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder (the “Securities Act”). 
 NOW, THEREFORE, the parties hereto agree as
follows: 
 Article I. Certain Definitions 

Section 1.01 “Advance” shall mean any purchase by the Investor of Advance Shares from the Company pursuant to this Agreement. 

Section 1.02 “Advance Shares” shall mean the Common Shares that the Investor shall purchase from the Company, and the Company shall
issue and sell to the Investor, hereunder. 
 Section 1.03 “Agreement” shall have the meaning set forth in the preamble of this
Agreement. 
 Section 1.04 “Applicable Laws” shall mean all applicable laws, statutes, rules, regulations, orders, executive orders,
directives, policies, guidelines and codes having the force of law, whether local, national, or international, as amended from time to time, including without limitation (i) all applicable laws that relate to money laundering, terrorist
financing, financial record keeping and reporting, (ii) all applicable laws that relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States Foreign Corrupt Practices Act of 1977, and
(iii) any Sanctions laws. 
 Section 1.05 [Reserved]. 

Section 1.06 “Closing” shall have the meaning set forth in Section 3.02. 

 Section 1.07 “Commitment Amount” shall mean $150,000,000 of Common Shares, provided
that, the Company shall not affect any sales under this Agreement and the Investor shall not purchase Common Shares under this Agreement to the extent (but only to the extent) that after giving effect to such purchase and sale the aggregate
number of Common Shares issued under this Agreement (or any other transaction that is integrated with this Agreement) would exceed 19.9% of the outstanding Common Shares as of the date of this Agreement (the “Exchange Cap”)
provided further that, the Exchange Cap will not apply (a) if the Company’s stockholders have approved issuances in excess of the Exchange Cap in accordance with the rules of the Principal Market or (b) as to any Advance, if
the Purchase Price of Shares in respect of such Advance equals or exceeds $2.36 per share (which represents the lower of (i) the Nasdaq Official Closing Price on the Trading Day immediately preceding the date of this Agreement; or (ii) the
average Nasdaq Official Closing Price for the five Trading Days immediately preceding the date of this Agreement). 
 Section 1.08 “Commitment
Period” shall mean the period commencing on the date hereof and expiring upon the date of termination of this Agreement in accordance with Section 10.01. 

Section 1.09 “Common Shares” shall have the meaning set forth in the recitals of this Agreement. 

Section 1.10 “Company” shall have the meaning set forth in the preamble of this Agreement. 

Section 1.11 “Company Indemnitees” shall have the meaning set forth in Section 6.02. 

Section 1.12 “Compulsory Advance(s)” shall have the meanings set forth in Section 3.01(h). 

Section 1.13 “Environmental Laws” shall have the meaning set forth in Section 5.13. 

Section 1.14 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 Section 1.15 “Exchange Cap” shall have the meaning set forth in the definition of Commitment Amount. 

Section 1.16 “Floor Price” means $0.75 per share. 

Section 1.17 “Hazardous Materials” shall have the meaning set forth in Section 5.13. 

Section 1.18 “Indemnified Liabilities” shall have the meaning set forth in Section 6.01. 

Section 1.19 “Investor” shall have the meaning set forth in the preamble of this Agreement. 

Section 1.20 “Investor Indemnitees” shall have the meaning set forth in Section 6.01. 

Section 1.21 “Initial Registration Statement” shall have the meaning set forth in Section 7.01(a). 

Section 1.22 “Market Price” shall have the meaning set forth in Section 1.39. 

  
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 Section 1.23 “Material Adverse Effect” shall mean any event, occurrence or condition
that has had or would reasonably be expected to have (i) a material adverse effect on the legality, validity or enforceability of this Agreement or the transactions contemplated herein, (ii) a material adverse effect on the results of
operations, assets, business or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its
obligations under this Agreement. 
 Section 1.24 “Material Outside Event” shall have the meaning set forth in Section 7.07. 

Section 1.25 “Maturity Date” shall have the meaning set forth in Section 2.03(b). 

Section 1.26 “Maximum Advance Amount” in respect of each Request means $40.0 million (or such greater amount that the parties may
mutually agree), provided that the amount of such Request shall not cause the aggregate of all Pre-Paid Advances to exceed the Commitment Amount. 

Section 1.27 “Nasdaq Official Closing Price” means the closing price of a Common Share as reported on the “Historical NOCP”
section of the web site Nasdaq.com. 
 Section 1.28 “OFAC” shall have the meaning set forth in Section 5.28. 

Section 1.29 “Ownership Limitation” shall have the meaning set forth in Section 3.01(b)(i). 

Section 1.30 “Payment Premium” means, (i) in respect of Section 2.03(c), 5% of the principal amount being paid, and
(ii) in respect of Section 2.03(d), (A) 2.5% of the principal amount being paid, if such payment is made on or before November 1, 2022, and (B) 5% of the principal amount being paid, if such payment is made after November 1,
2022. 
 Section 1.31 “Person” shall mean an individual, a corporation, a partnership, a limited liability company, a trust or other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 Section 1.32 “Plan of
Distribution” shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares. 
 Section 1.33 “Pre-Advance Date” shall have the meaning set forth in Section 2.01. 
 Section 1.34 “Pre-Paid Advance” shall have the meaning set forth in Section 2.01. 
 Section 1.35 “Principal
Market” shall mean the Nasdaq Capital Market; provided however, that in the event the Company’s Common Shares are ever listed or traded on the New York Stock Exchange, the NYSE American, the Nasdaq Global Market, or the Nasdaq Global
Select Market, then the “Principal Market” shall mean such other market or exchange on which the Company’s Common Shares are then listed or traded. 

Section 1.36 “Prospectus” means any prospectus (including, without limitation, all amendments and supplements thereto) used in
connection with a Registration Statement. 
 Section 1.37 “Prospectus Supplement” shall mean any prospectus supplement to a Prospectus
filed with the SEC pursuant to Rule 424(b) under the Securities Act, including, without limitation, any Prospectus Supplement to be filed in accordance with Section 7.01 hereof. 

  
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 Section 1.38 “Purchase Notice” shall have the meaning set forth in
Section 3.01(a). 
 Section 1.39 “Purchase Notice Date” shall mean each date the Investor delivers to the Company a Purchase
Notice. 
 Section 1.40 “Purchase Price” shall mean a price per share equal to the lower of (a) with respect to each Pre-Paid Advance, 135% of the VWAP on the Trading Day immediately prior to the Pre-Advance Date with respect to such Pre-Paid Advance
(the “Fixed Price”) and (b) 95% of the lowest VWAP during the 3 consecutive Trading Days immediately prior to the Purchase Notice Date (the “Market Price”), but in either case not lower than the Floor Price, and
provided that the Investor may elect to use the Fixed Price at any time. 
 Section 1.41 “Registration Statement” shall mean the
Initial Registration Statement or another registration statement on a form promulgated by the SEC for which the Company then qualifies for the registration of the offer and sale of the Shares to be offered and sold by the Company to the Investor and
the resale of such Shares by the Investor, as the same may be amended and supplemented from time to time and including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act and any successor registration
statement filed by the Company with the SEC under the Securities Act on a form promulgated by the SEC for which the Company then qualifies and which form shall be available for the registration of the transactions contemplated hereunder. 

Section 1.42 “Request” shall have the meaning set forth in Section 2.01. 

Section 1.43 “Sanctions” shall have the meaning set forth in Section 5.28. 

Section 1.44 “Sanctioned Countries” shall have the meaning set forth in Section 5.28. 

Section 1.45 “SEC” shall mean the U.S. Securities and Exchange Commission. 

Section 1.46 “SEC Documents” shall have the meaning set forth in Section 5.05. 

Section 1.47 “Securities Act” shall have the meaning set forth in the recitals of this Agreement. 

Section 1.48 “Shares” shall mean the Common Shares to be issued from time to time hereunder pursuant to an Advance. 

Section 1.49 “Subsidiaries” shall have the meaning set forth in Section 5.01. 

Section 1.50 “Trading Day” shall mean any day during which the Principal Market shall be open for business. 

Section 1.51 “Transaction Documents” shall have the meaning set forth in Section 5.02. 

Section 1.52 “Variable Rate Transaction” shall mean a transaction in which the Company (i) issues or sells any equity or debt
securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Common Shares either (A) at a conversion price, exercise price, exchange rate or other price that is based upon and/or varies with
the trading prices 

  
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of or quotations for the Common Shares at any time after the initial issuance of such equity or debt securities, or (B) with a conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of such equity or debt security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares
(including, without limitation, any “full ratchet” or “weighted average” anti-dilution provisions, but not including any standard anti-dilution protection for any reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction), or (ii) enters into any agreement, including but not limited to an “equity line of credit” or other continuous offering or similar
offering of Common Shares. For the avoidance of doubt, nothing herein shall limit the Company’s ability to enter into, and the Company shall be permitted to enter into any agreement, providing for an “at the market offering” or other
continuous offering or similar offering of Common Shares with a registered broker/dealer (collectively, an “ATM Agreement”), whereby the Company may sell Common Shares at a future determined price. 

Section 1.53 “VWAP” means, for any Trading Day, the daily volume weighted average price of the Common Shares for such Trading Day on the
Principal Market during regular trading hours as reported by Bloomberg L.P. 
 Article II.
Pre-Paid Advances 
 Section 2.01 Request for Pre-Paid
Advance. The parties hereby agree that the Company may, at any time and from time to time during the Commitment Period, and subject to Section 2.02 below, request a Pre-Paid Advance in an amount not
to exceed the Maximum Advance Amount from the Investor by providing a written notice of such request to the Investor (the “Request”). The closing of each Pre-Paid Advance shall take place on
or before the third business day following the date of such Request, or such earlier date as may be agreed by the Investor (the date of the closing of each Pre-Paid Advance shall be referred to as the
“Pre-Advance Date”). On each Pre-Advance Date the Investor shall pay to the Company an amount equal to 98% of the amount of the Pre-Paid Advance set forth in such Request in immediately available funds to an account designated by the Company in writing and transmit notification to the Company that such funds transfer has been requested. 

Section 2.02 Each Pre-Paid Advance. Each Pre-Paid Advance shall be
subject to the mutual consent of the parties, provided however, the parties hereby agree that the Company shall be deemed to have delivered a Request for the initial Pre-Paid Advance in an amount equal to
$40.0 million and the Investor agrees to accept the initial Pre-Paid Advance. The parties hereby agree that the Pre-Advance Date for the initial Pre-Paid Advance shall be the date hereof. In connection with each Pre-Paid Advance, the Investor shall have received a closing statement in the form of Exhibit B, duly
executed by an officer of the Company, setting forth wire transfer instructions of the Company for the payment of the amount of the Pre-Paid Advance and the amount to be paid by the Investor, which shall be
98% of the amount of the Pre-Paid Advance. 
 Section 2.03 Company’s
Pre-Paid Advance Obligations. 
  

	 	(a)	 Interest. Interest shall accrue on the outstanding balance of any
Pre-Paid Advance at an annual rate of 6%, provided however, for so long as any Event of Default has occurred and remains uncured, interest shall accrue on the outstanding balance of any Pre-Paid Advance at an annual rate of 15%. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by
applicable law. 

  
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	 	(b)	 Maturity. The Company shall pay to the Investor an amount in cash representing any amount of a Pre-Paid Advance that remains outstanding, plus any accrued and unpaid interest thereon, on the date that is 12 months following the Pre-Advance Date of each Pre-Paid Advance, unless otherwise agreed by the parties (the “Maturity Date”). 

  

	 	(c)	 Triggering Event. If, any time after the Pre-Advance Date in
respect of any Pre-Paid Advance, and from time to time thereafter, (i) the VWAP is less than the Floor Price for at least five (5) Trading Days during a period of seven (7) consecutive Trading
Days, or (ii) the Company has issued substantially all of the Common Shares available under the Exchange Cap (the last such day of each such occurrence, a “Triggering Date”), then the Company shall make monthly repayments of
amounts outstanding under such Pre-Paid Advance beginning on the 5th Trading Day after the Triggering Date and continuing on the same day of each successive
calendar month until the entire amount of such Pre-Paid Advance balance shall have been paid or until the payment obligation ceases in accordance with this section. Each monthly payment shall be in an amount
equal to the sum of (i) $6.0 million, (ii) the Payment Premium in respect of such amount, and (iii) all outstanding accrued and unpaid interest in respect of such Pre-Paid Advance as of each
payment date. The obligation of the Company to make monthly payments hereunder shall cease (with respect to any payment that has not yet come due) if any time after the Triggering Date (i) the Exchange Cap no longer applies, and (ii) the
VWAP is greater than the 110% of the Floor Price for a period of five (5) consecutive Trading Days, unless a subsequent Triggering Date occurs. 

  

	 	(d)	 Right of Prepayment. The Company at its option shall have the right, but not the obligation, to repay
(“Optional Prepayment”) early a portion or all amounts outstanding under a Pre-Paid Advance in cash in the Prepayment Amount (as defined below) as described in this Section; provided
that (i) at the time of the Prepayment Notice (as defined below), the daily VWAP is less than the Fixed Price at the time of such Prepayment Notice and (ii) the Company provides the Investor with at least 10 Trading Days’ prior
written notice (each, a “Prepayment Notice”) of its desire to exercise an Optional Prepayment. Each Prepayment Notice shall be irrevocable and shall specify the outstanding balance of the
Pre-Paid Advance to be prepaid and the applicable Payment Premium. The “Prepayment Amount” shall be an amount equal to the outstanding principal balance being prepaid by the Company, plus the
applicable Payment Premium, plus all accrued and unpaid interest on the outstanding balance. After receipt of a Prepayment Notice, the Investor shall have 10 Trading Days to elect to deliver Purchase Notices to the Company in respect of any portion
of the Pre-Paid Advance outstanding. On the 11th Trading Day after the Prepayment Notice, the Company shall deliver to the Investor the Prepayment Amount
with respect to the principal amount prepaid after giving effect to Purchase Notices delivered during the applicable notice period. 

  

	 	(e)	 Events of Default. An “Event of Default”, wherever used herein, means any one of the
following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental
body) shall have occurred and be continuing: 

  
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	 	(i)	 the Company’s failure to pay to the Investor any amount of
Pre-Paid Advances or other amounts when and as due and payable hereunder and such failure is not cured within 5 days following the Investor’s written notice to such effect; 

 

	 	(ii)	 the Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or
any subsidiary of the Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company or any subsidiary of the Company commences, or there shall be commenced against the Company or
any subsidiary of the Company, any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating
to the Company or any subsidiary of the Company, in each case which remains un-dismissed for a period of 61 days; or the Company or any subsidiary of the Company is adjudicated insolvent or bankrupt pursuant
to a final, non-appealable order; or any order of relief or other order approving any such case or proceeding is entered; or the Company or any subsidiary of the Company suffers any appointment of any
custodian, private or court appointed receiver or the like for it or any substantial part of its property which continues un-discharged or un-stayed for a period of 61
days; or the Company or any subsidiary of the Company makes a general assignment for the benefit of creditors; or the Company or any subsidiary of the Company shall admit in writing that it is unable to pay its debts generally as they become due; or
the Company or any subsidiary of the Company shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or any corporate or other action is taken by the Company or any subsidiary of the
Company for the purpose of effecting any of the foregoing; 

  

	 	(iii)	 the Company is a party to any agreement memorializing (1) the consummation of any transaction or event
(whether by means of a share exchange or tender offer applicable to the ordinary shares, a liquidation, consolidation, recapitalization, reclassification, combination or merger of the Company or a sale, lease or other transfer of all or
substantially all of the consolidated assets of the Company) or a series of related transactions or events pursuant to which all of the outstanding ordinary shares of the Company are exchanged for, converted into or constitute solely the right to
receive, cash, securities or other property, (2) a consolidation or merger in which the Company is not the surviving corporation, or (3) a sale, assignment, transfer, conveyance or other disposal of all or substantially all of the
properties or assets of the Company to another person or entity not affiliated with or under the control of the Company (each of (1), (2) and (3) a “Change in Control”) unless in connection with such Change in Control, the
outstanding balance of all Pre-Paid Advances hereunder, and any other amounts owed will be paid in full or the Investor consents to such Change in Control; 

  
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	 	(iv)	 the Company’s (A) failure to deliver the required number of Common Shares to the Investor
(I) before the applicable Share Delivery Date, or (II) in the instance of a delay due to extenuating circumstances not attributable to the Company, no later than the end of the Business Day immediately following the Share Delivery Date, or
(B) notice, written or oral, to the Investor, including by way of public announcement, at any time, of its intention not to comply with a Purchase Notice; 

 

	 	(v)	 The Company shall fail for any reason to deliver the payment in cash pursuant to a Buy-In (as defined herein) within five (5) Business Days after such payment is due; 

  

	 	(vi)	 the Company or any subsidiary of the Company shall default in any of its obligations under any debenture or any
mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or whether or not secured or evidenced any indebtedness for borrowed money or money due under any long term
leasing or factoring arrangement of the Company or any subsidiary of the Company in an amount exceeding $1,500,000, whether such indebtedness now exists or shall hereafter be created and such default is not cured within five (5) Business Days;

  

	 	(vii)	 the Common Shares shall cease to be quoted or listed for trading, fail to have a bid price or VWAP, or fail to
maintain a trading market on any Primary Market or otherwise have been suspended or delisted by the SEC, the Nasdaq, or FINRA; or 

  

	 	(viii)	 the Company shall fail to observe or perform any material covenant, agreement or warranty contained herein.

 During the time that any portion of a Pre-Paid Advance is outstanding, if any
Event of Default has occurred, the full amount outstanding under the Pre-Paid Advances and the Redemption Premium, together with interest and other amounts owing in respect thereof, to the date of acceleration
shall become at the Investor’s election given by notice pursuant to Article XI, immediately due and payable in cash. Furthermore, in addition to any other remedies, the Investor shall have the right (but not the obligation) to submit Purchase
Notices (and Advances hereunder) (subject to the limitations set out in Section 3.01(b)(i) and Section 3.01(b)(ii)) at any time after (x) an Event of Default or (y) the Maturity Date at the Purchase Price. The Investor need not
provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind (other than required notice of purchase) and the Investor may immediately enforce any and all of its rights and remedies hereunder and all other
remedies available to it under applicable law. Such declaration may be rescinded and annulled by Investor at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right
consequent thereon. 
 Article III. Investor’s Advances 

Section 3.01 Advances; Mechanics. Upon the terms and subject to the conditions of this Agreement, during the Commitment Period, the Investor, at
its sole discretion, shall have the right, but not the obligation, to purchase from the Company, and the Company shall issue and sell to the Investor, Common Shares by the delivery to the Company of Purchase Notices as provided herein. 

  
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	 	(a)	 Purchase Notice. At any time during the Commitment Period, provided that there is an outstanding balance
under a Pre-Paid Advance, the Investor may, by providing written notice to the Company in the form set forth herein as Exhibit A attached hereto (a “Purchase Notice”) require the
Company to issue and sell Shares to the Investor, in accordance with the following provisions: 

  

	 	(i)	 The Investor shall, in each Purchase Notice, select the amount of the Advance, in its sole discretion, and the
timing of delivery; provided that the amount of the Advance shall not exceed the balance owed under all Pre-Paid Advances outstanding on the date of delivery of the Purchase Notice, or result in the
Investor exceeding the Advance Limitations set forth in Section 3.01(b). 

  

	 	(ii)	 Each Purchase Notice shall be delivered in accordance with the instructions set forth at the bottom of
Exhibit A. 

  

	 	(iii)	 Each Purchase Notice shall set forth the amount of the Advance requested, the number of Shares to be issued by
the Company and purchased by the Investor, the Market Price (along with a report by Bloomberg, L.P. indicating the relevant VWAP used in calculating the Market Price), the Purchase Price, the aggregate amount of accrued and unpaid interest of the Pre-Paid Advance (if any) as of the Purchase Notice Date that shall be offset by the issuance of Shares, the aggregate amount of principal of the Pre-Paid Advance as of the
Purchase Notice Date that shall be offset by the issuance of Shares, and the total amount of the Pre-Paid Advance that shall be outstanding following the Closing of the Advance. 

 

	 	(b)	 Advance Limitations. 

 

	 	(i)	 Ownership Limitation; Commitment Amount. In no event shall the number of Common Shares issuable to the
Investor pursuant to an Advance cause the aggregate number of Common Shares beneficially owned (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) by the
Investor and its affiliates (on an aggregated basis) to exceed 4.99% of the then outstanding voting power or number of Common Shares (the “Ownership Limitation”). Upon the written request of the Investor, the Company shall promptly
(but no later than the next business day on which the transfer agent for the Common Shares is open for business) confirm orally or in writing to the Investor the number of Common Shares then outstanding and upon the written request of the Company,
the Investor will inform the Company of the amount of shares the Investor and its affiliates beneficially own as of the date of such request. 

  

	 	(ii)	 Exchange Limitation. In no event shall an Advance cause the number of Shares to exceed the Exchange Cap,
to the extent applicable. 

  
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	 	(iii)	 Limitation on Advance Amount. The Investor agrees that, except as set forth below, (A) it shall not
submit a Purchase Notice requesting an Advance in respect of the initial Pre-Paid Advance prior to November 14, 2022 (the “Advance Start Date”), (B) it shall not submit Purchase Notices
requesting Advances of more than $6.0 million in respect of the initial Pre-Paid Advance (x) during the period beginning at 12:01 a.m. on the Advance Start Date and ending at 11:59 p.m. on the date
that is 30 days following the Advance Start Date, and (y) during each successive 30 day period immediately following the conclusion of the prior period. The limitations agreed by the Investor in this Section 3.01(b)(iii) shall not
apply (i) at any time upon the occurrence and during the continuance of an Event of Default and (ii) with respect to any Purchase Notice requesting an Advance utilizing a price per share equal to the Fixed Price. The foregoing
limitations in this subsection may be waived with the prior written consent of the Company. 

  

	 	(c)	 Company’s Obligations to Deliver Common Shares to Investor. On or before the third (3rd) Business Day following the date of receipt of a Purchase Notice (the “Share Delivery Date”), the Company shall (X) if legends are not required to be placed on certificates of
Common Stock and provided that the Transfer Agent is participating in The Depository Trust Company’s (“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the
Investor shall be entitled to the Investor’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian (DWAC) system or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, issue and deliver to the address as specified in the Purchase Notice, a certificate, registered in the name of the Investor or its designee, for the number of shares of Common Stock to which the Investor shall be entitled which
certificates shall not bear any restrictive legends unless required pursuant to rules and regulations of the SEC. The Person or Persons entitled to receive the shares of Common Stock issuable hereunder shall be treated for all purposes as the record
Investor or holders of such shares of Common Stock upon the transmission of a Purchase Notice. 

  

	 	(d)	 Company’s Failure to Timely Delivery Shares. If within three (3) Trading Days after the
Company’s receipt of a copy of a Purchase Notice the Company shall fail to issue and deliver a certificate to the Investor or credit the Investor’s balance account with DTC for the number of shares of Common Stock to which the Investor is
entitled pursuant to such Purchase Notice (a “Delivery Failure”), and if on or after such date the Investor purchases (in an open market transaction or otherwise) Common Stock to deliver in satisfaction of any sale made by the
Investor in reliance on the Purchase Notice and the timely delivery of Shares thereunder (such purchase, a “Buy-In”, provided that the number of shares purchased shall not exceed the number of
shares specified in the applicable Purchase Notice), then the Company shall, within three (3) Business Days after the Investor’s request and in the Investor’s discretion, either (i) pay cash to the Investor in an amount equal to
the Investor’s total purchase price (including brokerage commissions and other reasonable and documented out of pocket expenses, if any) for the shares of Common Stock so purchased (the “Buy-In
Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the Investor a certificate or certificates
representing such Common Stock and pay cash to the Investor in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the
Nasdaq Official Closing Price on the Purchase Notice Date. 

  
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	 	(e)	 Book-Entry. The Investor and the Company shall maintain records showing the outstanding balance of the Pre-Paid Advances (as well as the number of shares issued pursuant to Purchase Notices). 

  

	 	(f)	 Notwithstanding any other provision in this Agreement, the Company and the Investor acknowledge and agree that
upon the Investor’s delivery of a valid Purchase Notice the parties shall be deemed to have entered into an unconditional contract binding on both parties for the purchase and sale of Shares pursuant to such Purchase Notice in accordance with
the terms of this Agreement and (i) subject to Applicable Laws and (ii) subject to Section 4.09 (Trading Activities), the Investor may sell such Shares. 

Section 3.02 Closings. The closing of each Advance and each sale and purchase of Advance Shares (each, a “Closing”) shall take
place as soon as practicable on or after each Purchase Notice Date in accordance with the procedures set forth below: 
  

	 	(a)	 Promptly after receipt of a Purchase Notice with respect to each Advance (and, in any event, not later than one
Trading Day after such receipt), the Company will, or will cause its transfer agent to, electronically transfer such number of Shares to be purchased by the Investor (as set forth in the Purchase Notice) by crediting the Investor’s account or
its designee’s account at The Depository Trust Company through its DWAC system or by such other means of delivery as may be mutually agreed upon by the parties hereto, and transmit notification to the Investor that such share transfer has been
requested. Promptly upon receipt of such notification, the Investor shall pay to the Company the aggregate purchase price of the Shares (as set forth in the Purchase Notice) by offsetting the amount of the aggregate purchase price of the Shares to
be paid by Investor against an equal amount outstanding under a Pre-Paid Advance (first towards accrued and unpaid interest, if any, and then towards outstanding principal as shown in such Purchase Notice). No
fractional shares shall be issued, and any fractional amounts shall be rounded to the nearest whole number of shares. To facilitate the transfer of the Common Shares by the Investor, the Common Shares will not bear any restrictive legends so long as
there is an effective registration statement covering such Common Shares (it being understood and agreed by the Investor that notwithstanding the lack of restrictive legends, the Investor may only sell such Common Shares in compliance with the
requirements of the Securities Act (including any applicable prospectus delivery requirements) or pursuant to an available exemption). 

  

	 	(b)	 In connection with each Closing, each of the Company and the Investor shall deliver to the other all documents,
instruments and writings expressly required to be delivered by either of them pursuant to this Agreement in order to implement and effect the transactions contemplated herein. 

  
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 Section 3.03 Hardship. In the event the Investor sells Common Shares of the Company after
delivery of a Purchase Notice and the Company fails to perform its obligations as mandated in Section 3.01(c), the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Article VI hereto and in
addition to any other remedy to which the Investor is entitled at law or in equity, including, without limitation, specific performance, it will hold the Investor harmless against any loss, claim, damage, or expense (including reasonable legal fees
and expenses), as incurred, arising out of or in connection with such default by the Company and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Investor shall be entitled to an
injunction or injunctions to prevent such breaches of this Agreement and to specifically enforce (subject to the Securities Act and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of
this Agreement. 
 Section 3.04 Completion of Sales Pursuant to the Registration Statement. The Company will be under no further obligation to
maintain the effectiveness of the Registration Statement after the earlier to occur of (a) the date on which the Investor has purchased the full Commitment Amount, all Pre-Paid Advances have been fully
repaid or the Investor has completed the subsequent sale of all Shares issued hereunder pursuant to such Pre-Paid Advance (Investor agrees to notify the Company when all subsequent sales are completed) and
(b) the 90th day following the termination of this Agreement in accordance with its terms. 
 Article IV. Representations and
Warranties of Investor 
 The Investor hereby makes the following representations, warranties and covenants to the Company: 

Section 4.01 Organization and Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the Cayman
Islands and has the requisite corporate power and authority to enter into and perform its obligations under this Agreement, including all transactions contemplated, and to purchase or acquire Shares in accordance with the terms hereof. The decision
to invest and the execution and delivery of this Agreement by the Investor, the performance by the Investor of its obligations hereunder and the consummation by the Investor of the transactions contemplated hereby have been duly authorized and
require no other proceedings on the part of the Investor. The undersigned has the right, power and authority to execute and deliver this Agreement and all other instruments on behalf of the Investor or its shareholders. This Agreement has been duly
executed and delivered by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the Company, will constitute the legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance
with its terms. 
 Section 4.02 Evaluation of Risks. The Investor has such knowledge and experience in financial, tax and business matters as to
be capable of evaluating the merits and risks of, and bearing the economic risks entailed by, an investment in the Common Shares of the Company and of protecting its interests in connection with the transactions contemplated hereby. The Investor
acknowledges and agrees that its investment in the Company involves a high degree of risk, and that the Investor may lose all or a part of its investment. 

Section 4.03 No Legal, Investment or Tax Advice from the Company. The Investor acknowledges that it had the opportunity to review this Agreement
and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of the
Company’s representatives or agents for legal, tax, investment or other advice with respect to the Investor’s acquisition of Common Shares hereunder, the transactions contemplated by this Agreement or the laws of any jurisdiction, and the
Investor acknowledges that the Investor may lose all or a part of its investment. 

  
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 Section 4.04 Investment Purpose. The Investor is acquiring the Common Shares for its own
account, for investment purposes and not with a view towards, or for resale in connection with, the public sale or distribution thereof, in violation of the Securities Act or any applicable state securities laws; provided, however, that by
making the representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Shares for any minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with,
or pursuant to, a registration statement filed pursuant to this Agreement or an applicable exemption under the Securities Act. The Investor does not presently have any agreement or understanding, directly or indirectly, with any Person to sell or
distribute any of the Shares. The Investor is acquiring the Shares hereunder in the ordinary course of its business. 
 Section 4.05 Accredited
Investor. The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D. 
 Section 4.06
Information. The Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances and operations of the Company and information the Investor deemed material to making an informed
investment decision. The Investor and its advisors (and its counsel), if any, have been afforded the opportunity to ask questions of the Company and its management and have received answers to such questions. Neither such inquiries nor any other due
diligence investigations conducted by such Investor or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations and warranties contained in
this Agreement. The Investor acknowledges and agrees that the Company has not made to the Investor, and the Investor acknowledges and agrees it has not relied upon, any representations and warranties of the Company, its employees or any third party
other than the representations and warranties of the Company contained in this Agreement. The Investor understands that its investment involves a high degree of risk. The Investor has sought such accounting, legal and tax advice, as it has
considered necessary to make an informed investment decision with respect to the transactions contemplated hereby. 
 Section 4.07 Not an
Affiliate. The Investor is not an officer, director or a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with the Company or any “affiliate” of the
Company (as that term is defined in Rule 405 promulgated under the Securities Act). 
 Section 4.08 No Prior Short Sales. At no time prior to
the date of this Agreement has the Investor, its sole member, any of their respective officers, or any entity managed or controlled by the Investor or its sole member, engaged in or effected, in any manner whatsoever, directly or indirectly, for its
own principal account, any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) hedging transaction, which establishes a net short position with respect to the
Common Shares that remains in effect as of the date of this Agreement. 

  
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 Section 4.09 Trading Activities. The Investor’s trading activities with respect to the
Common Shares shall be in compliance with all applicable federal and state securities laws, rules and regulations and the rules and regulations of the Principal Market. Neither the Investor nor its affiliates has any open short position in the
Common Shares, nor has the Investor entered into any hedging transaction that establishes a net short position with respect to the Common Shares, and the Investor agrees that it shall not, and that it will cause its affiliates not to, engage in any
short sales or hedging transactions with respect to the Common Shares; provided that the Company acknowledges and agrees that upon delivery of a Purchase Notice the Investor has the right to sell (a) the Shares to be issued to the
Investor pursuant to the Purchase Notice prior to receiving such Shares, or (b) other Common Shares sold by the Company to Investor pursuant to this Agreement and which the Company has continuously held as a long position. 

Article V. Representations and Warranties of the Company 

Except as set forth in the SEC Documents, the Company represents and warrants to the Investor that, as of the date hereof, each Purchase
Notice Date (other than representations and warranties which address matters only as of a certain date, which shall be true and correct as written as of such certain date), that: 

Section 5.01 Organization and Qualification. Each of the Company and each subsidiary of the Company (each a “Subsidiary” and
collectively, the “Subsidiaries”) that is a significant subsidiary, as defined in Rule 1-02(w) of Regulation S-X of the Exchange Act (each a “Significant
Subsidiary” and collectively, the “Significant Subsidiaries”) is an entity duly organized and validly existing under the laws of their respective jurisdiction of organization, and has the requisite power and authority to own its
properties and to carry on its business as now being conducted. Each of the Company and its Significant Subsidiaries is duly qualified to do business and is in good standing (to the extent applicable) in every jurisdiction in which the nature of the
business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect. 

Section 5.02 Authorization, Enforcement, Compliance with Other Instruments. The Company has the requisite corporate power and authority to enter
into and perform its obligations under this Agreement, and the other Transaction Documents and to issue the Shares in accordance with the terms hereof and thereof. The execution and delivery by the Company of this Agreement and the other Transaction
Documents, and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) have been or (with respect to consummation) will be duly authorized by the
Company’s board of directors and no further consent or authorization will be required by the Company, its board of directors or its stockholders. This Agreement, and the other Transaction Documents to which it is a party have been (or, when
executed and delivered, will be) duly executed and delivered by the Company and, assuming the execution and delivery thereof and acceptance by the Investor, constitute (or, when duly executed and delivered, will be) the legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or other laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law.

  
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“Transaction Documents” means, collectively, this Agreement, and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection
with the transactions contemplated hereby and thereby, as may be amended from time to time. 
 Section 5.03 Authorization of the Shares. The
Shares to be issued under this Agreement have been, or with respect to Shares to be purchased by the Investor pursuant to an Purchase Notice, will be, when issued and delivered pursuant to the terms approved by the board of directors of the Company
or a duly authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, duly and validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance,
security interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights. The Shares, when issued, will conform to the description thereof set forth in or incorporated
into the Prospectus. 
 Section 5.04 No Conflict. The execution, delivery and performance of the Transaction Documents by the Company and the
consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) will not (i) result in a violation of the certificate of incorporation or other organizational
documents of the Company or its Significant Subsidiaries (with respect to consummation, as the same may be amended prior to the date on which any of the transactions contemplated hereby are consummated), (ii) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or its
Significant Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or its Significant Subsidiaries
or by which any property or asset of the Company or its Significant Subsidiaries is bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that would not reasonably be expected to have a Material
Adverse Effect. 
 Section 5.05 SEC Documents; Financial Statements. The Company has timely filed (giving effect to permissible extensions in
accordance with Rule 12b-25 under the Exchange Act) all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the Exchange Act for the two years
preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (all of the foregoing filed within two years preceding the date hereof or amended after the date hereof, or filed after the
date hereof, and all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein, and all registration statements filed by the Company under the Securities Act (including any Registration
Statements filed hereunder), being hereinafter referred to as the “SEC Documents”). The Company has made available to the Investor through the SEC’s website at http://www.sec.gov, true and complete copies of the SEC Documents.
As of their respective dates (or, with respect to any filing that has been amended or superseded, the date of such amendment or superseding filing), the SEC Documents complied in all material respects with the requirements of the Exchange Act or the
Securities Act, as applicable, and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and did not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  
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 Section 5.06 Financial Statements. The consolidated financial statements of the Company included
or incorporated by reference in SEC Documents, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries as of the dates indicated and the
consolidated results of operations, cash flows and changes in stockholders’ equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity with
generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis (except for (i) such adjustments to accounting standards and practices as are noted therein, (ii) in the case of
unaudited interim financial statements, to the extent such financial statements may not include footnotes required by GAAP or may be condensed or summary statements and (iii) such adjustments which will not be material, either individually or
in the aggregate) during the periods involved; the other financial and statistical data with respect to the Company and the Subsidiaries (as defined below) contained or incorporated by reference in the SEC Documents are accurately and fairly
presented and prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the SEC
Documents that are not included or incorporated by reference as required; the Company and the Subsidiaries (as defined below) do not have any material liabilities or obligations, direct or contingent (including any
off-balance sheet obligations), not described in the SEC Documents (excluding the exhibits thereto); and all disclosures contained or incorporated by reference in the SEC Documents regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the SEC) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the SEC Documents fairly presents the information
called for in all material respects and has been prepared in accordance with the SEC’s rules and guidelines applicable thereto. 
 Section 5.07
Registration Statement and Prospectus. The Company and the transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use of Form S-3 under the
Securities Act. Each Registration Statement and the offer and sale of Shares as contemplated hereby, if and when filed, will meet the requirements of Rule 415 under the Securities Act and shall comply in all material respects with said Rule.
Any statutes, regulations, contracts or other documents that are required to be described in a Registration Statement or a Prospectus, or to be filed as exhibits to a Registration Statement have been so described or filed. Copies of each
Registration Statement, any Prospectus, and any such amendments or supplements thereto and all documents incorporated by reference therein that were filed with the SEC on or prior to the date of this Agreement have been delivered, or are available
through EDGAR, to the Investor and its counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of the Shares, will not distribute any offering material in connection with
the offering or sale of the Shares other than a Registration Statement and the Prospectus. 

  
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 Section 5.08 No Material Misstatement or Omission. Each Registration Statement, when it became
or becomes effective, and any Prospectus, on the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each Purchase Notice Date, the Registration
Statement, and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act. Each Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. Each Prospectus did not, or will not, include an untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The documents incorporated by reference in a Prospectus or any Prospectus Supplement did not, and any further documents
filed and incorporated by reference therein will not, when filed with the SEC, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such document or necessary to make the statements in such
document, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the
Company by the Investor specifically for use in the preparation thereof. 
 Section 5.09 Conformity with Securities Act and Exchange Act. Each
Registration Statement, each Prospectus or any amendment or supplement thereto, and the documents incorporated by reference in each Registration Statement, Prospectus or any amendment or supplement thereto, when such documents were or are filed with
the SEC under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as
applicable.
 Section 5.10 Equity Capitalization. As of the date hereof, the authorized capital of the Company consists of 730,000,000 shares of
Class A common stock, par value $0.0001 per share, and 10,000,000 shares are undesignated preferred stock. As of the date hereof, the Company had 143,974,854 shares of Class A common stock outstanding and no shares of preferred stock
outstanding. 
 The Common Shares are registered pursuant to Section 12(b) of the Exchange Act and are currently listed on the
Principal Market under the trading symbol “CELU.” The Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act, delisting the Common
Shares from the Principal Market, nor has the Company received any notification that the SEC or the Principal Market is contemplating terminating such registration or listing. To the Company’s knowledge, it is in compliance with all applicable
listing requirements of the Principal Market. 
 Section 5.11 Intellectual Property Rights. The Company and its Subsidiaries own or possess
adequate rights or licenses to use all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and
rights, if any, necessary to conduct their respective businesses as now conducted, except as would not cause a Material Adverse Effect. The Company and its Subsidiaries have not received written notice of any infringement by the Company or its

  
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Subsidiaries of trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, or trade secrets, except as would
not cause a Material Adverse Effect. To the knowledge of the Company, there is no material claim, action or proceeding being made or brought against, or to the Company’s knowledge, being threatened against the Company or its Subsidiaries
regarding trademark, trade name, patents, patent rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret or other infringement; and, except as would not cause a Material Adverse Effect, the
Company is not aware of any facts or circumstances which might give rise to any of the foregoing. 
 Section 5.12 Employee Relations. Neither
the Company nor any of its Subsidiaries is involved in any labor dispute nor, to the knowledge of the Company or any of its Subsidiaries, is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse Effect.

 Section 5.13 Environmental Laws. The Company and its Subsidiaries (i) have not received written notice alleging any failure to comply in
all material respects with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) have not
received written notice alleging any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii), the failure to so comply would be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect. The term “Environmental Laws” means all applicable federal, state and local laws relating to pollution or protection of human health or the environment (including, without
limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or
hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous
Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder. 

Section 5.14 Title. Except as would not cause a Material Adverse Effect, the Company (or its Significant Subsidiaries) have indefeasible fee
simple or leasehold title to its properties and material assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other than such as are not material to the business of the Company. Any real
property and facilities held under lease by the Company and its Significant Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to
be made of such property and buildings by the Company and its Significant Subsidiaries. 
 Section 5.15 Insurance. The Company and each of its
Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its
Subsidiaries are engaged. The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not have a Material Adverse Effect. 

  
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 Section 5.16 Regulatory Permits. Except as would not cause a Material Adverse Effect, the
Company and its Significant Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to own their respective businesses, and neither the Company
nor any such Significant Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or permits. 

Section 5.17 Internal Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and management is not aware of any material weaknesses that are not disclosed in the SEC Documents as and when required. 

Section 5.18 Absence of Litigation. Except as disclosed in the SEC Documents, there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending against or affecting the Company, the Common Shares or any of the Subsidiaries that is required to be disclosed therein, wherein an unfavorable
decision, ruling or finding would have a Material Adverse Effect. 
 Section 5.19 Tax Status. Except as would not have a Material Adverse
Effect, each of the Company and its Subsidiaries (i) has timely made or filed all foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has timely
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and (iii) has set aside on its books
provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. Except as would not have a Material Adverse Effect, the Company has not received written
notification any unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim where failure to pay would cause a Material
Adverse Effect. 
 Section 5.20 Certain Transactions. Except as disclosed in the SEC Documents or as not required to be disclosed pursuant to
Applicable Laws, none of the officers or directors of the Company is presently a party to any transaction with the Company (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer or director, or to the knowledge of the Company, any corporation, partnership,
trust or other entity in which any officer or director has a substantial interest or is an officer, director, trustee or partner. 

  
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 Section 5.21 Rights of First Refusal. The Company is not obligated to offer the Common Shares
offered hereunder on a right of first refusal basis to any third parties including, but not limited to, current or former stockholders of the Company, underwriters, brokers, agents or other third parties. 

Section 5.22 Dilution. The Company is aware and acknowledges that issuance of Common Shares hereunder could cause dilution to existing
stockholders and could significantly increase the outstanding number of Common Shares. 
 Section 5.23 Acknowledgment Regarding
Investor’s Purchase of Shares. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length investor with respect to this Agreement and the transactions contemplated hereunder.
The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereunder and any advice given by the
Investor or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s purchase of the Shares hereunder. The Company is aware and acknowledges that
it shall not be able to request Advances under this Agreement if the Registration Statement is not effective or if any issuances of Common Shares pursuant to any Advances would violate any rules of the Principal Market. The Company acknowledged and
agrees that it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement. 

Section 5.24 Finder’s Fees. Neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s fees, brokerage
commissions or similar payments in connection with the transactions herein contemplated.
 Section 5.25 Relationship of the Parties. Neither the
Company, nor any of its subsidiaries, affiliates, nor any person acting on its or their behalf is a client or customer of the Investor or any of its affiliates and neither the Investor nor any of its affiliates has provided, or will provide, any
services to the Company or any of its affiliates, its subsidiaries, or any person acting on its or their behalf. The Investor’s relationship to Company is solely as investor as provided for in the Transaction Documents.

Section 5.26 Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act) contained in the Registration Statement or a Prospectus will be made or reaffirmed without a reasonable basis or will be disclosed other than in good faith. 

Section 5.27 Compliance with Laws. The Company and each of its Subsidiaries are in compliance with Applicable Laws; the Company has not received a
notice of non-compliance, nor knows of, nor has reasonable grounds to know of, any facts that any director, officer, or employee of the Company or any Subsidiary nor, to the Company’s knowledge, any
agent, affiliate or other person acting on behalf of the Company or any Subsidiary, has not complied with Applicable Laws, or could give rise to a notice of non-compliance with Applicable Laws, and is not
aware of any pending change or contemplated change to any applicable law or regulation or governmental position; in each case that would have a Material Adverse Effect on the business of the Company or the business or legal environment under which
the Company operates. 

  
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 Section 5.28 Sanctions Matters. Neither the Company nor any of its Subsidiaries (collectively,
the “Entity”), nor any director, officer of the Company nor, to the knowledge of the Company, any employee, agent, affiliate or representative of the Company or any director or officer of any Subsidiary, is a Person that is, or is
owned or controlled by a Person that is (i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Asset Control (“OFAC”), the United Nations Security Council, the
European Union, Her Majesty’s Treasury, or other relevant sanctions authorities, including, without limitation, designation on OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s Foreign Sanctions Evaders List or
other relevant sanctions authority (collectively, “Sanctions”), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory
(including, without limitation, the Crimea region of the Ukraine, Cuba, Iran, North Korea, Sudan and Syria (the “Sanctioned Countries”)). The Entity will not, directly or, to its knowledge, indirectly, use the proceeds from the sale
of Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (a) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at
the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country, or (b) in any other manner that will result in a violation of Sanctions or Applicable Laws by any Person (including any Person participating in
the transactions contemplated by this agreement, whether as underwriter, advisor, investor or otherwise). For the past five years, the Entity has not engaged in, and is now not engaged in, any dealings or transactions with any Person, or in any
country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or was a Sanctioned Country. 

Article VI. Indemnification 

The Investor and the Company represent to the other the following with respect to itself: 

Section 6.01 Indemnification by the Company. In consideration of the Investor’s execution and delivery of this Agreement, and in addition to
all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless the Investor and its investment manager, Yorkville Advisors Global, LP, and each of their respective officers,
directors, managers, members, partners, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Investor Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees,
liabilities and damages, and reasonable and documented expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable
attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by the Investor Indemnitees or any of them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment thereof or supplement thereto, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or 

  
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liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of the Investor specifically for inclusion therein; (b) any material misrepresentation or breach of any material representation or material warranty made by the Company in this Agreement or
any other certificate, instrument or document contemplated hereby or thereby; or (c) any material breach of any material covenant, material agreement or material obligation of the Company contained in this Agreement or any other certificate,
instrument or document contemplated hereby or thereby. To the extent that the foregoing undertaking by the Company may be unenforceable under Applicable Law, the Company shall make the maximum contribution to the payment and satisfaction of each of
the Indemnified Liabilities, which is permissible under Applicable Law. 
 Section 6.02 Indemnification by the Investor. In consideration of the
Company’s execution and delivery of this Agreement, and in addition to all of the Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the Company and all of its officers,
directors, stockholders, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act (collectively, the “Company Indemnitees”) from and against any and all Indemnified Liabilities incurred by the Company Indemnitees or any of them as a result of, or arising out
of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus,
or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that the Investor will only be liable for written information relating to the Investor furnished to the Company by or on behalf of the Investor specifically for inclusion in the documents referred to in the foregoing
indemnity, and will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in
reliance upon and in conformity with written information furnished to the Investor by or on behalf of the Company specifically for inclusion therein; (b) any misrepresentation or breach of any representation or warranty made by the Investor in
this Agreement or any instrument or document contemplated hereby or thereby executed by the Investor; or (c) any breach of any covenant, agreement or obligation of the Investor contained in this Agreement or any other certificate, instrument or
document contemplated hereby or thereby executed by the Investor. To the extent that the foregoing undertaking by the Investor may be unenforceable under Applicable Laws, the Investor shall make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Laws. 
 Section 6.03 Notice of Claim. Promptly after
receipt by an Investor Indemnitee or Company Indemnitee of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or Company Indemnitee,
as applicable, shall, if a claim for an Indemnified Liability in respect thereof is to be made against any indemnifying party under this Article VI, deliver to the indemnifying party a written notice of the commencement thereof; but the failure to
so notify the 

  
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indemnifying party will not relieve it of liability under this Article VI except to the extent the indemnifying party is prejudiced by such failure. The indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually reasonably satisfactory to the indemnifying party and
the Investor Indemnitee or Company Indemnitee, as the case may be; provided, however, that an Investor Indemnitee or Company Indemnitee shall have the right to retain its own counsel with the actual and reasonable third party fees and expenses of
not more than one counsel for such Investor Indemnitee or Company Indemnitee to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Investor
Indemnitee or Company Indemnitee and the indemnifying party would be inappropriate due to actual or potential differing interests between such Investor Indemnitee or Company Indemnitee and any other party represented by such counsel in such
proceeding. The Investor Indemnitee or Company Indemnitee shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to the Investor Indemnitee or Company Indemnitee which relates to such action or claim. The indemnifying party shall keep the Investor Indemnitee or Company Indemnitee reasonably apprised as to the status
of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Investor Indemnitee or Company Indemnitee, consent to entry of any judgment or enter into any settlement or
other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Investor Indemnitee or Company Indemnitee of a release from all liability in respect to such claim or litigation. Following
indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Investor Indemnitee or Company Indemnitee with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The indemnification required by this Article VI shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received and payment therefor is due.

 Section 6.04 Remedies. The remedies provided for in this Article VI are not exclusive and shall not limit any right or remedy which may be
available to any indemnified person at law or equity. The obligations of the parties to indemnify or make contribution under this Article VI shall survive expiration or termination of this Agreement for a period of three years. 

Section 6.05 Limitation of liability. Notwithstanding the foregoing, no party shall be entitled to recover from the other party for punitive,
indirect, incidental or consequential damages. 
 Article VII. 

Additional Covenants 
 The Company
covenants with the Investor, and the Investor covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Commitment Period (and with respect to the Company, for the period following the
termination of this Agreement specified in Article X pursuant to and in accordance with Article X: 

  
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 Section 7.01 Registration Statement. 

 

	 	(a)	 The Registration Statement. The Company has filed, in accordance with the provisions of the Securities
Act and the rules and regulations thereunder, with the SEC a shelf registration statement on Form S-3 (File Number 333-266786) (the “Initial Registration
Statement”) including a base prospectus, with respect to the issuance and sale of securities by the Company, including Common Shares, which contains, among other things a Plan of Distribution section disclosing the methods by which the
Company may sell the Common Shares. The Initial Registration Statement was declared effective on August 18, 2022 and remains in effect on the date hereof. Except where the context otherwise requires, the Initial Registration Statement, as
amended when it became effective, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus subsequently filed with the SEC pursuant to Rule 424(b) under the
Securities Act or deemed to be a part of the Initial Registration Statement pursuant to Rule 430B of the Securities Act, is herein called the “Registration Statement.” 

 

	 	(b)	 Initial Disclosure. Promptly after the execution of this Agreement (and prior to, or simultaneously with
the Company delivering a Request to the Investor hereunder), the Company shall file with the SEC a report on Form 8-K or such other appropriate form as determined by counsel to the Company, relating to the
transactions contemplated by this Agreement and a Prospectus Supplement pursuant to Rule 424(b) of the Securities Act disclosing all information relating to the transaction contemplated hereby required to be disclosed therein and an updated Plan of
Distribution, including, without limitation, the name of the Investor, the number of Shares being offered hereunder, the terms of the offering, the purchase price of the Shares, and other material terms of the offering, and any other information or
disclosure necessary to register the transactions contemplated herein (collectively, the “Initial Disclosure”) and shall provide the Investor with adequate opportunity to review the Initial Disclosure prior to its filing. To the
extent required, promptly after each Purchase Notice Date, the Company shall file with the SEC a Prospectus Supplement pursuant to Rule 424(b) of the Securities Act disclosing all information relating to the particular Advance to be disclosed
therein, including, without limitation, the number of Shares offered and the purchase price of the Shares, and other material terms of the particular offering, and any other information or disclosure necessary to register the Shares issued pursuant
to such Advance. 

  

	 	(c)	 Maintaining a Registration Statement. The Company shall use commercially reasonable efforts to maintain
the effectiveness of any Registration Statement with respect to the Shares at all times there are outstanding Pre-Paid Advances. Notwithstanding anything to the contrary contained in this Agreement, the
Company shall ensure that, when filed, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including, without limitation, all amendments and supplements thereto) used in connection
with such Registration Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the
circumstances in which they were made) not misleading. 

  
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	 	(d)	 Filing Procedures. Not less than one business day prior to the filing of a Registration Statement and
not less than one business day prior to the filing of any related amendments and supplements to any Registration Statement (except for any amendments or supplements caused by the filing of any annual reports on Form
10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any similar or successor reports), the Company shall
furnish to the Investor copies of all such documents proposed to be filed, which documents (other than those filed pursuant to Rule 424 promulgated under the Securities Act) will be subject to the reasonable and prompt review of the Investor (in
each of which cases, if such document contains material non-public information as consented to by the Investor pursuant to Section 7.18, the information provided to Investor will be kept strictly
confidential until filed and treated as subject to Section 7.07). The Investor shall furnish comments on a Registration Statement and any related amendment and supplement to a Registration Statement to the Company within 24 hours of the receipt
thereof. If the Investor fails to provide comments to the Company within such 24-hour period, then the Registration Statement, related amendment or related supplement, as applicable, shall be deemed accepted
by the Investor in the form originally delivered by the Company to the Investor. 

  

	 	(e)	 Delivery of Final Documents. The Company shall furnish to the Investor without charge, (i) at least
one copy of each Registration Statement as declared effective by the SEC and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus,
(ii) at the request of the Investor, at least one copy of the final prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request) and
(iii) such other documents as the Investor may reasonably request from time to time in order to facilitate the disposition of the Common Shares owned by the Investor pursuant to a Registration Statement. Filing of the forgoing with the SEC via
its EDGAR system shall satisfy the requirements of this Section. 

  

	 	(f)	 Amendments and Other Filings. The Company shall (i) prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to a Registration Statement and the related prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities
Act, as may be necessary to keep such Registration Statement effective at all times during the Commitment Period. 

  

	 	(g)	 Blue-Sky. The Company shall use its commercially
reasonable efforts to, if required by Applicable Laws, (i) register and qualify the Common Shares covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the
Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof
during the Commitment Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Commitment Period, and (iv) take all other actions reasonably necessary or
advisable to qualify the Common Shares 

  
 - 25 - 

	 	
for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its Certificate of
Incorporation or Bylaws or any other organizational documents of the Company or any of its Subsidiaries, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 7.01(g), (y)
subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of any of the Common Shares for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or
threat of any proceeding for such purpose. 

 Section 7.02 Listing of Common Shares. As of each Purchase Notice Date, the Company
will use its commercially reasonable efforts to cause the Shares to be listed on the Principal Market. 
 Section 7.03 Opinion of Counsel. Prior
to the date of the delivery by the Company of the first Request, the Investor shall have received an opinion letter from counsel to the Company in form and substance reasonably satisfactory to the Investor. 

Section 7.04 Exchange Act Registration. The Company will use commercially reasonable efforts to file in a timely manner all reports and other
documents required of it as a reporting company under the Exchange Act and will not take any action or file any document (whether or not permitted by Exchange Act or the rules thereunder) to terminate or suspend its reporting and filing obligations
under the Exchange Act. 
 Section 7.05 Transfer Agent Instructions. For any time while there is a Registration Statement in effect for this
transaction, the Company shall (if required by the transfer agent for the Common Shares) cause legal counsel for the Company to deliver to the transfer agent for the Common Shares (with a copy to the Investor) instructions to issue Common Shares to
the Investor free of restrictive legends upon each Advance if the delivery of such instructions are consistent with Applicable Law. 
 Section 7.06
Corporate Existence. The Company will use commercially reasonable efforts to preserve and continue the corporate existence of the Company during the Commitment Period. 

Section 7.07 Notice of Certain Events Affecting Registration; Suspension of Right to Request a Pre-Paid
Advance. The Company will promptly notify the Investor, and confirm in writing, upon its becoming aware of the occurrence of any of the following events in respect of a Registration Statement or related Prospectus (in each of which cases the
information provided to Investor will be kept strictly confidential): (i) except for requests made in connection with SEC investigations, receipt of any request for additional information by the SEC or any other Federal or state governmental
authority during the period of effectiveness of the Registration Statement or any request for amendments or supplements to the Registration Statement or related Prospectus; (ii) the issuance by the SEC or any other Federal governmental
authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Common Shares for sale in any jurisdiction or the initiation or 

  
 - 26 - 

 
written threat of any proceeding for such purpose; (iv) the happening of any event that makes any statement made in the Registration Statement or related Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the related Prospectus, it
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or
of the necessity to amend the Registration Statement or supplement a related Prospectus to comply with the Securities Act or any other law; (v) the Company’s reasonable determination that a post-effective amendment to the Registration
Statement would be appropriate and the Company will promptly make available to the Investor any such supplement or amendment to the related Prospectus; (vi) the Common Shares shall cease to be authorized for listing on the Principal Market; or
(vii) the Company fails to file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act. The Investor shall not deliver to the Company any Purchase Notice, and the Company shall not sell
any Shares pursuant to any pending Purchase Notice, during the continuation of any of the foregoing events (each of the events described in the immediately preceding clauses (i) through (vii), inclusive, a “Material Outside
Event”). 
 Section 7.08 Market Activities. The Company will not, directly or indirectly, take any action designed to cause or result
in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company under Regulation M of the Exchange Act. 

Section 7.09 Expenses. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will
pay all expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of each prospectus and of
each amendment and supplement thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant to this Agreement, (iii) all fees and disbursements of the Company’s counsel, accountants and other advisors (but not,
for the avoidance doubt, the fees and disbursements of Investor’s counsel, accountants and other advisors), (iv) the qualification of the Shares under securities laws in accordance with the provisions of this Agreement, including filing fees in
connection therewith, (v) the printing and delivery of copies of any prospectus and any amendments or supplements thereto, (vi) the fees and expenses incurred in connection with the listing or qualification of the Shares for trading on the
Principal Market, or (vii) filing fees of the SEC and the Principal Market. 
 Section 7.10 Current Report. The Company shall, not later
than 9:00 a.m., New York City time, on the first business day after the date of this Agreement, file with the SEC a Current Report on Form 8-K disclosing the execution of this Agreement by the
Company and the Investor (including any exhibits thereto, the “Current Report”). The Company shall provide the Investor and its legal counsel a reasonable opportunity to comment on a draft of the Current Report prior to filing the
Current Report with the SEC and shall give due consideration to all such comments. From and 

  
 - 27 - 

 
after the filing of the Current Report with the SEC, the Company shall have publicly disclosed all material, nonpublic information delivered to the Investor (or the Investor’s
representatives or agents) by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees, agents or representatives (if any) in connection with the transactions contemplated by the Transaction
Documents. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting resales of Shares under the Registration Statement. 

Section 7.11 Use of Proceeds. The proceeds from the sale of the Shares by the Company to Investor shall be used by the Company in the manner as
will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant to this Agreement, and in accordance with the terms and conditions of this
Agreement. 
 Section 7.12 Compliance with Laws. The Company shall comply in all material respects with all Applicable Laws. 

Section 7.13 Selling Restrictions. (i) Except as expressly set forth below, the Investor covenants that from and after the date hereof
through and including the Trading Day next following the expiration or termination of this Agreement as provided in Section 10.01 (the “Restricted Period”), none of the Investor any of its officers, or any entity managed or
controlled by the Investor (collectively, the “Restricted Persons” and each of the foregoing is referred to herein as a “Restricted Person”) shall, directly or indirectly, (i) engage in any “short
sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) engage in any hedging transaction, which establishes a net short position with respect to the Common Shares, with respect to
each of clauses (i) and (ii) hereof, either for its own principal account or for the principal account of any other Restricted Person. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein shall
(without implication that the contrary would otherwise be true) prohibit any Restricted Person during the Restricted Period from: (1) selling “long” (as defined under Rule 200 promulgated under Regulation SHO) the Shares; or
(2) selling a number of Common Shares equal to the number of Shares that such Restricted Person is unconditionally obligated to purchase under a pending Purchase Notice but has not yet received from the Company or the Transfer Agent pursuant to
this Agreement (which such sales may be coded as “short exempt” by broker-dealers executing sell orders on behalf of the Investor). 

Section 7.14 Assignment. Neither this Agreement nor any rights or obligations of the parties hereto may be assigned to any other Person. 

Section 7.15 No Variable Rate Transactions. The Company shall not effect or enter into an agreement to effect any Variable Rate Transaction for so
long as any Pre-Paid Advance is outstanding, however, the Company shall be permitted to (i) enter into an ATM Agreement, and (ii) effect transactions under an ATM Agreement provided
that any such sales of Common Shares are at a price less than the Fixed Price. 

  
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 Section 7.16 Material Non-Public Information. The
Company covenants and agrees that, other than as expressly required by Section 7.01(d) hereof, or, with the Investor’s consent pursuant to Section 7.18, it shall refrain from disclosing, and shall cause its officers, directors,
employees and agents to refrain from disclosing, any material non-public information (as determined under the Securities Act, the Exchange Act, or the rules and regulations of the SEC) to the Investor without
also disseminating such information to the public within a reasonable time period thereafter, unless prior to disclosure of such information the Company identifies such information as being material non-public
information and provides the Investor with the opportunity to accept or refuse to accept such material non-public information for review. 

Section 7.17 Reservation of Common Shares; Stockholder Vote. The Company covenants that it will at all times reserve and keep available out of its
authorized and unissued shares of Common Stock solely for the purpose of issuance under this Agreement, as herein provided, free from preemptive rights or any other actual contingent purchase rights of persons other than the Investor, not less than
such number of shares of the Common Stock as shall be issuable under the Pre-Paid Advances. The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and
validly authorized, issued and fully paid, nonassessable. If at any time that there are outstanding Pre-Paid Advances and the Company has insufficient (i) authorized but unissued Common Shares or
(ii) Common Shares to issue pursuant to the Exchange Cap, in each case, in order to satisfy the outstanding Pre-Paid Advances in full, then the Company shall, within 45 days of written notice from the
Investor, file a definitive proxy statement with the Commission for the purpose of obtaining stockholder approval to, as applicable, (y) amend the Company’s charter to increase the number of authorized but unissued Common Shares and/or
(z) approve the issuance of Common Shares pursuant to Advances in excess of the maximum number of shares that are permitted to be issued in accordance with the rules and regulations of the Principal Market. Any stockholder proposals submitted
in accordance with the forgoing shall seek authorization of any amount not less than two times the then-existing outstanding Pre-Paid Advances calculated using the VWAP of the Common Shares at the time such
proposals are submitted to the stockholders for a vote. 
 Section 7.18 Prohibited Indebtedness. The Company shall not, and will not permit any
of its subsidiaries to directly or indirectly, enter into or incur any indebtedness or obligations evidenced by notes, bonds, debentures, letter of credit, or other similar instruments (collectively, “Indebtedness”) with any
officer, director, related party, or affiliate unless: (A) the repayment of such Indebtedness has been fully subordinated to the payment of any current or future Pre-Paid Advances on terms and conditions
acceptable to the Investor, (B) such Indebtedness does not mature or otherwise require or permit redemption or repayment prior to or on the 91st day after the maturity date of current or future Pre-Paid
Advances; and (C) such Indebtedness is not secured by any assets of the Company or its subsidiaries. 
 Article VIII. 

Non-Exclusive Agreement 

Notwithstanding anything contained herein, this Agreement and the rights awarded to the Investor hereunder are
non-exclusive, and the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake to issue and allot, any shares and/or securities and/or convertible notes,
bonds, debentures, options to acquire shares or other securities and/or other facilities that may be converted into or replaced by Common Shares or other securities of the Company, and to extend, renew and/or recycle any bonds and/or debentures,
and/or grant any rights with respect to its existing and/or future share capital. 

  
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 Article IX. 

Choice of Law/Jurisdiction 

This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of
conflict of laws. The parties further agree that any action between them shall be heard in New York County, New York, and expressly consent to the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the
United States District Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted pursuant to this Agreement. 

Article X. Termination 

Section 10.01 Termination. 
  

	 	(a)	 Unless earlier terminated as provided hereunder, the Commitment Period shall terminate automatically on the
earliest of (i) the first day of the month next following the 18-month anniversary of the date hereof or (ii) the date on which the Investor shall have made payment of Advances pursuant to this
Agreement for Common Shares equal to the Commitment Amount. This Agreement shall remain in effect so long as any amounts are due and owing by the Company to the Investor on any Pre-Paid Advance.

  

	 	(b)	 The Company may terminate this Agreement effective upon five (5) Trading Days’ prior written notice
to the Investor; provided that (i) there are no outstanding Purchase Notices, (ii) there are no outstanding Pre-Paid Advances that have not be fully repaid, and (iii) the Company has paid
all amounts owed to the Investor pursuant to this Agreement. 

  

	 	(c)	 This Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the
date of such mutual written consent unless otherwise provided in such written consent. 

  

	 	(d)	 Nothing in this Section 10.01 shall be deemed to release the Company or the Investor from any liability
for any breach under this Agreement, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its obligations under this Agreement. The indemnification provisions contained in Article VI shall
survive termination hereunder. 

 Article XI. Notices 

Other than with respect to Purchase Notices, which must be in writing and will be deemed delivered on the day set forth in Section 2.01,
any notices, consents, waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile or e-mail if sent on a Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) five (5) days after being sent by U.S. certified mail,
return receipt requested, (iv) one (1) day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications
(except for Purchase Notices which shall be delivered in accordance with Exhibit A hereof) shall be: 

  
 - 30 - 

			
	If to the Company, to:	  	 CELULARITY INC.
 170 Park Ave.

Florham Park, NJ 07932

		  	Attention: David C. Beers
		  	Email:
		
	With a copy to (which shall not constitute notice or delivery of process) to:	  	 Goodwin Procter LLP
 Three Embarcadero Center,
28th Floor
 San Francisco, CA 94111

		  	 Attention: Marianne Sarrazin, Esq.

Email:

		
	If to the Investor(s):	  	YA II PN, Ltd.
		  	1012 Springfield Avenue
		  	Mountainside, NJ 07092
		  	Attention: Mark Angelo
		  	                  Portfolio Manager
		  	Telephone: (201) 985-8300
		  	Email:
		
	With a Copy (which shall not constitute notice or delivery of process) to:	  	 David Fine, Esq.
 1012 Springfield Avenue

Mountainside, NJ 07092

		  	Telephone: (201) 985-8300
		  	Email:

 Either may change its information contained in this Article XI by delivering notice to the other party as set forth herein.

 Article XII. Miscellaneous 

Section 12.01 Reimbursement of Fees, Costs and Expenses. If an Event of Default has occurred, then the Company shall reimburse the Investor
promptly for all reasonable and documented out-of-pocket fees, costs and expenses, including, without limitation, reasonable and documented attorneys’ fees and
expenses incurred by the Investor in any action in connection with this Agreement, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the
Investor’s rights, remedies and obligations, (ii) collecting any sums which become due to the Investor in accordance with the terms of this Agreement, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding
or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Investor. 

  
 - 31 - 

 Section 12.02 Counterparts. This Agreement may be executed in identical counterparts, both which
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. Facsimile or other electronically scanned and delivered signatures, including by e-mail attachment, shall be deemed originals for all purposes of this Agreement. 
 Section 12.03 Entire
Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Investor, the Company, their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and this
Agreement contains the entire understanding of the parties with respect to the matters covered herein and, except as specifically set forth herein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with
respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties to this Agreement. 

Section 12.04 Reporting Entity for the Common Shares. The reporting entity relied upon for the determination of the trading price or trading
volume of the Common Shares on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or any successor thereto. The written mutual consent of the Investor and the Company shall be required to employ any other reporting
entity. 
 Section 12.05 Structuring and Due Diligence Fee. Each of the parties shall pay its own fees and expenses (including the fees of
any attorneys, accountants, appraisers or others engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except that the Company shall pay to YA Global II SPV, LLC, a subsidiary of the Investor, a
structuring fee in the amount of $10,000, which the Investor confirms has been received prior to the date hereof. 
 Section 12.06 Brokerage.
Each of the parties hereto represents that it has had no dealings in connection with this transaction with any finder or broker who will demand payment of any fee or commission from the other party. The Company on the one hand, and the Investor, on
the other hand, agree to indemnify the other against and hold the other harmless from any and all liabilities to any person claiming brokerage commissions or finder’s fees on account of services purported to have been rendered on behalf of the
indemnifying party in connection with this Agreement or the transactions contemplated hereby. 
 Section 12.07 THE PARTIES HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 - 32 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Pre-Paid Advance Agreement to be executed by the undersigned, thereunto duly authorized, as of the date first set forth above. 

 

			
	COMPANY:
	CELULARITY INC.
		
	By:	 	 /s/David Beers

	Name: David Beers
	Title: Chief Financial Officer

  

					
	INVESTOR:
	YA II PN, LTD.
		
	By:	 	Yorkville Advisors Global, LP
	Its:	 	Investment Manager
			
		 	By:	 	Yorkville Advisors Global II, LLC
		 	Its:	 	General Partner
			
		 	By:	 	 /s/ Matt Beckman

		 	Name: Matt Beckman
		 	Title: Member

  
 - 33 - 

 EXHIBIT A 

FORM OF PURCHASE NOTICE 

CELULARITY INC. 
  

			
	Dated: ______________	 	Investor Notice Number: ____

 On behalf of YA II PN, LTD. (the “Investor”), the undersigned hereby certifies, with respect
to the purchase of Common Shares of CELULARITY INC. (the “Company”) issuable in connection with this Purchase Notice, delivered pursuant to that certain Pre-Paid Advance Agreement, dated as of
September 15, 2022 as amended and supplemented from time to time (the “Agreement”), as follows: 
  

			
	1.	  	Advance requested in the Purchase Notice
		
	2.	  	Fixed Price
		
	3.	  	Market Price
		
	4.	  	Variable Price (95% of Market Price)
		
	5.	  	Purchase Price per share
		
	6.	  	Number of Shares due to Investor

 The aggregate purchase price of the Shares to be paid by Investor pursuant to this Purchase Notice shall be offset against
amounts outstanding under the Pre-Paid Advance made pursuant to the Request dated [__________] (first towards accrued and unpaid interest, if any, and then towards outstanding principal) as follows: 

 

							
	 1.
	  	Amount offset against accrued and unpaid Interest	  	$	[____________	] 
	 2.
	  	Amount offset against principal	  	$	[____________	] 
	 3.
	  	Total amount of Pre-Paid Advance outstanding following the Advance	  	$	[____________	] 

 Please issue the number of Shares due to the Investor to the account of the Investor as follows: 

INVESTOR’S DTC PARTICIPANT #: 
 ACCOUNT
NAME:  
 ACCOUNT NUMBER: 
 ADDRESS:

 CITY: 
 Please deliver this Purchase Notice by email
to: 
 Email: [_______________] 

Attention: [_____________] 

Confirmation Telephone Number: [__________]. 

 COUNTRY: 

CONTACT PERSON: 
 NUMBER AND/OR EMAIL: 

The undersigned has executed this Purchase Notice as of the date first set forth above. 

 

					
	YA II PN, LTD.
		
	By:	 	Yorkville Advisors Global, LP
	Its:	 	Investment Manager
			
		 	By:	 	Yorkville Advisors Global II, LLC
		 	Its:	 	General Partner
			
		 	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT B 

FORM OF CLOSING STATEMENT 
 [Date] 

Pre-Paid Advance pursuant to the Request dated [________] 

This document shall constitute the authorization by the Company to the Investor regarding the disbursement of the purchase price to be paid by the Investor
under the above referenced Request. 
 The Investor shall make the payments and transfers set forth below in accordance with the wire instructions to the
account of each recipient as set forth herein: 
  

					
	 Pre-Paid Advance Amount
	  	$	[40,000,000	] 
	 Purchase Price to be paid to the Company (98%):
	  	$	[39,200,000	] 

 ACCOUNT INSTRUCTIONS 

Company’s ACCOUNT: 
  

	
	Company:
	CELULARITY INC.
	
	By:Exhibit 10.9

 

NAUTICUS ROBOTICS, INC.

2022 OMNIBUS INCENTIVE PLAN

 

Effective September 9, 2022

 

Section
1. General.

 

The purposes of the Nauticus
Robotics, Inc. 2022 Omnibus Incentive Plan (the “Plan”) are to (a) encourage the profitability and growth of the Company
through short-term and long-term incentives that are consistent with the Company’s objectives; (b) give Participants an incentive
for excellence in individual performance; (c) promote teamwork among Participants; and (d) give the Company a significant advantage in
attracting and retaining key Employees, Directors and Consultants. To accomplish such purposes, the Plan provides that the Company may
grant (i) Options, (ii) Stock Appreciation Rights, (iii) Restricted Shares, (iv) Restricted Stock Units, (v) Performance-Based Awards
(including performance-based Restricted Shares and Restricted Stock Units), (vi) Other Share-Based Awards, (vii) Other Cash-Based Awards
or (viii) any combination of the foregoing. The Plan was originally adopted in connection with the consummation of the Company’s
going public business combination (the “Going Public Transaction”) contemplated by that certain Agreement and Plan
of Merger, entered into on December 16, 2021 by and among the Company (f/k/a CleanTech Acquisition Corp.), a Delaware corporation, CleanTech
Merger Sub, Inc., a Texas corporation, Houston Mechatronics, Inc., a Texas corporation and Nicolaus Radford in his capacity as the Stockholder
Representative thereunder (the “Merger Agreement”).

 

Section
2. Definitions.

 

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

 

(a)   “Administrator”
means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 of the Plan.

 

(b)   “Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the Person specified. An entity shall be deemed an Affiliate of the Company for purposes of this definition only for such periods
as the requisite ownership or control relationship is maintained. For purposes of this definition, “control” (including with
correlative meanings, the terms “controlling,” “controlled by,” or “under common control with”), as
used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise.

 

(c)   “Articles
of Incorporation” means the articles of incorporation of the Company, as amended and/or restated and in effect from time to
time.

 

(d)   “Automatic
Exercise Date” means, with respect to an Option or a Stock Appreciation Right, the last business day of the applicable term
of the Option pursuant to Section 7(k) or the Stock Appreciation Right pursuant to Section 8(h).

 

(e)   “Award”
means any Option, Stock Appreciation Right, Restricted Share, Restricted Stock Unit, Performance-Based Award, Other Share-Based Award
or Other Cash-Based Award granted under the Plan.

 

(f)   “Award
Agreement” means a written agreement, contract or other instrument or document evidencing the terms and conditions of an individual
Award granted under the Plan. Evidence of an Award may be in written or electronic form, may be limited to notation on the books and records
of the Company and, with the approval of the Administrator, need not be signed by a representative of the Company or a Participant. Any
shares of Common Stock that become deliverable to the Participant pursuant to the Plan may be issued in certificate form in the name of
the Participant or in book-entry form in the name of the Participant. Each Award Agreement shall be subject to the terms and conditions
of the Plan.

 

     

     

    

 

(g)   “Beneficial
Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

 

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

 

(i)   “Bylaws”
means the bylaws of the Company, as may be amended and/or restated from time to time.

 

(j)   “Cause”
shall have the meaning assigned to such term in any Company, Subsidiary or Affiliate unexpired employment, severance, or similar agreement
or Award Agreement with a Participant, or if no such agreement exists or if such agreement does not define “Cause” (or a word
of like import), Cause means (i) the Participant’s breach of fiduciary duty or duty of loyalty to the Company, (ii) the Participant’s
conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (iii) the Participant’s failure, refusal
or neglect to perform and discharge his or her duties and responsibilities on behalf of the Company or a Subsidiary of the Company (other
than by reason of Disability) or to comply with any lawful directive of the Board or its designee, (iv) the Participant’s breach
of any written policy of the Company or a Subsidiary or Affiliate thereof (including, without limitation, those relating to sexual harassment
or the disclosure or misuse of confidential information), (v) the Participant’s breach of any agreement with the Company or a Subsidiary
or Affiliate thereof (including, without limitation, any confidentiality, non-competition, non-solicitation or assignment of inventions
agreement), (vi) the Participant’s commission of fraud, dishonesty, theft, embezzlement, self-dealing, misappropriation or other
malfeasance against the business of the Company or a Subsidiary or Affiliate thereof, or (vii) the Participant’s commission of acts
or omissions constituting gross negligence or gross misconduct in the performance of any aspect of his or her lawful duties or responsibilities,
which have or may be expected to have an adverse effect on the Company, its Subsidiaries or Affiliates. A Participant’s employment
shall be deemed to have terminated for “Cause” if, on the date his or her employment terminates, facts and circumstances exist
that would have justified a termination for Cause, to the extent that such facts and circumstances are discovered within three (3) months
following such termination. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating
to whether a Participant has been discharged for Cause.

 

(k)   “Change
in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or
other reorganization or corporate transaction or event, (ii) extraordinary dividend (whether in the form of cash, shares of Common Stock
or other property), stock split or reverse stock split, (iii) combination or exchange of shares, (iv) other change in corporate structure
or (v) payment of any other distribution, which, in any such case, the Administrator determines, in its sole discretion, affects the Common
Stock such that an adjustment pursuant to Section 5 of the Plan is appropriate.

 

(l)   “Change
in Control” means the occurrence of any of the following:

 

(i)   any
Person, other than the Company or a Subsidiary thereof, becomes the Beneficial Owner, directly or indirectly, of securities of the Company
representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding voting securities (the
“Outstanding Company Voting Securities”), excluding any Person who becomes such a Beneficial Owner in connection with
a transaction described in clause (A) of paragraph (iii) below or any acquisition directly from the Company; or

 

(ii) the following
individuals cease for any reason to constitute a majority of the number of Directors then serving on the Board: individuals who, during
any period of two (2) consecutive years, constitute the Board and any new Director (other than a Director whose initial assumption of
office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating
to the election of Directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s
stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the
Directors then still in office who either were Directors at the beginning of the two (2) year period or whose appointment, election or
nomination for election was previously so approved or recommended; or

 

    2

     

    

 

(iii)   the
consummation of a merger or consolidation of the Company or any Subsidiary thereof with any other corporation, other than a merger or
consolidation (A) that results in the Outstanding Company Voting Securities immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined
voting power of the Outstanding Company Voting Securities (or such surviving entity or, if the Company or the entity surviving such merger
is then a subsidiary, the ultimate parent thereof) outstanding immediately after such merger or consolidation, and (B) immediately following
which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the Board of the entity surviving
such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof;
or

 

(iv)   the
consummation of a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting
securities of which are owned directly or indirectly by stockholders of the Company following the completion of such transaction in substantially
the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially
all of the Company’s assets immediately following which the individuals who comprise the Board immediately prior thereto constitute
at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary,
the ultimate parent thereof.

 

For each Award that constitutes
deferred compensation under Code Section 409A, a Change in Control (where applicable) shall be deemed to have occurred under the
Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a substantial
portion of the assets of the Company also constitutes a “change in control event” under Code Section 409A.

 

Notwithstanding the foregoing,
a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated
transactions immediately following which the holders of Class A Common Stock immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the
Company immediately following such transaction or series of transactions.

 

(m)   “Change
in Control Price” shall have the meaning set forth in Section 12 of the Plan.

 

(n)   “Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. Any reference to a section of the Code
shall be deemed to include a reference to any regulations promulgated thereunder.

 

(o)   “Committee”
means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, the Committee
shall be composed entirely of individuals who meet the qualifications of a “non-employee director” within the meaning of Rule 16b-3
under the Exchange Act and any other qualifications required by the applicable stock exchange on which the shares of Common Stock are
traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in
the Plan shall be exercised by the Committee. Except as otherwise provided in the Company’s Articles of Incorporation or Bylaws,
any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum
is duly constituted or unanimous written consent of the Committee’s members.

 

(p)   “Common
Stock” means common stock, $0.0001 par value per share, of the Company (and any stock or other securities into which such shares
of common stock may be converted or into which they may be exchanged).

 

(q)   “Company”
means Nauticus Robotics, Inc., a Delaware corporation (or any successor corporation, except as the term “Company” is used
in the definition of “Change in Control” above).

 

(r)   “Consultant”
means any current or prospective consultant or independent contractor of the Company or an Affiliate thereof, in each case, who is not
an Employee, Executive Officer or Non-Employee Director.

 

    3

     

    

 

(s)   “Director”
means any individual who is a member of the Board on or after the Effective Date.

 

(t)   “Disability”
means, with respect to any Participant who is an Employee, a permanent and total disability as defined in Code Section 22(e)(3).

 

(u)   “Effective
Date” shall have the meaning set forth in Section 22 of the Plan.

 

(v)   “Eligible
Director” means a person who is (i) with respect to actions intended to obtain an exemption from Section 16(b) of the Exchange
Act pursuant to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3; and (ii) with respect to actions undertaken
to comply with the rules of the New York Stock Exchange, the Nasdaq Stock Market or any other securities exchange or inter-dealer quotation
system on which the Common Stock is listed or quoted, an “independent director” under the rules of the New York Stock Exchange,
the Nasdaq Stock Market or any other securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted,
or a person meeting any similar requirement under any successor rule or regulation.

 

(w)   “Eligible
Recipient” means: (i) an Employee; (ii) a Non-Employee Director; or (iii) a Consultant, in each case, who has been selected
as an eligible recipient under the Plan by the Administrator; provided, that any Awards granted prior to the date an Eligible Recipient
first performs services for the Company or an Affiliate thereof will not become vested or exercisable, and no shares of Common Stock shall
be issued or other payment made to such Eligible Recipient with respect to such Awards, prior to the date on which such Eligible Recipient
first performs services for the Company or an Affiliate thereof. Notwithstanding the foregoing, to the extent required to avoid the imposition
of additional taxes under Code Section 409A, “Eligible Recipient” means: an (1) Employee; (2) a Non-Employee Director; or
(3) a Consultant, in each case, of the Company or a Subsidiary thereof, who has been selected as an eligible recipient under the Plan
by the Administrator.

 

(x)   “Employee”
shall mean any current or prospective employee of the Company or an Affiliate thereof, as described in Treasury Regulation Section 1.421-1(h),
including an Executive Officer or Director who is also treated as an employee.

 

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

 

(z)   “Executive
Officer” means each Participant who is an executive officer (within the meaning of Rule 3b-7 under the Exchange Act) of the
Company.

 

(aa) “Exercise
Price” means, with respect to any Award under which the holder may purchase shares of Common Stock, the price per share at which
a holder of such Award granted hereunder may purchase shares of Common Stock issuable upon exercise of such Award, as determined by the
Administrator in accordance with Code Section 409A, as applicable.

 

(bb) “Fair Market
Value” as of a particular date shall mean: (i) if the shares of Common Stock are listed on any established stock exchange
or a national market system, including, without limitation, the New York Stock Exchange or the Nasdaq Stock Market, the Fair Market Value
shall be the closing price of a Share (or if no sales were reported, the closing price on the date immediately preceding such date) as
quoted on such exchange or system on the day of determination; (ii) if the shares of Common Stock are not then listed on a national securities
exchange, the average of the highest reported bid and lowest reported asked prices for a Share as reported by the National Association
of Securities Dealers, Inc. Automated Quotations System for the last preceding date on which there was a sale of such stock in such
market; or (iii) whether or not the shares of Common Stock are then listed on a national securities exchange or traded in an over-the-counter
market or the value of such shares is not otherwise determinable, such value as determined by the Administrator in good faith and in a
manner not inconsistent with the regulations under Code Section 409A.

 

(cc) “Free Standing
Rights” shall have the meaning set forth in Section 8(a) of the Plan.

 

(dd) “Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option within the meaning of Section
422 of the Code and that meets the requirements set out in the Plan.

 

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

 

(ff) “Nonqualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

    4

     

    

 

(gg) “Outstanding
Common Stock” means the then-outstanding shares of Common Stock of the Company, taking into account as outstanding for this
purpose such Common Stock issuable upon the exercise of Options or warrants, the conversion of convertible stock or debt, and the exercise
of any similar right to acquire such Common Stock.

 

(hh)  “Option”
means an option to purchase shares of Common Stock granted pursuant to Section 7 of the Plan.

 

(ii)   “Other
Cash-Based Award” means a cash Award granted to a Participant under Section 11 of the Plan, including cash awarded as a bonus
or upon the attainment of Performance Goals or otherwise as permitted under the Plan.

 

(jj) “Other Share-Based
Award” means a right or other interest granted to a Participant under the Plan that may be denominated or payable in, valued
in whole or in part by reference to, or otherwise based on or related to, shares of Common Stock, including, but not limited to, unrestricted
shares of Common Stock or dividend equivalents, each of which may be subject to the attainment of Performance Goals or a period of continued
employment or other terms or conditions as permitted under the Plan.

 

(kk) “Participant”
means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority provided for in Section 3
of the Plan, to receive an Award under the Plan, and, upon his or her death, his or her successors, heirs, executors and administrators,
as the case may be, solely with respect to any Awards outstanding at the date of the Eligible Recipient’s death.

 

(ll) “Performance-Based
Award” means any Award granted under the Plan that is subject to one or more Performance Goals. Any dividends or dividend equivalents
payable or credited to a Participant with respect to any unvested Performance-Based Award shall be subject to the same Performance Goals
as the shares of Common Stock or units underlying the Performance-Based Award.

 

(mm) “Performance
Goals” means performance goals based on performance criteria selected by the Administrator, which may include, but are not limited
to, any of the following: (i) earnings before interest and taxes; (ii) earnings before interest, taxes, depreciation and amortization;
(iii) net operating profit after tax; (iv) cash flow; (v) revenue; (vi) net revenues; (vii) sales; (viii) days sales outstanding; (ix)
income; (x) net income; (xi) operating income; (xii) net operating income; (xiii) operating margin; (xiv) earnings; (xv) earnings per
share; (xvi) return on equity; (xvii) return on investment; (xviii) return on capital; (xix) return on assets; (xx) return on net assets;
(xxi) total shareholder return; (xxii) economic profit; (xxiii) market share; (xxiv) appreciation in the fair market value, book value
or other measure of value of the shares of Common Stock; (xxv) expense or cost control; (xxvi) working capital; (xxvii) customer satisfaction;
(xxviii) employee retention or employee turnover; (xxix) employee satisfaction or engagement; (xxx) environmental, health or other safety
goals; (xxxi) individual performance; (xxxii) strategic objective milestones; (xxxiii) any other criteria specified by the Administrator
in its sole discretion; and (xxxiv) any combination of, or a specified increase or decrease in, as applicable, any of the foregoing. Where
applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment
of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company or an Affiliate thereof,
or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index,
a group of other companies or a combination thereof, all as determined by the Administrator. The Performance Goals may include a threshold
level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments
shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or
at which full vesting shall occur). At the time such an Award is granted, the Administrator may specify any reasonable definition of the
Performance Goals it uses. Such definitions may provide for equitable adjustments to the Performance Goals in recognition of unusual or
non-recurring events affecting the Company or an Affiliate thereof or the financial statements of the Company or an Affiliate thereof,
in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be unusual in
nature, infrequent in occurrence or unusual in nature and infrequent in occurrence or related to the disposal of a segment of a business
or related to a change in accounting principles. If the Administrator determines that a change in the business, operations, corporate
structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or other events
or circumstances render performance goals to be unsuitable, the Administrator may modify such Performance Goals in whole or in part, as
the Committee deems appropriate. If a Participant is promoted, demoted or transferred to a different business unit or function during
a performance period, the Administrator may determine that the Performance Goals or performance period are no longer appropriate and may
(x) adjust, change or eliminate the Performance Goals or the applicable performance period as it deems appropriate to make such goals
and period comparable to the initial goals and period, or (y) make a cash payment to the Participant in an amount determined by the Administrator.

 

    5

     

    

 

(nn) “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, however,
a Person shall not include (i) the Company or any of its Subsidiaries; (ii) a trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any of its Subsidiaries; (iii) an underwriter temporarily holding securities pursuant
to an offering of such securities; or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportion as their ownership of stock of the Company.

 

(oo)   “Plan”
means this Nauticus Robotics, Inc. 2022 Omnibus Incentive Plan, as amended and/or amended and restated from time to time.

 

(pp) “Related
Rights” shall have the meaning set forth in Section 8(a) of the Plan.

 

(qq) “Restricted
Shares” means an Award of shares of Common Stock granted pursuant to Section 9 of the Plan subject to certain restrictions that
lapse at the end of a specified period or periods.

 

(rr) “Restricted
Stock Unit” means a notional account established pursuant to an Award granted to a Participant, as described in Section 10 of
the Plan, that is (i) valued solely by reference to shares of Common Stock, (ii) subject to restrictions specified in the Award Agreement,
and (iii) payable in cash or in shares of Common Stock (as specified in the Award Agreement). The Restricted Stock Units awarded to the
Participant will vest according to the time-based criteria or Performance Goals, and vested Restricted Stock Units will be settled at
the time(s), specified in the Award Agreement.

 

(ss) “Restricted
Period” means the period of time determined by the Administrator during which an Award or a portion thereof is subject to restrictions
or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.

 

(tt) “Rule 16b-3”
shall have the meaning set forth in Section 3(a) of the Plan.

 

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

 

(vv) “Stock Appreciation
Right” means the right pursuant to an Award granted under Section 8 of the Plan to receive an amount equal to the excess, if
any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the shares of Common Stock
covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

 

(ww) “Subsidiary”
means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls,
directly or indirectly, more than fifty percent (50%) of the voting shares or other similar interests or a sole general partner interest
or managing member or similar interest of such other Person. An entity shall be deemed a Subsidiary of the Company for purposes of this
definition only for such periods as the requisite ownership or control relationship is maintained. Notwithstanding the foregoing, in the
case of an Incentive Stock Option or any determination relating to an Incentive Stock Option, “Subsidiary” means a corporation
that is a subsidiary of the Company within the meaning of Code Section 424(f).

 

(xx)   “Substitute
Award” shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards
granted by a company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation, or acquisition
of property or stock; provided, however, that in no event shall the term “Substitute Award” be construed to
refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right. For the avoidance of
doubt, the 3,970,266 shares of Common Stock relating to a portion of outstanding stock options assumed by the Company in connection with
the Going Public Transaction shall constitute Substitute Awards under the Plan and shall be treated as Awards granted under the Plan for
all purposes, but such assumed stock options shall not reduce the shares of Common Stock authorized for grant under the Plan.

 

    6

     

    

 

Section
3. Administration.

 

(a)   The
Plan shall be administered by the Administrator in accordance with the requirements of Rule 16b-3 under the Exchange Act (“Rule 16b-3”),
to the extent applicable.

 

(b)   Pursuant
to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to
it by the Board, shall have the power and authority, without limitation:

 

 (i) to select those Eligible Recipients who shall be Participants;

 

 (ii) to determine whether and to what extent Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Share-Based Awards, Other Cash-Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants;

 

 (iii) to determine the number of shares of Common Stock to be made subject to each Award;

 

 (iv) to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder, including, but not limited to, (A) the restrictions applicable to Awards and the conditions under which restrictions applicable to such Awards shall lapse, (B) the Performance Goals and performance periods applicable to Awards, if any, (C) the Exercise Price of each Award, (D) the vesting schedule applicable to each Award, (E) any confidentiality or restrictive covenant provisions applicable to the Award, and (F) subject to the requirements of Code Section 409A (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards;

 

 (v) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all Award Agreements evidencing Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units or Other Share-Based Awards, Other Cash-Based Awards or any combination of the foregoing granted hereunder;

 

 (vi) to determine Fair Market Value;

 

 (vii) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the Participant’s employment for purposes of Awards granted under the Plan;

 

 (viii) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable;

 

 (ix) to reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan, any Award Agreement or other instrument or agreement relating to the Plan or an Award granted under the Plan; and

 

 (x) to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan.

 

(c)   Except
to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or inter-dealer quotation
system on which the securities of the Company are listed or traded, the Administrator may allocate all or any portion of its responsibilities
and powers to any one (1) or more of its members and may delegate all or any part of its responsibilities and powers to any person or
persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality
of the foregoing, the Committee may delegate to one (1) or more officers of the Company, the authority to act on behalf of the Committee
with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the Committee herein,
and which may be so delegated as a matter of law, except for grants of Awards to Directors. Notwithstanding the foregoing in this Section
3(c), it is intended that any action under the Plan intended to qualify for the exemptions provided by Rule 16b-3 will be taken only by
the Board or by a committee or subcommittee of two (2) or more Eligible Directors. However, the fact that any member of such committee
or subcommittee shall fail to qualify as an Eligible Director shall not invalidate any action that is otherwise valid under the Plan.

    7

     

    

 

(d)   All
decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including
the Company and the Participants. No member of the Board or the Committee, or any officer or employee of the Company or any Subsidiary
thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation
taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee
of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified
and protected by the Company in respect of any such action, omission, determination or interpretation.

 

Section
4. Shares Reserved for Issuance Under the Plan and Limitations on Awards.

 

(a)   Subject
to this Section 4 and to adjustment in accordance with Section 5 of the Plan, the Administrator is authorized to deliver with respect
to Awards granted under the Plan an aggregate of 8,096,209 shares of Common Stock; provided, that the total number of shares of Common
Stock that will be reserved, and that may be issued, under the Plan will automatically increase on the first trading day of each calendar
year, beginning with calendar year 2023, by a number of shares of Common Stock equal to three percent (3%) of the total number of Outstanding
Common Stock on the last day of the prior calendar year. Notwithstanding the foregoing, the Administrator may act prior to January 1 of
a given year to provide that there will be no such increase in the share reserve for that year or that the increase in the share reserve
for such year will be a lesser number of shares of Common Stock than provided herein.

 

(b)   Notwithstanding
anything herein to the contrary, the maximum number of shares of Common Stock subject
to Awards granted during any fiscal year to any Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director
during the fiscal year with respect to such Director’s service as a Non-Employee Director, shall not exceed $500,000 (calculating
the value of any such Awards based on the grant date Fair Market Value of such Awards for financial reporting purposes).

 

(c)   Shares
of Common Stock issued under the Plan may, in whole or in part, be authorized but unissued shares of Common Stock or shares that shall
have been or may be reacquired by the Company in the open market, in private transactions or otherwise. Any shares of Common Stock subject
to an Award under the Plan that, after the Effective Date, are forfeited, canceled, settled or otherwise terminated without a distribution
of shares of Common Stock to a Participant will thereafter be deemed to be available for Awards. In applying the immediately preceding
sentence, if (i) shares of Common Stock otherwise issuable or issued in respect of, or as part of, any Award are withheld to cover taxes
or any applicable Exercise Price, such shares shall be treated as having been issued under the Plan and shall not be available for issuance
under the Plan, and (ii) any Share-settled Stock Appreciation Rights or Options are exercised, the aggregate number of shares of Common
Stock subject to such Stock Appreciation Rights or Options shall be deemed issued under the Plan and shall not be available for issuance
under the Plan. In addition, shares of Common Stock (x) tendered to exercise outstanding Options or other Awards, (y) withheld to cover
applicable taxes on any Awards or (z) repurchased on the open market using Exercise Price proceeds shall not be available for issuance
under the Plan. For the avoidance of doubt, (A) shares of Common Stock underlying Awards that are subject to the achievement of performance
goals shall be counted against the share reserve based on the target value of such Awards unless and until such time as such Awards become
vested and settled in shares of Common Stock, and (B) Awards that, pursuant to their terms, may be settled only in cash shall not count
against the share reserve set forth in Section 4(a).

 

(d)   Substitute
Awards shall not reduce the shares of Common Stock authorized for grant under the Plan. In the event that a company acquired by the Company
or any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by stockholders
and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing
plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such
acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition
or combination) may be used for Awards under the Plan and shall not reduce the shares of Common Stock authorized for grant under the Plan;
provided, that Awards using such available shares of Common Stock shall not be made after the date awards or grants could have
been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were
not employed by or providing services to the Company or its Affiliates immediately prior to such acquisition or combination.

 

    8

     

    

 

(e)   In
the event that the Company or an Affiliate thereof consummates a transaction described in Code Section 424(a) (e.g., the acquisition of
property or stock from an unrelated corporation), persons who become Employees or Directors in account of such transaction may be granted
Substitute Awards in substitution for awards granted by their former employer, and any such substitute Options or Stock Appreciation Rights
may be granted with an Exercise Price less than the Fair Market Value of a Share on the grant date thereof; provided, however, the grant
of such substitute Option or Stock Appreciation Right shall not constitute a “modification” as defined in Code Section 424(h)(3)
and the applicable Treasury regulations.

 

Section
5. Equitable Adjustments.

 

In the event of any Change
in Capitalization, including, without limitation, a Change in Control, an equitable substitution or proportionate adjustment shall be
made, in each case, as may be determined by the Administrator, in its sole discretion, in (a) the aggregate number of shares of Common
Stock reserved for issuance under the Plan, (b) the kind, number and Exercise Price subject to outstanding Options and Stock Appreciation
Rights granted under the Plan; provided, however, that any such substitution or adjustment with respect to Options and Stock
Appreciation Rights shall occur in accordance with the requirements of Code Section 409A, and (c) the kind, number and purchase price
of shares of Common Stock subject to outstanding Restricted Shares or Other Share-Based Awards granted under the Plan, in each case as
may be determined by the Administrator, in its sole discretion; provided, however, that any fractional shares of Common
Stock resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined
by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection with a Change in Capitalization,
the Administrator may provide, in its sole discretion, for the cancellation of any outstanding Award granted hereunder (i) in exchange
for payment in cash or other property having an aggregate Fair Market Value of the shares of Common Stock covered by such Award, reduced
by the aggregate Exercise Price or purchase price thereof, if any, and (ii) with respect to any Awards for which the Exercise Price or
purchase price per share of Common Stock is greater than or equal to the then current Fair Market Value per share of Common Stock, for
no consideration. Notwithstanding anything contained in the Plan to the contrary, any adjustment with respect to an Incentive Stock Option
due to an adjustment or substitution described in this Section 5 shall comply with the rules of Code Section 424(a), and in no event shall
any adjustment be made which would render any Incentive Stock Option granted hereunder to be disqualified as an incentive stock option
for purposes of Code Section 422. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive.

 

Section
6. Eligibility.

 

The Participants under the
Plan shall be selected from time to time by the Administrator, in its sole discretion, from among Eligible Recipients.

 

Section
7. Options.

 

(a)   General.
The Administrator may, in its sole discretion, grant Options to Participants. Solely with respect to Participants who are Employees, the
Administrator may grant Incentive Stock Options, Nonqualified Stock Options or a combination of both. With respect to all other Participants,
the Administrator may grant only Nonqualified Stock Options. Each Participant who is granted an Option shall enter into an Award Agreement
with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement
shall specify whether the Option is an Incentive Stock Option or a Nonqualified Stock Option and shall set forth, among other things,
the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option granted thereunder. The
provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant
and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this
Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall
deem desirable and set forth in the applicable Award Agreement. The prospective recipient of an Option shall not have any rights with
respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award
Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other
period as the Administrator may specify) after the award date.

 

    9

     

    

 

(b)   Limits
on Incentive Stock Options. If the Administrator grants Incentive Stock Options, then to the extent that the aggregate fair market
value of shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any individual during
any calendar year (under all plans of the Company) exceeds $100,000, such Options will be treated as Nonqualified Stock Options to the
extent required by Code Section 422. Subject to Section 5, the maximum number of shares that may be issued pursuant to Options intended
to be Incentive Stock Options is 8,096,209 shares of Common Stock and, for the avoidance of doubt, such share limit shall not be subject
to the annual adjustment provided in Section 4(b).

 

(c)   Exercise
Price. The Exercise Price of shares of Common Stock purchasable under an Option shall be determined by the Administrator in its sole
discretion at the time of grant; provided, however, that (i) in no event shall the Exercise Price of an Option be less than
one hundred percent (100%) of the Fair Market Value of a Share on the date of grant, and (ii) no Incentive Stock Option granted to a ten
percent (10%) stockholder of the Company (within the meaning of Code Section 422(b)(6)) shall have an Exercise Price per Share less than
one-hundred ten percent (110%) of the Fair Market Value of a Share on such date.

 

(d)   Option
Term. The maximum term of each Option shall be fixed by the Administrator, but in no event shall (i) an Option be exercisable more
than ten (10) years after the date such Option is granted, and (ii) an Incentive Stock Option granted to a ten percent (10%) stockholder
of the Company (within the meaning of Code Section 422(b)(6)) be exercisable more than five (5) years after the date such Option is granted.
Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. Notwithstanding
the foregoing, the Administrator shall have the authority to accelerate the exercisability of any outstanding Option at such time and
under such circumstances as the Administrator, in its sole discretion, deems appropriate. Notwithstanding any contrary provision in this
Plan (including, without limitation, Section 7(h)), if, on the date an outstanding Option would expire, the exercise of the Option, including
by a “net exercise” or “cashless” exercise, would violate applicable securities laws or any insider trading policy
maintained by the Company from time to time, the expiration date applicable to the Option will be extended, except to the extent such
extension would violate Code Section 409A, to a date that is thirty (30) calendar days after the date the exercise of the Option would
no longer violate applicable securities laws or any such insider trading policy.

 

(e)   Exercisability.
Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of pre-established
Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that
any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time,
in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the
contrary contained herein, an Option may not be exercised for a fraction of a share.

 

(f)   Method
of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number
of shares of Common Stock to be purchased, accompanied by payment in full of the aggregate Exercise Price of the shares of Common Stock
so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion,
with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received
under any cashless exercise procedure approved by the Administrator (including the withholding of shares of Common Stock otherwise issuable
upon exercise), (ii) in the form of unrestricted shares of Common Stock already owned by the Participant which have a Fair Market Value
on the date of surrender equal to the aggregate Exercise Price of the shares of Common Stock as to which such Option shall be exercised,
(iii) any other form of consideration approved by the Administrator and permitted by applicable law, or (iv) any combination of the foregoing.
In determining which methods a Participant may utilize to pay the Exercise Price, the Administrator may consider such factors as it determines
are appropriate; provided, however, that with respect to Incentive Stock Options, all such discretionary determinations
shall be made by the Administrator at the time of grant and specified in the Award Agreement.

 

(g)   Rights
as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the shares of
Common Stock subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such shares
and has satisfied the requirements of Section 16 of the Plan.

 

    10

     

    

 

(h)   Termination
of Employment or Service. Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of
a Participant with the Company and all Affiliates thereof shall terminate, the following terms and conditions shall apply:

 

(i)   In
the event of the termination of a Participant’s employment or service by the Company without Cause or due to a resignation by the
Participant for any reason, (A) Options granted to such Participant, to the extent that they are exercisable at the time of such termination,
shall remain exercisable until the date that is ninety (90) days after such termination (with such period being extended to one (1)
year after the date of such termination in the event of the Participant’s death during such ninety (90) day period), on which date
they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination,
shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after
the expiration of its term.

 

(ii)
In the event of the termination of a Participant’s employment or service as a result of the Participant’s Disability or death,
(A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable
until the date that is one (1) year after such termination, on which date they shall expire, and (B) Options granted to such Participant,
to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such
termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.

 

(iii)   In
the event of the termination of a Participant’s employment or service for Cause, all outstanding Options granted to such Participant
shall expire at the commencement of business on the date of such termination.

 

(iv)   For
purposes of determining which Options are exercisable upon termination of employment or service for purposes of this Section 7(h), Options
that are not exercisable solely due to a blackout period shall be considered exercisable.

 

(v)   Notwithstanding
anything herein to the contrary, an Incentive Stock Option may not be exercised more than three (3) months following the date as of which
a Participant ceases to be an Employee for any reason other than death or Disability. In the event that an Option is exercisable following
the date that is three (3) months following the date as of which a Participant ceases to be an Employee for any reason other than death
or Disability, such Option shall be deemed to be a Nonqualified Stock Option.

 

(i)   Other
Change in Employment Status. An Option may be affected, both with regard to vesting schedule and termination, by leaves of absence,
changes from full-time to part-time employment, partial disability or other changes in the employment status or service of a Participant,
as evidenced in a Participant’s Award Agreement.

 

(j)   Change
in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Options shall be subject to
Section 12 of the Plan.

 

(k)   Automatic
Exercise. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the Participant
in writing to the Company, each vested and exercisable Option outstanding on the Automatic Exercise Date with an Exercise Price per Share
that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the Participant or
the Company be exercised on the Automatic Exercise Date. In the sole discretion of the Administrator, payment of the exercise price of
any such Option shall be made pursuant to Section 7 (f)(i) or (ii), and the Company or any Affiliate shall deduct or withhold an amount
sufficient to satisfy all taxes associated with such exercise in accordance with Section 16. Unless otherwise determined by the Administrator,
this Section 7(k) shall not apply to an Option if the Participant’s employment or service has terminated on or before the Automatic
Exercise Date. For the avoidance of doubt, no Option with an Exercise Price per Share that is equal to or greater the Fair Market Value
per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 7(k).

 

    11

     

    

 

Section
8. Stock Appreciation Rights.

 

(a)   General.
Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or part of
any Option granted under the Plan (“Related Rights”). Any Related Right that relates to a Nonqualified Stock Option
may be granted at the same time the Option is granted or at any time thereafter, but before the exercise or expiration of the Option.
Any Related Right that relates to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted. The
Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Stock Appreciation Rights shall
be made, the number of shares of Common Stock to be awarded, the price per Share, and all other conditions of Stock Appreciation Rights.
Notwithstanding the foregoing, no Related Right may be granted for more shares of Common Stock than are subject to the Option to which
it relates and any Stock Appreciation Right must be granted with an Exercise Price not less than the Fair Market Value of a share of Common
Stock on the date of grant. The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation
Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such
additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth
in the applicable Award Agreement.

 

(b)   Awards;
Rights as Stockholder. The prospective recipient of a Stock Appreciation Right shall not have any rights with respect to such Award,
unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed
and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator
may specify) after the award date. Participants who are granted Stock Appreciation Rights shall have no rights as stockholders of the
Company with respect to the grant or exercise of such rights.

 

(c)   Exercisability.

 

(i)   Stock
Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions
as shall be determined by the Administrator in the applicable Award Agreement.

 

(ii)   Stock
Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which
they relate shall be exercisable in accordance with the provisions of Section 7 above and this Section 8 of the Plan.

 

(d)   Payment
Upon Exercise.

 

(i)   Upon
the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of shares of
Common Stock, determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise
over the price per share specified in the Free Standing Right multiplied by the number of shares of Common Stock in respect of which the
Free Standing Right is being exercised.

 

(ii)   A
Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender,
the Participant shall be entitled to receive up to, but not more than, that number of shares of Common Stock, determined using the Fair
Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price specified in the
related Option multiplied by the number of shares of Common Stock in respect of which the Related Right is being exercised. Options which
have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.

 

(iii)   Notwithstanding
the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any combination of
shares of Common Stock and cash).

 

    12

     

    

 

(e)   Termination
of Employment or Service.

 

(i)   Subject
to Section 8(f), in the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant
who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms
and conditions as shall be determined by the Administrator in the applicable Award Agreement.

 

(ii)   Subject
to Section 8(f), in the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant
who has been granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and
conditions as set forth in the related Options.

 

(f)   Term.

 

(i)   The
term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years
after the date such right is granted.

 

(ii)   The
term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten
(10) years after the date such right is granted.

 

(g)   Change
in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Stock Appreciation Rights shall
be subject to Section 12 of the Plan.

 

(h)   Automatic
Exercise. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the Participant
in writing to the Company, each vested and exercisable Stock Appreciation Right outstanding on the Automatic Exercise Date with an Exercise
Price per Share that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the
Participant or the Company be exercised on the Automatic Exercise Date. The Company or any Affiliate shall deduct or withhold an amount
sufficient to satisfy all taxes associated with such exercise in accordance with Section 16. Unless otherwise determined by the Administrator,
this Section 8(h) shall not apply to a Stock Appreciation Right if the Participant’s employment or service has terminated on or
before the Automatic Exercise Date. For the avoidance of doubt, no Stock Appreciation Right with an Exercise Price per Share that is equal
to or greater the Fair Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 8(h).

 

Section
9. Restricted Shares.

 

(a)   General.
Each Award of Restricted Shares granted under the Plan shall be evidenced by an Award Agreement. Restricted Shares may be issued either
alone or in addition to other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the
time or times at which, grants of Restricted Shares shall be made; the number of shares of Common Stock to be awarded; the price, if any,
to be paid by the Participant for the acquisition of Restricted Shares; the Restricted Period, if any, applicable to Restricted Shares;
the Performance Goals (if any) applicable to Restricted Shares; and all other conditions of the Restricted Shares. If the restrictions,
Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted
Shares in accordance with the terms of the grant. The terms and conditions applicable to the Restricted Shares need not be the same with
respect to each Participant.

 

(b)   Awards
and Certificates. The prospective recipient of Restricted Shares shall not have any rights with respect to any such Award, unless
and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered
a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify)
after the award date. Except as otherwise provided in herein, (i) each Participant who is granted an Award of Restricted Shares may, in
the Company’s sole discretion, be issued a stock certificate in respect of such Restricted Shares; and (ii) any such certificate
so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions,
and restrictions applicable to any such Award. The Company may require that the stock certificates, if any, evidencing Restricted Shares
granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of
any award of Restricted Shares, the Participant shall have delivered a stock power, endorsed in blank, relating to the shares of Common
Stock covered by such Award. Notwithstanding anything in the Plan to the contrary, any Restricted Shares (whether before or after any
vesting conditions have been satisfied) may, in the Company’s sole discretion, be issued in uncertificated form pursuant to the
customary arrangements for issuing shares in such form.

 

    13

     

    

 

(c)   Restrictions
and Conditions. The Restricted Shares granted pursuant to this Section 9 shall be subject to the following restrictions and conditions
and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter:

 

(i)   The
Restricted Shares shall be subject to the restrictions on transferability set forth in the Award Agreement and in the Plan.

 

(ii)   The
Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions
in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including,
but not limited to, the attainment of certain Performance Goals, the Participant’s termination of employment or service as Non-Employee
Director or Consultant of the Company or an Affiliate thereof, or the Participant’s death or Disability.

 

(iii)   Subject
to this Section 9(c)(iii), the Participant shall generally have the rights of a stockholder of the Company with respect to Restricted
Shares during the Restricted Period. In the Administrator’s discretion and as provided in the applicable Award Agreement, a Participant
may be entitled to dividends or dividend equivalents on an Award of Restricted Shares, which will be payable in accordance with the terms
of such grant as determined by the Administrator in accordance with Section 18 of the Plan. Certificates for unrestricted shares of Common
Stock may, in the Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without
forfeiture in respect of such Restricted Shares, except as the Administrator, in its sole discretion, shall otherwise determine.

 

(iv)   The
rights of Participants granted Restricted Shares upon termination of employment or service as a Non-Employee Director or Consultant of
the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.

 

(d)   Change
in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Shares shall be
subject to Section 12 of the Plan.

 

Section
10. Restricted Stock Units.

 

(a)   General.
Restricted Stock Units may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine
the Eligible Recipients to whom, and the time or times at which, grants of Restricted Stock Units shall be made; the number of Restricted
Stock Units to be awarded; the Restricted Period, if any, applicable to Restricted Stock Units; the Performance Goals (if any) applicable
to Restricted Stock Units; and all other conditions of the Restricted Stock Units. If the restrictions, Performance Goals and/or conditions
established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock Units in accordance with the
terms of the grant. The provisions of Restricted Stock Units need not be the same with respect to each Participant.

 

(b)   Award
Agreement. The prospective recipient of Restricted Stock Units shall not have any rights with respect to any such Award, unless and
until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered
a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify)
after the award date.

 

(c)   Restrictions
and Conditions. The Restricted Stock Units granted pursuant to this Section 10 shall be subject to the following restrictions and
conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Code Section 409A,
thereafter:

 

(i)   The
Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions
in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including,
but not limited to, the attainment of certain Performance Goals, the Participant’s termination of employment or service as a Non-Employee
Director or Consultant of the Company or an Affiliate thereof, or the Participant’s death or Disability.

 

    14

     

    

 

(ii)   Participants
holding Restricted Stock Units shall have no voting rights. A Restricted Stock Unit may, at the Administrator’s discretion, carry
with it a right to dividend equivalents, subject to Section 18 of the Plan. Such right would entitle the holder to be credited with an
amount equal to all cash dividends paid on one Share while the Restricted Stock Unit is outstanding. The Administrator, in its discretion,
may grant dividend equivalents from the date of grant or only after a Restricted Stock Unit is vested.

 

(iii)   The
rights of Participants granted Restricted Stock Units upon termination of employment or service as a Non-Employee Director or Consultant
of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.

 

(d)   Settlement
of Restricted Stock Units. Settlement of vested Restricted Stock Units shall be made to Participants in the form of shares of Common
Stock, unless the Administrator, in its sole discretion, provides for the payment of the Restricted Stock Units in cash (or partly in
cash and partly in shares of Common Stock) equal to the value of the shares of Common Stock that would otherwise be distributed to the
Participant.

 

(e)   Change
in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Stock Units shall
be subject to Section 12 of the Plan.

 

Section
11. Other Share-Based or Cash-Based Awards.

 

(a)   The
Administrator is authorized to grant Awards to Participants in the form of Other Share-Based Awards or Other Cash-Based Awards, as deemed
by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement. The Administrator shall determine
the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter, including any Performance
Goals and performance periods. Shares of Common Stock or other securities or property delivered pursuant to an Award in the nature of
a purchase right granted under this Section 11 shall be purchased for such consideration, paid for at such times, by such methods, and
in such forms, including, without limitation, shares of Common Stock, other Awards, notes or other property, as the Administrator shall
determine, subject to any required corporate action.

 

(b)   The
prospective recipient of an Other Share-Based Award or Other Cash-Based Award shall not have any rights with respect to such Award, unless
and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered
a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify)
after the award date.

 

(c)   Notwithstanding
anything herein to the contrary, upon a Change in Control, all outstanding Other Share-Based Awards and Other Cash-Based Awards shall
be subject to Section 12 of the Plan.

 

Section
12. Change in Control.

 

The Administrator may provide
in the applicable Award Agreement that an Award will vest on an accelerated basis upon the Participant’s termination of employment
or service in connection with a Change in Control or upon the occurrence of any other event that the Administrator may set forth in the
Award Agreement. If the Company is a party to an agreement that is reasonably likely to result in a Change in Control, such agreement
may provide for: (i) the continuation of any Award by the Company, if the Company is the surviving corporation; (ii) the assumption of
any Award by the surviving corporation or its parent or subsidiary; (iii) the substitution by the surviving corporation or its parent
or subsidiary of equivalent awards for any Award, provided, however, that any such substitution with respect to Options and Stock
Appreciation Rights shall occur in accordance with the requirements of Code Section 409A; or (iv) settlement of any Award for the Change
in Control Price (less, to the extent applicable, the per share exercise or grant price), or, if the per share exercise or grant price
equals or exceeds the Change in Control Price or if the Administrator determines that Award cannot reasonably become vested pursuant to
its terms, such Award shall terminate and be canceled without consideration. To the extent that Restricted Shares, Restricted Stock Units
or other Awards settle in shares of Common Stock in accordance with their terms upon a Change in Control, such shares of Common Stock
shall be entitled to receive as a result of the Change in Control transaction the same consideration as the shares of Common Stock held
by stockholders of the Company as a result of the Change in Control transaction. For purposes of this Section 12, “Change in
Control Price” shall mean (A) the price per Share paid to stockholders of the Company in the Change in Control transaction,
or (B) the Fair Market Value of a Share upon a Change in Control, as determined by the Administrator. To the extent that the consideration
paid in any such Change in Control transaction consists all or in part of securities or other non-cash consideration, the value of such
securities or other non-cash consideration shall be determined in good faith by the Administrator.

 

    15

     

    

 

Section
13. Amendment and Termination.

 

(a)   The
Board or the Committee may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would adversely
alter or impair the rights of a Participant under any Award theretofore granted without such Participant’s prior written consent.

 

(b)   Notwithstanding
the foregoing, (i) approval of the Company’s stockholders shall be obtained for any amendment that would require such approval in
order to satisfy the requirements of Code Section 422, if applicable, any rules of the stock exchange on which the shares of Common Stock
are traded or other applicable law, and (ii) without stockholder approval to the extent required by the rules of any applicable national
securities exchange or inter-dealer quotation system on which the shares of Common Stock are listed or quoted, except as otherwise permitted
under Section 5 of the Plan, (A) no amendment or modification may reduce the Exercise Price of any Option or Stock Appreciation Right,
(B) the Administrator may not cancel any outstanding Option or Stock Appreciation Right and replace it with a new Option or Stock Appreciation
Right, another Award or cash and (C) the Administrator may not take any other action that is considered a “repricing” for
purposes of the stockholder approval rules of the applicable securities exchange or inter-dealer quotation system.

 

(c)   Subject
to the terms and conditions of the Plan and Code Section 409A, the Administrator may modify, extend or renew outstanding Awards under
the Plan, or accept the surrender of outstanding Awards (to the extent not already exercised) and grant new Awards in substitution of
them (to the extent not already exercised).

 

(d)   Notwithstanding
the foregoing, no alteration, modification or termination of an Award will, without the prior written consent of the Participant, adversely
alter or impair any rights or obligations under any Award already granted under the Plan.

 

Section
14. Unfunded Status of Plan.

 

The Plan is intended to constitute
an “unfunded” plan for incentive compensation. Neither the Company, the Board nor the Committee shall be required to establish
any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan. With respect to any
payments not yet made or shares of Common Stock not yet transferred to a Participant by the Company, nothing contained herein shall give
any such Participant any rights that are greater than those of a general unsecured creditor of the Company.

 

Section
15. Deferrals of Payment.

 

To the extent permitted by
applicable law, the Administrator, in its sole discretion, may determine that the delivery of shares of Common Stock or the payment of
cash, upon the exercise, vesting or settlement of all or a portion of any Award, shall be deferred. The Administrator may also, in its
sole discretion, establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt
of any such consideration, including any applicable election procedures, the timing of such elections, the mechanisms for payments of
amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Administrator deems
advisable for the administration of any such deferral program. Deferrals by Participants (or deferred settlement or payment required by
the Administrator) shall be made in accordance with Code Section 409A, if applicable, and any other applicable law.

 

Section
16. Withholding Taxes.

 

Each Participant shall, no
later than the date as of which the value of an Award first becomes includible in the gross income of such Participant for federal, state
and/or local income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any
federal, state, or local taxes of any kind, domestic or foreign, required by law or regulation to be withheld with respect to the Award.
The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall,
to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant.
Whenever cash is to be paid pursuant to an Award granted hereunder, the Company shall have the right to deduct therefrom an amount sufficient
to satisfy any federal, state and local withholding tax requirements related thereto. Whenever shares of Common Stock are to be delivered
pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient
to satisfy any related federal, state and local taxes, domestic or foreign, to be withheld and applied to the tax obligations. With the
approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery
of shares of Common Stock or by delivering already owned unrestricted shares of Common Stock, in each case, having a value equal to the
amount required to be withheld or other greater amount not exceeding the maximum statutory rate required to be collected on the transaction
under applicable law, as applicable to the Participant, if such other greater amount would not, as determined by the Administrator, result
in adverse financial accounting treatment (including in connection with the effectiveness of FASB Accounting Standards Update 2016-09).
Such shares of Common Stock shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined.
Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the shares of Common
Stock to be delivered pursuant to an Award. The Company may also use any other method of obtaining the necessary payment or proceeds,
as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award.

 

    16

     

    

 

Section
17. Certain Forfeitures. 

 

The Administrator may specify
in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction,
cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to the applicable vesting conditions of an Award.
Such events may include, without limitation, breach of any non-competition, non-solicitation, confidentiality, or other restrictive covenants
that are contained in an Award Agreement or that are otherwise applicable to the Participant, a termination of the Participant’s
employment for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and its Subsidiaries
and/or its Affiliates.

 

Section
18. Dividends; Dividend Equivalents.

 

Notwithstanding anything in
this Plan to the contrary, to the extent that an Award contains a right to receive dividends or dividend equivalents while such Award
remains unvested, such dividends or dividend equivalents will be accumulated and paid once and to the extent that the underlying Award
vests.

 

Section
19. Non-United States Employees. 

 

Without
amending the Plan, the Administrator may grant Awards to eligible persons residing in non-United States jurisdictions on such terms and
conditions different from those specified in the Plan, including the terms of any award agreement or plan, adopted by the Company or any
Subsidiary thereof to comply with, or take advantage of favorable tax or other treatment available under, the laws of any non-United States
jurisdiction, as may in the judgment of the Administrator be necessary or desirable to foster and promote achievement of the purposes
of the Plan and, in furtherance of such purposes the Administrator may make such modifications, amendments, procedures, sub-plans and
the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or
its Subsidiaries operates or has employees.

 

Section
20. Transfer of Awards.

 

No purported sale, assignment,
mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or
creation of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”)
by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent
of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator, and other than by will or
by the laws of descent and distribution. Any purported Transfer of an Award or any economic benefit or interest therein in violation of
the Plan or an Award Agreement shall be null and void ab initio, and shall not create any obligation or liability of the Company,
and any person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an
Award Agreement shall not be entitled to be recognized as a holder of such shares of Common Stock. Unless otherwise determined by the
Administrator in accordance with the provisions of the immediately preceding sentence, an Option may be exercised, during the lifetime
of the Participant, only by the Participant or, during any period during which the Participant is under a legal disability, by the Participant’s
guardian or legal representative. Under no circumstances will a Participant be permitted to transfer an Option or Stock Appreciation Right
to a third-party financial institution without prior stockholder approval.

 

Section
21. Continued Employment.

 

The adoption of the Plan shall
not confer upon any Eligible Recipient any right to continued employment or service with the Company or an Affiliate thereof, as the case
may be, nor shall it interfere in any way with the right of the Company or an Affiliate thereof to terminate the employment or service
of any of its Eligible Recipients at any time.

 

    17

     

    

 

Section
22. Effective Date.

 

The Plan will be effective
as of the date of consummation of the transactions contemplated by the Merger Agreement so long as the Plan has been approved by the Company’s
stockholders. The Plan will be unlimited in duration and, in the event of Plan termination, will remain in effect as long as any shares
of Common Stock awarded under it are outstanding and not fully vested; provided, however, that no Awards will be made under
the Plan on or after the tenth anniversary of the Effective Date; provided further, that in no event may an Incentive Stock Option
be granted more than ten years after the earlier of (a) the date of the adoption of the Plan by the Board or (b) the Effective Date.

 

Section
23. Code Section 409A.

 

The intent of the parties
is that payments and benefits under the Plan be either exempt from Code Section 409A or comply with Code Section 409A to the extent
subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered consistent with
such intent. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Code Section 409A
shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the
Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, amounts that would
otherwise be payable and benefits that would otherwise be provided upon a “separation from service” to a Participant who is
a “specified employee” shall be paid on the first business day after the date that is six (6) months following the Participant’s
separation from service (or upon the Participant’s death, if earlier). In addition, for purposes of the Plan, each amount to be
paid or benefit to be provided to the Participant pursuant to the Plan, which constitute deferred compensation subject to Code Section 409A,
shall be construed as a separate identified payment for purposes of Code Section 409A. Nothing contained in the Plan or an Award
Agreement shall be construed as a guarantee of any particular tax effect with respect to an Award. The Company does not guarantee that
any Awards provided under the Plan will be exempt from or in compliance with the provisions of Code Section 409A, and in no event will
the Company be liable for any or all portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant
on account of any Award being subject to, but not in compliance with, Code Section 409A.

 

Section
24. Compliance with Laws.

 

(a)   The
obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to (i) all applicable laws,
rules, and regulations, (ii) such approvals as may be required by governmental agencies or the applicable national securities exchange
on which the shares of Common Stock may be admitted, and (iii) policies maintained by the Company from time to time in order to comply
with applicable laws, rules, regulations and corporate governance requirements, including, without limitation, with respect to insider
trading restrictions. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to
offer to sell or to sell, and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless
such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless
the Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such
shares of Common Stock may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and
conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities
Act any of the shares of Common Stock to be offered or sold under the Plan. The Administrator shall have the authority to provide that
all shares of Common Stock or other securities of the Company issued under the Plan shall be subject to such stop transfer orders and
other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, the federal securities laws, or
the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation
system on which the securities of the Company are listed or quoted and any other applicable federal, state, local or non-U.S. laws, rules,
regulations and other requirements, and the Administrator may cause a legend or legends to be put on certificates representing shares
of Common Stock or other securities of the Company issued under the Plan to make appropriate reference to such restrictions or may cause
such shares of Common Stock or other securities of the Company issued under the Plan in book-entry form to be held subject to the Company’s
instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee
reserves the right to add any additional terms or provisions to any Award granted under the Plan that it, in its sole discretion, deems
necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction
the Award is subject.

 

    18

     

    

 

(b)   The
Administrator may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public
markets, the Company’s issuance of shares of Common Stock to the Participant, the Participant’s acquisition of shares of Common
Stock from the Company and/or the Participant’s sale of shares of Common Stock to the public markets, illegal, impracticable or
inadvisable. If the Administrator determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall,
subject to any limitations or reductions as may be necessary to comply with Code Section 409A, (i) pay to the Participant an amount equal
to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined
as of the applicable exercise date, or the date that the shares of Common Stock would have been vested or issued, as applicable), over
(B) the aggregate Exercise Price (in the case of an Option or Stock Appreciation Right) or any amount payable as a condition of issuance
of shares of Common Stock (in the case of any other Award), and such amount shall be delivered to the Participant as soon as practicable
following the cancellation of such Award or portion thereof, or (ii) in the case of Restricted Shares, Restricted Stock Units or Other
Share-Based Awards, provide the Participant with a cash payment or equity subject to deferred vesting and delivery consistent with the
vesting restrictions applicable to such Restricted Shares, Restricted Stock Units or Other Share-Based Awards, or the underlying shares
of Common Stock in respect thereof.

 

Section
25. Clawback/Recovery.

 

The Plan and all Awards issued
hereunder shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law,
including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance
practices, as such policies may be amended from time to time. No recovery of compensation under such a clawback policy will be an event
giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement
with the Company or a Subsidiary.

 

Section
26. Governing Law.

 

The Plan shall be governed
by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law of such
state.

 

Section
27. Plan Document Controls.

 

The Plan and each Award Agreement
together constitute the entire agreement with respect to the subject matter hereof and thereof; provided, that in the event of
any inconsistency between the Plan and such Award Agreement, the terms and conditions of the Plan shall control.

 

 

19

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