Document:

Exhibit
10.9

 

______________,
2019

 

Health
Sciences Acquisitions Corporation

412 West 15th Street, Floor 9

New York, NY 10011

 

Ladies
and Gentlemen:

 

Health
Sciences Acquisitions Corporation (the “Company”), a blank check company formed for the purpose of acquiring
one or more businesses or entities (a “Business Combination”), intends to register its securities under the
Securities Act of 1933, as amended (“Securities Act”), in connection with its initial public offering (“IPO”),
pursuant to a registration statement on Form S-1 (“Registration Statement”).

 

Health
Sciences Holdings, LLC (the “Sponsor”) hereby agrees that it will purchase an aggregate of 2,000,000 shares
of Common Stock of the Company, par value $0.0001 per share (the “Common Stock”), at a price per share of $10.00,
for an aggregate purchase price of $20,000,000 (the “Commitment Purchase Price”) upon the consummation of a
Business Combination (the “Commitment Shares”).

 

The
consummation of the purchase and issuance of the Commitment Shares shall occur simultaneously with the consummation of the Business
Combination. At the consummation, the Commitment Purchase Price will be paid to the Company, or as directed by the Company, and
the Company, or any successor to the Company, will direct the transfer agent to issue the Commitment Shares.

 

The
Sponsor hereby represents and warrants that:

 

		●	it
                                         has been advised that the Commitment Shares have not been and will not be registered
                                         under the Securities Act;

 

		●	it
                                         will be acquiring the Commitment Shares for its account for investment purposes only;

 

		●	it
                                         has no present intention of selling or otherwise disposing of the Commitment Shares in
                                         violation of the securities laws of the United States;

 

		●	it
                                         is an ‘“accredited investor” as defined by Rule 501 of Regulation D
                                         promulgated under the Securities Act of 1933, as amended;

 

		●	it
                                         has had both the opportunity to ask questions and receive answers from the officers and
                                         directors of the Company and all persons acting on its behalf concerning the terms and
                                         conditions of the offer made hereunder;

 

    

    

    

 

		●	it
                                         is familiar with the proposed business, management, financial condition and affairs of
                                         the Company;

 

		●	it
                                         has full power, authority and legal capacity to execute and deliver this letter and any
                                         documents contemplated herein or needed to consummate the transactions contemplated in
                                         this letter; and

 

		●	this
                                         letter constitutes its legal, valid and binding obligation, and is enforceable against
                                         it.

 

The
Sponsor acknowledges and agrees that it will execute agreements in form and substance typical for transactions of this nature
necessary to effectuate the foregoing agreements and obligations upon the consummation of a Business Combination.

 

This
letter agreement constitutes the entire agreement between the Sponsor and the Company with respect to the purchase of the Commitment
Shares, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written
and oral, with respect to the same.

 

[SIGNATURE
PAGE TO FOLLOW]

 

     2

    

    

 

	 	Very truly yours,
	 	 	 
	 	HEALTH SCIENCES HOLDINGS, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Accepted and Agreed:	 
	 	 	 
	HEALTH SCIENCES ACQUISITIONS CORPORATION	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

     3Exhibit 10.1

 

CLPS INCORPORATION

2019 Equity Incentive Plan

 

 

 

 Section 1. Establishment and Purpose.

 

1.1
The purpose of the Plan is to attract and retain outstanding individuals as Employees, Directors and Consultants of the
Company and its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Employees, Directors and
Consultants, and to provide such Employees, Directors and Consultants with additional incentive to expand and improve the profits
and achieve the objectives of the Company and its Subsidiaries, by providing such Employees, Directors and Consultants with the
opportunity to acquire or increase their proprietary interest in the Company through receipt of Awards.

 

 Section 2. Definitions.

 

As used in the Plan,
the following terms shall have the meanings set forth below:

 

2.1
“Award” means any award or benefit granted under the Plan, which shall be a Stock Option, a Stock Award,
a Stock Unit Award or an SAR.

 

2.2
“Award Agreement” means, as applicable, a Stock Option Agreement, Stock Award Agreement, Stock Unit Award
Agreement or SAR Agreement evidencing an Award granted under the Plan.

 

2.3
“Board” means the Board of Directors of the Company.

 

2.4
“Change in Control” has the meaning set forth in Section 8.2 of the Plan.

 

2.5
“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

2.6
“Committee” means the Compensation Committee of the Board or such other committee as may be designated
by the Board from time to time to administer the Plan, or, if no such committee has been designated at the time of any grants,
it shall mean the Board.

 

2.7
 “Company” means CLPS Incorporation.

 

2.8
“Consultant” means any person, including an advisor, who is engaged by the Company or an affiliate to
render consulting or advisory services and is compensated for such services. However, service solely as a Director, or payment
of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding
the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities
Act is available to register either the offer or the sale of the Company’s securities to such person.

 

2.9
“Director” means a director of the Company who is not an employee of the Company or a Subsidiary.

 

2.10
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

    	 	1	 

     

    

 

2.11
“Fair Market Value” means as of any date, the closing price of a Share on the national securities exchange
on which the Shares are listed, or, if the Shares are not listed on a national securities exchange, the over-the-counter market
on which the Shares trades, or, if the Shares is not listed on a national securities exchange or an over-the-counter market, as
determined by the Board as of such date, or, if no trading occurred on such date, as of the trading day immediately preceding such
date.

 

2.12
“Incentive Stock Option” or “ISO” means a Stock Option granted under Section 5 of
the Plan that meets the requirements of Section 422(b) of the Code or any successor provision.

 

2.13
“Employee” means an employee of the Company or any Subsidiary selected to participate in the Plan in
accordance with Section 3. A Employee may also include a person who is granted an Award (other than an Incentive Stock Option)
in connection with the hiring of the person prior to the date the person becomes an employee of the Company or any Subsidiary,
provided that such Award shall not vest prior to the commencement of employment.

 

2.14
“Non-Qualified Stock Option” or “NSO” means a Stock Option granted under Section 5
of the Plan that is not an Incentive Stock Option.

 

2.15
“Participant” means an Employee, Director or Consultant selected to receive an Award under the Plan.

 

2.16
“Plan” means this 2019 Equity Incentive Plan.

 

2.17
“Shares” means ordinary shares with a par value $0.0001 per share, of the Company.

 

2.18
“Stock Appreciation Right” or “SAR” means a grant of a right to receive Shares or
cash under Section 8 of the Plan.

 

2.19
“Stock Award” means a grant of Shares under Section 6 of the Plan.

 

2.20
“Stock Option” means an Incentive Stock Option or a Non-Qualified Stock Option granted under Section
5 of the Plan.

 

2.21
“Stock Unit Award” means a grant of a right to receive Shares or cash under Section 7 of the Plan.

 

2.22
“Subsidiary” means an entity of which the Company is the direct or indirect beneficial owner of not less
than 50% of all issued and outstanding equity interest of such entity.

 

 Section 3. Administration.

 

3.1
The Committee.

 

The Plan shall be administered
by the Committee, which shall be comprised of at least two members of the Board who satisfy the “non-employee director”
definition set forth in Rule 16b-3 under the Exchange Act, unless the Board otherwise determines.

 

    	 	2	 

     

    

 

3.2
Authority of the Committee.

 

(a)
The Committee, in its sole discretion, shall determine the Employees and Directors to whom, and the time or times at which
Awards will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the
Awards may be exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable
to the grant of the Awards. The terms and conditions of the Awards need not be the same with respect to each Participant or with
respect to each Award.

 

(b)
To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Shares are listed or traded,
the Committee may delegate its authority to grant Awards to Employees and to determine the terms and conditions thereof to such
officer of the Company as it may determine in its discretion, on such terms and conditions as it may impose, except with respect
to Awards to officers subject to Section 16 of the Exchange Act.

 

(c)
The Committee may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or
advisable for the proper administration of the Plan, and may make determinations and may take such other action in connection with
or in relation to the Plan as it deems necessary or advisable. Each determination or other action made or taken pursuant to the
Plan, including interpretation of the Plan and the specific terms and conditions of the Awards granted hereunder, shall be final
and conclusive for all purposes and upon all persons.

 

(d)
No member of the Board or the Committee shall be liable for any action taken or determination made hereunder in good faith.
Service on the Committee shall constitute service as a Director so that the members of the Committee shall be entitled to indemnification
and reimbursement as Directors of the Company pursuant to the Company’s Certificate of Incorporation and By-Laws.

 

3.3
Award Agreements.

 

(a)
Each Award shall be evidenced by a written Award Agreement specifying the terms and conditions of the Award. In the sole
discretion of the Committee, the Award Agreement may condition the grant of an Award upon the Participant’s entering into
one or more of the following agreements with the Company: (i) an agreement not to compete with the Company and its Subsidiaries
which shall become effective as of the date of the grant of the Award and remain in effect for a specified period of time following
termination of the Participant’s employment with the Company; (ii) an agreement to cancel any employment agreement, fringe
benefit or compensation arrangement in effect between the Company and the Participant; and (iii) an agreement to retain the confidentiality
of certain information. Such agreements may contain such other terms and conditions as the Committee shall determine. If the Participant
shall fail to enter into any such agreement at the request of the Committee, then the Award granted or to be granted to such Participant
shall be forfeited and cancelled.

 

 Section 4. Shares Subject to Plan.

 

4.1
Total Number of Shares.

 

(a)
The total number of Shares that may be issued under the Plan shall be 2,200,000. Such shares may be either authorized but
unissued shares or treasury shares, and shall be adjusted in accordance with the provisions of Section 4.3 of the Plan.

 

(b)
The number of Shares delivered by a Participant or withheld by the Company on behalf of any such Participant as full or
partial payment of an Award, including the exercise price of a Stock Option or of any required withholding taxes, shall not again
be available for issuance pursuant to subsequent Awards, and shall count towards the aggregate number of Shares that may be issued
under the Plan. Any Shares purchased by the Company with proceeds from a Stock Option exercise shall not again be available for
issuance pursuant to subsequent Awards, shall count against the aggregate number of shares that may be issued under the Plan and
shall not increase the number of shares available under the Plan.

 

    	 	3	 

     

    

 

(c)
If there is a lapse, forfeiture, expiration, termination or cancellation of any Award for any reason (including for reasons
described in Section 3.3), or if Shares are issued under such Award and thereafter are reacquired by the Company pursuant to rights
reserved by the Company upon issuance thereof, the Shares subject to such Award or reacquired by the Company shall again be available
for issuance pursuant to subsequent Awards, and shall not count towards the aggregate number of Shares that may be issued under
the Plan.

 

4.2
Shares Under Awards.

 

Of
the Shares authorized for issuance under the Plan pursuant to Section 4.1:

 

(a)
The maximum number of Shares as to which an Employee may receive Stock Options or SARs in any calendar year is 200,000,
except that the maximum number of Shares as to which a Employee may receive Stock Options or SARs in the calendar year in which
such Employee begins employment with the Company or its Subsidiaries is 350,000.

 

(b)
The maximum number of Shares that may be subject to Stock Options (ISOs and/or NSOs) is full amount of the plan.

 

(c)
The maximum number of Shares that may be used for Stock Awards and/or Stock Unit Awards that may be granted to any Employee
in any calendar year is 350,000, or, in the event the Award is settled in cash, an amount equal to the Fair Market Value of such
number of shares on the date on which the Award is settled.

 

(d)
The maximum number of Shares subject to Awards granted under the Plan or otherwise during any one calendar year to any Director,
taken together with any cash fees paid by the Company to such Director during such calendar year for service on the Board, will
not exceed $1,000,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards
for financial reporting purposes).

 

The numbers of shares
described herein shall be as adjusted in accordance with Section 4.3 of the Plan.

 

4.3
Adjustment.

 

In the event of any
reorganization, recapitalization, stock split, stock distribution, merger, consolidation, split-up, spin-off, combination, subdivision,
consolidation or exchange of shares, any change in the capital structure of the Company or any similar corporate transaction, the
Committee shall make such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits or intended benefits
of the Plan and Awards granted under the Plan. Such adjustments may include: (a) adjustment in the number and kind of shares reserved
for issuance under the Plan; (b) adjustment in the number and kind of shares covered by outstanding Awards; (c) adjustment in the
exercise price of outstanding Stock Options or SARs or the price of Stock Awards or Stock Unit Awards under the Plan; (d) adjustments
to any of the shares limitations set forth in Section 4.1 or 4.2 of the Plan; and (e) any other changes that the Committee determines
to be equitable under the circumstances.

 

    	 	4	 

     

    

 

 Section 5. Grants of Stock Options.

 

5.1
Grant.

 

Subject to the terms
of the Plan, the Committee may from time to time grant Stock Options to Participants. Unless otherwise expressly provided at the
time of the grant, Stock Options granted under the Plan to Employees will be NSOs. Stock Options granted under the Plan to Directors
who are not employees of the Company or any Subsidiary will be NSOs.

 

5.2
Stock Option Agreement.

 

The grant of each Stock
Option shall be evidenced by a written Stock Option Agreement specifying the type of Stock Option granted, the exercise period,
the exercise price, the terms for payment of the exercise price, the expiration date of the Stock Option, the number of Shares
to be subject to each Stock Option and such other terms and conditions established by the Committee, in its sole discretion, not
inconsistent with the Plan.

 

5.3
Exercise Price and Exercise Period.

 

With respect to each
Stock Option granted to a Participant:

 

(a)
The per share exercise price of each Stock Option shall be the Fair Market Value of the Shares subject to the Stock Option
on the date on which the Stock Option is granted, but such exercise price shall not be less than its par value.

 

(b)
Each Stock Option shall become exercisable as provided in the Stock Option Agreement; provided that the Committee shall
have the discretion to accelerate the date as of which any Stock Option shall become exercisable in the event of the Participant’s
termination of employment with the Company, or service on the Board, without cause (as determined by the Board in its sole discretion).

 

(c)
No dividends or dividend equivalents shall be paid with respect to any shares subject to a Stock Option prior to the exercise
of the Stock Option.

 

(d)
Each Stock Option shall expire, and all rights to purchase Shares thereunder shall expire, on the date ten years after the
date of grant.

 

5.4
Required Terms and Conditions of ISOs.

 

In addition to the
foregoing, each ISO granted to an Employee shall be subject to the following specific rules:

 

(a)
The aggregate Fair Market Value (determined with respect to each ISO at the time such Option is granted) of the Shares with
respect to which ISOs are exercisable for the first time by an Employee during any calendar year (under all incentive stock option
plans of the Company and its Subsidiaries) shall not exceed $100,000. If the aggregate Fair Market Value (determined at the time
of grant) of the Shares subject to an ISO which first becomes exercisable in any calendar year exceeds the limitation of this Section
5.4(a), so much of the ISO that does not exceed the applicable dollar limit shall be an ISO and the remainder shall be a NSO; but
in all other respects, the original Stock Option Agreement shall remain in full force and effect.

 

    	 	5	 

     

    

 

(b)
Notwithstanding anything herein to the contrary, if an ISO is granted to an Employee who owns stock possessing more than
10% of the total combined voting power of all classes of stock of the Company (or its parent or subsidiaries within the meaning
of Section 422(b)(6) of the Code): (i) the purchase price of each Shares subject to the ISO shall be not less than 110% of the
Fair Market Value of the Shares on the date the ISO is granted; and (ii) the ISO shall expire, and all rights to purchase Shares
thereunder shall expire, no later than the fifth anniversary of the date the ISO was granted.

 

(c)
No ISOs shall be granted under the Plan after ten years from the earlier of the date the Plan is adopted or approved by
shareholders of the Company.

 

5.5
Exercise of Stock Options.

 

(a)
A Participant entitled to exercise a Stock Option may do so by delivering written notice to that effect specifying the number
of Shares with respect to which the Stock Option is being exercised and any other information the Committee may prescribe. All
notices or requests provided for herein shall be delivered to the Chief Financial Officer of the Company.

 

(b)
The Committee in its sole discretion may make available one or more of the following alternatives for the payment of the
Stock Option exercise price: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted an exercise
notice together with irrevocable instructions to deliver promptly to the Company the amount of sales proceeds from the sale of
the shares subject to the Stock Option to pay the exercise price; (iii) by directing the Company to withhold such number of Shares
otherwise issuable in connection with the exercise of the Stock Option having an aggregate Fair Market Value equal to the exercise
price; (iv) by delivering previously acquired Shares that are acceptable to the Committee and that have an aggregate Fair Market
Value on the date of exercise equal to the Stock Option exercise price; or (v) by certifying to ownership by attestation of such
previously acquired Shares.

 

The Committee shall have the
sole discretion to establish the terms and conditions applicable to any alternative made available for payment of the Stock Option
exercise price.

 

 Section 6. Stock Awards.

 

6.1
Grant.

 

The Committee may,
in its discretion, (a) grant Shares under the Plan to any Participant without consideration from such Participant or (b) sell Shares
under the Plan to any Participant for such amount of cash, Shares or other consideration as the Committee deems appropriate.

 

6.2
Stock Award Agreement.

 

Each Shares granted
or sold hereunder shall be subject to such restrictions, conditions and other terms as the Board may determine at the time of grant
or sale, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Award Agreement, and the
following specific rules:

 

(a)
The Award Agreement shall specify whether the Shares are granted or sold to the Participant and such other provisions, not
inconsistent with the terms and conditions of the Plan, as the Committee shall determine.

 

(b)
The restrictions to which the Shares awarded hereunder are subject shall lapse as provided in Stock Award Agreement; provided
that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award
held by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board,
without cause (as determined by the Committee in its sole discretion).

 

    	 	6	 

     

    

 

(c)
Except as provided in this subsection (c) and unless otherwise set forth in the related Stock Award Agreement, the Participant
receiving a grant of or purchasing Shares shall thereupon be a shareholder of the Company with respect to such shares and shall
have the rights of a shareholder of the Company with respect to such shares, including the right to vote such shares and to receive
dividends and other distributions paid with respect to such shares; provided that any dividends or other distributions payable
with respect to the Stock Award shall be accumulated and held by the Company and paid to the Participant only upon, and to the
extent, the restrictions lapse in accordance with the terms of the applicable Stock Award Agreement. Any such dividends or other
distributions held by the Company attributable to the portion of a Stock Award that is forfeited shall also be forfeited.

 

 Section 7. Stock Unit Awards.

 

7.1
Grant.

 

The Committee may,
in its discretion, grant Stock Unit Awards to any Participant. Each Stock Unit subject to the Award shall entitle the Participant
to receive, on the date or the occurrence of an event (including the attainment of performance goals) as described in the Stock
Unit Award Agreement, a Share or cash equal to the Fair Market Value of a Share on the date of such event as provided in the Stock
Unit Award Agreement.

 

7.2
Stock Unit Agreement.

 

Each Stock Unit Award
shall be subject to such restrictions, conditions and other terms as the Committee may determine at the time of grant, the general
provisions of the Plan, the restrictions, terms and conditions of the related Stock Unit Award Agreement and the following specific
rules:

 

(a)
The Stock Unit Agreement shall specify such provisions, not inconsistent with the terms and conditions of the Plan, as the
Committee shall determine.

 

(b)
The restrictions to which the shares of Stock Units awarded hereunder are subject shall lapse as provided in Stock Unit
Agreement; provided that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with
respect to any Award held by a Participant in the event of the Participant’s termination of employment with the Company,
or service on the Board, without cause (as determined by the Board in its sole discretion).

 

(c)
Except as provided in this subsection (c) and unless otherwise set forth in the Stock Unit Agreement, the Participant receiving
a Stock Unit Award shall have no rights of a shareholder of the Company, including voting or dividends or other distributions rights,
with respect to any Stock Units prior to the date they are settled in Shares; provided that a Stock Unit Award Agreement may provide
that until the Stock Units are settled in shares or cash, the Participant shall be entitled to receive on each dividend or distribution
payment date applicable to the Shares an amount equal to the dividends or other distributions that the Participant would have received
had the Stock Units held by the Participant as of the related record date been actual Shares. Such amounts shall be accumulated
and held by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the
terms of the applicable Stock Unit Award Agreement. Such amounts held by the Company attributable to the portion of the Stock Unit
Award that is forfeited shall also be forfeited.

 

    	 	7	 

     

    

 

 Section 8. SARs.

 

8.1
Grant.

 

The Committee may grant
SARs to Participants. Upon exercise, an SAR entitles the Participant to receive from the Company the number of Shares having an
aggregate Fair Market Value equal to the excess of the Fair Market Value of one share as of the date on which the SAR is exercised
over the exercise price, multiplied by the number of shares with respect to which the SAR is being exercised. The Committee, in
its discretion, shall be entitled to cause the Company to elect to settle any part or all of its obligations arising out of the
exercise of an SAR by the payment of cash in lieu of all or part of the shares it would otherwise be obligated to deliver in an
amount equal to the Fair Market Value of such shares on the date of exercise. Cash shall be delivered in lieu of any fractional
shares. The terms and conditions of any such Award shall be determined at the time of grant.

 

8.2
SAR Agreement.

 

(a)
Each SAR shall be evidenced by a written SAR Agreement specifying the terms and conditions of the SAR as the Committee may
determine, including the SAR exercise price, expiration date of the SAR, the number of Shares to which the SAR pertains, the form
of settlement and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent with the
Plan.

 

(b)
The per Share exercise price of each SAR shall not be less than 100% of the Fair Market Value of a Share on the date the
SAR is granted.

 

(c)
Each SAR shall expire and all rights thereunder shall cease on the date fixed by the Committee in the related SAR Agreement,
which shall not be later than the ten years after the date of grant; provided however, if a Participant is unable to exercise an
SAR because trading in the Shares is prohibited by law or the Company’s insider-trading policy, the SAR exercise date shall
be extended to the date that is 30 days after the expiration of the trading prohibition.

 

(d)
Each SAR shall become exercisable as provided in the related SAR Agreement; provided that notwithstanding any other Plan
provision, the Committee shall have the discretion to accelerate the date as of which any SAR shall become exercisable in the event
of the Participant’s termination of employment, or service on the Board, without cause (as determined by the Committee in
its sole discretion).

 

(e)
No dividends or dividend equivalents shall be paid with respect to any SAR prior to the exercise of the SAR.

 

(f) A
person entitled to exercise an SAR may do so by delivery of a written notice in accordance with procedures established by the
Committee specifying the number of Shares with respect to which the SAR is being exercised and any other information the
Committee may prescribe. As soon as reasonably practicable after the exercise of an SAR, the Company shall (i) issue the
total number of full Shares to which the Participant is entitled and cash in an amount equal to the Fair Market Value, as of
the date of exercise, of any resulting fractional share, and (ii) if the Committee causes the Company to elect to settle all
or part of its obligations arising out of the exercise of the SAR in cash, deliver to the Participant an amount in cash equal
to the Fair Market Value, as of the date of exercise, of the shares it would otherwise be obligated to deliver.

 

    	 	8	 

     

    

 

 Section 9. Change in Control.

 

9.1
Effect of a Change in Control.

 

(a)
Notwithstanding any of the provisions of the Plan or any outstanding Award Agreement, upon a Change in Control of the Company
(as defined in Section 9.2), the Board is authorized and has sole discretion to provide that (i) all outstanding Awards shall become
fully exercisable, (ii) all restrictions applicable to all Awards shall terminate or lapse and (iii) performance goals applicable
to any Awards shall be deemed satisfied at the highest level, as applicable, in order that Participants may realize the benefits
thereunder.

 

(b)
In addition to the Board’s authority set forth in Section 3, upon such Change in Control of the Company, the Board
is authorized and has sole discretion as to any Award, either at the time such Award is granted hereunder or any time thereafter,
to take any one or more of the following actions: (i) provide for the purchase of any outstanding Stock Option, for an amount of
cash equal to the difference between the exercise price and the then Fair Market Value of the Shares covered thereby had such Stock
Option been currently exercisable; (ii) make such adjustment to any such Award then outstanding as the Board deems appropriate
to reflect such Change in Control; and (iii) cause any such Award then outstanding to be assumed by the acquiring or surviving
corporation after such Change in Control.

 

9.2
Definition of Change in Control.

 

“Change in Control”
of the Company shall be deemed to have occurred if at any time during the term of an Award granted under the Plan any of the following
events occurs:

 

(a)
any Person (other than the Company, a trustee or other fiduciary holding securities under an employee benefit plan of the
Company, or a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions
as their ownership of Shares) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing
30% or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election
of directors (“Person” and “Beneficial Owner” being defined in Rule 13d-3 of the General Rules and Regulations
of the Exchange Act);

 

(b)
the Company is party to a merger, consolidation, reorganization or other similar transaction with another corporation or
other Person unless, following such transaction, more than 50% of the combined voting power of the outstanding securities of the
surviving, resulting or acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors
(or Persons performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners of the Company’s outstanding securities entitled to vote generally
in the election of directors immediately prior to such transaction, in substantially the same proportions as their ownership, immediately
prior to such transaction, of the Company’s outstanding securities entitled to vote generally in the election of directors;

 

(c)
the election to the Board, without the recommendation or approval of two-thirds of the incumbent Board, of the lesser of:
(i) three Directors; or (ii) Directors constituting a majority of the number of Directors of the Company then in office; provided,
however, that Directors 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 will not be considered as incumbent
members of the Board for purposes of this Section; or

 

    	 	9	 

     

    

 

(d)
there is a complete liquidation or dissolution of the Company, or the Company sells all or substantially all of its business
and/or assets to another corporation or other Person unless, following such sale, more than 50% of the combined voting power of
the outstanding securities of the acquiring corporation or Person or its parent entity entitled to vote generally in the election
of directors (or Persons performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially
all of the individuals and entities who were the beneficial owners of the Company’s outstanding securities entitled to vote
generally in the election of directors immediately prior to such sale, in substantially the same proportions as their ownership,
immediately prior to such sale, of the Company’s outstanding securities entitled to vote generally in the election of directors.

 

In no event, however,
shall a Change in Control be deemed to have occurred, with respect to a Participant, if that Participant is part of a purchasing
group which consummates the Change in Control transaction. A Participant shall be deemed “part of a purchasing group”
for purposes of the preceding sentence if the Participant is an equity participant or has agreed to become an equity participant
in the purchasing company or group (except for (a) passive ownership of less than 3% of the shares of the purchasing company; or
(b) ownership of equity participation in the purchasing company or group which is otherwise not deemed to be significant, as determined
prior to the Change in Control by a majority of the disinterested Directors).

 

 Section 10. Payment of Taxes.

 

(a)
In connection with any Award, and as a condition to the issuance or delivery of any Shares to the Participant in connection
therewith, the Company shall require the Participant to pay the Company the minimum amount of federal, state, local or foreign
taxes required to be withheld, and in the Company’s sole discretion, the Company may permit the Participant to pay the Company
up to the maximum individual statutory rate of applicable withholding.

 

(b)
The Company in its sole discretion may make available one or more of the following alternatives for the payment of such
taxes: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted notice together with irrevocable
instructions to deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject to the Award to
pay the withholding taxes; (iii) by directing the Company to withhold such number of Shares otherwise issuable in connection with
the Award having an aggregate Fair Market Value equal to the minimum amount of tax required to be withheld; (iv) by delivering
previously acquired Shares of the Company that are acceptable to the Board that have an aggregate Fair Market Value equal to the
amount required to be withheld; or (v) by certifying to ownership by attestation of such previously acquired Shares.

 

The Committee shall have
the sole discretion to establish the terms and conditions applicable to any alternative made available for payment of the required
withholding taxes.

 

 Section 11. Postponement.

 

The Committee may postpone
any grant or settlement of an Award or exercise of a Stock Option or SAR for such time as the Board in its sole discretion may
deem necessary in order to permit the Company:

 

(a)
to effect, amend or maintain any necessary registration of the Plan or the Shares issuable pursuant to an Award, including
upon the exercise of a Stock Option or SAR, under the Securities Act of 1933, as amended, or the securities laws of any applicable
jurisdiction;

 

    	 	10	 

     

    

 

(b)
to permit any action to be taken in order to (i) list such Shares on a stock exchange if Shares are then listed on such
exchange or (ii) comply with restrictions or regulations incident to the maintenance of a public market for its Shares, including
any rules or regulations of any stock exchange on which the Shares are listed; or

 

(c)
to determine that such Shares and the Plan are exempt from such registration or that no action of the kind referred to in
(b)(ii) above needs to be taken; and the Company shall not be obligated by virtue of any terms and conditions of any Award or any
provision of the Plan to sell or issue Shares in violation of the Securities Act of 1933 or the law of any government having jurisdiction
thereof.

 

Any
such postponement shall not extend the term of an Award and neither the Company nor its Directors or officers shall have any obligation
or liability to a Participant, the Participant’s successor or any other person with respect to any Shares as
to which the Award shall lapse because of such postponement.

 

 Section 12. Nontransferability.

 

Awards granted under
the Plan, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner,
or be subject to execution, attachment or similar process, by operation of law or otherwise, other than by will or by the laws
of descent and distribution.

 

 Section 13. Delivery of Shares.

 

Shares
issued pursuant to a Stock Award, the exercise of a Stock or SAR or the settlement of a Stock Unit Award shall be represented by
share certificates or on a non-certificated basis, with the ownership of such shares by the Participant evidenced solely by book
entry in the records of the Company’s transfer agent; provided, however, that upon the written request of the Participant,
the Company shall issue, in the name of the Participant, share certificates representing such Shares. 
Notwithstanding the foregoing, shares granted pursuant to a Stock Award shall be held by the Secretary of the Company until such
time as the shares are forfeited or settled.

 

 Section 14. Termination or Amendment of Plan and Award Agreements.

 

14.1
Termination or Amendment of Plan.

 

(a)
Except as described in Section 14.3 below, the Board may terminate, suspend, or amend the Plan, in whole or in part, from
time to time, without the approval of the shareholders of the Company, unless such approval is required by applicable law, regulation
or rule of any stock exchange on which the Shares are listed. No amendment or termination of the Plan shall adversely affect the
right of any Participant under any outstanding Award in any material way without the written consent of the Participant, unless
such amendment or termination is required by applicable law, regulation or rule of any stock exchange on which the Shares are listed.
Subject to the foregoing, the Committee may correct any defect or supply an omission or reconcile any inconsistency in the Plan
or in any Award granted hereunder in the manner and to the extent it shall deem desirable, in its sole discretion, to effectuate
the Plan.

 

(b)
The Board shall have the authority to amend the Plan to the extent necessary or appropriate to comply with applicable law,
regulation or accounting rules in order to permit Participants who are located outside of the United States to participate in the
Plan.

 

    	 	11	 

     

    

 

14.2
Amendment of Award Agreements.

 

The Committee shall
have the authority to amend any Award Agreement at any time; provided however, that no such amendment shall adversely affect the
right of any Participant under any outstanding Award Agreement in any material way without the written consent of the Participant,
unless such amendment is required by applicable law, regulation or rule of any stock exchange on which the Shares are listed.

 

14.3
No Repricing of Stock Options.

 

Notwithstanding the
foregoing, and except as described in Section 4.3, there shall be no amendment to the Plan or any outstanding Stock Option Agreement
or SAR Agreement that results in the repricing of Stock Options or SARs without shareholders’ approval. For this purpose, repricing
includes (i) a reduction in the exercise price of the Stock Option or SARs or (ii) the cancellation of a Stock Option in exchange
for cash, Stock Options or SARs with an exercise price less than the exercise price of the cancelled Options or SARs, other Awards
or any other consideration provided by the Company, but does not include any adjustment described in Section 4.3.

 

 Section 15. No Contract of Employment.

 

Neither the adoption
of the Plan nor the grant of any Award under the Plan shall be deemed to obligate the Company or any Subsidiary to continue the
employment of any Participant for any particular period, nor shall the granting of an Award constitute a request or consent to
postpone the retirement date of any Participant.

 

 Section 16. Applicable Law.

 

All questions
pertaining to the validity, construction and administration of the Plan and all Awards granted under the Plan shall be
determined in conformity with the laws of Hong Kong, without regard to the conflict of law provisions of any state, and, in
the case of Incentive Stock Options, Section 422 of the Code and regulations issued thereunder.

 

 Section 17. Effective Date and Term of Plan.

 

17.1
Effective Date.

 

The Plan
has been adopted by the Board, and is effective, as of the date of such adoption, subject to the approval of the Plan by the shareholders
of the Company.

 

17.2
Term of Plan.

 

Notwithstanding anything
to the contrary contained herein, no Awards shall be granted on or after the tenth anniversary of the adoption of this Plan.

  

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