Document:

EX-10.4

 Exhibit 10.4 

FORM OF PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT, dated as of
[                    ], 2020 (as amended, supplemented or otherwise modified from time to time, and including all exhibits referenced herein, this
“Agreement”), is entered into by and among Zanite Acquisition Corp., a Delaware corporation (the “Company”), and Zanite Sponsor LLC, a Delaware limited liability company (the “Purchaser”). 

WHEREAS, the Company intends to consummate an initial public offering of the Company’s units (the “Public Offering”),
each unit consisting of one share of the Company’s Class A common stock, par value $0.0001 per share (each, a “Share”), and one-half of one redeemable warrant. Each whole warrant
entitles the holder to purchase one Share at an exercise price of $11.50 per Share. The Purchaser has agreed to purchase an aggregate of 8,750,000 warrants (or 9,650,000 warrants in the aggregate to the extent the over-allotment option in connection
with the Public Offering is exercised) (the “Private Placement Warrants”), each Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share. 

WHEREAS, the Sponsor also has an option to purchase up to 4,000,000 Private Placement Warrants (or 4,600,000 Private Placement Warrants if the
over-allotment option in connection with the Public Offering is exercised in full) (the “Option Warrants”) as described in Section 1.B.(ii) hereof. 

NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows: 

AGREEMENT 

Section 1 Authorization, Purchase and Sale; Terms of the Private Placement Warrants. 

A. Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement
Warrants to the Purchaser. 
 B. Purchase and Sale of the Private Placement Warrants. 

(i) On the date of the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the
Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, an aggregate of 8,750,000 Private Placement Warrants at a price of $1.00 per warrant for an
aggregate purchase price of $8,750,000 (the “Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company in accordance with the Company’s wiring instructions at least one business day
prior to the date of effectiveness of the registration statement on Form S-1 (File No. 333-[        ]) filed in connection
with the Public Offering. On the Initial Closing Date, the Company, shall either, at its option, deliver certificates evidencing the Private Placement Warrants purchased by the Purchaser on such date duly registered in the Purchaser’s name to
the Purchaser or effect such delivery in book-entry form. On the date of the consummation of the closing of the over-allotment option in connection with the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser
and the Company (each such date, an “Over-Allotment Closing Date,” and each Over-Allotment Closing Date (if any) and the Initial Closing Date being referred to herein as a “Closing Date”), the Company shall issue
and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to an aggregate of 900,000 Private Placement Warrants, in the same proportion as the amount of the over-allotment option that is exercised, at a price of $1.00 per
warrant for an aggregate purchase price of up to $900,000 (if the over-allotment option in connection with the Public Offering is exercised in full) (the “Over-Allotment Purchase Price”), which shall be paid by wire transfer of
immediately available funds to the Company in accordance with the Company’s wiring instructions. On the Over-Allotment Closing Date, upon the payment by the Purchaser of the Over-Allotment Purchase Price payable by them by wire transfer of
immediately available funds to the Company, the Company shall either, at its option, deliver certificates evidencing the Private Placement Warrants purchased by the Purchaser on such date duly registered in the Purchaser’s name to the
Purchaser, or effect such delivery in book-entry form. 
 (ii) Upon not less than five days’ notice to the Company, at the option of
the Purchaser, on the dates that are six and 12 months, respectively, from the Initial Closing Date (each such date, an “Option Closing Date” and each Over-allotment Closing Date and Option Closing Date, together with the Initial
Closing Date, a “Closing Date”) the Company shall issue and sell to the Purchaser, its affiliates or designees (the “Option Purchaser”), and the Option Purchaser shall purchase from the Company, an additional 

2,000,000, or up to 2,300,000 if the over-allotment option in connection with the Public Offering is exercised in full (such number of warrants, pro rata to
the extent to which the over-allotment option in connection with the Public Offering is exercised), Option Warrants at a price of $1.00 per Option Warrant for an aggregate purchase price of $2,000,000, or up to $2,300,000 if the over-allotment
option in connection with the Public Offering is exercised in full (such purchase price, pro rata to the extent to which the over-allotment option in connection with the Public Offering is exercised, and in any event $0.10 per Share sold in the
Public Offering) (the “Option Purchase Price”). The Option Purchaser shall pay the Option Purchase Price in accordance with the Company’s wire instruction by wire transfer of immediately available funds to the Trust Account at
least one (1) business day prior to such Option Closing Date. On the Option Closing Date, following the payment by the Option Purchaser of the Option Purchase Price by wire transfer of immediately available funds to the Trust Account, at JP Morgan
Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more), maintained by Continental Stock Transfer & Trust Company, acting as trustee, in accordance with the Company’s wiring
instructions to be provided separately in advance of the Option Closing Date, the Company at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased by the Option Purchaser on such date duly registered in the
Option Purchaser’s name or names to the Option Purchaser, or effect such delivery in book-entry form. 
 (iii) Notwithstanding
Section 1.B.(ii) hereof, the Option Purchaser shall have the option to purchase, and the Company shall issue and sell to the Purchaser, one or both halves of the up to 4,000,000 (or up to 4,600,000 pro rata to the extent to which the
over-allotment option in connection with the Public Offering is exercised) Option Warrants described in Section 1.B.(ii) at the Option Purchase Price at any time following the Initial Closing Date and prior to the Company’s consummation
of its initial business combination. 

 C. Terms of the Private Placement Warrants. 

(i) The Private Placement Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company
and a warrant agent in connection with the Public Offering (a “Warrant Agreement”). 
 (ii) At or prior to
the time of the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights Agreement”) pursuant to which the Company shall grant certain registration rights to the
Purchaser relating to the Private Placement Warrants and the Shares underlying the Private Placement Warrants. 

Section 2 Representations and Warranties of the Company. As a material inducement to the Purchaser to
enter into this Agreement and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that: 

A. Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company.
The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement. 

B. Authorization; No Breach. 

(i) The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized and approved by the
Company as of each Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms. Upon each issuance of Private Placement Warrants in accordance with, and payment pursuant to, the
terms of the Warrant Agreement and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms. 

(ii) The execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private
Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company do not and will not as of each Closing Date
(a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock
or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption, action, notice, declaration or filing, in each case, by or to any court or administrative or governmental body or agency
pursuant to the certificate of incorporation or the bylaws of the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or regulation to which the
Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws. 

C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the
Placement Warrants will be duly and validly issued and the Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued, fully paid and nonassessable. On the date of issuance of the Placement Warrants, the Shares
issuable upon exercise of the 

  
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Placement Warrants shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, each Purchaser will have good
title to the Private Placement Warrants and the Shares issuable upon exercise of such Private Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the
other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of either Purchaser. 

D. Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby. 

Section 3 Representations and Warranties of the Purchaser. As a material inducement to the Company to
enter into this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby, severally and not jointly, represents and warrants to the Company (which representations and warranties shall survive each Closing
Date) that: 
 A. Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry
out the transactions contemplated by this Agreement. 
 B. Authorization; No Breach. 

(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or
law). 
 (ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by
the Purchaser does not and shall not as of each Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject that
would materially impact its ability to perform its obligations hereunder. 
 C. Investment Representations. 

For the purposes of this Section 3.C. the term “Purchaser” includes an Option Purchaser, to the extent applicable on any
Option Closing Date. 
 (i) The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants,
the Shares issuable upon such exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or
distribution thereof. 
 (ii) The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D
of the Securities Act of 1933, as amended (the “Securities Act”), and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act. 

(iii) The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities. 
 (iv)
The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act. 

  
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 (v) The Purchaser has been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the
Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to
the acquisition of the Securities. 
 (vi) The Purchaser understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the
offering of the Securities. 
 (vii) The Purchaser understands that: (a) the Securities have not been and are not being registered
under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as
specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions
of any exemption thereunder. While the Purchaser understands that Rule 144 under the Securities Act is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or
issuers that have been at any time previously a shell company, the Purchaser understands that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the securities that was formerly a shell
company has ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); (iii) the
issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and (iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information with the U.S. Securities and Exchange Commission reflecting its status as an entity that
is not a shell company. 
 (viii) The Purchaser has knowledge and experience in financial and business matters, understands the high degree
of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment
in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for
liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investment in the Securities. 

Section 4 Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase
and pay for the Private Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 

A. Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and
correct at and as of such Closing Date as though then made. 
 B. Performance. The Company shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date. 

  
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 C. No Injunction. No litigation, statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which
prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement. 
 D. Warrant Agreement
and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration Rights Agreement, each on terms satisfactory to the Purchaser. 

E. Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and
performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder. 

Section 5 Conditions of the Company’s Obligations. The obligations of the Company to the
Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 
 A.
Representations and Warranties. The representations and warranties of the Purchaser, or the Option Purchaser, as the case may be, contained in Section 3 shall be true and correct at and as of such Closing Date as though then made. 

B. Performance. The Purchaser, or the Option Purchaser, as the case may be, shall have performed and complied with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser, or the Option Purchaser, as the case may be, on or before such Closing Date. 

C. Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and
performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder. 
 D. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any
self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement. 

E. Warrant Agreement. The Company shall have entered into the Warrant Agreement on terms satisfactory to the Company. 

Section 6 Termination. This Agreement may be terminated at any time after
[                    ], 20[    ] upon the election by either the Company or the Purchaser upon written notice to the other party
if the closing of the Public Offering does not occur prior to such date. 
 Section 7 Survival of
Representations and Warranties. All of the representations and warranties contained herein shall survive each Closing Date. 

Section 8 Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning
assigned to such terms in the registration statement on Form S-1 the Company plans to file with the U.S. Securities and Exchange Commission under the Securities Act. 

Section 9 Miscellaneous. 

A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by
or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding 

  
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the foregoing or anything to the contrary herein, the parties may not assign this Agreement without the prior written consent of the other party hereto, other than assignments by the Purchaser to
its affiliates (including, without limitation, one or more of its members) or such other designee to act as the Option Purchaser as may be agreed by the Purchaser and the Company. 

B. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. 
 C. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. In the event that any signature is delivered by facsimile transmission or by
e-mail delivery of a “pdf’ format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile or “.pdf’ signature page were an original thereof. 
 D. Descriptive Headings; Interpretation.
The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including’ in this Agreement shall be by way of example rather than by
limitation. 
 E. Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for
all purposes shall be construed in accordance with the internal laws of the State of New York. 
 F. Amendments. This Agreement may
not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective
as of the date first set forth above. 
  

					
	COMPANY:
	
	 ZANITE ACQUISITION CORP.,
 a
Delaware corporation

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	PURCHASER:
	
	 ZANITE SPONSOR LLC,
 a
Delaware limited liability company

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 [Signature Page to
Private Placement Warrants Purchase Agreement]Exhibit 4.1

 

RIVULET
MEDIA, INC.

STOCK
OPTION AGREEMENT

 

Rivulet
Media, Inc. has granted to the individual (the “Participant”) named in the Notice of Grant
of Stock Option (the “Notice”) to which this Stock Option Agreement (the “Option
Agreement”) is attached an option (the “Option”) to purchase certain shares
of Common Stock upon the terms and conditions set forth in the Notice and this Option Agreement. The Option has been granted pursuant
to and shall in all respects be subject to the terms and conditions of the Rivulet Media, Inc. 2020 Equity Incentive Plan (the
“Plan”), as amended to the Date of Option Grant, the provisions of which are incorporated herein
by reference. By signing the Notice, the Participant: (a) represents that the Participant has received copies of, and has read
and is familiar with the terms and conditions of, the Notice, the Plan, and this Option Agreement, (b) accepts the Option subject
to all of the terms and conditions of the Notice, the Plan, and this Option Agreement, and (c) agrees to accept as binding, conclusive,
and final all decisions or interpretations of the Board (or the Committee, if a Committee has been appointed) upon any questions
arising under the Notice, the Plan, or this Option Agreement.

 

1.           Definitions
and Construction.

 

1.1       Definitions.
Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Notice or the
Plan.

 

1.2       Construction.
Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any
provision of this Option Agreement. Except when otherwise indicated by the context, the singular shall include the plural and
the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly
requires otherwise.

 

2.           Tax
Consequences.

 

2.1       Tax
Status of Option. This Option is intended to have the tax status designated in the Notice.

 

(a)       Incentive
Stock Option. If the Notice so designates, this Option is intended to be an Incentive Stock Option within the meaning
of Section 422(b) of the Code, but the Company does not represent or warrant that this Option qualifies as such. The Participant
should consult with the Participant’s own tax advisor regarding the tax effects of this Option and the requirements necessary
to obtain favorable income tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements.
(NOTE TO PARTICIPANT: If the Option is exercised more than three (3) months after the date on which you cease to be an Employee
(other than by reason of your death or permanent and total disability as defined in Section 22(e)(3) of the Code), the Option
will be treated as a Nonstatutory Stock Option and not as an Incentive Stock Option to the extent required by Section 422 of the
Code.)

 

(b)       Nonstatutory
Stock Option. If the Notice so designates, this Option is intended to be a Nonstatutory Stock Option and shall not be
treated as an Incentive Stock Option within the meaning of Section 422(b) of the Code.

    1

     

    

2.2       ISO
Fair Market Value Limitation. If the Notice designates this Option as an Incentive Stock Option, then to the extent
that the Option (together with all Incentive Stock Options granted to the Participant under all stock option plans of the Company
or any parent corporation (as defined in Section 424(e) of the Code) or subsidiary corporation (as defined in Section 424(e) of
the Code) (each a “Participating Company” and together the “Participating Company Group”),
including the Plan) becomes exercisable for the first time during any calendar year for shares having a Fair Market Value (as
defined in the Plan) greater than One Hundred Thousand Dollars ($100,000), the portion of such options which exceeds such amount
will be treated as Nonstatutory Stock Options. For purposes of this Section 2.2, options designated as Incentive Stock Options
are taken into account in the order in which they were granted, and the Fair Market Value of stock is determined as of the time
the option with respect to such stock is granted. If the Code is amended to provide for a different limitation from that set forth
in this Section 2.2, such different limitation shall be deemed incorporated herein effective as of the date required or permitted
by such amendment to the Code. If the Option is treated as an Incentive Stock Option in part and as a Nonstatutory Stock Option
in part by reason of the limitation set forth in this Section 2.2, the Participant may designate which portion of such Option
the Participant is exercising. In the absence of such designation, the Participant shall be deemed to have exercised the Incentive
Stock Option portion of the Option first. Separate certificates representing each such portion shall be issued upon the exercise
of the Option. (NOTE TO PARTICIPANT: If the aggregate Exercise Price (as defined in the Notice) of the Option (that is, the Exercise
Price multiplied by the Number of Option Shares) plus the aggregate exercise price of any other Incentive Stock Options you hold
(whether granted pursuant to the Plan or any other stock option plan of the Participating Company Group) is greater than $100,000,
you should contact the Chief Financial Officer of the Company to ascertain whether the entire Option qualifies as an Incentive
Stock Option.)

 

3.           Administration
of Agreement.

 

All
questions of interpretation concerning this Option Agreement shall be determined by the Board. All determinations by the Board
shall be final and binding upon all persons having an interest in the Option. Any Officer shall the authority to act on behalf
of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated
to the Company herein, provided the Officer has apparent authority with respect to such matter, right, obligation, or election.

 

4.           Exercise
of the Option.

 

4.1       Right
to Exercise.

 

(a)       In
General. Except as otherwise provided herein, the Option shall be exercisable on and after the Initial Exercise Date set
forth and prior to the termination of the Option (as provided in Section 6) in an amount not to exceed the Number of Option Shares
less the number of shares previously acquired upon exercise of the Option. In no event shall the Option be exercisable for more
shares than the Number of Option Shares, as adjusted pursuant to Section 9.

 

(b)       ISO
Exercise Limitation. If this Option is designated as an Incentive Stock Option in the Notice, then notwithstanding
the provisions of Section 4.1(a) and except as provided in Section 4.1(c), the aggregate Fair Market Value of the shares
of Stock with respect to which the Participant may exercise the Option for the first time during any calendar year, when added
to the aggregate Fair Market Value of shares subject to other options designated as Incentive Stock Options and granted to the
Participant under other stock option plans of the Participating Company Group prior to the Date of Option Grant which options
are exercisable for the first time during the same calendar year, shall not exceed One Hundred Thousand Dollars ($100,000), pursuant
to the Code. For purposes of the preceding sentence, options designated as Incentive Stock Options shall be taken into account
in the order in which they were granted, and the Fair Market Value of shares of stock shall be determined as of the time the option
with respect to such shares is granted. Such limitation on exercise shall be referred to in this Option Agreement as the “ISO
Exercise Limitation.” If Section 422 of the Code is amended to provide for a different limitation from that
set forth in this Section 4.1(b), the ISO Exercise Limitation shall be deemed amended effective as of the date required or
permitted by such amendment to the Code. The ISO Exercise Limitation shall terminate upon the earlier of (i) the Participant’s
termination of Service, (ii) the day immediately prior to the effective date of a Corporate Transaction in which the Option
is not Assumed or Replaced as provided in Section 8, or (iii) the day ten (10) days prior to the Option Expiration Date.
Upon such termination of the ISO Exercise Limitation, the Option shall be deemed a Nonstatutory Stock Option to the extent of
the number of shares subject to the Option that would otherwise exceed the ISO Exercise Limitation.

    2

     

    

(c)       Exception
to ISO Exercise Limitation. Notwithstanding any other provision of this Option Agreement, if compliance with the ISO Exercise
Limitation as set forth in Section 4.1(b) will result in the exercisability of any Vested Shares being delayed more than thirty
(30) days beyond the date such shares become Vested Shares (the “Vesting Date”), the Option shall
be deemed to be two (2) options. The first option shall be for the maximum portion of the Number of Option Shares that can comply
with the ISO Exercise Limitation without causing the Option to be unexercisable in the aggregate as to Vested Shares on the Vesting
Date for such shares. The second option, which shall not be treated as an Incentive Stock Option as described in section 422(b)
of the Code, shall be for the balance of the Number of Option Shares; that is, those such shares which, on the respective Vesting
Date for such shares, would be unexercisable if included in the first option and thereby made subject to the ISO Exercise Limitation.
Shares treated as subject to the second option shall be exercisable on the same terms and at the same time as set forth in this
Option Agreement; provided, however, that (i) Section 4.1(b) shall not apply to the second option and (ii) each such
share shall become a Vested Share on the Vesting Date such share must first be allocated to the second option pursuant to the
preceding sentence. Unless the Participant specifically elects to the contrary in the Participant’s written notice of exercise,
the first option shall be deemed to be exercised first to the maximum possible extent and then the second option shall be deemed
to be exercised.

 

4.2       Method
of Exercise. Exercise of the Option shall be by written notice to the Company, which must state the election to exercise
the Option, the number of whole shares of Stock for which the Option is being exercised and such other representations and agreements
as to the Participant’s investment intent with respect to such shares as may be required pursuant to the provisions of this
Option Agreement. The written notice must be signed by the Participant and must be delivered in person, by certified or registered
mail, return receipt requested, by confirmed facsimile transmission, or by such other means as the Board may permit, to the Chief
Financial Officer of the Company, or other authorized representative of the Participating Company Group, prior to the termination
of the Option as set forth in Section 6, accompanied by full payment of the aggregate Exercise Price for the number of shares
of Stock being purchased. The Option shall be deemed to be exercised upon receipt by the Company of such written notice, the aggregate
Exercise Price, and, if required by the Company, such executed agreement.

 

4.3       Payment
of Exercise Price.

 

(a)       Forms
of Consideration Authorized. Except as otherwise provided below, payment of the aggregate Exercise Price for the number
of shares of Stock for which the Option is being exercised shall be made (i) in cash, by check, or cash equivalent, (ii) by
tender to the Company, or attestation to the ownership, of whole shares of Stock owned by the Participant having a Fair Market
Value not less than the aggregate Exercise Price (as defined in the Notice), (iii) by means of a Cashless Exercise, as defined
in Section 4.3(b), or (iv) by any combination of the foregoing.

    3

     

    

(b)       Limitations
on Forms of Consideration.

 

(i)       Tender
of Stock. Notwithstanding the foregoing, the Option may not be exercised by tender to the Company, or attestation to the ownership,
of shares of Stock to the extent such tender or attestation would constitute a violation of the provisions of any law, regulation
or agreement restricting the redemption of the Company’s stock. The Option may not be exercised by tender to the Company,
or attestation to the ownership, of shares of Stock unless such shares either have been owned by the Participant for more than
six (6) months (and not used for another option exercise by attestation during such period) or were not acquired, directly or
indirectly, from the Company.

 

(ii)       Cashless
Exercise. A “Cashless Exercise” means the delivery of a properly executed notice together
with irrevocable instructions to a broker in a form acceptable to the Company providing for the assignment to the Company of the
proceeds of a sale or loan with respect to some or all of the shares of Stock acquired upon the exercise of the Option pursuant
to a program or procedure approved by the Company (including, without limitation, through an exercise complying with the provisions
of Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System). The Company reserves,
at any and all times, the right, in the Company’s sole and absolute discretion, to decline to approve or terminate any such
program or procedure.

 

4.4       Tax
Withholding. At the time the Option is exercised, in whole or in part, or at any time thereafter as requested by the
Company, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise
agrees to make adequate provision for (including by means of a Cashless Exercise to the extent permitted by the Company), any
sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Participating Company Group,
if any, which arise in connection with the Option, including, without limitation, obligations arising upon (i) the exercise,
in whole or in part, of the Option, (ii) the transfer, in whole or in part, of any shares acquired upon exercise of the Option,
(iii) the operation of any law or regulation providing for the imputation of interest, or (iv) the lapsing of any restriction
with respect to any shares acquired upon exercise of the Option. The Option is not exercisable unless the tax withholding obligations
of the Participating Company Group are satisfied. Accordingly, the Company shall have no obligation to deliver shares of Stock
until the tax withholding obligations of the Participating Company Group have been satisfied by the Participant.

 

4.5       Certificate
Registration. Except in the event the Exercise Price is paid by means of a Cashless Exercise, the certificate for the
shares as to which the Option is exercised shall be registered in the name of the Participant, or, if applicable, in the names
of the heirs of the Participant.

 

4.6       Restrictions
on Grant of the Option and Issuance of Shares. The grant of the Option and the issuance of shares of Stock upon exercise
of the Option shall be subject to compliance with all applicable requirements of federal, state or foreign securities laws. The
Option may not be exercised if the issuance of shares of Stock upon exercise would constitute a violation of any applicable federal,
state, or foreign securities laws, or any other laws or regulations, or the requirements of any stock exchange or market system
upon which the Stock may then be listed. In addition, the Option may not be exercised unless (i) a registration statement
under the Securities Act shall at the time of exercise be in effect with respect to the shares issuable upon exercise or (ii) in
the opinion of legal counsel to the Company, the shares issuable upon exercise may be issued in accordance with the terms of an
applicable exemption from the registration requirements of the Securities Act. THE PARTICIPANT IS CAUTIONED THAT THE OPTION MAY
NOT BE EXERCISED UNLESS THE FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE PARTICIPANT MAY NOT BE ABLE TO EXERCISE THE OPTION
WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED. The inability of the Company to obtain from any regulatory body having jurisdiction
the authority, if any, deemed by the Company’s legal counsel to be necessary to lawfully issue and sell any shares subject
to the Option shall relieve the Company of any liability in respect of the failure to issue or sell such shares. As a condition
to the exercise of the Option, the Company may require the Participant to satisfy any qualifications that may be necessary or
appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect
thereto as may be requested by the Company.

    4

     

    

4.7       No
Fractional Shares. The Participant acknowledges and agrees that the Company will not issue fractional shares upon the
exercise of the Option, and the number of Shares in the event of such an exercise shall be rounded down to the nearest whole number.

 

5.          Nontransferability
of the Option.

 

The
Option may be exercised during the lifetime of the Participant only by the Participant or the Participant’s guardian or
legal representative and may not be assigned or transferred in any manner except by will or by the laws of descent and distribution.
Following the death of the Participant, the Option, to the extent provided in Section 7, may be exercised by the Participant’s
legal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable
laws of descent and distribution.

 

6.          Termination
of the Option.

 

The
Option shall terminate and may no longer be exercised after the first to occur of (a) the Option Expiration Date, (b) the
last date for exercising the Option following termination of the Participant’s Service as described in Section 7, or (c) a
Corporate Transaction to the extent provided in Section 8.

 

7.          Effect
of Termination of Service.

 

If
the Participant’s Service terminates for any reason, including but not limited to Disability, death or Cause, the Option,
to the extent unexercised and exercisable by the Participant on the date on which the Participant’s Service terminated,
may be exercised by the Participant (or the Participant’s guardian, legal representative or other person who acquired the
right to exercise the Option by reason of the Participant’s death) at any time prior to ninety (90) days after Participant’s
Service Terminated. Unless otherwise defined in a contract of employment or service between the Participant and a Participating
Company, for purposes of this Option Agreement, “Cause” shall have the meaning given such term
in the Plan.

 

8.          Corporate
transaction.

 

8.1       Termination
of Option to Extent Not Assumed in Corporate Transaction. Effective upon the consummation of a Corporate Transaction, the
Option shall terminate. However, the Option shall not terminate to the extent it is Assumed in connection with the Corporate Transaction.

 

8.2       Acceleration
of Award Upon Corporate Transaction. In the event of a Corporate Transaction and:

 

(a)       for
the portion of the Option that is Assumed or Replaced, then the Option (if Assumed), the replacement Option (if Replaced), or
the cash incentive program (if Replaced) automatically shall become fully vested, exercisable and payable and be released from
any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market Value) for all of the shares of Stock
at the time represented by such Assumed or Replaced portion of the Option immediately upon termination of the Participant’s
Service, if such Service is terminated by the successor company or the Company without Cause or voluntarily by the Participant
with Good Reason within twelve (12) months after the Corporate Transaction; and

    5

     

    

(b)       for
the portion of the Option that is neither Assumed nor Replaced, such portion of the Option shall automatically become fully vested
and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market
Value) for all of the shares of Stock at the time represented by such portion of the Option, immediately prior to the specified
effective date of such Corporate Transaction, provided however that such accelerated portion of the Option shall terminate
under Section 8.1 to the extent not exercised prior to the consummation of such Corporate Transaction.

 

8.3       Definition
of Corporate Transaction.

 

(a)       A
“Corporate Transaction” means the first of the following events to occur:

 

(i)       a
Person or one or more Persons acting as a group acquires ownership of stock of the Company that, together with the Company stock
held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of
the stock of the Company;

 

(ii)       the
following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who,
on the Date of Option Grant, 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 majority of the directors then still in office who either were directors on the
Date of Option Grant or whose appointment, election or nomination for election was previously so approved or recommended; and

 

(iii)       a
Person or one or more Persons acting as a group acquires (or has acquired during the twelve (12) month period ending on the date
of the most recent acquisition by such person or persons) assets from the Company equal to or more than forty percent (40%) of
the total gross fair market value of all of the assets of the Company determined immediately prior to such acquisition.

 

(b)       For
purposes of this Section 8,

 

(i)       “Person”
shall mean a “person” as defined in Section 7701(a)(1) of the Code, except that such term shall not include (A) the
Company (or any subsidiary thereof), (B) a trustee or other fiduciary holding securities under an employee benefit plan of the
Company, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of
the Company.

 

(ii)       Stock
ownership shall be determined in accordance with the attribution rules of Section 318(a) of the Code.

 

(iii)       The
gross fair market value of an asset shall be determined without regard to any liabilities associated with that asset.

 

(iv)       A
“Change of Control” shall not be occur (A) by virtue of the consummation of any transaction or series of integrated
transactions immediately following which the holders of the common stock of the Company 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, and (B) as a result of any
primary or secondary offering of Company common stock to the general public through a registration statement filed with the Securities
and Exchange Commission.

    6

     

    

9.          Adjustments
for Changes in Capital Structure.

 

Subject
to any required action by the stockholders of the Company, in the event of any change in the Stock effected without receipt of
consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification,
stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or
similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders
of the Company in a form other than Stock (excepting normal cash dividends) that has a material effect on the Fair Market Value
of shares of Stock, appropriate and proportionate adjustments shall be made in the number, Exercise Price and class of shares
subject to the Option, in order to prevent dilution or enlargement of the Participant’s rights under the Option. For purposes
of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt
of consideration by the Company.” Any fractional share resulting from an adjustment pursuant to this Section 9 shall
be rounded down to the nearest whole number, and in no event may the Exercise Price of the Option be decreased to an amount less
than the par value, if any, of the stock subject to the Option. Such adjustments shall be determined by the Board, and its determination
shall be final, binding and conclusive.

 

10.         Rights
as a Stockholder, Employee, or Consultant.

 

The
Participant shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the issuance
of a certificate for the shares for which the Option has been exercised (as evidenced by the appropriate entry on the books of
the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions,
or other rights for which the record date is prior to the date such certificate is issued, except as provided in Section 9. If
the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate,
written employment agreement between a Participating Company and the Participant, the Participant’s employment is “at
will” and is for no specified term. Nothing in this Option Agreement shall confer upon the Participant any right to continue
in the Service of a Participating Company or interfere in any way with any right of the Participating Company Group to terminate
the Participant’s Service as an Employee or Consultant, as the case may be, at any time. Nothing in this Option shall confer
on any person any legal or equitable right against the Company, directly or indirectly, or give rise to any cause of action at
law or in equity against any Participating Company. The Option granted hereunder shall not form any part of the wages or salary
of Participant for purposes of severance pay or termination indemnities, irrespective of the reason for termination of employment.
Under no circumstances shall any person ceasing to be an employee of any Participating Company be entitled to any compensation
for any loss of any right or benefit under this Option or the Plan which such employee might otherwise have enjoyed but for termination
of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or
otherwise.

    7

     

    

11.         Notice
of Sales Upon Disqualifying Disposition.

 

The
Participant shall dispose of the shares acquired pursuant to the Option only in accordance with the provisions of this Option
Agreement. In addition, if the Notice designates this Option as an Incentive Stock Option, the Participant shall (a) promptly
notify the Chief Financial Officer of the Company if the Participant disposes of any of the shares acquired pursuant to the Option
within one (1) year after the date the Participant exercises all or part of the Option or within two (2) years after the Date
of Option Grant and (b) provide the Company with a description of the circumstances of such disposition. Until such time as the
Participant disposes of such shares in a manner consistent with the provisions of this Option Agreement, unless otherwise expressly
authorized by the Company pursuant to the terms and condition of the Employment Agreement (defined below), the Participant shall
hold all shares acquired pursuant to the Option in the Participant’s name (and not in the name of any nominee) for the one-year
period immediately after the exercise of the Option and the two-year period immediately after Date of Option Grant. At any time
during the one-year or two-year periods set forth above, the Company may place a legend on any certificate representing shares
acquired pursuant to the Option requesting the transfer agent for the Company’s stock to notify the Company of any such
transfers. The obligation of the Participant to notify the Company of any such transfer shall continue notwithstanding that a
legend has been placed on the certificate pursuant to the preceding sentence.

 

12.        Legends.

 

The
Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all
certificates representing shares of Stock subject to the provisions of this Option Agreement. The Participant shall, at the request
of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to the Option in
the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company,
legends placed on such certificates shall include, but shall not be limited to, the following:

 

12.1       “THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES,
THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.”

 

12.2       “THE
SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE CORPORATION TO THE REGISTERED HOLDER UPON EXERCISE OF AN INCENTIVE STOCK
OPTION AS DEFINED IN SECTION 422 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“ISO”). IN ORDER TO
OBTAIN THE PREFERENTIAL TAX TREATMENT AFFORDED TO ISOs, THE SHARES SHOULD NOT BE TRANSFERRED PRIOR TO [INSERT DISQUALIFYING
DISPOSITION DATE HERE]. SHOULD THE REGISTERED HOLDER ELECT TO TRANSFER ANY OF THE SHARES PRIOR TO THIS DATE AND FOREGO ISO
TAX TREATMENT, THE TRANSFER AGENT FOR THE SHARES SHALL NOTIFY THE CORPORATION IMMEDIATELY. THE REGISTERED HOLDER SHALL HOLD ALL
SHARES PURCHASED UNDER THE INCENTIVE STOCK OPTION IN THE REGISTERED HOLDER’S NAME (AND NOT IN THE NAME OF ANY NOMINEE) PRIOR
TO THIS DATE OR UNTIL TRANSFERRED AS DESCRIBED ABOVE.”

    8

     

    

13.        Restrictions
on Transfer of Shares.

 

No
shares of Stock acquired upon exercise of the Option may be sold, exchanged, transferred (including, without limitation, any transfer
to a nominee or agent of the Participant), assigned, pledged, hypothecated or otherwise disposed of, including by operation of
law, in any manner which violates any of the provisions of this Option Agreement and any such attempted disposition shall be void.
The Company shall not be required (a) to transfer on its books any shares that have been transferred in violation of any
of the provisions set forth in this Option Agreement or (b) to treat as owner of such shares, accord the right to vote as such
owner or pay dividends to any transferee to whom such shares have been so transferred.

 

14.         Miscellaneous
Provisions.

 

14.1       Binding
Effect. Subject to the restrictions on transfer set forth herein, this Option Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns.

 

14.2       Termination
or Amendment. The Board may terminate or amend the Plan or the Option at any time; provided, however, that except as provided
in Section 8.1 in connection with a Corporate Transaction, no such termination or amendment may adversely affect the Option or
any unexercised portion hereof without the consent of the Participant, unless such termination or amendment is necessary to comply
with any applicable law or government regulation or is required to enable the Option, if designated an Incentive Stock Option
in the Notice, to qualify as an Incentive Stock Option. No amendment or addition to this Option Agreement shall be effective unless
in writing.

 

14.3       Notices.
Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the
extent that this Option Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery or
upon deposit in the United States Post Office, by registered or certified mail, with postage and fees prepaid, addressed to the
other party at the address shown below that party’s signature or at such other address as such party may designate in writing
from time to time to the other party.

 

14.4       Employment
Agreement. The terms and provisions of the employment agreement, if any, between Participant and any Participating Company
(the “Employment Agreement”) that relate to or affect this Option are incorporated herein by
reference. Notwithstanding the provisions of this Option, in the event of any conflict or inconsistency between the terms and
conditions of this Option and the terms and conditions of the Employment Agreement, the terms and conditions of the Employment
Agreement shall be controlling.

 

14.5       Integrated
Agreement. The Notice, this Option Agreement, and the Plan, together with any employment, service, or other agreement with
the Participant and a Participating Company referring to the Option, will constitute the entire understanding and agreement of
the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersedes
any prior agreements, understandings, restrictions, representations, or warranties among the Participant and the Participating
Company Group with respect to such subject matter other than those as set forth or provided for herein or therein. To the extent
contemplated herein or therein, the provisions of the Notice and the Option Agreement shall survive any exercise of the Option
and shall remain in full force and effect.

    9

     

    

14.6       Applicable
Law. This Option Agreement shall be governed by the laws of the State of Delaware as such laws are applied to agreements between
Delaware residents entered into and to be performed entirely within the State of Delaware.

 

14.7       Counterparts.
The Notice may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

14.8       Consultation
with Professional Tax and Investment Advisors. The holder of this Option acknowledges that the grant, exercise, vesting or
any payment with respect to this Option, and the sale or other taxable disposition of the shares of Stock acquired pursuant to
the exercise thereof, may have tax consequences pursuant to the Code or under local, state or international tax laws. The holder
further acknowledges that such holder is relying solely and exclusively on the holder’s own professional tax and investment advisors
with respect to any and all such matters (and is not relying, in any manner, on any Participating Company or any of its employees
or representatives). Finally, the holder understands and agrees that any and all tax consequences resulting from the Option and
its grant, exercise, vesting or any payment with respect thereto, and the sale or other taxable disposition of the shares of Stock
acquired pursuant to the Plan, is solely and exclusively the responsibility of the holder without any expectation or understanding
that any Participating Company or any of its employees or representatives will pay or reimburse such holder for such taxes or
other items.

 

	☒  Incentive
    Stock Option	Participant:  	 

 

	☐  Nonstatutory
    Stock Option	Date:  	 

    10

     

    

STOCK
OPTION EXERCISE NOTICE

 

Rivulet
Media, Inc.

Attention:
Chief Financial Officer

1206
East Warner Road, Suite 101-I

Gilbert,
Arizona 85296

 

Ladies
and Gentlemen:

 

1.           Option.
I was granted an option (the “Option”) to purchase shares of the common stock (the “Shares”)
of Rivulet Media, Inc. (the “Company”) pursuant to the Company’s 2020 Equity Incentive
Plan (the “Plan”), my Notice of Grant of Stock Option (the “Notice”),
and my Stock Option Agreement (the “Option Agreement”) as follows:

 

	Date of Option Grant:	 	 	 	 
	 	 	 	 	 
	Number of Option Shares:	 	 	 	 
	 	 	 	 	 
	Exercise Price per Share:	 	$	 	 

 

 

2.           Exercise
of Option. I hereby elect to exercise the Option to purchase the following number of Shares, all of which are Vested Shares,
in accordance with the Notice and the Option Agreement:

 

	Shares Purchased:	 	 	 	 
	 	 	 	 	 
	Exercise Price (Shares X Price per Share)	 	$	 	 

 

 

3.           Payments.
I enclose payment in full of the total exercise price for the Shares in the following form(s), as authorized by my Option
Agreement:

 

	☐ Cash:	 	$	 	 
	 	 	 	 	 
	☐ Check:	 	$	 	 
	 	 	 	 	 
	☐ Tender of Company Stock:	 	Contact Company	 
	 	 	 	 	 
	☐ Cashless Exercise:	 	Contact Company	 

 

4.           Tax
Withholding. I authorize payroll withholding and otherwise will make adequate provision for the federal, state, local
and foreign tax withholding obligations of the Company, if any, in connection with the Option. If I am exercising a Nonstatutory
Stock Option, I enclose payment in full of my withholding taxes, if any, as follows:

(Contact
Company for amount of tax due.)

 

	☐ Cash:	 	$	 	 
	 	 	 	 	 
	☐ Check:	 	 	 	 

 

I
understand that ownership of the Shares will not be transferred to me until the total Exercise Price and all applicable withholding
taxes have been paid.

    1

     

    

5.           Participant
Information.

 

	My
    address is:  	 
	 	 
	 	 

	My
    Social Security Number is:  	 

 

6.           Notice
of Disqualifying Disposition. If the Option is an Incentive Stock Option, I agree that I will promptly notify the Chief
Financial Officer of the Company if I transfer any of the Shares within one (1) year from the date I exercise all or part of the
Option or within two (2) years of the Date of Option Grant.

 

7.           Tax
Consequences. I understand that there may be adverse federal or state tax consequences as a result of my purchase or disposition
of the Shares. I also acknowledge that I have been advised to consult with a tax advisor in connection with the purchase of disposition
of the Shares. I am not relying on the Company for tax advice.

 

8.           Binding
Effect. I agree that the Shares are being acquired in accordance with and subject to the terms, provisions and conditions
of the Option Agreement, to all of which I hereby expressly assent. This Agreement shall inure to the benefit of and be binding
upon my heirs, executors, administrators, successors and assigns.

 

I
understand that I am purchasing the Shares pursuant to the terms of the Plan, the Notice and my Option Agreement, copies of which
I have received and carefully read and understand.

 

	 	Very
    truly yours,
	 	 
	 	 
	 	(Signature)

 

	Receipt
    of the above is hereby acknowledged.
	 
	RIVULET
    MEDIA, INC.

 

	By: 	 	 

 

	Title: 	 	 

 

	Dated: 	 	 

2

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