Document:

Exhibit 10.3

 

Hillstream
BioPharma Inc.

 

2019
STOCK INCENTIVE PLAN

 

1.
Purpose

 

The
purpose of this 2019 Stock Incentive Plan (the “Plan”) of Hillstream BioPharma, a Delaware corporation (the “Company”),
is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate
persons who are expected to make important contributions to the Company and by providing such persons with equity ownership opportunities
and performance-based incentives that are intended to align their interests with those of the Company’s stockholders. Except where
the context otherwise requires, the term “Company” includes the Company’s present or future parent or subsidiary corporations
as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the
“Code”) and other business ventures (including, without limitation, any joint venture or limited liability company) in which
the Company has a controlling interest, as determined by the Board of Directors of the Company (the “Board”).

 

2.
Eligibility

 

All
of the Company’s employees, officers, directors, and individual consultants and advisors (each a “Service Provider”)
are eligible to receive options, restricted stock, restricted stock units and other stock-based awards (each, an “Award”)
under the Plan. Each person who receives an Award under the Plan is deemed a “Participant.”

 

3.
Administration and Delegation

 

(a)
Administration by Board of Directors. The Plan shall be administered by the Board. The Board shall have authority to grant Awards
and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The
Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent
it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the
Board shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest
in the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action
or determination relating to or under the Plan made in good faith.

 

(b)
Appointment of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the
Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board”
shall mean the Board or a Committee of the Board to the extent that the Board’s powers or authority under the Plan have been delegated
to such Committee.

 

    	-1-

    	 

    

 

4.
Stock Available for Awards.

 

(a)
Subject to adjustment under Section 8, Awards may be made under the Plan for up to 7,500,000 shares of the common stock of the Company,
$0.0001 par value per share (the “Common Stock”). If any Award expires or is terminated, surrendered or canceled without
having been fully exercised or is forfeited in whole or in part (including as the result of shares of Common Stock subject to such Award
being repurchased by the Company at the original issuance price pursuant to a contractual repurchase right) or results in any Common
Stock not being issued, the unused Common Stock covered by such Award shall again be available for the grant of Awards under the Plan.
Further, shares of Common Stock tendered to the Company by a Participant to exercise an Award shall be added to the number of shares
of Common Stock available for the grant of Awards under the Plan. However, in the case of Incentive Stock Options (as hereinafter defined),
the foregoing provisions shall be subject to any limitations under the Code. Shares issued under the Plan may consist in whole or in
part of authorized but unissued shares or treasury shares.

 

(b)
Substitute Awards. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company
of property or stock of an entity, the Board may grant Awards in substitution for any options or other stock or stock-based awards granted
by such entity or an affiliate thereof. Substitute Awards may be granted on such terms as the Board deems appropriate in the circumstances,
notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the overall share limit set
forth in Section 4(a), except as may be required by reason of Section 422 and related provisions of the Code.

 

5.
Stock Options

 

(a)
General. The Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares
of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the
exercise of each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary or advisable.
An Option, or portion of an Option, which is not intended to be or fails to qualify as an Incentive Stock Option (as hereinafter defined)
shall be designated a “Nonstatutory Stock Option.”

 

(b)
Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined in Section
422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of the Company and any other entities the
employees of which are eligible to receive Incentive Stock Options under the Code, and shall be subject to and shall be construed consistently
with the requirements of Section 422 of the Code. A Participant who owns more than 10% of the total combined voting power of all classes
of outstanding stock of the Company shall not be eligible for the grant of an Incentive Stock Option unless (i) the exercise price is
at least 110% of the Fair Market Value (as defined below) on the date the Option is granted and (ii) such Incentive Stock Option by its
terms is not exercisable after the expiration of five years from the date the Option is granted. The Company shall have no liability
to a Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive
Stock Option or for any action taken by the Board pursuant to Section 9(f), including without limitation the conversion of an Incentive
Stock Option to a Nonstatutory Stock Option.

 

    	-2-

    	 

    

 

(c) Exercise
Price. The Board shall establish the exercise price of each Option and specify such exercise price in the applicable option
agreement. The exercise price shall be not less than 100% of the Fair Market Value on the date the Option is granted unless the
Board specifically determines that the exercise price is intended to be less than such Fair Market Value, in which case the option
agreement shall contain provisions complying with Section 409A of the Code; provided that if the Board approves the grant of an
Option with an exercise price to be determined on a future date, the exercise price shall be not less than 100% of the Fair Market
Value on such future date.1 The term “Fair Market Value” shall mean, as of a given date: (i) if the Common
Stock is listed on a national securities exchange, the last sale price of the Common Stock in the principal trading market for the
Common Stock on such date; (ii) if the Common Stock is not listed on a national securities exchange, but is traded in the over-the
counter market, the closing bid price for the Common Stock on such date, as reported by the OTC Bulletin Board or the National
Quotation Bureau, Incorporated or similar publisher of such quotations; or (iii) if the Common Stock is not listed on a national
securities exchange or traded in the over-the-counter market, such price as shall be determined by (or in a manner approved by) the
Board in good faith and in compliance with applicable provisions of the Code and the regulations issued thereunder.

 

(d)
Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may
specify in the applicable option agreement.

 

(e)
Exercise of Option. Options may be exercised by delivery to the Company of a written notice of exercise signed by the proper person
or by any other form of notice (including electronic notice) approved by the Board together with payment in full as specified in Section
5(f) for the number of shares of Common Stock for which the Option is exercised. Shares of Common Stock subject to the Option will be
delivered by the Company following exercise either as soon as practicable or, subject to such conditions as the Board shall specify,
on a deferred basis (with the Company’s obligation to be evidenced by an instrument providing for future delivery of the deferred
shares at the time or times specified by the Board).

 

(f)
Payment Upon Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows:

 

(1)
in cash or by check, payable to the order of the Company;

 

(2)
except as may otherwise be provided in the applicable option agreement, by (i) delivery of an irrevocable and unconditional undertaking
by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding
or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to
deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding;

 

 

1
An option will be treated as nonqualified deferred compensation under Code Section 409A if its exercise price is or can be lower
than Fair Market Value on the date of grant. This provision needs to be changed if the Company wishes to be able to issue below-Fair
Market Value Nonstatutory Stock Options that are compliant with Code Section 409A under the Plan. If this provision is retained (which
we generally advise), the Company may still issue below-Fair Market Value Nonstatutory Stock Options outside of the Plan.

 

    	-3-

    	 

    

 

(3)
when the Common Stock is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and to the
extent provided for in the applicable option agreement or approved by the Board, in its sole discretion, by delivery (either by actual
delivery or attestation) of shares of Common Stock owned by the Participant valued at their Fair Market Value, provided (i) such method
of payment is then permitted under applicable law, (ii) such Common Stock, if acquired directly from the Company, was owned by the Participant
for such minimum period of time, if any, as may be established by the Board in its discretion and (iii) such Common Stock is not subject
to any repurchase, forfeiture, unfulfilled vesting or other similar requirements;

 

(4)
to the extent permitted by applicable law and provided for in the applicable option agreement or approved by the Board, in its sole discretion,
by (i) delivery of a promissory note of the Participant to the Company on terms determined by the Board, or (ii) payment of such other
lawful consideration as the Board may determine; or

 

(5)
by any combination of the above permitted forms of payment.

 

6.
Restricted Stock; Restricted Stock Units

 

(a)
General. The Board may grant Awards entitling recipients to acquire shares of Common Stock (“Restricted Stock”), subject
to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or to require
forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the Board in the applicable
Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award. Instead
of granting Awards for Restricted Stock, the Board may grant Awards entitling the recipient to receive shares of Common Stock to be delivered
at the time such shares of Common Stock vest (“Restricted Stock Units”) (Restricted Stock and Restricted Stock Units are
each referred to herein as a “Restricted Stock Award”).

 

(b)
Terms and Conditions. The Board shall determine the terms and conditions of a Restricted Stock Award, including the conditions
for repurchase (or forfeiture) and the issue price, if any.

 

(c)
Additional Provisions Relating to Restricted Stock.

 

(1)
Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to
such shares, unless otherwise provided by the Board. If any such dividends or distributions are paid in shares, or consist of a dividend
or distribution to holders of Common Stock other than an ordinary cash dividend, the shares, cash or other property will be subject to
the same restrictions on transferability and forfeitability as the shares of Restricted Stock with respect to which they were paid. Each
dividend payment will be made no later than the end of the calendar year in which the dividends are paid to stockholders of that class
of stock or, if later, the 15th day of the third month following the date the dividends are paid to stockholders of that class of stock.

 

    	-4-

    	 

    

 

(2)
Stock Certificates. The Company may require that any stock certificates issued in respect of a Restricted Stock Award shall be
registered in the name of the Participant and be deposited by the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). After the expiration of the applicable restriction periods, upon request of a Participant or as otherwise
determined by the Company, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the
Participant or if the Participant has died, to the beneficiary designated, in a manner determined by the Board, by a Participant to receive
amounts due or exercise rights of the Participant in the event of the Participant’s death (the “Designated Beneficiary”).
In the absence of an effective designation by a Participant, “Designated Beneficiary” shall mean the Participant’s
then living spouse, or, if none, the Participant’s estate.

 

7.
Other Stock-Based Awards

 

Other
Awards of shares of Common Stock, and other Awards that are valued in whole or in part by reference to, or are otherwise based on, shares
of Common Stock or other property, may be granted hereunder to Participants (“Other Stock-Based Awards”), including without
limitation stock appreciation rights and Awards entitling recipients to receive shares of Common Stock to be delivered in the future.
Such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan or
as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock-Based Awards may be paid in shares of Common
Stock or cash, as the Board shall determine. Subject to the provisions of the Plan, the Board shall determine the conditions of each
Other Stock-Based Award, including any purchase price applicable thereto.

 

8.
Adjustments for Changes in Common Stock and Certain Other Events

 

(a)
Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination
of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to
holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii)
the number and class of securities and exercise price per share of each outstanding Option, (iii) the number of shares subject to and
the repurchase price per share subject to each outstanding Restricted Stock Award, and (iv) the terms of each other outstanding Award
shall be equitably adjusted by the Company (or substituted Awards may be made, if applicable) in the manner determined by the Board.
Without limiting the generality of the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend
and the exercise price of and the number of shares subject to an outstanding Option are adjusted as of the date of the distribution of
the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date
and the distribution date for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect
to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of
the close of business on the record date for such stock dividend.

 

    	-5-

    	 

    

 

(b)
Change in Control.2

 

(1)
Definition. Unless otherwise specifically provided in an Award agreement, a “Change in Control” shall be deemed to
have occurred upon the first to occur of:

 

(i)
any “person” (as such term is used in sections 13(d) and 14(d) of the Exchange Act) becoming a “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing either (A) more
than a majority of the voting power of the then outstanding securities of the Company, or (B) more than a majority of the aggregate fair
market value of the then outstanding securities of the Company; provided, however, that a Change in Control shall not be
deemed to occur as a result of (x) a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders
of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such
stockholders to more than majority of all votes to which all stockholders of the parent corporation would be entitled in the election
of directors, or (y) a transaction in which the person acquires newly issued securities of the Company in exchange for an investment
in the Company; or

 

(ii)
the consummation of either: (A) a merger, share exchange, consolidation or reorganization of the Company where the stockholders of the
Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger, share exchange, consolidation
or reorganization, shares entitling such stockholders to either (x) more than a majority of all votes to which all stockholders of the
surviving corporation would be entitled in the election of directors, or (y) more than a majority of the aggregate fair market value
of then outstanding securities of the Company; or (B) a sale or other disposition of all or substantially all of the assets of the Company.

 

(2)
Consequences of a Change in Control on Awards Other than Restricted Stock Awards. In connection with a Change in Control, the
Board may take any one or more of the following actions as to all (or any portion of) outstanding Awards other than Restricted Stock
Awards on such terms as the Board determines: (i) provide that Awards shall be assumed, or substantially equivalent Awards shall be substituted,
by the acquiring or succeeding corporation (or an affiliate thereof) in compliance with the applicable provisions of the Code, including
Code Sections 409A, 422 and 424, (ii) upon written notice to a Participant, provide that the Participant’s unexercised Options
or other unexercised Awards will terminate immediately prior to the consummation of such Change in Control unless exercised by the Participant
within a specified period following the date of such notice, (iii) provide that outstanding Awards shall become exercisable, realizable
or deliverable, or restrictions applicable to an Award shall lapse, in whole or in part prior to or upon such Change in Control, (iv)
in the event of a Change in Control under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment
for each share surrendered in the Change in Control (the “Acquisition Price”), make or provide for a cash payment to a Participant
equal to the excess, if any, of (A) the Acquisition Price times the number of shares of Common Stock subject to the Participant’s
Options or other Awards (to the extent the exercise price does not exceed the Acquisition Price) less (B) the aggregate exercise price
of all such outstanding Options or other Awards and any applicable tax withholdings, in exchange for the termination of such Options
or other Awards, (v) provide that, in connection with a liquidation or dissolution of the Company, Awards shall convert into the right
to receive liquidation proceeds (if applicable, net of the exercise price thereof) and (vi) any combination of the foregoing. In taking
any of the actions permitted under this Section 8(b), the Board shall not be obligated by the Plan to treat all Awards, or all Awards
of the same type, identically.

  

 

2
The Change in Control provisions in this Section 8(b) are intended to apply to a transaction in which the Company’s common
stock is converted into or exchanged for other securities or property and to cover the adjustments required as a result (since the common
stock underlying Awards will no longer exist). If the Company desires to include acceleration of vesting provisions upon a Change in
Control, it should be dealt with in the forms of agreement for granting Awards under the Plan.

 

    	-6-

    	 

    

  

For
purposes of clause (i) above, an Option shall be considered assumed if, following consummation of the Change in Control, the Option confers
the right to purchase, for each share of Common Stock subject to the Option immediately prior to the consummation of the Change in Control,
the consideration (whether cash, securities or other property) received as a result of the Change in Control by holders of Common Stock
for each share of Common Stock held immediately prior to the consummation of the Change in Control (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided,
however, that if the consideration received as a result of the Change in Control is not solely common stock of the acquiring or
succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide
for the consideration to be received upon the exercise of Options to consist solely of common stock of the acquiring or succeeding corporation
(or an affiliate thereof) with equivalent in value (as determined by the Board) to the per share consideration received by holders of
outstanding shares of Common Stock as a result of the Change in Control.

 

(3)
Consequences of a Change in Control on Restricted Stock Awards. Upon the occurrence of a Change in Control other than a liquidation
or dissolution of the Company, the repurchase and other rights of the Company under each outstanding Restricted Stock Award shall inure
to the benefit of the Company’s successor and shall, unless the Board determines otherwise, apply to the cash, securities or other
property which the Common Stock was converted into or exchanged for pursuant to such Change in Control in the same manner and to the
same extent as they applied to the Common Stock subject to such Restricted Stock Award. Upon the occurrence of a Change in Control involving
the liquidation or dissolution of the Company, except to the extent specifically provided to the contrary in the instrument evidencing
any Restricted Stock Award or any other agreement between a Participant and the Company, all restrictions and conditions on all Restricted
Stock Awards then outstanding shall automatically be deemed terminated or satisfied.

 

9.
General Provisions Applicable to Awards

 

(a)
Transferability of Awards. Except as the Board may otherwise expressly determine or provide in an Award, Awards shall not be sold,
assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of
law, except by will or the laws of descent and distribution or, other than in the case of an Incentive Stock Option, pursuant to a qualified
domestic relations order, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant,
to the extent relevant in the context, shall include references to authorized transferees.

 

    	-7-

    	 

    

 

(b)
Documentation. Unless otherwise expressly determined by the Board, each Incentive Stock Option shall be evidenced by a Notice
of Incentive Stock Option and Incentive Stock Option Agreement substantially in the form attached as Exhibit A, each Nonstatutory
Stock Option shall be evidenced by a Notice of Nonstatutory Stock Option and Nonstatutory Stock Option Agreement substantially in the
form attached as Exhibit B, and each Restricted Stock Award shall be evidenced by a Summary of Restricted Stock Purchase and Restricted
Stock Purchase Agreement substantially in the form attached as Exhibit C. Each Award may contain terms and conditions in addition
to those set forth in the Plan.

 

(c)
Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any
other Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly.

 

(d)
Termination of Status. The Board shall determine the effect on an Award of the disability, death, termination of employment, authorized
leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period during which,
the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary, may exercise rights
under the Award.

 

(e)
Withholding. A Participant must satisfy all applicable federal, state, and local or other income and employment tax withholding
obligations before the Company will deliver stock certificates or otherwise recognize ownership of Common Stock under an Award. The Company
may decide to satisfy the withholding obligations through additional withholding on salary or wages. If the Company elects not to or
cannot withhold from other compensation, a Participant must pay the Company the full amount, if any, required for withholding or have
a broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company
will issue any shares on exercise or release from forfeiture of an Award or, if the Company so requires, at the same time as is payment
of the exercise price unless the Company determines otherwise. If provided for in an Award or approved by the Board in its sole discretion,
a Participant may satisfy such tax obligations in whole or in part by delivery of shares of Common Stock, including shares retained from
the Award creating the tax obligation, valued at their Fair Market Value; provided, however, except as otherwise provided
by the Board, that the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s
minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including
payroll taxes, that are applicable to such supplemental taxable income). Shares surrendered to satisfy tax withholding requirements cannot
be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.

 

(f)
Amendment of Award.

 

(1)
The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of
the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a
Nonstatutory Stock Option, provided that the Participant’s consent to such action shall be required unless the Board
determines that the action, taking into account any related action, would not materially and adversely affect the
Participant.

 

    	-8-

    	 

    

 

(2)
The Board may, without stockholder approval, amend any outstanding Award granted under the Plan to provide an exercise price per share
that is lower than the then-current exercise price per share of such outstanding Award provided that such amended exercise price is at
least equal to the then-current Fair Market Value. The Board may also, without stockholder approval, cancel any outstanding award (whether
or not granted under the Plan) and grant in substitution new Awards under the Plan covering the same or a different number of shares
of Common Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled award.

 

(g)
Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan
or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed
to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the
issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange
or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements
as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules, regulations or contracts of the Company.

 

(h)
Acceleration. The Board may at any time provide that any Award shall become immediately exercisable in full or in part, free of
some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be.

 

10.
Miscellaneous

 

(a)
No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award
shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company
expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability
or claim under the Plan, except as expressly provided in the applicable Award.

 

(b)
No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have
any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the
record holder of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the Common Stock by means of
a stock dividend or otherwise and the exercise price of and the number of shares subject to such Option are adjusted as of the effective
date of the stock dividend or split (rather than as of the record date for such stock dividend or split), then an optionee who exercises
an Option between the record date and the distribution date for such stock dividend or split shall be entitled to receive, on the distribution
date, the stock dividend or split with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the
fact that such shares were not outstanding as of the close of business on the record date for such stock dividend or split.

 

    	-9-

    	 

    

 

(c)
Effective Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall
be granted under the Plan after the expiration of 10 years from the earlier of (i) the date on which the Plan was adopted by the Board
or (ii) the date the Plan was approved by the Company’s stockholders, but Awards previously granted may extend beyond that date.

 

(d)
Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time; provided, however,
that if at any time the approval of the Company’s stockholders is required as to any modification or amendment under Section 422
of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment
without such approval. Unless otherwise specified in the amendment, any amendment to the Plan adopted in accordance with this Section
10(d) shall apply to, and be binding on the holders of, all Awards outstanding under the Plan at the time the amendment is adopted, provided
the Board determines that such amendment does not materially and adversely affect the rights of Participants under the Plan.

 

(e)
Authorization of Sub-Plans. The Board may from time to time establish one or more subplans under the Plan for purposes of satisfying
applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements
to this Plan containing (i) such limitations on the Board’s discretion under the Plan as the Board deems necessary or desirable
or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable.
All supplements adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Participants within
the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any jurisdiction
which is not the subject of such supplement.

 

(f)
Non-Plan Equity-Based Awards. Nothing in this Plan is intended to, or shall, impair or affect the Board’s ability to make
non-Plan equity-based awards.

 

(g)
Compliance with Code Section 409A. It is intended that all Awards granted hereunder be either exempt from, or issued in compliance
with, Code Section 409A. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be
exempt from, or compliant with, Code Section 409A is not so exempt or compliant, or for any action taken by the Board.

 

(h)
Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and construed in accordance with
the General Corporation Law of the State of Delaware, as to matters within the scope thereof, and the internal laws of the State of Delaware,
as to all other matters.

 

*
* * * * * * *

 

    	-10-Exhibit
10.4

 

THIS
SUBORDINATED CONVERTIBLE PROMISSORY NOTE (THIS “NOTE”) AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT, APPLICABLE STATE SECURITIES LAWS, OR APPLICABLE LAWS OF ANY FOREIGN JURISDICTION. THIS NOTE AND SUCH SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED,
RENOUNCED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE
STATE SECURITIES LAWS AND IN THE ABSENCE OF COMPLIANCE WITH APPLICABLE LAWS OF ANY FOREIGN JURISDICTION, OR THE AVAILABILITY OF AN EXEMPTION
FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

HILLSTREAM
BIOPHARMA, Inc.

SUBORDINATED CONVERTIBLE PROMISSORY NOTE

 

	$                	Date         
	 	Chester,
    New Jersey

 

Hillstream
BioPharma, Inc., a Delaware corporation (the “Company”) promises to pay to               (the “Lender”),
or its registered assigns, in lawful money of the United States of America the principal sum of $         , or such lesser amount as shall
equal the outstanding principal amount hereof, together with interest from the date of this Note on the unpaid principal balance at a
rate equal to 5% per annum, computed on the basis of the actual number of days elapsed and a year of 365 days. Unless earlier converted
into shares of Equity Securities (as defined below) pursuant to the terms of this Note, the principal and accrued interest shall be due
and payable by Borrower on demand by Lender at any time after the earlier of: (i) Two years from date above (the “Maturity Date”)
and (ii) the closing of the Next Equity Financing (as defined below).

 

This
Subordinated Convertible Promissory Note (this “Note”) is one of several related notes being issued by the Company
in a financing of the Company with anticipated aggregate proceeds of up to $1,500,000 (with this Note and the others issued collectively
referred to as the “Notes”). Each of the Notes shall be identical to the other Notes except with respect to the date
of issuance, principal amount and the name of the holder.

 

1.       Interest.
Accrued interest on this Note shall be payable at maturity.

 

2.       Prepayment.
Prepayment of principal, together with accrued interest, may not be made without the consent of the Lenders holding Notes representing
at least 50% of the aggregate outstanding principal amount outstanding under all of the Notes (the “Majority Note Holders”)
provided that prepayment of any of the Notes shall be credited to the Notes issued to a particular Lender in the order of the issuance
of such Notes starting with the earliest Notes issued. The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

 

3.       Security.
This Note is a general unsecured obligation of the Company.

 

    	 

     

    

 

4.       Priority.
This Note is subordinated in right of payment to all indebtedness of the Company to banks or similar financial institutions whether existing
on the date hereof or hereafter arising (the “Senior Debt”). The Company hereby agrees, and by accepting this Note
the Lender hereby acknowledges and agrees, that so long as any Senior Debt remains outstanding, (i) upon notice from representative of
the Senior Debt to the Company and the Lender that an Event of Default, or any event which the giving of notice or the passage of time
or both would constitute an Event of Default, has occurred under the terms of the Senior Debt (a “Default Notice”),
the Company shall not make, and the Lender shall not receive or retain, any payment made under this Note and, (ii) if any payment is
made in violation of this paragraph, the Lender shall promptly deliver the same to Senior Creditor in the form received, with any endorsement
or assignment necessary for the transfer of such payment from the Lender to Senior Creditor, to be either (in Senior Creditor’s
sole discretion) held as cash collateral securing the Senior Debt or applied in reduction of the Senior Debt and, until so delivered,
the Lender shall hold such payment in trust as the property of Senior Creditor. Nothing in this paragraph shall preclude or prohibit
the Lender from receiving and retaining any payment hereunder unless and until the Lender has received a Default Notice (which shall
be effective until waived in writing by the Senior Creditor) or from converting this Note or any amounts due hereunder into shares of
Equity Securities of the Company.

 

5.       Conversion
of the Note. The Note shall be convertible according to the following terms:

 

(a)       The
following terms shall have the meanings assigned below:

 

(i)       “Equity
Securities” shall mean the Company’s Common Stock or Preferred Stock or any securities conferring the right to purchase
the Company’s Common Stock or Preferred Stock or securities convertible into, or exchangeable for (with or without additional consideration),
the Company’s Common Stock or Preferred Stock, except any security granted, issued and/or sold by the Company to any director,
officer, employee or consultant of the Company in such capacity for the primary purpose of soliciting or retaining their services.

 

(ii)       “Next
Equity Financing” shall mean the next sale (or series of related sales) by the Company of its Equity Securities following the
date of this Note from which the Company receives gross proceeds of not less than $5,000,000 (including the aggregate amount of debt
securities converted into Equity Securities upon conversion or cancellation of promissory notes, including, without limitation, the Notes).

 

(b)       Next
Equity Financing Conversion. The principal and unpaid accrued interest of this Note will be automatically converted into the type
of Equity Securities issued in the Next Equity Financing upon the closing of the Next Equity Financing. The number of shares of such
Equity Securities to be issued upon such conversion shall be equal to the quotient obtained by dividing the outstanding principal and
unpaid accrued interest due on this Note on the date of conversion, by the lesser of (i) 80% of the price paid per share for Equity Securities
by the investors in the Next Equity Financing or (ii) an equity valuation of $25 million. At least five (5) days prior to the closing
of the Next Equity Financing, the Company shall notify the Lender in writing of the terms under which the Equity Securities of the Company
will be sold in such financing. The conversion of this Note into Equity Securities shall be on such terms and shall occur on the closing
date of such Next Equity Financing.

 

    	2

    	 

    

 

(c)       Corporate
Transaction. In the event that prior to the closing of the Next Equity Financing or the Maturity Date, (i) the Company or substantially
all of the Company’s assets or capital stock is sold; or (ii) the Company is consolidated or merged with or into any other entity(s)
in which the shareholders of the Company immediately prior to such transaction own less than fifty percent (50%) of the voting power
or capital stock of the surviving entity; or (iii) the Company liquidates, dissolves, or winds up its affairs (each a “Corporate
Transaction”), upon the closing of such Corporate Transaction, all Notes, together with accrued interest, shall be immediately
due and payable and the Holder shall be entitled to receive 150% (1.5x) the principal amount of this Note, plus any accrued interest,
provided, however, that if there are insufficient proceeds available to pay the foregoing amount with respect to each of the Notes, then
the holder of each of the Notes shall be entitled to receive a pro rata share of the proceeds available to the holders of all
of the Notes.

 

(d)       Mechanics
of Conversion. The Company shall not be required to issue or deliver the Equity Securities until the Lender has surrendered the Note
to the Company.

 

(e)       Fractional
Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the
Company issuing any fractional shares to the Lender upon the conversion of this Note, the Company shall pay to the Lender an amount equal
to the product obtained by multiplying the conversion price by the fraction of a share not issued pursuant to the previous sentence.
Upon conversion of this Note in full and the payment of any amounts specified in this Section 5(e), the Company shall be forever released
from all its obligations and liabilities under this Note.

 

6.       Representations
and Warranties of the Company. In connection with the transactions provided for herein, the Company hereby represents and warrants
to the Lender that:

 

(a)       Due
Incorporation, Good Standing, Corporate Power and Qualification. The Company is a corporation duly incorporated, validly existing,
and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business
as presently conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in
each jurisdiction in which the failure to so qualify would have a material adverse effect on the business, assets (including intangible
assets), liabilities, financial condition, property or results of operations of the Company (a “Material Adverse Effect”).

 

(b)       Authorization.
Except for the authorization and issuance of the shares issuable in connection with the Next Equity Financing, all corporate action has
been taken on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery
of this Note. Except as may be limited by applicable bankruptcy, insolvency, reorganization, or similar laws relating to or affecting
the enforcement of creditors’ rights, the Company has taken all corporate action required to make all of the obligations of the
Company reflected in the provisions of this Note, the valid and enforceable obligations they purport to be.

 

(c)       
Valid Issuance of Capital Stock. The Equity Securities to be issued, sold and delivered upon conversion of the Notes will be duly
and validly issued, fully paid and nonassessable and, based in part upon the representations and warranties of the Lenders in the Notes,
will be issued in compliance with all applicable federal and state securities laws.

 

    	3

    	 

    

 

7.       Representations
and Warranties of the Lender. In connection with the transactions provided for herein, the Lender hereby represents and warrants
to the Company that:

 

(a)       Authorization.
This Note constitutes the Lender’s valid and legally binding obligation, enforceable in accordance with its terms, except as may
be limited by (i) applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’
rights and (ii) laws relating to availability of specific performance, injunctive relief or other equitable remedies.

 

(b)       Purchase
Entirely for Own Account. The Lender acknowledges that this Note is issued to the Lender in reliance upon the Lender’s representation
to the Company that the Note will be acquired for investment for the Lender’s own account, not as a nominee or agent, and not with
a view to the resale or distribution of any part thereof, and that such Lender has no present intention of selling, granting any participation
in, or otherwise distributing the same. By executing this Note, the Lender further represents that the Lender does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person,
with respect to this Note.

 

(c)       Disclosure
of Information. The Lender acknowledges that it has received all the information it considers necessary or appropriate for deciding
whether to acquire this Note. The Lender further represents that it has had an opportunity to ask questions and receive answers from
the Company regarding the terms and conditions of the offering of this Note.

 

(d)       Investment
Experience. The Lender is an investor in securities of companies in the development stage and acknowledges that it is able to fend
for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that
it is capable of evaluating the merits and risks of the investment in this Note. If other than an individual, the Lender also represents
it has not been organized solely for the purpose of acquiring this Note.

 

(e)       Accredited
Investor. The Lender is an “accredited investor” within the meaning of Rule 501 of Regulation D, as presently in effect,
as promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act.

 

(f)       Restricted
Securities. The Lender understands that this Note is characterized as a “restricted security” under the federal securities
laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under the Act, only in certain limited circumstances. In this
connection, each Lender represents that it is familiar with Rule 144 as promulgated by the SEC under the Securities Act, as presently
in effect and understands the resale limitations imposed thereby and by the Securities Act.

 

(g)       Further
Limitations on Disposition. Without in any way limiting the representations and warranties set forth above, the Lender further acknowledges
and agrees that this Note and the Equity Securities issuable upon conversion hereof are subject to the provisions of the Company’s
Bylaws, including without limitation, all restrictions on transfer and rights of first refusal described in the Bylaws. The Lender may
inspect the Bylaws at the Company’s principal office.

 

    	4

    	 

    

 

8.       Defaults
and Remedies.

 

(a)       Events
of Default. The following events shall be considered Events of Default with respect to this Note:

 

(i)       The
Company shall default in the payment of any part of the principal or unpaid accrued interest on the Note for more than 30 days after
the same shall become due and payable, whether at maturity or at a date fixed for prepayment or by acceleration or otherwise;

 

(ii)       The
Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become
due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement,
composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer
admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce
in the appointment of any trustee, receiver or liquidator of the Company, or of all of any substantial part of the properties of the
Company, or the Company or its respective directors or majority stockholders shall take any action looking to the dissolution or liquidation
of the Company;

 

(iii)       Within
30 days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall
not have been dismissed or, within 30 days after the appointment without the consent or acquiescence of the Company of any trustee, receiver
or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been
vacated; or

 

(iv)       The
Company shall fail to observe or perform any other obligation to be observed or performed by it under this Note, within 30 days after
written notice from the Lender to perform or observe the obligation.

 

(b)       Remedies.
Upon the occurrence of an Event of Default under Section 8(a) hereof, at the option and upon the declaration of the Lender, the entire
unpaid principal and accrued and unpaid interest on this Note shall, without presentment, demand, protest or notice of any kind, all
of which are hereby expressly waived, be forthwith due and payable, and the Lender may, immediately and without expiration of any period
of grace, enforce payment of all amounts due and owing under this Note and exercise any and all other remedies granted to it at law,
in equity or otherwise.

 

    	5

    	 

    

 

9.       Miscellaneous.

 

(a)       Amendments
and Waivers. Any provision of this Note may be amended or may be waived (either generally or in a particular instance, and either
retroactively or prospectively) only by the agreement of the Company and the Majority Note Holders; and the observance of any provision
of the Notes that is for the benefit of the Lenders may be waived, and any consent, approval, or other action to be given or taken by
the Lenders pursuant to the Notes may be given or taken by the consent of the Majority Note Holders. Any waiver or amendment effected
in accordance with this Section shall be binding upon each party to any Note and each future holder of all such Notes.

 

(b)       Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Note shall inure to the benefit of and be binding
upon the respective successors and assigns of the parties. Nothing in this Note, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by
reason of this Note, except as expressly provided in this Note.

 

(c)       Entire
Agreement; Governing Law. This Note and the other documents delivered pursuant hereto constitutes the entire agreement between the
Company and the Lender with respect to the subject matter hereof and supersedes in their entirety all prior undertakings and agreements
of the Company and the Lender with respect to the subject matter hereof. This Note shall be governed by and construed in accordance with
the laws of the State of Delaware without reference to conflict of law provisions.

 

(d)       Notices.
Unless otherwise provided herein, all notices required or permitted hereunder shall be in writing and deemed effectively given upon personal
delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to
(i) in the case of the Company, at c/o                        or (ii) in the case of the Lender, at
the address set forth on the signature page hereto.

 

(e)       Stockholder
Agreements. The Lender understands and agrees that the conversion of this Note into Equity Securities may require the Lender’s
execution of certain agreements in the form agreed to by investors in the Next Equity Financing relating to the purchase and sale of
such securities as well as registration, co-sale, rights of first refusal, rights of first offer and voting rights, if any, relating
to such securities.

 

(f)       Agreement
in Connection with Public Offering. The Lender agrees, in connection with the initial underwritten public offering of the Company’s
securities pursuant to a registration statement under the Securities Act: (i) not to sell, make short sale of, loan, grant any options
for the purchase of, or otherwise dispose of any of the securities of the Company held by the Lender (other than those securities included
in the offering) without the prior written consent of the Company or the underwriters managing such initial underwritten public offering
of the Company’s securities for a period of 180 days from the effective date of such registration statement, which period may be
extended upon the request of the underwriters for an additional period of up to 15 days if the Company issues or proposes to issue an
earnings or other public release within 15 days of the expiration of the 180-day lockup period, and (ii) to execute any agreement reflecting
clause (i) above as may be requested by the Company or the managing underwriters at the time of such offering.

 

    	6

    	 

    

 

The
Lender agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters of such
offering which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested, by
the Company or the underwriters of such offering, the Lender shall provide, within 10 days of such request, such information as may be
required by the Company or such underwriters in connection with the completion of any public offering of the Company’s securities
pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 8(k) shall not apply to
a registration relating solely to employee benefits plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future,
or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future.
The Company may impose stop-transfer instructions with respect to the securities subject to the foregoing restriction until the end of
the applicable period. The Lender agrees that any transferee of the securities shall be bound by this Section 9(f).

 

(g)       No
Rights or Liabilities as a Stockholder. This Note does not by itself entitle the Lender to any voting rights or other rights as a
stockholder of the Company. In the absence of conversion of this Note, no provisions of this Note, and no enumeration herein of the rights
or privileges of the Lender, shall cause the Lender to be a stockholder of the Company for any purpose.

 

(h)       Finder’s
Fee. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this
transaction. Lender agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the
nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which Lender
or any of its officers, partners, employees or representatives is responsible. The Company agrees to indemnify and hold harmless Lender
from any liability for any commission or compensation in the nature of a finder’s fee (and the costs and expenses of defending
against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

 

(i)       Officers
and Directors not Liable. In no event shall any officer or director of the Company be liable for any amounts due and payable pursuant
to this Note.

 

(j)       Severability.
If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from this
Note and the balance of the Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with
its terms.

 

(k)       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Note.

 

(l)       Acknowledgement.
In order to avoid doubt, it is acknowledged that the Lender shall be entitled to the benefit of all adjustments in the number of shares
of Common Stock of the Company issuable upon conversion of the Preferred Stock of the Company which occur prior to the conversion of
the Note, including, without limitation, any increase in the number of shares of Common Stock issuable upon conversion as a result of
a dilutive issuance of capital stock.

 

[SIGNATURE
PAGE FOLLOWS]

[Remainder
of Page Intentionally Left Blank]

 

    	7

    	 

    

 

The
Company has caused this Subordinated Convertible Promissory Note to be issued as of the date first written above.

 

	 	HILLSTREAM
    BIOPHARMA, INC.
	 	 	 
	 	By:	 
	 	 	Randy
    Milby, CEO

 

	ACKNOWLEDGED
    AND AGREED:	 
	 	 	 
	LENDER	 
	 	 	 
	By:
    	 	 
	Name:
    		 
	Title:
    	Investor	 
	 	 	 
	Address:
    		 

 

Hillstream
BioPharma, Inc.

Subordinated
Convertible Promissory Note

-
Signature Page -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]