Form 8-K

8-K — RenovoRx, Inc.

Accession: 0001493152-26-031303

Filed: 2026-06-30

Period: 2026-06-30

CIK: 0001574094

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Submission of Matters to a Vote of Security Holders

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-10.1 (ex10-1.htm)

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8-K

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0001574094

2026-06-30

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported): June 30, 2026

RENOVORX,

INC.

(Exact

name of registrant as specified in its charter)

Delaware

001-40738

27-1448452

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

2570 W. El

Camino Real, Ste. 640

Mountain View, CA

94040

(Address of principal executive

offices)

(Zip Code)

Registrant’s

telephone number, including area code: (650) 284-4433

N/A

(Former

name or former address, if changed since last report.)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions (see General Instructions A.2. below):

☐

Written communications

pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common Stock, $0.0001 par

value per share

RNXT

Nasdaq Capital Market

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ☒

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item

5.07 Submission of Matters to a Vote of Security Holders.

June 30, 2026, RenovoRx, Inc., a Delaware corporation (the “Company”), held its 2026 annual meeting of stockholders

(the “Annual Meeting”). The number of shares of common stock, par value $0.0001 per share, of the Company entitled

to vote at the Annual Meeting (the “Voting Stock”) was 45,052,706 shares outstanding as of May 11, 2026, the record

date. No other shares of the Company’s capital stock were entitled to vote at the Annual Meeting. The number of shares of Voting

Stock present or represented by valid proxy at the Annual Meeting was approximately 22,825,465 shares of Voting Stock, constituting

a quorum. At the Annual Meeting, the Company’s stockholders voted on the following three proposals:

Proposal

1 – Director Election Proposal

the Annual Meeting, the Company’s stockholders elected each of Shaun R. Bagai, Ramtin Agah, M.D., Kirsten Angela Macfarlane, Laurence

J. Marton, M.D., Una S. Ryan, O.B.E., Ph.D., D.Sc., and Robert J. Spiegel, M.D., FACP as a director for a one-year term that expires

at the Company’s 2027 annual meeting of stockholders or until a successor is duly elected and qualified, subject to his or her

earlier death, removal or resignation. The voting results were as follows:

Nominee

Votes

For

Votes

Withheld

Broker

Non-Vote

Shaun

R. Bagai

12,954,344

307,353

9,563,768

Ramtin

Agah, M.D.

12,954,033

307,664

9,563,768

Kirsten

Angela Macfarlane

12,955,760

305,937

9,563,768

Laurence

J. Marton, M.D.

12,918,203

343,495

9,563,767

Una

S. Ryan, O.B.E., Ph.D., D.Sc.

12,887,870

373,828

9,563,767

Robert

J. Spiegel, M.D., FACP

12,963,692

298,006

9,563,767

Proposal

2 – Incentive Plan Amendment Proposal

The

Company’s stockholders voted to approve an amendment to the Company’s Amended and Restated 2021 Omnibus Equity Incentive

Plan (the “2021 Plan”) to add 2,000,000 shares of common stock of the Company, which is equal to 4.4% of total issued

and outstanding shares, to the total number of shares of common stock reserved and available for issuance under such plan. The voting

results were as follows:

Votes For

Votes Against

Abstentions

Broker Non-Votes

9,666,218

3,565,088

30,391

9,563,768

The

form of 2021 Plan as amended to reflect the amendment is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated

herein by reference.

Proposal

3 – Auditor Ratification Proposal

The

Company’s stockholders voted to ratify the appointment by the audit committee of the Board of Directors of the Company of Frank,

Rimerman + Co. LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2026. The voting

results were as follows:

Votes For

Votes Against

Abstentions

Broker Non-Votes

21,938,316

477,181

409,966

Item

9.01. Financial Statements and Exhibits.

(d)

Exhibits.

No.

Exhibit

10.1

Amended and Restated 2021 Omnibus Equity Incentive Plan

104

Cover Page Interactive Data File (formatted as Inline

XBRL)

SIGNATURE

Pursuant

to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

RENOVORX, INC.

Dated: June 30, 2026

By:

/s/ Shaun R. Bagai

Name:

Shaun R. Bagai

Title:

Chief Executive Officer

EX-10.1

Filename: ex10-1.htm · Sequence: 2

Exhibit

10.1

RENOVORX,

INC.

2021

OMNIBUS EQUITY INCENTIVE PLAN

(as

amended on April 16, 2026)

Section

1. Purpose of Plan.

The

name of the Plan is the RenovoRx, Inc. 2021 Omnibus Equity Incentive Plan (the “Plan”). The purposes of the Plan are

to (i) provide an additional incentive to selected employees, directors, and independent contractors of the Company or its Affiliates

whose contributions are essential to the growth and success of the Company, (ii) strengthen the commitment of such individuals to the

Company and its Affiliates, (iii) motivate those individuals to faithfully and diligently perform their responsibilities and (iv) attract

and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company. To

accomplish these purposes, the Plan provides that the Company may grant Options, Stock Appreciation Rights, Restricted Stock, Restricted

Stock Units, Other Stock-Based Awards or any combination of the foregoing.

Section

2. Definitions.

For

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

(a)

“Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in

accordance with Section 3 hereof.

(b)

“Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled

by, or is under common control with, the Person specified as of any date of determination.

(c)

“Applicable Laws” means the applicable requirements under U.S. federal and state corporate laws, U.S. federal and

state securities laws, including the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the

applicable laws of any other country or jurisdiction where Awards are granted under the Plan, as are in effect from time to time.

(d)

“Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award

granted under the Plan.

(e)

“Award Agreement” means any written notice, agreement, contract or other instrument or document evidencing an Award,

including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall

determine, consistent with the Plan.

(f)

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

(g)

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

(h)

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

(i)

“Cause” has the meaning assigned to such term in any individual service, employment or severance agreement or Award

Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Cause,” then “Cause”

means a Participant’s (i) conviction of a felony or a crime involving fraud or moral turpitude; (ii) theft, material act of dishonesty

or fraud, intentional falsification of any employment or Company records, or commission of any criminal act which impairs Participant’s

ability to perform appropriate employment duties for the Company; (iii) intentional or reckless conduct or gross negligence materially

harmful to the Company or the successor to the Company after a Change in Control, including violation of a non-competition or confidentiality

agreement; (iv) willful failure to follow lawful instructions of the person or body to which Participant reports; or (v) gross negligence

or willful misconduct in the performance of Participant’s assigned duties. Cause shall not include mere unsatisfactory performance

in the achievement of a Participant’s job objectives. Any voluntary termination of employment or service by the Participant in

anticipation of an involuntary termination of the Participant’s employment or service, as applicable, for Cause shall be deemed

to be a termination for Cause.

(j)

“Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out,

repurchase or other reorganization or corporate transaction or event, (ii) special or extraordinary dividend or other extraordinary distribution

(whether in the form of cash, Common Stock or other property), stock split, reverse stock split, share subdivision or consolidation,

(iii) combination or exchange of shares or (iv) other change in corporate structure, which, in any such case, the Administrator determines,

in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate.

(k)

“Change in Control” means the first occurrence of an event set forth in any one of the following paragraphs following

the Effective Date:

(1)

any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities

Beneficially Owned by such Person which were acquired directly from the Company or any Affiliate thereof) representing more than fifty

percent (50%) of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such

a Beneficial Owner in connection with a transaction described in clause (i) of paragraph (3) below; or

(2)

the date on which individuals who constitute the Board as of the Effective Date and any new director (other than a director whose initial

assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation,

relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s

stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were

directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended cease

for any reason to constitute a majority of the number of directors serving on the Board; or

(3)

there is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or other

entity, other than (i) a merger or consolidation (A) which results in the voting securities of the Company outstanding immediately prior

to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities

of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities

under an employee benefit plan of the Company or any Subsidiary, fifty percent (50%) or more of the combined voting power of the securities

of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) following

which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the

Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger or consolidation is

then a Subsidiary, the ultimate parent thereof, or (ii) a merger or consolidation effected to implement a recapitalization of the Company

(or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company

(not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates)

representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities; or

(4)

the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement

for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition

by the Company of all or substantially all of the Company’s assets to an entity, more than fifty percent (50%) of the combined

voting power of the voting securities of which are owned by stockholders of the Company following the completion of such transaction

in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of

all or substantially all of the Company’s assets immediately following which the individuals who comprise the Board immediately

prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if

such entity is a subsidiary, the ultimate parent thereof.

Notwithstanding

the foregoing, (i) a Change in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series

of integrated transactions immediately following which the holders of Common Stock immediately prior to such transaction or series of

transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the

assets of the Company immediately following such transaction or series of transactions and (ii) to the extent required to avoid accelerated

taxation and/or tax penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with

respect to any Award that constitutes deferred compensation under Section 409A of the Code only if a change in the ownership or effective

control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred

under Section 409A of the Code. For purposes of this definition of Change in Control, the term “Person” shall not include

(i) the Company or any Subsidiary thereof, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the

Company or any Subsidiary thereof, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or

(iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership

of shares of the Company.

(l)

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

(m)

“Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion

of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of a “non-employee director”

within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock exchange on which

the Common Stock is traded.

(n)

“Common Stock” means the common stock of the Company, par value $0.0001.

(o)

“Company” means RenovoRx, Inc., a Delaware corporation (or any successor company, except as the term “Company”

is used in the definition of “Change in Control” above).

(p)

“Disability” has the meaning assigned to such term in any individual service, employment or severance agreement or

Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Disability,” then

“Disability” means that a Participant, as determined by the Administrator in its sole discretion, (i) is unable to engage

in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result

in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically

determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period

of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident

and health plan covering employees of the Company or an Affiliate thereof.

(q)

“Effective Date” has the meaning set forth in Section 17 hereof.

(r)

“Eligible Recipient” means an employee, director or independent contractor of the Company or any Affiliate of the

Company who has been selected as an eligible participant by the Administrator; provided, however, to the extent required

to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Stock Appreciation

Right means an employee, non-employee director or independent contractor of the Company or any Affiliate of the Company with respect

to whom the Company is an “eligible issuer of service recipient stock” within the meaning of Section 409A of the Code. Further,

for the avoidance of doubt, an Eligible Recipient will include only those persons to whom the issuance of Shares may be registered under

Form S-8 promulgated under the Securities Act.

(s)

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

(t)

“Exempt Award” shall mean the following:

(1)

An Award granted in assumption of, or in substitution for, outstanding awards previously granted by a corporation or other entity acquired

by the Company or any of its Subsidiaries or with which the Company or any of its Subsidiaries combines by merger or otherwise. The terms

and conditions of any such Awards may vary from the terms and conditions set forth in the Plan to the extent the Administrator at the

time of grant may deem appropriate, subject to Applicable Laws.

(2)

An award that an Eligible Recipient purchases at Fair Market Value (including awards that an Eligible Recipient elects to receive in

lieu of fully vested compensation that is otherwise due) whether or not the Shares are delivered immediately or on a deferred basis.

(u)

“Exercise Price” means, (i) with respect to any Option, the per share price at which a holder of such Option may purchase

Shares issuable upon exercise of such Award, and (ii) with respect to a Stock Appreciation Right, the base price per share of such Stock

Appreciation Right.

(v)

“Fair Market Value” of a share of Common Stock or another security as of a particular date shall mean the fair market

value as determined by the Administrator in its sole discretion; provided, that, (i) if the Common Stock or other security is admitted

to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on such date,

or if no shares were traded on such date, on the last preceding date for which there was a sale of a share of Common Stock on such exchange,

or (ii) if the Common Stock or other security is then traded in an over-the-counter market, the fair market value on any date shall be

the average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding date on which there

was a sale of such share in such market.

(w)

“Free Standing Rights” has the meaning set forth in Section 8.

(x)

“Good Reason” has the meaning assigned to such term in any individual service, employment or severance agreement or

Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Good Reason,”

“Good Reason” and any provision of this Plan that refers to “Good Reason” shall not be applicable to such Participant.

(y)

“Grandfathered Arrangement” means an Award which is provided pursuant to a written binding contract in effect on November

2, 2017, and which was not modified in any material respect on or after November 2, 2017, within the meaning of Section 13601(e)(2) of

P.L. 115.97, as may be amended from time to time (including any rules and regulations promulgated thereunder).

(z)

“Incentive Compensation” means annual cash bonus and any Award.

(aa)

“ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning

of Section 422 of the Code.

(bb)

“Nonqualified Stock Option” shall mean an Option that is not designated as an ISO.

(cc)

“Option” means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof. The term “Option”

as used in the Plan includes the terms “Nonqualified Stock Option” and “ISO.”

(dd)

“Other Stock-Based Award” means a right or other interest granted pursuant to Section 10 hereof that may be denominated

or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited

to, unrestricted Shares, dividend equivalents or performance units, each of which may be subject to the attainment of performance goals

or a period of continued provision of service or employment or other terms or conditions as permitted under the Plan.

(ee)

“Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority

provided for in Section 3 below, to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors and

administrators, as the case may be.

(ff)

“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)

and 14(d) thereof.

(gg)

“Plan” means this 2021 Omnibus Equity Incentive Plan, as amended and/or restated from time to time.

(hh)

“Prior Plan” means the Company’s Amended and Restated 2013 Equity Incentive Plan, as in effect immediately prior

to the Effective Date.

(ii)

“Related Rights” has the meaning set forth in Section 8.

(jj)

“Restricted Period” has the meaning set forth in Section 9.

(kk)

“Restricted Stock” means a Share granted pursuant to Section 9 below subject to certain restrictions that lapse at

the end of a specified period (or periods) of time and/or upon attainment of specified performance objectives.

(ll)

“Restricted Stock Unit” means the right granted pursuant to Section 9 hereof to receive a Share at the end of a specified

restricted period (or periods) of time and/or upon attainment of specified performance objectives.

(mm)

“Rule 16b-3” has the meaning set forth in Section 3.

(nn)

“Section 16 Officer” means any officer of the Company whom the Board has determined is subject to the reporting requirements

of Section 16 of the Exchange Act, whether or not such individual is a Section 16 Officer at the time the determination to recoup compensation

is made.

(oo)

“Share” means a share of Common Stock, as adjusted pursuant to the Plan, and any successor (pursuant to a merger,

consolidation or other reorganization) security.

(pp)

“Stock Appreciation Right” means a right granted pursuant to Section 8 hereof to receive an amount equal to the excess,

if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by

such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

(qq)

“Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such

first Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole

general partner interest or managing member or similar interest of such other Person.

(rr)

“Transfer” has the meaning set forth in Section 15.

Section

3. Administration.

(a)

The Plan shall be administered by the Administrator and shall be administered, to the extent applicable, in accordance with Rule 16b-3

under the Exchange Act (“Rule 16b-3”).

(b)

Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated

to it by the Board, shall have the power and authority, without limitation:

(1)

to select those Eligible Recipients who shall be Participants;

(2)

to determine whether and to what extent Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based

Awards or a combination of any of the foregoing, are to be granted hereunder to Participants;

(3)

to determine the number of Shares to be covered by each Award granted hereunder;

(4)

to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including, but not

limited to, (i) the restrictions applicable to Restricted Stock or Restricted Stock Units and the conditions under which restrictions

applicable to such Restricted Stock or Restricted Stock Units shall lapse, (ii) the performance goals and periods applicable to Awards,

(iii) the Exercise Price of each Option and each Stock Appreciation Right or the purchase price of any other Award, (iv) the vesting

schedule and terms applicable to each Award, (v) the number of Shares or amount of cash or other property subject to each Award, and

(vi) subject to the requirements of Section 409A of the Code (to the extent applicable), any amendments to the terms and conditions of

outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the payment schedules

of such Awards and/or accelerating the vesting schedules of such Awards);

(5)

to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing

Awards;

(6)

to determine the Fair Market Value in accordance with the terms of the Plan;

(7)

to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of

the Participant’s service or employment for purposes of Awards granted under the Plan;

(8)

to adopt, alter and repeal such administrative rules, regulations, guidelines and practices governing the Plan as it shall from time

to time deem advisable;

(9)

to construe and interpret the terms and provisions of, and supply or correct omissions in, the Plan and any Award issued under the Plan

(and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and

authorities either specifically granted under the Plan or necessary or advisable in the administration of the Plan; and

(10)

to prescribe, amend and rescind rules and regulations relating to sub-plans established for the purpose of satisfying applicable non-United

States laws or for qualifying for favorable tax treatment under applicable non-United States laws, which rules and regulations may be

set forth in an appendix or appendixes to the Plan.

(c)

Subject to Section 5, neither the Board nor the Committee shall have the authority to reprice or cancel and regrant any Award at a lower

exercise, base or purchase price or cancel any Award with an exercise, base or purchase price in exchange for cash, property or other

Awards without first obtaining the approval of the Company’s stockholders.

(d)

All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons,

including the Company and the Participants.

(e)

The expenses of administering the Plan shall be borne by the Company and its Affiliates.

(f)

If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan

shall be exercised by the Committee. Except as otherwise provided in the Articles of Incorporation or Bylaws of the Company, any action

of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly

constituted or unanimous written consent of the Committee’s members.

Section

4. Shares Reserved for Issuance Under the Plan.

(a)

Subject to Section 5 hereof, the number of shares of Common Stock that are reserved and available for issuance pursuant to Awards granted

under the Plan shall be equal to the sum of (i) 2,175,000 shares under the original plan, plus (ii) the addition of (a) 913,794 shares

of common stock of the Company, which is equal to 2.5% of total issued and outstanding shares as of April 29, 2025 and (b) 2,000,000

shares of common stock of the Company, which is equal to 4.4% of total issued and outstanding shares, plus (iii) the number of shares

of Common Stock reserved, but unissued under the Prior Plan (for the avoidance of doubt, this equals 10,832 shares); (iv) the number

of shares of Common Stock underlying forfeited awards under the Prior Plan (for avoidance of doubt, the maximum number of shares of Common

Stock that could underly forfeited awards under the Prior Plan is 754,838); and (v) an annual increase on the first day of each calendar

year beginning with the first January 1 following the Effective Date and ending with the last January 1 during the initial ten-year term

of the Plan, equal to the lesser of (A) five percent (5%) of the Shares outstanding on the final day of the immediately preceding calendar

year and (B) such lesser number of Shares as determined by the Board; provided, that, shares of Common Stock issued under

the Plan with respect to an Exempt Award shall not count against such share limit. Following the Effective Date, no further awards shall

be issued under the Prior Plan, but all awards under the Prior Plan which are outstanding as of the Effective Date (including any Grandfathered

Arrangement) shall continue to be governed by the terms, conditions and procedures set forth in the Prior Plan and any applicable Award

Agreement.

(b)

Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired

by the Company in the open market, in private transactions or otherwise. If an Award entitles the Participant to receive or purchase

Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award

against the aggregate number of Shares available for granting Awards under the Plan. If any Shares subject to an Award are forfeited,

cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of Shares to the Participant,

the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or

expiration, again be available for granting Awards under the Plan. Notwithstanding the foregoing, (i) Shares surrendered or withheld

as payment of either the Exercise Price of an Award (including Shares otherwise underlying a Stock Appreciation Right that are retained

by the Company to account for the Exercise Price of such Stock Appreciation Right) and/or withholding taxes in respect of an Award and

(ii) any Shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Options shall no longer

be available for grant under the Plan. In addition, (i) to the extent an Award is denominated in shares of Common Stock, but paid or

settled in cash, the number of shares of Common Stock with respect to which such payment or settlement is made shall again be available

for grants of Awards pursuant to the Plan and (ii) shares of Common Stock underlying Awards that can only be settled in cash shall not

be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. Upon the exercise of any Award

granted in tandem with any other Awards, such related Awards shall be cancelled to the extent of the number of Shares as to which the

Award is exercised and, notwithstanding the foregoing, such number of Shares shall no longer be available for grant under the Plan.

(c)

No more than 3,088,794 Shares (as increased on an annual basis, on the first day of each calendar year beginning with the first January

1 following the Effective Date and ending with the last January 1 during the initial ten-year term of the Plan, by the lesser of (A)

five percent (5%) of the Shares outstanding on the final day of the immediately preceding calendar year; (B) 343,734 Shares; and (C)

such lesser number of Shares as determined by the Board) shall be issued pursuant to the exercise of ISOs.

Section

5. Equitable Adjustments.

the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made in (i) the aggregate number

and kind of securities reserved for issuance under the Plan pursuant to Section 4, (ii) the kind, number of securities subject to, and

the Exercise Price subject to outstanding Options and Stock Appreciation Rights granted under the Plan, (iii) the kind, number and purchase

price of Shares or other securities or the amount of cash or amount or type of other property subject to outstanding Restricted Stock,

Restricted Stock Units or Other Stock-Based Awards granted under the Plan; and/or (iv) the terms and conditions of any outstanding Awards

(including, without limitation, any applicable performance targets or criteria with respect thereto); provided, however,

that any fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall

be made as may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection

with a Change in Capitalization, the Administrator may provide, in its sole discretion, but subject in all events to the requirements

of Section 409A of the Code, for the cancellation of any outstanding Award granted hereunder in exchange for payment in cash or other

property having an aggregate Fair Market Value equal to the Fair Market Value of the Shares, cash or other property covered by such Award,

reduced by the aggregate Exercise Price or purchase price thereof, if any; provided, however, that if the Exercise Price

or purchase price of any outstanding Award is equal to or greater than the Fair Market Value of the shares of Common Stock, cash or other

property covered by such Award, the Administrator may cancel such Award without the payment of any consideration to the Participant.

Further, without limiting the generality of the foregoing, with respect to Awards subject to foreign laws, adjustments made hereunder

shall be made in compliance with applicable requirements. Except to the extent determined by the Administrator, any adjustments to ISOs

under this Section 5 shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3)

of the Code. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive.

Section

6. Eligibility.

The

Participants in the Plan shall be selected from time to time by the Administrator, in its sole discretion, from those individuals that

qualify as Eligible Recipients. No Participant who is a director, but is not also an employee or consultant, of the Company shall receive

Awards and be paid cash compensation during any calendar year that exceed, in the aggregate, $300,000 in total value (with cash compensation

measured for this purpose at its value upon payment and any Awards measured for this purpose at their grant date fair value, as determined

for the Company’s financial reporting purposes). For the avoidance of doubt, any cash compensation paid or equity compensation

award (including any Awards) granted to an individual for his or her services as an employee, or for his or her services as a consultant

(other than as a non-employee director), will not count for purposes of the limitation contained in the immediately preceding sentence.

Section

7. Options.

(a)

General. Options granted under the Plan shall be designated as Nonqualified Stock Options or ISOs. Each Participant who is granted

an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine,

in its sole discretion, including, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding

exercisability of the Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option (and in the event the Award

Agreement has no such designation, the Option shall be a Nonqualified Stock Option). The provisions of each Option need not be the same

with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder.

Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional

terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable

Award Agreement.

(b)

Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole

discretion at the time of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of the

Fair Market Value of a share of Common Stock on the date of grant.

(c)

Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than

ten (10) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable

provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the Administrator shall have the authority to accelerate

the vesting and/or exercisability of any outstanding Option at such time and under such circumstances as the Administrator, in its sole

discretion, deems appropriate.

(d)

Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the

attainment of performance goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may

also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions

at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion.

(e)

Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying

the number of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased

in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect

to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless

exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the

form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate

exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator

and permitted by Applicable Laws or (iv) any combination of the foregoing.

(f)

ISOs. The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the

terms, conditions, limitations and administrative procedures established by the Administrator from time to time in accordance with the

Plan. At the discretion of the Administrator, ISOs may be granted only to an employee of the Company, its “parent corporation”

(as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company.

(1)

ISO Grants to 10% Stockholders. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant who

owns shares representing more than ten percent (10%) of the voting power of all classes of shares of the Company, its “parent corporation”

(as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the term of the ISO shall not exceed five (5)

years from the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent (110%) of the Fair Market

Value of the Shares on the date of grant.

(2)

$100,000 Per Year Limitation For ISOs. To the extent the aggregate Fair Market Value (determined on the date of grant) of the

Shares for which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company)

exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options.

(3)

Disqualifying Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after

the date the Participant makes a “disqualifying disposition” of any Share acquired pursuant to the exercise of such ISO.

A “disqualifying disposition” is any disposition (including any sale) of such Shares before the later of (i) two years after

the date of grant of the ISO and (ii) one year after the date the Participant acquired the Shares by exercising the ISO. The Company

may, if determined by the Administrator and in accordance with procedures established by it, retain possession of any Shares acquired

pursuant to the exercise of an ISO as agent for the applicable Participant until the end of the period described in the preceding sentence,

subject to complying with any instructions from such Participant as to the sale of such Shares.

(g)

Rights as Stockholder. A Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights

of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof,

and has paid in full for such Shares and has satisfied the requirements of Section 14 hereof.

(h)

Termination of Employment or Service. Treatment of an Option upon termination of employment of a Participant shall be provided

for by the Administrator in the Award Agreement.

(i)

Other Change in Employment or Service Status. An Option shall be affected, both with regard to vesting schedule and termination,

by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability

or other changes in the employment status or service status of a Participant, in the discretion of the Administrator.

Section

8. Stock Appreciation Rights.

(a)

General. Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with

all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after

the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which,

grants of Stock Appreciation Rights shall be made. Each Participant who is granted a Stock Appreciation Right shall enter into an Award

Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, including,

among other things, the number of Shares to be awarded, the Exercise Price per Share, and all other conditions of Stock Appreciation

Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates.

The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted

under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms

and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable

Award Agreement.

(b)

Awards; Rights as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect

to the shares of Common Stock, if any, subject to a Stock Appreciation Right until the Participant has given written notice of the exercise

thereof and has satisfied the requirements of Section 14 hereof.

(c)

Exercise Price. The Exercise Price of Shares purchasable under a Stock Appreciation Right shall be determined by the Administrator

in its sole discretion at the time of grant, but in no event shall the exercise price of a Stock Appreciation Right be less than one

hundred percent (100%) of the Fair Market Value of a share of Common Stock on the date of grant.

(d)

Exercisability.

(1)

Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions

as shall be determined by the Administrator in the applicable Award Agreement.

(2)

Stock Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options

to which they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8 of the Plan.

(e)

Payment Upon Exercise.

(1)

Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares

equal in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price per share specified in the Free

Standing Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised.

(2)

A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and

surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess

of the Fair Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number

of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall

no longer be exercisable to the extent the Related Rights have been so exercised.

(3)

Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any

combination of Shares and cash).

(f)

Termination of Employment or Service. Treatment of a Stock Appreciation Right upon termination of employment of a Participant

shall be provided for by the Administrator in the Award Agreement.

(g)

Term.

(1)

The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten

(10) years after the date such right is granted.

(2)

The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than

ten (10) years after the date such right is granted.

(h)

Other Change in Employment or Service Status. Stock Appreciation Rights shall be affected, both with regard to vesting schedule

and termination, by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment,

partial Disability or other changes in the employment or service status of a Participant, in the discretion of the Administrator.

Section

9. Restricted Stock and Restricted Stock Units.

(a)

General. Restricted Stock or Restricted Stock Units may be issued under the Plan. The Administrator shall determine the Eligible

Recipients to whom, and the time or times at which, Restricted Stock or Restricted Stock Units shall be made. Each Participant who is

granted Restricted Stock or Restricted Stock Units shall enter into an Award Agreement with the Company, containing such terms and conditions

as the Administrator shall determine, in its sole discretion, including, among other things, the number of Shares to be awarded; the

price, if any, to be paid by the Participant for the acquisition of Restricted Stock or Restricted Stock Units; the period of time restrictions,

performance goals or other conditions that apply to the Transfer (or ability to Transfer), delivery or vesting of such Awards (the “Restricted

Period”); and all other conditions applicable to the Restricted Stock and Restricted Stock Units. If the restrictions, performance

goals or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock or Restricted

Stock Units, in accordance with the terms of the grant. The provisions of the Restricted Stock or Restricted Stock Units need not be

the same with respect to each Participant.

(b)

Awards and Certificates. Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an Award of Restricted

Stock may, in the Company’s sole discretion, be issued a share certificate in respect of such Restricted Stock; and (ii) any such

certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms,

conditions and restrictions applicable to any such Award. The Company may require that the share certificates, if any, evidencing Restricted

Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition

of any Award of Restricted Stock, the Participant shall have delivered a share transfer form, endorsed in blank, relating to the Shares

covered by such Award. Certificates for shares of unrestricted Common Stock may, in the Company’s sole discretion, be delivered

to the Participant only after the Restricted Period has expired without forfeiture in such Restricted Stock Award. With respect to Restricted

Stock Units to be settled in Shares, at the expiration of the Restricted Period, share certificates in respect of the shares of Common

Stock underlying such Restricted Stock Units may, in the Company’s sole discretion, be delivered to the Participant, or his legal

representative, in a number equal to the number of shares of Common Stock underlying the Restricted Stock Units Award. Notwithstanding

anything in the Plan to the contrary, any Restricted Stock or Restricted Stock Units to be settled in Shares (at the expiration of the

Restricted Period, and whether before or after any vesting conditions have been satisfied) may, in the Company’s sole discretion,

be issued in uncertificated form or by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the

Company. Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted Stock Units, at the expiration of

the Restricted Period, Shares, or cash, as applicable, shall promptly be issued (either in certificated or uncertificated form) to the

Participant, unless otherwise deferred in accordance with procedures established by the Company in accordance with Section 409A of the

Code, and such issuance or payment shall in any event be made within such period as is required to avoid the imposition of a tax under

Section 409A of the Code.

(c)

Restrictions and Conditions. The Restricted Stock or Restricted Stock Units granted pursuant to this Section 9 shall be subject

to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the

time of grant or, subject to Section 409A of the Code where applicable, thereafter:

(1)

The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such

restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion,

including, but not limited to, the attainment of certain performance goals, the Participant’s termination of employment or service

with the Company or any Affiliate thereof, or the Participant’s death or Disability. Notwithstanding the foregoing, upon a Change

in Control, the outstanding Awards shall be subject to Section 11 hereof.

(2)

Except as provided in the applicable Award Agreement, the Participant shall generally have the rights of a stockholder of the Company

with respect to Restricted Stock during the Restricted Period; provided, however, that dividends declared during the Restricted

Period with respect to an Award, shall only become payable if (and to the extent) the underlying Restricted Stock vests. Except as provided

in the applicable Award Agreement, the Participant shall generally not have the rights of a stockholder with respect to Shares subject

to Restricted Stock Units during the Restricted Period; provided, however, that, subject to Section 409A of the Code, an

amount equal to dividends declared during the Restricted Period with respect to the number of Shares covered by Restricted Stock Units

shall, unless otherwise set forth in an Award Agreement, be paid to the Participant at the time (and to the extent) Shares in respect

of the related Restricted Stock Units are delivered to the Participant. Certificates for Shares of unrestricted Common Stock may, in

the Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture

in respect of such Restricted Stock or Restricted Stock Units, except as the Administrator, in its sole discretion, shall otherwise determine.

(3)

The rights of Participants granted Restricted Stock or Restricted Stock Units upon termination of employment or service as a director

or independent contractor to the Company or to any Affiliate thereof terminates for any reason during the Restricted Period shall be

set forth in the Award Agreement.

(d)

Form of Settlement. The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof)

that any Restricted Stock Unit represents the right to receive the amount of cash per unit that is determined by the Administrator in

connection with the Award.

Section

10. Other Stock-Based Awards.

Other

Stock-Based Awards may be issued under the Plan. Subject to the provisions of the Plan, the Administrator shall have sole and complete

authority to determine the individuals to whom and the time or times at which such Other Stock-Based Awards shall be granted. Each Participant

who is granted an Other Stock-Based Award shall enter into an Award Agreement with the Company, containing such terms and conditions

as the Administrator shall determine, in its sole discretion, including, among other things, the number of shares of Common Stock to

be granted pursuant to such Other Stock-Based Awards, or the manner in which such Other Stock-Based Awards shall be settled (e.g., in

shares of Common Stock, cash or other property), or the conditions to the vesting and/or payment or settlement of such Other Stock-Based

Awards (which may include, but not be limited to, achievement of performance criteria) and all other terms and conditions of such Other

Stock-Based Awards. In the event that the Administrator grants a bonus in the form of Shares, the Shares constituting such bonus shall,

as determined by the Administrator, be evidenced in uncertificated form or by a book entry record or a certificate issued in the name

of the Participant to whom such grant was made and delivered to such Participant as soon as practicable after the date on which such

bonus is payable. Notwithstanding anything set forth in the Plan to the contrary, any dividend or dividend equivalent Award issued hereunder

shall be subject to the same restrictions, conditions and risks of forfeiture as apply to the underlying Award.

Section

11. Change in Control.

Unless

otherwise determined by the Administrator and evidenced in an Award Agreement, in the event that a Change in Control occurs, the Administrator,

in its sole and absolute discretion, may:

(a)

provide that any unvested or unexercisable portion of any Award carrying a right to exercise become fully vested and exercisable; and

(b)

cause the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan

to lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed

to be fully achieved at target performance levels.

the Administrator determines in its discretion pursuant to Section 3(b)(4) hereof to accelerate the vesting of Options and/or Share Appreciation

Rights in connection with a Change in Control (or, for the avoidance of doubt, if Options and/or Share Appreciation rights are already

vested), the Administrator shall also have discretion in connection with such action to provide that any or all of such Options and/or

Stock Appreciation Rights outstanding immediately prior to such Change in Control shall expire on the effective date of such Change in

Control. For the avoidance of doubt, in the event of a merger of the Company with or into another corporation or other entity or a Change

in Control, the Administrator may provide, without a Participant’s consent, that the successor corporation (which may include the

Company) (or a parent entity thereof) may assume or substitute for any portion of an Award, with such assumed or substituted Award adjusted

in accordance with Section 5. For purposes of this Plan, an Award will be considered assumed if, following the merger or Change in Control,

the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in

Control, the consideration (whether shares, cash, or other securities or property) received in the merger or Change in Control by holders

of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration,

the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration

received in the merger or Change in Control is not solely common stock of the successor corporation or its parent entity, the Administrator

may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock

Appreciation Right or upon the payout of a Restricted Stock Unit or Other Stock-Based Award, for each Share subject to such Award, to

be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received

by holders of Common Stock in the merger or Change in Control. Notwithstanding anything in this Section 11 to the contrary, an Award

that vests, is earned or paid out upon the satisfaction of one or more performance goals will not be considered assumed if the Company

or its successor modifies any of such performance goals without the Participant’s consent, in all cases, unless specifically provided

otherwise under the applicable Award Agreement or other written agreement authorized by the Administrator between the Participant and

the Company any of its Affiliates; provided, however, a modification to such performance goals only to reflect the successor corporation’s

post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

Section

12. Amendment and Termination.

The

Board may amend, alter or terminate the Plan at any time, but no amendment, alteration or termination shall be made that would impair

the rights of a Participant under any Award theretofore granted without such Participant’s consent. The Board shall obtain approval

of the Company’s stockholders for any amendment that would require such approval in order to satisfy the requirements of any rules

of the stock exchange on which the Common Stock is traded or other Applicable Law. Subject to Section 3(c), the Administrator may amend

the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Section 5 of the Plan and the immediately

preceding sentence, no such amendment shall materially impair the rights of any Participant without his or her consent.

Section

13. Unfunded Status of Plan.

The

Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to

a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general

creditor of the Company.

Section

14. Withholding Taxes.

Each

Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such Participant

for purposes of applicable taxes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of an

amount up to the maximum statutory tax rates in the Participant’s applicable jurisdiction with respect to the Award, as determined

by the Company. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and

the Company shall, to the extent permitted by Applicable Laws, have the right to deduct any such taxes from any payment of any kind otherwise

due to such Participant. Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount

sufficient to satisfy any applicable withholding tax requirements related thereto. Whenever Shares or property other than cash are to

be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount

sufficient to satisfy any related taxes to be withheld and applied to the tax obligations; provided, that, with the approval

of the Administrator, a Participant may satisfy the foregoing requirement by either (i) electing to have the Company withhold from delivery

of Shares or other property, as applicable, or (ii) delivering already owned unrestricted shares of Common Stock, in each case, having

a value not exceeding the applicable taxes to be withheld and applied to the tax obligations. Such already owned and unrestricted shares

of Common Stock shall be valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined and any

fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion

of the Shares to be delivered pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds,

as permitted by Applicable Laws, to satisfy its withholding obligation with respect to any Award.

Section

15. Transfer of Awards.

Until

such time as the Awards are fully vested and/or exercisable in accordance with the Plan or an Award Agreement, no purported sale, assignment,

mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or

creation of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”)

by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent

of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of

an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio

and shall not create any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit

or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of

such Shares or other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions

of the immediately preceding sentence, an Option or a Stock Appreciation Right may be exercised, during the lifetime of the Participant,

only by the Participant or, during any period during which the Participant is under a legal Disability, by the Participant’s guardian

or legal representative.

Section

16. Continued Employment or Service.

Neither

the adoption of the Plan nor the grant of an Award shall confer upon any Eligible Recipient any right to continued employment or service

with the Company or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any

Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time.

Section

17. Effective Date.

The

Plan was initially approved by the Board on July 19, 2021 and was adopted and became effective on the date that it was first approved

by the Company’s stockholders (the “Effective Date”).

Section

18. Electronic Signature.

Participant’s

electronic signature of an Award Agreement shall have the same validity and effect as a signature affixed by hand.

Section

19. Term of Plan.

Award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may

extend beyond that date, and no ISO may be granted after the tenth anniversary of the earlier of the initial Board adoption of the Plan

or initial shareholder approval of the Plan.

Section

20. Securities Matters and Regulations.

(a)

Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award granted

under the Plan shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities

laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator.

The Administrator may require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant

to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such

legends, as the Administrator, in its sole discretion, deems necessary or advisable.

(b)

Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification

of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory

body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award

shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval

has been effected or obtained free of any conditions not acceptable to the Administrator.

(c)

In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under

the Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent

required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant

to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired

by such Participant is acquired for investment only and not with a view to distribution.

Section

21. Section 409A of the Code.

The

Plan as well as payments and benefits under the Plan are intended to be exempt from, or to the extent subject thereto, to comply with

Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding

anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section

409A of the Code, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the

Plan and no payment shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred

a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments

described in the Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not

be treated as deferred compensation unless Applicable Law requires otherwise. Notwithstanding anything to the contrary in the Plan, to

the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates)

are payable upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest

charges imposed under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on

the first business day after the date that is six (6) months following such separation from service (or death, if earlier). Each amount

to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A

of the Code. The Company makes no representation that any or all of the payments or benefits described in this Plan will be exempt from

or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.

The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

Section

22. Notification of Election Under Section 83(b) of the Code.

any Participant shall, in connection with the acquisition of shares of Common Stock under the Plan, make the election permitted under

Section 83(b) of the Code, such Participant shall notify the Company of such election within ten (10) days after filing notice of the

election with the Internal Revenue Service.

Section

23. No Fractional Shares.

fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Administrator shall determine whether cash,

other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights

thereto shall be forfeited or otherwise eliminated.

Section

24. Beneficiary.

Participant may file with the Administrator a written designation of a beneficiary on such form as may be prescribed by the Administrator

and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or

administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.

Section

25. Paperless Administration.

the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation,

granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation,

granting or exercise of Awards by a Participant may be permitted through the use of such an automated system.

Section

26. Severability.

any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be

applied as if the invalid or unenforceable provision had not been included in the Plan.

Section

27. Clawback.

(a)

If the Company is required to prepare a financial restatement due to the material non-compliance of the Company with any financial reporting

requirement, then the Committee may require any Section 16 Officer to repay or forfeit to the Company, and each Section 16 Officer agrees

to so repay or forfeit, that part of the Incentive Compensation received by that Section 16 Officer during the three-year period preceding

the publication of the restated financial statement that the Committee determines was in excess of the amount that such Section 16 Officer

would have received had such Incentive Compensation been calculated based on the financial results reported in the restated financial

statement. The Committee may take into account any factors it deems reasonable in determining whether to seek recoupment of previously

paid Incentive Compensation and how much Incentive Compensation to recoup from each Section 16 Officer (which need not be the same amount

or proportion for each Section 16 Officer), including any determination by the Committee that a Section 16 Officer engaged in fraud,

willful misconduct or committed grossly negligent acts or omissions which materially contributed to the events that led to the financial

restatement. The amount and form of the Incentive Compensation to be recouped shall be determined by the Committee in its sole and absolute

discretion, and recoupment of Incentive Compensation may be made, in the Committee’s sole and absolute discretion, through the

cancellation of vested or unvested Awards, cash repayment or both.

(b)

Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any Applicable Laws, government regulation

or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such

Applicable Law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such

law, government regulation or stock exchange listing requirement).

Section

28. Governing Law.

The

Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to principles of

conflicts of law of such state.

Section

29. Indemnification.

the extent allowable pursuant to applicable law, each member of the Board and the Administrator and any officer or other employee to

whom authority to administer any component of the Plan is designated shall be indemnified and held harmless by the Company from any loss,

cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim,

action, suit, or proceeding to which he or she may be a party or in which he or she may be a party or in which he or she may be involved

by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction

of judgment in such action, suit, or proceeding against him or her; provided, however, that he or she gives the Company an opportunity,

at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing

right of indemnification shall not be exclusive of any other rights of indemnification to which such individuals may be entitled pursuant

to the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have

to indemnify them or hold them harmless.

Section

30. Titles and Headings, References to Sections of the Code or Exchange Act.

The

titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of

the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any

amendment or successor thereto.

Section

31. Successors.

The

obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,

consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all

of the assets and business of the Company.

Section

32. Relationship to other Benefits.

payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing,

group insurance, welfare, or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in

writing in such other plan or an agreement thereunder.

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