SPRUCE BIOSCIENCES, INC.
EX-10.2
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<TYPE>EX-10.2
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<FILENAME>sprb-ex102_6.htm
<DESCRIPTION>EX-10.2
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2</p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-size:14pt;text-transform:none;font-variant: small-caps;font-weight:bold;font-family:Times New Roman;font-style:normal;"><a name="_Hlk62735373"></a>Spruce Biosciences, Inc. <br />Stock Option Grant Notice<br />(Inducement Grant Outside of the 2020 Equity Incentive Plan)</p>
<p style="margin-bottom:6pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk84228858"></a>Spruce Biosciences, Inc. (the &#8220;<font style="font-weight:bold;font-style:italic;">Company</font>&#8221;), has granted to you (&#8220;<font style="font-weight:bold;font-style:italic;">Optionholder</font>&#8221;) an option to purchase the number of shares of the Common Stock set forth below (the &#8220;<font style="font-weight:bold;font-style:italic;">Option</font>&#8221;) as an inducement material to you entering into employment with the Company in compliance with Nasdaq Listing Rule 5635(c)(4).&nbsp;&nbsp;Unless otherwise defined herein, capitalized terms used herein shall have the same defined meanings as set forth in the Spruce Biosciences, Inc. 2020 Equity Incentive Plan (the &#8220;<font style="font-weight:bold;font-style:italic;">Plan</font>&#8221;). Your Option is granted outside of the Plan, but is subject to all of the terms and conditions as set forth herein and in the Plan (as if it had been granted under the Plan), the Stock Option Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety.&nbsp;&nbsp;The shares of Common Stock underlying the Option shall not reduce and shall have no impact on the number of shares available for grant under the Plan. </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vesting Commencement Date:</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Number of Shares of Common Stock Subject to Option:</p></td>
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<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expiration Date:</p></td>
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<p style="margin-bottom:10pt;text-align:justify;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Type of Grant:<font style="margin-left:90pt;"></font><font style="font-weight:normal;">Nonstatutory Stock Option</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:19.23%;text-indent:-19.23%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exercise and </p>
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<p style="margin-bottom:10pt;text-align:justify;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Vesting Schedule</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">: </font></p></td>
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<p style="margin-bottom:10pt;text-align:justify;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><font style="font-weight:normal;">Subject to the Optionholder&#8217;s Continuous Service through each applicable vesting date, the Option will vest as follows:</font></p></td></tr></table></div>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Optionholder Acknowledgements:<font style="font-weight:normal;">&nbsp;&nbsp;By your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:</font></p>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:10pt;color:#000000;">The Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Stock Option Agreement and the Notice of Exercise, all of which are made a part of this document.&nbsp;&nbsp;Unless otherwise provided in the Plan, this Grant Notice and the Stock Option Agreement (together, the &#8220;</font><font style="font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Option Agreement</font><font style="font-size:10pt;color:#000000;">&#8221;) may not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company.&nbsp;&nbsp;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:10pt;color:#000000;">You consent to receive this Grant Notice, the Stock Option Agreement, the Plan, the Prospectus and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.&nbsp;&nbsp;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:10pt;color:#000000;">You have read and are familiar with the provisions of the Plan, the Stock Option Agreement, the Notice of Exercise and the Prospectus.&nbsp;&nbsp;In the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.&nbsp;&nbsp;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:10pt;color:#000000;">The Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of other equity awards previously granted to you and any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other </font></p></td></tr></table></div>
<p style="text-align:left;margin-top:12pt;line-height:10pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">1</a>.<font style="margin-left:36pt;"></font></p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="font-size:10pt;color:#000000;">written agreement between the Company and you in each case that specifies the terms that should govern this Option.&nbsp;&nbsp;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="font-size:10pt;color:#000000;">Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></p></td></tr></table></div>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-variant: small-caps;font-family:Times New Roman;font-style:normal;text-transform:none;">Spruce Biosciences, Inc.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:<font style="text-decoration:underline;"></font></p>
<p style="text-align:center;margin-bottom:6pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Signature</p>
<p style="margin-bottom:6pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title:<font style="text-decoration:underline;"></font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date:<font style="text-decoration:underline;"></font></p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-variant: small-caps;font-family:Times New Roman;font-style:normal;text-transform:none;">Optionholder:</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:center;margin-bottom:6pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Signature</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date:<font style="text-decoration:underline;"></font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:18.27%;text-indent:-18.27%;font-weight:bold;font-size:10pt;font-variant: small-caps;font-family:Times New Roman;font-style:normal;text-transform:none;">Attachments<font style="font-weight:normal;font-variant: normal;">:&nbsp;&nbsp;Stock Option Agreement, 2020 Equity Incentive Plan, Notice of Exercise </font></p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;font-weight:bold;font-variant: small-caps;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;"><font style="font-weight:bold;font-variant: small-caps;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;">Attachment I</font></p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-size:14pt;text-transform:none;font-variant: small-caps;font-weight:bold;font-family:Times New Roman;font-style:normal;">Stock Option Agreement</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-size:14pt;text-transform:none;font-variant: small-caps;font-weight:bold;font-family:Times New Roman;font-style:normal;">Spruce Biosciences, Inc.<br /><font style="font-size:14.5pt;">Inducement Award Outside of the 2020 Equity Incentive Plan<br /><br /></font>Stock Option Agreement </p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As reflected by your Stock Option Grant Notice (&#8220;<font style="font-weight:bold;font-style:italic;">Grant Notice</font>&#8221;), Spruce Biosciences, Inc. (the &#8220;<font style="font-weight:bold;font-style:italic;">Company</font>&#8221;) has granted you an option to purchase a number of shares of Common Stock at the exercise price indicated in your Grant Notice (the &#8220;<font style="font-weight:bold;font-style:italic;">Option</font>&#8221;) as an inducement material to you entering into employment with the Company in compliance with Nasdaq Listing Rule 5635(c)(4).&nbsp;&nbsp;Capitalized terms not explicitly defined in this Agreement but defined in the Grant Notice or the 2020 Equity Incentive Plan (the &#8220;<font style="font-weight:bold;font-style:italic;">Plan</font>&#8221;) shall have the meanings set forth in the Grant Notice or Plan, as applicable.&nbsp;&nbsp;Your Option is granted outside of the Plan, but is subject to all of the terms and conditions of the Plan (as if it had been granted under the Plan), this Stock Option Agreement, the Notice of Exercise, and the Grant Notice. The terms of your Option as specified in the Grant Notice and this Stock Option Agreement constitute your Option Agreement.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The general terms and conditions applicable to your Option are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">1.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">Governing Plan Document.</font><font style="font-weight:normal;color:#000000;">&nbsp;&nbsp;Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in:</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(a)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">Section 6 regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your Option;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(b)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">Section 9(e) regarding the Company&#8217;s retained rights to terminate your Continuous Service notwithstanding the grant of the Option; and </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(c)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">Section 8(c) regarding the tax consequences of your Option.&nbsp;&nbsp;</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Your Option is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.&nbsp;&nbsp;In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">2.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">Vesting.&nbsp;&nbsp;</font><font style="font-weight:normal;color:#000000;">Your Option will vest as provided in your Grant Notice, subject to the provisions contained herein and the terms of the Plan.  Vesting will cease upon the termination of your Continuous Service.&nbsp;&nbsp;  </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">3.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">Exercise.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(a)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">You may generally exercise the vested portion of your Option for whole shares of Common Stock at any time during its term by delivery of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance with the exercise procedures established by the Plan Administrator, which may include an electronic submission.&nbsp;&nbsp;Please review Sections 4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during certain periods.</font></p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="text-decoration:none;Background-color:#auto;">(b)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">To the extent permitted by Applicable Law, you may pay your Option exercise price as follows:</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:23.08%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(i)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">cash, check, bank draft or money order;&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:23.08%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(ii)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">pursuant to a &#8220;cashless exercise&#8221; program as further described in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:23.08%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(iii)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">subject to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of Common Stock as further described in Section 4(c)(iii) of the Plan; or</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:23.08%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(iv)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">subject to Company and/or Committee consent at the time of exercise, if the Option is a Nonstatutory Stock Option, by a &#8220;net exercise&#8221; arrangement as further described in Section 4(c)(iv) of the Plan.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><a name="_DV_M49"></a><a name="_DV_C7"></a><a name="_DV_M50"></a><a name="_DV_C9"></a><a name="_DV_M51"></a><a name="_DV_C12"></a><a name="_DV_M52"></a><a name="_DV_M53"></a><a name="_DV_C16"></a><a name="_DV_M54"></a><a name="_DV_C17"></a><a name="_DV_M55"></a><font style="Background-color:#auto;text-decoration:none;">(c)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">By accepting your Option, you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of 180<a name="_DV_M49"></a> days following the effective date of a registration statement of the Company filed under the Securities Act <a name="_DV_C7"></a>or such longer period as <a name="_DV_M50"></a>the underwriters or the Company will request to facilitate<a name="_DV_C9"></a> compliance with FINRA Rule <a name="_DV_M51"></a>2241 or any successor or<a name="_DV_C12"></a> similar rules or<a name="_DV_M52"></a> regulation (the &#8220;</font><font style="font-style:italic;color:#000000;">Lock-Up Period</font><font style="font-weight:normal;color:#000000;">&#8221;); </font><font style="font-style:italic;font-weight:normal;color:#000000;">provided, however</font><font style="font-weight:normal;color:#000000;"><a name="_DV_M53"></a>, that nothing contained in this Section 3(c) will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period.&#160; You further agree to execute and deliver such other agreements as may be reasonably requested by the Company <a name="_DV_C16"></a>or the <a name="_DV_M54"></a>underwriters that are consistent with the foregoing or that are necessary to give further effect thereto.&#160; In order to<a name="_DV_C17"></a> enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period.&#160; <a name="_DV_M55"></a>You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 3(c).&#160; The underwriters of the Company&#8217;s stock are intended third party beneficiaries of this Section 3(c) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">4.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">Term.</font><font style="font-weight:normal;color:#000000;">&nbsp;&nbsp;You may not exercise your Option before the commencement of its term or after its term expires.&nbsp;&nbsp;The term of your Option commences on the Date of Grant and expires upon the earliest of the following:</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(a)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">immediately upon the termination of your Continuous Service for Cause;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(b)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">three months after the termination of your Continuous Service for any reason other than Cause, Disability or death;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(c)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">12 months after the termination of your Continuous Service due to your Disability;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(d)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">18 months after your death if you die during your Continuous Service;</font></p>
<p style="text-align:left;margin-top:12pt;line-height:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
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<p style="margin-bottom:0pt;line-height:10pt;margin-top:0pt;text-indent:0%;font-size:7pt;font-family:Times New Roman;">&nbsp;</p>&nbsp;</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(e)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">immediately upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate Transaction,</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(f)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">the Expiration Date indicated in your Grant Notice; or</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">(g)</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-weight:normal;color:#000000;">the day before the 10th anniversary of the Date of Grant.</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Notwithstanding the foregoing, if you die during the period provided in Section 4(b) or 4(c) above, the term of your Option shall not expire until the earlier of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant.&nbsp;&nbsp;Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">5.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">Withholding Obligations.&nbsp;&nbsp;</font><font style="font-weight:normal;color:#000000;">As further provided in Section 8 of the Plan: (a) you may not exercise your Option unless the applicable tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a &#8220;cashless exercise&#8221; pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which arise in connection with the exercise of your Option in accordance with the withholding procedures established by the Company.&nbsp;&nbsp;Accordingly, you may not be able to exercise your Option even though the Option is vested, and the Company shall have no obligation to issue shares of Common Stock subject to your Option, unless and until such obligations are satisfied.  In the event that the amount of the Company&#8217;s withholding obligation in connection with your Option was greater than the amount actually withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">6.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">Transferability.</font><font style="font-weight:normal;color:#000000;">&nbsp;&nbsp;Except as otherwise provided in Section 4(e) of the Plan, your Option is not transferable, except by will or by the applicable laws of descent and distribution, and is exercisable during your life only by you.&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">7.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">Corporate Transaction.</font><font style="font-weight:normal;color:#000000;">&nbsp;&nbsp;Your Option is subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration. </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">8.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">No Liability for Taxes</font><font style="font-weight:normal;color:#000000;">.&nbsp;&nbsp;As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the Option or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the tax consequences of the Option and have either done so or knowingly and voluntarily declined to do so. Additionally, you acknowledge that the Option is exempt from Section 409A only if the exercise price is at least equal to the &#8220;fair market value&#8221; of the Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other </font></p>
<p style="text-align:left;margin-top:12pt;line-height:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
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<p style="margin-bottom:0pt;line-height:10pt;margin-top:0pt;text-indent:0%;font-size:7pt;font-family:Times New Roman;">&nbsp;</p>&nbsp;</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;color:#000000;">impermissible deferral of compensation associated with the </font><font style="font-weight:normal;color:#000000;">Option</font><font style="font-weight:normal;color:#000000;">.&nbsp;&nbsp;Additionally, as a condition to accepting </font><font style="font-weight:normal;color:#000000;">the Option</font><font style="font-weight:normal;color:#000000;">, </font><font style="font-weight:normal;color:#000000;">you agree</font><font style="font-weight:normal;color:#000000;"> not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates </font><font style="font-weight:normal;color:#000000;">in the event that</font><font style="font-weight:normal;color:#000000;"> the Internal Revenue Service asserts that such exercise is less than the &#8220;fair market value&#8221; of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">9.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-family:Times New Roman Bold;font-variant: small-caps;">Severability</font><font style="font-weight:normal;">.&nbsp;&nbsp;If any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid.&#160;&#160;Any Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">10.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;">Other Documents.</font><font style="font-weight:normal;">&#160;&#160;You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus.&#160;&#160;In addition, you acknowledge receipt of the Company&#8217;s Trading Policy.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-style:normal;color:#000000;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="Background-color:#auto;text-decoration:none;">11.</font><font style="font-weight:normal;margin-left:36pt;color:#000000;"></font><font style="font-variant: small-caps;color:#000000;">Questions. </font><font style="font-weight:normal;color:#000000;"> If you have questions regarding these or any other terms and conditions applicable to your Option, including a summary of the applicable federal income tax consequences please see the Prospectus.</font></p>
<p style="margin-bottom:24pt;margin-top:12pt;text-align:center;text-indent:0%;font-weight:bold;font-variant: small-caps;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;">*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;*</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;font-weight:bold;font-variant: small-caps;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;"><font style="font-weight:bold;font-variant: small-caps;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;">Attachment II</font></p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-size:14pt;text-transform:none;font-variant: small-caps;font-weight:bold;font-family:Times New Roman;font-style:normal;">2020 Equity Incentive Plan</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;font-weight:bold;font-variant: small-caps;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;"><font style="font-weight:bold;font-variant: small-caps;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;">Attachment III</font></p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-size:14pt;text-transform:none;font-variant: small-caps;font-weight:bold;font-family:Times New Roman;font-style:normal;">Notice of Exercise</p>
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<p style="margin-bottom:0pt;line-height:10pt;margin-top:0pt;text-indent:0%;font-size:7pt;font-family:Times New Roman;">&nbsp;</p>&nbsp;</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:6pt;text-align:center;margin-top:0pt;text-indent:0%;font-size:14pt;text-transform:none;font-variant: small-caps;font-weight:bold;font-family:Times New Roman;font-style:normal;"><a name="_Hlk43756346"></a>Spruce Biosciences, Inc.</p>
<p style="margin-bottom:0pt;text-align:center;margin-top:0pt;text-indent:0%;font-size:14pt;text-transform:none;font-variant: small-caps;font-weight:bold;font-family:Times New Roman;font-style:normal;">(2020 Equity Incentive Plan)</p>
<p style="text-align:center;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOTICE OF EXERCISE</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Spruce Biosciences, Inc. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-align:left;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2001 Junipero Serra Blvd., Suite 640</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-align:left;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Daly City, California 94014</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">Date of Exercise: _______________</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This constitutes notice to Spruce Biosciences, Inc. (the &#8220;<font style="font-weight:bold;font-style:italic;">Company</font>&#8221;) that I elect to purchase the below number of shares of Common Stock of the Company (the&#160;&#8220;<font style="font-weight:bold;font-style:italic;">Shares</font>&#8221;) by exercising my Option for the price set forth below.&nbsp;&nbsp;Capitalized terms not explicitly defined in this Notice of Exercise but defined in the Grant Notice, Option Agreement or 2020 Equity Incentive Plan<font style="color:#0070C0;"> </font><font style="color:#000000;">(the</font> &#8220;<font style="font-weight:bold;font-style:italic;">Plan</font>&#8221;) shall have the meanings set forth in the Grant Notice, Option Agreement or Plan, as applicable.&nbsp;&nbsp;Use of certain payment methods is subject to Company and/or Committee consent and certain additional requirements set forth in the Option Agreement and the Plan. </p>
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<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Type of option: </p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Nonstatutory</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:18.5pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of Grant:</p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_______________</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Number of Shares as<br />to which Option is<br />exercised:</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_______________</p></td>
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<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certificates to be<br />issued in name of:</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_______________</p></td>
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<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total exercise price:</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$______________</p></td>
<td valign="bottom" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" >
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:35.6pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash, check, bank draft or money order delivered herewith<sup style="font-size:85%;line-height:120%;vertical-align:top">1</sup><sup style="font-size:85%;line-height:120%;vertical-align:top"></sup>:</p></td>
<td valign="top" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$______________</p></td>
<td valign="bottom" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" >
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:35.6pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Value of ________ Shares delivered herewith:</p></td>
<td valign="top" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$______________</p></td>
<td valign="bottom" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" >
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:35.6pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Regulation T Program (cashless exercise)<sup style="font-size:85%;line-height:120%;vertical-align:top">2</sup><sup style="font-size:85%;line-height:120%;vertical-align:top"></sup>:</p></td>
<td valign="top" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$_____________</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr></table></div>
<div align="left"><table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:20%;"><tr><td style="width:20%;"></td></tr><tr><td valign="top"  style="border-bottom:Solid 1pt #000000;"><p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;text-indent:0pt;font-size:8pt;">&nbsp;</p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><sup style="font-size:85%;line-height:120%;vertical-align:top">1</sup>&nbsp;</font></p></td>
<td valign="top" style="width:100%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms of the option being exercised, and must be owned free and clear of any liens, claims, encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate.</p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><sup style="font-size:85%;line-height:120%;vertical-align:top">2</sup>&nbsp;</font></p></td>
<td valign="top" style="width:100%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Shares must meet public trading requirements set forth in the option, and the Company must have established cashless exercise procedures in order to utilize this payment method. </p></td></tr></table></div>
<p style="text-align:left;margin-top:12pt;line-height:10pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Calibri;font-size:11pt;">
<p style="margin-bottom:0pt;line-height:10pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:7pt;font-family:Times New Roman;">&nbsp;</p>&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:7.78%;width:426.7pt;;">
<tr>
<td style="width:180pt;"></td>
<td style="width:26.6pt;"></td>
<td style="width:108pt;"></td>
<td style="width:4.1pt;"></td>
<td style="width:108pt;"></td>
</tr>
<tr>
<td valign="bottom" >
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:35.6pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Value of _______ Shares pursuant to net exercise</font><sup style="font-size:85%;line-height:120%;vertical-align:top">3</sup><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><sup style="font-size:85%;line-height:120%;vertical-align:top"></sup></font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">:</font></p></td>
<td valign="top" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$_____________</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr>
<td valign="bottom" >
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:35.6pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:22.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td style="border:none;padding:0;"></td>
<td style="border:none;padding:0;"></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By this exercise, I agree (i)&#160;to provide such additional documents as you may require pursuant to the terms of the Plan, and (ii)&#160;to satisfy the tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I further agree that I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company that I hold, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the &#8220;<font style="font-weight:bold;font-style:italic;">Lock-Up Period</font>&#8221;); <font style="font-style:italic;">provided, however</font>, that nothing contained in this paragraph will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period.&#160; I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto.&#160; I further agree that in order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to shares of Common Stock that I hold until the end of such period.&#160; I also agree that any transferee of any shares of Common Stock (or other securities) of the Company that I hold will be bound by this paragraph.&#160; The underwriters of the Company&#8217;s stock are intended third party beneficiaries of this paragraph and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="margin-bottom:30pt;text-align:justify;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Very truly yours,</p>
<p style="margin-bottom:30pt;margin-top:0pt;margin-left:53.85%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:100%;"><font style="text-decoration:underline;"></font>&nbsp;</p>
<p style="margin-bottom:30pt;margin-top:0pt;margin-left:53.85%;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;"><a name="_Hlk62735374"></a>&nbsp;</p>
<div align="left"><table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:20%;"><tr><td style="width:20%;"></td></tr><tr><td valign="top"  style="border-bottom:Solid 1pt #000000;"><p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;text-indent:0pt;font-size:8pt;">&nbsp;</p></td></tr></table></div>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:0%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><sup style="font-size:85%;line-height:120%;vertical-align:top">3</sup>&nbsp;</font></p></td>
<td valign="top" style="width:100%;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> The option must be a Nonstatutory Stock Option, and the Company must have established net exercise procedures at the time of exercise, in order to utilize this payment method. </p></td></tr></table></div>
<p style="text-align:left;margin-top:12pt;line-height:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:11pt;">
<p style="margin-bottom:0pt;line-height:10pt;margin-top:0pt;text-indent:0%;font-size:7pt;font-family:Times New Roman;">&nbsp;</p>&nbsp;</p></body>
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