<SEC-DOCUMENT>0001104659-25-121182.txt : 20251215
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<ACCEPTANCE-DATETIME>20251215163040
ACCESSION NUMBER:		0001104659-25-121182
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20251210
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251215
DATE AS OF CHANGE:		20251215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zenas BioPharma, Inc.
		CENTRAL INDEX KEY:			0001953926
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42270
		FILM NUMBER:		251572020

	BUSINESS ADDRESS:	
		STREET 1:		852 WINTER STREET, SUITE 250
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451
		BUSINESS PHONE:		857-271-2954

	MAIL ADDRESS:	
		STREET 1:		852 WINTER STREET, SUITE 250
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Zenas BioPharma (Cayman) Ltd
		DATE OF NAME CHANGE:	20221108
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PURSUANT TO SECTION 13 OR 15(d)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed since
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities
Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">If an emerging growth company, indicate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #211d1e"><b>Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Adoption of&#160;Inducement&#160;Plan</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 10, 2025, the Board approved the Zenas BioPharma, Inc.</span> 2026&#160;Inducement&#160;Plan&#160;(the &#8220;2026&#160;Inducement&#160;Plan&#8221;),
the form of Non-Statutory Stock Option Agreement under the 2026 Inducement Plan (the &#8220;Form Inducement Option Agreement&#8221;),
the form of Global Non-Statutory Stock Option Agreement under the 2026 Inducement Plan (the &#8220;Form Global Inducement Option Agreement&#8221;),
the form of Restricted Stock Unit Agreement under the 2026 Inducement Plan (the &#8220;Form Inducement RSU Agreement&#8221;), and the
form of Global Restricted Stock Unit Agreement under the 2026 Inducement Plan (the &#8220;Form Global Inducement RSU Agreement&#8221;).
Pursuant to the terms of the 2026&#160;Inducement&#160;Plan, the Company may grant non-statutory stock options, stock appreciation rights,
restricted stock units, restricted stock and other stock-based awards with respect to up to a total of 1,000,000 shares of Common Stock
of the Company, as an inducement to individuals being hired, or rehired following a bona fide period of interruption of employment, as
an employee of the Company or any of its subsidiaries. In accordance with Nasdaq Listing Rule 5635(c)(4), the Company did not seek stockholder
approval of the 2026&#160;Inducement&#160;Plan. The Form Inducement Option Agreement, the Form Global Inducement Option Agreement, the
Form Inducement RSU Agreement and the Form Global Inducement RSU Agreement will be used to evidence awards of stock options or restricted
stock units, as applicable, that are granted under the 2026 Inducement Plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing is a brief description of the material terms of the 2026&#160;Inducement&#160;Plan,
the Form Inducement Option Agreement, the Form Global Inducement Option Agreement, the Form Inducement RSU Agreement and the Form Global
Inducement RSU Agreement, and is qualified in its entirety by reference to the full text of the 2026&#160;Inducement&#160;Plan, the Form
Inducement Option Agreement, the Form Global Inducement Option Agreement,&#160; the Form Inducement RSU Agreement and the Form Global
Inducement RSU Agreement filed as Exhibit 10.1, Exhibit 10.2, Exhibit 10.3, Exhibit 10.4 and Exhibit 10.5, respectively, to this Current
Report on Form 8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01. Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 25.15pt">(d) <b>Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 89%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
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    <td style="vertical-align: top"><a href="tm2533427d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></a></td>
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    <td style="vertical-align: top; text-align: justify"><a href="tm2533427d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zenas BioPharma, Inc. 2026 Inducement Plan.</span></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
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    <td style="vertical-align: top"><a href="tm2533427d1_ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><a href="tm2533427d1_ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Non-Statutory Stock Option Agreement under the Zenas BioPharma, Inc. 2026 Inducement Plan.</span></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="tm2533427d1_ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><a href="tm2533427d1_ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Restricted Stock Unit Agreement under the Zenas BioPharma, Inc. 2026 Inducement Plan.</span></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="tm2533427d1_ex10-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><a href="tm2533427d1_ex10-4.htm" style="-sec-extract: exhibit">
Form of Global Non-Statutory Stock Option
Agreement under the Zenas BioPharma, Inc. 2026 Inducement Plan.</a></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="tm2533427d1_ex10-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></a></td>
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    <td style="vertical-align: top; text-align: justify"><a href="tm2533427d1_ex10-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Global Restricted Stock Unit Agreement under the Zenas BioPharma, Inc. 2026 Inducement Plan.</span></a></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
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    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL).</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ZENAS BIOPHARMA, Inc.</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: December 15</span>, 2025</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jennifer Fox</span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#160;</td>
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer Fox</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1&#8239;</B></P>

<P STYLE="margin: 0; text-align: right"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2533427d1_ex10-1img01.jpg" ALT="" STYLE="height: 52px; width: 144px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ZENAS BIOPHARMA,&#8239;INC.</B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2026 INDUCEMENT PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>DEFINED TERMS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Exhibit&#8239;A</U>, which
is incorporated by reference, defines certain terms used in this Plan and includes certain operational rules&#8239;related to those terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>PURPOSE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan has been established
to allow the Company to provide an inducement to secure and retain the services of Eligible Individuals (as defined in Section&#8239;5)
by providing for the grant of Awards to such Eligible Individuals. This Plan is intended to meet the requirements of a plan providing
for inducement grants under Rule&#8239;5635(c)(4)&#8239;of the Nasdaq Listing Rules&#8239;and shall be administered in accordance with such
intent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>ADMINISTRATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan will be administered
by the Administrator. The Administrator has discretionary authority, subject only to the express provisions of this Plan, to administer
and interpret this Plan and any Awards; to determine the Eligible Individuals to whom to grant Awards; to determine the exercise price,
base value from which appreciation is measured, or purchase price, if any, applicable to any Award, to determine, modify, accelerate or
waive the terms and conditions of any Award; to determine the form of settlement of Awards (whether in cash, shares of Stock, other Awards
or other property); to prescribe forms, rules&#8239;and procedures relating to this Plan and Awards; and to otherwise do all things necessary
or desirable to carry out the purposes of this Plan or any Award. Determinations of the Administrator made with respect to this Plan or
any Award are conclusive and binding upon all persons. Notwithstanding the foregoing or anything in the Plan to the contrary, the grant
of Awards must be approved by the Compensation Committee or a majority of the Company&rsquo;s independent directors (as defined in Rule&#8239;5605(a)(2)&#8239;of
the Nasdaq Listing Rules) in order to comply with the exemption from the stockholder approval requirement for &ldquo;inducement grants&rdquo;
provided under Rule&#8239;5635(c)(4)&#8239;of the Nasdaq Listing Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>SHARE POOL; LIMITS ON AWARDS</B></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B><U>Number of Shares</U>.</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221F1F"><B>(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT>&#8239;Subject
to adjustment as provided in Section&#8239;7(b)&#8239;of this Plan, the maximum number of shares of Stock that may be delivered in satisfaction
of Awards under this Plan is 1,000,000 shares (the &ldquo;Share Pool&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221F1F"><B>(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT>The
Share Pool shall not be reduced by (A)&#8239;any shares of Stock withheld by the Company in payment of the exercise price or purchase price
of an Award or in satisfaction of tax withholding requirements with respect to an Award or (B)&#8239;any shares of Stock underlying any
portion of an Award that is settled in cash or that expires, becomes unexercisable, terminates or is forfeited to or repurchased by the
Company without the issuance of Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Type
of Shares</U>. </B>Stock delivered by the Company under this Plan may be authorized but unissued Stock, treasury Stock or previously issued
Stock acquired by the Company. No fractional shares of Stock will be delivered under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Mergers
and Acquisitions.</U></B> Shares may be issued in connection with Awards granted in respect of converted, replaced or adjusted awards
in connection with a merger or acquisition as permitted by Nasdaq Listing Rule&#8239;5635(c)&#8239;or other applicable rule, and any such
issuance will not reduce the Share Pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>ELIGIBILITY AND PARTICIPATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Awards may only be granted
under the Plan to an individual not previously an employee or director of the Company or any Subsidiary, or to an individual following
a bona fide period of non-employment with the Company or any Subsidiary, as an inducement material to the individual&rsquo;s entering
into employment with the Company or Subsidiary within the meaning of Rule&#8239;5635(c)(4)&#8239;of the Nasdaq Listing Rules&#8239;(each
such individual, an &ldquo;Eligible Individual&rdquo;). In addition, eligibility for Stock Options and SARs is limited to Eligible Individuals
who are providing direct services on the date of grant of the Award to the Company or any Subsidiary that would be described in the first
sentence of Section&#8239;1.409A-1(b)(5)(iii)(E)&#8239;of the Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>RULES APPLICABLE TO AWARDS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B><U>All Awards</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Award
Provisions</U>. </FONT></B><FONT STYLE="color: #231F20">The Administrator will determine the terms and conditions of all Awards, subject
to the limitations provided herein. By accepting (or, under such rules&#8239;as the Administrator may prescribe, being deemed to have accepted)
an Award, the Participant will be deemed to have agreed to the terms and conditions of the Award and this Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Term
of Plan</U>. </FONT></B><FONT STYLE="color: #231F20">No Awards may be made after ten years from the Date of Adoption, but previously granted
Awards may continue beyond that date in accordance with their terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(iii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Transferability</U>.
</FONT></B><FONT STYLE="color: #231F20">Except as the Administrator otherwise expressly provides in accordance with the third sentence
of this Section&#8239;6(a)(iii), Awards may not be transferred other than by will or by the applicable laws of descent and distribution.
During a Participant&rsquo;s lifetime, except as the Administrator otherwise expressly provides in accordance with the third sentence
of this Section&#8239;6(a)(iii), SARs and Stock Options may be exercised only by the Participant. The Administrator may permit the gratuitous
transfer (i.e., transfer not for value) of Awards, subject to applicable securities and other laws and such terms and conditions as the
Administrator may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in; color: #231F20"><B>&#8239;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in; color: #231F20">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>(iv)</B><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="color: #231F20"><B><U>Vesting;
Exercisability</U>. </B>The Administrator will determine the time or times at which an Award vests or becomes exercisable and the terms
and conditions on which a Stock Option or SAR remains exercisable. Without limiting the foregoing, the Administrator may at any time
accelerate the vesting and/or exercisability of an Award (or any portion thereof), regardless of any adverse or potentially adverse tax
or other consequences resulting from such acceleration. Unless the Administrator expressly provides otherwise, however, the following
rules&#8239;will apply if a Participant&rsquo;s Employment ceases:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><B>(A)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>Except
as provided in (B)&#8239;and (C)&#8239;below, immediately upon the cessation of the Participant&rsquo;s Employment, each Stock Option and
SAR (or portion thereof) that is then held by the Participant or by the Participant&rsquo;s permitted transferees, if any, will cease
to be exercisable and will terminate, and each other Award that is then held by the Participant or by the Participant&rsquo;s permitted
transferees, if any, to the extent not then vested, will be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><FONT STYLE="color: #231F20"><B>(B)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>Subject
to (C)&#8239;and (D)&#8239;below, each vested and unexercised Stock Option and SAR (or portion thereof) held by the Participant or the Participant&rsquo;s
permitted transferees, if any, immediately prior to the cessation of the Participant&rsquo;s Employment, to the extent then exercisable,
will remain exercisable for the lesser of (i)&#8239;a period of three months following such cessation of Employment or (ii)&#8239;the period
ending on the latest date</FONT> on which such Stock Option or SAR could have been exercised without regard to this Section&#8239;6(a)(iv),
and will thereupon immediately terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><B>(C)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>Subject
to (D)&#8239;below, each vested and unexercised Stock Option and SAR (or portion thereof) held by a Participant or the Participant&rsquo;s
permitted transferees, if any, immediately prior to the cessation of the Participant&rsquo;s Employment due to his or her death or by
the Company or a Subsidiary due to his or her Disability, to the extent then exercisable, will remain exercisable for the lesser of (i)&#8239;the
one-year period ending on the first anniversary of such cessation of Employment or (ii)&#8239;the period ending on the latest date on which
such Stock Option or SAR could have been exercised without regard to this Section&#8239;6(a)(iv), and will thereupon immediately terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><B>(D)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>All
Awards (whether or not vested or exercisable) held by a Participant or the Participant&rsquo;s permitted transferees, if any, immediately
prior to the cessation of the Participant&rsquo;s Employment will immediately terminate upon (i)&#8239;such cessation of Employment if
the termination is for Cause or occurs in circumstances that in the determination of the Administrator would have constituted grounds
for the Participant&rsquo;s Employment to be terminated for Cause (in each case, without regard to the lapsing of any required notice
or cure periods in connection therewith) or (ii)&#8239;to the maximum extent permitted under applicable law, the Participant&rsquo;s violation
of any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention assignment, or other restrictive covenant
in favor of the Company or any of its affiliates by which the Participant is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(v)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Recovery
of Compensation</U></FONT></B><FONT STYLE="color: #231F20">. The Administrator may provide in any case that any outstanding Award (whether
or not vested or exercisable), the proceeds from the exercise or disposition of any Award or Stock acquired under any Award, and any other
amounts received in respect of any Award or Stock acquired under any Award will be subject to forfeiture and disgorgement to the Company,
with interest and other related earnings, if the Participant to whom the Award was granted is not in compliance with any provision of
this Plan or any applicable Award Agreement or any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention
assignment or other restrictive covenant by which he or she is bound. Each Award will be subject to any policy of the Company or any Subsidiary
that relates to trading on non-public information and permitted transactions with respect to shares of Stock, including limitations on
hedging and pledging. In addition, each Award will be subject to any policy of the Company or any of its affiliates that provides for
forfeiture, disgorgement, or clawback with respect to incentive compensation that includes Awards under this Plan and will be further
subject to forfeiture and disgorgement to the extent required by law or applicable stock exchange listing standards, including, without
limitation, Section&#8239;10D of the Exchange Act. Each Participant, by accepting or being deemed to have accepted an Award under this
Plan, agrees (or will be deemed to have agreed) to the terms of this Section&#8239;6(a)(v)&#8239;and to any clawback, recoupment or similar
policy of the Company or any Subsidiary and further agrees (or will be deemed to have further agreed) to cooperate fully with the Administrator,
and to cause any and all permitted transferees of the Participant to cooperate fully with the Administrator, to effectuate any forfeiture
or disgorgement described in this Section&#8239;6(a)(v). Neither the Administrator nor the Company nor any other person, other than the
Participant and his or her permitted transferees, if any, will be responsible for any adverse tax or other consequences to a Participant
or his or her permitted transferees, if any, that may arise in connection with this Section&#8239;6(a)(v).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(vi)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Taxes</U>.
</FONT></B><FONT STYLE="color: #231F20">The grant of an Award and the issuance, delivery, vesting and retention of Stock, cash or other
property under an Award are conditioned upon the full satisfaction by the Participant of all tax and other withholding requirements with
respect to the Award. The Administrator will prescribe such rules&#8239;for the withholding of taxes and other amounts with respect to
any Award as it deems necessary or appropriate. Without limitation to the foregoing, the Company or, if different, a Subsidiary that is
an employer to a Participant who is an employee of such entity will have the authority and the right to deduct or withhold (by any means
set forth herein or in an Award Agreement), or require the Participant to remit to it, an amount sufficient to satisfy all U.S. and non-U.S.
federal, state and local income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items
related to participation in this Plan and any Award hereunder and legally applicable to the Participant and required by law to be withheld
(including, any amount deemed by the Company, in its discretion, to be an appropriate charge to the Participant even if legally applicable
to the Company or any affiliate of the Company). The Administrator, in its sole discretion, may hold back shares of Stock from an Award
or permit a Participant to tender previously-owned shares of Stock in satisfaction of tax or other withholding requirements (but not in
excess of the maximum withholding amount consistent with the Award being subject to equity accounting treatment under the Accounting Rules).
Any amounts withheld pursuant to this Section&#8239;6(a)(vi)&#8239;will be treated as though such amounts had been paid directly to the
applicable Participant. In addition, the Company may, to the extent permitted by law, deduct any such tax and other withholding amounts
from any payment of any kind otherwise due to a Participant from the Company or any of its affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(vii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Dividend
Equivalents</U>. </FONT></B><FONT STYLE="color: #231F20">The Administrator may provide for the payment of amounts (on terms and subject
to such restrictions and conditions established by the Administrator) in lieu of cash dividends or other cash distributions with respect
to Stock subject to an Award whether or not the holder of such Award is otherwise entitled to share in the actual dividend or distribution
in respect of such Award; <I>provided, however</I>, that, except as contemplated by Section&#8239;7 of this Plan, (A)&#8239;dividends or
dividend equivalents relating to an Award that, at the dividend payment date, remains subject to a risk of forfeiture (whether service-based
or performance-based) shall be subject to the same risk of forfeiture as applies to the underlying Award and (B)&#8239;no dividends or
dividend equivalents shall be payable with respect to Stock Options or SARs. Any entitlement to dividend equivalents or similar entitlements
will be established and administered either consistent with an exemption from, or in compliance with, the applicable requirements of Section&#8239;409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(viii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Rights
Limited</U>. </FONT></B><FONT STYLE="color: #231F20">Nothing in this Plan or any Award will be construed as giving any person the right
to be granted an Award or to continued Employment, or any rights as a stockholder except as to shares of Stock actually delivered under
this Plan. The loss of existing or potential profit in any Award will not constitute an element of damages in the event of a termination
of a Participant&rsquo;s Employment for any reason, even if the termination is in violation of an obligation of the Company or any Subsidiary
to the Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><FONT STYLE="color: #231F20"><U>Section&#8239;409A</U>.</FONT></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><B>(A)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>Without
limiting the generality of Section&#8239;11(b)&#8239;of this Plan, each Award will contain such terms as the Administrator determines and
will be construed and administered, such that the Award either qualifies for an exemption from the requirements of Section&#8239;409A or
satisfies such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><B>(B)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>Notwithstanding
anything to the contrary in this Plan or any Award Agreement, the Administrator may unilaterally amend, modify or terminate this Plan
or any outstanding Award, including, without limitation, changing the form of the Award, if the Administrator determines that such amendment,
modification or termination is necessary or desirable to avoid the imposition of any additional tax, interest or penalty under Section&#8239;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><B>(C)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>If
a Participant is determined on the date of the Participant&rsquo;s termination of Employment to be a &ldquo;specified employee&rdquo;
within the meaning of that term under Section&#8239;409A(a)(2)(B)&#8239;of the Code, then, with regard to any payment that is considered
nonqualified deferred compensation under Section&#8239;409A, to the extent applicable, payable on account of a &ldquo;separation from service&rdquo;,
such payment will be made or provided on the date that is the earlier of (i)&#8239;the first business day following the expiration of the
six-month period measured from the date of such &ldquo;separation from service&rdquo; and (ii)&#8239;the date of the Participant&rsquo;s
death (the &ldquo;<B>Delay Period</B>&rdquo;). Upon the expiration of the Delay Period, all payments delayed pursuant to this Section&#8239;6(a)(ix)(C)&#8239;(whether
they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) will be paid, without interest,
on the first business day following the expiration of the Delay Period in a lump sum and any remaining payments due under the Award will
be paid in accordance with the normal payment dates specified for them in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><B>(D)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>For
purposes of Section&#8239;409A, each payment made under this Plan or any Award will be treated as a separate payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in; color: #231F20"><B>(E)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B>With
regard to any payment considered to be nonqualified deferred compensation under Section&#8239;409A, to the extent applicable, that is payable
upon a change in control of the Company or other similar event, to the extent required to avoid the imposition of any additional tax,
interest or penalty under Section&#8239;409A, no amount will be payable unless such change in control constitutes a &ldquo;change in control
event&rdquo; within the meaning of Section&#8239;1.409A-3(i)(5)&#8239;of the Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B><U>Stock Options and SARs</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Time
and Manner of Exercise</U>. </FONT></B><FONT STYLE="color: #231F20">Unless the Administrator expressly provides otherwise, no Stock Option
or SAR will be deemed to have been exercised until the Administrator receives a notice of exercise in a form acceptable to the Administrator
that is signed by the appropriate person and accompanied by any payment required under the Award. The Administrator may limit or restrict
the exercisability of any Stock Option or SAR in its discretion, including in connection with any Covered Transaction. Any attempt to
exercise a Stock Option or SAR by any person other than the Participant will not be given effect unless the Administrator has received
such evidence as it may require that the person exercising the Award has the right to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Exercise
Price</U>. </FONT></B><FONT STYLE="color: #231F20">The exercise price (or the base value from which appreciation is to be measured) per
share of each Award requiring exercise must be no less than 100% of the Fair Market Value of a share of Stock, determined as of the date
of grant of the Award, or such higher amount as the Administrator may determine in connection with the grant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(iii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Payment
of Exercise Price</U>. </FONT></B><FONT STYLE="color: #231F20">Where the exercise of an Award (or portion thereof) is to be accompanied
by a payment, payment of the exercise price must be made by cash or check acceptable to the Administrator or, if so permitted by the Administrator
and if legally permissible, (A)&#8239;through the delivery of previously acquired unrestricted shares of Stock, or the withholding of unrestricted
shares of Stock otherwise deliverable upon exercise, in either case, that have a Fair Market Value equal to the exercise price; (B)&#8239;through
a broker-assisted cashless exercise program acceptable to the Administrator; (C)&#8239;by other means acceptable to the Administrator;
or (D)&#8239;by any combination of the foregoing permissible forms of payment. The delivery of previously acquired shares in payment of
the exercise price under clause (A)&#8239;above may be accomplished either by actual delivery or by constructive delivery through attestation
of ownership, subject to such rules&#8239;as the Administrator may prescribe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(iv)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Maximum
Term</U>. </FONT></B><FONT STYLE="color: #231F20">The maximum term of Stock Options and SARs must not exceed 10 years from the date of
grant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>EFFECT OF CERTAIN TRANSACTIONS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Mergers,&#8239;<I>etc</I></U><I>.
</I></B>Except as otherwise expressly provided in an Award Agreement or other agreement or by the Administrator, the following provisions
will apply in the event of a Covered Transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Assumption
or Substitution</U>. </FONT></B><FONT STYLE="color: #231F20">If the Covered Transaction is one in which there is an acquiring or surviving
entity, the Administrator may provide for (A)&#8239;the assumption or continuation of some or all outstanding Awards or any portion thereof
or (B)&#8239;the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Cash-Out
of Awards</U>. </FONT></B><FONT STYLE="color: #231F20">Subject to Section&#8239;7(a)(v)&#8239;of this Plan, the Administrator may provide
for payment (a &ldquo;<B>cash-out</B>&rdquo;), with respect to some or all Awards or any portion thereof (including only the vested portion
thereof, with the unvested portion terminating without payment due as provided in Section&#8239;7(a)(iv)&#8239;of this Plan), equal in the
case of each applicable Award or portion thereof to the excess, if any, of (A)&#8239;the Fair Market Value of one share of Stock multiplied
by the number of shares of Stock subject to the Award or such portion, minus (B)&#8239;the aggregate exercise or purchase price, if any,
of such Award or such portion thereof (or, in the case of a SAR, the aggregate base value above which appreciation is measured), in each
case, on such payment and other terms and subject to such conditions (which need not be the same as the terms and conditions applicable
to holders of Stock generally), as the Administrator determines, including that any amounts paid in respect of such Award in connection
with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate.
For the avoidance of doubt, if the per share exercise or purchase price (or base value) of an Award or portion thereof is equal to or
greater than the Fair Market Value of one share of Stock, such Award or portion may be cancelled with no payment due hereunder or otherwise
in respect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(iii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Acceleration
of Certain Awards</U>. </FONT></B><FONT STYLE="color: #231F20">Subject to Section&#8239;7(a)(v)&#8239;of this Plan, the Administrator may
provide that any Award requiring exercise will become exercisable, in full or in part, and/or that the delivery of any shares of Stock
remaining deliverable under any outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards to the extent
consisting of Stock Units) will be accelerated, in full or in part, in each case on a basis that gives the holder of the Award a reasonable
opportunity, as determined by the Administrator, following the exercise of the Award or the delivery of the shares, as the case may be,
to participate as a stockholder in the Covered Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(iv)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Termination
of Awards upon Consummation of Covered Transaction</U>. </FONT></B><FONT STYLE="color: #231F20">Except as the Administrator may otherwise
determine, each Award will automatically terminate immediately upon the consummation of the Covered Transaction, other than (A)&#8239;any
Award that is assumed or continued pursuant to Section&#8239;7(a)(i)(A)&#8239;of this Plan and (B)&#8239;any Award that by its terms, or
as a result of action taken by the Administrator, continues following the Covered Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(v)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Additional
Limitations</U>. </FONT></B><FONT STYLE="color: #231F20">Any share of Stock and any cash or other property or other award delivered pursuant
to Section&#8239;7(a)(i), Section&#8239;7(a)(ii)&#8239;or Section&#8239;7(a)(iii)&#8239;of this Plan with respect to an Award may, in the discretion
of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate, including to reflect any performance
or other vesting conditions to which the Award was subject and that did not lapse (and were not satisfied) in connection with the Covered
Transaction. For purposes of the immediately preceding sentence, a cash-out under Section&#8239;7(a)(ii)&#8239;of this Plan or an acceleration
under Section&#8239;7(a)(iii)&#8239;of this Plan will not, in and of itself, be treated as the lapsing (or satisfaction) of a performance
or other vesting condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(vi)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Uniform
Treatment</U>. </FONT></B><FONT STYLE="color: #231F20">For the avoidance of doubt, the Administrator need not treat Participants or Awards
(or portions thereof) in a uniform manner, and may treat different Participants and/or Awards differently, in connection with a Covered
Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B><U>Changes in and Distributions with Respect to Stock</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Basic
Adjustment Provisions</U>. </FONT></B><FONT STYLE="color: #231F20">In the event of a stock dividend, stock split or combination of shares
(including a reverse stock split), recapitalization or other change in the Company&rsquo;s capital structure that constitutes an equity
restructuring within the meaning of the Accounting Rules, the Administrator shall make appropriate adjustments to the Share Pool, and
shall make appropriate adjustments to the number and kind of shares of stock or securities underlying Awards then outstanding or subsequently
granted, any exercise or purchase prices (or base values) relating to Awards and any other provision of Awards affected by such change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Certain
Other Adjustments</U>. </FONT></B><FONT STYLE="color: #231F20">The Administrator may also make adjustments of the type described in Section&#8239;7(b)(i)&#8239;of
this Plan to take into account distributions to stockholders other than those provided for in Sections 7(a)&#8239;and 7(b)(1)&#8239;of this
Plan, or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of this
Plan or any Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #221E1F"><B>(iii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></B></FONT><B><FONT STYLE="color: #231F20"><U>Continuing
Application of Plan Terms</U>. </FONT></B><FONT STYLE="color: #231F20">References in this Plan to shares of Stock will be construed to
include any stock or securities resulting from an adjustment pursuant to this Section&#8239;7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>LEGAL CONDITIONS ON DELIVERY OF STOCK</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">An Award will not be effective
unless such Award is in compliance with all applicable U.S. federal and state securities laws, any non-U.S. securities and exchange control
laws, the Nasdaq Listing Rules, and any other laws, the rules&#8239;and regulations of any governmental body and the requirements of any
stock exchange or automated quotation system upon which the shares of Stock may then be listed or quoted, as they are in effect on the
date of grant of the Award and also on the date of exercise or other issuance. The Company will not be obligated to deliver any shares
of Stock pursuant to this Plan or to remove any restriction from shares of Stock previously delivered under this Plan until: (a)&#8239;the
Company is satisfied, in its sole discretion, that all legal matters (as referenced above) in connection with the issuance and delivery
of such shares have been addressed and resolved; (b)&#8239;if the outstanding Stock is at the time of delivery listed on any stock exchange
or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official
notice of issuance; and (c)&#8239;all conditions of the Award have been satisfied or waived. The Company may require, as a condition to
the exercise of an Award or the delivery of shares of Stock under an Award, such representations or agreements as counsel for the Company
may consider appropriate to avoid violation of the U.S. Securities Act of 1933, as amended, the Nasdaq Listing Rules, or any applicable
state or non-U.S. securities law. Any Stock delivered under this Plan will be evidenced in such manner as the Administrator determines
appropriate, including book-entry registration or delivery of stock certificates. In the event that the Administrator determines that
stock certificates will be issued in connection with Stock issued under this Plan, the Administrator may require that such certificates
bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates
pending the lapse of the applicable restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>AMENDMENT AND TERMINATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">The Administrator
may at any time or times amend this Plan or any outstanding Award for any purpose which may at the time be permitted by applicable law,
and may at any time terminate this Plan as to any future grants of Awards; <I>provided, however</I>, that except as otherwise expressly
provided in this Plan or the applicable Award, the Administrator may not, without the Participant&rsquo;s consent, alter the terms of
an Award so as to affect materially and adversely the Participant&rsquo;s rights under the Award, unless the Administrator expressly reserved
the right to do so in this Plan or at the time the applicable Award was granted. Any amendments to this Plan will be conditioned upon
stockholder approval only to the extent, if any, such approval is required by applicable law (including the Code) or stock exchange requirements,
as determined by the Administrator. For the avoidance of doubt, without limiting the Administrator&rsquo;s rights hereunder, no adjustment
to any Award pursuant to the terms of Section&#8239;7 or Section&#8239;12 of this Plan will be treated as an amendment requiring a Participant&rsquo;s
consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>OTHER COMPENSATION ARRANGEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">The existence
of this Plan or the grant of any Award will not affect the right of the Company or any Subsidiary to grant any person bonuses or other
compensation in addition to Awards under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>MISCELLANEOUS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Waiver
of Jury Trial</U>. </B>By accepting or being deemed to have accepted an Award under this Plan, each Participant waives (or will be deemed
to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim
concerning any rights under this Plan or any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered
or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings
or counterclaim will be tried before a court and not before a jury. By accepting (or being deemed to have accepted) an Award under this
Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise,
that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding
anything to the contrary in this Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree
to submit any dispute arising under the terms of this Plan or any Award to binding arbitration or as limiting the ability of the Company
to require any individual to agree to submit such disputes to binding arbitration as a condition of receiving an Award hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Limitation
of Liability</U>. </B>Notwithstanding anything to the contrary in this Plan or any Award, neither the Company, nor any Subsidiary, nor
the Administrator, nor any person acting on behalf of the Company, any Subsidiary, or the Administrator, will be liable to any Participant,
to any permitted transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason
of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of the failure of an
Award to satisfy the requirements of Section&#8239;409A or by reason of Section&#8239;4999 of the Code, or otherwise asserted with respect
to any Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Unfunded
Plan</U>. </B>The Company&rsquo;s obligations under this Plan are unfunded, and no Participant will have any right to specific assets
of the Company in respect of any Award. Participants will be general unsecured creditors of the Company with respect to any amounts due
or payable under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>RULES FOR PARTICIPANTS SUBJECT TO NON-U.S. LAWS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">To comply
with laws in countries outside of the U.S. in which the Company and its Subsidiaries operate or in which Participants work or reside,
the Administrator, in its sole discretion, shall have the power and authority to (i)&#8239;determine which Participants outside the U.S.
will be eligible to participate in the Plan; (ii)&#8239;modify the terms and conditions of any Award granted to Participants outside the
U.S.; (iii)&#8239;establish, adopt, or revise any rules&#8239;and regulations as it may deem necessary or advisable to administer this Plan
for Participants based outside of the U.S. and/or subject to the laws of countries other than the U.S., including by establishing one
or more sub-plans, supplements or appendices under this Plan or any Award Agreement for the purpose of complying or facilitating compliance
with non-U.S. laws or taking advantage of tax favorable treatment or for any other legal or administrative reason determined by the Administrator;
and (iv)&#8239;take any action, before or after an Award is granted, that it deems advisable to obtain approval or to facilitate compliance
with any necessary local governmental regulatory exemptions or approvals. Without limiting the generality of the foregoing, the Administrator
is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on eligibility to receive
an Award under the Plan or on death, disability, retirement or other termination of Employment, available methods of exercise or settlement
of an Award, payment of income, social insurance contributions and payroll taxes, the shifting of employer tax or social insurance contribution
liability to the Participant, the withholding procedures and handling of any stock certificates or other indicia of ownership. Any such
sub-plan, supplement or appendix may contain, in each case, (i)&#8239;such limitations on the Administrator&rsquo;s discretion under this
Plan and (ii)&#8239;such additional or different terms and conditions, as the Administrator deems necessary or desirable, and will be deemed
to be part of this Plan but will apply only to Participants within the group to which the sub-plan, supplement or appendix applies (as
determined by the Administrator); <I>provided, however</I>, that no sub-plan, supplement or appendix, rule&#8239;or regulation established
pursuant to this provision shall increase the Share Pool contained in Section&#8239;4 of the Plan or cause a violation of any U.S. law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>GOVERNING LAW</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Certain
Requirements of Corporate Law</U>. </B>Awards and shares of Stock will be granted, issued and administered consistent with the requirements
of applicable Delaware law relating to the issuance of stock and the consideration to be received therefor, and with the applicable requirements
of the stock exchanges or other trading systems on which the Stock is listed or entered for trading, in each case, as determined by the
Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Other
Matters</U>. </B>Except as otherwise provided by the express terms of an Award Agreement, under a sub-plan described in Section&#8239;12
of this Plan or as provided in Section&#8239;13(a)&#8239;of this Plan, the domestic substantive laws of the State of Delaware govern the
provisions of this Plan and of Awards under this Plan and all claims or disputes arising out of or based upon this Plan or any Award under
this Plan or relating to the subject matter hereof or thereof without giving <FONT STYLE="font-size: 10pt">effect to any choice or conflict
of laws provision or rule&#8239;that would cause the application of the domestic substantive laws of any other jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Jurisdiction</U>.
</B>Subject to Section&#8239;11(a)&#8239;of this Plan and except as otherwise provided by the express terms of an Award Agreement, by accepting
(or being deemed to have accepted) an Award, each Participant agrees or will be deemed to have agreed to (i)&#8239;submit irrevocably and
unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District
Court for the District of Massachusetts for the purpose of any suit, action or other proceeding arising out of or based upon this Plan
or any Award; (ii)&#8239;not commence any suit, action or other proceeding arising out of or based upon this Plan or any Award, except
in the federal and state courts located within the geographic boundaries of the United States District Court for the District of Massachusetts;
and (iii)&#8239;waive, and not assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding, any claim that
he or she is not subject personally to the jurisdiction of the above-named courts that his or her property is exempt or immune from attachment
or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding
is improper or that this Plan or any Award or the subject matter thereof may not be enforced in or by such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><I>[The remainder of this page&#8239;is intentionally
left blank.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>EXHIBIT&#8239;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B><U>Definition of Terms</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">The following
terms, when used in the Plan, have the meanings and are subject to the provisions set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Accounting
Rules&rdquo;: </B>Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Administrator&rdquo;:
</B>The Compensation Committee, which is the independent compensation committee of the Board within the meaning of Rule&#8239;5635(c)(4)&#8239;of
the Nasdaq Listing Rules, except that the Board may at any time act in the capacity of the Administrator (including with respect to such
matters that are not delegated to the Compensation Committee by the Board (whether pursuant to committee charter or otherwise), if applicable).
The Compensation Committee (or the Board, with respect to such matters over which it retains authority under the Plan or otherwise) may
delegate (i)&#8239;to one or more of its members (or one or more other members of the Board) such of its duties, powers and responsibilities
as it may determine; and (ii)&#8239;to such employees or other persons as it determines such ministerial tasks as it deems appropriate.
For purposes of the Plan, the term &ldquo;Administrator&rdquo; will include the Board, the Compensation Committee, and the person or persons
delegated authority under the Plan to the extent of such delegation, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Award&rdquo;: </B>Any
or a combination of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Stock Options.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">SARs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Stock Units, including Restricted Stock Units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Performance Awards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Awards (other than Awards described in (i)&#8239;through (iv)&#8239;above) that are convertible into or
otherwise based on Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Award
Agreement&rdquo;: </B>The written agreement evidencing the grant of an Award executed by the Company and the Participant, including any
amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Board&rdquo;: </B>The
Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Cause&rdquo;:
</B>In the case of any Participant who is party to an employment agreement with the Company or any Subsidiary that contains a definition
of &ldquo;Cause,&rdquo; the definition set forth in such agreement applies with respect to such Participant for purposes of the Plan for
so long as such agreement is in effect. In every other case, &ldquo;Cause&rdquo; means, as determined by the Administrator in its reasonable
judgment, (i)&#8239;a substantial failure of the Participant to perform the Participant&rsquo;s duties and responsibilities to the Company
or any Subsidiary or substantial negligence in the performance of such duties and responsibilities; (ii)&#8239;the commission by the Participant
of a felony or a crime involving moral turpitude; (iii)&#8239;the commission by the Participant of theft, fraud, embezzlement, material
breach of trust or any material act of dishonesty involving the Company or any Subsidiary; (iv)&#8239;a violation by the Participant of
the code of conduct of the Company or any Subsidiary of any policy of the Company or any Subsidiary, or of any statutory or common law
duty of loyalty to the Company or any Subsidiary; (v)&#8239;breach of any of the terms of the Plan or any Award made under the Plan, or
of the terms of any other agreement between the Company or any Subsidiary and the Participant; or (vi)&#8239;other conduct by the Participant
that could be expected to be harmful to the business, interests or reputation of the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Code&rdquo;:
</B>The U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as from time to time
in effect, including any applicable regulations and guidance thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Company&rdquo;: </B>Zenas BioPharma,&#8239;Inc.,
a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Compensation Committee&rdquo;: </B>The Compensation
Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Covered
Transaction&rdquo;: </B>Any of (i)&#8239;a consolidation, merger or similar transaction or series of related transactions, including a
sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or
substantially all of the Company&rsquo;s then outstanding common stock by a single person or entity or by a group of persons and/or entities
acting in concert; (ii)&#8239;a sale or transfer of all or substantially all the Company&rsquo;s assets; (iii)&#8239;a dissolution or liquidation
of the Company or (iv)&#8239;any other transaction the Administrator determines to be a Covered Transaction, solely at its discretion.
Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i)&#8239;(as
determined by the Administrator), the Covered Transaction will be deemed to have occurred upon consummation of the tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Date of Adoption&rdquo;: </B>December&#8239;10,
2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Disability&rdquo;:
</B>In the case of any Participant who is party to an employment, change of control or severance-benefit agreement that contains a definition
of &ldquo;Disability&rdquo; (or a corollary term), the definition set forth in such agreement applies with respect to such Participant
for purposes of the Plan for so long as such agreement is in effect. In every other case, &ldquo;Disability&rdquo; means, as determined
by the Administrator, absence from work due to a disability for a period in excess of ninety (90) days in any twelve (12)-month period
that would entitle the Participant to receive benefits under the Company&rsquo;s long-term disability program as in effect from time to
time (if the Participant were a participant in such program).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Eligible
Individual&rdquo;: </B>A person who meets the requirements prescribed in Section&#8239;5 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Employment&rdquo;:
</B>A Participant&rsquo;s employment or other service relationship with the Company or any Subsidiary. Employment will be deemed to continue,
unless the Administrator otherwise determines, so long as the Participant is employed by, or otherwise is providing services in a capacity
described in Section&#8239;5 of the Plan to, the Company or any Subsidiary. If a Participant&rsquo;s employment or other service relationship
is with any Subsidiary and that entity ceases to be a Subsidiary, the Participant&rsquo;s Employment will be deemed to have terminated
when the entity ceases to be a Subsidiary unless the Participant transfers Employment to the Company or one of its remaining Subsidiaries.
Notwithstanding the foregoing, in construing the provisions of any Award relating to the payment of &ldquo;nonqualified deferred compensation&rdquo;
(subject to Section&#8239;409A) upon a termination or cessation of Employment, references to termination or cessation of employment, separation
from service, retirement or similar or correlative terms will be construed to require a &ldquo;separation from service&rdquo; (as that
term is defined in Section&#8239;1.409A-1(h)&#8239;of the Treasury Regulations, after giving effect to the presumptions contained therein)
from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single &ldquo;service recipient&rdquo;
with the Company under Section&#8239;1.409A-1(h)(3)&#8239;of the Treasury Regulations. The Company may, but need not, elect in writing,
subject to the applicable limitations under Section&#8239;409A, any of the special elective rules&#8239;prescribed in Section&#8239;1.409A-1(h)&#8239;of
the Treasury Regulations for purposes of determining whether a &ldquo;separation from service&rdquo; has occurred. Any such written election
will be deemed a part of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Exchange Act&rdquo;: </B>The U.S. Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Fair
Market Value&rdquo;: </B>As of a particular date, unless otherwise determined by the Administrator, (i)&#8239;the closing price for a share
of Stock reported on the Nasdaq Global Market (or any other national securities exchange on which the Stock is then listed) for that date
or, if no closing price is reported for that date, the closing price on the immediately preceding date on which a closing price was reported
or (ii)&#8239;in the event that the Stock is not traded on a national securities exchange, the fair market value of a share of Stock determined
by the Administrator consistent with the rules&#8239;of Section&#8239;409A to the extent applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Participant&rdquo;: </B>A person who is granted
an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Performance
Award&rdquo;: </B>An Award subject to performance vesting conditions, which may include Performance Criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Performance
Criteria&rdquo;: </B>Specified criteria, other than the mere continuation of Employment or the mere passage of time, the satisfaction
of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. A Performance Criterion and any targets
with respect thereto need not be based upon an increase, a positive or improved result or avoidance of loss and may be applied to a Participant
individually, or to a business unit or division of the Company or to the Company as a whole. A Performance Criterion may also be based
on individual performance and/or subjective performance criteria (or any combination of any of the criteria described in this definition).
The Administrator may provide that one or more of the Performance Criteria applicable to such Award will be adjusted in a manner to reflect
events (for example, but without limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable
Performance Criterion or Criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Plan&rdquo;:
</B>This Zenas BioPharma,&#8239;Inc. 2026 Inducement Plan, as from time to time amended and in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Restricted
Stock Unit&rdquo;: </B>A Stock Unit that is, or as to which the delivery of Stock or of cash in lieu of Stock is, subject to the satisfaction
of specified performance or other vesting conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;SAR&rdquo;:
</B>A right entitling the holder upon exercise to receive an amount (payable in cash or in shares of Stock of equivalent value) equal
to the excess of the Fair Market Value of the shares of Stock subject to the right over the base value from which appreciation under the
SAR is to be measured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Section&#8239;409A&rdquo;: </B>Section&#8239;409A
of the Code and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Stock&rdquo;: </B>Common stock of the Company, par value $0.0001 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #231F20"><B>&ldquo;Stock Option&rdquo;:
</B>An option entitling the holder to acquire shares of Stock upon payment of the exercise price. No Stock Option granted under the Plan
is intended to be an &ldquo;incentive stock option&rdquo; within the meaning of Section&#8239;422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #231F20"><B>&ldquo;Stock Unit&rdquo;: </B>An
unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the value of Stock in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><B>&ldquo;Subsidiary&rdquo;:
</B>An entity, whether corporate, partnership, limited liability company, joint venture or otherwise, in which the Company or a Subsidiary
of the Company owns or controls 50% or more of the outstanding voting securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
<P STYLE="margin: 0; text-align: right"><B>&#8239;</B></P>

<P STYLE="margin: 0; text-align: right"><B>&#8239;</B></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2533427d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2&#8239;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares of Stock subject to the Stock Option:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise Price Per Share:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Grant:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Vesting Commencement Date:]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><B>ZENAS
BIOPHARMA,&#8239;INC.<BR>
2026 INDUCEMENT PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Non-Statutory
Stock Option Agreement</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This agreement (this &ldquo;<B>Agreement</B>&rdquo;)
evidences a stock option (the &ldquo;<B>Stock Option</B>&rdquo;) granted by Zenas BioPharma,&#8239;Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;),
to the individual named above (the &ldquo;<B>Participant</B>&rdquo;), pursuant to and subject to the terms of the Zenas BioPharma,&#8239;Inc.
2026 Inducement Plan (as from time to time amended and in effect, the &ldquo;<B>Plan</B>&rdquo;). Except as otherwise defined herein,
all capitalized terms used herein have the same meaning as in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Grant
of Stock Option</U>. On the date of grant set forth above (the &ldquo;<B>Date of Grant</B>&rdquo;), the Company granted to the Participant
the Stock Option to purchase, pursuant to and subject to the terms and conditions set forth in this Agreement and in the Plan, up to the
number of shares of Stock set forth above (the &ldquo;<B>Shares</B>&rdquo;), with an exercise price per Share as set forth above, in each
case subject to adjustment pursuant to Section&#8239;7 of the Plan in respect of transactions occurring after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Stock Option evidenced
by this Agreement is a non-statutory option (that is, an option that is not intended to qualify as an incentive stock option) and is granted
to the Participant in connection with the Participant&rsquo;s Employment as an employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Vesting</U>.
The term &ldquo;<B>vest</B>&rdquo; as used herein with respect to the Stock Option or any portion thereof means to become exercisable
and the term &ldquo;<B>vested</B>&rdquo; as used herein with respect to the Stock Option (or any portion thereof) means that the Stock
Option (or portion thereof) is then exercisable. Unless earlier terminated, forfeited, relinquished or expired, the Stock Option will
vest as follows: [INSERT VESTING SCHEDULE].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exercise
of the Stock Option</U>. No portion of the Stock Option may be exercised until such portion vests. Each election to exercise any vested
portion of the Stock Option will be subject to the terms and conditions of this Agreement and the Plan and must be in written or electronic
form acceptable to the Administrator, signed (including by electronic signature) by the Participant or, if at the relevant time the Stock
Option has passed to the estate or beneficiary of the Participant or a permitted transferee, by such estate or beneficiary or permitted
transferee. Each such written or electronic exercise election must be received by the Company at its principal office or at such other
place or by such other party as the Administrator may prescribe and must be accompanied by payment in full of the exercise price by cash
or check, through a broker-assisted exercise program acceptable to the Administrator, or as otherwise provided in the Plan. Subject to
earlier termination as set forth herein or in the Plan (including Section&#8239;6(a)(iv)&#8239;of the Plan), the latest date on which the
Stock Option or any portion thereof may be exercised is the tenth (10<SUP>th</SUP>) anniversary of the Date of Grant and, if not exercised
on or prior to such date, the Stock Option or any remaining portion thereof will thereupon immediately terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Cessation
of Employment</U>. Except as (a)&#8239;the Administrator may determine in its discretion or (b)&#8239;expressly provided for in an employment
agreement between the Participant and the Company that is in effect at the time of such termination, if the Participant&rsquo;s Employment
ceases for any reason, the Stock Option, to the extent not then vested, will be immediately forfeited for no consideration, and any vested
portion of the Stock Option that is then outstanding will remain exercisable for the period, if any, described in Section&#8239;6(a)(iv)&#8239;of
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Forfeiture;
Recovery of Compensation</U>. By accepting, or being deemed to have accepted, the Stock Option, the Participant expressly acknowledges
and agrees that his or her rights, and those of any permitted transferee, with respect to the Stock Option, including the right to any
Shares acquired under the Stock Option and any amounts received in respect thereof, are subject to Section&#8239;6(a)(v)&#8239;of the Plan
(including any successor provision). The Participant further agrees to be bound by the terms of any applicable clawback or recoupment
policy of the Company. Nothing in the preceding sentence will be construed as limiting the general application of Section&#8239;9 of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Nontransferability</U>.
The Stock Option may not be transferred except as expressly permitted under Section&#8239;6(a)(iii)&#8239;of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Taxes</U>.
The Participant expressly acknowledges and agrees that the Participant&rsquo;s rights hereunder, including the right to be issued Shares
upon exercise of the Stock Option, are subject to the Participant promptly paying to the Company in cash or by check (or by such other
means as may be acceptable to the Administrator in its discretion) all taxes required to be withheld. No Shares will be transferred pursuant
to the exercise of this Stock Option unless and until the person exercising the Stock Option has remitted to the Company an amount sufficient
to satisfy any federal, state, or local withholding tax requirements, or has made other arrangements reasonably satisfactory to the Company
with respect to such taxes. The Participant authorizes the Company and any Subsidiary to withhold such amounts from any amounts otherwise
owed to the Participant, but nothing in this sentence will be construed as relieving the Participant from any liability for satisfying
his or her obligation under the preceding provisions of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Section&#8239;280G</U>.
If any payment or benefit that the Participant may receive in respect of the Stock Option (the &ldquo;<U>Payment</U>&rdquo;), would (i)&#8239;constitute
a &ldquo;parachute payment&rdquo; within the meaning of Section&#8239;280G of the Code, and (ii)&#8239;but for this sentence, be subject
to the excise tax imposed by Section&#8239;4999 of the Code (the &ldquo;<U>Excise Tax</U>&rdquo;), then such Payment shall be reduced to
the Reduced Amount. The &ldquo;<U>Reduced Amount</U>&rdquo; shall be either (A)&#8239;the largest portion of the Payment that would result
in no portion of the Payment being subject to the Excise Tax or (B)&#8239;the largest portion, up to and including the total amount, of
the Payment, whichever of the amounts determined under (A)&#8239;and (B), after taking into account all applicable federal, state and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Participant&rsquo;s
receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject
to the Excise Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Provisions
of the Plan</U>. This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.
A copy of the Plan as in effect on the Date of Grant has been made available to the Participant. By accepting, or being deemed to have
accepted, the Stock Option, the Participant agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict
between the terms of this Agreement and the Plan, the terms of the Plan will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Guarantee of Continued Service</U>. The Participant acknowledges and agrees that nothing in this Agreement constitutes an express or implied
promise of continued employment or other engagement with the Company or any Subsidiary for any period of time or shall interfere in any
way with the right of the Company or any Subsidiary to terminate the Participant&rsquo;s relationship as an employee or other service
provider at any time, with or without Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Acknowledgements</U>.
The Participant acknowledges and agrees that (i)&#8239;this Agreement may be executed in two or more counterparts, each of which will be
an original and all of which together will constitute one and the same instrument, (ii)&#8239;this Agreement may be executed and exchanged
using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for
all purposes hereunder, and (iii)&#8239;such signature by the Company will be binding against the Company and will create a legally binding
agreement when this Agreement is countersigned by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature page&#8239;follows.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company, by its duly authorized officer, and
the Participant have executed this Agreement.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZENAS BIOPHARMA,&#8239;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed and Accepted:</FONT></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Participant&rsquo;s Name]</FONT></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Signature Page&#8239;to Stock Option Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&#8239;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&#8239;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&#8239;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="margin: 0; text-align: right"><B>&#8239;</B></P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2533427d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&#8239;of RSU Agreement (US)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&#9679;]</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Restricted Stock Units:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&#9679;]</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Grant:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&#9679;]</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>ZENAS
BIOPHARMA,&#8239;INC.<BR>
2026 INDUCEMENT PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Restricted
Stock Unit Agreement</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This agreement (this &ldquo;<B>Agreement</B>&rdquo;)
evidences a grant (the &ldquo;<B>Award</B>&rdquo;) of Restricted Stock Units (&ldquo;<B>RSUs</B>&rdquo;) by Zenas BioPharma,&#8239;Inc.,
a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), to the individual named above (the &ldquo;<B>Participant</B>&rdquo;), pursuant
to and subject to the terms of the Zenas BioPharma,&#8239;Inc. 2026 Inducement Plan (as from time to time amended and in effect, the &ldquo;<B>Plan</B>&rdquo;).
Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Grant
of RSUs</U>. The Company grants to the Participant on the date set forth above (the &ldquo;<B>Date of Grant</B>&rdquo;) the number of
Restricted Stock Units (&ldquo;<B>RSUs</B>&rdquo;) set forth above, giving the Participant the conditional right to receive, without payment
and pursuant to and subject to the terms and conditions set forth in this Agreement and in the Plan, one share of Stock (a &ldquo;<B>Share</B>&rdquo;)
with respect to each RSU subject to this Award, subject to adjustment pursuant to Section&#8239;7 of the Plan in respect of transactions
occurring after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The RSUs are granted to the
Participant in connection with the Participant&rsquo;s Employment as an employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Vesting</U>.
Unless earlier terminated, forfeited, relinquished or expired, the RSUs will vest as follows: [INSERT VESTING TERMS].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Cessation
of Employment</U>. Except as (a)&#8239;the Administrator may determine in its discretion or (b)&#8239;expressly provided for in an employment
agreement between the Participant and the Company that is in effect at the time of the Participant&rsquo;s termination of Employment,
if the Participant&rsquo;s Employment ceases for any reason, the RSUs, to the extent not then vested, will be immediately forfeited for
no consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Delivery
of Shares</U>. Subject to Section&#8239;5 below, the Company shall, as soon as practicable upon the vesting of any RSUs (but in no event
later than thirty (30) days following the date on which such RSUs vest), effect delivery of the Shares with respect to such vested RSUs
to the Participant (or, in the event of the Participant&rsquo;s death, to the person to whom the Award has passed by will or the laws
of descent and distribution). No Shares will be issued pursuant to this Award unless and until all legal requirements applicable to the
issuance or transfer of such Shares have been complied with to the satisfaction of the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Forfeiture;
Recovery of Compensation</U>. The Administrator may cancel, rescind, withhold or otherwise limit or restrict this Award at any time if
the Participant is not in compliance with all applicable provisions of this Agreement and the Plan. By accepting, or being deemed to have
accepted, the RSUs, the Participant expressly acknowledges and agrees that his or her rights, and those of any permitted transferee, with
respect to the RSUs, including the right to any Shares acquired in respect of the RSUs and any amounts received in respect thereof, are
subject to Section&#8239;6(a)(v)&#8239;of the Plan (including any successor provision). The Participant further agrees to be bound by the
terms of any applicable clawback or recoupment policy of the Company, including the Company&rsquo;s Policy for Recoupment of Incentive
Compensation Policy. Nothing in the preceding sentence will be construed as limiting the general application of Section&#8239;10 of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Nontransferability</U>.
The RSUs may not be transferred except as expressly permitted under Section&#8239;6(a)(iii)&#8239;of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Taxes</U>.
The Participant expressly acknowledges and agrees that the Participant&rsquo;s rights hereunder, including the right to be issued Shares
upon settlement of the Award, are subject to the Participant promptly paying to the Company in cash or by check (or by such other means
as may be acceptable to the Administrator) all taxes and other amounts required to be withheld. No Shares will be issued in respect of
the Award unless and until the Participant has remitted to the Company an amount in cash sufficient to satisfy any withholding requirements,
or has made other arrangements satisfactory to the Company with respect to such amounts. Unless otherwise determined by the Compensation
Committee, the Company shall automatically satisfy any tax withholding obligations by causing such number of Shares to be sold in accordance
with a sell-to-cover arrangement. The Participant authorizes the Company and its subsidiaries to withhold any amounts due in respect of
any required withholdings by withholding from the Shares otherwise deliverable in connection with the RSUs, by causing such Shares to
be sold in accordance with a sell-to-cover arrangement and/or by withholding from any amounts otherwise owed to the Participant. The Participant
shall bear all costs associated with the sale of Shares under any sell-to-cover arrangement. Nothing in this Section&#8239;7, however,
shall be construed as relieving the Participant of any liability for satisfying his or her tax obligations relating to the Award. If the
Company does not have any withholding obligations for any applicable taxes relating to the Award, the Participant shall be solely responsible
for satisfying and paying all taxes arising from or due in connection with the Award, its vesting and/or settlement and any disposition
of any Shares acquired upon the vesting of the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Nature
of Grant</U>. By accepting the Award, the Participant acknowledges, understands and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Plan is established voluntarily by the Company, is wholly discretionary in nature and may be modified, amended, suspended, or terminated
by the Company at any time, to the extent permitted by the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Plan is operated and the Award is granted solely by the Company and only the Company is a party to this Agreement; accordingly, any rights
the Participant may have under this Agreement may be raised only against the Company but not any Subsidiary (including, but not limited
to, the Subsidiary that employs the Participant (the &ldquo;<B>Service Recipient</B>&rdquo;));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
Subsidiary of the Company (including, but not limited to, the Service Recipient) has any obligation to make any payment of any kind to
the Participant under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
grant of the Award is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants
of restricted stock units, or benefits in lieu of restricted stock units, even if restricted stock units have been granted in the past;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
decisions with respect to future grants of restricted stock units or other grants, if any, will be at the sole discretion of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Award and the Participant&rsquo;s participation in the Plan shall not create a right of Employment with the Company or any Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Award and the Participant&rsquo;s participation in the Plan shall not be interpreted as forming or amending an employment or service contract
with the Company or the Service Recipient, and shall not interfere with the ability of the Company, the Service Recipient or any Subsidiary,
as applicable, to terminate the Participant&rsquo;s Employment (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Participant is voluntarily participating in the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Award and any Shares acquired under the Plan, and the income from and value of the same, are not intended to replace any pension rights
or compensation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Award and any Shares acquired under the Plan, and the income from and value of the same, are not part of normal or expected compensation
for any purposes, including but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service
payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar payments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
future value of the Shares underlying the Award is unknown, indeterminable, and cannot be predicted with certainty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
claim or entitlement to compensation or damages shall arise from (i)&#8239;forfeiture of any portion of the Award resulting from the Participant&rsquo;s
termination of Employment (for any reason whatsoever and regardless of whether or not later found to be invalid or in breach of applicable
laws in the jurisdiction where the Participant is providing service or the terms of the Participant&rsquo;s employment or other service
agreement, if any), or (ii)&#8239;the application of any clawback or recoupment policy adopted by the Company or imposed by applicable
laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>unless
otherwise agreed with the Company in writing, the Award and the Shares subject to the Award, and the income from and value of the same,
are not granted as consideration for, or in connection with, the service the Participant may provide as a director of a Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>unless
otherwise provided in the Plan or by the Company in its discretion, the Award and the benefits evidenced by this Agreement do not create
any entitlement to have the Award or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out
or substituted for, in connection with any corporate transaction affecting the Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>neither
the Company, the Service Recipient nor any Subsidiary shall be liable for any foreign exchange rate fluctuation between the Participant&rsquo;s
local currency and the U.S. dollar that may affect the value of the Shares or of any amounts due to the Participant pursuant to the settlement
of the Award or the subsequent sale of any Shares acquired upon settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Section&#8239;280G</U>.
If any payment or benefit that the Participant may receive in respect of the RSUs or otherwise from the Company or any Subsidiary (the
 &ldquo;<U>Payment</U>&rdquo;) would (i)&#8239;constitute a &ldquo;parachute payment&rdquo; within the meaning of Section&#8239;280G of the
Code, and (ii)&#8239;but for this sentence, be subject to the excise tax imposed by Section&#8239;4999 of the Code (the &ldquo;<U>Excise
Tax</U>&rdquo;), then such Payment shall be reduced to the Reduced Amount. The &ldquo;<U>Reduced Amount</U>&rdquo; shall be either (A)&#8239;the
largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (B)&#8239;the largest
portion, up to and including the total amount, of the Payment, whichever of the amounts determined under (A)&#8239;and (B), after taking
into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable
marginal rate), results in the Participant&rsquo;s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding
that all or some portion of the Payment may be subject to the Excise Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Provisions
of the Plan</U>. This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.
A copy of the Plan as in effect on the Date of Grant has been made available to the Participant. By accepting, or being deemed to have
accepted, the Award, the Participant agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict between
the terms of this Agreement and the Plan, the terms of the Plan will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Guarantee of Continued Employment</U>. The Participant acknowledges and agrees that nothing in this Agreement constitutes an express or
implied promise of continued employment or other engagement with the Company or any Subsidiary for any period of time or shall interfere
in any way with the right of the Company or any Subsidiary to terminate the Participant&rsquo;s relationship as an employee or other service
provider at any time, with or without Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Acknowledgements</U>.
The Participant acknowledges and agrees that (i)&#8239;this Agreement may be executed in two or more counterparts, each of which will be
an original and all of which together will constitute one and the same instrument, (ii)&#8239;this Agreement may be executed and exchanged
using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for
all purposes hereunder, and (iii)&#8239;such signature by the Company will be binding against the Company and will create a legally binding
agreement when this Agreement is countersigned by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature page&#8239;follows.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, by its duly authorized
officer, and the Participant have executed this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <TD>&#8239;</TD>
    <TD COLSPAN="2"><B>ZENAS BIOPHARMA,&#8239;INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
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    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
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    <TD>&#8239;</TD>
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    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed and Accepted:</FONT></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>THE PARTICIPANT</B></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
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    <TD>&#8239;</TD>
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    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR>
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    <TD STYLE="width: 2%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tm2533427d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares of Stock subject to the Stock Option:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise Price Per Share:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Grant:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vesting Commencement Date:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><B>ZENAS
BIOPHARMA,&#8239;INC.<BR>
2026 INDUCEMENT PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Global
Non-Statutory Stock Option Agreement</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This agreement, including
the additional terms and conditions for certain countries, set forth in the appendix attached hereto (the &ldquo;<B>Appendix</B>&rdquo;
and, together with this Global Non-Statutory Stock Option Agreement, the &ldquo;<B>Agreement</B>&rdquo;) evidences a stock option (the
 &ldquo;<B>Stock Option</B>&rdquo;) granted by Zenas BioPharma,&#8239;Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), to
the individual named above (the &ldquo;<B>Participant</B>&rdquo;), pursuant to and subject to the terms of the Zenas BioPharma,&#8239;Inc.
2026 Inducement Plan (as from time to time amended and in effect, the &ldquo;<B>Plan</B>&rdquo;). Except as otherwise defined herein,
all capitalized terms used herein have the same meaning as in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Grant
of Stock Option</U>. On the date of grant set forth above (the &ldquo;<B>Date of Grant</B>&rdquo;), the Company granted to the Participant
the Stock Option to purchase, pursuant to and subject to the terms and conditions set forth in this Agreement and in the Plan, up to the
number of shares of Stock set forth above (the &ldquo;<B>Shares</B>&rdquo;), with an exercise price per Share as set forth above, in each
case subject to adjustment pursuant to Section&#8239;7 of the Plan in respect of transactions occurring after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Stock Option evidenced
by this Agreement is a non-statutory option (that is, an option that is not intended to qualify as an incentive stock option) and is granted
to the Participant in connection with the Participant&rsquo;s Employment as an employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Vesting</U>.
The term &ldquo;<B>vest</B>&rdquo; as used herein with respect to the Stock Option or any portion thereof means to become exercisable
and the term &ldquo;<B>vested</B>&rdquo; as used herein with respect to the Stock Option (or any portion thereof) means that the Stock
Option (or portion thereof) is then exercisable. Unless earlier terminated, forfeited, relinquished or expired, the Stock Option will
vest as follows: [INSERT VESTING SCHEDULE].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exercise
of the Stock Option</U>. No portion of the Stock Option may be exercised until such portion vests. Each election to exercise any vested
portion of the Stock Option will be subject to the terms and conditions of this Agreement and the Plan and must be in written or electronic
form acceptable to the Administrator, signed (including by electronic signature) by the Participant or, if at the relevant time the Stock
Option has passed to the estate or beneficiary of the Participant or a permitted transferee, by such estate or beneficiary or permitted
transferee. Each such written or electronic exercise election must be received by the Company at its principal office or at such other
place or by such other party as the Administrator may prescribe and must be accompanied by payment in full of the exercise price by cash
or check, through a broker-assisted exercise program acceptable to the Administrator, or as otherwise provided in the Plan and provided
that such method of payment is in compliance with applicable laws. Subject to earlier termination as set forth herein or in the Plan (including
Section&#8239;6(a)(iv)&#8239;of the Plan), the latest date on which the Stock Option or any portion thereof may be exercised is the tenth
(10<SUP>th</SUP>) anniversary of the Date of Grant and, if not exercised on or prior to such date, the Stock Option or any remaining portion
thereof will thereupon immediately terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Cessation
of Employment</U>. Except as (a)&#8239;the Administrator may determine in its discretion or (b)&#8239;expressly provided for in an employment
agreement between the Participant and the Company that is in effect at the time of such termination, if the Participant&rsquo;s Employment
ceases for any reason, the Stock Option, to the extent not then vested, will be immediately forfeited for no consideration, and any vested
portion of the Stock Option that is then outstanding will remain exercisable for the period, if any, described in Section&#8239;6(a)(iv)&#8239;of
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Forfeiture;
Recovery of Compensation</U>. By accepting, or being deemed to have accepted, the Stock Option, the Participant expressly acknowledges
and agrees that his or her rights, and those of any permitted transferee, with respect to the Stock Option, including the right to any
Shares acquired under the Stock Option and any amounts received in respect thereof, are subject to Section&#8239;6(a)(v)&#8239;of the Plan
(including any successor provision). The Participant further agrees to be bound by the terms of any applicable clawback or recoupment
policy of the Company. Nothing in the preceding sentence will be construed as limiting the general application of Section&#8239;11 of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Nontransferability</U>.
The Stock Option may not be transferred except as expressly permitted under Section&#8239;6(a)(iii)&#8239;of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Responsibility
for Taxes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Participant acknowledges that, regardless of any action taken by the Company or, if different, the Subsidiary which employs the Participant
or to which the Participant otherwise renders service (the &ldquo;<B>Service Recipient</B>&rdquo;), the ultimate liability for all income
tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant&rsquo;s
participation in the Plan and legally applicable or deemed applicable to the Participant (&ldquo;<B>Tax-Related Items</B>&rdquo;) is and
remains the Participant&rsquo;s responsibility and may exceed the amount (if any) actually withheld by the Company or the Service Recipient.
The Participant further acknowledges that the Company and/or the Service Recipient (i)&#8239;make no representations or undertakings regarding
the treatment of any Tax-Related Items in connection with any aspect of the Stock Option, including, but not limited to, the grant, vesting
or exercise of the Stock Option, or the subsequent sale of Shares acquired pursuant to such exercise; and (ii)&#8239;do not commit to and
are under no obligation to structure the terms of the grant or any aspect of the Stock Option to reduce or eliminate the Participant&rsquo;s
liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more
than one jurisdiction, the Participant acknowledges that the Company and/or the Service Recipient (or former Service Recipient, as applicable)
may be required to withhold or account for Tax-Related Items in more than one jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
connection with any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory
to the Company and/or the Service Recipient to satisfy all Tax-Related Items. In this regard, the Participant hereby authorizes the Company
and/or the Service Recipient, or their respective agents, at their discretion, to satisfy any applicable withholding obligations or rights
for Tax-Related Items (as applicable) by one or a combination of the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>requiring
the Participant to make a payment in a form acceptable to the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>withholding
from the Participant&rsquo;s salary, wages, or any other amounts payable to the Participant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>withholding
from proceeds of the sale of Shares otherwise issuable upon exercise of the Stock Option either through a voluntary sale or through a
mandatory sale arranged by the Company (on the Participant&rsquo;s behalf pursuant to this authorization without further consent); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
other method of withholding determined by the Company and to the extent required by applicable laws or the Plan, approved by the Compensation
Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company may withhold or account for Tax-Related Items by considering statutory or other withholding rates, including up to the maximum
rates applicable in the Participant&rsquo;s jurisdiction(s). If the application of the withholding rate leads to over-withholding, the
Participant may receive a refund of any over-withheld amount in cash from the Company or the Service Recipient (with no entitlement to
the equivalent in Shares) or, if not refunded, the Participant may be able to seek a refund from the local tax authorities. If the application
of the withholding rate leads to under-withholding, the Participant may be required to pay any additional Tax-Related Items directly to
the applicable tax authority or to the Company and/or the Service Recipient. If the obligations for Tax-Related Items are satisfied by
withholding Shares, for tax purposes, the Participant will be deemed to have been issued the full number of Shares subject to the exercised
Stock Option, notwithstanding that a number of the Shares is held back solely for the purpose of satisfying the withholding obligations
for the Tax-Related Items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall not be obligated to honor an exercise or deliver any Shares to the Participant unless and until the Participant shall have
paid or otherwise satisfied in full, any withholding obligation for Tax-Related Items resulting from the Stock Option or the Shares subject
to the Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Nature
of Grant</U>. By accepting the Stock Option, the Participant acknowledges, understands and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Plan is established voluntarily by the Company, is wholly discretionary in nature and may be modified, amended, suspended, or terminated
by the Company at any time, to the extent permitted by the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Plan is operated and the Stock Option is granted solely by the Company and only the Company is a party to this Agreement; accordingly,
any rights the Participant may have under this Agreement may be raised only against the Company but not any Subsidiary (including, but
not limited to, the Service Recipient);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
Company Subsidiary (including, but not limited to, the Service Recipient) has any obligation to make any payment of any kind to the Participant
under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
grant of the Stock Option is exceptional, voluntary and occasional and does not create any contractual or other right to receive future
grants of stock options, or benefits in lieu of stock options, even if stock options have been granted in the past;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
decisions with respect to future grants of stock options or other grants, if any, will be at the sole discretion of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Stock Option and the Participant&rsquo;s participation in the Plan shall not create a right of Employment with the Company or any Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Stock Option and the Participant&rsquo;s participation in the Plan shall not be interpreted as forming or amending an employment or service
contract with the Company or the Service Recipient, and shall not interfere with the ability of the Company, the Service Recipient or
any Subsidiary, as applicable, to terminate the Participant&rsquo;s Employment (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Participant is voluntarily participating in the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Stock Option and any Shares acquired under the Plan, and the income from and value of the same, are not intended to replace any pension
rights or compensation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Stock Option and any Shares acquired under the Plan, and the income from and value of the same, are not part of normal or expected compensation
for any purposes, including but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service
payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar payments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
future value of the Shares underlying the Stock Option is unknown, indeterminable, and cannot be predicted with certainty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the underlying Shares do not increase in value, the Stock Option will have no value;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the Participant exercises the Stock Option and acquires Shares, the value of such Shares may increase or decrease, even below the exercise
price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
claim or entitlement to compensation or damages shall arise from (i)&#8239;forfeiture of any portion of the Stock Option resulting from
the Participant&rsquo;s termination of Employment (for any reason whatsoever and regardless of whether or not later found to be invalid
or in breach of applicable laws in the jurisdiction where the Participant is providing service or the terms of the Participant&rsquo;s
employment or other service agreement, if any), or (ii)&#8239;the application of any clawback or recoupment policy adopted by the Company
or imposed by applicable laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>unless
otherwise agreed with the Company in writing, the Stock Option and the Shares subject to the Stock Option, and the income from and value
of the same, are not granted as consideration for, or in connection with, the service the Participant may provide as a director of a Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>unless
otherwise provided in the Plan or by the Company in its discretion, the Stock Option and the benefits evidenced by this Agreement do not
create any entitlement to have the Stock Option or any such benefits transferred to, or assumed by, another company nor to be exchanged,
cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>neither
the Company, the Service Recipient nor any Subsidiary shall be liable for any foreign exchange rate fluctuation between the Participant&rsquo;s
local currency and the U.S. dollar that may affect the value of the Stock Option or of any amounts due to the Participant pursuant to
the exercise of the Stock Option or the subsequent sale of any Shares acquired upon exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Data
Privacy Consent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Data
Collection and Usage</U>. The Company and the Service Recipient collect, process and use certain personal information about the Participant,
including, but not limited to, the Participant&rsquo;s name, home address, telephone number, email address, date of birth, social insurance
number, passport or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details
of all Stock Options granted under the Plan or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding
in the Participant&rsquo;s favor (&ldquo;Data&rdquo;), for the purpose of implementing, administering and managing the Plan. Where required,
the legal basis for the collection and processing of Data is the Participant&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Stock
Plan Administration Service Providers</U>. The Company transfers Data to Morgan Stanley Smith Barney, LLC and its affiliated company,
E*TRADE Financial Corporate Services,&#8239;Inc. (collectively &ldquo;E*TRADE&rdquo;), an independent service provider based in the U.S.,
which is assisting the Company with the implementation, administration and management of the Plan. The Company may select a different
service provider or additional service providers and share Data with such other provider serving in a similar manner. The Participant
may be asked to agree on separate terms and data processing practices with E*TRADE, with such agreement being a condition to the ability
to participate in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>International
Data Transfers</U>. The Company and its service providers, including E*TRADE, are based in the U.S. The Participant&rsquo;s country or
jurisdiction may have different data privacy laws and protections than the U.S. Where required, the legal basis for the transfer of Data
to these recipients is the Participant&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Data
Retention</U>. The Company will hold and use Data only as long as is necessary to implement, administer and manage the Participant&rsquo;s
participation in the Plan, or as required to comply with applicable law, exercise or defense of legal rights, and archiving, back-up and
deletion processes. This period may extend beyond the Participant&rsquo;s period of Employment with the Service Recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Voluntariness
and Consequences of Consent Denial or Withdrawal</U>. Participation in the Plan is voluntary and the Participant is providing the consents
herein on a voluntary basis. The Participant understands that the Participant may request to stop the transfer and processing of the Participant&rsquo;s
Data for purposes of the Participant&rsquo;s participation in the Plan and that the Participant&rsquo;s compensation from or Employment
with the Service Recipient will not be affected. The only consequence of refusing or withdrawing consent is that the Company would not
be able to allow the Participant to participate in the Plan. The Participant understands that the Participant&rsquo;s Data will still
be processed in relation to the Participant&rsquo;s Employment and for record-keeping purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Data
Subject Rights</U>. The Participant may have a number of rights under data privacy laws in the Participant&rsquo;s jurisdiction. Depending
on where the Participant is based, such rights may include the right to (i)&#8239;request access to or copies of Data the Company processes,
(ii)&#8239;rectify incorrect Data, (iii)&#8239;delete Data, (iv)&#8239;restrict the processing of Data, (v)&#8239;restrict the portability
of Data, (vi)&#8239;lodge complaints with competent authorities in the Participant&rsquo;s jurisdiction, and/or (vii)&#8239;receive a list
with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these
rights, the Participant can contact dpo@zenasbio.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Section&#8239;280G</U>.
If any payment or benefit that the Participant may receive in respect of the Stock Option (the &ldquo;<B>Payment</B>&rdquo;), would (i)&#8239;constitute
a &ldquo;parachute payment&rdquo; within the meaning of Section&#8239;280G of the Code, and (ii)&#8239;but for this sentence, be subject
to the excise tax imposed by Section&#8239;4999 of the Code (the &ldquo;<B>Excise Tax</B>&rdquo;), then such Payment shall be reduced to
the Reduced Amount. The &ldquo;<B>Reduced Amount</B>&rdquo; shall be either (A)&#8239;the largest portion of the Payment that would result
in no portion of the Payment being subject to the Excise Tax or (B)&#8239;the largest portion, up to and including the total amount, of
the Payment, whichever of the amounts determined under (A)&#8239;and (B), after taking into account all applicable federal, state and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Participant&rsquo;s
receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject
to the Excise Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Provisions
of the Plan</U>. This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.
A copy of the Plan as in effect on the Date of Grant has been made available to the Participant. By accepting, or being deemed to have
accepted, the Stock Option, the Participant agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict
between the terms of this Agreement and the Plan, the terms of the Plan will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Acknowledgements</U>.
The Participant acknowledges and agrees that (i)&#8239;this Agreement may be executed in two or more counterparts, each of which will be
an original and all of which together will constitute one and the same instrument, (ii)&#8239;this Agreement may be executed and exchanged
using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for
all purposes hereunder, and (iii)&#8239;such signature by the Company will be binding against the Company and will create a legally binding
agreement when this Agreement is countersigned by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Electronic
Delivery and Participation</U>. The Company may, in its sole discretion, decide to deliver any documents related to current or future
participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees
to participate in the Plan through an on-line or electronic system established and maintained by the company or a third party designated
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Advice Regarding Grant</U>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding the Participant&rsquo;s participation in the Plan or the Participant&rsquo;s receipt, vesting or exercise of the Stock Option
or the Shares allocated thereto or the sale of such Shares. The Participant should consult with the Participant&rsquo;s own personal tax,
legal and financial advisors regarding participation in the Plan and the Stock Option before accepting the Stock Option or otherwise taking
any action related to the Stock Option or the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Language</U>.
The Participant acknowledges that the Participant is sufficiently proficient in English, or has consulted with an advisor who is sufficiently
proficient in English, so as to allow the Participant to understand the terms and conditions of this Agreement and the Plan. If the Participant
received this Agreement, or any other document related to the Stock Option and/or the Plan translated into a language other than English
and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise
required by applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Country-Specific
Provisions</U>. The Stock Option shall be subject to any additional terms and conditions set forth for the Participant&rsquo;s country
in the Appendix. Moreover, if the Participant relocates to one of the countries included in the Appendix, the additional terms and conditions
for such country will apply to the Participant to the extent the Company determines that the application of such terms and conditions
is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Imposition
of Other Requirements</U>. The Company reserves the right to impose other requirements on the Stock Option and the Shares issuable upon
exercise thereof, to the extent the Company determines it is necessary or advisable in order to comply with local laws or facilitate the
administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary to
accomplish the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Waiver</U>.
The Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed
as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Severability</U>.
If any portion of this Agreement or any action taken under this Agreement is held illegal or invalid for any reason, the illegality or
invalidity will not affect the remaining parts of this Agreement, and this Agreement will be construed and enforced as if the illegal
or invalid provisions had been excluded, and the illegal or invalid action will be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Insider
Trading/Market Abuse Laws</U>. Depending on the Participant&rsquo;s country or broker&rsquo;s country, or the country in which the Shares
are listed, the Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which
may affect the Participant&rsquo;s ability to accept, acquire, sell or attempt to sell, or otherwise dispose of the Shares, rights to
Shares (<I>e.g.</I>, the Stock Option) or rights linked to the value of Shares, during such times as the Participant is considered to
have &ldquo;inside information&rdquo; regarding the Company (as defined by applicable laws). Any restrictions under these laws or regulations
are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant
acknowledges that it is the Participant&rsquo;s responsibility to comply with any applicable restrictions, and should consult a personal
legal advisor on this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Foreign
Asset/Account Reporting, Exchange Control and Tax Reporting</U>. The Participant may be subject to foreign asset/account, exchange control
and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash (including dividends and the
proceeds arising from the sale of Shares) derived from participation in the Plan in, to and/or from a brokerage/bank account or legal
entity located outside the Participant&rsquo;s country. Applicable laws may require that the Participant report such accounts, assets,
the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in such country. The Participant
also may be required to repatriate sale proceeds or other funds received as a result of the Participant&rsquo;s participation in the Plan
to the Participant&rsquo;s country through a designated bank or broker within a certain time after receipt. The Participant acknowledges
that the Participant is responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting
requirements and should consult a personal tax and/or legal advisor on such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature page&#8239;follows.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, by its duly authorized
officer, and the Participant have executed this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2"><B>ZENAS BIOPHARMA,&#8239;INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed and Accepted:</FONT></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>THE PARTICIPANT</B></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Participant&rsquo;s Name]</FONT></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR>
    <TD STYLE="width: 3%">&#8239;</TD>
    <TD STYLE="width: 47%">&#8239;</TD>
    <TD STYLE="width: 2%">&#8239;</TD>
    <TD STYLE="width: 5%">&#8239;</TD>
    <TD STYLE="width: 43%">&#8239;</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>Signature Page&#8239;to
Global Stock Option Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX</B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO THE</B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBAL NON-STATUTORY STOCK OPTION AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>COUNTRY-SPECIFIC PROVISIONS</U></B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FOR PARTICIPANTS OUTSIDE OF THE U.S.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise defined herein, all capitalized
terms used herein have the same meaning as in the Plan and/or the Agreement to which this Appendix is attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Appendix includes additional terms and conditions
that govern the Stock Option if the Participant resides and/or works in one of the countries listed below. If the Participant is a citizen
or resident (or is considered as such for local law purposes) of a country other than the country in which the Participant is currently
residing and/or working, or if the Participant transfers to another country after the Date of Grant, the Administrator shall, in its discretion,
determine to what extent the terms and conditions contained herein shall be applicable to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Appendix also includes information regarding
securities, exchange controls, tax and certain other issues of which the Participant should be aware with respect to participation in
the Plan. The information is based on the securities, exchange control, tax and other laws in effect in the respective countries as of
August&#8239;2024. Such laws are often complex and change frequently. As a result, the Company strongly recommends that the Participant
not rely on the information noted herein as the only source of information relating to the consequences of participation in the Plan because
the information may be out of date when the Participant exercises the Stock Option or sells Shares acquired under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the information contained herein
is general in nature and may not apply to the Participant&rsquo;s particular situation, and the Company is not in a position to assure
the Participant of any particular result. Accordingly, the Participant should seek appropriate professional advice as to how the applicable
laws in the Participant&rsquo;s country may apply to the Participant&rsquo;s situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, if the Participant is a citizen or resident
(or is considered as such for local law purposes) of a country other than the one in which the Participant is currently residing and/or
working, or if the Participant transfers to another country after the Date of Grant, the information contained herein may not be applicable
to the Participant in the same manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CHINA</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following provisions apply if the Participant
is subject to exchange control restrictions imposed by the State Administration of Foreign Exchange (&ldquo;SAFE&rdquo;), as determined
by the Company in its sole discretion:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exercisability
of Stock Option</U></FONT>. In addition to the vesting conditions set forth in the Agreement, the Stock Option shall not vest nor be exercisable
until all necessary exchange control and other approvals from SAFE or its local counterpart have been received by the Company or one of
its Chinese Subsidiaries under applicable exchange control rules&#8239;with respect to the Plan and the awards thereunder (the &ldquo;<B>SAFE
Approval Date</B>&rdquo;). The Participant must continue to provide service through each exercisability date and through the SAFE Approval
Date to be able to exercise the Stock Option. Should the SAFE Approval Date occur after any of the exercisability dates, the Participant
will (i)&#8239;receive a credit for any vesting that would have occurred under the exercisability schedule once the SAFE Approval Date
occurs, and (ii)&#8239;continue to vest in accordance with the exercisability schedule following the SAFE Approval Date, provided that
the Participant has not experienced a termination of Employment as of the SAFE Approval Date and is otherwise entitled to exercise the
Stock Option pursuant to the terms of any applicable SAFE approval or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the Company is
unable to complete the SAFE registration or maintain the registration, no shares of Stock subject to the Stock Option shall be issued
and the Company has the sole discretion to allow any vested Stock Option to be settled in cash paid through local payroll in an amount
equal to the Fair Market Value of the Shares underlying the Stock Option on the applicable date of exercise, less </FONT>the total exercise
price and any withholding for Tax-Related Items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Furthermore, notwithstanding
any provision in the Agreement, if the Participant experiences a termination of Employment before the </FONT>SAFE Approval Date, the Stock
Option shall be forfeited, unless the Company determines in its discretion that any portion of the Stock Option that may otherwise have
vested and become exercisable in accordance with the terms of the Agreement may be exercised in compliance with applicable SAFE regulations
and restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Finally, notwithstanding
any provision in the Agreement, if the Participant experiences a termination of Employment after the </FONT>SAFE Approval Date, the Stock
Option, to the extent that vested and exercisable as of the termination of Employment, may be exercised by the Participant only within
such time period as required by the Company in accordance with SAFE requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Shares Must Remain
with Company&rsquo;s Designated Broker</U></FONT><I>.</I> The Participant agrees to hold any Shares received upon exercise of the Stock
Option with the Company&rsquo;s designated broker until the Shares are sold. The limitation shall apply to all Shares issued to the Participant
under the Plan, whether or not the Participant has experienced a termination of Employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Manner of Exercise</U></FONT>.
Notwithstanding any provision in the Agreement, the Participant must pay the exercise price by using a &ldquo;cashless exercise&rdquo;
whereby the Participant delivers to the Company a properly executed exercise election together with irrevocable instructions to the broker
to promptly delivery to the Company cash or a check payable and acceptable to the Company to pay the exercise price. The Company reserves
the right to provide the Participant with additional methods of payment depending on the development of local law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Forced Sale of
Shares</U></FONT>. The Company has the discretion to arrange for the sale of the Shares issued upon exercise of the Stock Option, either
immediately upon exercise or at any time thereafter. In any event, if the Participant&rsquo;s Employment terminates, the Participant will
be required to sell any Shares acquired under the Plan within such time period as required by the Company in accordance with SAFE requirements.
Any Shares remaining in the brokerage account at the end of this period shall be sold by the broker (on behalf of the Participant and
the Participant hereby authorizes such sale). The Participant agrees to sign any additional agreements, forms and/or consents that reasonably
may be requested by the Company (or the Company&rsquo;s designated broker) to effectuate the sale of Shares (including, without limitation,
as to the transfer of the sale proceeds and other exchange control matters noted below) and shall otherwise cooperate with the Company
with respect to such matters. The Participant acknowledges that neither the Company nor the designated broker is under any obligation
to arrange for the sale of shares at any particular price (it being understood that the sale will occur in the market) and that broker&rsquo;s
fees and similar expenses may be incurred in any such sale. In any event, when the Shares are sold, the sale proceeds, less any withholding
for Tax-Related Items, any broker&rsquo;s fees or commissions, and any similar expenses of the sale will be remitted to the Participant
in accordance with applicable exchange control laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exchange Control
Restrictions</U></FONT>. The Participant understands and agrees that the Participant will be required to immediately repatriate to China
the proceeds from the sale of any Shares acquired under the Plan and any cash dividends paid on such Shares. The Participant further understands
that such repatriation of proceeds may need to be effected through a special bank account established by the Company (or a Subsidiary),
and the Participant hereby consents and agrees that any sale proceeds and cash dividends may be transferred to such special account by
the Company (or a Subsidiary) on the Participant&rsquo;s behalf prior to being delivered to the Participant and that no interest shall
be paid with respect to funds held in such account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proceeds may be paid to the Participant in
U.S. dollars or local currency at the Company&rsquo;s discretion. If the proceeds are paid to the Participant in U.S. dollars, the Participant
understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such
account. If the proceeds are paid to the Participant in local currency, the Participant acknowledges that the Company (or its Subsidiaries)
are under no obligation to secure any particular exchange conversion rate and that the Company (or its Subsidiaries) may face delays in
converting the proceeds to local currency due to exchange control restrictions. The Participant agrees to bear any currency fluctuation
risk between the time the shares are sold and the net proceeds are converted into local currency and distributed to the Participant. The
Participant further agrees to comply with any other requirements that may be imposed by the Company (or its Subsidiaries) in the future
in order to facilitate compliance with exchange control requirements in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Administration</U></FONT>.
The Company (or its Subsidiaries) shall not be liable for any costs, fees, lost interest or dividends or other losses that the Participant
may incur or suffer resulting from the enforcement of the terms of this Appendix or otherwise from the Company&rsquo;s operation and enforcement
of the Plan, the Agreement and the Stock Option in accordance with any applicable laws, rules, regulations and requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FRANCE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Language Consent</U></FONT>.
By accepting the Stock Option, the Participant confirms having read and understood the Plan and the Agreement which were provided in the
English language. The Participant accepts the terms of those documents accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Consentement
Relatif &agrave; la Langue Utilis&eacute;e</U></I></FONT><I>. En acceptant l&rsquo;Option sur actions, le Participant confirme avoir lu
et compris le Plan et l&rsquo;Accord qui ont &eacute;t&eacute; communiqu&eacute;s en langue anglaise. Le Participant accepte les termes
de ces documents en connaissance de cause.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Tax Information</U></FONT>.
The Stock Option granted under the Agreement is not intended to qualify for special tax and social security treatment pursuant to Sections
L. 225-177 to L. 225-186 and Sections L. 22-10-56 to L. 22-10-58 of the French Commercial Code, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Foreign Asset/Account
Reporting Information</U></FONT>. If the Participant holds cash or securities (including Shares acquired under the Plan) outside of France
or maintains a foreign bank account, including the accounts that were opened, held, used and/or closed during the tax year, the Participant
must report such account to the French tax authorities when filing an annual tax return. The Participant should consult with a personal
tax advisor to ensure compliance with applicable reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>GERMANY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exchange Control
Information</U></FONT>. Cross-border payments in excess of EUR 12,500 must be reported to the German Federal Bank (<I>Bundesbank</I>).
If the Participant makes or receives a payment in excess of this amount (including if the Participant acquires Shares with a value in
excess of this amount under the Plan or sells Shares via a foreign broker, bank or service provider and receives proceeds in excess of
this amount) and/or if the Company withholds or sells Shares with a value in excess of this amount to cover the Tax-Related Items, the
Participant must report the payment and/or the value of the Shares withheld or sold to Bundesbank. Such reports must be made either electronically
using the &ldquo;General Statistics Reporting Portal&rdquo; (&ldquo;<B>Allgemeine Meldeportal Statistik</B>&rdquo;) available on the
Bundesbank website (<U>www.bundesbank.de</U>) or via such other method (<I>e.g.</I>, by email or telephone) as is permitted or required
by Bundesbank. The report must be submitted monthly or within other such timing as is permitted or required by Bundesbank. The Participant
should consult with a personal legal advisor to ensure compliance with applicable reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ITALY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Plan Document
Acknowledgement</U></FONT>. By accepting the Stock Option, the Participant acknowledges that the Participant has received a copy of the
Plan, has reviewed the Plan and the Agreement in their entirety and fully understands and accepts all provisions of the Plan and Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Participant further acknowledges that the
Participant has read and specifically and expressly approves the following sections of the Agreement: Section&#8239;3: Exercise of the
Stock Option, Section&#8239;5: Forfeiture; Recovery of Compensation, Section&#8239;6: Nontransferability, Section&#8239;7: Responsibility
for Taxes, Section&#8239;9: Data Privacy Consent, Section&#8239;13: Electronic Delivery and Participation, Section&#8239;15: Language, and
Section&#8239;17: Imposition of Other Requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Foreign Asset/Account
Reporting Information</U></FONT>. If the Participant is an Italian resident and, during any fiscal year, holds investments or financial
assets outside of Italy (<I>e.g.</I>, cash, Shares) which may generate income taxable in Italy, the Participant is required to report
such investments or assets on an annual tax return (on UNICO Form, RW Schedule) for the year during which the assets are held (or on a
special form if the Participant is not required to file a tax return). These reporting obligations will apply to the Participant if the
Participant is the beneficial owner of foreign financial assets under Italian money laundering provisions. The Participant should consult
with a personal tax advisor to ensure compliance with the applicable requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SPAIN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Nature of Grant</U></FONT>.
The following provision supplements Section&#8239;8 of the Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By accepting the Stock Option, the Participant
consents to participation in the Plan and acknowledges that the Participant has received a copy of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Participant understands that the Company has
unilaterally, gratuitously and in its sole discretion decided to grant the Stock Option under the Plan to individuals who may be Employees.
The decision is limited and entered into based upon the express assumption and condition that any Stock Option will not economically or
otherwise bind the Company or any Subsidiary, including the Service Recipient, on an ongoing basis, other than as expressly set forth
in the Agreement. Consequently, the Participant understands that the Stock Option is given on the assumption and condition that the Stock
Option shall not become part of any employment or other service contract (whether with the Company or any Subsidiary, including the Service
Recipient) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right
whatsoever. Furthermore, the Participant understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise
from the Stock Option, which is gratuitous and discretionary, since the future value of the Stock Option and the underlying Shares is
unknown, indeterminable, and unpredictable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, the Participant&rsquo;s participation
in the Plan is expressly conditioned on the Participant&rsquo;s continued and active Employment, such that, unless otherwise set forth
in the Plan, if the Participant&rsquo;s Employment terminates for any reason, the Participant&rsquo;s unvested Stock Options will be canceled
without entitlement to any Shares. This will be the case, for example, even if (a)&#8239;the Participant is considered to be unfairly dismissed
without good cause (<I>i.e.</I>, subject to a &ldquo;<I>despido improcedente</I>&rdquo;); (b)&#8239;the Participant is dismissed for disciplinary
or objective reasons or due to a collective dismissal; (c)&#8239;the Participant&rsquo;s Employment ceases due to a change of work location,
duties or any other employment or contractual condition; (d)&#8239;the Participant&rsquo;s Employment ceases due to a unilateral breach
of contract by the Company or any Subsidiary; or (e)&#8239;the Participant&rsquo;s Employment terminates for any other reason whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Securities Law
Information</U></FONT>. The grant of the Stock Option and the Shares issued pursuant to the exercise of the Stock Option are considered
a private placement outside the scope of Spanish laws on public offerings and issuances of securities. Neither the Plan nor the Agreement
have been registered with the <I>Comisi&oacute;n Nacional del Mercado de Valores</I> and do not constitute a public offering prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exchange Control
Information</U></FONT>. The Participant is required to electronically declare to the Bank of Spain any security accounts (including brokerage
accounts held abroad), as well as the securities (including Shares acquired under the Plan) held in such accounts if the value of the
transactions for all such accounts during the prior tax year or the balances of such accounts as of December&#8239;31 of the prior tax
year exceeds EUR 1 million.&#8239; Different thresholds and deadlines to file this declaration apply. However, if neither such transactions
during the immediately preceding year nor the balances / positions as of December&#8239;31 exceed EUR 1 million, no such declaration must
be filed unless expressly required by the Bank of Spain.&#8239; If any such thresholds were exceeded during the current year, the Participant
may be required to file the relevant declaration corresponding to the prior year, however, a summarized form of declaration may be available.
The Participant should consult with a personal legal advisor to ensure compliance with applicable reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Foreign Asset/Account
Reporting Information</U></FONT>. To the extent the Participant holds rights or assets outside of Spain with a value in excess of EUR
50,000 per type of right or asset (<I>e.g.</I>, Shares, cash,&#8239;etc.) as of December&#8239;31 each year, the Participant will be required
to report information on such rights and assets on the annual tax return for such year. After such rights and assets are initially reported,
the reporting obligation will apply for subsequent years only if the value of any previously-reported rights or assets increases by more
than EUR 20,000. The Participant should consult with a personal tax advisor to ensure compliance with applicable reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SWITZERLAND</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Securities Law
Information</U></FONT>. Neither this Appendix nor any other materials relating to the Stock Option (i)&#8239;constitute a prospectus according
to articles 35 et seq. of the Swiss Federal Act on Financial Services (&ldquo;<B>FinSA</B>&rdquo;), (ii)&#8239;may be publicly distributed
nor otherwise made publicly available in Switzerland to any person other than an Employee of the Company or the Service Recipient, or
(iii)&#8239;has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss
regulatory authority, including the Swiss Financial Market Supervisory Authority (&ldquo;FINMA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
<P STYLE="margin: 0; text-align: right"><B>&#8239;</B></P>

<P STYLE="margin: 0">&#8239;</P>

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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>tm2533427d1_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.5</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&#8239;of RSU Agreement (ex-US)</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&#9679;]</B></FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Restricted Stock Units:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&#9679;]</B></FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Grant:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&#9679;]</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>ZENAS
BIOPHARMA,&#8239;INC.<BR>
2026 INDUCEMENT PLAN</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Global
Restricted Stock Unit Agreement</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This agreement, including the additional terms
and conditions for certain countries, set forth in the appendix attached hereto (the &ldquo;<B>Appendix</B>&rdquo; and, together with
this Global Restricted Stock Unit Agreement, the &ldquo;<B>Agreement</B>&rdquo;) evidences a grant (the &ldquo;<B>Award</B>&rdquo;) of
Restricted Stock Units (&ldquo;<B>RSUs</B>&rdquo;) by Zenas BioPharma,&#8239;Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;),
to the individual named above (the &ldquo;<B>Participant</B>&rdquo;), pursuant to and subject to the terms of the Zenas BioPharma,&#8239;Inc.
2026 Inducement Plan (as from time to time amended and in effect, the &ldquo;<B>Plan</B>&rdquo;). Except as otherwise defined herein,
all capitalized terms used herein have the same meaning as in the Plan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Grant
of RSUs</U>. The Company grants to the Participant on the date set forth above (the &ldquo;<B>Date of Grant</B>&rdquo;) the number of
Restricted Stock Units (&ldquo;<B>RSUs</B>&rdquo;) set forth above, giving the Participant the conditional right to receive, without payment
and pursuant to and subject to the terms and conditions set forth in this Agreement and in the Plan, one share of Stock (a &ldquo;<B>Share</B>&rdquo;)
with respect to each RSU subject to this Award, subject to adjustment pursuant to Section&#8239;7 of the Plan in respect of transactions
occurring after the date hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The RSUs are granted to the
Participant in connection with the Participant&rsquo;s Employment as an employee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Vesting</U>.
Unless earlier terminated, forfeited, relinquished or expired, the RSUs will vest as follows: [INSERT VESTING SCHEDULE].</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Cessation
of Employment</U>. Except as (a)&#8239;the Administrator may determine in its discretion or (b)&#8239;expressly provided for in an employment
agreement between the Participant and the Company that is in effect at the time of the Participant&rsquo;s termination of Employment,
if the Participant&rsquo;s Employment ceases for any reason, the RSUs, to the extent not then vested, will be immediately forfeited for
no consideration.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Delivery
of Shares</U>. Subject to Section&#8239;5 below, the Company shall, as soon as practicable upon the vesting of any RSUs (but in no event
later than thirty (30) days following the date on which such RSUs vest), effect delivery of the Shares with respect to such vested RSUs
to the Participant (or, in the event of the Participant&rsquo;s death, to the person to whom the Award has passed by will or the laws
of descent and distribution). No Shares will be issued pursuant to this Award unless and until all legal requirements applicable to the
issuance or transfer of such Shares have been complied with to the satisfaction of the Administrator.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Forfeiture;
Recovery of Compensation</U>. The Administrator may cancel, rescind, withhold or otherwise limit or restrict this Award at any time if
the Participant is not in compliance with all applicable provisions of this Agreement and the Plan. By accepting, or being deemed to have
accepted, the RSUs, the Participant expressly acknowledges and agrees that his or her rights, and those of any permitted transferee, with
respect to the RSUs, including the right to any Shares acquired in respect of the RSUs and any amounts received in respect thereof, are
subject to Section&#8239;6(a)(v)&#8239;of the Plan (including any successor provision). The Participant further agrees to be bound by the
terms of any applicable clawback or recoupment policy of the Company, including the Company&rsquo;s Policy for Recoupment of Incentive
Compensation Policy. Nothing in the preceding sentence will be construed as limiting the general application of Section&#8239;11 of this
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Nontransferability</U>.
The RSUs may not be transferred except as expressly permitted under Section&#8239;6(a)(iii)&#8239;of the Plan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Responsibility
for Taxes</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Participant acknowledges that, regardless of any action taken by the Company or, if different, the Subsidiary that employs the Participant
(the &ldquo;<B>Service Recipient</B>&rdquo;), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits
tax, payment on account or other tax-related items related to the Participant&rsquo;s participation in the Plan and legally applicable
or deemed applicable to the Participant (&ldquo;<B>Tax-Related Items</B>&rdquo;) is and remains the Participant&rsquo;s responsibility
and may exceed the amount (if any) actually withheld by the Company or the Service Recipient. The Participant further acknowledges that
the Company and/or the Service Recipient (i)&#8239;make no representations or undertakings regarding the treatment of any Tax-Related Items
in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, or the subsequent
sale of Shares acquired pursuant to such grant; and (ii)&#8239;do not commit to and are under no obligation to structure the terms of the
grant or any aspect of the RSUs to reduce or eliminate the Participant&rsquo;s liability for Tax-Related Items or achieve any particular
tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that
the Company and/or the Service Recipient (or former Service Recipient, as applicable) may be required to withhold or account for Tax-Related
Items in more than one jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
connection with any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory
to the Company and/or the Service Recipient to satisfy all Tax-Related Items. In this regard, the Participant hereby authorizes the Company
and/or the Service Recipient, or their respective agents, at their discretion, to satisfy any applicable withholding obligations or rights
for Tax-Related Items (as applicable) by one or a combination of the following methods:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>requiring
the Participant to make a payment in a form acceptable to the Company;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>withholding
from the Participant&rsquo;s salary, wages, or any other amounts payable to the Participant;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>withholding
from proceeds of the sale of Shares otherwise issuable upon settlement of the RSUs either through a voluntary sale or through a mandatory
sale arranged by the Company (on the Participant&rsquo;s behalf pursuant to this authorization without further consent); it being understood
that, unless otherwise determined by the Committee, the Company shall automatically satisfy any tax withholding obligations by causing
such number of Shares to be sold through a sell-to-cover arrangement and the Participant agrees that the Participant shall bear all costs
associated with the sale of shares under such arrangements; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
other method of withholding determined by the Company and to the extent required by applicable laws or the Plan, approved by the Compensation
Committee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company may withhold or account for Tax-Related Items by considering statutory or other withholding rates, including up to the maximum
rates applicable in the Participant&rsquo;s jurisdiction(s). If the application of the withholding rate leads to over-withholding, the
Participant may receive a refund of any over-withheld amount in cash from the Company or the Service Recipient (with no entitlement to
the equivalent in Shares) or, if not refunded, the Participant may be able to seek a refund from the local tax authorities. If the application
of the withholding rate leads to under-withholding, the Participant may be required to pay any additional Tax-Related Items directly to
the applicable tax authority or to the Company and/or the Service Recipient. If the obligations for Tax-Related Items are satisfied by
withholding Shares, for tax purposes, the Participant will be deemed to have been issued the full number of Shares subject to the vested
RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of satisfying the withholding obligations for the
Tax-Related Items.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall not be obligated to deliver any Shares to the Participant unless and until the Participant shall have paid or otherwise
satisfied in full, any withholding obligation for Tax-Related Items resulting from the Award or the RSUs subject to the Award.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Nature
of Grant</U>. By accepting the Award, the Participant acknowledges, understands and agrees that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Plan is established voluntarily by the Company, is wholly discretionary in nature and may be modified, amended, suspended, or terminated
by the Company at any time, to the extent permitted by the Plan;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Plan is operated and the Award is granted solely by the Company and only the Company is a party to this Agreement; accordingly, any rights
the Participant may have under this Agreement may be raised only against the Company but not any Subsidiary (including, but not limited
to, the Service Recipient);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
Subsidiary of the Company (including, but not limited to, the Service Recipient) has any obligation to make any payment of any kind to
the Participant under this Agreement;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
grant of the Award is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants
of restricted stock units, or benefits in lieu of restricted stock units, even if restricted stock units have been granted in the past;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
decisions with respect to future grants of restricted stock units or other grants, if any, will be at the sole discretion of the Company;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Award and the Participant&rsquo;s participation in the Plan shall not create a right of Employment with the Company or any Subsidiary;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Award and the Participant&rsquo;s participation in the Plan shall not be interpreted as forming or amending an employment or service contract
with the Company or the Service Recipient, and shall not interfere with the ability of the Company, the Service Recipient or any Subsidiary,
as applicable, to terminate the Participant&rsquo;s Employment (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Participant is voluntarily participating in the Plan;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Award and any Shares acquired under the Plan, and the income from and value of the same, are not intended to replace any pension rights
or compensation;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Award and any Shares acquired under the Plan, and the income from and value of the same, are not part of normal or expected compensation
for any purposes, including but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service
payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar payments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
future value of the Shares underlying the Award is unknown, indeterminable, and cannot be predicted with certainty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
claim or entitlement to compensation or damages shall arise from (i)&#8239;forfeiture of any portion of the Award resulting from the Participant&rsquo;s
termination of Employment (for any reason whatsoever and regardless of whether or not later found to be invalid or in breach of applicable
laws in the jurisdiction where the Participant is providing service or the terms of the Participant&rsquo;s employment or other service
agreement, if any), or (ii)&#8239;the application of any clawback or recoupment policy adopted by the Company or imposed by applicable
laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>unless
otherwise agreed with the Company in writing, the Award and the Shares subject to the Award, and the income from and value of the same,
are not granted as consideration for, or in connection with, the service the Participant may provide as a director of a Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>unless
otherwise provided in the Plan or by the Company in its discretion, the Award and the benefits evidenced by this Agreement do not create
any entitlement to have the Award or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out
or substituted for, in connection with any corporate transaction affecting the Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>neither
the Company, the Service Recipient nor any Subsidiary shall be liable for any foreign exchange rate fluctuation between the Participant&rsquo;s
local currency and the U.S. dollar that may affect the value of the Shares or of any amounts due to the Participant pursuant to the settlement
of the Award or the subsequent sale of any Shares acquired upon settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Data
Privacy Consent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Data
Collection and Usage</U>. The Company and the Service Recipient collect, process and use certain personal information about the Participant,
including, but not limited to, the Participant&rsquo;s name, home address, telephone number, email address, date of birth, social insurance
number, passport or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details
of all RSUs granted under the Plan or any other entitlement to Shares awarded, canceled, vested, unvested or outstanding in the Participant&rsquo;s
favor (&ldquo;<B>Data</B>&rdquo;), for the purpose of implementing, administering and managing the Plan. Where required, the legal basis
for the collection and processing of Data is the Participant&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Stock
Plan Administration Service Providers</U>. The Company transfers Data to Morgan Stanley Smith Barney, LLC and its affiliated company,
E*TRADE Financial Corporate Services,&#8239;Inc. (collectively &ldquo;<B>E*TRADE</B>&rdquo;), an independent service provider based in
the U.S., which is assisting the Company with the implementation, administration and management of the Plan. The Company may select a
different service provider or additional service providers and share Data with such other provider serving in a similar manner. The Participant
may be asked to agree on separate terms and data processing practices with E*TRADE, with such agreement being a condition to the ability
to participate in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>International
Data Transfers</U>. The Company and its service providers, including E*TRADE, are based in the U.S. The Participant&rsquo;s country or
jurisdiction may have different data privacy laws and protections than the U.S. Where required, the legal basis for the transfer of Data
to these recipients is the Participant&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Data
Retention</U>. The Company will hold and use Data only as long as is necessary to implement, administer and manage the Participant&rsquo;s
participation in the Plan, or as required to comply with applicable law, exercise or defense of legal rights, and archiving, back-up and
deletion processes. This period may extend beyond the Participant&rsquo;s period of Employment with the Service Recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Voluntariness
and Consequences of Consent Denial or Withdrawal</U>. Participation in the Plan is voluntary and the Participant is providing the consents
herein on a voluntary basis. The Participant understands that the Participant may request to stop the transfer and processing of the Participant&rsquo;s
Data for purposes of the Participant&rsquo;s participation in the Plan and that the Participant&rsquo;s compensation from or Employment
with the Service Recipient will not be affected. The only consequence of refusing or withdrawing consent is that the Company would not
be able to allow the Participant to participate in the Plan. The Participant understands that the Participant&rsquo;s Data will still
be processed in relation to the Participant&rsquo;s Employment and for record-keeping purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Data
Subject Rights</U>. The Participant may have a number of rights under data privacy laws in the Participant&rsquo;s jurisdiction. Depending
on where the Participant is based, such rights may include the right to (i)&#8239;request access to or copies of Data the Company processes,
(ii)&#8239;rectify incorrect Data, (iii)&#8239;delete Data, (iv)&#8239;restrict the processing of Data, (v)&#8239;restrict the portability
of Data, (vi)&#8239;lodge complaints with competent authorities in the Participant&rsquo;s jurisdiction, and/or (vii)&#8239;receive a list
with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these
rights, the Participant can contact DPO@zenasbio.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Section&#8239;280G</U>.
If any payment or benefit that the Participant may receive in respect of the RSUs or otherwise from the Company or any Subsidiary (the
 &ldquo;<B>Payment</B>&rdquo;) would (i)&#8239;constitute a &ldquo;parachute payment&rdquo; within the meaning of Section&#8239;280G of the
Code, and (ii)&#8239;but for this sentence, be subject to the excise tax imposed by Section&#8239;4999 of the Code (the &ldquo;<B>Excise
Tax</B>&rdquo;), then such Payment shall be reduced to the Reduced Amount. The &ldquo;<B>Reduced Amount</B>&rdquo; shall be either (A)&#8239;the
largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (B)&#8239;the largest
portion, up to and including the total amount, of the Payment, whichever of the amounts determined under (A)&#8239;and (B), after taking
into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable
marginal rate), results in the Participant&rsquo;s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding
that all or some portion of the Payment may be subject to the Excise Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Provisions
of the Plan</U>. This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.
A copy of the Plan as in effect on the Date of Grant has been made available to the Participant. By accepting, or being deemed to have
accepted, the Award, the Participant agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict between
the terms of this Agreement and the Plan, the terms of the Plan will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Acknowledgements</U>.
The Participant acknowledges and agrees that (i)&#8239;this Agreement may be executed in two or more counterparts, each of which will be
an original and all of which together will constitute one and the same instrument, (ii)&#8239;this Agreement may be executed and exchanged
using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original signature for
all purposes hereunder, and (iii)&#8239;such signature by the Company will be binding against the Company and will create a legally binding
agreement when this Agreement is countersigned by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Electronic
Delivery and Participation</U>. The Company may, in its sole discretion, decide to deliver any documents related to current or future
participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees
to participate in the Plan through an on-line or electronic system established and maintained by the company or a third party designated
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Advice Regarding Grant</U>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding the Participant&rsquo;s participation in the Plan or the Participant&rsquo;s receipt, vesting or settlement of the RSUs or the
Shares allocated thereto or the sale of such Shares. The Participant should consult with the Participant&rsquo;s own personal tax, legal
and financial advisors regarding participation in the Plan and the RSUs before accepting the Award or otherwise taking any action related
to the Award or the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Language</U>.
The Participant acknowledges that the Participant is sufficiently proficient in English, or has consulted with an advisor who is sufficiently
proficient in English, so as to allow the Participant to understand the terms and conditions of this Agreement and the Plan. If the Participant
received this Agreement, or any other document related to the Award and/or the Plan translated into a language other than English and
if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required
by applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Country-Specific
Provisions</U>. The Award shall be subject to any additional terms and conditions set forth for the Participant&rsquo;s country in the
Appendix. Moreover, if the Participant relocates to one of the countries included in the Appendix, the additional terms and conditions
for such country will apply to the Participant to the extent the Company determines that the application of such terms and conditions
is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Imposition
of Other Requirements</U>. The Company reserves the right to impose other requirements on the RSUs and the Shares issuable upon vesting
and settlement thereof, to the extent the Company determines it is necessary or advisable in order to comply with local laws or facilitate
the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary
to accomplish the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Waiver</U>.
The Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed
as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Severability</U>.
If any portion of this Agreement or any action taken under this Agreement is held illegal or invalid for any reason, the illegality or
invalidity will not affect the remaining parts of this Agreement, and this Agreement will be construed and enforced as if the illegal
or invalid provisions had been excluded, and the illegal or invalid action will be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Insider
Trading/Market Abuse Laws</U>. Depending on the Participant&rsquo;s country or broker&rsquo;s country, or the country in which the Shares
are listed, the Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which
may affect the Participant&rsquo;s ability to accept, acquire, sell or attempt to sell, or otherwise dispose of the Shares, rights to
Shares (<I>e.g.</I>, the RSUs) or rights linked to the value of Shares, during such times as the Participant is considered to have &ldquo;inside
information&rdquo; regarding the Company (as defined by applicable laws). Any restrictions under these laws or regulations are separate
from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant acknowledges
that it is the Participant&rsquo;s responsibility to comply with any applicable restrictions, and should consult a personal legal advisor
on this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Foreign
Asset/Account Reporting, Exchange Control and Tax Reporting</U>. The Participant may be subject to foreign asset/account, exchange control
and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of Shares or cash (including dividends and the
proceeds arising from the sale of Shares) derived from participation in the Plan in, to and/or from a brokerage/bank account or legal
entity located outside the Participant&rsquo;s country. Applicable laws may require that the Participant report such accounts, assets,
the balances therein, the value thereof and/or the transactions related thereto to the applicable authorities in such country. The Participant
also may be required to repatriate sale proceeds or other funds received as a result of the Participant&rsquo;s participation in the Plan
to the Participant&rsquo;s country through a designated bank or broker within a certain time after receipt. The Participant acknowledges
that the Participant is responsible for ensuring compliance with any applicable foreign asset/account, exchange control and tax reporting
requirements and should consult a personal tax and/or legal advisor on such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature page&#8239;follows.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, by its duly authorized
officer, and the Participant have executed this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2"><B>ZENAS BIOPHARMA,&#8239;INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed and Accepted:</FONT></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>THE PARTICIPANT</B></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Participant&rsquo;s Name]</FONT></TD>
    <TD>&#8239;</TD>
    <TD COLSPAN="2">&#8239;</TD></TR>
  <TR>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font-size: 0pt">&#8239;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX</B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO THE</B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBAL RESTRICTED STOCK UNIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>COUNTRY-SPECIFIC PROVISIONS</U></B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FOR PARTICIPANTS OUTSIDE OF THE U.S.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise defined herein, all capitalized
terms used herein have the same meaning as in the Plan and/or the Agreement to which this Appendix is attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Appendix includes additional terms and conditions
that govern the Award if the Participant resides and/or works in one of the countries listed below. If the Participant is a citizen or
resident (or is considered as such for local law purposes) of a country other than the country in which the Participant is currently residing
and/or working, or if the Participant transfers to another country after the Date of Grant, the Administrator shall, in its discretion,
determine to what extent the terms and conditions contained herein shall be applicable to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Appendix also includes information regarding
securities, exchange controls, tax and certain other issues of which the Participant should be aware with respect to participation in
the Plan. The information is based on the securities, exchange control, tax and other laws in effect in the respective countries as of
April&#8239;2025. Such laws are often complex and change frequently. As a result, the Company strongly recommends that the Participant
not rely on the information noted herein as the only source of information relating to the consequences of participation in the Plan because
the information may be out of date when the Participant vests in the Award or sells Shares acquired under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the information contained herein
is general in nature and may not apply to the Participant&rsquo;s particular situation, and the Company is not in a position to assure
the Participant of any particular result. Accordingly, the Participant should seek appropriate professional advice as to how the applicable
laws in the Participant&rsquo;s country may apply to the Participant&rsquo;s situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, if the Participant is a citizen or resident
(or is considered as such for local law purposes) of a country other than the one in which the Participant is currently residing and/or
working, or if the Participant transfers to another country after the Date of Grant, the information contained herein may not be applicable
to the Participant in the same manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CHINA</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>The following
provision applies if the Participant is subject to exchange control restrictions and regulations in the People&rsquo;s Republic of China
(&ldquo;</I></FONT><I><B>PRC</B>&rdquo;), including the requirements imposed by the PRC State Administration of Foreign Exchange (&ldquo;<B>SAFE</B>&rdquo;),
as determined by the Company in its sole discretion:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Conditions for
Settlement of Award</U></FONT>. In addition to the vesting conditions set forth in the Agreement, the RSUs shall not vest and no Shares
will be issued to the Participant in settlement of the RSUs unless and until all necessary exchange control and other approvals from SAFE
or its local counterpart have been received by the Company or one of its Chinese Subsidiaries under applicable exchange control rules&#8239;with
respect to the Plan and the awards thereunder (&ldquo;<B>SAFE Approval Date</B>&rdquo;). The Participant must continue to provide service
through each vesting date and through the SAFE Approval Date to be able to vest in the RSUs. Should the SAFE Approval Date occur after
any of the vesting dates, the Participant will (i)&#8239;receive a credit for any vesting that would have occurred under the vesting schedule
once the SAFE Approval Date occurs, and (ii)&#8239;continue to vest in accordance with the vesting schedule following the SAFE Approval
Date, provided that the Participant has not experienced a termination of Employment as of the SAFE Approval Date and is otherwise entitled
to vest in the RSUs pursuant to the terms of any applicable SAFE approval or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the Company is
unable to complete the SAFE registration or maintain the registration, no Shares subject to the RSUs shall be issued and the Company has
the sole discretion to allow any vested RSUs to be settled in cash paid through local payroll in an amount equal to the Fair Market Value
of the Shares underlying the RSUs, less </FONT>any withholding for Tax-Related Items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Furthermore, notwithstanding
any provision in the Agreement, if the Participant experiences a termination of Employment before the </FONT>SAFE Approval Date, the RSUs
shall be forfeited, unless the Company determines in its discretion that any portion of the RSUs that may otherwise have vested in accordance
with the terms of the Agreement may be settled in compliance with applicable SAFE regulations and restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Shares Must Remain
with Company&rsquo;s Designated Broker</U></FONT><I>.</I> The Participant agrees to hold any Shares received pursuant to the Plan with
the Company&rsquo;s designated broker until the Shares are sold. The limitation shall apply to all Shares issued to the Participant under
the Plan, whether or not the Participant has experienced a termination of Employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Forced Sale of
Shares</U></FONT>. The Company has the discretion to arrange for the sale of the Shares issued upon vesting of the RSUs, either immediately
upon vesting or at any time thereafter. In any event, if the Participant&rsquo;s Employment terminates, the Participant will be required
to sell any Shares acquired under the Plan within such time period as required by the Company in accordance with SAFE requirements. Any
Shares remaining in the brokerage account at the end of this period shall be sold by the broker (on behalf of the Participant and the
Participant hereby authorizes such sale). The Participant agrees to sign any additional agreements, forms and/or consents that reasonably
may be requested by the Company (or the Company&rsquo;s designated broker) to effectuate the sale of Shares (including, without limitation,
as to the transfer of the sale proceeds and other exchange control matters noted below) and shall otherwise cooperate with the Company
with respect to such matters. The Participant acknowledges that neither the Company nor the designated broker is under any obligation
to arrange for the sale of shares at any particular price (it being understood that the sale will occur in the market) and that broker&rsquo;s
fees and similar expenses may be incurred in any such sale. In any event, when the Shares are sold, the sale proceeds, less any withholding
for Tax-Related Items, any broker&rsquo;s fees or commissions, and any similar expenses of the sale will be remitted to the Participant
in accordance with applicable exchange control laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exchange Control
Restrictions</U></FONT>. The Participant understands and agrees that the Participant will be required to immediately repatriate to China
the proceeds from the sale of any Shares acquired under the Plan and any cash dividends paid on such Shares. The Participant further understands
that such repatriation of proceeds may need to be effected through a special bank account established by the Company (or a Subsidiary),
and the Participant hereby consents and agrees that any sale proceeds and cash dividends may be transferred to such special account by
the Company (or a Subsidiary) on the Participant&rsquo;s behalf prior to being delivered to the Participant and that no interest shall
be paid with respect to funds held in such account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proceeds may be paid to the Participant in
U.S. dollars or local currency at the Company&rsquo;s discretion. If the proceeds are paid to the Participant in U.S. dollars, the Participant
understands that a U.S. dollar bank account in China must be established and maintained so that the proceeds may be deposited into such
account. If the proceeds are paid to the Participant in local currency, the Participant acknowledges that the Company (or its Subsidiaries)
are under no obligation to secure any particular exchange conversion rate and that the Company (or its Subsidiaries) may face delays in
converting the proceeds to local currency due to exchange control restrictions. The Participant agrees to bear any currency fluctuation
risk between the time the shares are sold and the net proceeds are converted into local currency and distributed to the Participant. The
Participant further agrees to comply with any other requirements that may be imposed by the Company (or its Subsidiaries) in the future
in order to facilitate compliance with exchange control requirements in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Administration</U></FONT>.
The Company (or its Subsidiaries) shall not be liable for any costs, fees, lost interest or dividends or other losses that the Participant
may incur or suffer resulting from the enforcement of the terms of this Appendix or otherwise from the Company&rsquo;s operation and enforcement
of the Plan, the Agreement and the RSUs in accordance with any applicable laws, rules, regulations and requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FRANCE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Language Consent</U></FONT>.
By accepting the Award, the Participant confirms having read and understood the Plan and the Agreement which were provided in the English
language. The Participant accepts the terms of those documents accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Consentement
Relatif &agrave; la Langue Utilis&eacute;e</U></I></FONT><I>. En acceptant cette Attribution, le Participant confirme avoir lu et compris
le Plan et l&rsquo;Accord qui ont &eacute;t&eacute; communiqu&eacute;s en langue anglaise. Le Participant accepte les termes de ces documents
en connaissance de cause.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Tax Information</U></FONT>.
The RSUs granted under this Agreement are not intended to qualify for special tax and social security treatment pursuant to Sections L.
225-197-1 to L. 225-197-5 and Sections L. 22-10-59 to L. 22-10-60 of the French Commercial Code, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Foreign Asset/Account
Reporting Information</U></FONT>. If the Participant holds cash or securities (including Shares acquired under the Plan) outside of France
or maintains a foreign bank account, including the accounts that were opened, held, used and/or closed during the tax year, the Participant
must report such account to the French tax authorities when filing an annual tax return. The Participant should consult with a personal
tax advisor to ensure compliance with applicable reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>GERMANY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exchange Control
Information</U></FONT>. Cross-border payments in excess of EUR 50,000 must be reported to the German Federal Bank (<I>Bundesbank</I>).
If the Participant makes or receives a payment in excess of this amount (including if the Participant acquires Shares with a value in
excess of this amount under the Plan or sells Shares via a foreign broker, bank or service provider and receives proceeds in excess of
this amount) and/or if the Company withholds or sells Shares with a value in excess of this amount to cover the Tax-Related Items, the
Participant must report the payment and/or the value of the Shares withheld or sold to Bundesbank. Such reports must be made either electronically
using the &ldquo;General Statistics Reporting Portal&rdquo; (&ldquo;<B>Allgemeine Meldeportal Statistik</B>&rdquo;) available on the
Bundesbank website (<U>www.bundesbank.de</U>) or via such other method (<I>e.g.</I>, by email or telephone) as is permitted or required
by Bundesbank. The report must be submitted monthly or within other such timing as is permitted or required by Bundesbank. The Participant
should consult with a personal legal advisor to ensure compliance with applicable reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ITALY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Plan Document
Acknowledgement</U></FONT>. By accepting the Award, the Participant acknowledges that the Participant has received a copy of the Plan,
has reviewed the Plan and the Agreement in their entirety and fully understands and accepts all provisions of the Plan and Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Participant further acknowledges that the
Participant has read and specifically and expressly approves the following sections of the Agreement: Section&#8239;2: Vesting, Section&#8239;5:
Forfeiture; Recovery of Compensation, Section&#8239;6: Nontransferability, Section&#8239;7: Responsibility for Taxes, Section&#8239;9: Data
Privacy Consent, Section&#8239;13: Electronic Delivery and Participation, Section&#8239;15: Language, and Section&#8239;17: Imposition of
Other Requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Foreign Asset/Account
Reporting Information</U></FONT>. If the Participant is an Italian resident and, during any fiscal year, holds investments or financial
assets outside of Italy (<I>e.g.</I>, cash, Shares) which may generate income taxable in Italy, the Participant is required to report
such investments or assets on an annual tax return (on UNICO Form, RW Schedule) for the year during which the assets are held (or on a
special form if the Participant is not required to file a tax return). These reporting obligations will apply to the Participant if the
Participant is the beneficial owner of foreign financial assets under Italian money laundering provisions. The Participant should consult
with a personal tax advisor to ensure compliance with the applicable requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SPAIN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Nature of Grant</U></FONT>.
The following provision supplements Section&#8239;8 of the Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By accepting the Award, the Participant consents
to participation in the Plan and acknowledges that the Participant has received a copy of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Participant understands that the Company has
unilaterally, gratuitously and in its sole discretion decided to grant Awards under the Plan to individuals who may be Employees. The
decision is limited and entered into based upon the express assumption and condition that (i)&#8239;any grant will not economically or
otherwise bind the Company or any Subsidiary, including the Service Recipient, on an ongoing basis, other than as expressly set forth
in the Agreement; (ii)&#8239;the RSUs and any Shares acquired upon vesting shall not become part of any employment or other service contract
(whether with the Company or any Subsidiary, including the Service Recipient) and shall not be considered a mandatory benefit, salary
for any purpose (including severance compensation) or any other right whatsoever; and (iii)&#8239;the RSUs will cease vesting upon the
Participant's termination of Employment, as detailed below. The Participant understands and freely accepts that there is no guarantee
that any benefit whatsoever shall arise from the Award, which is gratuitous and discretionary, since the future value of the RSUs and
the underlying Shares is unknown, indeterminable, and unpredictable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, the Participant&rsquo;s participation
in the Plan is expressly conditioned on the Participant&rsquo;s continued and active Employment, such that, unless otherwise set forth
in the Plan, if the Participant&rsquo;s Employment terminates for any reason, the Participant&rsquo;s unvested RSUs will be canceled without
entitlement to any Shares. This will be the case, for example, even if (a)&#8239;the Participant is considered to be unfairly dismissed
without good cause (<I>i.e.</I>, subject to a &ldquo;<I>despido improcedente</I>&rdquo;); (b)&#8239;the Participant is dismissed for disciplinary
or objective reasons or due to a collective dismissal; (c)&#8239;the Participant&rsquo;s Employment ceases due to a change of work location,
duties or any other employment or contractual condition; (d)&#8239;the Participant&rsquo;s Employment ceases due to a unilateral breach
of contract by the Company or any Subsidiary; or (e)&#8239;the Participant&rsquo;s Employment terminates for any other reason whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Securities Law
Information</U></FONT>. The grant of the Award and the Shares issued pursuant to the grant of the RSUs are considered a private placement
outside the scope of Spanish laws on public offerings and issuances of securities. Neither the Plan nor this Agreement have been registered
with the <I>Comisi&oacute;n Nacional del Mercado de Valores</I> and do not constitute a public offering prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Exchange Control
Information</U></FONT>. The Participant is required to electronically declare to the Bank of Spain any security accounts (including brokerage
accounts held abroad), as well as the securities (including Shares acquired under the Plan) held in such accounts if the value of the
transactions for all such accounts during the prior tax year or the balances of such accounts as of December&#8239;31 of the prior tax
year exceeds EUR 1 million.&#8239; Different thresholds and deadlines to file this declaration apply. However, if neither such transactions
during the immediately preceding year nor the balances / positions as of December&#8239;31 exceed EUR 1 million, no such declaration must
be filed unless expressly required by the Bank of Spain.&#8239; If any such thresholds were exceeded during the current year, the Participant
may be required to file the relevant declaration corresponding to the prior year, however, a summarized form of declaration may be available.
The Participant should consult with a personal legal advisor to ensure compliance with applicable reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Foreign Asset/Account
Reporting Information</U></FONT>. To the extent the Participant holds rights or assets outside of Spain with a value in excess of EUR
50,000 per type of right or asset (<I>e.g.</I>, Shares, cash,&#8239;etc.) as of December&#8239;31 each year, the Participant will be required
to report information on such rights and assets on the annual tax return for such year. After such rights and assets are initially reported,
the reporting obligation will apply for subsequent years only if the value of any previously-reported rights or assets increases by more
than EUR 20,000. The Participant should consult with a personal tax advisor to ensure compliance with applicable reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SWITZERLAND</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notifications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Securities Law
Information</U></FONT>. Neither this document nor any other materials relating to the Award (i)&#8239;constitute a prospectus according
to articles 35 et seq. of the Swiss Federal Act on Financial Services (&ldquo;<B>FinSA</B>&rdquo;), (ii)&#8239;may be publicly distributed
nor otherwise made publicly available in Switzerland to any person other than an Employee of the Company or the Service Recipient, or
(iii)&#8239;has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss
regulatory authority, including the Swiss Financial Market Supervisory Authority (&ldquo;FINMA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>UNITED KINGDOM</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Terms and Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Responsibility
for Taxes</U></FONT>. The following provision supplements Section&#8239;7 of the Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without limitation to Section&#8239;7 of the Agreement,
the Participant agrees that the Participant is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items
as and when requested by the Company or the Service Recipient or by HM Revenue and Customs (&ldquo;<B>HMRC</B>&rdquo;) (or any other relevant
authority). The Participant also agrees to indemnify and keep indemnified the Company and the Service Recipient against any Tax-Related
Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other relevant authority) on the Participant&rsquo;s
behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, if </FONT>the Participant is a director or executive officer of the Company (within the meaning of Section&#8239;13(k)&#8239;of
the Exchange Act), the terms of the immediately foregoing provision will not apply. In such case, if the amount of any income tax due
is not collected from or paid by the Participant within ninety (90) days of the end of the UK tax year in which an event giving rise to
the indemnification described above occurs, the amount of any uncollected income taxes may constitute a benefit to the Participant on
which additional income tax and national insurance contributions (&ldquo;<B>NICs</B>&rdquo;) may be payable. The Participant will be responsible
for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying
the Company or the Service Recipient, as applicable, for the value of any employee NICs due on this additional benefit, which the Company
or the Service Recipient may collect from the Participant by any of the means referred to in Section&#8239;7 of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Joint Election
for Transfer of Liability for Employer National Insurance Contributions</U></FONT>. As a condition of the grant of RSUs under the Plan,
the Participant agrees to accept any liability for secondary Class&#8239;1 National Insurance contributions that may be payable by the
Service Recipient, the Company or any Subsidiary or successor thereto (&ldquo;<B>Employer NICs</B>&rdquo;) in connection with the vesting
of the RSUs or any other event giving rise to Tax-Related Items. Without prejudice to the foregoing, in accepting the terms of this Agreement,
the Participant agrees to the terms of a joint election with the Company / the Service Recipient, the form of such joint election having
been approved formally by HM Revenue&#8239;&amp; Customs (&ldquo;<B>HMRC</B>&rdquo;) and is attached below. In this respect, the Participant
agrees to accept the terms of or to execute such other joint elections, and any other required consent or election, as may be required
between the Participant and the Company, the Service Recipient, any successor to the Company, the Service Recipient, or Subsidiary of
the Company with respect to the Employer NICs liability. The Participant further agrees that the Company, the Service Recipient, or any
Subsidiary may collect the Employer NICs from the Participant by any of the means set forth in Section&#8239;7 of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>ZENAS
BIOPHARMA,&#8239;INC.<BR>
2026 INDUCEMENT PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.K. JOINT ELECTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(NON-U.S. RSU HOLDERS IN THE UNITED KINGDOM
ONLY)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Note on the Election to Transfer
Employer NICs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a condition of participation in the Plan and
the vesting of the Award to acquire RSUs, you are required to enter into an Election to transfer to you any liability for employer&rsquo;s
National Insurance Contributions (&ldquo;<B>NICs</B>&rdquo;) that may arise in connection with your participation in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By entering into the Election:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT><FONT STYLE="font-family: Symbol">&#9;</FONT></TD>
    <TD STYLE="width: 97%; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you
    agree that any employer&rsquo;s NICs liability that may arise in connection with your participation in the Plan with respect to Awards
    granted under the Plan will be transferred to you; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you
    authorise your employer to recover an amount sufficient to cover this liability by such methods including, but not limited to, deductions
    from your salary or other payments due or the sale of sufficient RSUs acquired pursuant to your Award; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you
    acknowledge that even if you have clicked to accept the Award where indicated, the Company or your employer may still require you
    to sign a paper copy of this Election (or a substantially similar form) if the Company determines such is necessary to give effect
    to the Election.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please read the Election carefully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please print and keep a copy of the Election for
your records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>ZENAS
BIOPHARMA,&#8239;INC.<BR>
2026 INDUCEMENT PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.K. JOINT ELECTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Election To Transfer the Employer&rsquo;s
National Insurance Liability to the Employee</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Parties</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Election is between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">The individual who has gained authorized access to this Election (the &ldquo;<B>Employee</B>&rdquo;),
who is employed by one of the employing companies listed in the attached schedule (the &ldquo;<B>Employer</B>&rdquo;) and who is eligible
to receive and may have received restricted stock units (&ldquo;<B>RSUs</B>&rdquo;) pursuant to the terms and conditions of the Zenas
BioPharma,&#8239;Inc. 2026 Inducement Plan, as amended from time to time (the &ldquo;<B>Plan</B>&rdquo;), and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">Zenas BioPharma,&#8239;Inc. of 852 Winter Street, Suite&#8239;250, Waltham, MA 02451, United States of America
(the &ldquo;<B>Company</B>&rdquo;), which may grant RSUs under the Plan and is entering into this Election on behalf of the Employer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><U>Purpose
of Election</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; This Election relates to all RSUs granted to Employee under the Plan up to the termination date of the Plan.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
this Election the following words and phrases have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>ITEPA</B>&rdquo;
means the Income Tax (Earnings and Pensions) Act 2003.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Relevant Employment Income</B>&rdquo;
from RSUs on which Employer&rsquo;s National Insurance Contributions becomes due is defined as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">an amount that counts as employment income of the earner under section 426 ITEPA (restricted securities:
charge on certain post-acquisition events);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">an amount that counts as employment income of the earner under section 438 of ITEPA (convertible securities:
charge on certain post-acquisition events); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any gain that is treated as remuneration derived from the earner&rsquo;s employment by virtue of section
4(4)(a)&#8239;SSCBA, including without limitation:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the acquisition of securities pursuant to the </FONT>RSUs (within the meaning
of section 477(3)(a)&#8239;of ITEPA);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the assignment (if applicable) or release of the </FONT>RSUs in return for
consideration (within the meaning of section 477(3)(b)&#8239;of ITEPA);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the receipt of a benefit in connection with the </FONT>RSUs, other than
a benefit within (i)&#8239;or (ii)&#8239;above (within the meaning of section 477(3)(c)&#8239;of ITEPA).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>SSCBA</B>&rdquo;
means the Social Security Contributions and Benefits Act 1992.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Taxable Event</B>&rdquo;
means any event giving rise to Relevant Employment Income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">This Election relates to the Employer&rsquo;s secondary Class&#8239;1 National Insurance Contributions
(the &ldquo;<B>Employer&rsquo;s Liability</B>&rdquo;) which may arise in respect of Relevant Employment Income in respect of the RSUs
pursuant to section 4(4)(a)&#8239;and/or paragraph 3B(1A) of Schedule 1 of the SSCBA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">This Election does not apply in relation to any liability, or any part of any liability, arising as a
result of regulations being given retrospective effect by virtue of section 4B(2)&#8239;of either the SSCBA or the Social Security Contributions
and Benefits (Northern Ireland) Act 1992.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">This Election does not apply to the extent that it relates to relevant employment income which is employment
income of the earner by virtue of Chapter 3A of Part&#8239;VII of ITEPA (employment income: securities with artificially depressed market
value).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">Any reference to the Company and/or the Employer shall include that entity&rsquo;s successors in title
and assigns as permitted in accordance with the terms of the Plan and the Agreement. This Election will have effect in respect of the
RSUs and any awards which replace the RSUs following their grant in circumstances where section 483 of ITEPA applies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>3.</B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><B><U>Election</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Employee and the Company jointly
elect that the entire liability of the Employer to pay the Employer&rsquo;s Liability that arises on any Relevant Employment Income is
hereby transferred to the Employee. The Employee understands that by electronically accepting or by signing this Election, or by accepting
the RSUs, he or she will become personally liable for the Employer&rsquo;s Liability covered by this Election. This Election is made in
accordance with paragraph 3B(1)&#8239;of Schedule 1 to SSCBA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><U>Payment
of the Employer&rsquo;s Liability</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">The Employee hereby authorizes the Company and/or the Employer to collect the Employer&rsquo;s Liability
in respect of any Relevant Employment Income from the Employee at any time after the Taxable Event:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">by deduction from salary or any other payment payable to the Employee at any time on or after the date
of the Taxable Event; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">directly from the Employee by payment in cash or cleared funds; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">by arranging, on behalf of the Employee, for the sale of some of the securities which the Employee is
entitled to receive in respect of the RSUs; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">where the proceeds of the gain are to be paid through a third party, by that party withholding an amount
from the payment or selling some of the securities which the Employee is entitled to receive in respect of the RSUs; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">by any other means specified in the applicable RSU Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">The Company hereby reserves for itself and the Employer the right to withhold the transfer of any securities
in respect of the RSUs to the Employee until full payment of the Employer&rsquo;s Liability is received.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company agrees to procure the remittance by the Employer of the Employer&rsquo;s
Liability to </FONT>HM Revenue and Customs on behalf of the Employee within 14 days after the end of the UK tax month during which the
Taxable Event occurs (or within 17 days after the end of the UK tax month during which the Taxable Event occurs, if payments are made
electronically).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><U>Duration
of Election</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">The Employee and the Company agree to be bound by the terms of this Election regardless of whether the
Employee is transferred abroad or is not employed by the Employer on the date on which the Employer&rsquo;s Liability becomes due.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify">This Election will continue in effect until the earliest of
the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Employee and the Company agree in writing that it should cease to have effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">on the date the Company serves written notice on the Employee terminating its effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on the date </FONT>HM Revenue and Customs withdraws approval of this Election;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">after due payment of the Employer&rsquo;s Liability in respect of the entirety of the RSUs to which this
Election relates or could relate, such that the Election ceases to have effect in accordance with its terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify">This Election will continue in full force regardless of whether the Employee ceases to be an employee
of the Employer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B><U>Acceptance
by the Employee</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Employee acknowledges that, by clicking on
the [&ldquo;ACCEPT&rdquo;] box, the Employee agrees to be bound by the terms of this Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Acceptance by the Company</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Company acknowledges that, by signing this
Election or arranging for the scanned signature of an authorised representative to appear on this Election, the Company agrees to be bound
by the terms of this Election.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.125in; font-size: 10pt; text-align: center">&#8239;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 10pt; text-align: left">ZENAS BIOPHARMA,&#8239;INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 1.125in; font-size: 10pt; text-align: center; width: 70%">&#8239;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 10pt; text-align: left; width: 30%">By: [insert]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 11 -->
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>zbio-20251210_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Dec. 10, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 10,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-42270<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ZENAS BIOPHARMA, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001953926<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">93-2749244<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">852 Winter Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite
250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Waltham<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">02451<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">857<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">271-2954<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, Par Value $0.0001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ZBIO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Elected Not To Use the Extended Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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