Exhibit 10.2


 


LANTRONIX, INC. 


2013 EMPLOYEE STOCK PURCHASE PLAN


 


(As Amended and Restated August 9, 2022)


 


1. Purpose. The purpose of the Plan is
to provide employees of Lantronix, Inc. (the “Company”) and its Designated Subsidiaries with an opportunity to purchase
Common Stock of the Company through accumulated payroll deductions. It is the Company’s intention that this 2013 Employee Stock
Purchase Plan (the “Plan”) qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal
Revenue Code of 1986, as amended. The provisions of the Plan shall, accordingly, be construed so as to extend and limit participation
in a manner consistent with the requirements of that section of the Code. The terms herein that begin with initial capital letters shall
have the defined meaning set forth under Section 2 below, or elsewhere when the term first appears and is defined.


 


This amendment and restatement of the Plan is
effective for Offering Periods beginning on or after the date set forth above (the “Restatement Effective Date”). For
Offering Periods commencing prior to the Restatement Effective Date, refer to the version of the Plan then in effect.


 


2. Definitions.


 


(a) “Authorization Form” shall
mean a form established by the Plan Administrator authorizing payroll deductions, as set forth in Section 6, and containing such other
terms and conditions as the Company from time to time may determine.


 


(b) “Board” shall mean the
Board of Directors of Lantronix, Inc.


 


(c) “Code” shall mean the Internal
Revenue Code of 1986, as amended. References to specific sections of the Code shall be taken to be references to corresponding sections
of any successor statute.


 


(d) “Committee” shall mean
the committee of members of the Board designated as the Committee in Section 14.


 


(e) “Common Stock” shall mean
the common stock of the Company.


 


(f) “Company” shall mean Lantronix,
Inc., or any successor by merger or otherwise, and any Designated Subsidiary of the Company.


 


(g) “Compensation” shall mean
all base gross earnings, commissions, overtime, and shift premium before giving effect to any compensation reductions made in connection
with plans described in section 401(k) or 125 of the Code, but exclusive of payments for any other compensation.


 


(h) “Designated Subsidiary”
shall mean any Subsidiary that has been designated by the Committee from time to time in its sole discretion as eligible to participate
in the Plan.


 


(i) “Employee” shall mean any
individual whom the Company in its discretion classifies as an employee of the Company for tax purposes. For purposes of the Plan, the
employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved
by the Company. Where the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either by
statute or by contract, the employment relationship shall be deemed to have terminated on the 91st day of such leave.


 


 


 






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(j) “Enrollment Date” shall
mean, with respect to an Offering Period, the first day of that Offering Period, as determined by the Committee and announced to potential
eligible Employees.


 


(k) “Exercise Date” shall mean,
with respect to an Offering Period, the last day of that Offering Period..


 


(l) “Fair Market Value” shall
mean, as of any date, the value of Common Stock determined as follows:


 


(1) The per share closing price of the Common
Stock as reported on the NASDAQ Stock Market on that date (or if there was no reported closing price on such date, on the last preceding
date on which the closing price was reported);


 


(2) If the Common Stock is not then listed on
the NASDAQ Stock Market, the per share closing price of the Common Stock on such other principal U.S. national securities exchange on
which the Common Stock is listed (or if there was no reported closing price on such date, on the last preceding date on which the closing
price was reported);


 


(3) If the Common Stock is not listed on any
U.S. national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the final ask price of the Common
Stock reported on such date (or, if there is no such sale on such date, then on the last preceding date on which a sale was reported);
or


 


(4) If the Common Stock is neither listed on
a U.S. national securities exchange nor quoted on an inter-dealer quotation system on a last sale basis, the Fair Market Value shall be
determined by the Committee in its sole discretion using appropriate criteria.


 


(m) “Offering Periods” shall
mean the period of six (6) consecutive months commencing on each Enrollment Date; provided, however, that the Committee may declare, as
it deems appropriate and in advance of the applicable Offering Period, a shorter (not to be less than three months) Offering Period or
a longer (not to exceed 27 months) Offering Period; and provided, further, that the Committee may provide, as it deems appropriate and
in advance of the applicable Offering Period, that such Offering Period will consist of multiple “purchase periods,” with
an Exercise Date to occur at the end of each such purchase period. In no event will the Enrollment Date for an Offering Period occur on
or before the Exercise Date (or the final Exercise Date, as the case may be) for the immediately preceding Offering Period..


 


(n) “Plan” shall mean this
Lantronix, Inc. 2013 Employee Stock Purchase Plan, as amended from time to time.


 


(o) “Plan Administrator” shall
mean the Committee (or a delegate of the Committee acting within the scope of such delegation).


 


(q) “Purchase Price” shall
mean, with respect to an Offering Period, 85% of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise
Date for that Offering Period, whichever is lower; provided however, that the Purchase Price may be adjusted pursuant to Section 19; and
provided, further, that the Committee may provide prior to the start of any Offering Period that the Purchase Price for that Offering
Period shall be determined by applying a discount amount (not to exceed 15%) to either (1) the Fair Market Value of a share of Common
Stock on the Enrollment Date of the Offering Period, or (2) the Fair Market Value of a share of Common Stock on the Exercise Date of that
Offering Period, or (3) the lesser of the Fair Market Value of a share of Common Stock on the Enrollment Date of the Offering Period or
the Fair Market Value of a share of Common Stock on the Exercise Date of that Offering Period. Notwithstanding the foregoing, in no event
shall the Purchase Price per share be less than the par value of a share of Common Stock.


 


(s) “Subsidiary” shall mean
a corporation, domestic or foreign, of which not less than 50% of the voting shares are held by the Company or a Subsidiary, whether or
not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary.


 


(t) “Trading Day” shall mean
a day on which the NASDAQ Stock Market (or such other principal U.S. national securities exchange on which the Common Stock is then listed)
is open for trading.


 


 


 






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3. Eligibility.


 


(a) All Employees who are employed by the Company
at least one (1) day before a given Enrollment Date shall be eligible to participate in the Plan.


 


(b) Any provisions of the Plan to the contrary
notwithstanding, no Employee shall be granted an option under the Plan (i) to the extent that, immediately after the grant, such Employee
(or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock
of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting
power or value of all classes of the capital stock of the Company or of any parent or subsidiary corporation, or (ii) to the extent that
his or her rights to purchase stock under all employee stock purchase plans of the Company and any parent or subsidiary corporation accrues
at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the
time such option is granted) for each calendar year in which such option is outstanding at any time.


 


4. Offering Periods.


 


(a) Offering Period Duration. Unless otherwise
specified by the Committee in advance of the Offering Period, Offering Periods will be of six (6) months duration, commencing on each
November 16 and May 16 after the Restatement Effective Date during the term of the Plan as provided in Section 23 and ending on the following
May 15 and November 15, respectively. Each option granted for a particular Offering Period shall become effective on the Enrollment Date
of that Offering Period. The term of each option shall be the duration of the related Offering Period and shall end on the Exercise Date
of that Offering Period. Offering Periods shall continue until this Plan is terminated in accordance with Section 19 or 20, or if earlier,
until no shares remain available for issuance under the Plan.


 


(b) Individual Share Limit. The Committee
may establish from time to time the maximum number of shares of Common Stock that any one individual may acquire upon exercise of his
or her option with respect to any one Offering Period (the “Individual Limit”); provided, however, that such Individual
Limit shall not be effective earlier than the first Offering Period commencing after the limit is so established by the Committee. The
Individual Limit shall be proportionately adjusted for any Offering Period of less than six months, and may, at the discretion of the
Committee, be proportionately increased for any Offering Period of greater than six months.


 


5. Participation.


 


(a) An Employee may become a participant in the
Plan by completing an Authorization Form and filing it with the Plan Administrator prior to the applicable Enrollment Date (or such earlier
deadline as established by the Committee).


 


(b) Payroll deductions for a participant shall
commence on the first payroll following the Enrollment Date and shall end on the last payroll in the Offering Period to which such authorization
is applicable, unless sooner terminated by the participant as provided in Section 10 hereof.


 


6. Payroll Deductions.


 


(a) At the time a participant files his or her
Authorization Form, he or she shall elect to have payroll deductions made on each payday during the Offering Period in an amount not exceeding
fifteen percent (15%) of the Compensation which he or she receives on each pay day during the Offering Period (or such other percentage
as may be established by the Board or the Committee from time to time in its sole discretion).


 


 


 






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(b) All payroll deductions made for a participant
shall be credited to his or her account under the Plan and shall be withheld in whole percentages only. A participant may not make any
additional payments into such account.


 


(c) A participant may discontinue his or her participation
in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his or her payroll deductions during the Offering
Period by filing with the Plan Administrator a new Authorization Form authorizing a change in payroll deduction rate. The Board or the
Committee may, in its discretion, limit the number of participation rate changes during any Offering Period. Any such reduction or increase
would be effective beginning with the first Offering Period that begins no earlier than 5 business days after the Plan Administrator’s
receipt of a new Authorization Form from the participant, unless otherwise determined by the Plan Administrator. A participant’s
Authorization Form shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof.


 


(d) Notwithstanding the foregoing, to the extent
necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a participant’s payroll deductions may be decreased
to zero percent (0%) at any time during an Offering Period. Payroll deductions shall recommence at the rate provided in such participant’s
Authorization Form at the beginning of the first Offering Period that is scheduled to end in the following calendar year, unless terminated
by the participant as provided in Section 10 hereof.


 


(e) At the time the option is exercised, in whole
or in part, or at the time some or all of the Company’s Common Stock issued under the Plan is disposed of, the participant must
make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, which arise upon the exercise
of the option. If the participant makes a disposition, within the meaning of Section 424(c) of the Code and regulations promulgated thereunder,
of any shares of Common Stock issued to such participant pursuant to the exercise of an option, and such disposition occurs within the
two-year period commencing on the day after the Offering Date or within the one-year period commencing on the day after the exercise date,
such participant shall, within five (5) days of such disposition, notify the Company thereof. In addition, in order to satisfy the requirement
to withhold the amount (if any) of federal, state or local taxes that the Company or Subsidiary determines is applicable, the Company
and any Subsidiary may deduct such amount from any other compensation payable to the Participant.


 


7. Grant of Option. On the Enrollment Date
of each Offering Period, each Employee participating in such Offering Period shall be granted an option to purchase on the Exercise Date
during such Offering Period (at the applicable Purchase Price) up to a number of shares of the Company’s Common Stock determined
by dividing such Employee’s payroll deductions accumulated prior to such Exercise Date and retained in the participant’s account
as of the Exercise Date by the applicable Purchase Price; provided that any purchases shall be subject to the limitations set forth in
Sections 3(b), 4(b) and 13 hereof. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn
pursuant to Section 10 hereof. The option shall expire on the last day of the Offering Period.


 


8. Exercise of Option.


 


(a) Unless a participant withdraws from the Plan
as provided in Section 10 hereof, his or her option for the purchase of shares shall be exercised automatically on the Exercise Date,
and the maximum number of full shares subject to the option shall be purchased for such participant at the applicable Purchase Price with
the accumulated payroll deductions in his or her account. No fractional shares shall be purchased; any payroll deductions accumulated
in a participant’s account which are not sufficient to purchase a full share shall be retained in the participant’s account
for the subsequent Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other monies
left over in a participant’s account after the Exercise Date shall be promptly returned to the participant. During a participant’s
lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her.


 


(b) If the Board or the Committee determines that,
on a given Exercise Date, the number of shares with respect to which options are to be exercised may exceed the number of shares of Common
Stock that are then available for sale under the Plan, the Board or Committee may in its sole discretion provide that the Company shall
make a pro rata allocation of the shares of Common Stock available for purchase on such Exercise Date in as uniform a manner as shall
be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase
Common Stock on such Exercise Date.


 


 


 






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9. Delivery; Required Holding Period. As
promptly as practicable after each Exercise Date on which a purchase of shares occurs, the Company shall arrange the delivery to each
participant acquiring shares under the Plan on that date the shares purchased upon exercise of his or her option on that date in a certificate
or uncertificated form. Unless expressly permitted by the Committee, no sale, transfer or other disposition (other than as a result of
the participant's death) may be made of any shares of Common Stock purchased under the Plan during the three (3) month period following
the end of the Offering Period in which such shares were purchased (for clarity, if the Offering Period ended May 15, 2023, such three
(3) month period as to shares purchased under the Plan in that Offering period would end August 15, 2023). If such shares of Common Stock
are delivered by the Company to a broker or recordkeeping service for the benefit of the participant, the shares shall be held in such
brokerage account or by such recordkeeping service throughout such three-month holding period (other than in the event of the participant's
death). In the event a participant sells, transfers or otherwise disposes of any shares of Common Stock in violation of this Section 9,
the participant shall remit to the Company an amount in cash for each such share equal to (i) the Fair Market Value of a share of Common
Stock on the Exercise Date of the applicable Offering Period, less (ii) the Purchase Price paid by the participant to purchase such share.
For purposes of clarity, neither the termination of a participant's employment nor the participant's failure to provide services to the
Company or a Designated Subsidiary shall in and of itself trigger any obligation of the participant to repay any amount or sell any shares
of Common Stock under this section, but the three (3) month holding period above shall continue to apply in such circumstances. The Committee
may, in its discretion, shorten or eliminate the holding period provided for above in this Section 9 from time to time and may grant waivers
of the holding period provisions of this Section 9. The Committee may also lengthen such holding period as to shares of Common Stock purchased
in one or more Offering Periods that commence after such change is made.


 


10. Withdrawal.


 


(a) A participant may withdraw all but not less
than all the payroll deductions credited to his or her account and not yet used to exercise his or her option under the Plan at any time
by giving written notice to the Plan Administrator which is received at least ten (10) days prior to the Exercise Date (or such other
notice period as may be established by the Plan Administrator from time to time in its sole discretion). All of the participant’s
payroll deductions credited to his or her account shall be paid to such participant promptly after receipt of notice of withdrawal and
such participant’s option for the Offering Period shall be automatically terminated, and no further payroll deductions for the purchase
of shares shall be made for such Offering Period. If a participant withdraws from an Offering Period, payroll deductions shall not resume
at the beginning of the succeeding Offering Period unless the participant timely delivers to the Plan Administrator a new Authorization
Form for that Offering Period.


 


(b) A participant’s withdrawal from an Offering
Period shall not have any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company
or in succeeding Offering Periods that commence after the termination of the Offering Period from which the participant withdraws.


 


11. Termination of Employment. Upon a participant’s
ceasing to be an Employee, for any reason, he or she shall be deemed to have elected to withdraw from the Plan and the payroll deductions
credited to such participant’s account during the Offering Period but not yet used to exercise the option shall be promptly returned
to such participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15 hereof, and such participant’s
option shall be automatically terminated.


 


12. Interest. No interest shall accrue
on the payroll deductions of a participant in the Plan.


 


13. Stock.


 


(a) Subject to adjustment upon changes in capitalization
of the Company as provided in Section 19 hereof, the maximum number of shares of the Company’s Common Stock which shall be made
available for future sale under the Plan with respect to Exercise Dates shall be One Million Eight Hundred Thousand (1,800,000) shares.


 


(b) The participant shall have no interest or
voting rights in shares covered by his or her option until such option has been exercised.


 


(c) Shares to be delivered to a participant under
the Plan shall be registered in the name of the participant or in the name of the participant and his or her spouse.


 


 


 






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14. Administration. The “Committee”
shall mean the Compensation Committee of the Board, a subcommittee thereof formed by the Compensation Committee to act as the Committee
hereunder or such other committee of members of the Board as delegated by the Board. The Board or the Committee shall administer the Plan.
The Board or the Committee shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan,
to determine eligibility and to adjudicate all disputed claims filed under the Plan. The Committee may delegate ministerial non-discretionary
functions to third parties, including individuals who are officers or employees of the Company or Designated Subsidiaries. Notwithstanding
anything else contained in this Plan to the contrary, the Committee may also adopt rules, procedures, separate offerings, or sub-plans
applicable to particular Subsidiaries or locations, which separate offerings or sub-plans may be designed to be outside the scope of Section
423 of the Code and need not comply with the otherwise applicable provisions of this Plan. Every finding, decision and determination made
by the Board or the Committee shall, to the full extent permitted by law, be final and binding upon all parties. The Company will pay
all expenses incurred in the administration of the Plan. No member of the Committee or any person acting at the direction thereof shall
be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of
the Committee and any person acting at the direction thereof shall be fully indemnified by the Company with respect to any such good faith
action, determination or interpretation.


 


15. Designation of Beneficiary.


 


(a) A participant may file with the Plan Administrator
a written designation of a beneficiary who is to receive any shares and cash from the participant’s account under the Plan in the
event of such participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such
participant of such shares and cash. In addition, a participant may file with the Plan Administrator a written designation of a beneficiary
who is to receive any cash from the participant’s account under the Plan in the event of such participant’s death prior to
the exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required
for such designation to be effective.


 


(b) Such designation of beneficiary may be changed
by the participant at any time by written notice to the Plan Administrator. In the event of the death of a participant and in the absence
of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver
such shares and/or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has
been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or
to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to
such other person as the Company may designate.


 


16. Transferability. Neither payroll deductions
credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan
may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or
as provided in Section 15 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without
effect, except that the Company may treat such act as an election to withdraw from an Offering Period in accordance with Section 10 hereof.


 


17. Use of Funds. All payroll deductions
received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated
to segregate such payroll deductions.


 


18. Reports. Individual accounts shall
be maintained for each participant in the Plan. Statements of account shall be given to participating Employees at least annually, which
statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash
balance, if any.


 


 


 






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19. Adjustments Upon Changes in Capitalization;
Corporate Transactions.


 


(a) Changes in Capitalization. Subject
to any required action by the stockholders of the Company, the maximum number of shares that may be issued under the Plan as provided
in Section 13(a), the maximum number of shares each participant may purchase each Offering Period (pursuant to Section 4(b)), as well
as the price per share and the number of shares of Common Stock covered by each option under the Plan which have not yet been exercised,
shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split,
reverse stock split, stock dividend, extraordinary cash dividend, combination or reclassification of the Common Stock, or any other increase
or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration”.
Such adjustment shall be made by the Board or the Committee, whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares
of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to an option.


 


(b) Corporate Transactions. Upon a dissolution
or liquidation of the Company, or any other transaction or event that the Company does not survive, or does not survive as a publicly-traded
company in respect of its Common Stock, subject to any provision that has been expressly made by the Board for the survival, substitution,
assumption, exchange or other settlement of the options that are then outstanding under the Plan, each Offering Period then in progress
shall be shortened and a new Exercise Date shall be established by the Board or the Committee (the “New Exercise Date”),
as of which date the Plan and any Offering Period then in progress shall terminate and all then-outstanding options under the Plan shall
be automatically exercised in accordance with the terms hereof; provided, however, that the New Exercise Date shall not be more than ten
(10) days before the date of the consummation of such dissolution, liquidation or other transaction or event. The Purchase Price on the
New Exercise Date shall be determined as provided herein, except that the New Exercise Date shall be treated as the “Exercise Date”
for purposes of determining such Purchase Price.


 


20. Amendment or Termination.


 


(a) The Board may at any time and for any reason
terminate or amend the Plan. Except as provided in Section 19 hereof, no such termination can affect options previously granted, provided
that an Offering Period may be terminated by the Board on any Exercise Date. Except as provided in Section 19 and this Section 20 hereof,
no amendment may make any change in any option theretofore granted which adversely affects the rights of the participant holding such
option. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law,
regulation or rule of the NASDAQ Stock Market or such other principal U.S. national securities exchange Common Stock is listed), the Company
shall obtain stockholder approval of any such amendment in such a manner and to such a degree as required.


 


(b) Without stockholder approval and without regard
to whether any participant rights may be considered to have been “adversely affected,” the Board or the Committee shall be
entitled to change the Offering Periods, change the maximum number of shares each participant may purchase during an Offering Period,
limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable
to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant
in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
Stock for each participant properly correspond with amounts withheld from the participant’s Compensation, and establish such other
limitations or procedures as the Board or the Committee determines in its sole discretion advisable which are consistent with the Plan.
In addition, without stockholder approval and without regard to whether any participant rights may be considered to have been “adversely
affected,” the Board or Committee shall have the right to designate from time to time the Subsidiaries whose employees may be eligible
to participate in the Plan (including, without limitation, any Subsidiary that may become such after the Effective Date), to impose service
and other qualification requirements on Employees eligible to participate in the Plan (or change such requirements), and to change the
definition of Compensation set forth above (in each case, subject to the requirements of Section 423(b) of the Code and applicable rules
and regulations thereunder), provided that any such change shall not take effect earlier than the first Offering Period that starts on
or after the effective date of such change.


 


 


 






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21. Notices. All notices or other communications
by a participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form
specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.


 


22. Conditions Upon Issuance of Shares.
Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant
thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements
of the NASDAQ Stock Market (or any other principal U.S. national securities exchange on which the Common Stock may then be listed), and
shall be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to the exercise of
an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the
shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion
of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.


 


23. Term of Plan. On September 18, 2012,
the Board approved the 2013 Employee Stock Purchase Plan, as amended, subject to and effective upon stockholder approval at the Company’s
2013 Annual Meeting of Stockholders. The Plan shall continue in effect for a period of ten (10) years following the Restatement Effective
Date set forth above unless earlier terminated by the Board.


 


24. Miscellaneous.


 


(a) Administrative Costs. The Company shall
pay the administrative expenses associated with the operation of the Plan (other than brokerage commissions resulting from sales of Common
Stock directed by Employees).


 


(b) No Employment Rights. Participation
in the Plan shall not give an Employee any right to continue in the employment of the Company, and shall not affect the right of the Company
to terminate the Employee’s employment at any time, with or without cause.


 


(c) Repurchase of Stock. The Company shall
not be required to purchase or repurchase from any Employee any of the shares of Common Stock that the Employee acquires under the Plan.


 


(d) Internal Revenue Code and ERISA Considerations.
The Plan is intended to constitute an “employee stock purchase plan” within the meaning of section 423 of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder. The provisions of the Plan, accordingly, shall be construed so as to
comply with the requirements of that section of the Code or any successor provision, and the regulations thereunder. The Plan is not intended
and shall not be construed as constituting an “employee benefit plan,” within the meaning of section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended.


 


(e) Headings, Captions, Gender. The headings
and captions herein are for convenience of reference only and shall not be considered as part of the text. The masculine shall include
the feminine, and vice versa.


 


(f) Severability of Provisions, Prevailing
Law. The provisions of the Plan shall be deemed severable. If any provision of the Plan shall be held unlawful or otherwise invalid
or unenforceable in whole or in part by a court of competent jurisdiction or by reason of a change in a law or regulation, such provision
shall (a) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so
limited shall remain in full force and effect, and (b) not affect any other provision of the Plan or part thereof, each of which shall
remain in full force and effect. The Plan shall be governed by the laws of the State of Delaware to the extent such laws are not in conflict
with, or superseded by, federal law.


 


 


 






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