Exhibit 4.9


 


JINKOSOLAR HOLDING CO., LTD.

2014 EQUITY INCENTIVE PLAN


 


		1.	Purpose of the Plan 



 


The purpose of the Plan is to aid the Company
and its Affiliates in recruiting and retaining key employees, directors or consultants of outstanding ability and to motivate such
employees, directors or consultants to exert their best efforts on behalf of the Company and its Affiliates by providing incentives
through the granting of Awards. The Company expects that it will benefit from the added interest which such key employees, directors
or consultants will have in the welfare of the Company as a result of their proprietary interest in the Company’s success.


 


		2.	Definitions 



 


The following capitalized terms used in the
Plan have the respective meanings set forth in this Section:


 


		(a) 	Applicable Laws: All laws, statutes, regulations, ordinances, rules or governmental requirements that are applicable
to this Plan or any Award granted pursuant to this Plan, including but not limited to applicable laws of the People’s Republic
of China, the United States and the Cayman Islands, and the rules and requirements of any applicable national securities
exchange.



 


		(b) 	Act: The U.S. Securities Exchange Act of 1934, as amended, or any successor thereto.



 


		(c) 	Affiliate: With respect to the Company, any entity directly or indirectly controlling, controlled by, or under common
control with, the Company or any other entity designated by the Board in which the Company or an Affiliate has an interest.



 


		(d) 	Award: An Option, Share Appreciation Right or Other Share-Based Award.



 


		(e) 	Beneficial Owner: A “beneficial owner”, as such term is defined in Rule 13d-3 under the Act (or any successor
rule thereto).



 


		(f) 	Board: The board of directors of the Company.



 


		(g) 	Change in Control: The occurrence of any of the following events:



 


(i) the sale or disposition, in one or a series of related
transactions, of all or substantially all, of the assets of the Company to any “person” or “group” (as
such terms are defined in Sections 13(d)(3) or 14(d)(2) of the Act) other than the Permitted Holders; or


 


(ii) any person or group, other than the Permitted Holders,
is or becomes the Beneficial Owner (except that a person shall be deemed to have “beneficial ownership” of all shares
that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time),
directly or indirectly, of more than 50% of the total voting power of the voting share of the Company (or any entity which controls
the Company), including by way of merger, consolidation, tender or exchange offer or otherwise.


 




    	 



    	 



    

 


		(h) 	Code: The U.S. Internal Revenue Code of 1986, as amended, or any successor thereto.



 


		(i) 	Committee: The compensation committee of the Board.



 


		(j) 	Company:  JinkoSolar Holding Co., Ltd., a company incorporated under the laws of the Cayman Islands. 



 


		(k) 	Disability: Inability of a Participant to perform in all material respects his duties and responsibilities to the Company,
or any Subsidiary of the Company, by reason of a physical or mental disability or infirmity which inability is reasonably expected
to be permanent and has continued (i) for a period of not less than 90 consecutive days or (ii) such shorter period as the Committee
may reasonably determine in good faith. The Disability determination shall be in the sole discretion of the Committee and a Participant
(or his representative) shall furnish the Committee with medical evidence documenting the Participant’s disability or infirmity
which is satisfactory to the Committee.



 


		(l) 	Effective Date: The date the Board approves the Plan, or such later date as is designated by the Board.



 


		(m) 	Employment: The term “Employment” as used herein shall be deemed to refer to (i) a Participant’s employment
if the Participant is an employee of the Company or any of its Affiliates, (ii) a Participant’s services as a consultant,
if the Participant is consultant to the Company or its Affiliates and (iii) a Participant’s services as an non-employee director,
if the Participant is a non-employee member of the Board.



 


		(n) 	Fair Market Value: On a given date, (i) if there should be a public market for the Shares on such date, the closing price
of the Shares as reported on such date on the Composite Tape of the principal national securities exchange on which such Shares
are listed or admitted to trading, or (ii) if there should not be a public market for the Shares on such date, the Fair Market Value
shall be the value established by the Committee in good faith.



 


		(o) 	ISO: An Option that is also an incentive share option granted pursuant to Section 6(d) of the Plan.



 


		(p) 	LSAR: A limited share appreciation right granted pursuant to Section 7(d) of the Plan.



 


		(q) 	Other Share-Based Awards: Awards granted pursuant to Section 8 of the Plan.



 


		(r) 	Option: A share option granted pursuant to Section 6 of the Plan.



 


		(s) 	Option Price: The purchase price per Share of an Option, as determined pursuant to Section 6(a) of the Plan.



 


		(t) 	Participant: An employee, director or consultant who is selected by the Committee to participate in the Plan.



 


		(u) 	Permitted Holder: means, as of the date of determination, (i) the Company or (ii) any employee benefit plan (or trust
forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person of which a majority of its voting power
of its voting equity securities or equity interest is owned, directly or indirectly, by the Company,



 




    	 



    	 



    

 


		(v) 	Person: A “person”, as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor
section thereto).



 


		(w) 	Plan: This JinkoSolar Holding Co., Ltd. 2014 Equity Incentive Plan.



 


		(x) 	Shares:  Ordinary Shares of the Company, nominal value US$0.00002 per share. 



 


		(y) 	Share Appreciation Right: A share appreciation right granted pursuant to Section 7 of the Plan.



 


		(z) 	Subsidiary: A corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially
owned directly or indirectly by the Company.



 


		3.	Shares Subject to the Plan 



 


The total number of Shares which may be issued
under the Plan is 12,796,745. The Shares may consist, in whole or in part, of authorized and unissued Shares or Shares purchased
on the open market. The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation
or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares which are subject
to Awards which terminate or lapse without the payment of consideration may be granted again under the Plan.


 


		4.	Administration 



 


The Plan shall be administered by the Committee,
which may delegate its duties and powers in whole or in part to any subcommittee thereof. Awards may, in the discretion of the
Committee, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company
or its subsidiaries or a company acquired by the Company or with which the Company combines. The number of Shares underlying such
substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Committee is
authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any
other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect
or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary
or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie
within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not
limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and authority to establish
the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at
any time (including, without limitation, accelerating or waiving any vesting conditions). The Committee shall require payment of
any amount it may determine to be necessary to withhold for any applicable taxes as a result of the exercise, grant or vesting
of an Award. Unless the Committee specifies otherwise, the Participant may elect to pay a portion or all of such withholding taxes
by (a) delivery in Shares or (b) having Shares withheld by the Company from any Shares that would have otherwise been received by
the Participant.


 




    	 



    	 



    

 


		5.	Limitations 



 


No Award may be granted under the Plan after
the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.


 


		6.	Terms and Conditions of Options 



 


Options granted under the Plan shall be, as
determined by the Committee, non-qualified or incentive share options for U.S. federal income tax purposes, as evidenced by the
related Award agreements, and shall be subject to the foregoing and the following terms and conditions and to such other terms
and conditions, not inconsistent therewith, as the Committee shall determine:


 


		(a) 	Option Price. The Option Price per Share shall be determined
                                         by the Committee, unless expressly approved by the Committee, shall not be less than
                                         100% of the Fair Market Value of the Shares on the date an Option is granted.



 


		(b) 	Exercisability. Options granted under the Plan shall
                                         be exercisable at such time and upon such terms and conditions as may be determined by
                                         the Committee, but in no event shall an Option be exercisable more than ten years after
                                         the date it is granted.



 


		(c) 	Exercise of Options. Except as otherwise provided in
                                         the Plan or in an Award agreement, an Option may be exercised for all, or from time to
                                         time any part, of the Shares for which it is then exercisable. For purposes of this Section
                                         6 of the Plan, the exercise date of an Option shall be the later of the date a notice
                                         of exercise is received by the Company and, if applicable, the date payment is received
                                         by the Company pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence.
                                         The purchase price for the Shares as to which an Option is exercised shall be paid to
                                         the Company in full at the time of exercise at the election of the Participant (i) in
                                         cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee,
                                         in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares
                                         being purchased and satisfying such other requirements as may be imposed by the Committee;
                                         provided, that such Shares have been held by the Participant for no less than six months
                                         (or such other period as established from time to time by the Committee in order to avoid
                                         adverse accounting treatment applying generally accepted accounting principles), (iii)
                                         partly in cash and, to the extent permitted by the Committee and subject to the other
                                         requirements and conditions set forth above in (ii), partly in Shares or (iv) if there
                                         is a public market for the Shares at such time, through the delivery of irrevocable instructions
                                         to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly
                                         to the Company an amount out of the proceeds of such sale equal to the aggregate Option
                                         Price for the Shares being purchased. No Participant shall have any rights to dividends
                                         or other rights of a shareholder with respect to Shares subject to an Option until the
                                         Participant has given written notice of exercise of the Option, paid in full for such
                                         Shares and, if applicable, has satisfied any other conditions imposed by the Committee
                                         pursuant to the Plan.



 




    	 



    	 



    

 


		(d) 	ISOs. The Committee may grant Options under the Plan
                                         that are intended to be ISOs. Such ISOs shall comply with the requirements of Section
                                         422 of the Code (or any successor section thereto). No ISO may be granted to any Participant
                                         who at the time of such grant, owns more than ten percent of the total combined voting
                                         power of all classes of shares of the Company or of any Subsidiary, unless (i) the Option
                                         Price for such ISO is at least 110% of the Fair Market Value of a Share on the date the
                                         ISO is granted and (ii) the date on which such ISO terminates is a date not later than
                                         the day preceding the fifth anniversary of the date on which the ISO is granted. Any
                                         Participant who disposes of Shares acquired upon the exercise of an ISO either (i) within
                                         two years after the date of grant of such ISO or (ii) within one year after the transfer
                                         of such Shares to the Participant, shall notify the Company of such disposition and of
                                         the amount realized upon such disposition. All Options granted under the Plan are intended
                                         to be nonqualified share options, unless the applicable Award agreement expressly states
                                         that the Option is intended to be an ISO. If an Option is intended to be an ISO, and
                                         if for any reason such Option (or portion thereof) shall not qualify as an ISO, then,
                                         to the extent of such nonqualification, such Option (or portion thereof) shall be regarded
                                         as a nonqualified share option granted under the Plan; provided that such Option (or
                                         portion thereof) otherwise complies with the Plan’s requirements relating to nonqualified
                                         share options. In no event shall any member of the Committee, the Company or any of its
                                         Affiliates (or their respective employees, officers or directors) have any liability
                                         to any Participant (or any other Person) due to the failure of an Option to qualify for
                                         any reason as an ISO.



 


		(e) 	Attestation. Wherever in this Plan or any agreement
                                         evidencing an Award a Participant is permitted to pay the exercise price of an Option
                                         or taxes relating to the exercise of an Option by delivering Shares, the Participant
                                         may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement
                                         by presenting proof of beneficial ownership of such Shares, in which case the Company
                                         shall treat the Option as exercised without further payment and shall withhold such number
                                         of Shares from the Shares acquired by the exercise of the Option.



 


		7.	Terms and Conditions of Share Appreciation Rights 



 


		(a) 	Grants. The Committee also may grant (i) a Share Appreciation
                                         Right independent of an Option or (ii) a Share Appreciation Right in connection with
                                         an Option, or a portion thereof. A Share Appreciation Right granted pursuant to clause
                                         (ii) of the preceding sentence (A) may be granted at the time the related Option is granted
                                         or at any time prior to the exercise or cancellation of the related Option, (B) shall
                                         cover the same number of Shares covered by an Option (or such lesser number of Shares
                                         as the Committee may determine) and (C) shall be subject to the same terms and conditions
                                         as such Option except for such additional limitations as are contemplated by this Section
                                         7 (or such additional limitations as may be included in an Award agreement).



 




    	 



    	 



    

 


		(b) 	Terms. The exercise price per Share of a Share Appreciation
                                         Right shall be an amount determined by the Committee but in no event shall such amount
                                         be less than the greater of (i) the Fair Market Value of a Share on the date the Share
                                         Appreciation Right is granted or, in the case of a Share Appreciation Right granted in
                                         conjunction with an Option, or a portion thereof, the Option Price of the related Option
                                         and (ii) the minimum amount permitted by Applicable Laws. Each Share Appreciation Right
                                         granted independent of an Option shall entitle a Participant upon exercise to an amount
                                         equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share
                                         over (B) the exercise price per Share, times (ii) the number of Shares covered by the
                                         Share Appreciation Right. Each Share Appreciation Right granted in conjunction with an
                                         Option, or a portion thereof, shall entitle a Participant to surrender to the Company
                                         the unexercised Option, or any portion thereof, and to receive from the Company in exchange
                                         therefore an amount equal to (i) the excess of (A) the Fair Market Value on the exercise
                                         date of one Share over (B) the Option Price per Share, times (ii) the number of Shares
                                         covered by the Option, or portion thereof, which is surrendered. The date a notice of
                                         exercise is received by the Company shall be the exercise date. Payment shall be made
                                         in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued
                                         at such Fair Market Value), all as shall be determined by the Committee. Share Appreciation
                                         Rights may be exercised from time to time upon actual receipt by the Company of written
                                         notice of exercise stating the number of Shares with respect to which the Share Appreciation
                                         Right is being exercised. No fractional Shares will be issued in payment for Share Appreciation
                                         Rights, but instead cash will be paid for a fraction or, if the Committee should so determine,
                                         the number of Shares will be rounded downward to the next whole Share.



 


		(c) 	Limitations. The Committee may impose, in its discretion,
                                         such conditions upon the exercisability or transferability of Share Appreciation Rights
                                         as it may deem fit.



 


		(d) 	Limited Share Appreciation Rights. The Committee may
                                         grant LSARs that are exercisable upon the occurrence of specified contingent events.
                                         Such LSARs may provide for a different method of determining appreciation, may specify
                                         that payment will be made only in cash and may provide that any related Awards are not
                                         exercisable while such LSARs are exercisable. Unless the context otherwise requires,
                                         whenever the term “Share Appreciation Right” is used in the Plan, such term
                                         shall include LSARs.



 


		8.	Other Share-Based Awards 



 


The Committee, in its
sole discretion, may grant or sell Awards of Shares, Awards of restricted Shares and Awards that are valued in whole or in part
by reference to, or are otherwise based on the Fair Market Value of, Shares (“Other Share-Based Awards”). Such Other
Share-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without
limitation, the right to receive, or vest with respect to, one or more Shares (or the equivalent cash value of such Shares) upon
the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives. Other
Share-Based Awards may be granted alone or in addition to any other Awards granted under the Plan. Subject to the provisions of
the Plan, the Committee shall determine to whom and when Other Share-Based Awards will be made, the number of Shares to be awarded
under (or otherwise related to) such Other Share-Based Awards; whether such Other Share-Based Awards shall be settled in cash, Shares
or a combination of cash and Shares; and all other terms and conditions of such Awards (including, without limitation, the vesting
provisions thereof and provisions ensuring that all Shares so awarded and issued shall be fully paid and non-assessable).


 


		9.	Adjustments Upon Certain Events 



 


Notwithstanding any other provisions in the
Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:


 




    	 



    	 



    

 


		(a) 	Generally. In the event of any change in the outstanding
                                         Shares after the Effective Date by reason of any Share dividend or split, reorganization,
                                         recapitalization, merger, consolidation, spin-off, combination, combination or transaction
                                         or exchange of Shares or other corporate exchange, or any distribution to shareholders
                                         of Shares other than regular cash dividends or any transaction similar to the foregoing,
                                         the Committee in its sole discretion and without liability to any person shall make such
                                         substitution or adjustment, if any, as it deems to be equitable, as to (i) the number
                                         or kind of Shares or other securities issued or reserved for issuance pursuant to the
                                         Plan or pursuant to outstanding Awards, (ii) the maximum number of Shares for which Options
                                         or Share Appreciation Rights may be granted during a calendar year to any Participant,
                                         (iii) the maximum number of Shares for which Other Share-Based Awards may be granted
                                         during a calendar year to any Participant, (iv) the maximum amount of an Award that is
                                         valued in whole or in part by reference to, or is otherwise based on the Fair Market
                                         Value of, Shares that may be granted during a calendar year to any Participant, (v) the
                                         Option Price or exercise price of any Share Appreciation Right and/or (vi) any other
                                         affected terms of such Awards.



 


		(b) 	Change in Control. In the event of a Change of Control
                                         after the Effective Date, (i) if determined by the Committee in the applicable Award
                                         agreement or otherwise, any outstanding Awards then held by Participants which are unexercisable
                                         or otherwise unvested or subject to lapse restrictions shall automatically be deemed
                                         exercisable or otherwise vested or no longer subject to lapse restrictions, as the case
                                         may be, as of immediately prior to such Change of Control and (ii) the Committee may,
                                         but shall not be obligated to, (A) cancel such Awards for fair value (as determined in
                                         the sole discretion of the Committee) which, in the case of Options and Share Appreciation
                                         Rights, may equal the excess, if any, of value of the consideration to be paid in the
                                         Change of Control transaction to holders of the same number of Shares subject to such
                                         Options or Share Appreciation Rights (or, if no consideration is paid in any such transaction,
                                         the Fair Market Value of the Shares subject to such Options or Share Appreciation Rights)
                                         over the aggregate exercise price of such Options or Share Appreciation Rights, (B) provide
                                         for the issuance of substitute Awards that will substantially preserve the otherwise
                                         applicable terms of any affected Awards previously granted hereunder as determined by
                                         the Committee in its sole discretion or (C) provide that for a period of at least 15
                                         days prior to the Change of Control, such Options shall be exercisable as to all Shares
                                         subject thereto and that upon the occurrence of the Change of Control, such Options shall
                                         terminate and be of no further force and effect.



 


10. No Right to Employment or Awards 


 


The granting of an Award under the Plan shall
impose no obligation on the Company or any Subsidiary to continue the Employment of a Participant and shall not lessen or affect
the Company’s or Subsidiary’s right to terminate the Employment of such Participant. No Participant or other Person
shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders
or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with
respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated).


 




    	 



    	 



    

 


11. Successors and Assigns 


 


The Plan shall be binding on all successors
and assigns of the Company and a Participant, including without limitation, the estate of such Participant and the executor, administrator
or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.


 


12. Nontransferability of Awards 


 


Unless otherwise determined by the Committee,
an Award shall not be transferable or assignable by the Participant otherwise than by will or by the laws of descent and distribution.
An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees
of the Participant.


 


Notwithstanding the foregoing, no provision
herein shall prevent or forbid transfers by will, by the laws of descent and distribution, to a trust that was established solely
for tax planning purposes and not for purposes of profit or commercial activity or, to one or more “family members”
(as such term is defined in SEC Rule 701 promulgated under the Securities Act of 1933, as amended) by gift or pursuant to a qualified
domestic relations order.


 


13. Amendments or Termination 


 


The Board may amend, alter or discontinue
the Plan, but no amendment, alteration or discontinuation shall be made, (a) without the approval of the shareholders of the Company,
if such action would (except as is provided in Section 9 of the Plan), increase the total number of Shares reserved for the purposes
of the Plan or change the maximum number of Shares for which Awards may be granted to any Participant, in each case only to the
extent such approval is required by the principal national securities exchange on which the Shares are listed or admitted to trading,
or (b) without the consent of a Participant, if such action would diminish any of the rights of the Participant under any Award
theretofore granted to such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner
as it deems necessary to permit the granting of Awards meeting the requirements of any Applicable Laws.


 


Without limiting the generality of the foregoing,
to the extent applicable, notwithstanding anything herein to the contrary, this Plan and Awards issued hereunder shall be interpreted
in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder,
including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding
any provision of the Plan to the contrary, in the event that the Committee determines that any amounts payable hereunder will be
taxable to a Participant under Section 409A of the Code and related Department of Treasury guidance prior to payment to such Participant
of such amount, the Company may (a) adopt such amendments to the Plan and Awards and appropriate policies and procedures, including
amendments and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended
tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) take such other actions as the Committee determines
necessary or appropriate to comply with the requirements of Section 409A of the Code.


 




    	 



    	 



    

 


14. Multiple Jurisdictions 


 


In order to assure the viability of Awards
granted to Participants employed in various jurisdictions, the Committee may, in its sole discretion, provide for such special
terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom applicable in the
jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, amendments,
restatements, or alternative versions of the Plan as it may consider necessary or appropriate for such purposes without thereby
affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements
or alternative versions shall increase the Share limitation contained in Section 3 hereof. Notwithstanding the foregoing, the Committee
may not take any actions hereunder, and no Awards shall be granted that would violate any Applicable Laws.


 


15. Distribution of Shares 


 


The obligation of the Company to make payments
in Shares pursuant to an Award shall be subject to all Applicable Laws and to any such approvals by government agencies as may
be required. Additionally, in the discretion of the Committee, American depositary shares, or ADSs, may be distributed in lieu
of Shares in settlement of any Award, provided that the ADSs shall be of equal value to the Shares that would have otherwise been
distributed. If the number of Shares represented by an ADS is other than on a one-to-one basis, the limitations contained in Section
3 shall be adjusted to reflect the distribution of ADSs in lieu of Shares.


 


16. Taxes 


 


No Shares shall be delivered under the Plan
to any Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income
and employment tax withholding obligations under any Applicable Laws, in particular, the tax laws, rules, regulations and government
orders of the People’s Republic of China or the U.S. federal, state or other local tax laws, as applicable. The Company and
each of its Subsidiaries shall have the authority and the right to deduct or withhold, or require a Participant to remit to the
Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s payroll tax
obligations, if any) required to be withheld under any Applicable Laws with respect to any Award issued to the Participant hereunder.
The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company
withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required
to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the
issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such
Shares were acquired by the Participant from the Company) in order to satisfy the Participant’s federal, state, local and
other income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award shall, unless
specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding
or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state,
local and other income tax any payroll tax purposes that are applicable to such taxable income.


 


17. Choice of Law 


 


The Plan shall be governed by and construed
in accordance with the laws of the state of New York. 


 


18. Effectiveness of the Plan 


 


The Plan shall be effective as of the Effective
Date and shall terminate ten years later, subject to earlier termination by the Board pursuant to Section 13 hereof.