Exhibit 10.1


 


ANTERO RESOURCES CORPORATION


 


2020 LONG-TERM INCENTIVE PLAN


 


1.                 
Purpose. The purpose of the Antero Resources Corporation 2020 Long-Term Incentive Plan (the “Plan”)
is to provide a means through which (a) Antero Resources Corporation, a Delaware corporation (the “Company”),
and its Affiliates may attract, retain and motivate qualified persons as employees, directors and other service providers, thereby
enhancing the profitable growth of the Company and its Affiliates and (b) persons upon whom the responsibilities of the successful
administration and management of the Company and its Affiliates rest, and whose present and potential contributions to the Company
and its Affiliates are of importance, can acquire and maintain stock ownership or awards the value of which is tied to the performance
of the Company, thereby strengthening their concern for the Company and its Affiliates. Accordingly, the Plan provides for the
grant of Options, SARs, Restricted Stock, Restricted Stock Units, Stock Awards, Dividend Equivalents, Other Stock-Based Awards,
Cash Awards, Substitute Awards, or any combination of the foregoing, as determined by the Committee in its sole discretion.


 


2.                 
Definitions. For purposes of the Plan, the following terms shall be defined as set forth below:


 


(a)              
 “Affiliate” means any corporation, partnership, limited liability company, limited liability
partnership, association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common
control with, the Company. For purposes of the preceding sentence, “control” (including, with correlative meanings,
the terms “controlled by” and “under common control with”), as used with respect to any entity or organization,
shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting
power for the election of directors of the controlled entity or organization or (ii) to direct or cause the direction of the management
and policies of the controlled entity or organization, whether through the ownership of voting securities, by contract, or otherwise.


 


(b)              
“ASC Topic 718” means the Financial Accounting Standards Board Accounting Standards Codification
Topic 718, Compensation – Stock Compensation, as amended or any successor accounting standard.


 


(c)              
“Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Stock Award, Dividend
Equivalent, Other Stock-Based Award, Cash Award, or Substitute Award, together with any other right or interest, granted under
the Plan.


 


(d)              
“Award Agreement” means any written instrument (including any employment, severance or change
in control agreement) that sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition
to those set forth under the Plan.


 


(e)              
“Board” means the Board of Directors of the Company.


 


(f)               
“Cash Award” means an Award denominated in cash granted under Section 6(i).


 






    


     


    

 


(g)              
 “Change in Control” means, except as otherwise provided in an Award Agreement, the occurrence
of any of the following events after the Effective Date:


 


(i)              
The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (x) the
then outstanding shares of Stock (the “Outstanding Stock”) or (y) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this clause (i), the following
acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the
Company or its subsidiaries, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any entity controlled by the Company or (D) any acquisition by any entity pursuant to a transaction that complies with
clauses (A), (B) and (C) of clause (iii) below;


 


(ii)            
The individuals constituting the Board on the Effective Date (the “Incumbent Directors”) cease
for any reason (other than death or disability) to constitute at least majority of the Board; provided, however,
that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election, by the Company’s
stockholders was approved by a vote of at least two-thirds of the Incumbent Directors (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination)
will be considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such
individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election
or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a “person”
(as used in Section 13(d) of the Exchange Act), in each case, other than the Board, which individual, for the avoidance of doubt,
shall not be deemed to be an Incumbent Director for purposes of this definition, regardless of whether such individual was approved
by a vote of at least two-thirds of the Incumbent Directors;


 


(iii)            Consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the
Company or an acquisition of assets of another entity (a “Business Combination”), in each case,
unless, following such Business Combination, (A) the Outstanding Stock and Outstanding Company Voting Securities immediately
prior to such Business Combination represent or are converted into or exchanged for securities which represent or are
convertible into more than 50% of, respectively, the then outstanding shares of common stock or common equity interests and
the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors
or other governing body, as the case may be, of the entity resulting from such Business Combination (including, without
limitation, an entity which as a result of such transaction owns the Company, or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries), (B) no individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), excluding the Company, its subsidiaries and any employee
benefit plan (or related trust) sponsored or maintained by the Company or the entity resulting from such Business Combination
(or any entity controlled by either the Company or the entity resulting from such Business Combination), beneficially owns,
directly or indirectly, 50% or more of, respectively, the then outstanding shares of common stock or common equity interests
of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors or other governing body of such entity except to the extent that such
ownership results solely from direct or indirect ownership of the Company that existed prior to the Business Combination, and
(C) at least a majority of the members of the board of directors or similar governing body of the entity resulting from such
Business Combination were Incumbent Directors at the time of the execution of the initial agreement, or of the action of the
Board, providing for such Business Combination; or


 






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(iv)            
Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.


 


Notwithstanding any provision
of this Section 2(g), for purposes of an Award that provides for a deferral of compensation under the Nonqualified Deferred
Compensation Rules, to the extent the impact of a Change in Control on such Award would subject a Participant to additional taxes
under the Nonqualified Deferred Compensation Rules, a Change in Control described in subsection (i), (ii), (iii) or (iv) above
with respect to such Award will mean both a Change in Control and a “change in the ownership of a corporation,” “change
in the effective control of a corporation,” or a “change in the ownership of a substantial portion of a corporation’s
assets” within the meaning of the Nonqualified Deferred Compensation Rules as applied to the Company.


 


(h)              
“Change in Control Price” means the amount determined in the following clause (i), (ii), (iii),
(iv) or (v), whichever the Committee determines is applicable, as follows: (i) the price per share offered to holders of
Stock in any merger or consolidation resulting in a Change in Control, (ii) the per share Fair Market Value of the Stock
immediately before the Change in Control or other event without regard to assets sold in the Change in Control or other event
and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets, (iii) the
amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock
in any tender offer or exchange offer whereby a Change in Control or other event takes place, or (v) if such Change in Control
or other event occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 2(h),
the value per share of the Stock that may otherwise be obtained with respect to such Awards or to which such Awards track, as
determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards.
In the event that the consideration offered to stockholders of the Company in any transaction described in this Section 2(h)
or in Section 8(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of
the portion of the consideration offered which is other than cash and such determination shall be binding on all affected Participants
to the extent applicable to Awards held by such Participants.


 


(i)                
“Code” means the Internal Revenue Code of 1986, as amended from time to time, including the guidance
and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.


 


(j)                
“Committee” means a committee of two or more directors designated by the Board to administer the
Plan; provided, however, that, unless otherwise determined by the Board, the Committee shall consist solely of two
or more Qualified Members.


 






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(k)              
 “Dividend Equivalent” means a right, granted to an Eligible Person under Section 6(g),
to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares
of Stock, or other periodic payments.


 


(l)                
“Effective Date” means June 17, 2020.


 


(m)            
“Eligible Person” means any individual who, as of the date of grant of an Award, is an officer
or employee of the Company or of any of its Affiliates, and any other person who provides services to the Company or any of its
Affiliates, including directors of the Company; provided, however, that, any such individual must be an “employee”
of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if such individual
is granted an Award that may be settled in Stock. An employee on leave of absence may be an Eligible Person.


 


(n)              
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including
the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto.


 


(o)              
“Fair Market Value” of a share of Stock means, as of any specified date, (i) if the Stock is listed
on a national securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that
date (or if no sales occur on such date, on the last preceding date on which such sales of the Stock are so reported); (ii) if
the Stock is not traded on a national securities exchange but is traded over the counter on such date, the average between the
reported high and low bid and asked prices of Stock on the most recent date on which Stock was publicly traded on or preceding
the specified date; or (iii) in the event Stock is not publicly traded at the time a determination of its value is required to
be made under the Plan, the amount determined by the Committee in its discretion in such manner as it deems appropriate, taking
into account all factors the Committee deems appropriate, including the Nonqualified Deferred Compensation Rules. Notwithstanding
this definition of Fair Market Value, with respect to one or more Award types, or for any other purpose for which the Committee
must determine the Fair Market Value under the Plan, the Committee may elect to choose a different measurement date or methodology
for determining Fair Market Value so long as the determination is consistent with the Nonqualified Deferred Compensation Rules
and all other applicable laws and regulations.


 


(p)              
 “ISO” means an Option intended to be and designated as an “incentive stock option”
within the meaning of Section 422 of the Code.


 


(q)              
“Nonqualified Deferred Compensation Rules” means the limitations and requirements of Section 409A
of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions,
guidance and regulations thereto.


 


(r)               
“Nonstatutory Option” means an Option that is not an ISO.


 


(s)               
“Option” means a right, granted to an Eligible Person under Section 6(b), to purchase Stock
at a specified price during specified time periods, which may either be an ISO or a Nonstatutory Option.


 






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(t)                
 “Other Stock-Based Award” means an Award granted to an Eligible Person under Section 6(h).


 


(u)              
“Participant” means a person who has been granted an Award under the Plan that remains outstanding,
including a person who is no longer an Eligible Person.


 


(v)              
“Prior Plan” means the Antero Resources Corporation Long-Term Incentive Plan, effective October
1, 2013.


 


(w)            
“Qualified Member” means a member of the Board who is (i) a “non-employee director”
within the meaning of Rule 16b-3(b)(3), and (ii) “independent” under the listing standards or rules of the securities
exchange upon which the Stock is traded, but only to the extent such independence is required in order to take the action at issue
pursuant to such standards or rules.


 


(x)              
“Restricted Stock” means Stock granted to an Eligible Person under Section 6(d) that is
subject to certain restrictions and to a risk of forfeiture.


 


(y)              
“Restricted Stock Unit” means a right, granted to an Eligible Person under Section 6(e),
to receive Stock, cash or a combination thereof at the end of a specified period (which may or may not be coterminous with the
vesting schedule of the Award).


 


(z)              
“Rule 16b-3” means Rule 16b-3, promulgated by the SEC under Section 16 of the Exchange Act.


 


(aa)            
“SAR” means a stock appreciation right granted to an Eligible Person under Section 6(c).


 


(bb)           
“SEC” means the Securities and Exchange Commission.


 


(cc)            
 “Securities Act” means the Securities Act of 1933, as amended from time to time, including the
guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto.


 


(dd)           
“Stock” means the Company’s Common Stock, par value $0.01 per share, and such other securities
as may be substituted (or re-substituted) for Stock pursuant to Section 8.


 


(ee)            
“Stock Award” means unrestricted shares of Stock granted to an Eligible Person under Section
6(f).


 


(ff)             
“Substitute Award” means an Award granted under Section 6(j).


 






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3.                 
Administration.


 


(a)               Authority
of the Committee. The Plan shall be administered by the Committee except to the extent the Board elects to administer the
Plan, in which case references herein to the “Committee” shall be deemed to include references to the
“Board.” Subject to the express provisions of the Plan, Rule 16b-3 and other applicable laws, the Committee shall
have the authority, in its sole and absolute discretion, to:


 


(i)                
designate Eligible Persons as Participants;


 


(ii)               
determine the type or types of Awards to be granted to an Eligible Person;


 


(iii)              
determine the number of shares of Stock or amount of cash to be covered by Awards;


 


(iv)             
determine the terms and conditions of any Award, including whether, to what extent and under what circumstances Awards may
be vested, settled, exercised, cancelled or forfeited (including conditions based on continued employment or service requirements
or the achievement of one or more performance goals);


 


(v)               
modify, waive or adjust any term or condition of an Award that has been granted, which may include the acceleration of vesting,
waiver of forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Stock or vice
versa), early termination of a performance period, or modification of any other condition or limitation regarding an Award;


 


(vi)              
determine the treatment of an Award upon a termination of employment or other service relationship;


 


(vii)             
impose a holding period with respect to an Award or the shares of Stock received in connection with an Award;


 


(viii)            
interpret and administer the Plan and any Award Agreement;


 


(ix)              
correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement;
and


 


(x)               
make any other determination and take any other action that the Committee deems necessary or desirable for the administration
of the Plan.


 


The express grant of
any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power
or authority of the Committee. Any action of the Committee shall be final, conclusive and binding on all persons, including the
Company, its Affiliates, stockholders, Participants, beneficiaries, and permitted transferees under Section 7(a) or other
persons claiming rights from or through a Participant.


 


(b)               Exercise
of Committee Authority. At any time that a member of the Committee is not a Qualified Member, any action of the Committee
relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in
respect of the Company where such action is not taken by the full Board may be taken either (i) by a subcommittee, designated
by the Committee, composed solely of two or more Qualified Members, or (ii) by the Committee but with each such member who is
not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon
such abstention or recusal, the Committee remains composed solely of two or more Qualified Members. Such action, authorized
by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the
action of the Committee for purposes of the Plan. For the avoidance of doubt, the full Board may take any action relating to
an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of
the Company.


 






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(c)              
Delegation of Authority. The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee
of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards; provided,
however, that such delegation does not (i) violate state or corporate law or (ii) result in the loss of an exemption under
Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any
such delegation, all references in the Plan to the “Committee,” other than in Section 8, shall be deemed to
include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation
shall not limit the right of such subcommittee members or such an officer to receive Awards; provided, however, that
such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive
officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself,
a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint agents who are not
executive officers of the Company or members of the Board to assist in administering the Plan, provided, however,
that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Stock.


 


(d)              
Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon
any report or other information furnished to him or her by any officer or employee of the Company or any of its Affiliates, the
Company’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan.
Members of the Committee and any officer or employee of the Company or any of its Affiliates acting at the direction or on behalf
of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to the
Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such
action or determination.


 


(e)               Participants
in Non-U.S. Jurisdictions. Notwithstanding any provision of the Plan to the contrary, to comply with applicable laws in
countries other than the United States in which the Company or any of its Affiliates operates or has employees, directors or
other service providers from time to time, or to ensure that the Company complies with any applicable requirements of foreign
securities exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of
the Company’s Affiliates shall be covered by the Plan; (ii) determine which Eligible Persons outside the United States
are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Persons
outside the United States to comply with applicable foreign laws or listing requirements of any foreign exchange; (iv)
establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be
necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices), provided, however,
that no such sub-plans and/or modifications shall increase the share limitations contained in Section 4(a); and (v)
take any action, before or after an Award is granted, that it deems advisable to comply with any applicable governmental
regulatory exemptions or approval or listing requirements of any such foreign securities exchange. For purposes of the Plan,
all references to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of
any applicable jurisdiction other than the United States or a political subdivision thereof.


 






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4.                 
Stock Subject to Plan.


 


(a)              
Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with Section 8, (i)
10,050,000 shares of Stock are reserved and available for delivery with respect to Awards, and such total shall be available for
the issuance of shares upon the exercise of ISOs, plus (ii) the number of shares that become available for Awards under
this Plan pursuant to Section 4(d) below.


 


(b)              
Application of Limitation to Grants of Awards. Subject to Section 4(c), no Award may be granted if the
number of shares of Stock that may be delivered in connection with such Award exceeds the number of shares of Stock remaining available
under the Plan minus the number of shares of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee
may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of
tandem or Substitute Awards) and make adjustments if the number of shares of Stock actually delivered differs from the number of
shares previously counted in connection with an Award.


 


(c)              
Availability of Shares Not Delivered under Awards. If all or any portion of an Award expires or is cancelled, forfeited,
exchanged, settled in cash or otherwise terminated, the shares of Stock subject to such Award (including (i) shares forfeited with
respect to Restricted Stock and (ii) the number of shares withheld or surrendered to the Company in payment of any taxes relating
to Awards, other than Options or Stock Appreciation Rights) shall not be considered “delivered shares” under the Plan,
shall be available for delivery with respect to Awards, and shall no longer be considered issuable or related to outstanding Awards
for purposes of Section 4(b). If an Award may be settled only in cash, such Award need not be counted against any share
limit under this Section 4. For the avoidance of doubt, the following shares shall not be available for delivery with respect
to Awards: (A) shares withheld or surrendered to the Company in payment of any exercise or purchase price of an Option or Stock
Appreciation Right, (B) shares withheld or surrendered to the Company in payment of any taxes relating to an Option or Stock Appreciation
Right, and (C) shares repurchased on the open market with the proceeds from the exercise price of an Option.


 


(d)               Shares
Available Under the Prior Plan. In addition, shares of Stock subject to an award under the Prior Plan that (i) expires or
is canceled, forfeited, settled in cash or otherwise terminated without a delivery of Stock to the participant under the
Prior Plan or (ii) shares of Stock that are tendered or withheld in payment of any taxes related to awards granted pursuant
to the Prior Plan other than options or stock appreciation rights, in either case, on or after the Effective Date will be
added to the total number of shares available under the Plan. Notwithstanding the foregoing, the following shares shall not
be available for Awards, (A) shares withheld or surrendered to the Company in payment of any exercise or purchase price of an
option or stock appreciation right under the Prior Plan, (B) shares withheld or surrendered to the Company in payment of any
taxes relating to an option or stock appreciation right under the Prior Plan, and (C) shares repurchased on the open market
with the cash proceeds from the exercise price of an option under the Prior Plan.


 






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(e)              
Shares Available Following Certain Transactions. Substitute Awards granted in accordance with applicable stock exchange
requirements and in substitution or exchange for awards previously granted by a company acquired by the Company or any subsidiary
or with which the Company or any subsidiary combines shall not reduce the shares authorized for issuance under the Plan or the
limitations on grants to non-employee members of the Board under Section 5(b), nor shall shares subject to such Substitute
Awards be added to the shares available for issuance under the Plan as provided above (whether or not such Substitute Awards are
later cancelled, forfeited or otherwise terminated). Additionally, in the event that a company acquired by the Company or any subsidiary
or with which the Company or any subsidiary combines has shares available under a pre-existing plan approved by stockholders and
not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing
plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in
such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to
such acquisition or combination) may, if and to the extent determined by the Board and subject to compliance with applicable stock
exchange requirements, be used for Awards under the Plan and shall not reduce the shares authorized for issuance under the Plan
(and shares subject to such Awards shall not be added to the shares available for issuance under the Plan as provided above); provided,
that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms
of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not, prior to such
acquisition or combination, employed by (and who were not non-employee directors or other service providers of) the Company or
any of its subsidiaries immediately prior to such acquisition or combination.


 


(f)               
Stock Offered. The shares of Stock to be delivered under the Plan shall be made available from (i) authorized
but unissued shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired
by the Company, including shares purchased on the open market.


 


5.                 
Eligibility; Compensation Limitations for Non-Employee Members of the Board.


 


(a)              
Awards may be granted under the Plan only to Eligible Persons.


 


(b)               In
each calendar year during any part of which the Plan is in effect, a non-employee member of the Board may not be paid
compensation, whether denominated in cash or Awards, for such individual’s service on the Board in excess of $750,000; provided, however,
that for any calendar year in which a member of the Board (i) serves on a special committee of the Board or (ii) serves as
lead director, additional compensation up to $100,000, whether denominated in cash or Awards, may be paid. For purposes of
this Section 5(b), the value of Awards shall be determined, if applicable, pursuant to ASC Topic 718 on the date of
grant and attributed to the compensation limit for the year in which the Award is granted. For the avoidance of doubt, the
limits set forth in this Section 5(b) shall be without regard to grants of Awards or other payments, if any, made to a
non-employee member of the Board during any period in which such individual was an employee of the Company or of any of its
Affiliates or was otherwise providing services to the Company or to any of its Affiliates other than in the capacity as a
director of the Company. For the avoidance of doubt, any cash compensation that is deferred shall be counted toward this
limit for the year in which it was first earned, and not when paid or settled, if later.


 






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6.                 
Specific Terms of Awards.


 


(a)              
General. Awards may be granted on the terms and conditions set forth in this Section 6. Awards granted under
the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award. In
addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section
10), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine,
including subjecting such awards to service- or performance-based vesting conditions. Without limiting the scope of the preceding
sentence, with respect to any performance-based conditions, (i) the Committee may use one or more business criteria or other measures
of performance as it may deem appropriate in establishing any performance goals applicable to an Award, (ii) any such performance
goals may relate to the performance of the Participant, the Company (on a consolidated basis), or to specified subsidiaries, business
or geographical units or operating areas of the Company, (iii) the performance period or periods over which performance goals will
be measured shall be established by the Committee, and (iv) any such performance goals and performance periods may differ among
Awards granted to any one Participant or to different Participants.  Except as otherwise provided in an Award Agreement, the
Committee may exercise its discretion to reduce or increase the amounts payable under any Award.


 


(b)              
Options. The Committee is authorized to grant Options, which may be designated as either ISOs or Nonstatutory Options,
to Eligible Persons on the following terms and conditions:


 


(i)              
Exercise Price. Each Award Agreement evidencing an Option shall state the exercise price per share of Stock (the
“Exercise Price”) established by the Committee; provided, however, that except as provided
in Section 6(j) or in Section 8, the Exercise Price of an Option shall not be less than the greater of (A) the par
value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the Option
(or in the case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined voting power of
all classes of stock of the Company or its parent or any of its subsidiaries, 110% of the Fair Market Value per share of the Stock
on the date of grant).


 


(ii)              Time
and Method of Exercise; Other Terms. The Committee shall determine the methods by which the Exercise Price may be paid or
deemed to be paid, the form of such payment, including cash or cash equivalents, Stock (including previously owned shares or
through a cashless exercise, i.e., “net settlement”, a broker-assisted exercise, or other reduction of the amount
of shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of the Company or any
Affiliate, other property, or any other legal consideration the Committee deems appropriate (including notes or other
contractual obligations of Participants to make payment on a deferred basis), the methods by or forms in which Stock will be
delivered or deemed to be delivered to Participants, including the delivery of Restricted Stock subject to Section
6(d), and any other terms and conditions of any Option. In the case of an exercise whereby the Exercise Price is paid
with Stock, such Stock shall be valued based on the Stock’s Fair Market Value as of the date of exercise. No Option may
be exercisable for a period of more than ten years following the date of grant of the Option (or in the case of an ISO
granted to an individual who owns stock possessing more than 10% of the total combined voting power of all classes of stock
of the Company or its parent or any of its subsidiaries, for a period of more than five years following the date of grant of
the ISO).


 






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(iii)           
ISOs. The terms of any ISO granted under the Plan shall comply in all respects with the provisions of Section 422
of the Code. ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or any subsidiary
corporation of the Company. Except as otherwise provided in Section 8, no term of the Plan relating to ISOs (including any
SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan
be exercised, so as to disqualify either the Plan or any ISO under Section 422 of the Code, unless notice has been provided to
the Participant that such change will result in such disqualification. ISOs shall not be granted more than ten years after the
earlier of the adoption of the Plan or the approval of the Plan by the Company’s stockholders. Notwithstanding the foregoing,
to the extent that the aggregate Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market Value of
shares of stock of any parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) subject to
any other incentive stock options of the Company or a parent or subsidiary corporation (within the meaning of Sections 424(e) and
(f) of the Code) that are exercisable for the first time by a Participant during any calendar year exceeds $100,000, or such other
amount as may be prescribed under Section 422 of the Code, such excess shall be treated as Nonstatutory Options in accordance with
the Code. As used in the previous sentence, Fair Market Value shall be determined as of the date the ISO is granted. If a Participant
shall make any disposition of shares of Stock issued pursuant to an ISO under the circumstances described in Section 421(b) of
the Code (relating to disqualifying dispositions), the Participant shall notify the Company of such disposition within the time
provided to do so in the applicable award agreement.


 


(c)              
SARs. The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions:


 


(i)              
Right to Payment. An SAR is a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of
one share of Stock on the date of exercise over (B) the grant price of the SAR as determined by the Committee.


 


(ii)            
Grant Price. Each Award Agreement evidencing an SAR shall state the grant price per share of Stock established by
the Committee; provided, however, that except as provided in Section 6(j) or in Section 8, the grant
price per share of Stock subject to an SAR shall not be less than the greater of (A) the par value per share of the Stock or (B)
100% of the Fair Market Value per share of the Stock as of the date of grant of the SAR.


 


(iii)            Method
of Exercise and Settlement; Other Terms. The Committee shall determine the form of consideration payable upon settlement,
the method by or forms in which Stock (if any) will be delivered or deemed to be delivered to Participants, and any other
terms and conditions of any SAR. SARs may be either free-standing or granted in tandem with other Awards. No SAR may be
exercisable for a period of more than ten years following the date of grant of the SAR.


 






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(iv)            
Rights Related to Options. An SAR granted in connection with an Option shall entitle a Participant, upon exercise,
to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying
(A) the difference obtained by subtracting the Exercise Price with respect to a share of Stock specified in the related Option
from the Fair Market Value of a share of Stock on the date of exercise of the SAR, by (B) the number of shares as to which that
SAR has been exercised. The Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with
an Option shall be subject to the terms and conditions of the Award Agreement governing the Option, which shall provide that the
SAR is exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable
except to the extent that the related Option is transferrable.


 


(d)              
Restricted Stock. The Committee is authorized to grant Restricted Stock to Eligible Persons on the following terms
and conditions:


 


(i)              
Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other
restrictions, if any, as the Committee may impose. Except as provided in Section 7(a)(iii) and Section 7(a)(iv),
during the restricted period applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hedged,
hypothecated, margined or otherwise encumbered by the Participant. Except as otherwise provided in the applicable Award Agreement
and this Section 6(d), the holder of a Restricted Stock Award will generally have the same rights as a stockholder, including
the right to vote the Stock subject to the Restricted Stock Award and to receive dividends on the Stock subject to the Restricted
Stock Award during the restriction period (subject, in all cases, to the limitations on payment of dividends on unvested Awards,
as described in Section 6(d)(ii) below).


 


(ii)             
Dividends and Splits. As a condition to the grant of an Award of Restricted Stock, the Committee may allow a Participant
to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional
shares of Restricted Stock, applied to the purchase of additional Awards or deferred without interest to the date of vesting of
the associated Award of Restricted Stock, provided that in all events such cash dividends shall be subject to restrictions and
a risk of forfeiture to the same extent as the Restricted Stock with respect to which such dividends were paid and shall not be
paid unless and until such Restricted Stock has vested and been earned. Stock distributed in connection with a Stock split or Stock
dividend, and other property (other than cash) distributed as a dividend, shall be subject to restrictions and a risk of forfeiture
to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed and shall not
be delivered unless and until such Restricted Stock has vested and been earned.


 


(e)              
Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to Eligible Persons on the following
terms and conditions:


 






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(i)               Award and Restrictions. Restricted Stock Units shall be subject to such restrictions (which may include a risk of
forfeiture) as the Committee may impose.


 


(ii)             
Settlement. Settlement of vested Restricted Stock Units shall occur upon vesting or upon expiration of the deferral
period specified for such Restricted Stock Units by the Committee (or, if permitted by the Committee, as elected by the Participant).
Restricted Stock Units shall be settled by delivery of (A) a number of shares of Stock equal to the number of Restricted Stock
Units for which settlement is due, or (B) cash in an amount equal to the Fair Market Value of the specified number of shares of
Stock equal to the number of Restricted Stock Units for which settlement is due, or a combination thereof, as determined by the
Committee at the date of grant or thereafter.


 


(f)               
Stock Awards. The Committee is authorized to grant Stock Awards to Eligible Persons as a bonus, as additional compensation,
or in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such
other terms as the Committee in its discretion determines to be appropriate.


 


(g)              
Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to Eligible Persons, entitling any
such Eligible Person to receive cash, Stock, other Awards, or other property equal in value to dividends or other distributions
paid with respect to a specified number of shares of Stock. Dividend Equivalents may be awarded on a free-standing basis or in
connection with another Award (other than an Award of Restricted Stock, a Stock Award, Options or Stock Appreciation Rights). The
Committee may provide that Dividend Equivalents that are granted as free-standing awards shall be paid or distributed when accrued
or at a later specified date and, if distributed at a later date, may be deemed to have been reinvested in additional Stock, Awards,
or other investment vehicles or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability
and risks of forfeiture, as the Committee may specify. With respect to Dividend Equivalents granted in connection with another
Award, such Dividend Equivalents shall be subject to restrictions and a risk of forfeiture to the same extent as the Award with
respect to which such dividends accrue and shall not be paid unless and until such Award has vested and been earned.


 


(h)              
Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Eligible
Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based
on, or related to, Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including convertible or exchangeable
debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment
contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to
the book value of Stock or the value of securities of, or the performance of, specified Affiliates of the Company. The Committee
shall determine the terms and conditions of such Other Stock-Based Awards. Stock delivered pursuant to an Other-Stock Based Award
in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at
such times, by such methods, and in such forms, including cash, Stock, other Awards, or other property, as the Committee shall
determine.


 






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(i)                
 Cash Awards. The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement
to, or in lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms as the Committee
in its discretion determines to be appropriate, including for purposes of any annual or short-term incentive or other bonus program.


 


(j)                
Substitute Awards; No Repricing. Awards may be granted in substitution or exchange for any other Award granted under
the Plan or under another plan of the Company or an Affiliate or any other right of an Eligible Person to receive payment from
the Company or an Affiliate. Awards may also be granted under the Plan in substitution for awards held by individuals who become
Eligible Persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or
with the Company or an Affiliate. Such Substitute Awards referred to in the immediately preceding sentence that are Options or
SARs may have an exercise price that is less than the Fair Market Value of a share of Stock on the date of the substitution if
such substitution complies with the Nonqualified Deferred Compensation Rules and other applicable laws and exchange rules. Except
as provided in this Section 6(j) or in Section 8, without the approval of the stockholders of the Company, the terms
of outstanding Awards may not be amended to (i) reduce the Exercise Price or grant price of an outstanding Option or SAR, (ii)
grant a new Option, SAR or other Award in substitution for, or upon the cancellation of, any previously granted Option or SAR that
has the effect of reducing the Exercise Price or grant price thereof, (iii) exchange any Option or SAR for Stock, cash or other
consideration when the Exercise Price or grant price per share of Stock under such Option or SAR exceeds the Fair Market Value
of a share of Stock or (iv) take any other action that would be considered a “repricing” of an Option or SAR under
the applicable listing standards of the national securities exchange on which the Stock is listed (if any).


 


7.                 
Certain Provisions Applicable to Awards.


 


(a)              
Limit on Transfer of Awards.


 


(i)             
Except as provided in Sections 7(a)(iii) and (iv), each Option and SAR shall be exercisable only by the Participant
during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws
of descent and distribution. Notwithstanding anything to the contrary in this Section 7(a), an ISO shall not be transferable
other than by will or the laws of descent and distribution.


 


(ii)            
Except as provided in Sections 7(a)(i), (iii) and (iv), no Award, other than a Stock Award, and no
right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant
and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable
against the Company or any Affiliate.


 


(iii)            To
the extent specifically provided by the Committee and permitted pursuant to Form S-8 and the instructions thereto, an Award
may be transferred by a Participant without consideration to immediate family members or related family trusts, limited
partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish; provided, however,
that no Award (other than a Stock Award) may be transferred to a third-party financial institution for value.


 






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(iv)            
An Award may be transferred pursuant to a domestic relations order entered or approved by a court of competent jurisdiction
upon delivery to the Company of a written request for such transfer and a certified copy of such order.


 


(b)              
Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement,
payments to be made by the Company or any of its Affiliates upon the exercise or settlement of an Award may be made in such forms
as the Committee shall determine in its discretion, including cash, Stock, other Awards or other property, and may be made in a
single payment or transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at the
election of the Participant on terms and conditions established by the Committee); provided, however, that any such
deferred or installment payments will be set forth in the Award Agreement. Payments may include, without limitation, provisions
for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents
or other amounts in respect of installment or deferred payments denominated in Stock.


 


(c)              
Evidencing Stock. The Stock or other securities of the Company delivered pursuant to an Award may be evidenced in
any manner deemed appropriate by the Committee in its sole discretion, including in the form of a certificate issued in the name
of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop transfer orders and other restrictions
as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange
upon which such Stock or other securities are then listed, and any applicable federal, state or other laws, and the Committee may
cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. Further,
if certificates representing Restricted Stock are registered in the name of the Participant, the Company may retain physical possession
of the certificates and may require that the Participant deliver a stock power to the Company, endorsed in blank, related to the
Restricted Stock.


 


(d)              
Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee shall
determine, but shall not be granted for less than the minimum lawful consideration.


 


(e)              
Additional Agreements. Each Eligible Person to whom an Award is granted under the Plan may be required to agree in
writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such
Eligible Person’s termination of employment or service to a general release of claims and/or a noncompetition or other restricted
covenant agreement in favor of the Company and its Affiliates, with the terms and conditions of such agreement(s) to be determined
in good faith by the Committee.


 






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8.                 
Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization.


 


(a)              
 Existence of Plans and Awards. The existence of the Plan and the Awards granted hereunder shall not affect in any
way the right or power of the Company, the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization,
reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company,
any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the
Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act
or proceeding.


 


(b)              
Additional Issuances. Except as expressly provided herein, the issuance by the Company of shares of stock of any
class, including upon conversion of shares or obligations of the Company convertible into such shares or other securities, and
in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to,
the number of shares of Stock subject to Awards theretofore granted or the purchase price per share of Stock, if applicable.


 


(c)              
Subdivision or Consolidation of Shares. The terms of an Award and the share limitations under the Plan shall be subject
to adjustment by the Committee from time to time, in accordance with the following provisions:


 


(i)              
If at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by
the issuance of a distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater
number of shares of Stock or in the event the Company distributes an extraordinary cash dividend, then, as appropriate (A) the
maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards
provided in Section 4 and Section 5 (other than cash limits) shall be increased proportionately, and the kind of
shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other
kind of shares or securities) that may be acquired under any then outstanding Award shall be increased proportionately, and (C)
the price (including the Exercise Price or grant price) for each share of Stock (or other kind of shares or securities) subject
to then outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which
outstanding Awards remain exercisable or subject to restrictions; provided, however, that in the case of an extraordinary
cash dividend that is not an Adjustment Event, the adjustment to the number of shares of Stock and the Exercise Price or grant
price, as applicable, with respect to an outstanding Option or SAR may be made in such other manner as the Committee may determine
that is permitted pursuant to applicable tax and other laws, rules and regulations. Notwithstanding the foregoing, Awards that
already have a right to receive extraordinary cash dividends as a result of DERs or other dividend rights will not be adjusted
as a result of an extraordinary cash dividend.


 


(ii)              If
at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse Stock split, or
otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, then, as appropriate (A)
the maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations with respect
to Awards provided in Section 4 and Section 5 (other than cash limits) shall be decreased proportionately, and
the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of
Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be decreased
proportionately, and (C) the price (including the Exercise Price or grant price) for each share of Stock (or other kind of
shares or securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate
purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions.


 






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(d)              
Recapitalization. In the event of any change in the capital structure or business of the Company or other corporate
transaction or event that would be considered an “equity restructuring” within the meaning of ASC Topic 718 and, in
each case, that would result in an additional compensation expense to the Company pursuant to the provisions of ASC Topic 718,
if adjustments to Awards with respect to such event were discretionary or otherwise not required (each such an event, an “Adjustment
Event”), then the Committee shall equitably adjust (i) the aggregate number or kind of shares that thereafter may
be delivered under the Plan, (ii) the number or kind of shares or other property (including cash) subject to an Award, (iii) the
terms and conditions of Awards, including the purchase price or Exercise Price of Awards and performance goals, as applicable,
and (iv) the applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than cash limits)
to equitably reflect such Adjustment Event (“Equitable Adjustments”). In the event of any change in the
capital structure or business of the Company or other corporate transaction or event that would not be considered an Adjustment
Event, and is not otherwise addressed in this Section 8, the Committee shall have complete discretion to make Equitable
Adjustments (if any) in such manner as it deems appropriate with respect to such other event.


 


(e)              
Change in Control and Other Events. Except to the extent otherwise provided in any applicable Award Agreement, vesting
of any Award shall not occur solely upon the occurrence of a Change in Control and, in the event of a Change in Control or other
changes in the Company or the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination,
exchange or other relevant change occurring after the date of the grant of any Award, the Committee, acting in its sole discretion
without the consent or approval of any holder, may exercise any power enumerated in Section 3 (including the power to accelerate
vesting, waive any forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and
may also effect one or more of the following alternatives, which may vary among individual holders and which may vary among Awards
held by any individual holder:


 


(i)              
accelerate the time of exercisability of an Award so that such Award may be exercised in full or in part for a limited period
of time on or before a date specified by the Committee, after which specified date all unexercised Awards and all rights of holders
thereunder shall terminate;


 


(ii)              redeem
in whole or in part outstanding Awards by requiring the mandatory surrender to the Company by selected holders of some or all
of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable) as of a
date, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and cause the Company to
pay to each holder an amount of cash or other consideration per Award (other than a Dividend Equivalent or Cash Award, which
the Committee may separately require to be surrendered in exchange for cash or other consideration determined by the
Committee in its discretion) equal to the Change in Control Price, less the Exercise Price with respect to an Option and less
the grant price with respect to a SAR, as applicable to such Awards; provided, however, that to the extent the
Exercise Price of an Option or the grant price of an SAR exceeds the Change in Control Price, such Award may be cancelled for
no consideration;


 






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(iii)           
cancel Awards that remain subject to a restricted period as of the date of a Change in Control or other such event without
payment of any consideration to the Participant for such Awards; or


 


(iv)           
make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control or
other such event (including the substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary
thereof);


 


provided, however,
that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment is
necessary to Awards then outstanding. If an Adjustment Event occurs, this Section 8(e) shall only apply to the extent it
is not in conflict with Section 8(d).


 


9.                 
General Provisions.


 


(a)              
Tax Withholding. The Company and any of its Affiliates are authorized to withhold from any Award granted, or any
payment relating to an Award, including from a distribution of Stock, taxes due or potentially payable in connection with any transaction
involving an Award, and to take such other action as the Committee may deem advisable to enable the Company, its Affiliates and
Participants to satisfy the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may
be determined by the Committee. The Committee shall determine, in its sole discretion, the form of payment acceptable for such
tax withholding obligations, including the delivery of cash or cash equivalents, Stock (including previously owned shares, net
settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered
pursuant to the Award), other property, or any other legal consideration the Committee deems appropriate. Any determination made
by the Committee to allow a Participant who is subject to Rule 16b-3 to pay taxes with shares of Stock through net settlement or
previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the full Board.
If such tax withholding amounts are satisfied through net settlement or previously owned shares, the maximum number of shares of
Stock that may be so withheld or surrendered shall be the number of shares of Stock that have an aggregate Fair Market Value on
the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding
rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized without creating adverse
accounting treatment for the Company with respect to such Award, as determined by the Committee.


 


(b)               Limitation
on Rights Conferred under Plan. Neither the Plan nor any action taken hereunder shall be construed as (i) giving any
Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the
Company or any of its Affiliates, (ii) interfering in any way with the right of the Company or any of its Affiliates to
terminate any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving an
Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other
Participants and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a
stockholder of the Company unless and until the Participant is duly issued or transferred shares of Stock in accordance with
the terms of an Award.


 






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(c)              
Governing Law; Submission to Jurisdiction. All questions arising with respect to the provisions of the Plan and Awards
shall be determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions
thereof, except to the extent Delaware law is preempted by federal law. The obligation of the Company to sell and deliver Stock
hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection
with the authorization, issuance, sale, or delivery of such Stock. With respect to any claim or dispute related to or arising under
the Plan, the Company and each Participant who accepts an Award hereby consent to the exclusive jurisdiction, forum and venue of
the state and federal courts located in Denver, Colorado.


 


(d)              
Severability and Reformation. If any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any
law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or,
if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the
Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and
any such Award shall remain in full force and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict
with the requirements of Rule 16b-3 (as those terms or provisions are applied to Eligible Persons who are subject to Section 16
of the Exchange Act) or Section 422 of the Code (with respect to ISOs), then those conflicting terms or provisions shall be deemed
inoperative to the extent they so conflict with the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate,
has expressly determined that the Plan or such Award should not comply with Rule 16b-3) or Section 422 of the Code, in each case,
only to the extent Rule 16b-3 and such section of the Code are applicable. With respect to ISOs, if the Plan does not contain any
provision required to be included herein under Section 422 of the Code, that provision shall be deemed to be incorporated herein
with the same force and effect as if that provision had been set out at length herein; provided, further, that, to the extent
any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory
Option for all purposes of the Plan.


 


(e)              
Unfunded Status of Awards; No Trust or Fund Created. The Plan is intended to constitute an “unfunded”
plan for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other person. To the extent
that any person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be
no greater than the right of any general unsecured creditor of the Company or such Affiliate.


 


(f)                Nonexclusivity
of the Plan. Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company for
approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other
incentive arrangements as it may deem desirable. Nothing contained in the Plan shall be construed to prevent the Company or
any of its Affiliates from taking any corporate action which is deemed by the Company or such Affiliate to be appropriate or
in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan.
No employee, beneficiary or other person shall have any claim against the Company or any of its Affiliates as a result of any
such action.


 






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(g)              
Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award,
and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred
in lieu of any fractional shares of Stock or whether such fractional shares of Stock or any rights thereto shall be cancelled,
terminated, or otherwise eliminated with or without consideration.


 


(h)              
Interpretation. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate
reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan
or any provision thereof. Words in the masculine gender shall include the feminine gender, and, where appropriate, the plural shall
include the singular and the singular shall include the plural. In the event of any conflict between the terms and conditions of
an Award Agreement and the Plan, the provisions of the Plan shall control. The use herein of the word “including” following
any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters
set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without
limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall
be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general
statement, term or matter. References herein to any agreement, instrument or other document means such agreement, instrument or
other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not
prohibited by the Plan.


 


(i)                
Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment
of the Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual,
or may be applied for the benefit of such individual in any manner that the Committee may select, and the Company shall be relieved
of any further liability for payment of such amounts.


 


(j)                 Conditions
to Delivery of Stock. Nothing herein or in any Award Agreement shall require the Company to issue any shares with respect
to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act,
any other applicable statute or regulation, or the rules of any applicable securities exchange or securities association, as
then in effect. In addition, each Participant who receives an Award under the Plan shall not sell or otherwise dispose of
Stock that is acquired upon grant, exercise or vesting of an Award in any manner that would constitute a violation of any
applicable federal or state securities laws, the Plan or the rules, regulations or other requirements of the SEC or any stock
exchange upon which the Stock is then listed. At the time of any exercise of an Option or SAR, or at the time of any grant of
any other Award, the Company may, as a condition precedent to the exercise of such Option or SAR or settlement of any other
Award, require from the Participant (or in the event of his or her death, his or her legal representatives, heirs, legatees,
or distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention
or disposition of the shares of Stock being acquired pursuant to the Award and such written covenants and agreements, if any,
as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any
disposition by that holder (or in the event of the holder’s death, his or her legal representatives, heirs, legatees,
or distributees) will not involve a violation of the Securities Act, any other applicable state or federal statute or
regulation, or any rule of any applicable securities exchange or securities association, as then in effect. Stock or other
securities shall not be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to
the Plan or the applicable Award Agreement (including any Exercise Price, grant price, or tax withholding) is received by the
Company.


 






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(k)              
Section 409A of the Code. It is the general intention, but not the obligation, of the Committee to design Awards
to comply with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly.
Neither this Section 9(k) nor any other provision of the Plan is or contains a representation to any Participant regarding
the tax consequences of the grant, vesting, exercise, settlement, or sale of any Award (or the Stock underlying such Award) granted
hereunder, and should not be interpreted as such. In no event shall the Company be liable for all or any portion of any taxes,
penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with the Nonqualified
Deferred Compensation Rules. Notwithstanding any provision in the Plan or an Award Agreement to the contrary, in the event that
a “specified employee” (as defined under the Nonqualified Deferred Compensation Rules) becomes entitled to a payment
under an Award that would be subject to additional taxes and interest under the Nonqualified Deferred Compensation Rules if the
Participant’s receipt of such payment or benefits is not delayed until the earlier of (i) the date of the Participant’s
death, or (ii) the date that is six months after the Participant’s “separation from service,” as defined under
the Nonqualified Deferred Compensation Rules (such date, the “Section 409A Payment Date”), then such
payment or benefit shall not be provided to the Participant until the Section 409A Payment Date. Any amounts subject to the preceding
sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without
interest on the Section 409A Payment Date. The applicable provisions of the Nonqualified Deferred Compensation Rules are hereby
incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith.


 


(l)                
Clawback. The Plan and all Awards granted hereunder are subject to any written clawback policies that the Company,
with the approval of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including
any policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder
by the SEC and that the Company determines should apply to Awards. Any such policy may subject a Participant’s Awards and
amounts paid or realized with respect to Awards to reduction, cancelation, forfeiture or recoupment if certain specified events
or wrongful conduct occur, including an accounting restatement due to the Company’s material noncompliance with financial
reporting regulations or other events or wrongful conduct specified in any such clawback policy.


 






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(m)            
 Status under ERISA. The Plan shall not constitute an “employee benefit plan” for purposes of Section
3(3) of the Employee Retirement Income Security Act of 1974, as amended.


 


(n)              
Plan Effective Date and Term. The Plan was adopted by the Board to be effective on the Effective Date. No Awards
may be granted under the Plan on and after the tenth anniversary of the Effective Date, which is June 17, 2030. However, any Award
granted prior to such termination (or any earlier termination pursuant to Section 10), and the authority of the Board or
Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under
such Award in accordance with the terms of the Plan, shall extend beyond such termination until the final disposition of such Award.


 


10.             
Amendments to the Plan and Awards. The Committee may amend, alter, suspend, discontinue or terminate any Award or
Award Agreement, the Plan or the Committee’s authority to grant Awards without the consent of stockholders or Participants,
except that any amendment or alteration to the Plan, including any increase in any share limitation, shall be subject to the approval
of the Company’s stockholders not later than the annual meeting next following such Committee action if such stockholder
approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system
on which the Stock may then be listed or quoted, and the Committee may otherwise, in its discretion, determine to submit other
changes to the Plan to stockholders for approval; provided, that, without the consent of an affected Participant, no such
Committee action may materially and adversely affect the rights of such Participant under any previously granted and outstanding
Award. For purposes of clarity, any adjustments made to Awards pursuant to Section 8 will be deemed not to materially and
adversely affect the rights of any Participant under any previously granted and outstanding Award and therefore may be made without
the consent of affected Participants.


 






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