Exhibit 10.14


 


CPS 2006 LONG-TERM EQUITY INCENTIVE PLAN


(as amended effective April 27, 2016)


 


PART I - PURPOSE,
ADMINISTRATION AND RESERVATION OF SHARES


 


SECTION 1.        Purpose
of the Plan. The purposes of this Plan are (a) to attract and retain the most talented Employees, officers and Directors
available, and (b) to promote the growth and success of the Company’s business, (i) by aligning the long-term interests
of Employees, officers and Directors with those of the shareholders by providing an opportunity to acquire an interest in the Company
and (ii) by providing both rewards for exceptional performance and long term incentives for future contributions to the success
of the Company and its Subsidiaries.


 


The Plan permits the
grant of Incentive Stock Options, Nonqualified Stock Options, Restricted Stock, Restricted Stock Units, or SARs, at the discretion
of the Committee and as reflected in the terms of the Award Agreement. Each Award will be subject to conditions specified in the
Plan, such as continued employment or satisfaction of performance criteria.


 


This Plan will serve
as a framework for the Committee to establish sub-plans or procedures governing the grants to employees, officers, directors and
consultants. The awards granted under the Former Plan shall continue to be administered under the Former Plan until such time as
those options are exercised, expire or become unexercisable for any reason.


 


SECTION 2.        Definitions. As
used herein, the following definitions shall apply:


 


(a) “Active
Status” shall mean (i) for employees, the absence of any interruption or termination of service as an employee,
(ii) for Directors, that the Director has not been removed from the Board for cause (as determined by the Company’s
shareholders), and (iii) for Consultants, the absence of any interruption, expiration, or termination of such person’s
consulting or advisory relationship with the Company or any Subsidiary or the occurrence of any termination event as set forth
in such person’s Award Agreement. Active Status shall not be considered interrupted (A) for an employee in the case
of sick leave, maternity leave, infant care leave, medical emergency leave, military leave, or any other leave of absence properly
taken in accordance with the policies of the Company or any applicable Subsidiary as may be in effect from time to time, and (B) for
a Consultant, in the case of any temporary interruption in such person’s availability to provide services to the Company
or any Subsidiary which has been granted in writing by an authorized officer of the Company. Whenever a mandatory severance period
applies under applicable law with respect to a termination of service as an employee, Active Status shall be considered terminated
upon such Employee’s receipt of notice of termination in whatever form prescribed by applicable law.


 


(b) “Award” shall
mean any award or benefits granted under the Plan, including Options, Restricted Stock, Restricted Stock Units, and SARs.


 


(c) “Award
Agreement” shall mean a written or electronic agreement between the Company and the Participant setting forth the
terms of the Award.


 


(d) “Beneficial
Ownership” shall have the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.


 


(e) “Board” shall
mean the Board of Directors of the Company.


 


(f) “Change
of Control” shall mean the first day that any one or more of the following conditions shall have been satisfied:


 


(i) the sale,
liquidation or other disposition of all or substantially all of the Company’s assets in one or a series of related transactions;


 


(ii) an acquisition
(other than directly from the Company) of any outstanding voting securities by any person, after which such person (as the term
is used for purposes of Section 13(d) or 14(d) of the Exchange Act) has Beneficial Ownership of twenty-five percent (25%)
or more of the then outstanding voting securities of the Company, other than a Board approved transaction;


 


(iii) during any
36-consecutive month period, the individuals who, at the beginning of such period, constitute the Board (“Incumbent Directors”)
cease for any reason other than death to constitute at least a majority of the members of the Board; provided however that except
as set forth in this Section 2(f)(iii), an individual who becomes a member of the Board subsequent to the beginning of the
36-month period, shall be deemed to have satisfied such 36-month requirement and shall be deemed an Incumbent Director if such
Director was elected by or on the recommendation of or with the approval of at least two-thirds of the Directors who then qualified
as Incumbent Directors either actually (because they were Directors at the beginning of such period) or by operation of the provisions
of this section; if any such individual initially assumes office as a result of or in connection with either an actual or threatened
solicitation with respect to the election of Directors (as such terms are used in Rule 14a-12(c) of Regulation 14A promulgated
under the Exchange Act) or other actual or threatened solicitations of proxies or consents by or on behalf of a person other than
the Board, then such individual shall not be considered an Incumbent Director; or


  






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(iv) a merger,
consolidation or reorganization of the Company, as a result of which the shareholders of the Company immediately prior to such
merger, consolidation or reorganization own directly or indirectly immediately following such merger, consolidation or reorganization
less than fifty percent (50%) of the combined voting power of the outstanding voting securities of the entity resulting from such
merger, consolidation or reorganization.


 


(g) “Code” shall
mean the Internal Revenue Code of 1986, as amended.


 


(h) “Committee” shall
mean the Compensation Committee appointed by the Board.


 


(i) “Common
Stock” shall mean the common stock of the Company, no par value per share.


 


(j) “Company” shall
mean CPS, a California corporation, and any successor thereto.


 


(k) “Consultant” shall
mean any person, except an employee, engaged by the Company or any Subsidiary of the Company, to render personal services to such
entity, including as an advisor, pursuant to the terms of a written agreement.


 


(l) “Director” shall
mean a member of the Board.


 


(m) “Disability” shall
mean (i) in the case of a Participant whose employment with the Company or a Subsidiary is subject to the terms of an employment
or consulting agreement that includes a definition of “Disability” as used in this Plan shall have the meaning set
forth in such employment or consulting agreement during the period that such employment or consulting agreement remains in effect;
and (ii) in all other cases, the term “Disability” as used in this Plan shall have the same meaning as set forth
under the Company’s long-term disability plan applicable to the Participant as may be amended from time to time, and in the
event the Company does not maintain any such plan with respect to a Participant, a physical or mental condition resulting from
bodily injury, disease or mental disorder which renders the Participant incapable of continuing his or her usual and customary
employment with the Company or a Subsidiary, as the case may be, for a period of not less than 120 days or such other period
as may be required by applicable law.


 


(n) “Effective
Date” shall mean June 15, 2006, the date on which the Company’s shareholders first approved this Plan in accordance
with applicable Nasdaq rules.


 


(o) “Employee” shall
mean any person, including an officer, who is a common law employee of, receives remuneration for personal services to, is reflected
on the official human resources database as an employee of, and is on the payroll of the Company or any Subsidiary of the Company.
A person is on the payroll if he or she is paid from or at the direction of the payroll department of the Company, or any Subsidiary
of the Company. Persons providing services to the Company, or to any Subsidiary of the Company, pursuant to an agreement with a
staff leasing organization, temporary workers engaged through or employed by temporary or leasing agencies, and workers who hold
themselves out to the Company, or a Subsidiary to which they are providing services as being independent contractors, or as being
employed by or engaged through another company while providing the services, and persons covered by a collective bargaining agreement
(unless the collective bargaining agreement applicable to the person specifically provides for participation in this Plan) are
not employees for purposes of this Plan and do not and cannot participate in this Plan, whether or not such persons are, or may
be reclassified by the courts, the Internal Revenue Service, the U.S. Department of Labor, or other person or entity as, common
law employees of the Company, or any Subsidiary, either solely or jointly with another person or entity.


 


(p) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.


 


(q) “Executive
Officers” shall mean the officers of the Company as such term is defined in Rule 16a-1 under the Exchange Act.


 


(r) “Fair
Market Value” shall mean the closing price per share of the Common Stock on Nasdaq as to the date specified (or
the previous trading day if the date specified is a day on which no trading occurred), or if Nasdaq shall cease to be the principal
exchange or quotation system upon which the shares of Common Stock are listed or quoted, then such exchange or quotation system
as the Company elects to list or quote its shares of Common Stock and that the Committee designates as the Company’s principal
exchange or quotation system.


 


(s) “FAS 123” shall
mean Statements of Financial Accounting Standards No. 123, “Accounting for Stock-Based Compensation”, as promulgated
by the Financial Accounting Standards Board.


 






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(t) “FLSA” shall
mean the Fair Labor Standards Act of 1938, as amended.


 


(u) “Former
Plan” shall mean the CPS 1997 Long-Term Incentive Plan, as amended.


 


(v) “Incentive
Stock Option” shall mean any Option intended to qualify as an incentive stock option within the meaning of Section 422
of the Code. 


 


(w) “Independent
Director” shall mean a Director who: (1) meets the independence requirements of Nasdaq, or if Nasdaq shall
cease to be the principal exchange or quotation system upon which the shares of Common Stock are listed or quoted, then such exchange
or quotation system as the Company elects to list or quote its shares of Common Stock and that the Committee designates as the
Company’s principal exchange or quotation system; (2) qualifies as an “outside director” under Section 162(m)
of the Code; and (3) satisfies independence criteria under any other applicable laws or regulations relating to the issuance
of Shares to Employees.


 


(x) “Maximum
Annual Participant Award” shall have the meaning set forth in Section 6(b).


 


(y) “Misconduct” shall
mean any of the following; provided, however, that with respect to Non-Employee Directors “Misconduct” shall mean
subsection (viii) only:


 


(i) any
material breach of an agreement between the Participant and the Company or any Subsidiary which, if curable, has not been cured
within twenty (20) days after the Participant has been given written notice of the need to cure such breach, or which breach,
if previously cured, recurs;


 


(ii) willful
unauthorized use or disclosure of confidential information or trade secrets of the Company or any Subsidiary by the Participant;


 


(iii) the
Participant’s continued willful and intentional failure to satisfactorily perform Participant’s essential responsibilities,
provided that the Participant has been given at least thirty (30) days’ written notice of the need to cure the failure
and cure has not been effected within that time period, or which failure, if previously cured, recurs;


 


(iv) material
failure of the Participant to comply with rules, policies or procedures of the Company or any Subsidiary as they may be amended
from time to time, provided that the Participant has been given at least thirty (30) days’ written notice of the need
to cure the failure, if such failure is curable, and cure has not been effected within that time period, or which failure, if previously
cured, recurs;


 


(v) Participant’s
dishonesty, fraud or gross negligence related to the business or property of the Company or any Subsidiary;


 


(vi) personal
conduct that is materially detrimental to the business of the Company or any Subsidiary;


 


(vii) conviction
of or plea of nolo contendere to a felony; or


 


(viii) in
the case of Non-Employee Directors, the removal from the Board for cause (as determined by the Company’s shareholders).


 


(z) “Nasdaq” shall
mean The Nasdaq Stock Market, Inc.


 


(aa) “Non-Employee
Director” shall mean a Director who is not an employee.


 


(bb) “Nonqualified
Stock Option” shall mean an Option that does not qualify or is not intended to qualify as an Incentive Stock Option.


 


(cc) “Option” shall
mean a stock option granted pursuant to Section 10 of the Plan.


 


(dd) “Optionee” shall
mean a Participant who has been granted an Option.


 


(ee) “Parent” shall
mean a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.


 


(ff) “Participant” shall
mean an employee, Director or Consultant granted an Award.


 






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(gg) “Performance
Criteria” shall have the meaning set forth in Section 11(b).


 


(hh) “Plan” shall
mean this CPS 2006 Long-Term Equity Incentive Plan, including any amendments thereto.


 


(ii) “Reprice” shall
mean the adjustment or amendment of the exercise price of Options or SARs previously awarded whether through amendment, cancellation,
replacement of grants or any other means. 


 


(jj) “Resignation
(or Resign) for Good Reason” shall mean any voluntary termination by written resignation of the Active Status
of any employee after a Change of Control because of: (1) a material reduction in the employee’s authority,
responsibilities or scope of employment; (2) an assignment of duties to the Employee inconsistent with the employee’s
role at the Company (including its Subsidiaries) prior to the Change of Control, (3) a reduction in the employee’s
base salary or total incentive compensation; (4) a material reduction in the Employee’s benefits unless such
reduction applies to all employees of comparable rank; or (5) the relocation of the employee’s primary work
location more than fifty (50) miles from the employee’s primary work location prior to the Change of Control;
provided that the employee’s written notice of voluntary resignation must be tendered within one (1) year after
the Change of Control, and shall specify which of the events described in (1) through (5) resulted in the
resignation.


 


(kk) “Restricted
Stock” shall mean a grant of Shares pursuant to Section 11 of the Plan.


 


(ll) “Restricted
Stock Units” shall mean a grant of the right to receive Shares in the future or their cash equivalent (or both)
pursuant to Section 11 of the Plan.


 


(mm) “Retirement” shall
mean, (i) with respect to any employee, voluntary termination of employment after age 55 and at least ten (10)
years of credited service with the Company or any Subsidiary (but only during the time the Subsidiary was a Subsidiary), as
determined by the Committee in its sole discretion, and (ii) with respect to any Non-Employee Director, ceasing to be a
Director pursuant to election by the Company’s shareholders or by voluntary resignation with the approval of the
Board’s chair after having attained the age of 55 years and served continuously on the Board for at least six
years.


 


(nn) “SAR” shall
mean a stock appreciation right awarded pursuant to Section 12 of the Plan.


 


(oo) “SEC” shall
mean the Securities and Exchange Commission.


 


(pp) “Share” shall
mean one share of Common Stock, as adjusted in accordance with Section 5 of the Plan.


 


(qq) “Stand-Alone
SARs” shall have the meaning set forth in Section 12(c) of the Plan.


 


(rr) “Subcommittee” shall
have the meaning set forth in Section 3(d).


 


(ss) “Subsidiary” shall
mean (1) in the case of an Incentive Stock Option a “subsidiary corporation,” whether now or hereafter
existing, as defined in Section 424(f) of the Code, and (2) in the case of a Nonqualified Stock Option, Restricted
Stock, a Restricted Stock Unit or a SAR, in addition to a subsidiary corporation as defined in (1), (A) a limited
liability company, partnership or other entity in which the Company controls fifty percent (50%) or more of the voting power
or equity interests, or (B) an entity with respect to which the Company possesses the power, directly or indirectly, to
direct or cause the direction of the management and policies of that entity, whether through the Company’s ownership of
voting securities, by contract or otherwise.


 


(tt) “Tandem
SARs” shall have the meaning set forth in Section 12(b) of the Plan.


 


SECTION 3.       Administration
of the Plan.


 


(a) Authority. The
Plan shall be administered by the Committee. The Committee shall have full and exclusive power to administer the Plan on behalf
of the Board, subject to such terms and conditions as the Committee may prescribe. Notwithstanding anything herein to the contrary,
the Committee’s power to administer the Plan, and actions the Committee takes under the Plan, shall be limited by the provisions
set forth in the Committee’s charter, as such charter may be amended from time to time, and the further limitation that certain
actions may be subject to review and approval by either the full Board or a panel consisting of all of the Independent Directors
of the Company.


 


(b) Powers
of the Committee. Subject to the other provisions of this Plan, the Committee shall have the authority, in its discretion:


 






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(i) to grant Incentive
Stock Options, Nonqualified Stock Options, Restricted Stock, Restricted Stock Units, and SARs to Participants and to determine
the terms and conditions of such Awards, including the determination of the Fair Market Value of the Shares and the exercise price,
and to modify or amend each Award, with the consent of the Participant when required;


 


(ii) to determine
the Participants, to whom Awards, if any, will be granted hereunder, the timing of such Awards, and the number of Shares to be
represented by each Award;


 


(iii) to construe
and interpret the Plan and the Awards granted hereunder; 


 


(iv) to prescribe,
amend, and rescind rules and regulations relating to the Plan, including the form of Award Agreement, and manner of acceptance
of an Award, such as correcting a defect or supplying any omission, or reconciling any inconsistency so that the Plan or any Award
Agreement complies with applicable law, regulations and listing requirements and to avoid unanticipated consequences deemed by
the Committee to be inconsistent with the purposes of the Plan or any Award Agreement;


 


(v) to establish
performance criteria for Awards made pursuant to the Plan in accordance with a methodology established by the Committee, and to
determine whether performance goals have been attained;


 


(vi) to accelerate
or defer (with the consent of the Participant) the exercise or vested date of any Award;


 


(vii) to authorize
any person to execute on behalf of the Company any instrument required to effectuate the grant of an Award previously granted by
the Committee;


 


(viii) to establish
sub-plans, procedures or guidelines for the grant of Awards to Directors, Consultants and Employees working outside of the United
States; and


 


(ix) to make all
other determinations deemed necessary or advisable for the administration of the Plan;


 


Provided that, no
consent of a Participant is necessary under clauses (i) or (vi) if a modification, amendment, acceleration, or deferral,
in the reasonable judgment of the Committee confers a benefit on the Participant or is made pursuant to an adjustment in accordance
with Section 5.


 


(c) Effect
of Committee’s Decision. All decisions, determinations, and interpretations of the Committee shall be final and
binding on all Participants, the Company (including its Subsidiaries), any shareholder and all other persons.


 


(d) Delegation. Consistent
with the Committee’s charter, as such charter may be amended from time to time, the Committee may delegate (i) to
one or more separate committees consisting of members of the Committee or other Directors who are Independent Directors (any
such committee a “Subcommittee”), or (ii) to an Executive Officer of the Company, the ability to grant Awards and
take the other actions described in Section 3(b) with respect to Participants who are not Executive Officers, and such
actions shall be treated for all purposes as if taken by the Committee; provided that the grant of Awards shall be made in
accordance with parameters established by the Committee. Any action by any such Subcommittee or Executive Officer within the
scope of such delegation shall be deemed for all purposes to have been taken by the Committee.


 


(e) Administration. The
Committee may delegate the administration of the Plan to an officer or officers of the Company, and such administrator(s) may have
the authority to directly, or under their supervision, execute and distribute agreements or other documents evidencing or relating
to Awards granted by the Committee under this Plan, to maintain records relating to the grant, vesting, exercise, forfeiture or
expiration of Awards, to process or oversee the issuance of Shares upon the exercise, vesting and/or settlement of an Award, to
interpret the terms of Awards and to take such other actions as the Committee may specify. Any action by any such administrator
within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and references in this
Plan to the Committee shall include any such administrator, provided that the actions and interpretations of any such administrator
shall be subject to review and approval, disapproval or modification by the Committee.


 


SECTION 4.     Shares
Subject to the Plan.


 


(a) Reservation
of Shares. The shares of Common Stock reserved under this Plan will include reserved shares of Common Stock that are
not subject to a grant or as to which the option award granted has been forfeited under the Former Plan, and an additional
17,200,000 shares of Common Stock. The aggregate number of Shares available for issuance under the Plan will be reduced by one
Share for each Share delivered in settlement of any award of Restricted Stock, Restricted Stock Unit, or SAR and one Share
for each Share delivered in settlement of an Option. If an Award expires, is forfeited or becomes unexercisable for any
reason without having been exercised in full, the undelivered Shares which were subject thereto shall, unless the Plan shall
have been terminated, become available for future Awards under the Plan. Without limiting the foregoing, unless the Plan
shall have been terminated, Shares underlying an Award that has been exercised, either in part or in full, including any
Shares that would otherwise be issued to a Participant that are used to satisfy any withholding tax obligations that arise
with respect to any Award, shall become available for future Awards under the Plan except to the extent Shares were issued in
settlement of the Award. Shares available for issuance under the Plan shall be increased by any shares of Common Stock
subject to outstanding awards under the Former Plans on the date of any shareholder approval of the Plan that later cease to
be subject to such awards for any reason other than such awards having been exercised, subject to adjustment from time to
time as provided in Section 5, which shares of Common Stock shall, as of the date such shares cease to be subject to
such awards, cease to be available for grant and issuance under the Former Plans, but shall be available for issuance under
the Plan. The Shares may be authorized but unissued, or reacquired shares of Common Stock. The Company, during the term of
this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy
the requirements of the Plan.


 






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(b) Time of
Granting Awards. The date of grant of an Award shall, for all purposes, be the date on which the Company completes the
corporate action relating to the grant of such Award and all conditions to the grant have been satisfied, provided that conditions
to the exercise of an Award shall not defer the date of grant. Notice of a grant shall be given to each Participant to whom an
Award is so granted within a reasonable time after the determination has been made. 


 


(c) Securities
Law Compliance. Shares shall not be issued pursuant to the exercise of an Award unless the exercise of such Award and
the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated under either such Act,
and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted, and shall be
further subject to the approval of counsel for the Company with respect to such compliance.


 


(d) Substitutions
and Assumptions. The Board or the Committee shall have the right to substitute or assume Awards in connection with
mergers, reorganizations, separations, or other transactions to which Section 424(a) of the Code applies, provided such
substitutions and assumptions are permitted by Section 424 of the Code and the regulations promulgated thereunder. The number
of Shares reserved pursuant to Section 4(a) may be increased by the corresponding number of Awards assumed and, in the case
of a substitution, by the net increase in the number of Shares subject to Awards before and after the substitution.


 


SECTION 5.       Adjustments
to Shares Subject to the Plan. If any change is made to the Shares by reason of any stock split, stock dividend,
recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Shares as a class
without the Company’s receipt of consideration, appropriate adjustments shall be made to (i) the maximum number and/or
class of securities issuable under the Plan, (ii) the number and/or class of securities and/or the price per Share
covered by outstanding Awards under the Plan and (iii) the Maximum Annual Participant Award. The Committee may also make
adjustments described in (i)-(iii) of the previous sentence in the event of any distribution of assets to shareholders other
than a normal cash dividend. In determining adjustments to be made under this Section 5, the Committee may take into
account such factors as it deems appropriate, including the restrictions of applicable law and the potential tax consequences
of an adjustment, and in light of such factors may make adjustments that are not uniform or proportionate among outstanding
Awards. Adjustments, if any, and any determinations or interpretations, including any determination of whether a distribution
is other than a normal cash dividend, made by the Committee shall be final, binding and conclusive. For purposes of this
Section 5, conversion of any convertible securities of the Company shall not be deemed to have been “effected
without receipt of consideration.”


 


Except as expressly
provided herein, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Award.


 


PART II - TERMS
APPLICABLE TO ALL AWARDS


 


SECTION 6.        General
Eligibility.


 


(a) Awards. Awards
may be granted to Participants who are Employees, Directors or Consultants; provided however that Incentive Stock Options may only
be granted to Employees.


 


(b) Maximum
Annual Participant Award. The aggregate number of Shares with respect to which an Award or Awards may be granted to any
one Participant over the life of the Plan (the “Maximum Participant Award”) shall not exceed 3,750,000 shares of Common
Stock (increased, proportionately, in the event of any stock split or stock dividend with respect to the Shares). If an Option
is in tandem with a SAR, such that the exercise of the Option or SAR with respect to a Share cancels the tandem SAR or Option right,
respectively, with respect to each Share, the tandem Option and SAR rights with respect to each Share shall be counted as covering
but one Share for purposes of the Maximum Annual Participant Award.


 


(c) No Employment/
Service Rights. Nothing in the Plan shall confer upon any Participant the right to an Award or to continue in service
as an employee or Consultant for any period of specific duration, or interfere with or otherwise restrict in any way the rights
of the Company (or any Subsidiary employing or retaining such person), or of any Participant, which rights are hereby expressly
reserved by each, to terminate such person’s services at any time for any reason, with or without cause.


 






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SECTION 7.       Procedure
for Exercise of Awards; Rights as a Shareholder.


 


(a) Procedure. An
Award shall be exercised when written, electronic or verbal notice of exercise has been given to the Company, or the brokerage
firm or firms approved by the Company to facilitate exercises and sales under this Plan, in accordance with the terms of the Award
by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award is exercised has been
received by the Company or the brokerage firm or firms, as applicable. The notification to the brokerage firm shall be made in
accordance with procedures of such brokerage firm approved by the Company. Full payment may, as authorized by the Committee, consist
of any consideration and method of payment allowable under Section 7(b) of the Plan. The Company shall issue (or cause to
be issued) such share certificate promptly upon exercise of the Award. In the event that the exercise of an Award is treated in
part as the exercise of an Incentive Stock Option and in part as the exercise of a Nonqualified Stock Option pursuant to Section 10(a),
the Company shall issue a share certificate evidencing the Shares treated as acquired upon the exercise of an Incentive Stock Option
and a separate share certificate evidencing the Shares treated as acquired upon the exercise of a Nonqualified Stock Option, and
shall identify each such certificate accordingly in its share transfer records. No adjustment will be made for a dividend or other
right for which the record date is prior to the date the share certificate is issued, except as provided in Section 5 of the
Plan. 


 


(b) Method
of Payment. The consideration to be paid for any Shares to be issued upon exercise or other required settlement of
an Award, including the method of payment, shall be determined by the Committee at the time of settlement and which forms may
include: (i) with respect to an Option, a request that the Company or the designated brokerage firm conduct a cashless
exercise of the Option; (ii) cash; and (iii) tender of shares of Common Stock owned by the Participant in accordance
with rules established by the Committee from time to time. Shares used to pay the exercise price shall be valued at their
Fair Market Value on the exercise date. Payment of the aggregate exercise price by means of tendering previously-owned shares
of Common Stock shall not be permitted when the same may, in the reasonable opinion of the Company, cause the Company to
record a loss or expense as a result thereof.


 


(c) Withholding
Obligations. To the extent required by applicable federal, state, local or foreign law, the Committee may and/or a Participant
shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise with respect
to any Incentive Stock Option, Nonqualified Stock Option, SAR, Restricted Stock or Restricted Stock Units, or any sale of Shares.
The Company shall not be required to issue Shares or to recognize the disposition of such Shares until such obligations are satisfied.
These obligations may be satisfied by having the Company withhold a portion of the Shares that otherwise would be issued to a Participant
under such Award or by tendering Shares previously acquired by the Participant in accordance with rules established by the Committee
from time to time.


 


(d) Shareholder
Rights. Except as otherwise provided in this Plan, until the issuance (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company) of the share certificate evidencing such Shares, no right
to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares subject to the Award,
notwithstanding the exercise of the Award.


 


(e) Non-Transferability
of Awards. An Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in exchange for consideration,
except that an Award may be transferred by will or by the laws of descent or distribution and may be exercised, during the lifetime
of the Participant, only by the Participant; unless the Committee permits further transferability, on a general or specific basis,
in which case the Committee may impose conditions and limitations on any permitted transferability.


 


SECTION 8.       Expiration
of Awards.


 


(a) Expiration,
Termination or Forfeiture of Awards. Unless otherwise provided in the applicable Award Agreement or any severance agreement,
vested Awards granted under this Plan shall expire, terminate, or otherwise be forfeited as follows:


 


(i) three (3) months
after the date the Company delivers a notice of termination of a Participant’s Active Status, other than in circumstances
covered by (ii), (iii) or (iv) below;


 


(ii) immediately
upon termination of a Participant’s Active Status for Misconduct;


 


(iii) twelve (12) months
after the date on which a Participant other than a Non-Employee Director ceased performing services as a result of his or her total
and permanent Disability;


 






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(iv) twelve (12) months
months after the date on which the Participant ceased performing services as a result of Retirement, or after his death.


 


(b) Extension
of Term. Notwithstanding subsection (a) above, the Committee shall have the authority to extend the expiration
date of any outstanding Option, other than an Incentive Stock Option, or SAR in circumstances in which it deems such action to
be appropriate (provided that no such extension shall extend the term of an Option or SAR beyond the date on which the Option or
SAR would have expired if no termination of the Employee’s Active Status had occurred).


 


SECTION 9.       Effect
of Change of Control. Notwithstanding any other provision in the Plan to the contrary, the following provisions shall
apply unless otherwise provided in the most recently executed agreement between the Participant and the Company, or specifically
prohibited under applicable laws, or by the rules and regulations of any applicable governmental agencies or national securities
exchanges or quotation systems.


 


(a) Acceleration. Awards
of a Participant shall be Accelerated (as defined in Section 9(b) below) as follows:


 


(i) With respect
to Non-Employee Directors, upon the occurrence of a Change of Control;


 


(ii) With respect
to any employee, upon the occurrence of a Change of Control described in Section 2(f)(i);


 


(iii) With respect
to any employee who Resigns for Good Reason or whose Active Status is terminated within one year after a Change of Control described
in Section 2(f)(ii) or (iii);


 


(iv) With respect
to any employee, upon the occurrence of a Change of Control described in Section 2(f)(iv) in connection with which each Award
is not assumed or an equivalent award substituted by such successor entity or a parent or subsidiary of such successor entity; and 


 


(v) With
respect to any employee who Resigns for Good Reason or whose Active Status is terminated within one year after a Change of
Control described in Section 2(f)(iv) in connection with which each Award is assumed or an equivalent award substituted by
the successor entity or a parent or subsidiary of such successor entity.


 


(b) Definition. For
purposes of this Section 9, Awards of a Participant being “Accelerated” means, with respect to such Participant:


 


(i) any and all
Options and SARs shall become fully vested and immediately exercisable, and shall remain exercisable throughout their entire term;


 


(ii) any restriction
periods and restrictions imposed on Restricted Stock or Restricted Stock Units that are not performance-based shall lapse; and


 


(iii) the restrictions
and deferral limitations and other conditions applicable to any other Awards shall lapse, and such other Awards shall become free
of all restrictions, limitations or conditions and become fully vested and transferable to the full extent of the original grant.


 


PART III - SPECIFIC
TERMS APPLICABLE TO OPTIONS, STOCK AWARDS AND SARS


 


SECTION 10.       Grant,
Terms and Conditions of Options.


 


(a) Designation. Each
Option shall be designated in an Award Agreement as either an Incentive Stock Option or a Nonqualified Stock Option. However, notwithstanding
such designations, to the extent that the aggregate Fair Market Value of the Shares with respect to which Options designated as
Incentive Stock Options are exercisable for the first time by any employee during any calendar year (under all plans of the Company)
exceeds $100,000, such excess Options shall be treated as Nonqualified Stock Options. Options shall be taken into account in the
order in which they were granted.


 


(b) Terms of
Options. The term of each Incentive Stock Option shall be no more than ten (10) years from the date of grant. However,
in the case of an Incentive Stock Option granted to a Participant who, at the time the Option is granted, owns Shares representing
more than ten percent (10%) of the voting power of all classes of shares of the Company or any Parent or Subsidiary, the term of
the Option shall be no more than five (5) years from the date of grant. The terms of all Nonqualified Stock Options shall
be at the discretion of the Committee.


 






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(c) Option
Exercise Prices.


 


(i) The
per Share exercise price under an Incentive Stock Option shall be as follows:


 


(A) If
granted to an employee who, at the time of the grant of such Incentive Stock Option, owns shares representing more than ten percent
(10%) of the voting power of all classes of shares of the Company or any Parent or Subsidiary, the per Share exercise price shall
be no less than 110% of the Fair Market Value per Share on the date of grant.


 


(B) If
granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the
date of grant.


 


(ii) The
per Share exercise price under a Nonqualified Stock Option or SAR shall be no less than one hundred percent (100%) of the Fair
Market Value per Share on the date of grant.


 


(iii) In
no event shall the Board or the Committee be permitted to Reprice an Option after the date of grant without shareholder approval.


 


(d) Vesting. To
the extent Options vest and become exercisable in increments, such Options shall cease vesting as of the date of the Optionee’s
Disability or termination of such Optionee’s Active Status for reasons other than Retirement or death, in each of which cases
such Options shall immediately vest in full.


 


(e) Substitution
of Stock SARs for Options. Notwithstanding anything in this Plan to the contrary, if the Company is required to or elects
to record as an expense in its consolidated statements of earnings the cost of Options pursuant to FAS 123 or a similar accounting
requirement, the Committee shall have the sole discretion to substitute, without receiving Participants’ permission, SARs
paid only in stock for outstanding Options; provided, the terms of the substituted stock SARs are the same as the terms of the
Options, the number of shares underlying the number of stock SARs equals the number of shares underlying the Options and the difference
between the Fair Market Value of the underlying Shares and the grant price of the SARs is equivalent to the difference between
the Fair Market Value of the underlying shares and the exercise price of the Options. 


 


(f) Exercise. Any
Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Committee at the time
of grant, and as are permissible under the terms of the Plan. An Option may not be exercised for a fraction of a Share.


 


(g) One-time
Exchange Program. Notwithstanding this Plan's prohibition on Repricing of Options, and notwithstanding anything else in this
Plan to the contrary, the Board or Committee may provide for, and the Company may implement, a one-time-only exchange offer ("Exchange
Offer"), under which the Company may issue Options under this Plan in exchange for Options previously issued and then outstanding
under this Plan or the Former Plan. The Exchange Offer is permitted only subject to the conditions described in the Company's definitive
proxy statement filed in connection with its 2009 annual meeting of shareholders.


 


SECTION 11.       Grant,
Terms and Conditions of Stock Awards.


 


(a) Designation. Restricted
Stock or Restricted Stock Units may be granted either alone, in addition to, or in tandem with other Awards granted under the Plan.
Restricted Stock or Restricted Stock Units may include a dividend equivalent right, as permitted by Section 5. After the Committee
determines that it will offer Restricted Stock or Restricted Stock Units, it will advise the Participant in writing or electronically,
by means of an Award Agreement, of the terms, conditions and restrictions, including vesting, if any, related to the offer, including
the number of Shares that the Participant shall be entitled to receive or purchase, the price to be paid, if any, and, if applicable,
the time within which the Participant must accept the offer. The offer shall be accepted by execution of an Award Agreement or
as otherwise directed by the Committee. Restricted Stock Units may be paid as permitted by Section 7(b). The term of each
award of Restricted Stock or Restricted Stock Units shall be at the discretion of the Committee.


 


(b) Performance
Criteria. Restricted Stock and Restricted Stock Units granted pursuant to the Plan that are intended to qualify as
“performance based compensation” under Section 162(m) of the Code shall be subject to the fulfillment of
performance goals relating to the Performance Criteria selected by the Committee and specified at the time such Restricted
Stock and Restricted Stock Units are granted. For purposes of this Plan, “Performance Criteria” means one or more
of the following (as selected by the Committee): (i) earnings per share, including earnings per share as adjusted
(a) to exclude the effect of any (1) significant acquisitions or dispositions of businesses by the Company,
(2) one-time, non-operating charges and (3) accounting changes (including but not limited to any accounting changes
that alter the recognition of stock option expense and any accounting changes the Company adopts early); and (b) for any
stock split, stock dividend or other recapitalization; (ii) earnings per share before taxes, subject to any of the
adjustments described above; (iii) earnings; (iv) earnings before interest, taxes and amortization; (v) total
shareholder return; (vi) share price performance; (vii) return on equity; (viii) return on managed assets;
(ix) revenue; (x) operating expenses; (xi) operating income; (xii) originations
volume; (xiii) originations growth; (xiv) net charge-offs; (xv) net charge-off percentage;
(xvi) portfolio growth; (xvii) net interest margin; or (xviii) cash flow.


 



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(c) Vesting. Unless
the Committee determines otherwise, the Award Agreement shall provide for the forfeiture of the non-vested Shares underlying Restricted
Stock or Restricted Stock Units upon the termination of a Participant’s Active Status. To the extent that the Participant
purchased the Shares granted under such Restricted Stock or Restricted Stock Units and any such Shares remain non-vested at the
time the Participant’s Active Status terminates, the termination of Active Status shall cause an immediate sale of such non-vested
Shares to the Company at the original price per Share paid by the Participant.


 


SECTION 12.       Grant,
Terms and Conditions of SARs.


 


(a) Grants. The
Committee shall have the full power and authority, exercisable in its sole discretion, to grant SARs to selected Participants.
The Committee is authorized to grant both tandem stock appreciation rights, consisting of SARs with underlying Options (“Tandem
SARs”), and stand-alone stock appreciation rights (“Stand-Alone SARs”) as described below. The terms of SARs
shall be at the discretion of the Committee. In no event shall the Board or the Committee be permitted to Reprice a SAR after the
date of grant without shareholder approval.


 


(b) Tandem
SARs.


 


(i) Participants
may be granted a Tandem SAR, exercisable upon such terms and conditions as the Committee shall establish, to elect between the
exercise of the underlying Option for Shares or the surrender of the Option in exchange for a distribution from the Company in
an amount equal to the excess of (A) the Fair Market Value (on the Option surrender date) of the number of Shares in which
the Participant is at the time vested under the surrendered Option (or surrendered portion thereof) over (B) the aggregate
exercise price payable for such vested Shares.


 


(ii) No such Option
surrender shall be effective unless it is approved by the Committee, either at the time of the actual Option surrender or at any
earlier time. If the surrender is so approved, then the distributions to which the Participant shall become entitled under this
Section 12(b) may be made in Shares valued at Fair Market Value (on the Option surrender date), in cash, or partly in Shares
and partly in cash, as the Committee shall deem appropriate.


 


(iii) If the surrender
of an Option is not approved by the Committee, then the Participant shall retain whatever rights he or she had under the surrendered
Option (or surrendered portion thereof) on the Option surrender date and may exercise such rights at any time prior to the later
of (A) five (5) business days after the receipt of the rejection notice or (B) the last day on which the Option
is otherwise exercisable in accordance with the terms of the instrument evidencing such Option, but in no event may such rights
be exercised more than ten (10) years after the date of the Option grant. 


 


(c) Stand-Alone
SARs.


 


(i) A Participant
may be granted a Stand-Alone SAR not tied to any underlying Option under Section 10 of the Plan. The Stand-Alone SAR shall
cover a specified number of Shares and shall be exercisable upon such terms and conditions as the Committee shall establish. Upon
exercise of the Stand-Alone SAR, the holder shall be entitled to receive a distribution from the Company in an amount equal to
the excess of (A) the aggregate Fair Market Value (on the exercise date) of the Shares underlying the exercised right over
(B) the aggregate base price in effect for those Shares.


 


(ii) The number
of Shares underlying each Stand-Alone SAR and the base price in effect for those Shares shall be determined by the Committee at
the time the Stand-Alone SAR is granted. In no event, however, may the base price per Share be less than the Fair Market Value
per underlying Share on the grant date.


 


(iii) The distribution
with respect to an exercised Stand-Alone SAR may be made in Shares valued at Fair Market Value on the exercise date, in cash, or
partly in Shares and partly in cash, as the Committee shall deem appropriate.


 


(d) Exercised
SARs. The Shares issued in settlement of any SARs exercised under this Section 12 shall not be available for
subsequent issuance under the Plan. In accordance with Section 4, Shares underlying any exercised SARs that were not issued
in settlement of the SAR shall become available for future issuance under the Plan.


 


PART IV - TERM
OF PLAN AND SHAREHOLDER APPROVAL


 


SECTION 13.       Term
of Plan. The Plan became effective as of the Effective Date. It shall continue in effect until April 27, 2026 or until
terminated under Section 14 of the Plan or extended by an amendment approved by the shareholders of the Company pursuant to
Section 14(a).


 






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SECTION 14.       Amendment
and Termination of the Plan.


 


(a) Amendment
and Termination. The Board or the Committee may amend or terminate the Plan from time to time in such respects as the
Board may deem advisable (including, but not limited to amendments which the Board deems appropriate to enhance the Company’s
ability to claim deductions related to stock option exercises); provided that to the extent required by the Code or the rules of
Nasdaq, of any national stock exchange on which the Company’s common shares are listed, or of the SEC, shareholder approval
shall be required for any amendment of the Plan. Subject to the foregoing, it is specifically intended that the Board or Committee
may amend the Plan without shareholder approval to comply with legal, regulatory and listing requirements and to avoid unanticipated
consequences deemed by the Committee to be inconsistent with the purpose of the Plan or any Award Agreement.


 


(b) Participants
in Foreign Countries. The Committee shall have the authority to adopt such modifications, procedures, and sub-plans as
may be necessary or desirable to comply with provisions of the laws of foreign countries in which the Company or its Subsidiaries
may operate to assure the viability of the benefits from Awards granted to Participants performing services in such countries and
to meet the objectives of the Plan.


 


(c) Effect
of Amendment or Termination. Any amendment or termination of the Plan shall not affect Awards already granted and such
Awards shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise
between the Participant and the Committee, which agreement must be in writing and signed by the Participant and the Company.


 


SECTION 15.       Shareholder
Approval. The effectiveness of the Plan is subject to approval by the shareholders of the Company in accordance with applicable
Nasdaq rules.


 


 


 


 


 


 



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