Exhibit 10.1


 


Citigroup 2019 Stock Incentive Plan


 


(effective April 16, 2019)


 


1. Purpose


 


The purposes of the Citigroup 2019 Stock Incentive Plan (as
amended from time to time, the “Plan”) are to (i) align incentive compensation programs with the Company’s long-term
business objectives and the interests of stockholders; (ii) attract and retain Employees by providing compensation opportunities
that are competitive within the global financial services industry; and (iii) provide compensation opportunities that do not create
incentives to take imprudent risks.


 


2. Effective Date and Term


 


The Plan will become effective on April 16, 2019 (the “Effective
Date”), subject to approval by the stockholders of the Company. Unless terminated earlier by the Committee, the Plan will
expire on the date of the annual general meeting of stockholders to be held in 2024. The Plan replaces the 2014 Stock Incentive
Plan (the “2014 SIP”) for Awards granted on or after the Effective Date. Awards may not be granted under the 2014 SIP
beginning on the Effective Date, but the adoption and effectiveness of the Plan will not affect the terms or conditions of any
outstanding awards granted under the Prior Plans or any other plan prior to the Effective Date.


 


3. Definitions


 


“Award” shall mean an Option,
SAR, or Stock Award granted under the Plan.


 


“Award Agreement” shall mean one
or more documents (in either paper or electronic form (including by posting on the Company’s intranet or other shared electronic
medium controlled by the Company to which a Participant has access)) evidencing the terms and conditions of an Award.


 


“Board” shall mean the Board of
Directors of the Company.


 


“Change of Control” shall have
the meaning set forth in Section 11.


 


“Code” shall mean the Internal
Revenue Code of 1986, as amended, including any rules and regulations promulgated thereunder.


 


“Committee” shall mean the Personnel
and Compensation Committee of the Board, or a sub-committee thereof, the members of which shall qualify as “Non-Employee
Directors” under Rule 16b-3 of the 1934 Act; provided, however, that with respect to the application of the Plan to Directors,
unless specifically provided otherwise herein, “Committee” shall mean the Board. Unless expressly provided otherwise
herein or not permitted by applicable law, “Committee” includes any authorized delegate of the Committee, including
each Plan Administrator. For avoidance of doubt, a failure of one or more members of the Committee to qualify as “Non-Employee
Directors” under Rule 16b-3 of the 1934 Act shall not impair the validity of actions taken by the Committee, including the
granting of any Award.


 


“Common Stock” shall mean the
common stock of the Company, par value $.01 per share.


 


“Company” shall mean Citigroup
Inc., a Delaware corporation.


 


“Deferred Stock Award” shall mean
an Award payable in shares of Common Stock at the end of a specified deferral period that is subject to the terms, conditions,
limitations, and restrictions set forth in the Plan and an Award Agreement.


 


“Director” shall mean a member
of the Board who is not also an active employee or officer of the Company or a Subsidiary.


 


“Employee” shall have the meaning
set forth in General Instruction A to the Registration Statement on Form S-8 promulgated under the Securities Act of 1933, as amended,
in effect on the Effective Date. Notwithstanding the foregoing, consultants and advisors (other than Directors) shall not be eligible
to receive Awards under the Plan.


 


“Fair Market Value” shall mean,
in the case of a grant of an Option or a SAR, the closing price of a share of Common Stock on the New York Stock Exchange (or,
if the Common Stock is not traded on the New York Stock Exchange, the principal national securities exchange upon which the Common
Stock is traded or quoted) on the date on which the Option or the SAR is granted. For all other purposes of administering an Award
(including Options and SARs granted as Substitute Awards), “Fair Market Value” shall be as determined pursuant to the
valuation methodology approved for such purpose by the Committee.


 


“GAAP” shall mean U.S. generally
accepted accounting principles.


 






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“Gross Misconduct” shall mean
any conduct by a Participant (a) while employed by the Company or a Subsidiary that is competitive with the Company’s or
any Subsidiary’s business operations, (b) that is in breach of any obligation that Participant owes to the Company or any
Subsidiary or of that Participant’s duty of loyalty to the Company or any Subsidiary, (c) that is materially injurious to
the Company or any Subsidiary, or (d) that otherwise constitutes “gross misconduct” as determined pursuant to guidelines
adopted by the Committee or a Plan Administrator.


 


“Option” shall mean the right
to purchase a specified number of shares of Common Stock at a stated exercise price for a specified period of time subject to the
terms, conditions, limitations, and restrictions set forth in the Plan and an Award Agreement.


 


“Participant” shall mean an Employee
or former Employee who holds an Award under the Plan (and the legal representative of the estate of a deceased Participant).


 


“Performance Condition” shall
mean any condition to the vesting of an Award based on the performance of the Company (including one or more of its Subsidiaries),
the performance of any branch, business unit of the Company (or of any Subsidiary), or the performance of an individual Participant
(other than remaining employed by the Company or a Subsidiary), whether based on absolute or relative performance measures.


 


“Plan Administrator” shall mean
any officer or employee of the Company or a Subsidiary performing a function related to administration of the Plan as part of his
or her normal job duties, and any director, officer, or employee, whether acting alone or as part of a committee or other group,
or non-employee agent, to whom any authority over any matter related to administration of the Plan or any Award has been directly
or indirectly delegated by the Committee.


 


“Prior Plans” shall mean the 2014
SIP and the Citigroup 2009 Stock Incentive Plan.


 


“Repricing” shall mean (a) any
action that constitutes a “repricing” under GAAP or the rules of the New York Stock Exchange (including any modification
or amendment to an outstanding Option or SAR that has the effect of reducing its exercise price), (b) any cancellation of an Option
or SAR when its exercise price exceeds Fair Market Value in exchange for cash, (c) any cancellation of an Option or SAR in exchange
for a new Option or SAR with a lower exercise price, or (d) a substitution of a Stock Award for an Option or SAR when its exercise
price exceeds Fair Market Value; in each case other than an adjustment to an outstanding Award that is consistent with the requirements
of Section 6(d).


 


“Restricted Stock Award” shall
mean an Award of Common Stock that is subject to the terms, conditions, limitations, and restrictions set forth in the Plan and
an Award Agreement.


 


“SAR” shall mean “stock
appreciation right,” which is a right to receive a payment, during a specified term, in cash, Common Stock, or a combination
thereof, in an amount equal to the excess of the Fair Market Value of a specified number of shares of Common Stock at the time
the SAR is exercised over the exercise price of such SAR, which right is subject to the terms, conditions, limitations, and restrictions
set forth in the Plan and an Award Agreement.


 


“Section 16(a) Officer” shall
mean an Employee who is subject to the reporting requirements of Section 16(a) of the 1934 Act.


 


“Stock Award” shall mean a Deferred
Stock Award, a Restricted Stock Award, a Stock Payment, or Other Stock-Based Award.


 


“Stock Payment” shall mean an
immediately vested payment in shares of Common Stock that may or may not be in lieu of cash.


 


“Subsidiary” shall mean any of
the consolidated subsidiaries of the Company.


 


“Substitute Award” shall mean
an Award designated as such and granted in connection with a transaction between the Company or a Subsidiary and another entity
or business in substitution or exchange for, or conversion, adjustment, assumption, or replacement of, awards previously granted
by such other entity to any individuals who have become Employees of the Company or any Subsidiary as a result of such transaction
or who were formerly employed by the acquired entity. An Award granted as an inducement to joining the Company or a Subsidiary
in replacement of an award forfeited when leaving a previous employer to join the Company or a Subsidiary shall not be considered
a Substitute Award.


 


“1934 Act” shall mean the Securities
Exchange Act of 1934, as amended, including the rules and regulations promulgated thereunder and any successor thereto.


 






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4. The Committee


 


		(a)	Committee Authority. The Committee shall have full and exclusive power to administer and interpret the Plan, to grant
Awards and to adopt such administrative rules, regulations, procedures, and guidelines governing the Plan and Awards as it deems
appropriate from time to time. The Committee’s authority shall include, but not be limited to, the authority to (i) determine
the type of Awards to be granted under the Plan; (ii) select Award recipients and determine the extent of their participation;
and (iii) establish all other terms, conditions, limitations, and restrictions applicable to Awards, Award programs and the shares
of Common Stock issued pursuant thereto. Subject to the limitations set forth in the Plan, the Committee may suspend, accelerate,
or defer the vesting or payment of Awards, cancel or modify outstanding Awards, waive any conditions or restrictions imposed with
respect to Awards or the Common Stock issued pursuant to Awards, and make any and all other determinations that it deems appropriate
with respect to the administration of the Plan.



 


		(b)	Administration of the Plan. The administration of the Plan shall be managed by the Committee. The Committee shall have
the power to prescribe and modify, as necessary, the form of Award Agreement, to correct any defect, supply any omission, or clarify
any inconsistency in the Plan and/or in any Award Agreement and to take such actions and make such administrative determinations
that the Committee deems appropriate. Any decision of the Committee in the administration of the Plan shall be final, binding,
and conclusive on all parties concerned, including the Company, its stockholders and Subsidiaries, and all Participants.



 


		(c)	Delegation of Authority. To the extent not inconsistent with applicable law, the rules of the New York Stock Exchange,
or other provisions of the Plan, the Committee may at any time delegate to a Plan Administrator some or all of its authority over
the administration of the Plan, with respect to persons who are not Section 16(a) Officers. Actions taken or determinations made
by or ratified by a duly authorized Plan Administrator shall have the same force and effect as if undertaken or made by the Committee,
and all references in the Plan to the Committee (except with respect to actions or determinations related exclusively to Section
16(a) Officers) shall be deemed to include a reference to a duly authorized Plan Administrator. 



 


		(d)	Prohibition Against Repricing. Notwithstanding any provision of the Plan to the contrary, in no event shall any action
be taken under the Plan that constitutes a Repricing of any Option or SAR granted under the Plan, or of any option or stock appreciation
right granted under the Prior Plans or of an acquired company, except with approval of the stockholders of the Company. 



 


		(e)	Indemnification. No member of the Committee or any Plan Administrator shall be personally liable for any action or determination
made with respect to the Plan, except for his or her own willful misconduct or as expressly provided by statute. The members of
the Committee and every Plan Administrator shall be entitled to indemnification and reimbursement from the Company, to the extent
permitted by applicable law and the By-laws and policies of the Company. In the performance of its functions under the Plan, the
Committee (and each member of the Committee and every Plan Administrator) shall be entitled to rely in good faith upon information
and advice furnished by the Company’s officers, employees, accountants, counsel, and any other party they deem appropriate,
and neither the Committee nor any Plan Administrator shall be liable for any action taken or not taken in reliance upon any such
advice.



 


5. Participation


 


		(a)	Eligible Employees. The Committee shall determine which Employees shall be eligible to receive Awards under the Plan,
provided that consultants and advisors (other than members of the Board in their roles as such) shall not be eligible to receive
Awards under the Plan. Former Employees may be eligible to receive Awards under the Plan, but only if a Substitute Award or with
respect to their last year of service. With respect to Employees subject to U.S. income tax, Options and SARs (unless Substitute
Awards) shall only be granted to such Employees who provide direct services to the Company or a Subsidiary of the Company as of
the date of grant of the Option or SAR. 



 


		(b)	Participation by Employees of Subsidiaries. Employees of Subsidiaries may participate in the Plan upon approval of Awards
to such Employees by the Committee. Awards to Employees of Subsidiaries may be conditioned upon the Subsidiary’s agreement
to reimburse the Company for costs and expenses of such participation, as determined by the Committee. 



 


		(c)	Participation Outside of the United States. In order to facilitate the granting of Awards to Employees who are foreign
nationals or who are employed outside of the U.S., the Committee may provide for such special terms and conditions, including,
without limitation, substitutes for Awards, as the Committee may consider necessary or appropriate to accommodate differences in
local law, tax policy, or custom. Any special terms or conditions adopted by the Committee in accordance with this Section 5(c)
may be set forth in a sub-plan, which shall constitute a part of this Plan; provided that the terms and conditions of any such
sub-plan shall not be inconsistent with the terms and conditions of this Plan, as then in effect.



 






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		(d)	Maximum Individual Awards



 


		(i)	Limits on Awards to Directors. The maximum number of shares of Common Stock subject to Awards granted during a single
calendar year to any Director, taken together with any cash fees paid during the calendar year to the Director, in respect of the
Director’s service as a member of the Board during such year (including service as a member or chair of any committees of
the Board), shall not exceed $1,000,000 in total value (calculating the value of any such Awards based on the grant date fair value
of such Awards in accordance with GAAP). The independent members of the Board may make exceptions to this limit for a non-executive
chair of the Board, provided that the Director receiving such additional compensation may not participate in the decision to award
such compensation. 



 


		(ii)	Limits on Options and SARs. The aggregate number of shares of Common Stock that may be subject to all Options and SARs
granted to an individual Employee (other than as a Director) in a calendar year may not exceed 1,000,000 shares (subject to adjustment
pursuant to Section 6(d)). 



 


		(iii)	Limits on Stock Awards. The aggregate number of shares of Common Stock that may be subject to all Stock Awards granted
to an individual Employee (other than as a Director) in a calendar year may not exceed 1,000,000 shares (subject to adjustment
pursuant to Section 6(d)).



 


		(iv)	Substitute Awards. Notwithstanding the foregoing, shares subject to an Award that is a Substitute Award shall not count
against any individual Award limit in this Section 5(d).



 


6. Available Shares of Common Stock


 


		(a)	Shares Subject to the Plan. Common Stock issued pursuant to Awards granted under the Plan may be shares that have been
authorized but unissued, or have been previously issued and reacquired by the Company, or both. Reacquired shares may consist of
shares purchased in open market transactions or otherwise. Pursuant to and subject to the other provisions of this Section 6, the
aggregate number of shares of Common Stock that may be issued pursuant to Awards granted under the Plan shall not exceed the sum
of (i) thirty million (30,000,000) shares; and (ii) any additional number of shares that may be authorized for issuance pursuant
to any amendments to the Plan approved by stockholders of the Company after the Effective Date. 



 


		(b)	Forfeited and Expired Awards. Awards granted under the Plan or the Prior Plans that, after the Effective Date, are forfeited,
expire, or are cancelled or settled without issuance of shares shall not count against the maximum number of shares that may be
issued under the Plan as set forth in Section 6(a) and shall be available for future Awards under the Plan. Notwithstanding the
foregoing, all shares of Common Stock that are (i) withheld or tendered in payment of an Option exercise price or repurchased by
the Company with Option exercise proceeds; (ii) withheld or tendered to satisfy any tax withholding obligation (in connection with
any Option, SAR, Stock Award, or otherwise); (iii) covered by a SAR (to the extent that it is settled in shares of Common Stock,
without regard to the number of shares of Common Stock that are actually issued to the Participant upon exercise); (iv) withheld
by the Company to satisfy any debt or other obligation owed to the Company or any Subsidiary; and (v) fractional shares of Common
Stock that are cancelled pursuant to Section 7(f), shall be considered issued pursuant to the Plan and shall not be added to the
maximum number of shares that may be issued under the Plan as set forth in Section 6(a). 



 


		(c)	Other Items not Included in Allocation. The maximum number of shares that may be issued under the Plan as set forth
in Section 6(a) shall not be affected by (i) the payment in cash of dividends or dividend equivalents in connection with outstanding
Awards; or (ii) the grant of Substitute Awards. Any shares purchased by or on behalf of Participants in a dividend reinvestment
program established under the Plan shall not count against the maximum number of shares that may be issued under the Plan as set
forth in Section 6(a), provided that such shares are purchased in open-market transactions or are treasury shares purchased directly
from the Company at Fair Market Value at the time of purchase. 



 






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		(d)	Adjustments. In the event of any change in the Company’s capital structure, including but not limited to a change
in the number of shares of Common Stock outstanding, on account of (i) any stock dividend, stock split, reverse stock split, spinoff
or any similar equity restructuring, or (ii) any combination or exchange of equity securities, merger, consolidation, recapitalization,
reorganization, or divesture or any other similar event affecting the Company’s capital structure, to reflect such change
in the Company’s capital structure, the Committee shall make appropriate equitable adjustments to (i) the maximum number
of shares of Common Stock that may be issued under the Plan as set forth in Section 6(a), and (ii) the maximum number of shares
that may be granted to any single individual pursuant to the limits set forth in Section 5(d). In the event of any extraordinary
dividend, divestiture, or other distribution (other than ordinary cash dividends) of assets to stockholders, or any transaction
or event described above, to the extent necessary to prevent the enlargement or diminution of the rights of Participants, the Committee
shall make appropriate equitable adjustments to the number or kind of shares subject to an outstanding Award, the exercise price
applicable to an outstanding Award, and/or a Performance Condition. Any adjustments under this Section 6(d) shall be made in a
manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the 1934 Act, to the extent applicable.
The Company shall give each Participant notice of an adjustment to an Award hereunder and, upon notice, such adjustment shall be
conclusive and binding for all purposes. Notwithstanding the foregoing, the Committee shall decline to adjust any Award made to
a Participant if such adjustment would violate applicable law.



 


7. Awards Under the Plan


 


Awards under the Plan may be granted as Options, SARs, or Stock
Awards, as described below. Awards may be granted singly, in combination, or in tandem as determined by the Committee. Subject
to the terms of the Plan (including but not limited to the minimum vesting requirement of Section 7(d)), Awards shall have such
terms, conditions, limitations, and restrictions as may be determined by the Committee from time to time, and may include vesting,
forfeiture, cancellation and clawback provisions. 


 


		(a)	Options. Options shall expire after such period, not to exceed 10 years, as may be determined by the Committee. If an
Option is exercisable in installments, such installments or portions thereof that become exercisable shall remain exercisable until
the Option expires or is otherwise cancelled pursuant to its terms or the terms of the Plan. In no event shall any Option issued
under the Plan be a “reload” Option or carry any similar rights. 



 


		(i)	Exercise Price. The Committee shall determine the exercise price per share for each Option, which shall not be less
than 100% of the Fair Market Value on the grant date, unless the Option is a Substitute Award. 



 


		(ii)	Exercise of Options. Upon satisfaction of the applicable conditions relating to vesting and exercisability, as determined
by the Committee, and upon provision for the payment in full of the exercise price and applicable taxes due, the Participant shall
be entitled to exercise the Option and receive the number of shares of Common Stock issuable in connection with the Option exercise.
The shares issued in connection with the Option exercise may be subject to such conditions and restrictions as the Committee may
determine, from time to time. An Option may be exercised by any method as may be permitted by the Committee from time to time,
including but not limited to any “net exercise” or other “cashless” exercise method. 



 


		(b)	Stock Appreciation Rights. SARs granted under the Plan shall expire after such term, not to exceed 10 years, as may
be determined by the Committee. The exercise price per share of Common Stock subject to a SAR shall not be less than 100% of Fair
Market Value on the grant date, unless the SAR is a Substitute Award. 



 


		(c)	Stock Awards 



 


		(i)	Stock Payment. Subject to the terms of the Plan, the Committee may grant vested shares of Common Stock as a Stock Payment.
A Stock Payment may be in lieu of cash compensation, but may be subject to restrictions on sale or transfer, or cancellation and
recoupment, as determined by the Committee. A Stock Payment under the Plan may be granted as, or in payment of, a bonus determined
pursuant to any other plan. Any shares of Common Stock granted as a Stock Payment in lieu of cash compensation shall be valued
at their Fair Market Value.



 


		(ii)	Restricted Stock. Unvested shares of Common Stock issued pursuant to a Restricted Stock Award shall be entitled to voting
rights as provided in Section 9, unless determined otherwise by the Committee. Upon satisfaction of all conditions to vesting and
any tax withholding obligations, and upon the lapse of any post-vesting restrictions on sale or transfer, shares of Common Stock
subject to a Restricted Stock Award shall be delivered to a Participant free of restriction.



 


		(iii)	Deferred Stock. A Deferred Stock Award represents only an unfunded, unsecured promise to deliver shares of Common Stock
in the future and does not give a Participant any greater rights than those of an unsecured general creditor of the Company. Upon
satisfaction of all conditions to vesting and any tax withholding obligations, shares of Common Stock subject to a vested Deferred
Stock Award will be issued, and upon the lapse of any post-vesting restrictions on sale or transfer, such shares of Common Stock
will be delivered to a Participant free of restriction.



 






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		(iv)	Other Stock-Based Awards. To the extent not prohibited by applicable law, the Committee may grant any other Award that
is denominated in shares of Common Stock and that may be settled in cash and/or by the delivery of shares of Common Stock (for
the avoidance of doubt, an award that by its terms may be settled only in cash shall not be an Award under this Plan).



 


		(d)	Minimum Vesting Requirement. Notwithstanding any other provision of the Plan to the contrary, Awards granted under the
Plan shall vest no earlier than the first anniversary of the date on which the Award is granted; provided, that the following Awards
shall not be subject to the foregoing minimum vesting requirement: any (i) Substitute Awards, (ii) Awards to Directors that vest
on the earlier of the one-year anniversary of the date of grant and the next annual meeting of stockholders which is at least 50
weeks after the immediately preceding year’s annual meeting, and (iii) any additional Awards the Committee may grant, up
to a maximum of five percent (5%) of the available share reserve authorized for issuance under the Plan pursuant to Section 6(a)
(subject to adjustment under Section 6(d)); and, provided, further, that the foregoing restriction does not apply to the Committee’s
discretion to provide for accelerated exercisability or vesting of any Award, including in cases of retirement, death, disability,
leave of absence, termination of employment, Change in Control, upon the sale or other disposition of a Participant’s employer,
or any other similar event, as specified in the Award Agreement. 



 


		(e)	Performance-Based Awards 



 


		(i)	The Committee may grant Awards that are subject to the achievement of one or more Performance Conditions related to a period
of performance of not less than one year. 



 


		(ii)	Performance Conditions may be expressed in either, or a combination of, absolute or relative values or a percentage of: revenue,
revenue or product growth, net income (pre- or after-tax), earnings, earnings per share, stockholders’ equity or return on
stockholders’ equity, assets or return on assets, return on risk-adjusted assets, capital or return on capital, return on
risk capital, book value or book value per share, economic value-added models or equivalent metrics, operating income, pre- or
after-tax income, expenses or reengineering savings, margins, cash flow or cash flow per share, stock price, total shareholder
return, market share, debt reduction, net promoter scores, operating efficiency ratios, expense ratios, liquidity ratios, regulatory
achievements or any objective or subjective Performance Conditions selected by the Committee. In addition, such Performance Conditions
may be used on an absolute or relative basis to measure the performance of the Company as a whole, any business unit(s) of the
Company and its Subsidiaries and/or one or more of its branches or affiliates, or the performance of an individual Participant,
and may be used in any combination as the Committee may deem appropriate. Such Performance Conditions may also be based on performance
determined on a per share basis (either basic or fully diluted) and/or as compared to the performance of a group of peer or comparator
companies, prior performance periods, a published or special index or indices that the Committee deems appropriate, or such other
measures selected or defined by the Committee at the time such Performance Conditions are established.



 


		(iii)	The Committee may make objectively determinable adjustments,
modifications, or amendments to any Performance Condition as the Committee deems appropriate, including (but not limited to) with
respect to items determined to be extraordinary or unusual in nature or infrequent in occurrence, or that are related to discontinued
operations, the disposal of a business or assets, or a change in accounting principle under GAAP, or that are attributable to the
business operations of any entity acquired by the Company or a Subsidiary during a relevant performance period.



 


		(f)	Fractional Shares. The Company shall not be
obligated to issue any fractional shares of Common Stock in settlement of Awards granted under the Plan. If an Award includes or
results in an entitlement to a fractional share for any reason, the Award shall be settled in full by issuance of the maximum whole
number of shares of Common Stock the Participant is entitled to receive pursuant to the terms of the Award (upon satisfaction of
all applicable conditions to the issuance of shares) and the Company may cancel the fractional share without any compensation to
the Participant. 



 


8. Dividends and Dividend Equivalents


 


The Committee may provide that Stock Awards shall earn dividends
or dividend equivalents. Such dividends or dividend equivalents may be paid currently or may be credited to an account maintained
on the books of the Company. Any payment or crediting of dividends or dividend equivalents will be subject to such terms, conditions,
limitations, and restrictions as the Committee may establish, from time to time, including, without limitation, reinvestment in
additional shares of Common Stock or common share equivalents. Notwithstanding the foregoing, the Committee may not provide for
the current payment of dividends or dividend equivalents with respect to any shares of Common Stock subject to an Award with a
Performance Condition; for such Awards, the Committee may only provide for the accrual of dividends or dividend equivalents that
will not be payable to a Participant unless and until, and only to the extent that, the shares of Common Stock subject to the Award
vest upon satisfaction of the relevant Performance Condition and all other applicable conditions to vesting. Dividend or dividend
equivalent rights shall be as specified in the Award Agreement, or pursuant to a resolution adopted by the Committee with respect
to outstanding Awards. No dividends or dividend equivalents shall be paid on Options or SARs. 


 






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9. Voting


 


Unless the Committee has determined otherwise, a Participant
shall have the right to direct the vote of shares of Common Stock subject to an unvested Restricted Stock Award. Unvested shares
of Common Stock that are eligible to vote shall be voted by a Plan Administrator in accordance with instructions received from
Participants (unless to do so would constitute a violation of any applicable exchange rules). Shares subject to unvested Restricted
Stock Awards as to which no instructions are received shall be voted by the Plan Administrator proportionately in accordance with
instructions received with respect to all other unvested Restricted Stock Awards (including, for these purposes, outstanding awards
granted under the Prior Plans and any other “non-qualified” stock incentive plan of the Company) that are eligible
to vote (unless to do so would constitute a violation of any applicable exchange rules). 


 


10. Nontransferability


 


Awards granted under the Plan, and during any period of restriction
on transferability, shares of Common Stock issued in connection with the exercise of an Option or a SAR, or vesting of a Stock
Award, may not be sold, pledged, hypothecated, assigned, margined, or otherwise transferred by a Participant in any manner other
than by will or the laws of descent and distribution, unless and until the shares underlying such Award have been issued, and all
restrictions applicable to such shares have lapsed or have been waived by the Committee. No Award or interest or right therein
shall be subject to the debts, contracts, or engagements of a Participant or his or her successors in interest or shall be subject
to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment, or any other means whether such disposition
be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment, or any other legal or equitable
proceedings (including bankruptcy and divorce), and any attempted disposition thereof shall be null and void, of no effect, and
not binding on the Company in any way.


 


Notwithstanding the foregoing, the Committee may permit Options
and/or shares issued in connection with an Option or a SAR exercise that are subject to restrictions on transferability to be transferred
one time and without payment or consideration to a member of a Participant’s immediate family or to a trust or similar vehicle
for the benefit of a Participant’s immediate family members. During the lifetime of a Participant, all rights with respect
to Awards shall be exercisable only by such Participant or, if applicable pursuant to the preceding sentence, a permitted transferee. 


 


11. Change of Control of the Company


 


		(a)	The Committee may, at the time an Award is made or
at any time prior to, coincident with, or after the time of a Change of Control: 



 


		(i)	provide for the adjustment of any Performance Conditions
as the Committee deems necessary or appropriate to reflect the Change of Control; 



 


		(ii)	provide for the cancellation of any Awards then outstanding
if the surviving entity or acquiring entity (or the surviving or acquiring entity’s parent company) in the Change of Control
replaces the Awards with new rights of substantially equivalent value, as determined by the Committee; 



 


		(iii)	provide that upon an involuntary termination of a
Participant’s employment as a result of a Change of Control, any time periods shall accelerate, and any other conditions
relating to the vesting, exercise, payment, or distribution of an Award shall be waived; or 



 


		(iv)	provide that Awards shall be purchased for an amount
of cash equal to the amount that could have been obtained for the shares covered by a Stock Award if it had been vested or by an
Option or SAR if it had been exercised at the time of the Change of Control.



 


		(b)	Notwithstanding any other provisions of the Plan
or an Award Agreement to the contrary, the vesting, payment, purchase, or distribution of an Award may not be accelerated by reason
of a Change of Control for any Participant unless the Participant’s employment is involuntarily terminated as a result of
the Change of Control. For purposes of this Section 11, a Participant’s employment will be deemed to have been involuntarily
terminated as a result of a Change of Control if it is involuntarily terminated other than for Gross Misconduct at any time beginning
on the date of the Change of Control up to and including the first anniversary of the Change of Control. 



 


		(c)	A “Change of Control” shall be deemed
to occur if and when: 



 


		(i)	any person, including a “person” as such
term is used in Section 14(d)(2) of the 1934 Act (a “Person”), is or becomes a beneficial owner (as such term is defined
in Rule 13d-3 under the 1934 Act), directly or indirectly, of securities of the Company representing 30% or more of the combined
voting power of the Company’s then outstanding securities; 



 






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		(ii)	individuals who, as of the Effective Date, constitute
the Board (the “Incumbent Board”) cease for any reason to constitute at least a 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 a majority of the directors then comprising the Incumbent Board, shall be considered
as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial
assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11
of Regulation 14A promulgated under the 1934 Act) or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board;



 


		(iii)	all or substantially all of the assets of the Company
are sold, transferred, or distributed, or the Company is dissolved or liquidated; or 



 


		(iv)	a reorganization, merger, consolidation, or other
corporate transaction involving the Company (a “Transaction”) is consummated, in each case, with respect to which the
stockholders of the Company immediately prior to such Transaction do not, immediately after the Transaction, own more than 50%
of the combined voting power of the Company or other corporation resulting from such Transaction in substantially the same respective
proportions as such stockholders’ ownership of the voting power of the Company immediately before such Transaction.



 


12. Award Agreements


 


Each Award under the Plan shall be evidenced by an Award Agreement
(as such may be amended from time to time) that sets forth the terms, conditions, restrictions, and limitations applicable to the
Award, including, but not limited to, the provisions governing vesting, exercisability, payment, forfeiture, cancellation, and
termination of employment, all or some of which may be incorporated by reference into one or more other documents delivered or
otherwise made available to a Participant in connection with an Award. The Committee need not require the formal execution or acceptance
of such document by the Participant, in which case acceptance of any benefit of the Award by the Participant shall constitute agreement
by the Participant to the terms, conditions, restrictions, and limitations set forth in the Plan and the Award Agreement as well
as the administrative guidelines and practices of the Company in effect from time to time. Any assertion by an Employee that any
term, condition, limitation, or restriction of the Award as specified in the Award Agreement is invalid or not binding on such
Employee because of his or her non-acceptance of the Award Agreement (or any portion thereof) shall be deemed a refusal of the
Award and the Employee shall cease to be a Participant with respect to the Award, which shall be immediately cancelled. Each Award
Agreement shall provide for forfeiture or cancellation of unvested Awards if it is determined that a Participant engaged in Gross
Misconduct on or prior to a vesting date.


 


13. Tax Withholding


 


Participants shall be solely responsible for any applicable
taxes (including without limitation income, payroll, and excise taxes) and penalties, and any interest that accrues thereon, which
they incur under applicable law in connection with the receipt, vesting, or exercise of any Award. The Company and its Subsidiaries
shall have the right to require payment of, or may deduct from any payment made under the Plan or otherwise to a Participant, or
may permit or require shares to be tendered or sold (including shares of Common Stock delivered or vested in connection with an
Award) in an amount sufficient to cover withholding of, any federal, state, local, foreign, or other governmental taxes or charges
required by law, or hypothetical taxes required to be paid by a Participant pursuant to a tax-equalization policy for expatriate
employees, and to take such other action as may be necessary to satisfy any such withholding or payment obligations. The value
of any shares allowed to be withheld or tendered for tax withholding may not exceed the amount allowed consistent with fixed plan
accounting in accordance with GAAP, to the extent applicable. To the extent that a number of shares of Common Stock sufficient
to satisfy a tax withholding obligation of the Company may not be withheld (whether because the Award has not vested in full pursuant
to its terms, administrative procedures in effect at such time, applicable accounting principles, or any other reason), it shall
be a condition to the obligation of the Company to issue shares of Common Stock upon the exercise of an Option or a SAR, or in
settlement of any vested Award, that a Participant pay to the Company, on demand, such amount as may be requested by the Company
for the purpose of satisfying any actual tax withholding (or hypothetical tax) liability. If the amount is not timely paid to the
Company in cash by such Participant, the Company may cancel the Award and refuse to issue such shares.


  



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14. Repayment Obligations and Right of Set-Off


 


		(a)	If the Committee determines that all conditions to
vesting and payment or distribution of an Award (or any portion thereof), or the vesting and exercisability of an Option or SAR
(or any portion thereof), were not satisfied in full on the scheduled vesting date (including but not limited to, any Performance
Condition), the Committee shall cancel such vesting and refuse to issue or distribute shares or cash and immediately terminate
the Participant’s rights with respect to such Award (or improperly vested portion thereof). If any such Award (or portion
thereof) has already been paid, distributed, or exercised, the Participant shall be obligated, upon demand, to: (i) in the case
of an improperly vested Stock Award, return the amount of any cash payment received in settlement of the Stock Award (or improperly
vested portion thereof), or if settled in shares, the number of shares of Common Stock issued in settlement of the Stock Award
(or improperly vested portion thereof), or make a cash payment in an amount equal to the Fair Market Value of such shares on their
vesting date, if greater than their Fair Market Value on the date they are due to be returned to the Company; or (ii) in the case
of an improperly exercised Option or SAR, make a cash payment in an amount equal to the gain realized upon exercise of such Option
or SAR (or improperly vested or exercised portion thereof), in each case, without reduction for any shares of Common Stock or cash
withheld or paid to satisfy withholding tax or hypothetical tax obligations in connection with such Awards or any other obligation
of the Participant. 



 


		(b)	To the extent not prohibited by applicable law, and
consistent with the requirements of Section 409A of the Code, if applicable, the Company will have the right to offset against
its obligation to deliver vested shares of Common Stock or make any vested cash payment pursuant to any Award granted under the
Plan: (i) any amounts paid by the Company or a Subsidiary to a third party pursuant to any award, judgment, or settlement of a
complaint, arbitration, or lawsuit of which a Participant was the subject; and (ii) any outstanding amounts (including, without
limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards granted under the
Plan, or awards granted under any other plan, or any obligations pursuant to a tax-equalization or housing allowance policy or
other expatriate benefit) that a Participant then owes to the Company or a Subsidiary.



 


15. Other Benefit and Compensation Programs


 


Awards granted under the Plan and amounts received upon vesting
or exercise of an Award shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of calculating
payments or benefits under any Company benefit plan or severance program unless specifically provided for under the plan or program.
Unless specifically set forth in an Award Agreement, Awards under the Plan are not intended as payment for compensation that otherwise
would have been delivered in cash, and even if so intended, such Awards shall be subject to such vesting requirements and other
terms, conditions, restrictions, and limitations as may be provided in the Award Agreement.


 


16. Unfunded Plan


 


Unless otherwise determined by the Committee, the Plan shall
be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Plan shall not establish
any fiduciary relationship between the Company and any Participant or other person. To the extent that any Participant holds any
rights by virtue of an Award granted under the Plan, such rights shall constitute general unsecured liabilities of the Company
and shall not confer upon any Participant or any other person or entity any right, title, or interest in any assets of the Company.


 


17. Expenses of the Plan


 


The expenses of the administration of the Plan shall be borne
by the Company and its Subsidiaries. The Company may require Subsidiaries to pay for the Common Stock issued under the Plan to
Participants employed (or formerly employed) by such Subsidiaries.


 


18. Rights as a Stockholder


 


Unless the Committee determines otherwise, a Participant shall
not have any rights as a stockholder with respect to shares of Common Stock covered by an Award until the date the Participant
becomes the holder of record with respect to such shares. No adjustment will be made for dividends or other rights for which the
record date is prior to such date, except as provided in Section 6(d) or Section 8.


 




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19. Future Rights


 


No Employee shall have any claim or right to be granted an Award
under the Plan. There shall be no obligation of uniformity of treatment of Employees under the Plan. Further, the Company and its
Subsidiaries may adopt other compensation programs, plans, or arrangements as they deem appropriate or necessary. The adoption
of the Plan or the granting of any Award shall not confer upon any Employee any right to continued employment in any particular
position or at any particular rate of compensation, nor shall it interfere in any way with the right of the Company or a Subsidiary
to terminate the employment of its Employees at any time, free from any claim or liability under the Plan. Unless expressly provided
otherwise elsewhere in the Plan or in an Award Agreement, Awards under the Plan shall be made in anticipation of future service
and/or subject to other vesting conditions and will not be earned until all conditions to vesting have been satisfied.


 


20. Amendment and Termination


 


The Plan may be amended, suspended, or terminated at any time
by the Committee, provided that no amendment shall be made without stockholder approval, if it would (a) materially increase the
number of shares available under the Plan (other than pursuant to Section 6(d)), (b) materially expand the types of awards available
under the Plan, (c) materially expand the class of persons eligible to participate in the Plan, (d) materially extend the term
of the Plan, (e) materially change the method of determining the exercise price of an Award, (f) delete or limit the Plan’s
prohibition against Repricing, or (g) otherwise require approval by the stockholders of the Company in order to comply with applicable
law or the rules of the New York Stock Exchange (or, if the Common Stock is not traded on the New York Stock Exchange, the principal
national securities exchange upon which the Common Stock is then traded or quoted). No such amendment referred to above shall be
effective unless and until it has been approved by the stockholders of the Company. The Committee retains the right to modify an
Award without a Participant’s prior consent if it determines that the modification is required to comply with applicable
law, regulation, or regulatory guidance (including applicable tax law). Except as may be provided by Section 7(e), Section 11,
and this Section 20, any other adverse modification shall not be effective without the Participant’s written consent. The
Company shall furnish or make available to Participants a written notice of any modification through a brochure, prospectus supplement,
or otherwise, which notice shall specify the effective date of such modification.


 


21. Successors and Assigns


 


The Plan and any applicable Award Agreement entered into under
the Plan shall be binding upon and inure to the benefit of the respective successors and permitted assigns of Participants, including,
without limitation, the executors, administrators, or trustees of a Participant’s estate, or any receiver or trustee in bankruptcy
or representative of a Participant’s creditors.


 


22. Governing Law


 


The Plan and all Award Agreements entered into under the Plan
shall be construed in accordance with and governed by the laws of the State of New York, except that any principles or provisions
of New York law that would apply the law of another jurisdiction (other than applicable provisions of U.S. federal law) shall be
disregarded. Notwithstanding the foregoing, matters with respect to indemnification, delegation of authority under the Plan, and
the legality of shares of Common Stock issued under the Plan, shall be governed by the Delaware General Corporation Law.


 


23. Tax Compliance


 


Awards granted hereunder shall comply with or be exempt from
Section 409A of the Code, unless otherwise determined by the Committee. If, pursuant to any Award that is subject to Section 409A
of the Code, a Participant is entitled to receive a payment on a specified date, such payment shall be deemed made as of such specified
date if it is made (a) not earlier than 30 days before such specified date, and (b) not later than December 31 of the year in which
such specified date occurs or, if later, the fifteenth day of the third month following such specified date; provided that the
Participant shall not be permitted, directly or indirectly, to designate the taxable year in which such payment is made. If, pursuant
to any Award that is subject to Section 409A of the Code, a Participant is entitled to a series of installment payments, such Participant’s
right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to
a single payment. For purposes of the preceding sentence, the term “series of installment payments” has the same meaning
as provided in Section 1.409A-2(b)(2)(iii) of the regulations promulgated under the Code. Notwithstanding any provision of this
Plan to the contrary, in no event shall the Company or any Subsidiary be liable to a Participant on account of an Award’s
failure to (a) qualify for favorable U.S. or foreign tax treatment, or (b) avoid adverse tax treatment under U.S. or foreign law,
including, without limitation, Sections 409A and 457A of the Code.


  



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24. Severability


 


If any provision of this Plan is finally held to be invalid,
illegal, or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to the
extent, of such invalidity, illegality, or unenforceability, and the remaining provisions shall not be affected thereby; provided
that, if any such provision is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined
to be acceptable to permit such provision to be enforceable, such provision shall be deemed modified to the minimum extent necessary
in order to make such provision enforceable.


 






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