Exhibit 10.4


 


ALBANY MOLECULAR
RESEARCH, INC.


 


AMENDED 2008
STOCK OPTION AND INCENTIVE PLAN


 


SECTION
1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS


 


The name of the plan is the Albany Molecular
Research, Inc. Amended 2008 Stock Option and Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and
enable the officers, employees, Non-Employee Directors and other key persons (including consultants and prospective employees)
of Albany Molecular Research, Inc. (the “Company”) and its Subsidiaries upon whose judgment, initiative and efforts
the Company largely depends for the successful conduct of its business to acquire a proprietary interest in the Company. It is
anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification
of their interests with those of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf
and strengthening their desire to remain with the Company.


 


The following terms shall be defined as
set forth below:


 


“Act” means the Securities
Act of 1933, as amended, and the rules and regulations thereunder.


 


“Administrator” means
either the Board or the compensation committee of the Board or a similar committee performing the functions of the compensation
committee and which is comprised of not less than two Non-Employee Directors who are independent.


 


“Award” or “Awards,”
except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Stock Appreciation Rights, Deferred Stock Awards, Restricted Stock Awards, Unrestricted Stock Awards, Cash-based Awards,
Performance Share Awards and Dividend Equivalent Rights.


 


“Award Agreement” means
a written or electronic agreement setting forth the terms and provisions applicable to an Award granted under the Plan. Each Award
Agreement is subject to the terms and conditions of the Plan.


 


“Board” means the Board
of Directors of the Company.


 


“Cash-based Award” means
an Award entitling the recipient to receive a cash-denominated payment.


 


“Code” means the Internal
Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.


 


“Covered Employee” means
an employee who is a “Covered Employee” within the meaning of Section 162(m) of the Code.


 



    	 



    	 



    

“Deferred Stock Award”
means an Award of phantom stock units to a grantee.


 


“Dividend Equivalent Right”
means an Award entitling the grantee to receive credits based on cash dividends that would have been paid on the shares of Stock
specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued to and held by the
grantee.


 


“Effective Date” means
the date on which the Plan is approved by stockholders as set forth in Section 20.


 


“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.


 


“Fair Market Value” of
the Stock on any given date means the fair market value of the Stock determined in good faith by the Administrator; provided, however,
that if the Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”),
NASDAQ Global Market or another national securities exchange, the determination shall be made by reference to market quotations.
If there are no market quotations for such date, the determination shall be made by reference to the last date preceding such date
for which there are market quotations.


 


“Incentive Stock Option”
means any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the
Code.


 


“Non-Employee Director”
means a member of the Board who is not also an employee of the Company or any Subsidiary.


 


“Non-Qualified Stock Option”
means any Stock Option that is not an Incentive Stock Option.


 


“Option” or “Stock
Option” means any option to purchase shares of Stock granted pursuant to Section 5.


 


“Performance-based Award”
means any Restricted Stock Award, Deferred Stock Award, Performance Share Award or Cash-based Award granted to a Covered Employee
that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code and the regulations
promulgated thereunder.


 


“Performance Criteria”
means the criteria that the Administrator selects for purposes of establishing the Performance Goal or Performance Goals for an
individual for a Performance Cycle. The Performance Criteria (which shall be applicable to the organizational level specified by
the Administrator, including, but not limited to, the Company or a unit, division, group, or Subsidiary of the Company) that will
be used to establish Performance Goals are limited to the following: earnings before interest, taxes, depreciation and amortization,
net income (loss) (either before or after interest, taxes, depreciation and/or amortization), changes in the market price of the
Stock, economic value-added, funds from operations or similar measure, sales or revenue, acquisitions or strategic transactions,
operating income (loss), cash flow (including, but not limited to, operating cash flow and free cash flow), return on capital,
assets, equity, or investment, stockholder returns, return on sales, gross or net profit levels, productivity, expense, margins,
operating efficiency, customer satisfaction, working capital, earnings (loss) per share of Stock, sales or market shares and number
of customers, any of which may be measured either in absolute terms or as compared to any incremental increase or as compared to
results of a peer group.


 



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“Performance Cycle” means
one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select, over which the
attainment of one or more Performance Criteria will be measured for the purpose of determining a grantee’s right to and the
payment of a Restricted Stock Award, Deferred Stock Award, Performance Share Award or Cash-based Award.


 


“Performance Goals” means,
for a Performance Cycle, the specific goals established in writing by the Administrator for a Performance Cycle based upon the
Performance Criteria.


 


“Performance Share Award”
means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified Performance Goals.


 


“Restricted Stock Award”
means an Award entitling the recipient to acquire, at such purchase price (which may be zero) as determined by the Administrator,
shares of Stock subject to such restrictions and conditions as the Administrator may determine at the time of grant.


 


“Sale Event” shall mean
(i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity,
(ii) a merger, reorganization or consolidation in which the outstanding shares of Stock are converted into or exchanged for securities
of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do
not own a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction, or
(iii) the sale of all of the Stock of the Company to an unrelated person or entity.


 


“Sale Price” means the
value as determined by the Administrator of the consideration payable, or otherwise to be received by stockholders, per share of
Stock pursuant to a Sale Event.


 


“Section 409A” means
Section 409A of the Code and the regulations and other guidance promulgated thereunder.


 


“Stock” means the Common
Stock, par value $0.01 per share, of the Company, subject to adjustments pursuant to Section 3.


 


“Stock Appreciation Right”
means an Award entitling the recipient to receive shares of Stock having a value equal to the excess of the Fair Market Value of
the Stock on the date of exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of
Stock with respect to which the Stock Appreciation Right shall have been exercised.


 


“Subsidiary” means any
corporation or other entity (other than the Company) in which the Company has at least a 50 percent interest, either directly or
indirectly.


 



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“Ten Percent Owner” means
an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent
of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation.


 


“Unrestricted Stock Award”
means an Award of shares of Stock free of any restrictions.


 


SECTION
2. ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS


 


(a)Administration of Plan.
The Plan shall be administered by the Administrator.


 


(b)Powers of Administrator.
The Administrator shall have the power and authority to grant Awards consistent with the terms of the Plan, including the power
and authority:


 


(i)to select the individuals to
whom Awards may from time to time be granted;


 


(ii)to determine the time or times
of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted
Stock Awards, Deferred Stock Awards, Unrestricted Stock Awards, Cash-based Awards, Performance Share Awards and Dividend Equivalent
Rights, or any combination of the foregoing, granted to any one or more grantees;


 


(iii)to determine the number of
shares of Stock to be covered by any Award;


 


(iv)to determine and modify from
time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which
terms and conditions may differ among individual Awards and grantees, and to approve the form of written instruments evidencing
the Awards;


 


(v)to accelerate at any time the
exercisability or vesting of all or any portion of any Award;


 


(vi)subject to the provisions of
Section 5(a)(ii), to extend at any time the period in which Stock Options may be exercised; and


 


(vii)at any time to adopt, alter
and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings as it shall
deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written instruments); to make
all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection with the
Plan; and to otherwise supervise the administration of the Plan.


 


All decisions and interpretations of the
Administrator shall be binding on all persons, including the Company and Plan grantees.


 


(c)Delegation of Authority
to Grant Options. Subject to applicable law, the Administrator, in its discretion, may delegate to the Chief Executive Officer
of the Company all or part of the Administrator’s authority and duties with respect to the granting of Options, to individuals
who are (i) not subject to the reporting and other provisions of Section 16 of the Exchange Act and (ii) not Covered Employees.
Any such delegation by the Administrator shall include a limitation as to the amount of Options that may be granted during the
period of the delegation and shall contain guidelines as to the determination of the exercise price and the vesting criteria. The
Administrator may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions
of the Administrator’s delegate or delegates that were consistent with the terms of the Plan.


 



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(d)Award Agreement. Awards
under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which
may include, without limitation, the term of an Award, the provisions applicable in the event employment or service terminates,
and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award.


 


(e)Indemnification. Neither
the Board nor the Administrator, nor any member of either or any delegate thereof, shall be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with the Plan, and the members of the Board and the Administrator
(and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any
claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom
to the fullest extent permitted by law and/or under the Company’s articles or bylaws or any directors’ and officers’
liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual
and the Company.


 


(f)Foreign Award Recipients.
Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company
and its Subsidiaries operate or have employees or other individuals eligible for Awards, the Administrator, in its sole discretion,
shall have the power and authority to: (i) determine which Subsidiaries shall be covered by the Plan; (ii) determine which individuals
outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to
individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures
and other terms and procedures, to the extent the Administrator determines such actions to be necessary or advisable (and such
subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications
shall increase the share limitations contained in Section 3(a) hereof; and (v) take any action, before or after an Award
is made, that the Administrator determines to be necessary or advisable to obtain approval or comply with any local governmental
regulatory exemptions or approvals. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no
Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or
any other applicable United States governing statute or law.


 


SECTION
3. STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION


 


(a)Stock Issuable. The
maximum number of shares of Stock reserved and available for issuance under the Plan shall be 3,700,000 shares, subject to adjustment
as provided in Section 3(b); provided that not more than 3,700,000 shares shall be issued in the form of Incentive Stock.
For purposes of this limitation, the shares of Stock underlying any Awards that are forfeited, canceled or otherwise terminated
(other than by exercise) shall be added back to the shares of Stock available for issuance under the Plan. Shares tendered or held
back upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall not be available
for future issuance under the Plan. In addition, upon exercise of Stock Appreciation Rights, the gross number of shares exercised
shall be deducted from the total number of shares remaining available for issuance under the Plan. Subject to such overall limitations,
shares of Stock may be issued up to such maximum number pursuant to any type or types of Award; provided, however, that Stock Options
or Stock Appreciation Rights with respect to no more than 300,000 shares of Stock may be granted to any one individual grantee
during any one calendar year period. The shares available for issuance under the Plan may be authorized but unissued shares of
Stock or shares of Stock reacquired by the Company.


 



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(b)Changes in Stock. Subject
to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification, stock dividend, stock split,
reverse stock split or other similar change in the Company’s capital stock, the outstanding shares of Stock are increased
or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional shares
or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares
of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially all of the assets
of the Company, the outstanding shares of Stock are converted into or exchanged for securities of the Company or any successor
entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment in (i) the
maximum number of shares reserved for issuance under the Plan, [including the maximum number of shares that may be issued in the
form of Unrestricted Stock Awards, Restricted Stock Awards, Deferred Stock Awards or Performance Share Awards,] (ii) the number
of Stock Options or Stock Appreciation Rights that can be granted to any one individual grantee and the maximum number of shares
that may be granted under a Performance-based Award, (iii) the number and kind of shares or other securities subject to any then
outstanding Awards under the Plan, (iv) the repurchase price, if any, per share subject to each outstanding Restricted Stock Award,
[(v) the number of Stock Options automatically granted to Non-Employee Directors,] and (vi) the price for each share subject to
any then outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise price
(i.e., the exercise price multiplied by the number of Stock Options and Stock Appreciation Rights) as to which such Stock Options
and Stock Appreciation Rights remain exercisable. The Administrator shall also make equitable or proportionate adjustments in the
number of shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration
cash dividends paid other than in the ordinary course or any other extraordinary corporate event. Notwithstanding the foregoing,
no adjustment shall be made under this Section 3(b) if the Administrator determines that such action could cause any Award to fail
to satisfy the conditions of any applicable exception from the requirements of Section 409A or otherwise could subject the grantee
to the additional tax imposed under Section 409A in respect of an outstanding Award or constitute a modification, extension or
renewal of an Incentive Stock Option within the meaning of Section 424(h) of the Code. The adjustment by the Administrator
shall be final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment,
but the Administrator in its discretion may make a cash payment in lieu of fractional shares.


 



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(c)Mergers and Other Transactions.
Except as the Administrator may otherwise specify with respect to particular Awards in the relevant Award documentation, in the
case of and subject to the consummation of a Sale Event, all Options and Stock Appreciation Rights that are not exercisable immediately
prior to the effective time of the Sale Event shall become fully exercisable as of the effective time of the Sale Event, all other
Awards with time-based vesting, conditions or restrictions shall become fully vested and nonforfeitable as of the effective time
of the Sale Event and all Awards with conditions and restrictions relating to the attainment of performance goals may become vested
and nonforfeitable in connection with a Sale Event in the Administrator’s discretion, unless, in any case, the parties to
the Sale Event agree that Awards will be assumed or continued by the successor entity. Upon the effective time of the Sale Event,
the Plan and all outstanding Awards granted hereunder shall terminate, unless provision is made in connection with the Sale Event
in the sole discretion of the parties thereto for the assumption or continuation of Awards theretofore granted by the successor
entity, or the substitution of such Awards with new Awards of the successor entity or parent thereof, with appropriate adjustment
as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking
into account any acceleration hereunder). In the event of such termination, (i) the Company shall have the option (in its sole
discretion) to make or provide for a cash payment to the grantees holding Options and Stock Appreciation Rights, in exchange for
the cancellation thereof, in an amount equal to the difference between (A) the Sale Price multiplied by the number of shares of
Stock subject to outstanding Options and Stock Appreciation Rights (to the extent then exercisable (after taking into account any
acceleration hereunder) at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding
Options and Stock Appreciation Rights; or (ii) each grantee shall be permitted, within a specified period of time prior to the
consummation of the Sale Event as determined by the Administrator, to exercise all outstanding Options and Stock Appreciation Rights
held by such grantee.


 


(d)Substitute Awards.
The Administrator may grant Awards under the Plan in substitution for stock and stock based awards held by employees, directors
or other key persons of another corporation in connection with the merger or consolidation of the employing corporation with the
Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the employing corporation. The
Administrator may direct that the substitute awards be granted on such terms and conditions as the Administrator considers appropriate
in the circumstances. Any substitute Awards granted under the Plan shall not count against the share limitation set forth in Section 3(a).


 


SECTION
4. ELIGIBILITY


 


Grantees under the Plan will be such full
or part-time officers and other employees, Non-Employee Directors and key persons (including consultants and prospective employees)
of the Company and its Subsidiaries as are selected from time to time by the Administrator in its sole discretion.


 



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SECTION
5. STOCK OPTIONS


 


Any Stock Option granted under the Plan
shall be in such form as the Administrator may from time to time approve.


 


Stock Options granted under the Plan may
be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the
Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code.
To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.


 


(a)Stock Options Granted to
Employees and Key Persons. The Administrator in its discretion may grant Stock Options to eligible employees and key persons
of the Company or any Subsidiary. Stock Options granted pursuant to this Section 5(a) shall be subject to the following terms
and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator
shall deem desirable. If the Administrator so determines, Stock Options may be granted in lieu of cash compensation at the optionee’s
election, subject to such terms and conditions as the Administrator may establish.


 


(i)Exercise Price. The exercise
price per share for the Stock covered by a Stock Option granted pursuant to this Section 5(a) shall be determined by the Administrator
at the time of grant but shall not be less than 100 percent of the Fair Market Value on the date of grant. In the case of an Incentive
Stock Option that is granted to a Ten Percent Owner, the option price of such Incentive Stock Option shall be not less than 110
percent of the Fair Market Value on the grant date.


 


(ii)Option Term. The term
of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more than ten years after the
date the Stock Option is granted. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of
such Stock Option shall be no more than five years from the date of grant.


 


(iii)Exercisability; Rights
of a Stockholder. Stock Options shall become exercisable at such time or times, whether or not in installments, as shall be
determined by the Administrator at or after the grant date. The Administrator may at any time accelerate the exercisability of
all or any portion of any Stock Option. An optionee shall have the rights of a stockholder only as to shares acquired upon the
exercise of a Stock Option and not as to unexercised Stock Options.


 


(iv)Method of Exercise.
Stock Options may be exercised in whole or in part, by giving written notice of exercise to the Company, specifying the number
of shares to be purchased. Payment of the purchase price may be made by one or more of the following methods to the extent provided
in the Option Award Agreement:


 


(A)In
cash, by certified or bank check or other instrument acceptable to the Administrator;


 


(B)Through
the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the optionee on the open market or
that are beneficially owned by the optionee and are not then subject to restrictions under any Company plan. Such surrendered shares
shall be valued at Fair Market Value on the exercise date. To the extent required to avoid variable accounting treatment under
FAS 123R or other applicable accounting rules, such surrendered shares shall have been owned by the optionee for at least six months;
or


 



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(C)By
the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to
promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in
the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures
and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment
procedure.


 


Payment instruments will be received subject to collection.
The transfer to the optionee on the records of the Company or of the transfer agent of the shares of Stock to be purchased pursuant
to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance
with the provisions of the Stock Option) by the Company of the full purchase price for such shares and the fulfillment of any other
requirements contained in the Option Award Agreement or applicable provisions of laws (including the satisfaction of any withholding
taxes that the Company is obligated to withhold with respect to the optionee). In the event an optionee chooses to pay the purchase
price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee
upon the exercise of the Stock Option shall be net of the number of attested shares. In the event that the Company establishes,
for itself or using the services of a third party, an automated system for the exercise of Stock Options, such as a system using
an internet website or interactive voice response, then the paperless exercise of Stock Options may be permitted through the use
of such an automated system.


 


(v)Annual Limit on Incentive
Stock Options. To the extent required for “incentive stock option” treatment under Section 422 of the Code,
the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which Incentive Stock
Options granted under this Plan and any other plan of the Company or its parent and subsidiary corporations become exercisable
for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds
this limit, it shall constitute a Non-Qualified Stock Option.


 


(b)Stock Options Granted to
Non-Employee Directors.


 


(i)Automatic Grant of Options.


 


(A)Each
Non-Employee Director who is serving as Director of the Company on the fifth business day after each annual meeting of stockholders,
beginning with the 2008 annual meeting, shall automatically be granted on such day a Non-Qualified Stock Option to acquire 5000
shares of Stock..


 



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(B)The
exercise price per share for the Stock covered by a Stock Option granted under this Section 5(b) shall be equal to the Fair
Market Value of the Stock on the date the Stock Option is granted.


 


(C)The
Administrator, in its discretion, may grant additional Non-Qualified Stock Options to Non-Employee Directors. Any such grant may
vary among individual Non-Employee Directors.


 


(ii)Exercise; Termination.


 


(A)Unless
otherwise determined by the Administrator, an Option granted under Section 5(b) shall not be exercisable after the expiration
of ten years from the date of grant.


 


(B)Options
granted under this Section 5(b) may be exercised only by written notice to the Company specifying the number of shares to
be purchased. Payment of the full purchase price of the shares to be purchased may be made by one or more of the methods specified
in Section 5(a)(iv). An optionee shall have the rights of a stockholder only as to shares acquired upon the exercise of a
Stock Option and not as to unexercised Stock Options.


 


SECTION
6. STOCK APPRECIATION RIGHTS


 


(a)Exercise Price of Stock
Appreciation Rights. The exercise price of a Stock Appreciation Right shall not be less than 100 percent of the Fair Market
Value of the Stock on the date of grant.


 


(b)Grant and Exercise of Stock
Appreciation Rights. Stock Appreciation Rights may be granted by the Administrator independently of any Stock Option granted
pursuant to Section 5 of the Plan.


 


(c)Terms and Conditions of
Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined from
time to time by the Administrator.


 


SECTION
7. RESTRICTED STOCK AWARDS


 


(a)Nature of Restricted Stock
Awards. The Administrator shall determine the restrictions and conditions applicable to each Restricted Stock Award at the
time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established
performance goals and objectives. The grant of a Restricted Stock Award is contingent on the grantee executing the Restricted Stock
Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Administrator, and such terms
and conditions may differ among individual Awards and grantees.


 


(b)Rights as a Stockholder.
Upon execution of the Restricted Stock Award Agreement and payment of any applicable purchase price, a grantee shall have the rights
of a stockholder with respect to the voting of the Restricted Stock, subject to such conditions contained in the Restricted Stock
Award Agreement. Unless the Administrator shall otherwise determine, (i) uncertificated Restricted Stock shall be accompanied by
a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until such Restricted
Stock are vested as provided in Section 7(d) below, and (ii) certificated Restricted Stock shall remain in the possession of the
Company until such Restricted Stock is vested as provided in Section 7(d) below, and the grantee shall be required, as a condition
of the grant, to deliver to the Company such instruments of transfer as the Administrator may prescribe.


 



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(c)Restrictions. Restricted
Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein
or in the Restricted Stock Award Agreement. Except as may otherwise be provided by the Administrator either in the Award Agreement
or, subject to Section 18 below, in writing after the Award Agreement is issued if a grantee’s employment (or other service
relationship) with the Company and its Subsidiaries terminates for any reason, any Restricted Stock that has not vested at the
time of termination shall automatically and without any requirement of notice to such grantee from or other action by or on behalf
of, the Company be deemed to have been reacquired by the Company at its original purchase price (if any) from such grantee or such
grantee’s legal representative simultaneously with such termination of employment (or other service relationship), and thereafter
shall cease to represent any ownership of the Company by the grantee or rights of the grantee as a stockholder. Following such
deemed reacquisition of unvested Restricted Stock that are represented by physical certificates, a grantee shall surrender such
certificates to the Company upon request without consideration.


 


(d)Vesting of Restricted Stock.
The Administrator at the time of grant shall specify the date or dates and/or the attainment of pre-established performance goals,
objectives and other conditions on which the non-transferability of the Restricted Stock and the Company’s right of repurchase
or forfeiture shall lapse. Notwithstanding the foregoing, in the event that any such Restricted Stock granted to employees shall
have a performance-based goal, the restriction period with respect to such shares shall not be less than one year, and in the event
any such Restricted Stock granted to employees shall have a time-based restriction, the total restriction period with respect to
such shares shall not be less than three years; provided, however, that Restricted Stock with a time-based restriction may become
vested incrementally over such three-year period. Subsequent to such date or dates and/or the attainment of such pre-established
performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall no longer be Restricted
Stock and shall be deemed “vested.” Except as may otherwise be provided by the Administrator either in the Award Agreement
or, subject to Section 18 below, in writing after the Award Agreement is issued, a grantee’s rights in any shares of
Restricted Stock that have not vested shall automatically terminate upon the grantee’s termination of employment (or other
service relationship) with the Company and its Subsidiaries and such shares shall be subject to the provisions of Section 7(c)
above.


 


SECTION
8. DEFERRED STOCK AWARDS


 


(a)Nature of Deferred Stock
Awards. The Administrator shall determine the restrictions and conditions applicable to each Deferred Stock Award at the time
of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established
performance goals and objectives. The grant of a Deferred Stock Award is contingent on the grantee executing the Deferred Stock
Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Administrator, and such terms
and conditions may differ among individual Awards and grantees. Notwithstanding the foregoing, in the event that any such Deferred
Stock Award granted to employees shall have a performance-based goal, the restriction period with respect to such Award shall not
be less than one year, and in the event any such Deferred Stock Award granted to employees shall have a time-based restriction,
the total restriction period with respect to such Award shall not be less than three years; provided, however, that any Deferred
Stock Award with a time-based restriction may become vested incrementally over such three-year period. At the end of the deferral
period, the Deferred Stock Award, to the extent vested, shall be settled in the form of shares of Stock.


 



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(b)Election to Receive Deferred
Stock Awards in Lieu of Compensation. The Administrator may, in its sole discretion, permit a grantee to elect to receive a
portion of future cash compensation otherwise due to such grantee in the form of a Deferred Stock Award. Any such election shall
be made in writing and shall be delivered to the Company no later than the date specified by the Administrator and in accordance
with Section 409A and such other rules and procedures established by the Administrator. Any such future cash compensation that
the grantee elects to defer shall be converted to a fixed number of phantom stock units based on the Fair Market Value of Stock
on the date the compensation would otherwise have been paid to the grantee if such payment had not been deferred as provided herein.
The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to impose
such limitations and other terms and conditions thereon as the Administrator deems appropriate.


 


(c)Rights as a Stockholder.
A grantee shall have the rights as a stockholder only as to shares of Stock acquired by the grantee upon settlement of a Deferred
Stock Award; provided, however, that the grantee may be credited with Dividend Equivalent Rights with respect to the phantom stock
units underlying his Deferred Stock Award, subject to such terms and conditions as the Administrator may determine.


 


(d)Termination. Except
as may otherwise be provided by the Administrator either in the Award Agreement or, subject to Section 18 below, in writing
after the Award Agreement is issued, a grantee’s right in all Deferred Stock Awards that have not vested shall automatically
terminate upon the grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries
for any reason.


 


SECTION
9. UNRESTRICTED STOCK AWARDS


 


Grant or Sale of Unrestricted Stock.
The Administrator may, in its sole discretion, grant (or sell at par value or such higher purchase price determined by the Administrator)
an Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid
consideration, or in lieu of cash compensation due to such grantee.


 



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SECTION
10. CASH-BASED AWARDS


 


(a)Grant of Cash-based Awards.
The Administrator may, in its sole discretion, grant Cash-based Awards to any grantee in such number or amount and upon such terms,
and subject to such conditions, as the Administrator shall determine at the time of grant. The Administrator shall determine the
maximum duration of the Cash-based Award, the amount of cash to which the Cash-based Award pertains, the conditions upon which
the Cash-based Award shall become vested or payable, and such other provisions as the Administrator shall determine. Each Cash-based
Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the Administrator. Payment, if
any, with respect to a Cash-based Award shall be made in accordance with the terms of the Award and may be made in cash or in shares
of Stock, as the Administrator determines.


 


SECTION
11. PERFORMANCE SHARE AWARDS


 


(a)Nature of Performance Share
Awards. The Administrator may, in its sole discretion, grant Performance Share Awards independent of, or in connection with,
the granting of any other Award under the Plan. The Administrator shall determine whether and to whom Performance Share Awards
shall be granted, the Performance Goals, the periods during which performance is to be measured, which may not be less than one
year, and such other limitations and conditions as the Administrator shall determine.


 


(b)Rights as a Stockholder.
A grantee receiving a Performance Share Award shall have the rights of a stockholder only as to shares actually received by the
grantee under the Plan and not with respect to shares subject to the Award but not actually received by the grantee. A grantee
shall be entitled to receive shares of Stock under a Performance Share Award only upon satisfaction of all conditions specified
in the Performance Share Award agreement (or in a performance plan adopted by the Administrator).


 


(c)Termination. Except
as may otherwise be provided by the Administrator either in the Award agreement or, subject to Section 18 below, in writing
after the Award agreement is issued, a grantee’s rights in all Performance Share Awards shall automatically terminate upon
the grantee’s termination of employment (or cessation of service relationship) with the Company and its Subsidiaries for
any reason.


 


SECTION
12. PERFORMANCE-BASED AWARDS TO COVERED EMPLOYEES


 


(a)Performance-based Awards.
Any employee or other key person providing services to the Company and who is selected by the Administrator may be granted one
or more Performance-based Awards in the form of a Restricted Stock Award, Deferred Stock Award, Performance Share Awards or Cash-based
Award payable upon the attainment of Performance Goals that are established by the Administrator and relate to one or more of the
Performance Criteria, in each case on a specified date or dates or over any period or periods determined by the Administrator.
The Administrator shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for
any Performance Period. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may
be expressed in terms of overall Company performance or the performance of a division, business unit, or an individual. The Administrator,
in its discretion, may adjust or modify the calculation of Performance Goals for such Performance Period in order to prevent the
dilution or enlargement of the rights of an individual (i) in the event of, or in anticipation of, any unusual or extraordinary
corporate item, transaction, event or development, (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring
events affecting the Company, or the financial statements of the Company, or (iii) in response to, or in anticipation of, changes
in applicable laws, regulations, accounting principles, or business conditions provided however, that the Administrator may not
exercise such discretion in a manner that would increase the Performance-based Award granted to a Covered Employee. Each Performance-based
Award shall comply with the provisions set forth below.


 



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(b)Grant of Performance-based
Awards. With respect to each Performance-based Award granted to a Covered Employee, the Administrator shall select, within
the first 90 days of a Performance Cycle (or, if shorter, within the maximum period allowed under Section 162(m) of the Code)
the Performance Criteria for such grant, and the Performance Goals with respect to each Performance Criterion (including a threshold
level of performance below which no amount will become payable with respect to such Award). Each Performance-based Award will specify
the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable performance targets.
The Performance Criteria established by the Administrator may be (but need not be) different for each Performance Cycle and different
Performance Goals may be applicable to Performance-based Awards to different Covered Employees.


 


(c)Payment of Performance-based
Awards. Following the completion of a Performance Cycle, the Administrator shall meet to review and certify in writing whether,
and to what extent, the Performance Goals for the Performance Cycle have been achieved and, if so, to also calculate and certify
in writing the amount of the Performance-based Awards earned for the Performance Cycle. The Administrator shall then determine
the actual size of each Covered Employee’s Performance-based Award, and, in doing so, may reduce or eliminate the amount
of the Performance-based Award for a Covered Employee if, in its sole judgment, such reduction or elimination is appropriate.


 


(d)Maximum Award Payable.
The maximum Performance-based Award payable to any one Covered Employee under the Plan for a Performance Cycle is 100,000 Shares
(subject to adjustment as provided in Section 3(b) hereof) or $500,000 in the case of a Performance-based Award that is a
Cash-based Award.


 


SECTION
13. DIVIDEND EQUIVALENT RIGHTS


 


(a)Dividend Equivalent Rights.
A Dividend Equivalent Right may be granted hereunder to any grantee as a component of another Award or as a freestanding award.
The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement. Dividend equivalents credited
to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional shares of Stock,
which may thereafter accrue additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment
or such other price as may then apply under a dividend reinvestment plan sponsored by the Company, if any. Dividend Equivalent
Rights may be settled in cash or shares of Stock or a combination thereof, in a single installment or installments. A Dividend
Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon
exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall
expire or be forfeited or annulled under the same conditions as such other Award. A Dividend Equivalent Right granted as a component
of another Award may also contain terms and conditions different from such other Award.


 



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(b)Interest Equivalents.
Any Award under this Plan that is settled in whole or in part in cash on a deferred basis may provide in the grant for interest
equivalents to be credited with respect to such cash payment. Interest equivalents may be compounded and shall be paid upon such
terms and conditions as may be specified by the grant.


 


(c)Termination. Except
as may otherwise be provided by the Administrator either in the Award Agreement or, subject to Section 18 below, in writing
after the Award Agreement is issued, a grantee’s rights in all Dividend Equivalent Rights or interest equivalents granted
as a component of another Award that has not vested shall automatically terminate upon the grantee’s termination of employment
(or cessation of service relationship) with the Company and its Subsidiaries for any reason.


 


SECTION
14. Transferability of Awards


 


(a)Transferability. Except
as provided in Section 14(b) below, during a grantee’s lifetime, his or her Awards shall be exercisable only by the
grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s incapacity. No Awards shall
be sold, assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will or by the laws of descent
and distribution. No Awards shall be subject, in whole or in part, to attachment, execution, or levy of any kind, and any purported
transfer in violation hereof shall be null and void.


 


(b)Administrator Action.
Notwithstanding Section 14(a), the Administrator, in its discretion, may provide either in the Award Agreement regarding a
given Award or by subsequent written approval that the grantee (who is an employee or director) may transfer his or her Awards
(other than any Incentive Stock Options) to his or her immediate family members, to trusts for the benefit of such family members,
or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the
Company to be bound by all of the terms and conditions of this Plan and the applicable Award.


 


(c)Family Member. For
purposes of Section 14(b), “family member” shall mean a grantee’s child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household (other than
a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the beneficial interest,
a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which these persons
(or the grantee) own more than 50 percent of the voting interests.


 



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(d)Designation of Beneficiary.
Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise any Award or
receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided
for that purpose by the Administrator and shall not be effective until received by the Administrator. If no beneficiary has been
designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the
grantee’s estate.


 


SECTION
15. TAX WITHHOLDING


 


(a)Payment by Grantee.
Each grantee shall, no later than the date as of which the value of an Award or of any Stock or other amounts received thereunder
first becomes includable in the gross income of the grantee for Federal income tax purposes, pay to the Company, or make arrangements
satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld
by the Company with respect to such income. The Company and its Subsidiaries shall, to the extent permitted by law, have the right
to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver evidence
of book entry (or stock certificates) to any grantee is subject to and conditioned on tax withholding obligations being satisfied
by the grantee.


 


(b)Payment in Stock. Subject
to approval by the Administrator, a grantee may elect to have the Company’s minimum required tax withholding obligation satisfied,
in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued pursuant to any Award a number of
shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount
due.


 


SECTION
16. Additional Conditions Applicable to Nonqualified Deferred Compensation Under Section 409A.


 


In the event any Stock Option or Stock Appreciation
Right under the Plan is materially modified and deemed a new grant at a time when the Fair Market Value exceeds the exercise price,
or any other Award is otherwise determined to constitute “nonqualified deferred compensation” within the meaning of
Section 409A (a “409A Award”), the following additional conditions shall apply and shall supersede any contrary provisions
of this Plan or the terms of any agreement relating to such 409A Award.


 


(a)Exercise and Distribution.
Except as provided in Section 16(b) hereof, no 409A Award shall be exercisable or distributable earlier than upon one of the following:


 


(i)Specified Time. A specified
time or a fixed schedule set forth in the written instrument evidencing the 409A Award.


 


(ii)Separation from Service.
Separation from service (within the meaning of Section 409A) by the 409A Award grantee; provided, however, that if the 409A Award
grantee is a “key employee” (as defined in Section 416(i) of the Code without regard to paragraph (5) thereof) and
any of the Company’s Stock is publicly traded on an established securities market or otherwise, exercise or distribution
under this Section 16(a)(ii) may not be made before the date that is six months after the date of separation from service.


 



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(iii)Death. The date of
death of the 409A Award grantee.


 


(iv)Disability. The date
the 409A Award grantee becomes disabled (within the meaning of Section 16(c)(ii) hereof).


 


(v)Unforeseeable Emergency.
The occurrence of an unforeseeable emergency (within the meaning of Section 16(c)(iii) hereof), but only if the net value (after
payment of the exercise price) of the number of shares of Stock that become issuable does not exceed the amounts necessary to satisfy
such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the exercise, after taking into account
the extent to which the emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation
of the grantee’s other assets (to the extent such liquidation would not itself cause severe financial hardship).


 


(vi)Change in Control Event.
The occurrence of a Change in Control Event (within the meaning of Section 16(c)(i) hereof), including the Company’s discretionary
exercise of the right to accelerate vesting of such grant upon a Change in Control Event or to terminate the Plan or any 409A Award
granted hereunder within 12 months of the Change in Control Event.


 


(b)No Acceleration. A
409A Award may not be accelerated or exercised prior to the time specified in Section 16(a) hereof, except in the case of one of
the following events:


 


(i)Domestic Relations Order.
The 409A Award may permit the acceleration of the exercise or distribution time or schedule to an individual other than the grantee
as may be necessary to comply with the terms of a domestic relations order (as defined in Section 414(p)(1)(B) of the Code).


 


(ii)Conflicts of Interest.
The 409A Award may permit the acceleration of the exercise or distribution time or schedule as may be necessary to comply with
the terms of a certificate of divestiture (as defined in Section 1043(b)(2) of the Code).


 


(iii)Change in Control Event.
The Administrator may exercise the discretionary right to accelerate the vesting of such 409A Award upon a Change in Control Event
or to terminate the Plan or any 409A Award granted thereunder within 12 months of the Change in Control Event and cancel the 409A
Award for compensation.


 


(c)Definitions. Solely
for purposes of this Section 16 and not for other purposes of the Plan, the following terms shall be defined as set forth below:


 


(i)“Change in Control Event”
means the occurrence of a change in the ownership of the Company, a change in effective control of the Company, or a change in
the ownership of a substantial portion of the assets of the Company (as defined in Section 1.409A-3(g) of the proposed regulations
promulgated under Section 409A by the Department of the Treasury on September 29, 2005 or any subsequent guidance).


 



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(ii)“Disabled” means
a grantee who (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months,
or (ii) is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can
be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not
less than three months under an accident and health plan covering employees of the Company or its Subsidiaries.


 


(iii)“Unforeseeable Emergency”
means a severe financial hardship to the grantee resulting from an illness or accident of the grantee, the grantee’s spouse,
or a dependent (as defined in Section 152(a) of the Code) of the grantee, loss of the grantee’s property due to casualty,
or similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the grantee.


 


SECTION
17. TRANSFER, LEAVE OF ABSENCE, ETC.


 


For purposes of the Plan, the following
events shall not be deemed a termination of employment:


 


(a)a transfer to the employment
of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another; or


 


(b)an approved leave of absence
for military service or sickness, or for any other purpose approved by the Company, if the employee’s right to re-employment
is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the
Administrator otherwise so provides in writing.


 


SECTION
18. AMENDMENTS AND TERMINATION


 


The Board may, at any time, amend or discontinue
the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in
law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the holder’s
consent. Except as provided in Section 3(b) or 3(c), in no event may the Administrator exercise its discretion to reduce the exercise
price of outstanding Stock Options or Stock Appreciation Rights or effect repricing through cancellation and re-grants. To the
extent required under the rules of any securities exchange or market system on which the Stock is listed, to the extent determined
by the Administrator to be required by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under
Section 422 of the Code, or to ensure that compensation earned under Awards qualifies as performance-based compensation under
Section 162(m) of the Code, Plan amendments shall be subject to approval by the Company stockholders entitled to vote at a
meeting of stockholders. Nothing in this Section 18 shall limit the Administrator’s authority to take any action permitted
pursuant to Section 3(c).


 


SECTION
19. STATUS OF PLAN


 


With respect to the portion of any Award
that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have
no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine
in connection with any Award or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other
arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided
that the existence of such trusts or other arrangements is consistent with the foregoing sentence.


 



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SECTION
20. GENERAL PROVISIONS


 


(a)No Distribution. The
Administrator may require each person acquiring Stock pursuant to an Award to represent to and agree with the Company in writing
that such person is acquiring the shares without a view to distribution thereof.


 


(b)Delivery of Stock Certificates.
Stock certificates to grantees under this Plan shall be deemed delivered for all purposes when the Company or a stock transfer
agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s
last known address on file with the Company. Uncertificated Stock shall be deemed delivered for all purposes when the Company or
a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States
mail, addressed to the grantee, at the grantee’s last known address on file with the Company, notice of issuance and recorded
the issuance in its records (which may include electronic “book entry” records). Notwithstanding anything herein to
the contrary, the Company shall not be required to issue or deliver any certificates evidencing shares of Stock pursuant to the
exercise of any Award, unless and until the Administrator has determined, with advice of counsel (to the extent the Administrator
deems such advice necessary or advisable), that the issuance and delivery of such certificates is in compliance with all applicable
laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock
are listed, quoted or traded. All Stock certificates delivered pursuant to the Plan shall be subject to any stop-transfer orders
and other restrictions as the Administrator deems necessary or advisable to comply with federal, state or foreign jurisdiction,
securities or other laws, rules and quotation system on which the Stock is listed, quoted or traded. The Administrator may place
legends on any Stock certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided
herein, the Administrator may require that an individual make such reasonable covenants, agreements, and representations as the
Administrator, in its discretion, deems necessary or advisable in order to comply with any such laws, regulations, or requirements.
The Administrator shall have the right to require any individual to comply with any timing or other restrictions with respect to
the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Administrator.


 


(c)Stockholder Rights.
Until Stock is deemed delivered in accordance with Section 20(b), no right to vote or receive dividends
or any other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with an Award, notwithstanding
the exercise of a Stock Option or any other action by the grantee with respect to an Award.


 


(d)Other Compensation Arrangements;
No Employment Rights. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases.
The adoption of this Plan and the grant of Awards do not confer upon any employee any right to continued employment with the Company
or any Subsidiary.


 



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(e)Trading Policy Restrictions.
Option exercises and other Awards under the Plan shall be subject to such Company’s insider trading policy and procedures,
as in effect from time to time.


 


(f)Forfeiture of Awards under
Sarbanes-Oxley Act. If the Company is required to prepare an accounting restatement due to the material noncompliance of the
Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any grantee who is
one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 shall reimburse the
Company for the amount of any Award received by such individual under the Plan during the 12-month period following the first public
issuance or filing with the United States Securities and Exchange Commission, as the case may be, of the financial document embodying
such financial reporting requirement.


 


SECTION
21. EFFECTIVE DATE OF PLAN


 


This Plan shall become effective upon approval
by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum is present. No grants of Stock Options
and other Awards may be made hereunder after the tenth anniversary of the Effective Date and no grants of Incentive Stock Options
may be made hereunder after the tenth anniversary of the date the Plan is approved by the Board.


 


SECTION
22. GOVERNING LAW


 


This Plan and all Awards and actions taken
thereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, applied without regard to
conflict of law principles.


 


DATE APPROVED BY BOARD OF DIRECTORS: March 22, 2011


 


DATE APPROVED BY STOCKHOLDERS: June 1, 2012


 



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