Exhibit 10.8


 


CLEAR SECURE, INC

2021 Omnibus Incentive Plan


 


1.              Purpose.
The purpose of the Clear Secure, Inc. 2021 Omnibus Incentive Plan (as amended from time to time, the “Plan”)
is to attract and retain individuals to serve as employees, consultants or directors of Clear Secure, Inc., a Delaware corporation
(together with its Subsidiaries, whether existing or thereafter acquired or formed, and any and all successor entities, the “Company”)
and its Affiliates by providing them the opportunity to acquire an equity interest in the Company or other incentive compensation and
align their interests with those of the Company’s stockholders.


 


2.              Effective
Date; Duration. The Plan shall be effective on the business day immediately prior to the date the Company’s registration statement
relating to the initial public offering of its Common Stock becomes effective (the “Effective Date”). The expiration
date of the Plan, on and after which date no Awards may be granted under the Plan, shall be the 10th anniversary of the Effective
Date (the “Expiration Date”); provided, however, that such expiration shall not affect Awards
then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards.


 


3.              Definitions.
The following definitions shall apply throughout the Plan:


 


(a)            “Affiliate”
means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company
and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term
 “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”),
as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.


 


(b)            “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Other Stock-Based Award or Other Cash-Based Award granted under the Plan.


 


(c)            “Award
Agreement” means any agreement (whether in written or electronic form) or other instrument or document evidencing any Award
granted under the Plan (including, in each case, in electronic form), which may, but need not, be executed or acknowledged by a Participant
(as determined by the Committee).


 


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


 


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


 


(f)            “Cause”
means, with respect to any Participant, unless otherwise defined in an Award Agreement, for any Participant that has an employment agreement
or offer letter or similar agreement with the Company that contains a definition of “Cause” (or term or similar meaning),
the definition of Cause in such employment agreement or offer letter or similar agreement, and for any other Participant, any of the following:
(i) the Participant’s engaging in fraudulent, illegal or dishonest conduct in respect of the Company or its Affiliates; (ii) the
Participant’s conviction of, plea of guilty or no contest to a felony or crime involving moral turpitude; (iii) the Participant’s
engaging in public conduct that is, or could reasonably be determined to be, detrimental to the Company’s reputation; (iv) the
Participant’s willful misconduct or negligence in the performance of his or her duties that reasonably could be expected to be injurious
to the Company’s business, operations or reputation; (v) the Participant’s violation of any material policy or rule of
the Company; or (vi) the Participant’s failure to perform his or her duties after notice of such failure by the Company.


 






     


     


    

 


(g)            “Change
in Control” means, unless the applicable Award Agreement or the Committee provides otherwise, the first to occur of any
of the following events:


 


(i)            the
acquisition by any Person or related “group” (as such term is used in Section 13(d) and Section 14(d) of
the Exchange Act) of Persons, or Persons acting jointly or in concert, of Beneficial Ownership (including control or direction) of 50%
or more (on a fully diluted basis) of either (A) the then-outstanding Shares, including Shares issuable upon the exercise of options
or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Shares or (B) the
combined voting power of the then-outstanding voting securities of the Company entitled to vote in the election of Directors (the “Outstanding
Company Voting Securities”), but excluding any acquisition by the Company or any of its Affiliates, the Permitted Holders
or any of their respective Affiliates or by any employee benefit plan sponsored or maintained by the Company or any of its Affiliates;


 


(ii)            a
change in the composition of the Board such that members of the Board during any consecutive 24-month period (the “Incumbent
Directors”) cease to constitute a majority of the Board. Any person becoming a Director through election or nomination for
election approved by a valid vote of at least a majority of the Incumbent Directors shall be deemed an Incumbent Director; provided,
however, that no individual becoming a Director as a result of an actual or threatened election contest, as such terms are used
in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, or as a result of any other actual or threatened solicitation
of proxies or consents by or on behalf of any person other than the Board, shall be deemed an Incumbent Director;


 


(iii)            the
approval by the stockholders of the Company of a plan of complete dissolution or liquidation of the Company; or


 


(iv)            the
consummation of a reorganization, recapitalization, merger, amalgamation, consolidation, statutory share exchange or similar form of corporate
transaction involving (x) the Company or (y) any of its Subsidiaries, but in the case of this clause (y) only if Outstanding
Company Voting Securities are issued or issuable (a “Business Combination”), or sale, transfer or other disposition
of all or substantially all of the business or assets of the Company to an entity that is not an Affiliate of the Company (a “Sale”),
unless immediately following such Business Combination or Sale: (A) more than 50% of the total voting power of the entity resulting
from such Business Combination or the entity that acquired all or substantially all of the business or assets of the Company in such Sale
(in either case, the “Surviving Company”), or the ultimate parent entity that has Beneficial Ownership of sufficient
voting power to elect a majority of the board of directors (or analogous governing body) of the Surviving Company (the “Parent
Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business
Combination or Sale (or, if applicable, is represented by Shares into which the Outstanding Company Voting Securities were converted pursuant
to such Business Combination or Sale), and such voting power among the holders thereof is in substantially the same proportion as the
voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination or Sale,
(B) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or
becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible
to elect members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company,
the Surviving Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of
the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination or
Sale were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business
Combination or Sale.


 






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(h)            “Code”
means the U.S. Internal Revenue Code of 1986, as amended, and any successor thereto. References to any section of the Code shall be deemed
to include any regulations or other interpretative guidance under such section, and any amendments or successors thereto.


 


(i)            “Committee”
means the Compensation Committee of the Board or subcommittee thereof or, if no such committee or subcommittee thereof exists, or if the
Board otherwise takes action hereunder on behalf of the Committee, the Board.


 


(j)            “Common
Stock” means the Class A common stock of the Company, par value of $0.00001 per share (and any stock or other securities
into which such Class A common stock may be converted or into which it may be exchanged).


 


(k)            “Company”
has the meaning set forth in Section 1.


 


(l)            “Deferred
Award” means an Award granted pursuant to Section 13.


 


(m)            “Director”
means any member of the Company’s Board.


 


(n)            “Disability”
means, unless otherwise provided in an Award Agreement, a determination that a Participant is disabled in accordance with a long-term
disability insurance program maintained by the Company or a determination by the U.S. Social Security Administration that the Participant
is totally disabled.


 


(o)            “dollar”
or “$” shall refer to the United States dollars.


 


(p)            “Effective
Date” has the meaning set forth in Section 2.


 


(q)            “Eligible
Person” means any (i) individual employed by the Company or an Affiliate, (ii) Director or officer of the Company
or an Affiliate, or (iii) consultant or advisor to the Company or an Affiliate who may be offered securities registrable on Form S-8
under the Securities Act.


 


(r)            “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto. References to any section of
(or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under
such section or rule, and any amendments or successors thereto.


 


(s)            “Expiration
Date” has the meaning set forth in Section 2.


 


(t)            “Fair
Market Value” means, (i) with respect to a Share on a given date and except as otherwise expressly determined by the
Committee, (x) if the Shares are listed on a national securities exchange, the closing sales price of a Share reported on such exchange
on such date or, if there is no such sale on that date, then on the last preceding date on which such a sale was reported or (y) if
the Shares are not listed on any national securities exchange, the amount determined by the Committee in good faith to be the fair market
value of a Share or (ii) with respect to any other property on any given date, the amount determined by the Committee in good faith
to be the fair market value of such other property as of such date.


 






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(u)            “Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Section 422
of the Code and otherwise meets the requirements set forth in the Plan.


 


(v)            “Intrinsic
Value” with respect to an Option or SAR means (i) the excess, if any, of the price or implied price per Share in a
Change in Control or other event over (ii) the exercise or hurdle price of such Award multiplied by (iii) the number of Shares
covered by such Award.


 


(w)            “Indemnifiable
Person” has the meaning set forth in Section 4(e).


 


(x)            “Nonqualified
Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.


 


(y)            “NYSE”
means New York Stock Exchange.


 


(z)            “Option”
means an Award granted under Section 7.


 


(aa)          “Other
Cash-Based Award” means an Award granted under Section 10 that is denominated and/or payable in cash, including cash
awarded as a bonus or upon the attainment of specific performance criteria or as otherwise permitted by the Plan or as contemplated by
the Committee.


 


(bb)         “Other
Stock-Based Award” means an Award granted under Section 10.


 


(cc)          “Participant”
has the meaning set forth in Section 6.


 


(dd)         “Permitted
Holders” means, at any time, each of (i) Caryn Seidman-Becker, Kenneth Cornick, their spouse, children (natural or
adopted), lineal descendants or the estates, heirs, executors, personal representatives, successors or administrators upon or as a result
of the death, incapacity or incompetency of such Person, or any trust established for the benefit of (or any charitable trust or non-profit
entity established by) any person mentioned in this clause (i), or any trustee, protector or similar person of such trust or non-profit
entity or any Person, directly or indirectly, controlling, controlled by or under common control with any Permitted Holder mentioned in
this clause (i), and (ii) each of Alclear Investments, LLC and Alclear Investments II, LLC.


 


(ee)          “Permitted
Transferee” has the meaning set forth in Section 15(b)(ii).


 


(ff)           “Person”
has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof,
except that such term shall not include (i) the Company or any of its Affiliates, (ii) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of Shares of the Company.


 


(gg)         “Restricted
Period” has the meaning set forth in Section 9(a).


 


(hh)         “Restricted
Stock” means any Share subject to certain specified restrictions and forfeiture conditions, granted pursuant to Section 9.


 






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(ii)            “Restricted
Stock Unit” means a contractual right granted pursuant to Section 9 that is denominated in Shares. Each Restricted
Stock Unit represents an unfunded and unsecured promise to deliver Shares, cash, other securities or other property, or a combination
thereof, subject to certain specified restrictions, granted pursuant to Section 9.


 


(jj)            “Securities
Act” means the U.S. Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section
of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance
under such section or rule, and any amendments or successor provisions to such section, rules, regulations or other interpretive guidance.


 


(kk)          “Share”
means a share of Common Stock.


 


(ll)            “Stock
Appreciation Right” or “SAR” means an Award granted under Section 8.


 


(mm)        “Subsidiary”
means (i) any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly
or indirectly by the Company and (ii) any other entity which the Committee determines should be treated as a “Subsidiary.”


 


(nn)         “Substitute
Award” has the meaning set forth in Section 5(f).


 


4.              Administration.


 


(a)            Authority
of the Committee. The Committee shall administer the Plan, and shall have the sole and plenary authority to (i) designate Participants,
(ii) determine the type, size, and terms and conditions of Awards to be granted and to grant such Awards (including Substitute Awards),
(iii) determine the method by which an Award may be settled, exercised, canceled, forfeited, suspended or repurchased by the Company,
(iv) determine the circumstances under which the delivery of cash, property or other amounts payable with respect to an Award may
be deferred, either automatically or at the Participant’s or Committee’s election, (v) interpret, administer, reconcile
any inconsistency in, correct any defect in and supply any omission in the Plan and any Award granted under the Plan, (vi) establish,
amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper
administration of the Plan, (vii) accelerate or modify the vesting, delivery or exercisability of, or payment for or lapse of restrictions
on, or waive any condition in respect of, Awards and (viii) make any other determination and take any other action that the Committee
deems necessary or desirable for the administration of the Plan or to comply with any applicable law. To the extent determined by the
Board and/or required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if applicable and if the Board
is not acting as the Committee under the Plan), or any exception or exemption under applicable securities laws or the applicable rules of
the NYSE or any other securities exchange or inter-dealer quotation service on which the Shares are listed or quoted, as applicable, it
is intended that each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan,
be (1) a “non-employee director” within the meaning of Rule 16b-3 promulgated under the Exchange Act and/or (2) an
 “independent director” under the rules of the NYSE or any other securities exchange or inter-dealer quotation service
on which the Shares are listed or quoted, or a person meeting any similar requirement under any successor rule or regulation; provided
that the fact that a Committee member shall fail to qualify under the foregoing shall not invalidate any Award granted or action taken
by the Committee that is otherwise validly granted or taken under the Plan.


 


(b)            Delegation.
The Committee may delegate all or any portion of its responsibilities and powers to any person(s) selected by it, except for grants
of Awards to persons who are members of the Board or are otherwise subject to Section 16 of the Exchange Act. To the extent permitted
by applicable law, including under Section 157(c) of the Delaware General Corporation Law, the Committee may delegate to one
or more officers of the Company the authority to grant Options, SARs, Restricted Stock Units or other Awards in the form of rights to
Shares, except that such delegation shall not be applicable to any Award for a Person then covered by Section 16 of the Exchange
Act, and the Committee may delegate to one or more committees of the Board (which may consist of solely one Director) the authority to
grant all types of awards, in accordance with applicable law. Any such delegation may be revoked by the Committee at any time.


 






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(c)            International
Participants. As further set forth in Section 15(g), the Committee shall have the authority to amend the Plan and Awards, and
to approval any sub-plans under the Plan, supplements to the Plan or alternative versions of the Plan, to the extent necessary to permit
participation in the Plan by Eligible Persons who are located outside of the United States or are subject to laws outside of the United
States on terms and conditions comparable to those afforded to Eligible Persons located within the United States; provided, however,
that no such action shall be taken without stockholder approval if such approval is required by applicable securities laws or regulations
or NYSE listing guidelines.


 


(d)            Decisions
Binding. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions regarding
the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee,
may be made at any time and shall be final, conclusive and binding upon all persons and entities, including, without limitation, the Company,
any Affiliate, any Participant, any holder or beneficiary of any Award and any stockholder of the Company.


 


(e)            Limitation
of Liability. No member of the Board or the Committee, nor any employee or agent of the Company (each such person, an “Indemnifiable
Person”), shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan
or any Award hereunder (unless constituting fraud or a willful criminal act or willful criminal omission). Each Indemnifiable Person shall
be indemnified and held harmless by the Company against and from any loss, cost, liability or expense (including attorneys’ fees)
that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding
to which such Indemnifiable Person may be involved as a party, witness or otherwise by reason of any action taken or omitted to be taken
or determination made under the Plan or any Award Agreement and against and from any and all amounts paid by such Indemnifiable Person
with the Company’s approval (not to be unreasonably withheld), in settlement thereof, or paid by such Indemnifiable Person in satisfaction
of any judgment in any such action, suit or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable
Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay
the amount of such advance if it shall ultimately be determined as provided below that the Indemnifiable Person is not entitled to be
indemnified); provided that the Company shall have the right, at its own expense, to assume and defend any such action, suit or
proceeding, and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense
with counsel of recognized standing of the Company’s choice. The foregoing right of indemnification shall not be available to an
Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding
upon such Indemnifiable Person determines that the acts or omissions or determinations of such Indemnifiable Person giving rise to the
indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or willful criminal omission or that
such right of indemnification is otherwise prohibited by law or by the Company’s certificate of incorporation or bylaws. The foregoing
right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable
Persons may be entitled under the Company’s certificate of incorporation or by-laws, as a matter of law, individual indemnification
agreement or contract, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them
harmless.


 






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(f)            Board.
The Board may at any time and from time to time grant Awards and administer the Plan with respect to such Awards. In any such case, the
Board shall have all the authority granted to the Committee under the Plan.


 


5.             Grant
of Awards; Available Shares for Awards; Limitations.


 


(a)            Awards.
The Committee may grant Awards to one or more Eligible Persons. All Awards granted under the Plan shall vest and, if applicable, become
exercisable in such manner and on such date or dates or upon such event or events (including without limitation any service-based or performance-based
conditions) as determined by the Committee and as set forth in an Award Agreement.


 


(b)            Available
Shares. Subject to Section 11 and subsection (d) below, the maximum number of Shares available for issuance under the Plan
as of the date of the Company’s initial public offering shall be 20,000,000. Commencing with the first business day of each calendar
year beginning in 2022 through 2031, such number of Shares available for issuance under the Plan shall automatically increase each year
by the lesser of (a) 5% of the aggregate number of shares of all classes of common stock outstanding (that is, assuming exchange and/or conversion
of all other classes of common stock into Class A common stock) on the final day of the immediately preceding calendar year or (b) such
number of Shares determined by the Committee; provided that any such increase shall not result in the number of Shares then available
for future grants being greater than an amount equal to 12% of the number of shares of all classes of common stock (that is, assuming
exchange and/or conversion of all other classes of common stock into Class A common stock) outstanding on the last day of the immediately preceding
calendar year. The maximum number of Shares that may be delivered pursuant to the exercise of Incentive Stock Options granted under the
Plan shall not exceed ten times the number set forth in the first sentence above.


 


(c)            Director
Compensation Limit. The maximum amount (based on the fair value of Awards on the grant date as determined in accordance with applicable
financial accounting rules) of Awards that may be granted in any single fiscal year to any non-employee Director, taken together with
any cash fees paid to such non-employee Director during such fiscal year, shall be $750,000, increased to $1,000,000 for the fiscal year
of a non-employee Director’s initial service as a non-employee Director (which limits shall not apply to the compensation for any
non-employee Director of the Company who serves in any capacity in addition to that of a non-employee Director for which he or she receives
additional compensation).


 


(d)            Share
Counting. The number of Shares available hereunder shall be reduced by the number of Shares delivered for each Award granted under
the Plan that is valued by reference to a Share; provided that Awards that are valued by reference to Shares but are required to
or may be paid in cash pursuant to their terms shall not reduce the Shares available hereunder. If and to the extent that Awards terminate,
expire or are cash settled, canceled, forfeited, exchanged or surrendered without having been exercised, vested or settled, the Shares
subject to such Awards shall again be available for Awards hereunder. In addition, any (i) Shares tendered by Participants, or withheld
by the Company, as full or partial payment to the Company upon the exercise of Stock Options granted under the Plan; (ii) Shares
reserved for issuance upon the grant of Stock Appreciation Rights, to the extent that the number of reserved Shares exceeds the number
of Shares actually issued upon the exercise of the Stock Appreciation Rights; and (iii) Shares withheld by, or otherwise remitted
to, the Company to satisfy a Participant’s tax withholding obligations upon the exercise of Options or SARs granted under the Plan,
or upon the lapse of restrictions on, or settlement of, an Award, shall again be available hereunder.


 


(e)            Source
of Shares. Shares delivered by the Company in settlement of Awards may be authorized and unissued Shares, Shares held in the treasury
of the Company, Shares purchased on the open market or by private purchase, or a combination of the foregoing.


 






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(f)             Substitute
Awards. The Committee may grant Awards in assumption of, or in substitution for, outstanding
awards previously granted by the Company or any Affiliate or an entity directly or indirectly acquired by the Company or with which the
Company combines (“Substitute Awards”), and such Substitute Awards shall not be counted against the aggregate
number of Shares available for Awards hereunder; provided, that Substitute Awards issued or intended as “incentive stock options”
within the meaning of Section 422 of the Code shall be counted against the aggregate number of Incentive Stock Options available
under the Plan.


 


6.              Eligibility.
Participation shall be for Eligible Persons who have been selected by the Committee or its delegate to receive grants under the Plan (each
such Eligible Person, a “Participant”). Holders of options and other types of awards granted by a company acquired
by the Company or with which the Company combines are eligible for grants of Substitute Awards under the Plan to the extent permitted
under applicable regulations of any stock exchange on which the Company is listed.


 


7.              Options.


 


(a)            Generally.
Each Option shall be subject to the conditions set forth in the Plan and in the applicable Award Agreement. All Options granted under
the Plan shall be Nonqualified Stock Options unless the Award Agreement expressly states otherwise.


 


(b)            Exercise
Price. The exercise price per Share for each Option, which is the purchase price per Share underlying the Option, shall be determined
by the Committee at the time of grant and, except in the case of a Substitute Award, such exercise price shall not be less than 100% of
the Fair Market Value of a Share on the date of grant of such Option.


 


(c)            Vesting,
Exercise and Expiration. The Committee shall determine the manner and timing of vesting, exercise and expiration of Options. The period
between the date of grant and the scheduled expiration date of the Option shall not exceed 10 years. The Committee may accelerate the
vesting and/or exercisability of any Option, which acceleration shall not affect any other terms and conditions of such Option.


 


(d)            Method
of Exercise and Form of Payment. No Shares shall be delivered pursuant to any exercise of an Option until the Participant has
paid the exercise price to the Company in full, and an amount equal to any applicable U.S. federal, state and local income and employment
taxes and non-U.S. income and employment taxes, social contributions and any other tax-related items required to be withheld. Options
may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a third-party administrator)
in accordance with the terms of the Option and the Award Agreement, accompanied by payment of the exercise price and such applicable taxes.
The exercise price and delivery of all applicable required withholding taxes shall be payable (i) in cash or by check or cash equivalent
or (ii) by such other method as the Committee may permit, in its sole discretion, including without limitation: (A) in the form
of other property (including previously owned Shares; provided that such Shares are not subject to any pledge or other security interest
and, except as otherwise determined by the Committee, have been held for at least six months) having a Fair Market Value on the date of
exercise equal to the exercise price and all applicable required withholding taxes; (B) if there is a public market for the Shares
at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company or its designee (including third-party
administrators) is delivered a copy of irrevocable instructions to a stockbroker to sell the Shares otherwise deliverable upon the exercise
of the Option and to deliver promptly to the Company an amount equal to the exercise price and all applicable required withholding taxes
against delivery of the Shares to settle the applicable trade; or (C) by means of a “net exercise” procedure effected
by withholding the minimum number of Shares otherwise deliverable in respect of an Option having a Fair Market Value on the date of exercise
equal to the exercise price and all applicable required withholding taxes.


 






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(e)            Compliance
with Laws. Notwithstanding the foregoing, in no event shall the Participant be permitted to exercise an Option in a manner that the
Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations
of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation
service on which the Shares of the Company are listed or quoted.


 


(f)            Incentive
Stock Options. Incentive Stock Options shall be granted only subject to and in compliance with Section 422 of the Code, and only
to Eligible Persons who are employees of the Company or of a subsidiary or parent corporation, within the meaning of Section 424
of the Code, of the Company. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify
as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified
Stock Option properly granted under the Plan.


 


8.              Stock
Appreciation Rights (SARs).


 


(a)            Generally.
Each SAR shall be subject to the conditions set forth in the Plan and in the applicable Award Agreement.


 


(b)            Exercise
Price. The exercise or hurdle price per Share for each SAR shall be determined by the Committee at the time of grant and, except in
the case of a Substitute Award, such exercise or hurdle price shall not be less than 100% of the Fair Market Value of a Share on the date
of grant of such SAR.


 


(c)            Vesting,
Exercise and Expiration. The Committee shall determine the manner and timing of vesting, exercise and expiration of SARs. The period
between the date of grant and the scheduled expiration of the SAR shall not exceed 10 years. The Committee may accelerate the vesting
and/or exercisability of any SAR, which acceleration shall not affect any other terms and conditions of such SAR.


 


(d)            Method
of Exercise and Form of Payment. SARs may be exercised by delivery of written or electronic notice of exercise to the Company
or its designee (including a third-party administrator) in accordance with the terms of the SAR and the Award Agreement, specifying the
number of SARs to be exercised and the date on which such SARs were awarded. Upon the exercise of a SAR, the Company shall pay to the
holder thereof an amount equal to the number of Shares subject to the SAR that are being exercised multiplied by the excess, if any, of
the Fair Market Value of one Share on the exercise date over the exercise or hurdle price, less an amount equal to any applicable U.S.
federal, state and local income and employment taxes and non-U.S. income and employment taxes, social contributions and any other tax-related
items required to be withheld. The Company shall pay such amount in cash, in Shares valued at Fair Market Value as determined on the date
of exercise, or any combination thereof, as determined by the Committee. The Committee may provide for automatic exercise of a SAR prior
to its expiration.


 


9.              Restricted
Stock and Restricted Stock Units.


 


(a)            Generally.
Each Restricted Stock and Restricted Stock Unit shall be subject to the conditions set forth in the Plan and the applicable Award Agreement.
The Committee shall establish restrictions applicable to Restricted Stock and Restricted Stock Units, including the period over which
the restrictions shall apply (the “Restricted Period”), and the time or times at which Restricted Stock or Restricted
Stock Units shall become vested (which, for the avoidance of doubt, may include service- and/or performance-based vesting conditions).
The Committee may accelerate the vesting and/or the lapse of any or all of the restrictions on Restricted Stock and Restricted Stock Units,
which acceleration shall not affect any other terms and conditions of such Awards. No Share shall be issued at the time an Award of Restricted
Stock Units is made, and the Company will not be required to set aside a fund for the payment of any such Award.


 






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(b)            Director
Retainer Fees. To the extent permitted by the Board and subject to such rules, approvals and conditions as the Committee may impose
from time to time, an Eligible Person who is a non-employee Director may elect to receive all or a portion of such Eligible Person’s
cash director fees and other cash director compensation payable for director services provided to the Company by such Eligible Person
in any fiscal year, in whole or in part, in the form of Restricted Stock Units or Shares, which shall not count against the Shares available
hereunder.


 


(c)            Stock
Certificates; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee
shall cause Share(s) to be registered in the name of the Participant, which may be evidenced in any manner the Committee may deem
appropriate, including in book-entry form subject to the Company’s directions or the issuance of a stock certificate registered
in the name of the Participant. In such event, the Committee may provide that such certificates shall be held by the Company or in escrow
rather than delivered to the Participant pending vesting and release of restrictions, in which case the Committee may require the Participant
to execute and deliver to the Company or its designee (including third-party administrators) (i) an escrow agreement satisfactory
to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock.


 


(e)            Voting
and Rights as a Stockholder. Subject to the restrictions set forth in the applicable Award Agreement, a Participant generally shall
have the rights and privileges of a stockholder with respect to Awards of Restricted Stock, including, without limitation, the right to
vote such Shares of Restricted Stock and the right to receive dividends; provided that the Committee may provide that any dividends
will be subject to the same Restricted Period as the underlying Restricted Stock. A Restricted Stock Unit shall not convey to the Participant
the rights and privileges of a stockholder with respect to the Share subject to the Restricted Stock Unit, such as the right to vote or
the right to receive dividends, unless and until a Share is issued to the Participant to settle the Restricted Stock Unit.


 


(f)            Restrictions;
Forfeiture. Restricted Stock and Restricted Stock Units awarded to the Participant shall be subject to forfeiture until the expiration
of the Restricted Period and the attainment of any other vesting criteria established by the Committee, and shall be subject to the restrictions
on transferability set forth in the Award Agreement. Unless otherwise provided by the Committee, in the event of any forfeiture, all rights
of the Participant to such Restricted Stock (or as a stockholder with respect thereto) and to such Restricted Stock Units, as applicable,
shall terminate without further action or obligation on the part of the Company. The Committee shall have the authority to remove any
or all of the restrictions on the Restricted Stock and Restricted Stock Units whenever it may determine that, by reason of changes in
applicable laws or other changes in circumstances arising after the date of grant of the Restricted Stock Award or Restricted Stock Unit
Award, such action is appropriate.


 


(g)            Delivery
of Restricted Stock and Settlement of Restricted Stock Units.


 


(i)            Upon
the expiration of the Restricted Period with respect to any Shares of Restricted Stock and the attainment of any other vesting criteria,
the restrictions set forth in the applicable Award Agreement shall be of no further force or effect, except as set forth in the Award
Agreement. If an escrow arrangement is used, upon such expiration the Company shall deliver to the Participant or such Participant’s
beneficiary or Permitted Transferee (via book-entry notation or, if applicable, in stock certificate form) the Shares of Restricted Stock
with respect to which the Restricted Period has expired (rounded down to the nearest full Share). To the extent provided in an Award Agreement,
dividends, if any, that may have been withheld by the Company and attributable to the Restricted Stock shall be distributed to the Participant
in cash or in Shares (or a combination of cash and Shares) having a Fair Market Value (on the date of distribution) equal to the amount
of such dividends, upon the release of restrictions on the Restricted Stock.


 






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(ii)            Unless
otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period and the attainment of any other
vesting criteria established by the Committee in the applicable Award Agreement, with respect to any outstanding Restricted Stock Units,
the Company shall deliver to the Participant, or such Participant’s beneficiary (via book-entry notation or, if applicable, in stock
certificate form), one Share (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit that
has not then been forfeited and with respect to which the Restricted Period has expired and any other such vesting criteria are attained,
except to the extent an Award Agreement provides for payment in cash or otherwise and subject to any deferral of delivery specified in
the Award Agreement. To the extent provided in an Award Agreement, dividend equivalents, if any, that may have been attributable to the
Restricted Stock Units shall be distributed to the Participant in cash or in Shares (or a combination of cash and Shares) having a Fair
Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of restrictions on the associated Restricted
Stock Units.


 


(h)            Legends
on Restricted Stock. Each certificate representing Shares of Restricted Stock awarded under the Plan, if any, shall bear as appropriate
a legend referring to the restrictions in addition to any other information the Company deems appropriate until the lapse of all restrictions
with respect to such Shares.


 


10.            Other
Stock-Based Awards and Other Cash-Based Awards. The Committee may issue unrestricted Shares, rights to receive future grants of Awards,
or other Awards denominated in Shares (including performance shares or performance units), or Awards that provide for cash payments based
in whole or in part on the value or future value of Shares (“Other Stock-Based Awards”) and Other Cash-Based
Awards under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts as the Committee shall from time to time
determine. Each Other Stock-Based Award shall be evidenced by an Award Agreement, which may include conditions including, without limitation,
the payment by the Participant of the Fair Market Value of such Shares on the date of grant. Each Other Cash-Based Award granted under
the Plan shall be evidenced in such form as the Committee may determine from time to time.


 


11.            Changes
in Capital Structure and Similar Events. In the event of (a) any dividend (other than regular cash dividends) or other distribution
(whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, amalgamation, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of Shares or other securities
of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, or other similar corporate
transaction or event (including, without limitation, a Change in Control) that affects the Shares or (b) unusual or nonrecurring
events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company
or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange
or inter-dealer quotation service, accounting principles or law, such that in any case an adjustment is determined by the Committee to
be necessary or appropriate, then the Committee shall (other than with respect to Other Cash-Based Awards), to the extent permitted under
Section 409A of the Code, make any such adjustments in such manner as it may deem equitable, including, without limitation, any or
all of the following:


 


(i)            adjusting
any or all of (A) the number of Shares or other securities of the Company (or number and kind of other securities or other property)
that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation,
adjusting any or all of the limitations under Section 5) and (B) the terms of any outstanding Award, including, without limitation,
(1) the number of Shares or other securities of the Company (or number and kind of other securities or other property) subject to
outstanding Awards or to which outstanding Awards relate, (2) the exercise price with respect to any Award and/or (3) any applicable
performance measures;


 






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(ii)            providing
for a substitution or assumption of Awards, accelerating the delivery, vesting and/or exercisability of, lapse of restrictions and/or
other conditions on, or termination of, Awards or providing for a period of time for Participants to exercise outstanding Awards prior
to the occurrence of such event (and any such Award not so exercised shall terminate or become no longer exercisable upon the occurrence
of such event); and


 


(iii)            cancelling
any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Shares, other securities or other property,
or any combination thereof, the value of such Awards, if any, as determined by the Committee (which, if applicable, may be based upon
the price per Share received or to be received by other stockholders of the Company in such event), including, without limitation, in
the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date
specified by the Committee) of the Shares subject to such Option or SAR over the aggregate exercise price of such Option or SAR, respectively
(it being understood that, in such event, any Option or SAR having a per Share exercise price equal to, or in excess of, the Fair Market
Value (as of the date specified by the Committee) of a Share subject thereto may be canceled and terminated without any payment or consideration
therefor);


 


provided, however, that the Committee
shall make an equitable or proportionate adjustment to outstanding Awards to reflect any “equity restructuring” (within the
meaning of the Financial Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)). Any such adjustment hereunder
shall be conclusive and binding for all purposes. In anticipation of the occurrence of any event listed in the first sentence of this
Section 11, for reasons of administrative convenience, the Committee in its sole discretion may refuse to permit the exercise of
any Award or as it otherwise may determine during a period of up to 30 days prior to, and/or up to 30 days after, the anticipated occurrence
of any such event.


 


12.            Effect
of Termination of Service or a Change in Control on Awards.


 


(a)            Termination.
To the extent permitted under Section 409A of the Code, the Committee may provide, by rule or regulation or in any applicable
Award Agreement, or may determine in any individual case, the circumstances in which, and to the extent to which, an Award may be exercised,
settled, vested, paid or forfeited in the event of the Participant’s termination of service prior to the end of a performance period
or vesting, exercise or settlement of such Award.


 


(b)            Change
in Control. In the event of a Change in Control, notwithstanding any provision of the Plan to the contrary, the Committee may provide
for: (i) continuation or assumption of such outstanding Awards under the Plan by the Company (if it is the surviving corporation)
or by the surviving corporation or its parent; (ii) substitution by the surviving corporation or its parent of awards with substantially
the same terms and value for such outstanding Awards (in the case of an Option or SAR, the Intrinsic Value at grant of such Substitute
Award shall equal the Intrinsic Value of the Award); (iii) acceleration of the vesting (including the lapse of any restrictions)
or right to exercise such outstanding Awards immediately prior to or as of the date of the Change in Control, and the expiration of such
outstanding Awards to the extent not timely exercised by the date of the Change in Control or other date thereafter designated by the
Committee; or (iv) cancellation of any outstanding Award and payment to the Participant who holds such Award in an amount equal to
the Intrinsic Value of such Award (which may be equal to but not less than zero), which, if in excess of zero, shall be payable following
the effective date of such Change in Control. For the avoidance of doubt, in the event of a Change in Control, the Committee may, in its
sole discretion, terminate any Option or SAR for which the exercise or hurdle price is equal to or exceeds the per Share value of the
consideration to be paid in the Change in Control transaction, without payment of consideration therefor.


 






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13.            Deferred
Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants Deferred Awards, which
may be a right to receive Shares or cash under the Plan (either independently or as an element of or supplement to any other Award under
the Plan), including, as may be required by any applicable law or regulations or determined by the Committee, in lieu of any annual bonus,
commission or retainer that may be payable to a Participant under any applicable, bonus, commission or retainer plan or arrangement. The
Committee shall determine the terms and conditions of such Deferred Awards, including, without limitation, the method of converting the
amount of annual bonus into a Deferred Award, if applicable, and the form, vesting, settlement, forfeiture and cancellation provisions
or any other criteria, if any, applicable to such Deferred Awards. Shares underlying a Share-denominated Deferred Award, which is subject
to a vesting schedule or other conditions or criteria, including forfeiture or cancellation provisions, set by the Committee shall not
be issued until or following the date that those conditions and criteria have been satisfied. Deferred Awards shall be subject to such
restrictions as the Committee may impose (including any limitation on the right to vote a Share underlying a Deferred Award or the right
to receive any dividend, dividend equivalent or other right), which restrictions may lapse separately or in combination at such time or
times, in such installments or otherwise, as the Committee may deem appropriate. The Committee may determine the form or forms (including
cash, Shares, other Awards, other property or any combination thereof) in which payment of the amount owing upon settlement of any Deferred
Award may be made.


 


14.            Amendments
and Termination.


 


(a)            Amendment
and Termination of the Plan. The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any
time; provided that no such amendment, alteration, suspension, discontinuance or termination shall be made without stockholder
approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation,
as necessary to comply with any applicable rules or requirements of any securities exchange or inter-dealer quotation service on
which the Shares may be listed or quoted, for changes in GAAP to new accounting standards); provided, further, that any
such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant
or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected
Participant, holder or beneficiary, unless the Committee determines that such amendment, alteration, suspension, discontinuance or termination
is either required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation.


 


(b)            Amendment
of Award Agreements. The Committee may, to the extent not inconsistent with the terms of any applicable Award Agreement or the Plan,
waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted
or the associated Award Agreement, prospectively or retroactively (including after the Participant’s termination of employment or
service with the Company); provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination
that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that
extent be effective without the consent of the affected Participant unless the Committee determines that such waiver, amendment, alteration,
suspension, discontinuance, cancellation or termination is either required or advisable in order for the Company, the Plan or the Award
to satisfy any applicable law or regulation; provided, further, that except as otherwise permitted under Section 11,
if (i) the Committee reduces the exercise price of any Option or of any SAR, (ii) the Committee cancels any outstanding Option
or SAR and replaces it with a new Option or SAR (with a lower exercise price, as the case may be) or other Award or cash in a manner that
would either (A) be reportable on the Company’s proxy statement or Form 10-K (if applicable) as Options that have been
 “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act) or (B) result in any
 “repricing” for financial statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting
treatment), (iii) take any other action that is considered a “repricing” for purposes of the stockholder approval rules of
the applicable securities exchange or inter-dealer quotation service on which the Share is listed or quoted and/or (iv) cancel any
outstanding Option or SAR that has a per Share exercise price (as applicable) at or above the Fair Market Value of a Share on the date
of cancellation, and pay any consideration to the holder thereof, whether in cash, securities or other property, or any combination thereof,
then, in the case of the immediately preceding clauses (i) through (iv), any such action shall not be effective without stockholder
approval.


 






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15.            General.


 


(a)            Award
Agreements; Other Agreements. Each Award (other than an Other Cash-Based Award) under the Plan shall be evidenced by an Award Agreement,
which shall be delivered (whether in written or electronic form) to the Participant and shall specify the terms and conditions of the
Award and any rules applicable thereto. In the event of any conflict between the terms of the Plan and any Award Agreement or employment,
change-in-control, severance or other agreement in effect with the Participant, the terms of the Plan shall control.


 


(b)            Nontransferability.


 


(i)            Each
Award shall be exercisable only by the Participant during the Participant’s lifetime or, if permissible under applicable
law or the Plan, by the Participant’s legal guardian or representative or beneficiary or Permitted Transferee. No Award may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent
and distribution or as set forth below in clause (ii), and any such purported assignment, alienation, pledge, attachment, sale, transfer
or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a beneficiary
shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.


 


(ii)            Notwithstanding
the foregoing, the Committee may permit Awards (other than Incentive Stock Options) to be transferred by the Participant, without consideration,
subject to such rules as the Committee may adopt, to (A) any person who is a “family member” of the Participant,
as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statements promulgated
by the Securities and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust solely for the
benefit of the Participant or the Participant’s Immediate Family Members; (C) a partnership or limited liability company whose
only partners or stockholders are the Participant and the Participant’s Immediate Family Members; or (D) any other transferee
as may be approved either (1) by the Board or the Committee, or (2) as provided in the applicable Award Agreement; (each transferee
described in clause (A), (B), (C) or (D) above is hereinafter referred to as a “Permitted Transferee”);
provided, that the Participant gives the Committee or its delegate advance written notice describing the terms and conditions of the proposed
transfer and the Committee or its delegate notifies the Participant in writing that such a transfer would comply with the requirements
of the Plan.


 






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(iii)            The
terms of any Award transferred in accordance with the immediately preceding subsection shall apply to the Permitted Transferee, and any
reference in the Plan, or in any applicable Award Agreement, to the Participant shall be deemed to refer to the Permitted Transferee,
except that, unless otherwise provided by the Committee, (A) Permitted Transferees shall not be entitled to transfer any Award, other
than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred
Option unless there shall be in effect a registration statement on an appropriate form covering the Shares to be acquired pursuant to
the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement
is necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee,
whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; (D) the
consequences of the termination of the Participant’s employment by, or services to, the Company or an Affiliate under the terms
of the Plan and the applicable Award Agreement shall continue to be applied with respect to the transferred Award, including, without
limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the
Plan and the applicable Award Agreement; and (E) any non-competition, non-solicitation, non-disparagement, non-disclosure, or other
restrictive covenants contained in any Award Agreement or other agreement between the Participant and the Company or any Affiliate shall
continue to apply to the Participant.


 


(c)            Dividends
and Dividend Equivalents. The Committee may specify in the applicable Award Agreement that any or all dividends, dividend equivalents
or other distributions, as applicable, with respect to Restricted Stock or Restricted Stock Units prior to vesting or settlement, as applicable,
be paid either in cash or in additional Shares and either on a current or deferred basis and that such dividends, dividend equivalents
or other distributions may be reinvested in additional Shares, which may be subject to the same restrictions as the underlying Awards.


 


(d)            No
Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or an Award, and the Committee shall determine
whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any
rights thereto shall be cancelled, terminated or otherwise eliminated.


 


(e)            Tax
Withholding.


 


(i)            The
Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right (but not the
obligation) and is hereby authorized to withhold, from any cash, Shares, other securities or other property deliverable under any Award
or from any compensation or other amounts owing to the Participant, the amount (in cash, Shares, other securities or other property) of
any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to
take such other action that the Committee or the Company deems necessary to satisfy all obligations for the payment of such withholding
taxes.


 


(ii)            Without
limiting the generality of paragraph (i) above, the Committee may permit the Participant to satisfy, in whole or in part, the foregoing
withholding liability by (A) payment in cash; (B) the delivery of Shares (which Shares are not subject to any pledge or other
security interest) owned by the Participant having a Fair Market Value on such date equal to such withholding liability, provided that
such Shares have been held for more than six months unless otherwise permitted by the Committee in consideration of accounting standards;
or (C) having the Company withhold from the number of Shares otherwise issuable or deliverable pursuant to the exercise or settlement
of the Award a number of Shares with a Fair Market Value on such date equal to such withholding liability, which shall be determined at
the minimum statutory rate in a Participant’s applicable jurisdiction, unless otherwise authorized by the Committee up to the maximum
statutory rate in a Participant’s applicable jurisdiction. In addition, subject to any requirements of applicable law, the Participant
may also satisfy the tax withholding obligations by other methods, including selling Shares that would otherwise be available for delivery;
provided that the Board or the Committee has specifically approved such payment method in advance.


 






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(f)            No
Claim to Awards; No Rights to Continued Employment, Directorship or Engagement. No employee, Director of the Company, consultant providing
service to the Company or an Affiliate, or other person shall have any claim or right to be granted an Award under the Plan or, having
been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment
of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and
interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants,
whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving
any Participant any right to be retained in the employ or service of the Company or an Affiliate, or to continue in the employ or the
service of the Company or an Affiliate, nor shall it be construed as giving any Participant who is a Director any rights to continued
service on the Board.


 


(g)            International
Participants. With respect to Participants who reside or work outside of the United States or are subject to non-U.S. legal restrictions
or regulations, the Committee may amend the terms of the Plan or appendices thereto, or outstanding Awards, with respect to such Participants,
in order to conform such terms with or accommodate the requirements of local laws, procedures or practices or to obtain more favorable
tax or other treatment for the Participant, the Company or its Affiliates. Without limiting the generality of this subsection, the Committee
is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death, disability,
retirement or other terminations of employment, available methods of exercise or settlement of an Award, payment of income, social insurance
contributions or payroll taxes, withholding procedures and handling of any stock certificates or other indicia of ownership that vary
with local requirements. The Committee may also adopt rules, procedures or sub-plans applicable to particular Affiliates or locations.


 


(h)            Beneficiary
Designation. The Participant’s beneficiary shall be the Participant’s spouse (or domestic partner if such status is recognized
by the Company and in such jurisdiction) or, if the Participant is otherwise unmarried at the time of death, the Participant’s estate,
except to the extent that a different beneficiary is designated in accordance with procedures that may be established by the Committee
from time to time for such purpose. Notwithstanding the foregoing, in the absence of a beneficiary validly designated under such Committee-established
procedures and/or applicable law who is living (or in existence) at the time of death of a Participant residing or working outside the
United States, any required distribution under the Plan shall be made to the executor or administrator of the estate of the Participant,
or to such other individual as may be prescribed by applicable law.


 


(i)            Termination
of Employment or Service. The Committee, in its sole discretion, shall determine the effect of all matters and questions related to
the termination of employment of or service of a Participant. Unless determined otherwise by the Committee or as otherwise provided in
an Award Agreement: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including,
without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment
or service with the Company to employment or service with an Affiliate (or vice versa) shall be considered a termination of employment
or service with the Company or an Affiliate; and (ii) if the Participant’s employment with the Company or its Affiliates terminates,
but such Participant continues to provide services with such Company or such Affiliate in a non-employee capacity (including as a non-employee
Director) (or vice versa), such change in status shall not be considered a termination of employment or service with the Company or an
Affiliate for purposes of the Plan.


 






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(j)            No
Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall be entitled
to the privileges of ownership in respect of Shares that are subject to Awards hereunder until such Shares have been issued or delivered
to that person.


 


(k)            Government
and Other Regulations.


 


(i)            Nothing
in the Plan shall be deemed to authorize the Committee or Board or any members thereof to take any action contrary to applicable law or
regulation, or rules of the NYSE or any other securities exchange or inter-dealer quotation service on which the Shares are listed
or quoted.


 


(ii)            The
obligation of the Company to settle Awards in Shares or other consideration shall be subject to all applicable laws, rules and regulations,
and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary,
the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any Shares
pursuant to an Award unless such Shares have been properly registered for sale pursuant to the Securities Act with the Securities and
Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that such Shares may be offered
or sold without such registration pursuant to and in compliance with the terms of an available exemption. The Company shall be under no
obligation to register for sale under the Securities Act any of the Shares to be offered or sold under the Plan. The Committee shall have
the authority to provide that all Shares or other securities of the Company or any Affiliate delivered under the Plan shall be subject
to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement,
U.S. federal securities laws, or the rules, regulations and other requirements of the U.S. Securities and Exchange Commission, any securities
exchange or inter-dealer quotation service upon which such Shares or other securities of the Company are then listed or quoted and any
other applicable federal, state, local or non-U.S. laws, rules, regulations and other requirements, and, without limiting the generality
of Section 9, the Committee may cause a legend or legends to be put on any such certificates of Shares or other securities of the
Company or any Affiliate delivered under the Plan to make appropriate reference to such restrictions or may cause such Shares or other
securities of the Company or any Affiliate delivered under the Plan in book-entry form to be held subject to the Company’s instructions
or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the
right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is
subject.


 


(l)            Payments
to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the Plan is unable
to care for such person’s affairs because of illness or accident, or is a minor, or has died, then any payment due to such person
or such person’s estate (unless a prior claim therefor has been made by a duly appointed legal representative or a beneficiary designation
form has been filed with the Company) may, if the Committee so directs the Company, be paid to such person’s spouse, child or relative,
or an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on
behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee
and the Company therefor.


 


(m)            Nonexclusivity
of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company for approval
shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable,
including, without limitation, the granting of stock options or awards otherwise than under the Plan, and such arrangements may be either
applicable generally or only in specific cases.


 






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(n)            No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any Affiliate, on the one hand, and the Participant or other person or entity, on the
other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan,
to purchase assets or place any assets in a trust or other entity to which contributions are made or to otherwise segregate any assets,
nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately
maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors
of the Company.


 


(o)            Reliance
on Reports. Each member of the Committee and each member of the Board (and each such member’s respective designees) shall be
fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good
faith, in reliance upon any report made by the independent, registered public accounting firm of the Company and its Affiliates and/or
any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than such
member or designee.


 


(p)            Relationship
to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement,
profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.


 


(q)            Governing
Law. The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles
of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws
of any jurisdiction other than the State of Delaware.


 


(r)            Severability.
If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any
jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or, if it cannot be construed or deemed
amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall
be construed or deemed stricken as to such jurisdiction, person or entity or Award, and the remainder of the Plan and any such Award shall
remain in full force and effect.


 


(s)            Obligations
Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding
to all or substantially all of the assets and business of the Company.


 


(t)            Section 409A
of the Code.


 


(i)            It
is intended that the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted
in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is
solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant
in connection with the Plan or any other plan maintained by the Company, including any taxes and penalties under Section 409A of
the Code, and neither the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold such Participant or any beneficiary
harmless from any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation”
subject to Section 409A of the Code, references in the Plan to “termination of employment” (and substantially similar
phrases) shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A
of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate payment.


 






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(ii)            Notwithstanding
anything in the Plan to the contrary, if the Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of
the Code, no payments or deliveries in respect of any Awards that are “deferred compensation” subject to Section 409A
of the Code shall be made to such Participant prior to the date that is six months after the date of such Participant’s “separation
from service” within the meaning of Section 409A of the Code or, if earlier, the Participant’s date of death. All such
delayed payments or deliveries will be paid or delivered (without interest) in a single lump sum on the earliest date permitted under
Section 409A of the Code that is also a business day.


 


(iii)            In
the event that the timing of payments in respect of any Award that would otherwise be considered “deferred compensation” subject
to Section 409A of the Code would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall
be permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective
control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A
of the Code and any Treasury Regulations promulgated thereunder, or (B) a Disability, no such acceleration shall be permitted unless
the Disability also satisfies the definition of “disability” pursuant to Section 409A of the Code and any Treasury Regulations
promulgated thereunder.


 


(u)            Clawback/Forfeiture.
The Committee shall have full authority to implement any policies and procedures necessary to comply with Section 10D of the Exchange
Act and any rules promulgated thereunder and any other regulatory regimes. Notwithstanding anything to the contrary contained herein,
the Committee may, to the extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement,
and shall, to the extent required, cancel or require reimbursement of any Awards granted to the Participant or any Shares issued or cash
received upon vesting, exercise or settlement of any such Awards or sale of Shares underlying such Awards. By accepting an Award, the
Participant agrees that the Participant is subject to any clawback policies of the Company in effect from time to time.


 


(v)            No
Representations or Covenants with Respect to Tax Qualification. Although the Company may endeavor to (i) qualify an Award for
favorable U.S. or non-U.S. tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation to that effect
and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its
corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan.


 


(w)            No
Interference. The existence of the Plan, any Award Agreement and the Awards granted hereunder shall not affect or restrict in any
way the right or power of the Company, the Board, the Committee or the stockholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation
of the Company, any issue of stock or of options, warrants, or rights to purchase stock or of bonds, debentures, or preferred or prior
preference stocks whose rights are superior to or affect the Shares or the rights thereof or that are convertible into or exchangeable
for Shares, or the dissolution or liquidation of the Company or any Affiliate, or any sale or transfer of all or any part of their assets
or business, or any other corporate act or proceeding, whether of a similar character or otherwise.


 






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(x)            Expenses;
Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its Affiliates. The titles and headings
of the sections in the Plan are for convenience of reference only, and, in the event of any conflict, the text of the Plan, rather than
such titles or headings, shall control.


 


(y)            Whistleblower
Acknowledgments. Notwithstanding anything to the contrary herein, nothing in this Plan or any Award Agreement will (i) prohibit
a Participant from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance
with the provisions of and rules promulgated under Section 21F of the Exchange Act or Section 806 of the Sarbanes-Oxley
Act of 2002, or of any other whistleblower protection provisions of federal law or regulation, or (ii) require prior approval by
the Company or any of its Affiliates of any reporting described in clause (i).


 


(z)            Lock-Up
Agreements. The Committee may require a Participant receiving Shares pursuant to the Plan, as a condition precedent to receipt of
such Shares, to enter into a shareholder agreement or “lock-up” agreement in such form as the Committee shall determine is
necessary or desirable to further the Company’s interests.


 


(aa)          Restrictive
Covenants. The Committee may impose restrictions on any Award with respect to non-competition, non-solicitation, confidentiality and
other restrictive covenants as it deems necessary or appropriate in its sole discretion.


 






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