Exhibit 10.2


 





ENERGOUS CORPORATION


 


2014 NON-EMPLOYEE EQUITY COMPENSATION
PLAN


 


(AS AMENDED AND RESTATED MAY 19, 2016)


 


Energous Corporation sets forth herein the
terms and conditions of its 2014 Non-employee Equity Compensation Plan (as Amended and Restated May 19, 2016), as follows:


 


		1.	PURPOSE



 


The Plan is intended to enhance the Company’s
and its Affiliates’ ability to attract and retain highly qualified Non-Employee Directors and Consultants, and to motivate
such Non-Employee Directors and Consultants to serve the Company and its Affiliates and to expend maximum effort to improve the
business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary
interest in the operations and future success of the Company. To this end, the Plan provides for the grant of stock options, stock
appreciation rights, restricted stock, restricted stock units, unrestricted stock, other share-based awards and cash awards. Any
of these awards may, but need not, be made as performance incentives to reward attainment of performance goals in accordance with
the terms and conditions hereof. Stock options granted under the Plan shall be non-qualified stock options.


 


		2.	DEFINITIONS



 


For purposes of interpreting the Plan and
related documents (including Award Agreements), the following definitions shall apply:


 


2.1. “Acquiror” shall
have the meaning set forth in Section 15.2.


 


2.2. “Affiliate” means
any company or other trade or business that “controls,” is “controlled by” or is “under common control
with” the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including any Subsidiary.


 


2.3. “Award” means a
grant of an Option, SAR, Restricted Stock, RSU, Other Share-based Award or cash award under the Plan.


 


2.4. “Award Agreement”
means a written agreement between the Company and a Grantee, or notice from the Company or an Affiliate to a Grantee that evidences
and sets out the terms and conditions of an Award.


 


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


 


2.6. “Business Combination”
shall have the meaning set forth in Section 15.2.


 


2.7. “Change in Control”
shall have the meaning set forth in Section 15.2.


 


2.8. “Code” means the
Internal Revenue Code of 1986.


 


2.9. “Committee” means
the Compensation Committee of the Board or any committee or other person or persons designated by the Board to administer the Plan.
The Board will cause the Committee to satisfy the applicable requirements of any securities exchange on which the Common Stock
may then be listed. For purposes of Awards to Grantees who are subject to Section 16 of the Exchange Act, Committee means
all of the members of the Committee who are “non-employee directors” within the meaning of Rule 16b-3 adopted under
the Exchange Act.


 






    	 	 	 



     


    

 


2.10. “Company” means
Energous Corporation, a Delaware Corporation, or any successor corporation.


 


2.11. “Common Stock”
means the common stock of the Company.


 


2.12. “Consultant” means
a consultant or advisor that provides bona fide services to the Company or any Affiliate and who qualifies as a consultant or advisor
under Form S-8.


 


2.13. “Effective Date”
means May 19, 2016, the date the Plan was most recently approved by the Stockholders.


 


2.14. “Exchange Act”
means the Securities Exchange Act of 1934.


 


2.15. “Fair Market Value”
of a Share as of a particular date means (i) if the Common Stock is listed on a national securities exchange, the closing or last
price of the Common Stock on the composite tape or other comparable reporting system for the applicable date, or if the applicable
date is not a trading day, the trading day immediately preceding the applicable date, or (ii) if the Common Stock is not then listed
on a national securities exchange, the closing or last price of the Common Stock quoted by an established quotation service for
over-the-counter securities, or (iii) if the Common Stock is not then listed on a national securities exchange or quoted by an
established quotation service for over-the-counter securities, or the value of the Common Stock is not otherwise determinable,
such value as determined by the Committee.


 


2.16. “Family Member”
means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law or sister-in-law, including adoptive relationships,
of the applicable individual, any person sharing the applicable individual’s household (other than a tenant or employee),
a trust in which any one or more of these persons have more than 50% of the beneficial interest, a foundation in which any one
or more of these persons (or the applicable individual) control the management of assets, and any other entity in which one or
more of these persons (or the applicable individual) own more than 50% of the voting interests.


 


2.17. “Grant Date” means
the latest to occur of (i) the date as of which the Committee approves an Award, (ii) the date on which the recipient
of an Award first becomes eligible to receive an Award under Section 6 or (iii) such other date as may be specified
by the Committee in the Award Agreement.


 


2.18. “Grantee” means
a person who receives or holds an Award.


 


2.19. “Incumbent Directors”
shall have the meaning set forth in Section 15.2.


 


2.20. “Non-Employee Director”
means a member of the Board or the board of directors of an Affiliate, in each case who is not an officer or employee of the Company
or any Affiliate.


 


2.21. “Option” means
an option to purchase one or more Shares pursuant to the Plan.


 


2.22. “Option Price”
means the exercise price for each Share subject to an Option.


 


2.23. “Other Share-based Awards”
means Awards consisting of Share units, or other Awards, valued in whole or in part by reference to, or otherwise based on, Common
Stock, other than Options, SARs, Restricted Stock and RSUs.


 


2.24. “Performance Award”
means an Award made subject to the attainment of performance goals (as described in Section 12) over a performance
period of at least one year established by the Committee.


 






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2.25. “Person” means
an individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act.


 


2.26. “Plan” means this
Energous Corporation 2014 Non-employee Equity Compensation Plan.


 


2.27. “Purchase Price”
means the purchase price for each Share pursuant to a grant of Restricted Stock.


 


2.28. “Restricted Period”
shall have the meaning set forth in Section 10.1.


 


2.29. “Restricted Stock”
means restricted Shares that are subject to specified terms and conditions, awarded to a Grantee pursuant to Section 10.


 


2.30. “Restricted Stock Unit”
or “RSU” means a bookkeeping entry representing the right to receive Shares or their cash equivalent subject
to the satisfaction of specified terms and conditions, awarded to a Grantee pursuant to Section 10.


 


2.31. “SAR Exercise Price”
means the per Share exercise price of a SAR granted to a Grantee under Section 9.


 


2.32. “SEC” means the
United States Securities and Exchange Commission.


 


2.33. “Section 409A”
means Code Section 409A.


 


2.34. “Securities Act”
means the Securities Act of 1933.


 


2.35. “Separation from Service”
means the termination of a Service Provider’s Service, whether initiated by the Service Provider or the Company or an Affiliate;
provided that if any Award governed by Section 409A is to be distributed on a Separation from Service, then the definition
of Separation from Service for such purposes shall comply with the definition provided in Section 409A.


 


2.36. “Service” means
service as a Service Provider to the Company or an Affiliate. Unless otherwise provided in the applicable Award Agreement, a Grantee’s
change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service
Provider to the Company or an Affiliate.


 


2.37. “Service Provider”
means a Non-Employee Director or Consultant of the Company or an Affiliate.


 


2.38. “Share” means a
share of Common Stock.


 


2.39. “Stock Appreciation Right”
or “SAR” means a right granted to a Grantee pursuant to Section 9.


 


2.40. “Stockholder” means
a stockholder of the Company.


 


2.41. “Subsidiary” means
any “subsidiary corporation” of the Company within the meaning of Code Section 424(f).


 


2.42. “Substitute Award”
means any Award granted in assumption of or in substitution for an award of a company or business acquired by the Company or
an Affiliate or with which the Company or an Affiliate combines.


 


2.43. “Termination Date”
means the date that is 10 years after the Effective Date, unless the Plan is earlier terminated by the Board under Section 5.2.


 






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2.44. “Voting Securities”
shall have the meaning set forth in Section 15.2.


 


		3.	ADMINISTRATION OF THE PLAN



 


3.1. General


 


The Board shall have such powers and authorities
related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and bylaws and
applicable law. The Board shall have the power and authority to delegate its responsibilities hereunder to the Committee, which
shall have full authority to act in accordance with its charter, and with respect to the power and authority of the Board to act
hereunder, all references to the Board shall be deemed to include a reference to the Committee, unless such power or authority
is specifically reserved by the Board. Except as specifically provided in Section 14 or as otherwise may be required
by applicable law, regulatory requirement or the certificate of incorporation or the bylaws of the Company, the Board shall have
full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award
or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations
not inconsistent with the specific terms and conditions of the Plan that the Board deems to be necessary or appropriate to the
administration of the Plan. The Committee shall administer the Plan; provided that, the Board shall retain the right to
exercise the authority of the Committee to the extent consistent with applicable law and the applicable requirements of any securities
exchange on which the Common Stock may then be listed. All actions, determinations and decisions by the Board or the Committee
under the Plan, any Award or any Award Agreement shall be in the Board’s (or the Committee’s, as applicable) sole discretion
and shall be final, binding and conclusive. Without limitation, the Committee shall have full and final power and authority, subject
to the other terms and conditions of the Plan, to:


 


		(i)	designate Grantees;



 


		(ii)	determine the type or types of Awards to be made to Grantees;



 


		(iii)	determine the number of Shares to be subject to an Award;



 


		(iv)	establish the terms and conditions of each Award (including the Option Price of any Option, the nature and duration of any
restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer or forfeiture of an Award
or the Shares subject thereto);



 


		(v)	prescribe the form of each Award Agreement; and



 


		(vi)	amend, modify or supplement the terms or conditions of any outstanding Award including the authority, in order to effectuate
the purposes of the Plan, to modify Awards to foreign nationals or individuals who are employed outside the United States
to recognize differences in local law, tax policy or custom.



 


To the extent permitted by applicable law,
the Committee may delegate its authority as identified herein to any individual or committee of individuals (who need not be directors),
including the authority to make Awards to Grantees who are not subject to Section 16 of the Exchange Act. To the extent that
the Committee delegates its authority to make Awards as provided by this Section 3.1, all references in the Plan to
the Committee’s authority to make Awards and determinations with respect thereto shall be deemed to include the Committee’s
delegate. Any such delegate shall serve at the pleasure of, and may be removed at any time by, the Committee.


 






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3.2. No Repricing


 


Notwithstanding any provision herein to
the contrary, the repricing of Options or SARs is prohibited without prior approval of the Stockholders. For this purpose, a “repricing”
means any of the following (or any other action that has the same effect as any of the following): (i) changing the terms of an
Option or SAR to lower its Option Price or SAR Exercise Price; (ii) any other action that is treated as a “repricing”
under generally accepted accounting principles; and (iii) repurchasing for cash or canceling an Option or SAR at a time when its
Option Price or SAR Exercise Price is greater than the Fair Market Value of the underlying Shares in exchange for another award,
unless the cancellation and exchange occurs in connection with a change in capitalization or similar change under Section 15.
A cancellation and exchange under clause (iii) would be considered a “repricing” regardless of whether it is treated
as a “repricing” under generally accepted accounting principles and regardless of whether it is voluntary on the part
of the Grantee.


 


3.3. Award Agreements; Clawbacks


 


The grant of any Award may be contingent
upon the Grantee executing the appropriate Award Agreement. The Company may retain the right in an Award Agreement to cause a forfeiture
of the gain realized by a Grantee on account of actions taken by the Grantee in violation or breach of or in conflict with any
service agreement, non-competition agreement, any agreement prohibiting solicitation of employees or clients of the Company or
any Affiliate thereof or any confidentiality obligation with respect to the Company or any Affiliate thereof, or otherwise in competition
with the Company or any Affiliate thereof, to the extent specified in such Award Agreement applicable to the Grantee. Furthermore,
the Company may annul an Award if the Grantee is terminated for “cause” as defined in the applicable Award Agreement.


 


All awards, amounts or benefits received
or outstanding under the Plan shall be subject to clawback, cancellation, recoupment, rescission, payback, reduction or other similar
action in accordance with the terms of any Company clawback or similar policy or any applicable law related to such actions, as
may be in effect from time to time. A Grantee’s acceptance of an Award shall be deemed to constitute the Grantee’s
acknowledgement of and consent to the Company’s application, implementation and enforcement of any applicable Company clawback
or similar policy that may apply to the Grantee, whether adopted prior to or following the Effective Date, and any provision of
applicable law relating to clawback, cancellation, recoupment, rescission, payback or reduction of compensation, and the Grantee’s
agreement that the Company may take such actions as may be necessary to effectuate any such policy or applicable law, without further
consideration or action.


 


3.4. Deferral Arrangement


 


The Committee may permit or require the
deferral of any Award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish
and in accordance with Section 409A, which may include provisions for the payment or crediting of interest or dividend equivalents,
including converting such credits into deferred Share units.


 


3.5. No Liability


 


No member of the Board or of the Committee
shall be liable for any action or determination made in good faith with respect to the Plan, any Award or Award Agreement.


 


3.6. Book Entry


 


Notwithstanding any other provision of the
Plan to the contrary, the Company may elect to satisfy any requirement under the Plan for the delivery of stock certificates through
the use of book entry.


 






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		4.	STOCK SUBJECT TO THE PLAN



 


4.1. Authorized Number of Shares


 


Subject to adjustment under Section 15,
the aggregate number of Shares authorized to be issued under the Plan is 600,000. Shares issued under the Plan may consist in whole
or in part of authorized but unissued Shares, treasury Shares or Shares purchased on the open market or otherwise, all as determined
by the Board from time to time.


 


4.2. Share Counting


 


4.2.1. General


 


Each Share granted in connection with an Award
shall be counted as one Share against the limit in Section 4.1, subject to the provisions of this Section 4.2.


 


4.2.2. Cash-Settled Awards


 


Any Award settled in cash shall not be counted
as issued Shares for any purpose under the Plan.


 


4.2.3. Expired or Terminated Awards


 


If any Award expires, or is terminated, surrendered
or forfeited, in whole or in part, the unissued Shares covered by such Award shall again be available for the grant of Awards.


 


4.2.4. Payment of Option Price or Tax
Withholding in Shares


 


If Shares issuable upon exercise, vesting
or settlement of an Award, or Shares owned by a Grantee (which are not subject to any pledge or other security interest) are surrendered
or tendered to the Company in payment of the Option Price or Purchase Price of an Award or any taxes required to be withheld in
respect of an Award, in each case, in accordance with the terms and conditions of the Plan and any applicable Award Agreement,
such surrendered or tendered Shares shall again be available for the grant of Awards. For a stock-settled SAR, only the net Shares
actually issued upon exercise of the SAR shall be counted against the limit in Section 4.1.


 


4.2.5. Substitute Awards


 


Substitute Awards shall not be counted against
the number of Shares reserved under the Plan.


 


4.3. Limits on Awards to Non-Employee
Directors


 


The maximum value of Awards granted during
any calendar year to any Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director during the
calendar year and the value of awards granted to the Non-Employee Director under any other equity compensation plan of the Company
or an Affiliate during the calendar year, shall not exceed the following in total value (calculating the value of any Awards or
other equity compensation plan awards based on the grant date fair value for financial reporting purposes): (i) $500,000 for
the Chair of the Board and (ii) $300,000 for each Non-Employee Director other than the Chair of the Board; provided, however,
that Awards granted to Non-Employee Directors upon their initial election to the Board or the board of directors of an Affiliate
shall not be counted towards the limit under this Section 4.3. Any Awards or other equity compensation plan awards
that are scheduled to vest over a period of more than one calendar year shall be applied pro rata (based on grant date fair value
as provided above) for purposes of the limit under this Section 4.3.4 based on the number of years over which such
awards are scheduled to vest.


 






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		5.	EFFECTIVE DATE, DURATION AND AMENDMENTS



 


5.1. Term


 


The Plan shall be effective as of the Effective
Date, provided that it has been approved by the Stockholders. The Plan shall terminate automatically on the 10-year anniversary
of the Effective Date and may be terminated on any earlier date as provided in Section 5.2.


 


5.2. Amendment and Termination of the
Plan


 


The Board may, at any time and from time
to time, amend, suspend or terminate the Plan as to any Awards that have not been made. An amendment shall be contingent on approval
of the Stockholders to the extent stated by the Board, required by applicable law or required by applicable securities exchange
listing requirements. No Awards shall be made after the Termination Date. The applicable terms and conditions of the Plan, and
any terms and conditions applicable to Awards granted prior to the Termination Date shall survive the termination of the Plan and
continue to apply to such Awards. No amendment, suspension or termination of the Plan shall, without the consent of the Grantee,
materially impair rights or obligations under any Award theretofore awarded.


 


		6.	AWARD ELIGIBILITY AND LIMITATIONS



 


6.1. Service Providers


 


Subject to this Section 6.1,
Awards may be made to any Service Provider as the Committee may determine and designate from time to time.


 


6.2. Successive Awards


 


An eligible person may receive more than
one Award, subject to such restrictions as are provided herein.


 


6.3. Stand-Alone, Additional, Tandem,
and Substitute Awards


 


Awards may be granted either alone or in
addition to, in tandem with or in substitution or exchange for, any other Award or any award granted under another plan of the
Company, any Affiliate or any business entity to be acquired by the Company or an Affiliate, or any other right of a Grantee to
receive payment from the Company or any Affiliate. Such additional, tandem or substitute or exchange Awards may be granted at any
time. If an Award is granted in substitution or exchange for another award, the Committee shall have the right to require the surrender
of such other award in consideration for the grant of the new Award. Subject to the requirements of applicable law, the Committee
may make Awards in substitution or exchange for any other award under another plan of the Company, any Affiliate or any business
entity to be acquired by the Company or an Affiliate. In addition, Awards may be granted in lieu of cash compensation, including
in lieu of cash amounts payable under other plans of the Company or any Affiliate, in which the value of Shares subject to the
Award is equivalent in value to the cash compensation (for example, RSUs or Restricted Stock).


 


		7.	AWARD AGREEMENT



 


The grant of any Award may be contingent
upon the Grantee executing an appropriate Award Agreement, in such form or forms as the Committee shall from time to time determine.
Without limiting the foregoing, an Award Agreement may be provided in the form of a notice that provides that acceptance of the
Award constitutes acceptance of all terms and conditions of the Plan and the notice. Award Agreements granted from time to time
or at the same time need not contain similar provisions but shall be consistent with the terms and conditions of the Plan.


 






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		8.	TERMS AND CONDITIONS OF OPTIONS



 


8.1. Option Price


 


The Option Price of each Option shall be
fixed by the Committee and stated in the related Award Agreement. The Option Price of each Option (except those that constitute
Substitute Awards) shall be at least the Fair Market Value on the Grant Date. In no case shall the Option Price of any Option be
less than the par value of a Share.


 


8.2. Vesting


 


Subject to Section 8.3, each
Option shall become exercisable at such times and under such conditions (including performance requirements) as stated in the Award
Agreement.


 


8.3. Term


 


Each Option shall terminate, and all rights
to purchase Shares thereunder shall cease 10 years from the Grant Date, or under such circumstances and on such date prior thereto
as is set forth in the Plan or as may be fixed by the Committee and stated in the related Award Agreement.


 


8.4. Limitations on Exercise of Option


 


Notwithstanding any other provision of the
Plan, in no event may any Option be exercised, in whole or in part, (i) prior to the date the Plan is approved by the Stockholders
as provided herein or (ii) after the occurrence of an event that results in termination of the Option.


 


8.5. Method of Exercise


 


An Option that is exercisable may be exercised
by the Grantee’s delivery of a notice of exercise to the Company, setting forth the number of Shares with respect to which
the Option is to be exercised, accompanied by full payment for the Shares. To be effective, notice of exercise must be made in
accordance with procedures established by the Company from time to time.


 


8.6. Rights of Holders of Options


 


Unless otherwise provided in the applicable
Award Agreement, an individual holding or exercising an Option shall have none of the rights of a Stockholder (for example, the
right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct the voting of the subject
Shares) until the Shares covered thereby are fully paid and issued to him. Except as provided in Section 15 or the
related Award Agreement, no adjustment shall be made for dividends, distributions or other rights for which the record date is
prior to the date of such issuance.


 


8.7. Delivery of Stock Certificates


 


Subject to Section 3.6, promptly
after the exercise of an Option by a Grantee and the payment in full of the Option Price, such Grantee shall be entitled to the
issuance of a stock certificate or certificates evidencing his or her ownership of the Shares subject to the Option.


 


		9.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS



 


9.1. Right to Payment


 


A SAR shall confer on the Grantee a right
to receive, upon exercise thereof, the excess of (i) the Fair Market Value on the date of exercise over (ii) the SAR
Exercise Price, as determined by the Committee. The Award Agreement for a SAR (except those that constitute Substitute Awards)
shall specify the SAR Exercise Price, which shall be fixed on the Grant Date as not less than the Fair Market Value on that date.
SARs may be granted alone or in conjunction with all or part of an Option or at any subsequent time during the term of such Option
or in conjunction with all or part of any other Award. A SAR granted in tandem with an outstanding Option following the Grant Date
of such Option shall have a grant price that is equal to the Option Price; provided, however, that the SAR’s
grant price may not be less than the Fair Market Value on the Grant Date of the SAR to the extent required by Section 409A.


 






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9.2. Other Terms


 


The Committee shall determine the time or
times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of
performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become exercisable
following Separation from Service or upon other conditions, the method of exercise, whether or not a SAR shall be in tandem or
in combination with any other Award and any other terms and conditions of any SAR.


 


9.3. Term of SARs


 


The term of a SAR shall be determined by
the Committee; provided, however, that such term shall not exceed 10 years.


 


9.4. Payment of SAR Amount


 


Upon exercise of a SAR, a Grantee shall
be entitled to receive payment from the Company (in cash or Shares, as determined by the Committee) in an amount determined by
multiplying:


 


		(i)	the difference between the Fair Market Value on the date of exercise over the SAR Exercise Price; by



 


		(ii)	the number of Shares with respect to which the SAR is exercised.



 


		10.	TERMS AND CONDITIONS OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS



 


10.1. Restrictions


 


At the time of grant, the Committee may
establish a period of time (a “Restricted Period”) and any additional restrictions including the satisfaction
of corporate or individual performance objectives applicable to an Award of Restricted Stock or RSUs. Each Award of Restricted
Stock or RSUs may be subject to a different Restricted Period and additional restrictions. Neither Restricted Stock nor RSUs may
be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction
of any other applicable restrictions.


 


10.2. Restricted Stock Certificates


 


The Company shall issue Shares, in the name
of each Grantee to whom Restricted Stock has been granted, stock certificates or other evidence of ownership representing the total
number of Shares of Restricted Stock granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Committee
may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the Grantee’s
benefit until such time as the Restricted Stock is forfeited to the Company or the restrictions lapse, or (ii) such certificates
shall be delivered to the Grantee; provided, however, that such certificates shall bear a legend or legends that
comply with the applicable securities laws and regulations and make appropriate reference to the restrictions imposed under the
Plan and the Award Agreement.


 






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10.3. Rights of Holders of Restricted
Stock


 


Unless the otherwise provided in the applicable
Award Agreement and subject to Section 17.10, holders of Restricted Stock shall have rights as Stockholders, including
voting and dividend rights.


 


10.4. Rights of Holders of RSUs


 


10.4.1. Settlement of RSUs


 


RSUs may be settled in cash or Shares, as
determined by the Committee and set forth in the Award Agreement. The Award Agreement shall also set forth whether the RSUs shall
be settled (i) within the time period specified for “short term deferrals” under Section 409A or (ii) otherwise
within the requirements of Section 409A, in which case the Award Agreement shall specify upon which events such RSUs shall
be settled.


 


10.4.2. Voting and Dividend Rights


 


Unless otherwise provided in the applicable
Award Agreement and subject to Section 17.10, holders of RSUs shall not have rights as Stockholders, including voting
or dividend or dividend equivalents rights.


 


10.4.3. Creditor’s Rights


 


A holder of RSUs shall have no rights other
than those of a general creditor of the Company. RSUs represent an unfunded and unsecured obligation of the Company, subject to
the terms and conditions of the applicable Award Agreement.


 


10.5. Purchase of Restricted Stock


 


The Grantee shall be required, to the extent
required by applicable law, to purchase the Restricted Stock from the Company at a Purchase Price equal to the greater of (i) the
aggregate par value of the Shares represented by such Restricted Stock or (ii) the Purchase Price, if any, specified in the
related Award Agreement. If specified in the Award Agreement, the Purchase Price may be deemed paid by Services already rendered.
The Purchase Price shall be payable in a form described in Section 11 or, if so determined by the Committee, in consideration
for past Services rendered.


 


10.6. Delivery of Shares


 


Upon the expiration or termination of any
Restricted Period and the satisfaction of any other conditions prescribed by the Committee, the restrictions applicable to Shares
of Restricted Stock or RSUs settled in Shares shall lapse, and, unless otherwise provided in the applicable Award Agreement, a
stock certificate for such Shares shall be delivered, free of all such restrictions, to the Grantee or the Grantee’s beneficiary
or estate, as the case may be.


 


		11.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK



 


11.1. General Rule


 


Payment of the Option Price for the Shares
purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents
acceptable to the Company, except as provided in this Section 11.


 






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11.2. Surrender of Shares


 


To the extent the Award Agreement so provides,
payment of the Option Price for Shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock
may be made all or in part through the tender to the Company of Shares, which Shares shall be valued, for purposes of determining
the extent to which the Option Price or Purchase Price for Restricted Stock has been paid, at their Fair Market Value on the date
of exercise or surrender.


 


11.3. Cashless Exercise


 


With respect to an Option only (and not
with respect to Restricted Stock), to the extent permitted by law and to the extent the Award Agreement so provides, payment of
the Option Price may be made all or in part by delivery (on a form acceptable to the Company) of an irrevocable direction to a
licensed securities broker acceptable to the Company to sell Shares and to deliver all or part of the sales proceeds to the Company
in payment of the Option Price and any withholding taxes described in Section 17.3.


 


11.4. Other Forms of Payment


 


To the extent the Award Agreement so provides,
payment of the Option Price or the Purchase Price for Restricted Stock may be made in any other form that is consistent with applicable
laws, regulations and rules, including the Company’s withholding of Shares otherwise due to the exercising Grantee.


 


		12.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS



 


12.1. Performance Conditions


 


The right of a Grantee to exercise or receive
a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by
the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing
any performance conditions, and may exercise its discretion to reduce the amounts payable under any Award subject to performance
conditions.


 


12.2. Settlement of Performance Awards;
Other Terms


 


Settlement of Performance Awards may be
in cash, Shares, other Awards or other property, as determined by the Committee. The Committee may reduce the amount of a settlement
otherwise to be made in connection with Performance Awards.


 


		13.	other SHARE-based awards



 


13.1. Grant of Other Share-based Awards


 


Other Share-based Awards may be granted
either alone or in addition to or in conjunction with other Awards. Subject to the provisions of the Plan, the Committee shall
have the authority to determine the persons to whom and the time or times at which such Awards will be made, the number of Shares
to be granted pursuant to such Awards, and all other terms and conditions of such Awards. Unless the Committee determines otherwise,
any such Award shall be confirmed by an Award Agreement, which shall contain such provisions as the Committee determines to be
necessary or appropriate to carry out the intent of the Plan with respect to such Award.


 






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13.2. Terms of Other Share-based Awards


 


Any Common Stock subject to Awards made
under this Section 13 may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on
which the Shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses.


 


		14.	REQUIREMENTS OF LAW 



 


14.1. General


 


The Company shall not be required to sell
or issue any Shares under any Award if the sale or issuance of such Shares would constitute a violation by the Grantee, any other
individual exercising an Option or the Company of any provision of any law or regulation of any governmental authority, including
any federal or state securities laws or regulations. If at any time the Committee determines that the listing, registration or
qualification of any Shares subject to an Award upon any securities exchange or under any governmental regulatory body is necessary
or desirable as a condition of, or in connection with, the issuance or purchase of Shares hereunder, no Shares may be issued or
sold to the Grantee or any other individual exercising an Option pursuant to such Award unless such listing, registration, qualification,
consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused
thereby shall in no way affect the date of termination of the Award. Specifically, in connection with the Securities Act, upon
the exercise of any Option or the delivery of any Shares underlying an Award, unless a registration statement under such Act is
in effect with respect to the Shares covered by such Award, the Company shall not be required to sell or issue such Shares unless
the Committee has received evidence satisfactory to it that the Grantee or any other individual exercising an Option may acquire
such Shares pursuant to an exemption from registration under the Securities Act. The Company may, but shall in no event be obligated
to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative
action in order to cause the exercise of an Option or the issuance of Shares pursuant to the Plan to comply with any law or regulation
of any governmental authority. As to any jurisdiction that expressly imposes the requirement that an Option shall not be exercisable
until the Shares covered by such Option are registered or are exempt from registration, the exercise of such Option (under circumstances
in which the laws of such jurisdiction apply) shall be deemed conditioned upon the effectiveness of such registration or the availability
of such an exemption.


 


14.2. Section 25102(o) of the California
Corporations Code.


 


The Plan is intended to comply with Section
25102(o) of the California Corporations Code. In that regard, to the extent required by Section 25102(o), (i) the terms of any
Options or SARs, to the extent vested and exercisable upon a Grantee’s Separation from Service, shall include any minimum
exercise periods following Separation from Service specified by Section 25102(o), and (ii) any repurchase right of the Company
with respect to Shares issued under the Plan shall include a minimum 90-day notice requirement. Any provision of the Plan that
is inconsistent with Section 25102(o) shall, without further act or amendment by the Company, be reformed to comply with the requirements
of Section 25102(o).


 


14.3. Rule 16b-3


 


During any time when the Company has a class
of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards and the exercise
of Options granted hereunder will qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any
provision of the Plan or action by the Board or Committee does not comply with the requirements of Rule 16b-3, it shall be deemed
inoperative to the extent permitted by law and deemed advisable by the Committee, and shall not affect the validity of the Plan.
In the event that Rule 16b-3 is revised or replaced, the Committee may modify the Plan in any respect necessary to satisfy the
requirements of, or to take advantage of any features of, the revised exemption or its replacement.


 






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		15.	EFFECT OF CHANGES IN CAPITALIZATION



 


15.1. Adjustments for Changes in Capital
Structure


 


Subject to any required action by the Stockholders,
in the event of any change in the Shares effected without receipt of consideration by the Company, whether through merger, consolidation,
reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up,
split-off, spin-off, combination of shares, exchange of shares or similar change in the capital structure of the Company, or in
the event of payment of a dividend or distribution to the Stockholders in a form other than Shares (excepting normal cash dividends)
that has a material effect on the Fair Market Value of Shares, appropriate and proportionate adjustments shall be made in the number
and class of shares subject to the Plan and to any outstanding Awards, and in the Option Price, SAR Exercise Price or Purchase
Price per Share of any outstanding Awards in order to prevent dilution or enlargement of Grantees’ rights under the Plan.
For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected
without receipt of consideration by the Company.” If a majority of the shares which are of the same class as the shares that
are subject to outstanding Awards are exchanged for, converted into, or otherwise become (whether or not pursuant to a Change in
Control) shares of another corporation (the “New Shares”), the Committee may unilaterally amend the outstanding
Awards to provide that such Awards are for New Shares. In the event of any such amendment, the number of Shares subject to, and
the Option Price, SAR Exercise Price or Purchase Price per Share of, the outstanding Awards shall be adjusted in a fair and equitable
manner as determined by the Committee. Any fractional share resulting from an adjustment pursuant to this Section 15.1 shall
be rounded down to the nearest whole number and the Option Price, SAR Exercise Price or Purchase Price per share shall be rounded
up to the nearest whole cent. In no event may the exercise price of any Award be decreased to an amount less than the par value,
if any, of the stock subject to the Award. The Committee may also make such adjustments in the terms of any Award to reflect, or
related to, such changes in the capital structure of the Company or distributions as it deems appropriate. Adjustments determined
by the Committee pursuant to this Section 15.1 shall be made in accordance with Section 409A to the extent applicable.


 


15.2. Change in Control


 


15.2.1. Consequences of a Change in Control


 


Subject to the requirements and limitations
of Section 409A if applicable, the Committee may provide for any one or more of the following in connection with a Change
in Control:


 


(i)           Accelerated Vesting. The Committee
may provide in any Award Agreement or, in the event of a Change in Control, may take such actions as it deems appropriate to provide
for the acceleration of the exercisability, vesting and/or settlement in connection with such Change in Control of each or any
outstanding Award or portion thereof and shares acquired pursuant thereto upon such conditions, including termination of the Grantee’s
Service prior to, upon, or following such Change in Control, to such extent as the Committee shall determine.


 


(ii)          Assumption, Continuation or Substitution.
In the event of a Change in Control, the surviving, continuing, successor or purchasing corporation or other business entity or
parent thereof, as the case may be (the “Acquiror”), may, without the consent of any Grantee, either assume
or continue the Company’s rights and obligations under each or any Award or portion thereof outstanding immediately prior
to the Change in Control or substitute for each or any such outstanding Award or portion thereof a substantially equivalent award
with respect to the Acquiror’s stock, as applicable. For purposes of this Section 15.2, if so determined by the Committee,
an Award denominated in Shares shall be deemed assumed if, following the Change in Control, the Award confers the right to receive,
subject to the terms and conditions of the Plan and the applicable Award Agreement, for each Share subject to the Award immediately
prior to the Change in Control, the consideration (whether stock, cash, other securities or property or a combination thereof)
to which a holder of a Share on the effective date of the Change in Control was entitled; provided, however, that
if such consideration is not solely common stock of the Acquiror, the Committee may, with the consent of the Acquiror, provide
for the consideration to be received upon the exercise or settlement of the Award, for each Share subject to the Award, to consist
solely of common stock of the Acquiror equal in Fair Market Value to the per share consideration received by Stockholders pursuant
to the Change in Control. If any portion of such consideration may be received by Stockholders pursuant to the Change in Control
on a contingent or delayed basis, the Committee may determine such Fair Market Value as of the time of the Change in Control on
the basis of the Committee’s good faith estimate of the present value of the probable future payment of such consideration.
Any Award or portion thereof which is neither assumed or continued by the Acquiror in connection with the Change in Control nor
exercised or settled as of the time of consummation of the Change in Control shall terminate and cease to be outstanding effective
as of the time of consummation of the Change in Control.


 






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(iii)         Cash-Out of Awards. The Committee
may, in its discretion and without the consent of any Grantee, determine that, upon the occurrence of a Change in Control, each
or any Award or a portion thereof outstanding immediately prior to the Change in Control and not previously exercised or settled
shall be canceled in exchange for a payment with respect to each vested Share (and each unvested Share, if so determined by the
Committee) subject to such canceled Award in (i) cash, (ii) stock of the Company or of a corporation or other business
entity a party to the Change in Control or (iii) other property which, in any such case, shall be in an amount having a Fair
Market Value equal to the Fair Market Value of the consideration to be paid per Share in the Change in Control, reduced by the
exercise or purchase price per share, if any, under such Award. If any portion of such consideration may be received by Stockholders
pursuant to the Change in Control on a contingent or delayed basis, the Committee may determine such Fair Market Value as of the
time of the Change in Control on the basis of the Committee’s good faith estimate of the present value of the probable future
payment of such consideration. In the event such determination is made by the Committee, the amount of such payment (reduced by
applicable withholding taxes, if any) shall be paid to Grantees in respect of the vested portions of their canceled Awards as soon
as practicable following the date of the Change in Control and in respect of the unvested portions of their canceled Awards in
accordance with the vesting schedules applicable to such Awards. For avoidance of doubt, if the amount determined pursuant to this
Section 15.2 for an Option or SAR is zero or less, the affected Option or SAR may be cancelled without any payment therefore.


 


15.2.2. Change in Control Defined


 


Unless otherwise provided in the applicable
Award Agreement, a “Change in Control” means the consummation of any of the following events:


 


		(i)	The acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act), other than the Company or any subsidiary, affiliate (within the meaning of Rule
144 promulgated under the Securities Act) or employee benefit plan of the Company, of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors (the “Voting Securities”);
or



 


		(ii)	A reorganization, merger, consolidation or recapitalization of the Company (a “Business Combination”), other
than a Business Combination in which more than 50% of the combined voting power of the outstanding voting securities of the surviving
or resulting entity immediately following the Business Combination is held by the Persons who, immediately prior to the Business
Combination, were the holders of the Voting Securities; or



 


		(iii)	A complete liquidation or dissolution of the Company, or a sale of all or substantially all of the assets of the Company; or



 






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		(iv)	During any period of 24 consecutive months, the Incumbent Directors cease to constitute a majority of the Board; “Incumbent
Directors” means individuals who were members of the Board at the beginning of such period or individuals whose election
or nomination for election to the Board by the Stockholders was approved by a vote of at least a majority of the then Incumbent
Directors (but excluding any individual whose initial election or nomination is in connection with an actual or threatened proxy
contest relating to the election of directors).



 


Notwithstanding the foregoing, if it is determined
that an Award is subject to the requirements of Section 409A and payable upon a Change in Control, the Company will not be
deemed to have undergone a Change in Control for purposes of the Plan unless the Company is deemed to have undergone a “change
in control event” pursuant to the definition of such term in Section 409A.


 


15.3. Adjustments


 


Adjustments under this Section 15
related to Shares or securities of the Company shall be made by the Committee. No fractional Shares or other securities shall be
issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by
rounding downward to the nearest whole Share.


 


		16.	No Limitations on Company



 


The making of Awards shall not affect or
limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital
or business structure or to merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or
assets.


 


		17.	TERMS APPLICABLE GENERALLY TO AWARDS



 


17.1. Disclaimer of Rights


 


No provision in the Plan or in any Award
Agreement shall be construed to confer upon any individual the right to remain in the employ or service of the Company or any Affiliate,
or to interfere in any way with any contractual or other right or authority of the Company or any Affiliate either to increase
or decrease the compensation or other payments to any individual at any time, or to terminate any employment or other relationship
between any individual and the Company or any Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary,
unless otherwise provided in the applicable Award Agreement, no Award shall be affected by any change of duties or position of
the Grantee, so long as such Grantee continues to be a Service Provider. The obligation of the Company to pay any benefits pursuant
to the Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and under
the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to transfer any amounts to a third
party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms and conditions
of the Plan.


 


17.2. Nonexclusivity of the Plan


 


Neither the adoption of the Plan nor the
submission of the Plan to the Stockholders for approval shall be construed as creating any limitations upon the right and authority
of the Board or its delegate to adopt such other compensation arrangements as the Board or its delegate determines desirable.


 


17.3. Withholding Taxes


 


The Company or an Affiliate, as the case
may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state or local taxes of
any kind required by law to be withheld (i) with respect to the vesting of or other lapse of restrictions applicable to an
Award, (ii) upon the issuance of any Shares upon the exercise of an Option or SAR or (iii) otherwise due in connection
with an Award. At the time of such vesting, lapse or exercise, the Grantee shall pay to the Company or the Affiliate, as the case
may be, any amount that the Company or the Affiliate may reasonably determine to be necessary to satisfy such withholding obligation.
Subject to the prior approval of the Committee, the Grantee may elect to satisfy such obligations, or the Company may require such
obligations to be satisfied, in whole or in part, (i) by causing the Company or the Affiliate to withhold the minimum required
number of Shares otherwise issuable to the Grantee as may be necessary to satisfy such withholding obligation or (ii) by delivering
to the Company or the Affiliate Shares already owned by the Grantee. The Shares so delivered or withheld shall have an aggregate
Fair Market Value equal to such withholding obligations. The Fair Market Value used to satisfy such withholding obligation shall
be determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. A Grantee
who has made an election pursuant to this Section 17.3 may satisfy his or her withholding obligation only with Shares
that are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.


 






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17.4. Other Provisions


 


Each Award Agreement may contain such other
terms and conditions not inconsistent with the Plan as may be determined by the Committee. In the event of any conflict between
the terms and conditions of an employment agreement and the Plan, the terms and conditions of the employment agreement shall govern.


 


17.5. Severability


 


If any provision of the Plan or any Award
Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions
hereof and thereof shall be severable and enforceable in accordance with their terms and conditions, and all provisions shall remain
enforceable in any other jurisdiction.


 


17.6. Governing Law


 


The Plan shall be governed by and construed
in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law, and applicable
Federal law.


 


17.7. Section 409A


 


The Plan is intended to comply with Section 409A
to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered
to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period”
as defined in Section 409A shall not be treated as deferred compensation unless applicable laws require otherwise. Notwithstanding
anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six-month
period immediately following the Grantee’s Separation from Service shall instead be paid on the first payroll date after
the six-month anniversary of the Grantee’s Separation from Service (or the Grantee’s death, if earlier). Notwithstanding
the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of
any excise tax or penalty on any Grantee under Section 409A and neither the Company nor the Committee shall have any liability
to any Grantee for such tax or penalty.


 


17.8. Separation from Service


 


The Committee shall determine the effect
of a Separation from Service upon Awards, and such effect shall be set forth in the applicable Award Agreement. Without limiting
the foregoing, the Committee may provide in the Award Agreements at the time of grant, or any time thereafter with the consent
of the Grantee, the actions that will be taken upon the occurrence of a Separation from Service, including accelerated vesting
or termination, depending upon the circumstances surrounding the Separation from Service.


 






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17.9. Transferability of Awards


 


17.9.1. Transfers in General


 


Except as provided in Section 17.9.2,
no Award shall be assignable or transferable by the Grantee, other than by will or the laws of descent and distribution, and, during
the lifetime of the Grantee, only the Grantee personally (or the Grantee’s personal representative) may exercise rights under
the Plan.


 


17.9.2. Family Transfers


 


If authorized in the applicable Award Agreement,
a Grantee may transfer, not for value, all or part of an Award to any Family Member. For the purpose of this Section 17.9.2,
a “not for value” transfer is a transfer that is (i) a gift, (ii) a transfer under a domestic relations order
in settlement of marital property rights or (iii) a transfer to an entity in which more than 50% of the voting interests are
owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 17.9.2,
any such Award shall continue to be subject to the same terms and conditions as
were applicable immediately prior to transfer. Subsequent transfers of transferred Awards are prohibited except to Family Members
of the original Grantee in accordance with this Section 17.9.2 or by will or the laws of descent and distribution.


 


17.10. Dividends and Dividend Equivalent
Rights


 


If specified in the Award Agreement, the
recipient of an Award may be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents with respect
to the Common Stock or other securities covered by an Award. The terms and conditions of a dividend equivalent right may be set
forth in the Award Agreement. Dividend equivalents credited to a Grantee may be paid currently or may be deemed to be reinvested
in additional Shares or other securities of the Company at a price per unit equal to the Fair Market Value on the date that such
dividend was paid to Stockholders, as determined by the Committee. Notwithstanding the foregoing, in no event will dividends or
dividend equivalents on any Award that is subject to the achievement of performance criteria be payable before the Award has become
earned and payable.


 


17.11. Plan Construction


 


In the Plan, unless otherwise stated, the
following uses apply: (i) references to a statute or law refer to the statute or law and any amendments and any successor
statutes or laws, and to all valid and binding governmental regulations, court decisions and other regulatory and judicial authority
issued or rendered thereunder, as amended, or their successors, as in effect at the relevant time; (ii) in computing periods
from a specified date to a later specified date, the words “from” and “commencing on” (and the like) mean
“from and including,” and the words “to,” “until” and “ending on” (and the like)
mean “to and including”; (iii) indications of time of day shall be based upon the time applicable to the location
of the principal headquarters of the Company; (iv) the words “include,” “includes” and “including”
(and the like) mean “include, without limitation,” “includes, without limitation” and “including,
without limitation” (and the like), respectively; (v) all references to articles and sections are to articles and sections
in the Plan; (vi) all words used shall be construed to be of such gender or number as the circumstances and context require;
(vii) the captions and headings of articles and sections have been inserted solely for convenience of reference and shall
not be considered a part of the Plan, nor shall any of them affect the meaning or interpretation of the Plan or any of its provisions;
(viii) any reference to an agreement, plan, policy, form, document or set of documents, and the rights and obligations of
the parties under any such agreement, plan, policy, form, document or set of documents, shall mean such agreement, plan, policy,
form, document or set of documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions
or replacements thereof; and (ix) all accounting terms not specifically defined shall be construed in accordance with generally
accepted accounting principles.


 


The Plan was originally approved by the
Board and the Stockholders on March 6, 2014. This amended and restated version of the Plan was approved by the Board on April 1,
2016 and by the Stockholders on May 19, 2016.


 



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