Exhibit 10.1


 


Citigroup 2014 Stock Incentive Plan


(as amended and restated as of April 24, 2018)
 




 


		1.	Purpose



 


The purposes of the Citigroup 2014 Stock
Incentive Plan (the “Plan”) are to (i) align incentive compensation programs with the Company’s long-term business
objectives and the interests of stockholders; (ii) attract and retain Employees by providing compensation opportunities that are
competitive within the global financial services industry; and (iii) provide compensation opportunities that do not create incentives
to take imprudent risks.


 


		2.	Effective Date and Term



 


The Plan became effective on April 22,
2014 (the “Effective Date”). Unless terminated earlier by the Committee, the Plan will expire on the date of the annual
general meeting of stockholders to be held in 2019. The Plan replaces the Prior Plan for Awards granted on or after the Effective
Date. Awards may not be granted under the Prior Plan beginning on the Effective Date, but the adoption and effectiveness of the
Plan will not affect the terms or conditions of any outstanding awards granted under the Prior Plan or any other plan prior to
the Effective Date.


 


		3.	Definitions



 


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


 


“Award
Agreement” shall mean the paper or electronic document evidencing an Award granted under the Plan.


 


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


 


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


 


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


 


“Committee”
shall mean the Personnel and Compensation Committee of the Board, or a sub-committee thereof, the members of which shall satisfy
the requirements of Rule 16b-3 of the 1934 Act and who, or another sub-committee thereof, shall also qualify, and remain qualified,
as “outside directors,” as defined in Section 162(m) of the Code; provided, however, that with respect to the application
of the Plan to Directors, unless specifically provided otherwise herein, the Board. Unless expressly provided otherwise herein
or not permitted by applicable law, “Committee” includes any authorized delegate of the Committee, including each
Plan Administrator. For avoidance of doubt, a failure of one or more members of the Committee to satisfy the requirements of Rule
16b-3 of the 1934 Act or Section 162(m) of the Code shall not impair the validity of actions taken by the Committee, including
the granting of any Award.


 


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


 


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


 


“Covered
Employee” shall mean “covered employee” as such term is defined in Section 162(m)(3) of the Code.


 


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


 


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


 


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


 



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


 


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


 


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


 


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


 


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


 


“Performance
Condition” shall mean any condition to the vesting of an Award based on the performance of the Company (including one
or more of its Subsidiaries), the performance of any branch, business unit of the Company (or of any Subsidiary), or the performance
of an individual Participant (other than remaining employed by the Company or a Subsidiary), whether based on absolute or relative
performance measures, and whether or not the Award is intended to be a Qualified Performance-Based Award.


 


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


 


“Prior
Plan” shall mean the Citigroup 2009 Stock Incentive Plan.


 


“Qualified
Performance-Based Award” shall mean any Award (other than an Option or SAR that otherwise qualifies as performance-based
compensation under Section 162(m) of the Code) designated as such by the Committee at the time of grant, based upon a determination
that (a) the Participant is or may be a Covered Employee in the year in which the Company would expect to be able to claim a tax
deduction with respect to such Award, and (b) the Committee intends for the Award to satisfy the requirements of Section 162(m)
of the Code.


 


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


 


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


 


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


 



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


 


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


 


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


 


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


 


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


 


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


 


		4.	The Committee



 


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



 


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



 


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



 


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



 



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



 


		5.	Participation



 


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



 


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



 


		(c)	Participation Outside of the United States. In
order to facilitate the granting of Awards to Employees who are foreign nationals or who are employed outside of the U.S., the
Committee may provide for such special terms and conditions, including, without limitation, substitutes for Awards, as the Committee
may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom.



 


		(d)	Maximum Individual Awards



 


		(i)	Limits on Awards to Directors. Awards under the
Plan in any calendar year to a Director in respect of service as a Director (including Awards made at the election of a Director
in lieu of all or any portion of his or her cash retainers) may not exceed $900,000 in value, based on the combined grant-date
fair value of each Stock Award and the grant-date fair value (in each case as determined in accordance with GAAP) of each Option
or SAR that is granted during a calendar year.



 


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



 


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



 


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



 






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		6.	Available Shares of Common Stock



 


		(a)	Shares Subject to the Plan. Common Stock issued
pursuant to Awards granted under the Plan may be shares that have been authorized but unissued, or have been previously issued
and reacquired by the Company, or both. Reacquired shares may consist of shares purchased in open market transactions or otherwise.
Pursuant to and subject to the other provisions of this Section 6, the aggregate number of shares of Common Stock that may be
issued pursuant to Awards granted under the Plan shall not exceed the sum of (i) fifty-two million (52,000,000) shares; and (ii)
any additional number of shares that may be authorized for issuance pursuant to any amendments to the Plan approved by stockholders
of the Company after the Effective Date. Effective April 28, 2015, pursuant to an amendment to the Plan approved by the stockholders
of the Company, an additional twenty million (20,000,000) shares of Common Stock were authorized for issuance to Participants
pursuant to Awards granted under the Plan. Effective April 26, 2016, pursuant to an amendment to the Plan approved by the stockholders
of the Company, an additional twenty million (20,000,000) shares of Common Stock were authorized for issuance to Participants
pursuant to Awards granted under the Plan. Effective April 24, 2018, pursuant to an amendment to the Plan approved by the stockholders
of the Company, an additional fifteen million (15,000,000) shares of Common Stock were authorized for issuance to Participants
pursuant to Awards granted under the Plan.



 


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



 


		(c)	Other Items not Included in Allocation. The maximum
number of shares that may be issued under the Plan as set forth in Section 6(a) shall not be affected by (i) the payment in cash
of dividends or dividend equivalents in connection with outstanding Awards; or (ii) the grant of Substitute Awards. Any shares
purchased by or on behalf of Participants in a dividend reinvestment program established under the Plan shall not count against
the maximum number of shares that may be issued under the Plan as set forth in Section 6(a), provided that such shares are purchased
in open-market transactions or are treasury shares purchased directly from the Company at Fair Market Value at the time of purchase.
Unless the Committee determines otherwise, Section 16(a) Officers may not participate in dividend reinvestment programs established
under the Plan.



 


		(d)	Adjustments. In the event of any change in the
Company’s capital structure, including but not limited to a change in the number of shares of Common Stock outstanding,
on account of (i) any stock dividend, stock split, reverse stock split, or any similar equity restructuring; or (ii) any combination
or exchange of equity securities, merger, consolidation, recapitalization, reorganization, or divesture or any other similar event
affecting the Company’s capital structure, to reflect such change in the Company’s capital structure, the Committee
shall make appropriate equitable adjustments to (i) the maximum number of shares of Common Stock that may be issued under the
Plan as set forth in Section 6(a); and (ii) to the extent permitted under Section 162(m) of the Code, the maximum number of shares
that may be granted to any single individual pursuant to the limits set forth in Section 5(d). In the event of any extraordinary
dividend, divestiture, or other distribution (other than ordinary cash dividends) of assets to stockholders, or any transaction
or event described above, to the extent necessary to prevent the enlargement or diminution of the rights of Participants, the
Committee shall make appropriate equitable adjustments to the number or kind of shares subject to an outstanding Award, the exercise
price applicable to an outstanding Award, and/or a Performance Condition. Any adjustments under this Section 6(d) shall be made
in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the 1934 Act or qualification under
Section 162(m) of the Code, to the extent each may be applicable. The Company shall give each Participant notice of an adjustment
to an Award hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. Notwithstanding the
foregoing, the Committee shall decline to adjust any Award made to a Participant if such adjustment would violate applicable law.



 



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		7.	Awards Under the Plan



 


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


 


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



 


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



 


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



 


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



 


		(c)	Stock Awards



 


		(i)	Stock Payment. Subject to the terms of the Plan,
the Committee may grant vested shares of Common Stock as a Stock Payment. A Stock Payment may be in lieu of cash compensation,
but may be subject to restrictions on sale or transfer, or cancellation and recoupment, as determined by the Committee. A Stock
Payment under the Plan may be granted as, or in payment of, a bonus including without limitation any compensation that is intended
to qualify as performance-based compensation for purposes of Section 162(m) of the Code, determined pursuant to any other plan.
Any shares of Common Stock granted as a Stock Payment in lieu of cash compensation shall be valued at their Fair Market Value.



 


		(ii)	Restricted Stock. Unvested shares of Common Stock
issued pursuant to a Restricted Stock Award shall be entitled to voting rights as provided in Section 9, unless determined otherwise
by the Committee. Upon satisfaction of all conditions to vesting and any tax withholding obligations, and upon the lapse of any
post-vesting restrictions on sale or transfer, shares of Common Stock subject to a Restricted Stock Award shall be delivered to
a Participant free of restriction. A Restricted Stock Award may, but need not, be a Qualified Performance-Based Award.



 


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



 



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



 


		(d)	Minimum Vesting. Awards shall not vest in full
prior to the third anniversary of their grant date; provided, however, that the Committee may grant Awards that vest in full in
less than three years (i) on account of a Participant’s retirement, death, disability, leave of absence, termination of
employment, or upon the sale or other disposition of a Participant’s employer or any other similar event, as specified in
the Award Agreement; (ii) upon satisfaction of a Performance Condition subject to a performance period of at least one year; or
(iii) as a Substitute Award in replacement of an award scheduled to vest in full in less than three years from the date of grant
of such Substitute Award. Notwithstanding the foregoing, up to 10% of the shares of Common Stock authorized for issuance under
the Plan pursuant to Section 6(a) (as it may be adjusted pursuant to Section 6(d)) may be granted as Stock Payments or subject
to other Awards that provide for vesting in full in less than three years.



 


		(e)	Performance-Based Awards



 


		(i)	The Committee may grant Awards that are subject to,
or may vest on an accelerated basis upon, the achievement of one or more Performance Conditions related to a period of performance
of not less than one year. A premium-priced Option or SAR that is subject to no other Performance Condition shall be considered
to have a Performance Condition (for purposes of Section 7(d)) only if its exercise price is at least 125% of Fair Market Value
on the grant date. If an Award is designated as a Qualified Performance- Based Award, it shall be administered as set forth in
Section 7(e)(ii).



 


		(ii)	The Committee may at the time of grant of any Award
(other than an Option or SAR that otherwise qualifies under Section 162(m) of the Code) designate such Award as a Qualified Performance-
Based Award. Qualified Performance-Based Awards shall be administered in accordance with the following procedures:



 


		A.	Vesting of the Award or the maximum amount of the Award
eligible to vest shall be determined based on the attainment of written objective Performance Conditions selected by the Committee
in accordance with Section 7(e)(ii)(B) for a performance period established by the Committee while the attainment of the Performance
Conditions for that performance period is substantially uncertain and not more than 90 days after the commencement of the performance
period, which may not be less than one year.



 


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



 



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		C.	Upon the conclusion of each performance period, the
Committee shall determine whether the applicable Performance Conditions established in accordance with Section 7(e)(ii)(A) and
(B) have been met with respect to each Participant, and if so, shall certify in writing that such Performance Conditions have
been met and the amount payable pursuant to each Participant’s Qualified Performance-Based Award. No Qualified Performance-Based
Award will be paid for a performance period until such certification is made by the Committee.



 


		(iii)	Except as otherwise expressly provided, all financial
terms used in defining a Performance Condition shall be as defined under GAAP or such other objective principles (including but
not limited to International Financial Reporting Standards) as may be designated by the Committee, and may provide for such objectively
determinable adjustments, modifications, or amendments as the Committee deems appropriate, including (but not limited to) with
respect to items determined to be extraordinary or unusual in nature or infrequent in occurrence, or that are related to discontinued
operations, the disposal of a business or assets, or a change in accounting principle under GAAP, or that are attributable to
the business operations of any entity acquired by the Company or a Subsidiary during a relevant performance period.



 


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



 


		8.	Dividends and Dividend Equivalents



 


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


 


		9.	Voting



 


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


 




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		10.	Nontransferability



 


Awards granted under the Plan, and during
any period of restriction on transferability, shares of Common Stock issued in connection with the exercise of an Option or a SAR,
or vesting of a Stock Award may not be sold, pledged, hypothecated, assigned, margined, or otherwise transferred by a Participant
in any manner other than by will or the laws of descent and distribution, unless and until the shares underlying such Award have
been issued, and all restrictions applicable to such shares have lapsed or have been waived by the Committee. No Award or interest
or right therein shall be subject to the debts, contracts, or engagements of a Participant or his or her successors in interest
or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment, or any other means whether
such disposition be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment, or any other
legal or equitable proceedings (including bankruptcy and divorce), and any attempted disposition thereof shall be null and void,
of no effect, and not binding on the Company in any way. Notwithstanding the foregoing, the Committee may permit Options and/or
shares issued in connection with an Option or a SAR exercise that are subject to restrictions on transferability, to be transferred
one time and without payment or consideration to a member of a Participant’s immediate family or to a trust or similar vehicle
for the benefit of a Participant’s immediate family members. During the lifetime of a Participant, all rights with respect
to Awards shall be exercisable only by such Participant or, if applicable pursuant to the preceding sentence, a permitted transferee.


 


		11.	Change of Control of the Company



 


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



 


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



 


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



 


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



 


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



 


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



 


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



 


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



 


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



 



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



 


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



 


		12.	Award Agreements



 


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


 


		13.	Tax Withholding



 


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


 




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		14.	Repayment Obligations and Right of Set-Off



 


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



 


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



 


		15.	Other Benefit and Compensation Programs



 


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


 


		16.	Unfunded Plan



 


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


 


		17.	Expenses of the Plan



 


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


 


		18.	Rights as a Stockholder



 


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


 






    	 	11	 



     


    

 


		19.	Future Rights



 


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


 


		20.	Amendment and Termination



 


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


 


		21.	Successors and Assigns



 


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


 


		22.	Governing Law



 


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


 






    	 	12	 



     


    

 


		23.	Tax Compliance



 


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


 


		24.	Severability



 


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


 






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