Exhibit 10.4


 


INTER-AMERICAN MANAGEMENT LLC

SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION


 


1.             Purpose
and Effective Date. Inter-American Management LLC, a Delaware limited liability company (the “Company”)
has adopted this Severance Plan (this “Plan”) to provide for the potential payment of severance benefits
to Eligible Individuals (as defined below) in the event of certain terminations of employment as described herein. The Plan was
approved by the Board of Directors of the Company (the “Board”) to be effective as of July 9, 2020 (the
 “Effective Date”).


 


2.             ERISA
and Tax Compliance. The Plan is intended to be a “severance pay arrangement” within the meaning of Section
3(2)(B)(i) of ERISA that is excepted from the definitions of “employee pension benefit plan” and “pension plan”
set forth under Section 3(2) of ERISA, and is intended to meet the descriptive requirements of a plan constituting a “severance
pay plan” within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations
 §2510.3-2(b). The Plan is not intended to satisfy the qualification requirements of Code Section 401, but is intended to
comply with the requirements of Code Section 409A and the Treasury regulations and guidance issued thereunder. This Plan document
also constitutes a summary plan description with respect to the Plan. This Plan is a welfare program under the Company’s
health and welfare plan.


 


3.             Definitions. For purposes of this Plan, the terms listed below shall have the meanings specified herein:


 


(a)               
“Administrator” means the Board or a committee appointed by the Board to administer this Plan.


 


(b)              
“Affiliate” means any person that directly or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, the Company and any predecessor to any such entity; provided ̧ however,
that a natural person shall not be considered an Affiliate.


 


(c)              
“Base Salary” means the amount an Eligible Individual is entitled to receive as regular hourly
wages (considering regularly scheduled workweeks, and excluding any overtime or premium pay) or base salary on an annualized basis,
calculated as of immediately prior to the Termination Date or, if greater, before giving effect to any reduction not consented
to by the Eligible Individual.


 


(d)              
“Business” shall mean, with respect to an Eligible Individual, the business and operations that
are the same or similar to those performed by the Company and any other member of the Company Group for which such Eligible Individual
provides services or about which such Eligible Individual obtains Confidential Information during such Eligible Individual’s
employment with any member of the Company Group, which business and operations include the acquisition, development, management,
operation, and disposal of licensed healthcare facilities and medical office buildings.


 






    


     


    

 


(e)              
 “Business Opportunity” shall mean, with respect to an Eligible Individual, any commercial, investment
or other business opportunity relating to the Business (as such term is defined in relation to such Eligible Individual).


 


(f)               
“Cause” means one or more of the following events: (i) an Eligible Individual’s material
breach of this Plan or of any other written agreement between such Eligible Individual and one or more members of the Company Group,
including such Eligible Individual’s breach of any material representation, warranty or covenant made under any such agreement;
(ii) an Eligible Individual’s material breach of any policy or code of conduct established by a member of the Company Group
and applicable to such Eligible Individual; (iii) an Eligible Individual’s violation of any law applicable to the workplace
(including any law regarding anti-harassment, anti-discrimination, or anti-retaliation); (iv) an Eligible Individual’s fraud,
theft, dishonesty, gross negligence, willful misconduct, embezzlement, or breach of fiduciary duty related to any member of the
Company Group or the performance of such Eligible Individual’s duties hereunder; (v) the conviction or indictment of an Eligible
Individual for, or plea of guilty or nolo contendere by such Eligible Individual to, any felony (or state law equivalent) or any
crime involving moral turpitude; (vi) an Eligible Individual’s willful failure or refusal, other than due to Disability,
to perform such Eligible Individual’s obligations to the Company or a member of the Company Group or to follow any lawful
directive from the Company or a member of the Company Group, as determined by the Administrator; or (vii) notwithstanding Section
3(f)(i), an Eligible Individual’s violation of any of the covenants set forth in Section 9; provided, however,
that if an Eligible Individual’s actions or omissions as set forth in Section 3(f)(i), Section 3(f)(vi), or
Section 3(f)(vii) are of such a nature that the Administrator determines that they are curable by such Eligible Individual,
such actions or omissions must remain uncured thirty (30) days after the Administrator first provided such Eligible Individual
written notice of the obligation to cure such actions or omissions.


 


(g)              
“Change in Control” means and includes each of the following:


 


(i)                
the acquisition, either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d)
and 14(d)(2) of the Exchange Act of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), of more than
50% of either (A) the then outstanding shares of Common Stock, taking into account as outstanding for this purpose such shares
of Common Stock issuable upon the exercise of options or warrants, the conversion of convertible shares or debt, and the exercise
of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (B) the
combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions
shall not constitute a Change in Control (1) any acquisition by the Company or any of its subsidiaries, (2) any acquisition by
a trustee or other fiduciary holding the Company’s securities under an employee benefit plan sponsored or maintained by the
Company or any of its Affiliates, (3) any acquisition by an underwriter, initial purchaser or placement agent temporarily holding
the Company’s securities pursuant to an offering of such securities or (4) any acquisition by an entity owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the then Outstanding
Company Common Stock.


 






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(ii)               
 the individuals who constitute Incumbent Directors at the beginning of any two (2)-consecutive-year period, together with
any new Incumbent Directors who become members of the Board during such two (2)-year period, cease to be a majority of the Board
at the end of such two (2)-year period.


 


(iii)               the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities
in the transaction (a “Business Combination”), in each case, unless following such Business Combination:


 


(A)            
the individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior
to such Business Combination, beneficially own, directly or indirectly, more than 50% of the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of members of the board of directors (or the analogous
governing body) of the entity resulting from such Business Combination (the “Successor Entity”) (or,
if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities
to elect a majority of the members of the board of directors (or the analogous governing body) of the Successor Entity (the “Parent
Company”));


 


(B)             
 no Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, more than
50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members
of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Successor
Entity); and


 


(C)             
 at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or,
if there is no Parent Company, the Successor Entity) following the consummation of the Business Combination were Incumbent Directors
at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination.


 


(iv)            
 The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries,
taken as a whole, to any Person that is not a subsidiary of the Company.


 


(h)               “Change
in Control Period” means: (i) with respect to Level One Participants, the period beginning on the date that is
six (6) months preceding the date that a Change in Control occurs and ending on the date that is twelve (12) months following
the date that a Change in Control occurs; and (ii) with respect to Level Two Participants, the period beginning on the date
that a Change in Control occurs and ending on the date that is twelve (12) months following the date that a Change in Control
occurs.


 






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(i)                
“CIC Termination” means an Involuntary Termination that occurs during the Change in Control Period.


 


(j)                
“Code” means the Internal Revenue Code of 1986, as amended.


 


(k)              
“Common Stock” means the common stock of the Company, par value $0.001 per share.


 


(l)                “Company
Group” means Global Medical REIT Inc., a Maryland corporation, and its direct and indirect subsidiaries (including
the Company).


 


(m)            
“Confidential Information” means all trade secrets, non-public information, designs, ideas, concepts,
improvements, product developments, discoveries and inventions, whether patentable or not, that are conceived, made, developed
or acquired by or disclosed to an Eligible Individual, individually or in conjunction with others, during the period that he or
she is employed or engaged by the Company or any other member of the Company Group (whether during business hours or otherwise
and whether on the Company’s premises or otherwise) that relate to any member of the Company Group’s businesses or
properties, products or services (including all such information relating to corporate opportunities, operations, future plans,
methods of doing business, business plans, strategies for developing business and market share, research, financial and sales data,
pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or acquisition targets
or their requirements, the identity of key contacts within customers’ organizations or within the organization of acquisition
prospects, or marketing and merchandising techniques, prospective names and marks). For purposes of this Plan, Confidential Information
shall not include any information that (i) is or becomes generally available to the public other than as a result of a disclosure
or wrongful act of such Eligible Individual or any of his or her agents; (ii) was available to such Eligible Individual on a non-confidential
basis before its disclosure by a member of the Company Group; or (iii) becomes available to such Eligible Individual on a non-confidential
basis from a source other than a member of the Company Group; provided, however, that such source is not bound by
a confidentiality agreement with, or other obligation with respect to confidentiality to, a member of the Company Group.


 


(n)              
“Death/Disability Termination” means the termination of an Eligible Individual’s employment
due to death or Disability.


 


(o)              
“Disability” means a determination by the Administrator that an Eligible Individual is unable
to perform the essential functions of the Eligible Individual’s position (after accounting for reasonable accommodation,
if applicable and required by applicable law), due to physical or mental impairment that continues, or can reasonably be expected
to continue, for a period in excess of one hundred-twenty (120) consecutive days or one hundred-eighty (180) days, whether or not
consecutive (or for any longer period as may be required by applicable law), in any twelve (12)-month period.


 






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(p)              
 “Eligible Individual” means an employee of the Company eligible to receive the benefits described
in this Plan, as designated in writing by the Administrator; provided, however, that (i) any individual who has a written
employment or severance agreement with the Company that provides for potential severance benefits (other than any benefits pursuant
to this Plan) shall not be an Eligible Individual under this Plan; and (ii) in order to be an Eligible Individual, such employee
must sign and return to the Company, in the time designated by the Administrator, a Participation Agreement.


 


(q)              
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.


 


(r)               
“Exchange Act” means the Securities Exchange Act of 1934, as amended.


 


(s)               
“Incumbent Directors” means the individuals elected to the Board (either by a vote or by approval
of the proxy statement of the Company in which such person is named as a nominee for director without objection to such nomination)
and whose election or nomination for election to the Board was approved by a vote of at least two-thirds of the directors serving
on the Board at the time of the election or nomination, as applicable, shall be an Incumbent Director. No individual designated
to serve as a director by a person who shall have entered into an agreement with the Company to effect a transaction described
in Section 3(g)(i) or Section 3(g)(iii) and no individual initially elected or nominated as a director of the Company
as a result of an actual or threatened election contest with respect to directors shall be an Incumbent Director.


 


(t)                “Involuntary
Termination” means termination of an Eligible Individual’s employment by the Company other than due to death,
Disability or for Cause.


 


(u)              
“Level One Participant” means an Eligible Individual designated by the Administrator, in writing,
as a Level One Participant, in the notice or other agreement provided to such Eligible Individual in which he or she is designated
as an Eligible Individual.


 


(v)              
“Level Two Participant” means an Eligible Individual designated by the Administrator, in writing,
as a Level Two Participant, in the notice or other agreement provided to such Eligible Individual in which he or she is designated
as an Eligible Individual.


 


(w)               “LTIP”
means the Global Medical REIT Inc. 2016 Equity Incentive Plan, as amended
from time to time, together with any successor equity incentive plans adopted by the Company.


 


(x)               
“Market Area” shall mean: (A) the United States of America; and (B) and any other geographic area
or market where or with respect to which the Company or any other member of the Company Group conducts or has specific plans to
conduct the Business on or at any time during the twelve (12) month period prior to the Termination Date.


 


(y)              
 “Participation Agreement” means the participation agreement delivered to an Eligible Individual
by the Administrator prior to his or her becoming a participant in this Plan evidencing such Eligible Individual’s agreement
to participate in this Plan and to comply with the terms, conditions and restrictions within the Plan.


 






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(z)               
 “Person” means any firm, corporation, partnership, or other entity and also includes any individual,
firm corporation, partnership, or other entity as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. Notwithstanding
the preceding sentence, the term “Person” does not include (i) the Company or any of its subsidiaries, (ii) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) any underwriter
temporarily holding securities pursuant to an offering of such securities or (iv) any corporation owned, directly or indirectly,
by the shareholders of the Company in substantially the same proportions as their ownership of the Common Stock.


 


(aa)             
“Prohibited Period” shall mean:


 


(A)            
with respect to Level One Participants, the period during which the Eligible Individual is employed by any member of the
Company Group and continuing for a period of twelve (12) months following the date that the Eligible Individual is no longer employed
by any member of the Company Group; and


 


(B)             
with respect to Level Two Participants, the period during which the Eligible Individual is employed by any member of the
Company Group and continuing for a period of six (6) months following the date that the Eligible Individual is no longer employed
by any member of the Company Group.


 


(bb)            
 “Pro-Rata Bonus” means an amount equal to the annual cash-based performance bonus that an Eligible
Individual would have actually been entitled to receive based on actual performance for the calendar year in which the Termination
Date occurs, multiplied by a fraction, the numerator of which is the number of days the Eligible Individual was employed by the
Company in such calendar year, and the denominator of which is the total number of days during such calendar year.


 


(cc)             
“Target Bonus” means the target annual cash-based performance bonus (as determined by the Company
in its discretion with respect to each calendar year and communicated in writing to the Eligible Individual) that an Eligible Individual
would have been eligible to receive for the calendar year in which the Termination Date occurs.


 


(dd)            
“Termination Date” means the date that an Eligible Individual has a “separation from service”
as defined under Code Section 409A and applicable guidance thereunder.


 


4.             Eligibility; Plan Benefits. The Eligible Individuals designated by the Administrator are eligible to receive
the benefits described below:


 


(a)              
Death/Disability Termination. In the event of a Death/Disability Termination, the Eligible Individual (or the Eligible
Individual’s estate) shall, subject to compliance with Sections 5 and 9, be entitled to receive the following
benefits:


 


(i)                 in
the case of a Level One Participant only, a Pro-Rata Bonus for the calendar year in which the Termination Date occurs,
payable as soon as administratively feasible following preparation of the Company’s unaudited financial statements for
such calendar year provided that such payment date is not less than sixty (60) days following the Termination Date,
but in no event later than March 15 of the calendar year following the calendar year to which such Pro-Rata Bonus
relates;


 






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(ii)               
in the case of a Level One Participant only, payment of the COBRA Subsidy in accordance with Section 4(d) for a period
of twelve (12) months following the Termination Date;


 


(iii)             
all unvested equity-based awards granted under the LTIP that are held by the Eligible Individual as of immediately prior
to the Termination Date shall, effective as of the date that is sixty (60) days following the Termination Date, be eligible to
vest in accordance with the terms and conditions provided in the applicable award agreements governing such awards.


 


(b)              
Involuntary Termination. In the event of an Involuntary Termination, the Eligible Individual shall, subject to compliance
with Sections 5 and 9, be entitled to receive the following benefits:


 


(i)                
A payment (a “Severance Payment”) in an amount equal to:


 


(A)            
in the case of a Level One Participant, twelve (12) months of Base Salary; or


 


(B)            
in the case of a Level Two Participant, one month of Base Salary for each full year of service recognized by the Company
through the Termination Date, up to a maximum of six (6) months of Base Salary.


 


(ii)               
Payment of a COBRA Subsidy in accordance with Section 4(d) for a period of:


 


(A)             
in the case of a Level One Participant, twelve (12) months following the Termination Date; or


 


(B)             
in the case of a Level Two Participant, a number of months following the Termination Date (up to a maximum of six (6) months)
equal to the number of months of Base Salary payable pursuant to Section 4(b)(i)(B).


 


(iii)              
all unvested equity-based awards granted under the LTIP that are held by the Eligible Individual as of immediately prior
to the Termination Date shall, effective as of the date that is sixty (60) days following the Termination Date, be eligible to
vest in accordance with the terms and conditions provided in the applicable award agreements governing such awards.


 


(c)              
CIC Termination. In the event of a CIC Termination, the Eligible Individual shall, subject to compliance with Sections
5 and 9, be entitled to receive the following benefits (which are in lieu of the benefits described in Section 4(b)):


 






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(i)                
 A payment (a “CIC Severance Payment”) in an amount (subject to Section 4(e)(iii)) equal
to:


 


(A)            
in the case of a Level One Participant, two times the sum of (x) twelve (12) months of Base Salary plus (y) the Target Bonus;
or


 


(B)             
in the case of a Level Two Participant, two (2) months of Base Salary for each full year of service recognized by the Company
through the Termination Date, up to a maximum of twelve (12) months of Base Salary.


 


(ii)               
Payment of a COBRA Subsidy in accordance with Section 4(d) for a period of:


 


(A)             
in the case of a Level One Participant, eighteen (18) months following the Termination Date; or


 


(B)             
in the case of a Level Two Participant, a number of months following the Termination Date (up to a maximum of twelve (12)
months) equal to the number of months of Base Salary payable pursuant to Section 4(c)(i)(B).


 


(iii)             
all unvested equity-based awards subject to time-based vesting granted under the LTIP that are held by the Eligible Individual
as of immediately prior to the Termination Date shall, effective as of the date that is sixty (60) days following the Termination
Date, immediately vest in full and be eligible for settlement in accordance with the terms and conditions provided in the applicable
award agreements governing such awards.


 


(iv)             
all unvested equity-based awards subject to performance-based vesting granted under the LTIP that are held by the Eligible
Individual as of immediately prior to the Termination Date shall, effective as of the date that is sixty (60) days following the
Termination Date, be eligible to vest in accordance with the terms and conditions provided in the applicable award agreements governing
such awards.


 






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(d)               COBRA
Reimbursement. If the Company’s group health plans are subject to the continuation coverage requirements under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and an Eligible Individual elects
to continue coverage for such Eligible Individual and such Eligible Individual’s spouse and eligible dependents, if
any, under COBRA and such Eligible Individual satisfies the conditions to receive COBRA Subsidy pursuant to Section
4(a)(ii), Section 4(b)(ii) or Section 4(c)(ii), the Company shall promptly reimburse such Eligible
Individual on a monthly basis for the difference between the amount such Eligible Individual pays to effect and continue such
coverage and the employee contribution amount that similarly situated employees of the Company pay for the same or similar
coverage under such group health plans (the “COBRA Subsidy”). Each payment of the COBRA Subsidy
shall be paid to such Eligible Individual on the Company’s first regularly scheduled pay date in the calendar month
immediately following the calendar month in which such Eligible Individual submits to the Company documentation of the
applicable premium payment having been paid by such Eligible Individual, which documentation shall be submitted by such
Eligible Individual to the Company within thirty (30) days following the date on which the applicable premium payment is
paid. Such Eligible Individual shall be eligible to receive such reimbursement payments until the earliest of: (1) the end of
the applicable time period specified in Section 4(a)(ii), Section 4(b)(ii) or Section 4(c)(ii) (the
 “COBRA Expiration Date”); (2) the date such Eligible Individual is no longer eligible to receive
COBRA continuation coverage; and (3) the date on which such Eligible Individual becomes eligible to receive coverage under a
group health plan sponsored by another employer (and any such eligibility shall be promptly reported to the Company by such
Eligible Individual); provided, however, that the election of COBRA continuation coverage and the payment of any
premiums due with respect to such COBRA continuation coverage shall remain such Eligible Individual’s sole
responsibility, and the Company shall not assume any obligation for payment of any such premiums relating to such COBRA
continuation coverage. Notwithstanding the foregoing, if the Company’s group health plans are subject to the
continuation coverage requirements under COBRA and the provision of the benefits described in this Section 4(d) cannot
be provided in the manner described above without penalty, tax or other adverse impact on the Company or any other member of
the Company Group, then the Company and such Eligible Individual shall negotiate in good faith to determine an alternative
manner in which the Company may provide substantially equivalent benefits to such Eligible Individual without such adverse
impact on the Company or such other member of the Company Group. Further notwithstanding the foregoing, if the
Company’s group health plans are not subject to the continuation coverage requirements under COBRA but an Eligible
Individual satisfies the conditions to receive COBRA Subsidy pursuant to Section 4(c)(ii), then the Company shall pay
such Eligible Individual an amount, less applicable taxes, deductions and withholdings, equal to the COBRA Subsidy that would
have been paid to such Eligible Individual if the Company’s group health plans were subject to the continuation
coverage requirements under COBRA (the “Replacement Payment”). Each Replacement Payment shall be
paid to such Eligible Individual on the Company’s first regularly scheduled pay date in the calendar month immediately
following the Termination Date. Such Eligible Individual shall be eligible to receive such Replacement Payment until the
earliest of (x) the end of the applicable time period specified in Section 4(c)(ii) or (y) the date on which such
Eligible Individual becomes eligible to receive coverage under a group health plan sponsored by another employer (and any
such eligibility shall be promptly reported to the Company by such Eligible Individual).


 


(e)               
Payment of Severance Payment or CIC Severance Payment.


 


(i)                 With
respect to any Eligible Individual who is a Level One Participant, any Severance Payment will be divided into substantially equal
installments paid over the twelve (12)-month period beginning on the Company’s first regularly scheduled pay date that is
on or after the date that is sixty (60) days after the Termination Date; provided, however, that to the extent,
if any, that the aggregate amount of the installments of the Severance Payment that would otherwise be paid pursuant to the preceding
provisions of this Section 4(e)(i) after March 15 of the calendar year following the calendar year in which the Termination
Date occurs (the “Applicable March 15”) exceeds the maximum exemption amount under Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to the Eligible Individual in a lump sum on the Applicable March
15 (or the first business day preceding the Applicable March 15 if the Applicable March 15 is not a business day) and the installments
of the Severance Payment payable after the Applicable March 15 shall be reduced by such excess (beginning with the installment
first payable after the Applicable March 15 and continuing with the next succeeding installment until the aggregate reduction
equals such excess).


 






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(ii)               
With respect to any Eligible Individual who is a Level Two Participant, any Severance Payment will paid in a lump sum on
the Company’s first regularly scheduled pay date that is on or after the date that is sixty (60) days after the Termination
Date.


 


(iii)             
With respect to all Eligible Individuals, any CIC Severance Payment will paid in a lump sum on the Company’s first
regularly scheduled pay date that is on or after the date that is sixty (60) days after the later to occur of the Termination Date
and the date of the Change in Control; provided, however, that with respect to any Eligible Individual who is a Level
One Participant and whose Termination Date occurred during the six (6)-month period preceding the date that a Change in Control
occurs, the CIC Severance Payment shall be reduced by an amount equal to any installments of a Severance Payment that such Eligible
Individual has received prior to the date on with the CIC Severance Payment is paid and, for the avoidance of doubt, such Individual
shall not be eligible to receive any further installments of the Severance Payment following the payment of a CIC Severance Payment.


 


(f)               
Recognition of Prior Service. For purposes of this Plan (including, without limitation, this Section 4), the
Company shall recognize all service of the Eligible Individuals with the Company prior to the Effective Date.


 


5.             Release.
As a condition to the payment by the Company of any of the amounts and benefits due under Section 4 above, the Eligible
Individual shall: (a) execute on or before the Release Expiration Date (as defined below), and not revoke within any time provided
by the Company to do so, a release of all claims in a form acceptable to the Company (the “Release”),
which Release shall release each member of the Company Group and their respective Affiliates, and the foregoing entities’
respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, agents and
benefit plans (and fiduciaries of such plans) from any and all claims, including any and all causes of action arising out of the
Eligible Individual’s employment with the Company and any other member of the Company Group or the termination of such employment,
but excluding all claims to severance payments or benefits that the Eligible Individual may have under this Plan ; and (b) abide
by the terms of Section 9. As used herein, the “Release Expiration Date” is that date that is
twenty-one (21) days following the date upon which the Company delivers the Release to an Eligible Individual (which shall occur
no later than seven (7) days after the Termination Date) or, in the event that such termination of employment is “in connection
with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in
Employment Act of 1967), the date that is forty-five (45) days following such delivery date.


 


6.             No Mitigation. An Eligible Individual shall not be required to mitigate the amount of any payment or benefit
provided for in this Plan by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for
in this Plan be reduced by any compensation or benefit earned by the Eligible Individual as the result of employment by another
employer or by retirement benefits. Subject to the foregoing, the benefits under this Plan are in addition to any other benefits
to which an Eligible Individual is otherwise entitled.


 






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7.             Terminations for Cause or Voluntary Resignation. If an Eligible Individual’s employment is terminated
by the Company for Cause or by the Eligible Individual due to a voluntary resignation, the Eligible Individual shall not be entitled
to any severance payments or benefits under this Plan.


 


8.             Certain Excise Taxes. Notwithstanding anything to the contrary in this Plan, if an Eligible Individual is
a “disqualified individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for
in this Plan, together with any other payments and benefits which such Eligible Individual has the right to receive from the Company
or any of its Affiliates, would, either separately or in the aggregate, constitute a “parachute payment” (as defined
in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Plan shall be either (a) reduced (but not
below zero) so that the present value of such total amounts and benefits received by such Eligible Individual from the Company
and its Affiliates shall be one dollar ($1.00) less than three times such Eligible Individual’s “base amount”
(as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by such Eligible Individual
shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax
position to such Eligible Individual (taking into account any applicable excise tax under Section 4999 of the Code and any other
applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments
or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with
such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit
that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination
as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the
Company in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit,
when aggregated with other payments and benefits from the Company (or its Affiliates) used in determining if a “parachute
payment” exists, exceeds one dollar ($1.00) less than three times such Eligible Individual’s base amount, then such
Eligible Individual shall be required to immediately repay such excess to the Company upon notification that an overpayment has
been made. Nothing in this Section 8 shall require the Company to be responsible for, or have any liability or obligation
with respect to, such Eligible Individuals’ excise tax liabilities under Section 4999 of the Code.


 


9.             Confidentiality;
Non-Competition; Non-Solicitation.


 


(a)               Following
the time that an Eligible Individual becomes a participant in the Plan, he or she will be provided with, and will have access
to, Confidential Information. Both during the time that an Eligible Individual participates in this Plan and thereafter,
except as expressly permitted by this Agreement or by directive of the Administrator, such Eligible Individual shall not
disclose any Confidential Information to any person or entity and shall not use any Confidential Information except for the
benefit of the Company Group. By becoming an Eligible Individual, each Eligible Individual acknowledges and agrees that he or
she would inevitably use and disclose Confidential Information in violation of this Section 9(a) if he or she were to
violate any of the covenants set forth in the other portions of this Section 9. Employee shall follow all Company
Group policies and protocols regarding the security of all documents and other materials containing Confidential Information
(regardless of the medium on which Confidential Information is stored). The covenants of this Section 9.a) shall apply
to all Confidential Information, whether now known or later to become known to an Eligible Individual during the period that
he or she is employed by or affiliated with the Company or any other member of the Company Group.


 






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(b)              
Notwithstanding any provision of Section 9.a) to the contrary, Eligible Individuals may make the following disclosures
and uses of Confidential Information:


 


(i)                 disclosures
to employees of a member of the Company Group who have a need to know the information in connection with the businesses of the
Company Group;


 


(ii)                disclosures
to customers and suppliers when, in the reasonable and good faith belief of such Eligible Individual, such disclosure is in connection
with Employee’s performance of Employee’s duties under this Agreement and is in the best interests of the Company
Group;


 


(iii)              
disclosures and uses that are approved in writing by the Administrator; or


 


(iv)              disclosures
to a person or entity that has (x) been retained by a member of the Company Group to provide services to one or more members of
the Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement.


 


(c)              
Notwithstanding the foregoing, nothing in this Plan shall prohibit or restrict an Eligible Individual from lawfully: (i)
initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or
otherwise assisting in an investigation by, any governmental authority regarding a possible violation of any law; (ii) responding
to any inquiry or legal process directed to such Eligible Individual from any such governmental authority (including the U.S. Securities
and Exchange Commission); (iii) testifying, participating or otherwise assisting in any action or proceeding by any such governmental
authority relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower
provisions of any applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A)
is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and
(2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney
in relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a
complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this Plan requires
an Eligible Individual to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the
Company that he or she has engaged in any such conduct.


 


(d)               The
Company shall provide Eligible Individuals access to Confidential Information for use only during the period of such Eligible
Individual’s employment or engagement by the Company or another member of the Company Group, and in consideration of
the Company providing such Eligible Individual with access to Confidential Information and as a condition to such Eligible
Individual’s participation in this Plan, each Eligible Individual voluntarily agrees to the covenants set forth in this Section
9. Each Eligible Individual agrees and acknowledges that the limitations and restrictions set forth herein, including
geographical and temporal restrictions on certain competitive activities, are reasonable in all respects, do not interfere
with public interests, will not cause such Eligible Individual undue hardship, and are material and substantial parts of this
Plan intended and necessary to prevent unfair competition and to protect the Company Group’s confidential information,
goodwill and legitimate business interests.


 






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(e)               
 During the Prohibited Period, each Eligible Individual shall not, without the prior written approval of the Administrator,
directly or indirectly, for such Eligible Individual or on behalf of or in conjunction with any other person or entity of any nature:


 


(i)                
engage in or participate within the Market Area in competition with any member of the Company Group in any aspect of the
Business, which prohibition shall prevent such Eligible Individual from directly or indirectly: (A) owning, managing, operating,
or being an officer or director of, any business that competes with any member of the Company Group in the Market Area, or (B)
joining, becoming an employee or consultant of, or otherwise being affiliated with, any person or entity engaged in, or planning
to engage in, the Business in the Market Area in competition, or anticipated competition, with any member of the Company Group
in any capacity (with respect to this clause) in which such Eligible Individual’s duties or responsibilities are the same
as or similar to the duties or responsibilities that such Eligible Individual had on behalf of any member of the Company Group;


 


(ii)               
appropriate any Business Opportunity of, or relating to, any member of the Company Group located in the Market Area;


 


(iii)               solicit,
canvass, approach, encourage, entice or induce any customer or supplier of any member of the Company Group with whom or which
such Eligible Individual had contact on behalf of any member of the Company Group to cease or lessen such customer’s or
supplier’s business with any member of the Company Group; or


 


(iv)             
solicit, canvass, approach, encourage, entice or induce any employee or contractor of any member of the Company Group to
terminate his, her or its employment or engagement with any member of the Company Group.


 


(f)               
Because of the difficulty of measuring economic losses to the Company Group as a result of a breach or threatened breach
of the covenants set forth in this Section 9, and because of the immediate and irreparable damage that would be caused to
the members of the Company Group for which they would have no other adequate remedy, the Company and each other member of the Company
Group shall be entitled to enforce the foregoing covenants, in the event of a breach or threatened breach, by injunctions and restraining
orders from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would
not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief
shall not be the Company’s or any other member of the Company Group’s exclusive remedy for a breach but instead shall
be in addition to all other rights and remedies available to the Company and each other member of the Company Group at law and
equity.


 






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(g)              
 The covenants in this Section 9, and each provision and portion hereof, are severable and separate, and the unenforceability
of any specific covenant (or portion thereof) shall not affect the provisions of any other covenant (or portion thereof). Moreover,
in the event any arbitrator or court of competent jurisdiction shall determine that the scope, time or territorial restrictions
set forth are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which
such arbitrator or court deems reasonable, and this Agreement shall thereby be reformed.


 


10.           Administration
of this Plan.


 


(a)               
Administrator’s Powers and Duties. The Company shall be the named fiduciary and shall have full power to administer
this Plan in all of its details, subject to applicable requirements of law. The duties of the Company shall be performed by the
Administrator, provided that the Administrator may delegate all or any portion of its duties to an executive officer of
the Company. It shall be the duty of the Administrator to see that this Plan is carried out, in accordance with its terms, for
the exclusive benefit of persons entitled to participate in this Plan. For this purpose, the Administrator’s powers shall
include, but not be limited to, the following authority, in addition to all other powers provided by this Plan:


 


(i)                
to make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of this
Plan;


 


(ii)               
to interpret this Plan and all facts with respect to a claim for payment or benefits. Where such claim is made prior to
a Change in Control, the Administrator’s interpretation thereof shall be final and conclusive on all persons claiming payment
or benefits under this Plan;


 


(iii)              
to decide all questions concerning this Plan and the eligibility of any person to participate in this Plan;


 


(iv)             
to make a determination as to the right of any person to a payment or benefit under this Plan (including, without limitation,
to determine whether and when there has been a termination of an Eligible Individual’s employment and the cause of such termination
and the amount of any payment or benefit due under this Plan);


 


(v)              
to appoint such agents, counsel, accountants, consultants, claims administrators and other persons as may be required to
assist in administering this Plan;


 


(vi)             
to allocate and delegate its responsibilities under this Plan and to designate other persons to carry out any of its responsibilities
under this Plan, any such allocation, delegation or designation to be in writing;


 


(vii)             
to sue or cause suit to be brought in the name of this Plan; and


 


(viii)             to
obtain from the Company and from Eligible Individuals such information as is necessary for the proper administration of this Plan.


 






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(b)              
 Indemnification. The Company shall indemnify and hold harmless the Administrator (and each member thereof) in the
performance of its, his or her duties under this Plan against any and all expenses and liabilities arising out of its, his or her
administrative functions or fiduciary responsibilities under this Plan, including any expenses and liabilities that are caused
by or result from an act or omission constituting the negligence of the Administrator or such member in the performance of such
functions or responsibilities, but excluding expenses and liabilities that are caused by or result from such Administrator’s
or member's own gross negligence or willful misconduct. Expenses against which such Administrator or member shall be indemnified
hereunder shall include, without limitation, the amounts of any settlement or judgment, costs, counsel fees, and related charges
reasonably incurred in connection with a claim asserted or a proceeding brought or settlement thereof.


 


(c)              
Compensation, Bond and Expenses. The members of the Administrator shall not receive compensation with respect to
their services for the Administrator. To the extent required by applicable law, but not otherwise, Administrator members shall
furnish bond or security for the performance of their duties hereunder. Any expenses properly incurred by the Administrator incident
to the administration, termination or protection of this Plan, including the cost of furnishing bond, shall be paid by the Company.


 


(d)              
Claims Procedure. Any Eligible Individual that the Administrator determines is entitled to a benefit under this Plan
is not required to file a claim for benefits. Any Eligible Individual who is not paid a benefit hereunder and who believes that
he or she is entitled to a benefit hereunder or who has been paid a benefit and who believes that he or she is entitled to a greater
benefit hereunder may file a claim for benefits under this Plan in writing with the Administrator. In any case in which a claim
for Plan benefits by an Eligible Individual is denied or modified, the Administrator shall furnish written notice to the claimant
within ninety (90) days after receipt of such claim for Plan benefits (or within one hundred eighty (180) days if additional information
requested by the Administrator necessitates an extension of the ninety (90)-day period and the claimant is informed of such extension
in writing within the original ninety (90)-day period), which notice shall:


 


(i)                
state the specific reason or reasons for the denial or modification;


 


(ii)               
provide specific reference to pertinent Plan provisions on which the denial or modification is based;


 


(iii)             
provide a description of any additional material or information necessary for the Eligible Individual or his or her representative
to perfect the claim, and an explanation of why such material or information is necessary; and


 


(iv)               explain
this Plan’s claim review procedure as contained herein and describe the Eligible Individual’s right to bring an action
under Section 502(a) of ERISA following a denial or modification on review.


 






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In the event a claim for Plan
benefits is denied or modified, if the Eligible Individual or his or her representative desires to have such denial or
modification reviewed, he or she must, within sixty (60) days following receipt of the notice of such denial or modification,
submit a written request for review by the Administrator of its initial decision. In connection with such request, the
Eligible Individual or his or her representative may review any pertinent documents upon which such denial or modification
was based and may submit issues and comments in writing. Within sixty (60) days following such request for review the
Administrator shall, after providing a full and fair review, render its final decision in writing to the Eligible Individual
and his or her representative, if any, stating specific reasons for such decision and making specific references to pertinent
Plan provisions upon which the decision is based. If special circumstances require an extension of such sixty (60)-day
period, the Administrator’s decision shall be rendered as soon as possible, but not later than one hundred twenty (120)
days after receipt of the request for review. If an extension of time for review is required, written notice of the extension
shall be furnished to the Eligible Individual and his representative, if any, prior to the commencement of the extension
period. The Administrator shall be given written notice of its decision on review to the Eligible Individual. In the event a
claim for Plan benefits is denied or modified on review, such notice shall set forth the specific reasons for such denial or
modification and provide specific references to this Plan provisions on which the denial or modification is based. The notice
shall also provide that the Eligible Individual is entitled to receive, upon request and free of charge, reasonable access
to, and copies of, all documents, records, and other information relevant to the Eligible Individual’s claim for
benefits, including (i) documents, records or other information relied upon for the benefit determination, (ii) documents,
records or other information submitted, considered or generated without regard to whether such documents, records or other
information were relied upon in making the benefit determination, and (iii) documents, records or other information that
demonstrates compliance with the standard claims procedure. The notice shall also contain a statement describing the Eligible
Individual’s right to bring an action under Section 502(a) of ERISA. Any legal action with respect to a claim for Plan
benefits must be filed no later than one (1) year after the later of (i) the date the claim is denied by the Administrator or
(ii) if a review of such denial is requested pursuant to the provisions above, the date of the final decision by the
Administrator with respect to such request.


 


11.          
General Provisions.


 


(a)               
Funding. The benefits provided herein shall he unfunded and shall be provided from the Company’s general assets.


 


(b)              
Cost of Plan. The cost of this Plan shall be borne by the Company and no contributions shall be required of the Eligible
Individuals.


 


(c)               
Plan Year. The Plan shall operate on a calendar year basis.


 


(d)              
Amendment and Termination.


 


(i)                
The Plan may be amended from time to time or terminated at the discretion of the Board. Notwithstanding anything to the
contrary herein, the Administrator, in its sole discretion, may reduce or terminate the coverage of any Eligible Individual under
this Plan at any time in its sole and absolute discretion; provided, however, in the event of a Change in Control during
the existence of this Plan, this Plan shall remain in full force and effect and benefits may not be reduced during the Change in
Control Period.


 






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(ii)                The provisions set forth in Section 11(d)(i) that otherwise restrict amendments to this Plan shall not apply to
(A) an amendment to the administrative provisions of this Plan that is required pursuant to applicable law, (B) an amendment that
increases the benefits payable under this Plan or otherwise constitutes a bona fide improvement of an Eligible Individual’s
rights under this Plan or (C) an amendment which decreases the benefits of an Eligible Individual that is consented to in writing
by such Eligible Individual.


 


(e)              
Not a Contract of Employment. The adoption and maintenance of this Plan shall not be deemed to be a contract of employment
between the Company and any person or to be consideration for the employment of any person. Nothing herein contained shall be deemed
to give any person the right to be retained in the employ of the Company or to restrict the right of the Company to discharge any
person at any time nor shall this Plan be deemed to give the Company the right to require any person to remain in the employ of
the Company or to restrict any person’s right to terminate his or her employment at any time.


 


(f)               
Severability. Any provision in this Plan that is prohibited or unenforceable in any jurisdiction by reason of applicable
law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating
or affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.


 


(g)              
After-Acquired Evidence. Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator
determines that an Eligible Individual is eligible to receive severance pay or benefits pursuant to Section 4 but, after
such determination, the Administrator subsequently acquires evidence or determines that (i) such Eligible Individual has failed
to abide by the terms of Section 9 or any other restrictive covenant agreements between such Eligible Individual and any
member of the Company Group; or (ii) a Cause condition existed prior to such Eligible Individual’s termination of employment
that, had the Company been fully aware of such condition, would have given the Company the right to terminate such Eligible Individual’s
employment for Cause, then the Company shall have the right to cease the payment of all pay and benefits pursuant to Section
4, and such Eligible Individual shall promptly return to the Company any payment and any other severance benefits received
by such Eligible Individual pursuant to Section 4 prior to the date that the Administrator determines that the conditions
of this Section 11(g) have been satisfied.


 


(h)              
Nonalienation. Eligible Individual shall not have any right to pledge, hypothecate, anticipate or assign benefits
or rights under this Plan, except by will or the laws of descent and distribution.


 


(i)                
Effect of Plan. This Plan is intended to supersede all prior oral or written policies of the Company and all prior
oral or written communications to Eligible Individual with respect to the subject matter hereof including any employment offer
letter with an Eligible Individual, and all such prior policies or communications are hereby null and void and of no further force
and effect. Further, this Plan shall be binding upon the Company and any successor of the Company, by merger or otherwise, and
shall inure to the benefit of and be enforceable by the Company’s employees.


 






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(j)                  Taxes. The Company or its successor may withhold from any amounts payable to an Eligible Individual under this Plan
such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.


 


(k)               
Governing Law. All questions arising with respect to the provisions of this Plan and payments due hereunder shall
be determined by application of the laws of the Delaware, without giving effect to any conflict of law provisions thereof, except
to the extent that Delaware law is preempted by federal law (including by including ERISA, which is the federal law that governs
the Plan, the administration of the Plan and any claims made under the Plan).


 


(l)                
Section 409A. The Plan and all benefits provided hereunder are intended to be exempt from Code Section 409A to the
maximum extent permitted by applicable law. To the extent that any payment provided hereunder is subject to Code Section 409A,
(i) this Plan and all payments provided hereunder are intended to comply with the provisions of Code Section 409A, and (ii) if
on the date of an Eligible Individual’s separation from service the Eligible Individual is a “specified employee,”
as defined in Section 409A of the Code, then all or such portion of any severance payments under this Plan that would be subject
to the additional tax provided by Section 409A(a)(l)(B) of the Code if not delayed as required by Section 409A(a)(2)(B)(i) of the
Code shall be delayed until the date that is six (6) months after the date of the Eligible Individual’s separation from service
date (or, if earlier, the Eligible Individual’s date of death) and shall be paid as a lump sum (without interest) on such
date.


 


(m)              
Notices. For the purposes of this Plan, notices and all other communications shall be in writing and shall be deemed
to have been duly given when personally delivered, by facsimile transmission or sent by certified mail, return receipt requested,
postage prepaid, or by expedited (overnight) courier with established national reputation, shipping prepaid or billed to sender,
in either case addressed to the respective addresses last given by each party to the other (provided that all notices to
the Company must be directed to the attention of the General Counsel and Corporate Secretary of the Company) or to such other address
as either party may have furnished to the other in writing in accordance herewith. All notices and communication shall be deemed
to have been received on the date of delivery thereof, or on the second (2nd) day after deposit thereof with an expedited
courier service, except that notice of change of address shall be effective only upon receipt.


 


(n)               
Clawback. Any amounts payable under the Plan are subject to any policy (whether in existence as of the Effective
Date or later adopted) established by the Company providing for clawback or recovery of amounts that were paid to an Eligible Individual;
provided, however, that the establishment or modification of any clawback policy by the Company on or after the date
of a Change in Control shall only apply to amounts payable under the Plan to the extent required by applicable law. The Company
shall make any determination for clawback or recovery in its sole discretion and in accordance with applicable laws, regulations,
and securities exchange listing standards.


 






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