# EDGAR Filing Document

**Accession Number:** 0001040896
**File Stem:** 0001040896-23-000021
**Filing Date:** 2023-3
**Character Count:** 30773
**Document Hash:** 02a244722571acea7d426ae7cf9ab9e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001040896-23-000021.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001040896-23-000021

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20230329

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intellicheck, Inc.
- **CENTRAL INDEX KEY:** 0001040896
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 113234779
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15465
- **FILM NUMBER:** 23788432

**BUSINESS ADDRESS:**
- **STREET 1:** 200 BROADHOLLOW ROAD
- **STREET 2:** SUITE 207
- **CITY:** MELVILLE
- **STATE:** NY
- **ZIP:** 11747
- **BUSINESS PHONE:** 516-992-1900

**MAIL ADDRESS:**
- **STREET 1:** 200 BROADHOLLOW ROAD
- **STREET 2:** SUITE 207
- **CITY:** MELVILLE
- **STATE:** NY
- **ZIP:** 11747

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Intellicheck Mobilisa, Inc.
- **DATE OF NAME CHANGE:** 20100527

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Intelli Check Mobilisa, Inc
- **DATE OF NAME CHANGE:** 20080319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTELLI CHECK INC
- **DATE OF NAME CHANGE:** 19990917

?xml version="1.0" ? idn-20230329

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

 

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (date of earliest event reported): March 29, 2023

**Intellicheck, Inc.**

 

(Exact name of registrant as specified in charter)

Delaware 001-15465 11-3234779 <br> (State or other jurisdictionof incorporation) (CommissionFile Number) (IRS EmployerIdentification No.)

200 Broadhollow Road, Suite 207, Melville, NY 11747 <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (<u>516</u>) <u>992-1900</u>

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A2. below):

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $.001 par value | IDN | The NASDAQ Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company **☐**

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

**5.02(e)**

On March 29, 2023, Jeffrey Ishmael, Chief Financial Officer ("CFO") of Intellicheck, Inc. (the "Company") entered into an "Option Cancellation Agreement" with the Company with the purpose of surrendering for cancellation a tranche of "Incentive Stock Options" (ISOs). These ISOs were tied directly with Mr. Ishmael's 2022 Bonus compensation as indicated in Mr. Ishmael's original employment agreement ("Jeffrey Ishmael Employment Agreement") since he was appointed CFO on May 13, 2022 as referenced in the Company's Current Report on Form 8-K, filed with the SEC on May 9, 2022. The ISOs are being surrendered for cancellation in exchange for a new equity incentive grant in the form of restricted stock units (RSUs).

On March 29, 2023, Mr. Ishmael entered into an agreement ("RSU Agreement") with the Company, which granted Mr. Ishmael an equivalent quantity of RSUs to the number of ISOs that were surrendered as mentioned above. These RSUs will fully vest on March 31, 2023.

The above description of the agreements is qualified in its entirety by reference to the copies of such agreements filed herewith as Exhibits 99.1, 99.2 and incorporated herein by reference, as well as a copy of Mr. Ishmael's employment agreement ("Jeffrey Ishmael Employment Agreement") which was filed as Exhibit 10.6 within the Company's Annual Report on Form 10-K, filed with the SEC on March 28, 2023.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.**

(d) <u>Exhibits</u>

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| | |
|:---|:---|
| 99.1 | <u>[Jeffrey](jishmaeloptioncancellati.htm)[Ishmael Option Cancellation Agreement](jishmaeloptioncancellati.htm)</u> |
| 99.2 | <u>[Jeffrey Ishmael RSU Agreement](ishmaelrsuagreement91228.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: March 31, 2023 | INTELLICHECK, INC. | INTELLICHECK, INC. |
|  | By: | */s/ Jeffrey Ishmael* |
|  | Name: | Jeffrey Ishmael |
|  | Title: | Chief Financial Officer |

---

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**Exhibit Index**

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| | |
|:---|:---|
| 99.1 | <u>[Jeffrey Ishmael Option Cancellation Agreement](jishmaeloptioncancellati.htm)</u> |
| 99.2 | <u>[Jeffrey Ishmael RSU Agreement](ishmaelrsuagreement91228.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 99.1

![](jishmaeloptioncancellati001.jpg)

506491996.1 OPTION CANCELLATION AGREEMENT This Option Cancellation Agreement (this "Agreement") is made and entered into as of March 29, 2023, by and between Intellicheck, Inc. (the "Company") and Jeffrey Ishmael ("Optionholder"). STATEMENT OF PURPOSE WHEREAS, the Company maintains the Intellicheck, Inc. 2015 Omnibus Incentive Plan, as amended and restated (the "Plan"), pursuant to which the Company can grant options to purchase shares of common stock of the Company ("Shares"); WHEREAS, on May 13, 2022, the Company granted an option under the Plan to Optionholder to purchase up to 91,228 Shares (the "Option"), subject to vesting and other terms set forth in the award agreement between the Company and Optionholder dated May 13, 2022 (the "Option Agreement") and such Option is currently outstanding as it has not been exercised, terminated, or otherwise cancelled; WHEREAS, the parties desire for Optionholder to surrender for cancellation to the Company as provided in this Agreement all of Optionholder's rights, title and interest in and to the Option (the "Canceled Option"), representing Optionholder's right to acquire 100% of the Shares subject to the Option in exchange for a new equity incentive grant in the form of restricted stock units to be issued under the Plan. NOW, THEREFORE, in consideration of the premises and mutual covenants contained in this Agreement, the Company and Optionholder hereby agree as follows: 1. Cancellation Consideration. The Company will grant to Optionholder 91,228 restricted stock units under the Plan (the "Cancellation Consideration"). The terms and conditions of the restricted stock units will be governed by the Plan and the award agreement issued thereunder. 2. Cancellation of Option. As a material inducement to the Company to enter into this Agreement and as a condition to Optionholder's eligibility to receive the Cancellation Consideration, the parties agree that the Canceled Option is hereby terminated, cancelled and forfeited in its entirety and will have no further force or effect. 3. Release. By executing and delivering this Agreement, Optionholder, on Optionholder's own behalf and on behalf of Optionholder's heirs, personal representatives, administrators, successors and assigns (collectively with Optionholder, the "Releasing Parties") hereby waives, releases, acquits and discharges the Company and its respective past, present and future officers, managers, directors, agents, employees, stockholders, members, owners, subsidiaries, affiliates, predecessors, successors and assigns, of and from (a) any and all obligations and liabilities of any kind or nature arising under or relating to the Canceled Option or any agreements documenting the grant of Canceled Option or any rights related thereto and (b) any and all claims, rights, demands, actions and causes of action of any kind that Optionholder (or any other Releasing Party) has or may have in connection with or relating to the Canceled Option. DocuSign Envelope ID: 01ED9BDC-D8B0-47ED-AEB5-27B4F5174F98

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![](jishmaeloptioncancellati002.jpg)

506491996.1 4. Representations. Optionholder represents and warrants that (a) Optionholder has read, understands the terms of, and has had an opportunity to seek legal counsel regarding this Agreement and (b) Optionholder owns the Canceled Option cancelled pursuant to this Agreement free and clear of all claims, liens, restrictions, mortgages, charges, encumbrances, security interests, pledges, voting agreements and commitments of any kind and has full power and authority to agree to the cancellation and forfeiture of such Canceled Option. 5. Binding Effect. Optionholder understands and agrees that the cancellation and forfeiture of the Canceled Option pursuant to this Agreement in exchange for the payment of the Cancellation Consideration and the acceptance thereof by the Company will constitute a binding and enforceable agreement between Optionholder and the Company, on the terms and subject to the conditions set forth in this Agreement. Optionholder acknowledges that the Canceled Option forfeited under this Agreement will be canceled effective as of the date of this Agreement, and, upon cancellation, Optionholder will forfeit any and all rights in connection with the Canceled Option. 6. Miscellaneous. Optionholder, upon request, will execute and deliver any additional documents deemed by the Company to be reasonably necessary or desirable to complete the cancellation and forfeiture of the Canceled Option. This Agreement constitutes the entire agreement of the parties with respect to the subject matter of this Agreement and supersede all previous written, oral or implied understandings between the parties relating to the subject matter of this Agreement. This Agreement may not be amended or modified except by an instrument in writing signed by the parties that states that it is an amendment to this Agreement. No waiver by any party of any breach by another party of any provision of this Agreement will be deemed to be a waiver of any other breach thereof or as a waiver of any such or other provision of this Agreement. This Agreement will be governed by, and construed in accordance with, the internal laws of the State of Delaware, without reference to the choice of law or conflicts of law principles thereof. The rights and obligations of the parties under this Agreement will be binding on and inure to the benefit of the parties and their respective successors and assigns. This Agreement may be executed in one or more counterparts for the convenience of the parties, each of which will be deemed an original and all of which together will constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format will be effective as delivery of a manually executed counterpart to this Agreement. IN WITNESS WHEREOF, the parties have caused this Option Cancellation Agreement to be duly executed as of the date first written above. INTELLICHECK, INC. By: Jeffrey Ishmael Name: Title: DocuSign Envelope ID: 01ED9BDC-D8B0-47ED-AEB5-27B4F5174F98 CEO BRyAN LEWIS

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## Exhibit 99.2

![](ishmaelrsuagreement91228001.jpg)

1 NOTICE OF GRANT OF RESTRICTED STOCK UNIT AWARD (TIME-VESTING, MANAGEMENT) INTELLICHECK, INC. 2015 Omnibus Incentive Plan FOR GOOD AND VALUABLE CONSIDERATION, Intellicheck, Inc. (the "Company") hereby grants this Restricted Stock Unit Award (the "Award") of the number of Restricted Stock Units set forth in this Notice of Grant of Restricted Stock Unit Award (the "Notice") to the Grantee designated in this Notice, pursuant to the provisions of the Company's 2015 Omnibus Incentive Plan (the "Plan") and subject to certain restrictions as outlined below in this Notice and the additional provisions set forth in the attached Terms and Conditions of Restricted Stock Units Award (the "Terms"). Together, this Notice, the attached Terms and all Exhibits hereto constitute the "Agreement." The terms and conditions of the Plan are incorporated by reference in their entirety into this Agreement. When used in this Agreement, the terms which are defined in the Plan shall have the meanings given to them in the Plan, as modified herein (if applicable). Grantee: Jeffrey Ishmael Grant Date: March 29, 2023 Closing Price: $2.48 per share Number of Restricted Stock Units: 91,228 (unvested portions subject to adjustment in the event of any recapitalization, stock split or reverse stock split.) Vesting Schedule: RSU shall vest 100% on March 31, 2023. In the event of a Change of Control (as defined in the Plan), this RSU shall become vested to the extent of 100% of the shares then unvested, effective immediately prior to the Change of Control. The Grantee must accept this Agreement within ninety (90) days; otherwise, the Company may, in its sole discretion, rescind the Award in its entirety. This Agreement and the Grant Notice may be executed in two or more counterparts, each of which shall be deemed an original and all of which shall constitute one document. Intellicheck, Inc. Accepted by: By: Name: Bryan Lewis By: Jeffrey Ishmael Title: CEO DocuSign Envelope ID: 2113E7F1-23E4-496D-A3EE-E12AA18D8020

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![](ishmaelrsuagreement91228002.jpg)

2 TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD The Restricted Stock Unit Award (the "Award") granted by Intellicheck, Inc. (the "Company") to the Grantee specified in the Notice of Grant of Restricted Stock Unit Award (the "Notice") to which these Terms and Conditions of Restricted Stock Unit Award (the "Terms") are attached, is subject to the terms and conditions of the Plan, the Notice, and these Terms. The terms and conditions of the Plan are incorporated by reference in their entirety into these Terms. Together, the Notice, all Exhibits to the Notice and these Terms constitute the "Agreement." A Prospectus describing the Plan has been delivered to the Grantee. The Plan itself is available upon request. When used in this Agreement, the terms which are defined in the Plan shall have the meanings given to them in the Plan, as modified herein (if applicable). For purposes this Agreement, any reference to the Company shall include a reference to any Affiliate. 1. Grant of Units. (a) As of the Grant Date set forth in the Notice, the Company grants to the Grantee the number Restricted Stock Units ("Units") set forth in the Notice. Each Unit represents the right to receive one share of Stock at a future date after the Unit has become earned and vested, subject to the terms and conditions of this Agreement. (b) The Units covered by this Award shall become earned and vested in accordance with the schedule set forth in the Notice. Each earned and vested Unit shall be settled on the date(s) specified in the Notice by issuance of one share of Stock on or as soon as administratively practicable (but no more than 60 days) after the applicable vesting and/or settlement date specified in the Notice, subject to the requirements of (i) Section 4 (Withholding), Section 6 (Regulatory Restrictions on the Shares Issued Upon Settlement), and Section 7(m) (Recovery of Compensation) of this Agreement and (ii) Section 17.9 of the Plan regarding a potential six-month delay in settlement for awards to certain Grantees to the extent determined by the Company to be necessary to comply with Section 409A. (c) Units constitute an unfunded and unsecured obligation of the Company. The Grantee shall not have any rights of a stockholder of the Company with respect to the shares of Stock underlying the Units unless and until the Units become earned and vested and are settled by the issuance of shares of Stock. Upon issuance of shares of Stock in connection with the settlement of vested Units, the Grantee shall be the record owner of the shares of Stock unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a stockholder of the Company (including voting rights). (d) The Grantee may designate a beneficiary to receive payment in connection with the Units in the event of the Grantee's death in accordance with the Company's beneficiary designation procedures, as in effect from time to time. If the Grantee does not designate a beneficiary, or if the Grantee's designated beneficiary does not survive the Grantee, then the Grantee's beneficiary will be the Grantee's estate. (e) The Units shall not entitle the Grantee to receive any dividend equivalents with respect to any cash dividend that is otherwise paid with respect to shares of the Stock. DocuSign Envelope ID: 2113E7F1-23E4-496D-A3EE-E12AA18D8020

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![](ishmaelrsuagreement91228003.jpg)

3 2. Restrictions. Subject to any exceptions set forth in this Agreement, until such time as the Units become earned and vested and are settled in shares of Stock in accordance with Section 1, the Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Units will be forfeited by the Grantee and all of the Grantee's rights to such Units shall immediately terminate without any payment of consideration by the Company. 3. Cancellation of Rights. If any portion of the Units fail to become earned and vested (for example, because the Grantee fails to satisfy the vesting conditions specified in the Notice prior to a Separation from Service), then such Units shall be immediately forfeited as of the date of such failure and all of the Grantee's rights to such Units shall immediately terminate without any payment of consideration by the Company. 4. Withholding. (a) Regardless of any action the Company takes with respect to any or all income tax, payroll tax or other tax-related withholding ("Tax-Related Items"), the Grantee acknowledges that the ultimate liability for all Tax-Related Items owed by the Grantee is and remains the Grantee's responsibility and that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant or vesting of the Units or the subsequent sale of shares of Stock acquired upon vesting; and (ii) does not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Grantee's liability for Tax-Related Items. (b) Prior to vesting of the Units, the Grantee shall pay or make adequate arrangements satisfactory to the Company to satisfy all withholding obligations of the Company. In this regard, the Grantee authorizes the Company to withhold all applicable Tax-Related Items legally payable by the Grantee from the Grantee's wages or other cash compensation paid to the Grantee by the Company or from proceeds of the sale of the shares of Stock. Alternatively, or in addition, to the extent permissible under applicable law, the Company may (i) sell or arrange for the sale of shares of Stock that the Grantee acquires to meet the withholding obligation for Tax-Related Items, and/or (ii) withhold in shares of Stock, provided that the Company only withholds the amount of shares of Stock necessary to satisfy the minimum withholding amount. Finally, the Grantee shall pay to the Company any amount of Tax-Related Items that the Company may be required to withhold as a result of the Grantee's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue and deliver shares of Stock in payment of any earned and vested Units if the Grantee fails to comply with the Grantee's obligations in connection with the Tax-Related Items as described in this Section 4. 5. Grantee Representations. The Grantee hereby represents to the Company that the Grantee has read and fully understands the provisions of this Agreement, the Prospectus and the Plan, and the Grantee's decision to participate in the Plan is completely voluntary. Further, the Grantee acknowledges that the Grantee is relying solely on his or her own advisors with respect to the tax consequences of this Award. DocuSign Envelope ID: 2113E7F1-23E4-496D-A3EE-E12AA18D8020

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![](ishmaelrsuagreement91228004.jpg)

4 6. Regulatory Restrictions on the Shares Issued Upon Settlement. Notwithstanding the other provisions of this Agreement, the Committee shall have the sole discretion to impose such conditions, restrictions and limitations on the issuance of shares of Stock with respect to this Award unless and until the Committee determines that such issuance complies with (i) any applicable registration requirements under the Securities Act or the Committee has determined that an exemption therefrom is available, (ii) any applicable listing requirement of any stock exchange on which the Stock is listed, (iii) any applicable Company policy or administrative rules, and (iv) any other applicable provision of state, federal or foreign law, including foreign securities laws where applicable. 7. Miscellaneous. (a) Notices. Any notice which either party hereto may be required or permitted to give to the other shall be in writing and may be delivered personally, by intraoffice mail, by fax, by electronic mail or other electronic means, or via a postal service, postage prepaid, to such electronic mail or postal address and directed to such person as the Company may notify the Grantee from time to time; and to the Grantee at the Grantee's electronic mail or postal address as shown on the records of the Company from time to time, or at such other electronic mail or postal address as the Grantee, by notice to the Company, may designate in writing from time to time. (b) Waiver. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach. (c) Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof. Any prior agreements, commitments or negotiations concerning the Award are superseded. (d) Binding Effect; Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto and to the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities. (e) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law, and applicable Federal law. (f) Arbitration. The Company and the Grantee shall make a good faith attempt to resolve any and all claims and disputes regarding the Award or the Agreement in accordance with any dispute resolution adopted by the Company before resorting to any other dispute resolution procedure. If the claim or dispute is not resolved in that manner and involves any rights or obligations under the Agreement, then the claim or dispute will be determined by arbitration in accordance with the then-current American Arbitration Association ("AAA") national rules for the resolution of employment disputes by arbitration, except as modified herein. The arbitration will be conducted by a sole neutral arbitrator who has had both training and experience as an arbitrator of employee compensation matters. If the Company and the DocuSign Envelope ID: 2113E7F1-23E4-496D-A3EE-E12AA18D8020

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![](ishmaelrsuagreement91228005.jpg)

5 Grantee cannot agree on an arbitrator, then the arbitrator will be selected by the AAA applying the criteria in this provision. Reasonable discovery will be permitted and the arbitrator may decide any issue as to discovery. The arbitrator may decide any issue as to whether or as to the extent to which, any dispute is subject to the dispute resolution provisions of this Section 7(f). The arbitrator may award only relief at law contemplated under the Agreement and the Plan and the arbitrator may not award incidental, consequential or punitive damages, attorney's fees or any form or equitable relief, to either party. The arbitrator must base the arbitration award on the provisions of this Section 7(f) and applicable law and must render the award in writing, including an explanation of the reasons for the award. Judgment upon the award may be entered by any court having jurisdiction of the matter, and the decision of the arbitrator will be final and binding. The statute of limitations applicable to the commencement of a lawsuit will apply to the commencement of an arbitration. The arbitrator's fees will be paid in equal portions by the Company and the Grantee, unless the Company agrees to pay all such fees. (g) Venue. Any arbitration, legal or equitable action or any proceeding arising directly, indirectly, or otherwise in connection with, out of, related to or from the Agreement, or any provision hereof, shall exclusively be filed and adjudicated in King County, Washington and no other venue. (h) Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement. (i) Conflicts; Amendment. The provisions of the Plan are incorporated in this Agreement in their entirety. In the event of any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan shall control. This Agreement may be amended at any time by the Committee, provided that no amendment may, without the consent of the Grantee, materially impair the Grantee's rights with respect to the Award. The Committee shall have full authority and discretion, subject only to the terms of the Plan, to decide all matters relating to the administration or interpretation of the Plan, the Award, and the Agreement, and all such action by the Committee shall be final, conclusive, and binding upon the Company and the Grantee. (j) No Right to Continued Employment. Nothing in this Agreement shall confer upon the Grantee any right to continue in the employ or service of the Company or affect the right of the Company to terminate the Grantee's employment or service at any time. (k) Further Assurances. The Grantee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement and the Plan. (l) Personal Data. By accepting the Award under this Agreement, the Grantee hereby consents to the Company's use, dissemination and disclosure of any information pertaining to the Grantee that the Company determines to be necessary or desirable for the implementation, administration and management of the Plan. DocuSign Envelope ID: 2113E7F1-23E4-496D-A3EE-E12AA18D8020

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![](ishmaelrsuagreement91228006.jpg)

6 (m) Recovery of Compensation. In accordance with Section 3.3 of the Plan, the Award is subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder, (ii) any policies adopted by the Company to implement such requirements, and (iii) any other compensation recovery policies as may be adopted from time to time by the Company, all to the extent determined by the Committee in its discretion to be applicable to the Grantee. (n) Restrictive Covenants. If the Grantee is subject to any employment-related covenants (including covenants regarding non-competition, non-solicitation of customers/employees and preservation of confidential information) under any agreement with the Company or any Subsidiary, including without limitation a Restrictive Covenant and Confidentiality Agreement, the vesting and receipt of benefits under this Award is specifically conditioned on the Grantee's compliance with such covenants. To the extent allowed by and consistent with applicable law and any applicable limitations period, if it is determined at any time that the Grantee has materially breached any such covenants, the Company will be entitled to (i) cause any unvested portion of the Award to be immediately canceled without any payment of consideration by the Company and (ii) recover from the Grantee in its sole discretion some or all of the shares of Stock (or proceeds received by the Grantee from such shares of Stock) paid to the Grantee pursuant to this Agreement. The Grantee recognizes that if the Grantee breaches any such covenants, the losses to the Company and/or its Subsidiaries may amount to the full value of any shares of Stock paid to the Grantee pursuant to this Agreement. DocuSign Envelope ID: 2113E7F1-23E4-496D-A3EE-E12AA18D8020

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