Document:

EXHIBIT 10.24

 

RF INDUSTRIES, LTD.

2019 CORPORATE GOALS—CASH AND EQUITY
INCENTIVE PLAN

 

Purpose:

 

The Board of Directors of RF Industries, Ltd.
(the “Company”) hereby adopts the following corporate goals for the determination of cash bonuses to be paid
for the 2019 fiscal year to qualified participating officers upon the achievement of corporate goals and a review of personal performance.

 

2019 Corporate Goals:

 

For the fiscal year ending October 31, 2019,
cash and/or equity bonuses, if earned, will be paid to qualified participating officers of the Company and its subsidiaries based
upon (i) the achievement of specified corporate goals and (ii) a review of the overall personal performance and contribution of
each of the officers. The overall performance of each officer will be evaluated and determined, in its sole discretion, by the
Compensation Committee of the Board after consultation with the Company’s Chief Executive Officer. The corporate goals will
apply to all participating officers.

 

The maximum target bonus payable to participating
officers if 100% of the goals are achieved will range from 15% of the recipient’s annual salary to 50% of the recipient’s
2019 base salary for the senior executive officers, including Mr. Dawson and Mr. Turfler. However, the maximum cash bonus payable
to all participating officers, including the Chief Executive Officer, may be increased to 75% of the 2019 base salaries of the
officers if the Company achieves 150% of its performance targets. Cash bonuses and equity compensation (in the form of either stock
options or restricted stock) will be based on the Company’s earnings per share (before payment of bonuses) (“EPS”)
for the fiscal year ending October 31, 2019. The maximum bonus payable to each participating officer is subject to reduction based
upon the overall performance of such participating officer (performance criteria include the development and execution of strategic
plans, the operations of that officer’s business unit, the exercise of leadership by the officer, the support and development
of management and other employees, and the contribution of such officer to the improvement in the Company’s overall business
activities and profitability). The Board and Compensation Committee reserve the right to modify these goals, criteria and target
percentage at any time, and to grant bonuses to the participants even if the performance goals are not met. In addition, the Board
and Compensation Committee may modify the incentive plan targets to reflect significant change in Company’s business, including
changes due to acquisitions or dispositions of businesses or product lines. The 2019 bonuses will be paid within 75 days after
the end to the fiscal year to participating officers who are employed with the Company on the date of payment.

 

Change of Control Arrangements:

 

In the event that a Corporate Transaction occurs
before the end of the 2019 fiscal year, the Company shall be required to pay each participant of this incentive plan his/her estimated
pro rata portion of the bonus that has been accrued/earned through the date of Corporate Transaction. Prior to the closing of a
Corporate Transaction, the Compensation Committee of the Board of Directors shall review the performance targets set forth in this
incentive plan and shall, in good faith based on the information available to the Compensation Committee, estimate which of the
performance goals would have been met by the end of the fiscal year had the Corporate Transaction had not occurred. The Compensation
Committee shall thereafter pay the participants their pro rata portion (based on the number of calendar days elapsed from the beginning
of the fiscal year to the date of the Corporate Transaction) of such estimated annual bonus. The foregoing estimated bonus will
be paid in cash at or promptly after the closing of the Corporate Transaction.

 

For the purposes hereof, a “Corporate
Transaction” shall mean (i) a sale, lease or other disposition of all or substantially all of the capital stock or assets
of the Company, (ii) a merger or consolidation of the Company in which the Company is not the surviving entity, or (iii) a reverse
merger in which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger
are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise.EXHIBIT 10.25

 

OPTION AGREEMENT AMENDMENT 

RF INDUSTRIES, LTD. 

2010 STOCK INCENTIVE PLAN

 

This Option Agreement Amendment (this “Amendment”)
is made and entered into as of December 17, 2018 by and between RF Industries, Ltd., a Nevada corporation (the “Company”),
and the option holder (the “Option Holder”) whose name is set forth on the signature page of this Amendment.
Capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the 2010 Plan (as defined below)
or the form of Option Agreement (as defined below).

 

RECITALS

 

A. The
Company has granted one or more options (the “Options”) to the Option Holder under the Company’s 2010
Stock Incentive Plan (the “2010 Plan”). The Options entitle the Option Holder to purchase shares of the Company’s
common stock upon the satisfaction of the vesting and other requirements described in one or more of the Option grants, which grants
incorporate the Company’s standard form of Option Agreement (the “Option Agreements”).

 

B. The
signature page of this Amendment lists each Option grant under the 2010 Plan which the Option Holder has received, and to the applicable
Option Agreement to which the Option Holder is a party. The signature page of this Amendment also lists the number of shares of
common stock that are the subject of each such Option grant. Each Option grant describes the vesting schedule to which the Option
is the subject.

 

C. Section
10(a) of the 2010 Plan states that the Company’s Board of Directors has the power and authority to accelerate the time at
which an Option may first be exercised or the time during which an Option shall vest. Furthermore, Section (15) of the Option Agreements
states that, in the event of a Corporate Transaction, to the extent that an Option has not previously been exercised, the Option
shall terminate immediately prior to consummation of such Corporate Transaction, unless the Board of Directors determines otherwise
in its sole direction to permit exercise of the Option prior to its termination, even if the Option would not otherwise have been
exercisable. Section 2(h) of the 2010 Plan defines a Corporate Transaction as including (i) a sale, lease or disposition of all
or substantially all of the capital stock or assets of the Company; (ii) a merger or consolidation of the Company in which the
Company is not the surviving entity; or (iii) a reverse merger in which the Company is the surviving corporation but the shares
of Common Stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether
in the form of securities, cash, or otherwise.

 

D. The
Company and the Option Holder desire to agree in this Amendment that any and all unvested Options granted to the Option Holder
under the 2010 Plan and listed on the signature page of this Amendment shall vest immediately prior to the consummation of a Corporate
Transaction, if the Options have not expired prior to the consummation of the Corporate Transaction and if the Option Holder’s
Service with the Company has not terminated prior to the consummation of the Corporate Transaction.

 

     

     

    

 

NOW, THEREFORE, in consideration of the
foregoing and other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Company
and the Option Holder hereby agree as follows:

 

1. Vesting of Options upon a Corporate Transaction.

 

(a) Immediately prior to the consummation of a Corporate Transaction, any and all unvested Options granted to the Option Holder
under the 2010 Plan and listed on the signature page of this Amendment shall vest in full and become exercisable by the Option
Holder, if the Options have not expired by the terms of the Option Agreements prior to the consummation of the Corporate Transaction
and if the Option Holder’s Service with the Company or an Affiliate of the Company as an Employee, a Director, or a Consultant
has not terminated prior to the consummation of the Corporate Transaction. For purposes of this Amendment, the terms Corporate
Transaction, Service, Affiliate, Employee, Director, and Consultant shall have the same meanings as are set forth in the 2010 Plan
for such terms.

 

(b) The Options described above in Section 1(a) shall terminate and shall no longer be exercisable if they are not exercised
by the Option Holder in accordance with the terms of the Option Agreements at or prior to the effective time of the Corporate Transaction.
The Company shall provide the Option Holder with prior notice of the Corporate Transaction in order to permit the Option Holder
to exercise the Options that vest pursuant to Section 1(a).

 

2. No Other Changes to the Option Agreements. Except as expressly amended by this Amendment, all of the terms of the
Option Agreements shall remain in full force and effect. Furthermore, all of the provisions of the 2010 Plan (including, without
limitation, Section 11(c) relating to Corporate Transactions) shall remain in full force and effect.

 

3. Counterparts. This Amendment may be executed in two counterparts, including by facsimile, by e-mail in PDF format,
or by other electronic means, each of which shall be deemed an original and both of which together shall constitute one and the
same instrument.

 

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IN WITNESS WHEREOF, the undersigned have
executed and delivered this Amendment as of the date set forth below.

 

	 	RF INDUSTRIES, LTD.
	 	 	 
	 	Signature:	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	OPTION HOLDER
	 	 	 
	 	Signature:	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	OPTIONS GRANTED TO OPTION HOLDER UNDER THE 2010 STOCK INCENTIVE PLAN:
	 	 	 
	 	Date of Option Agreement(s) and Number of Option Shares Covered by Each
    Option Grant:
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 	 

 

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