Document:

aaoi_Ex10_6

		

			Exhibit 10.6

		

		
			APPLIED OPTOELECTRONICS, INC.
		

		
			AMENDED AND RESTATED
		

		
			2013 EQUITY INCENTIVE PLAN
		

		
			 
		

		
			 
		

		
			The Applied Optoelectronics, Inc. 2013 Equity Incentive Plan (the “Original Plan”) was originally approved by the Board of Directors (the “Board”) of Applied Optoelectronic, Inc. (the “Company”) on April 12, 2013 and by the Company’s stockholders on May 21, 2013. Effective as of August 20, 2013, the Company’s outstanding shares were subject to a 30:1 reverse stock split (the “Reverse Stock Split”).  As of January 1st of each subsequent year, Shares have been automatically added to the Plan pursuant to Section 3(a) of the Original Plan (such Shares, the “Additional Shares”).  In addition, effective as of January 1, 2017, the Board approved certain amendments to the Plan to increase tax withholding on Restricted Stock to satisfy tax obligations (the “Withholding Amendments”). The Board has approved this Amended and Restated 2013 Equity Incentive Plan effective as of January 1, 2017 to reflect the adjustments to the number of authorized Shares under the Plan resulting from (i) the Reverse Stock Split and (ii) the addition of the Additional Shares, and to incorporate the Withholding Amendments. 
		

		
			 
		

			
	
			
				 1.
			Purpose of the Plan.  The purpose of the Plan is to: (i) attract and retain the best available personnel for positions of substantial responsibility, (ii) provide additional incentive to Employees, Directors and Consultants, and (iii) promote the success of the Company's business.  The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, and Other Stock Based Awards.

			
	
			
				 2.
			Definition.  As used in this Plan, the following definitions shall apply:

			
	
			
				 (a)
			"Administrator" means the Board or any of its Committees that shall be administering the Plan, in accordance with Section 4 of the Plan.

			
	
			
				 (b)
			"Applicable Laws" means the requirements relating to the administration of equity-based awards or equity compensation plans under U.S. federal and state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or shall be, granted under the Plan.

			
	
			
				 (c)
			"Award" means, individually or collectively, a grant under the Plan of Options, SARs, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares or Other Stock Based Awards.

			
	
			
				 (d)
			"Award Agreement" means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan.  The Award Agreement is subject to the terms and conditions of the Plan.

			
	
			
				 (e)
			"Awarded Stock" means the Common Stock subject to an Award.

			
	
			
				 (f)
			"Board" means the Board of Directors of the Company.

			
	
			
				 (g)
			"Change in Control" means, except as otherwise provided in the Award Agreement, the occurrence of any of the following events:

		
			

		 

 

		

			
	
			
				 (i)
			Any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company's then outstanding voting securities;

			
	
			
				 (ii)
			the sale or disposition by the Company of all or substantially all of the Company's assets other than (A) the sale or disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, at least 50% or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale or (B) pursuant to a spin-off type transaction, directly or indirectly, of such assets to the Company's stockholders;

			
	
			
				 (iii)
			A change in the composition of the Board occurring within a two-year period as a result of which fewer than a majority of the directors are Incumbent Directors.  "Incumbent Directors" are directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); or

			
	
			
				 (iv)
			a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

			
	
			
				 (h)
			"Code" means the Internal Revenue Code of 1986, as amended, and the U.S. Treasury regulations promulgated thereunder.  Any reference to a section of the Code shall be a reference to any successor or amended section of the Code.

			
	
			
				 (i)
			"Committee" means a committee of Directors or other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 of the Plan.

			
	
			
				 (j)
			"Common Stock" means the Common Stock of the Company, or in the case of Performance Units, Restricted Stock Units, and certain Other Stock Based Awards, the cash equivalent thereof, as applicable.

			
	
			
				 (k)
			"Company" means Applied Optoelectronics, Inc., a Delaware corporation, and any successor to Applied Optoelectronics, Inc.

			
	
			
				 (l)
			"Consultant" means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.

			
	
			
				 (m)
			"Director" means a member of the Board.

			
	
			
				 (n)
			"Disability" means total and permanent disability as defined in Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive Stock Options, the Administrator in its sole discretion may determine whether a permanent and total disability exists in accordance with uniform and non‐discriminatory standards adopted by the Administrator from time to time.

		
			

		 

		

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				 (o)
			"Dividend Equivalent" means a credit, made at the sole discretion of the Administrator, to the account of a Participant in an amount equal to the value of dividends paid on one Share for each Share represented by an Award held by such Participant.  Under no circumstances shall the payment of a Dividend Equivalent be made contingent on the exercise of an Option or Stock Appreciation Right.

			
	
			
				 (p)
			"Employee" means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company.  Neither service as a Director nor payment of a director's fee by the Company shall be sufficient to constitute "employment" by the Company. 

			
	
			
				 (q)
			"Exchange Act" means the Securities Exchange Act of 1934, as amended.

			
	
			
				 (r)
			"Exchange Program" means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have lower exercise prices and different terms), Awards of a different type, and/or cash, and/or (ii) the exercise price of an outstanding Award is reduced.  The terms and conditions of any Exchange Program shall be determined by the Administrator in its sole discretion.

			
	
			
				 (s)
			"Fair Market Value" means, as of any date, the value of Common Stock determined as follows:

			
	
			
				 (i)
			If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the NASDAQ Global Select Market, the NASDAQ Global Market (formerly the NASDAQ National Market) or the NASDAQ Capital Market (formerly the NASDAQ SmallCap Market) of the NASDAQ Stock Market, the Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

			
	
			
				 (ii)
			If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

			
	
			
				 (iii)
			In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Administrator.  

			
	
			
				 (iv)
			Notwithstanding the preceding, for federal, state, and local income tax reporting purposes and for such other purposes as the Administrator deems appropriate, the Fair Market Value shall be determined by the Administrator in accordance with uniform and nondiscriminatory standards adopted by it from time to time.

			
	
			
				 (t)
			"Incentive Stock Option" means an Option intended to qualify and receive favorable tax treatment as an incentive stock option within the meaning of Section 422 of the Code, as designated in the applicable Award Agreement.

			
	
			
				 (u)
			"Nonstatutory Stock Option" means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

			
	
			
				 (v)
			"Option" means an option to purchase Common Stock granted pursuant to the Plan.

		
			

		 

		

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				 (w)
			"Other Stock Based Awards" means any other awards not specifically described in the Plan that are valued in whole or in part by reference to, or are otherwise based on, Shares and are created by the Administrator pursuant to Section 12.

			
	
			
				 (x)
			"Outside Director" means an "outside director" within the meaning of Section 162(m) of the Code.

			
	
			
				 (y)
			"Parent" means a "parent corporation" with respect to the Company, whether now or hereafter existing, as defined in Section 424(e) of the Code. 

			
	
			
				 (z)
			"Participant" means a Service Provider who has been granted an Award under the Plan.

			
	
			
				 (aa)
			"Performance Goals" means goals which have been established by the Committee in connection with an Award and are based on one or more of the following criteria, as determined by the Committee in its absolute and sole discretion: net income; cash flow; cash flow on investment; pre-tax or post-tax profit levels or earnings; operating income or earnings; return on investment; earned value added; expense reduction levels; free cash flow; free cash flow per share; earnings per share; net earnings per share; net earnings from continuing operations; sales growth; sales volume; economic profit; expense reduction; controlled expenses; return on assets; return on net assets; return on equity; return on capital; return on sales; return on invested capital; organic revenue; growth in managed assets; total shareholder return; stock price; stock price appreciation; EBITA; adjusted EBITA; EBITDA; adjusted EBITDA; return in excess of cost of capital; profit in excess of cost of capital; net operating profit after tax; operating margin; profit margin; adjusted revenue; revenue; net revenue; operating revenue; net cash provided by operating activities; net cash provided by operating activities per share; cash conversion percentage; new sales; net new sales; cancellations; gross margin; gross margin percentage; revenue before deferral; regulatory body approval for commercialization of a product; implementation or completion of critical projects; research; in-licensing; out-licensing; product development; government relations; compliance; mergers; and acquisitions or sales of assets or subsidiaries.

			
	
			
				 (bb)
			"Performance Period" means the time period during which the Performance Goals or performance objectives must be met.

			
	
			
				 (cc)
			"Performance Share" means Shares issued pursuant to a Performance Share Award under Section 10 of the Plan.

			
	
			
				 (dd)
			"Performance Unit" means, pursuant to Section 10 of the Plan, an unfunded and unsecured promise to deliver Shares, cash or other securities equal to the value set forth in the Award Agreement.

			
	
			
				 (ee)
			"Period of Restriction" means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture.  Such restrictions may be based on the passage of time, the achievement of Performance Goals or other target levels of performance, or the occurrence of other events as determined by the Administrator.

			
	
			
				 (ff)
			"Plan" means this Amended and Restated 2013 Equity Incentive Plan.  The Plan was originally approved by the Board on April 12, 2013 and by the Company's stockholders on May 21, 2013 and was amended and restated by the Board on January 1, 2017. 

			
	
			
				 (gg)
			"Prior Plans" means the Company's 1998 Share Incentive Plan, 2000 Share Incentive Plan, 2004 Share Incentive Plan and 2006 Incentive Share Plan.

		
			

		 

		

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				 (hh)
			"Restricted Stock" means Shares issued pursuant to a Restricted Stock Award under Section 8 or issued pursuant to the early exercise of an Option.

			
	
			
				 (ii)
			"Restricted Stock Unit" means, pursuant to Sections 4 and 11 of the Plan, an unfunded and unsecured promise to deliver Shares, cash or other securities equal in value to the Fair Market Value of one Share in the Company on the date of vesting or settlement, or as otherwise set forth in the Award Agreement. 

			
	
			
				 (jj)
			"Rule 16b-3" means Rule 16b-3 of the Exchange Act or any successor to Rule 16b‐3, as in effect when discretion is being exercised with respect to the Plan.

			
	
			
				 (kk)
			"Section 16(b)" means Section 16(b) of the Exchange Act.

			
	
			
				 (ll)
			"Service Provider" means an Employee, Director or Consultant.

			
	
			
				 (mm)
			"Share"  means a share of Common Stock, as adjusted in accordance with Section 15 of the Plan.

			
	
			
				 (nn)
			"Stock Appreciation Right" or "SAR" means, pursuant to Section 9 of the Plan, an unfunded and unsecured promise to deliver Shares, cash or other securities equal in value to the difference between the Fair Market Value of a Share as of the date such SAR is exercised/settled and the Fair Market Value of a Share as of the date such SAR was granted, or as otherwise set forth in the Award Agreement.

			
	
			
				 (oo)
			"Subsidiary" means a "subsidiary corporation" with respect to the Company, whether now or hereafter existing, as defined in Section 424(f) of the Code.

			
	
			
				 3.
			Stock Subject to the Plan.

			
	
			
				 (a)
			Stock Subject to the Plan.  Subject to the provisions of Section 15 of the Plan, the maximum aggregate number of Shares that may be issued pursuant to all Awards under the Plan is 2,016,037  Shares, representing the remaining shares available for issuance under the Prior Plans, plus the amount of outstanding Common Stock subject to Lapsed Awards (defined below) under the Prior Plans, plus the Additional Shares that were previously added to the Plan through January 1, 2017.  The maximum number of Shares that may be subject to Incentive Stock Option treatment is 2,016,037.  The maximum aggregate number of Shares that may be issued pursuant to all awards under the Plan shall increase annually on the first day of each fiscal year following the adoption of the Plan by the number of Shares equal to the lesser of (i) two percent of the total issued and outstanding common shares of the Company on the first day of such fiscal year (ii) 333,333 Shares or (iii) such lesser amount determined by the Board.  Shares shall not be deemed to have been issued pursuant to the Plan with respect to any portion of an Award that is settled in cash.  Upon payment in Shares pursuant to the exercise of an Award, the number of Shares available for issuance under the Plan shall be reduced only by the number of Shares actually issued in such payment.  If a Participant pays the exercise price (or purchase price, if applicable) of an Award through the tender of Shares, or if Shares are tendered or withheld to satisfy any Company withholding obligations, the number of Shares so tendered or withheld shall again be available for issuance pursuant to future Awards under the Plan; provided that any shares of Restricted Stock withheld to satisfy any Company withholding obligations in excess of the minimum amount required to be withheld shall no longer be available for issuance pursuant to future Awards under the Plan. 

			
	
			
				 (b)
			Lapsed Awards.  If any outstanding Award expires or is terminated or canceled without having been exercised or settled in full, or if Shares acquired pursuant to an Award subject to 

		 

		

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	forfeiture or repurchase are forfeited or repurchased by the Company, the Shares allocable to the terminated portion of the Award or the forfeited or repurchased Shares shall again be available for grant under the Plan (the "Lapsed Awards").  Similarly, the shares subject to Lapsed Awards under the Prior Plans shall add to the maximum number of Shares that are available for grant under Section 3(a) of the Plan.

			
	
			
				 (c)
			Share Reserve.  The Company, during the term of the Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan.

			
	
			
				 4.
			Administration of the Plan.  

			
	
			
				 (a)
			Procedure.

			
	
			
				 (i)
			Multiple Administrative Bodies.  Different Committees with respect to different groups of Service Providers may administer the Plan.

			
	
			
				 (ii)
			Section 162(m).  To the extent that the Administrator determines it to be desirable and necessary to qualify Awards granted under this Plan as "performance-based compensation" within the meaning of Section 162(m) of the Code, the Plan shall be administered by a Committee of two or more Outside Directors.

			
	
			
				 (iii)
			Rule 16b-3.  If a transaction is intended to be exempt under Rule 16b-3 of the Exchange Act, it shall be structured to satisfy the requirements for exemption under Rule 16b-3.

			
	
			
				 (iv)
			Other Administration.  Other than as provided above, the Plan shall be administered by (A) the Board or (B) a Committee constituted to satisfy Applicable Laws.

			
	
			
				 (v)
			Delegation of Authority for Day‐to‐Day Administration.  Except to the extent prohibited by Applicable Law, the Administrator may delegate to one or more individuals the day-to-day administration of the Plan and any of the functions assigned to it in this Plan.  Such delegation may be revoked at any time.

			
	
			
				 (b)
			Powers of the Administrator.  Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to the Committee, the Administrator shall have the authority, in its discretion to:

			
	
			
				 (i)
			determine the Fair Market Value of Awards;

			
	
			
				 (ii)
			select the Service Providers to whom Awards may be granted under this Plan;

			
	
			
				 (iii)
			determine the number of Shares to be covered by each Award granted under this Plan;

			
	
			
				 (iv)
			approve forms of Award Agreements for use under the Plan;

			
	
			
				 (v)
			determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted under this Plan, including but not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on Performance Goals or other performance criteria), any vesting acceleration or waiver of forfeiture or repurchase restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine;

		
			

		 

		

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				 (vi)
			reduce, with or without Participant consent, the exercise price of any Award to the then current Fair Market Value (or a higher value) if the Fair Market Value of the Common Stock covered by such Award shall have declined since the date the Award was granted;

			
	
			
				 (vii)
			institute an Exchange Program;

			
	
			
				 (viii)
			construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

			
	
			
				 (ix)
			prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans;

			
	
			
				 (x)
			amend the terms of any outstanding Award, including the discretionary authority to extend the post‐termination exercise period of Awards and accelerate the satisfaction of any vesting criteria or waiver of forfeiture or repurchase restrictions, provided that any amendment that would adversely affect the Participant's rights under an outstanding Award shall not be made without the Participant's written consent.  Notwithstanding the foregoing, an amendment shall not be treated as adversely affecting the rights of the Participant if the amendment causes an Incentive Stock Option to become a Nonstatutory Stock Option or if the amendment is made to the minimum extent necessary to avoid the adverse tax consequences of Section 409A of the Code.

			
	
			
				 (xi)
			allow Participants to satisfy withholding tax obligations by electing to have the Company withhold from the Shares or cash to be issued upon exercise or vesting of an Award up to the number of Shares or cash having a Fair Market Value equal to the amount required to be withheld bsed on the maximum individual income tax rate in the applicable jurisdiction.  The Fair Market Value of any Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be determined, and all elections by a Participant to have Shares or cash withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable;

			
	
			
				 (xii)
			authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;

			
	
			
				 (xiii)
			allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to the Participant under an Award;

			
	
			
				 (xiv)
			determine whether Awards shall be settled in Shares, cash or in a combination of Shares and cash;

			
	
			
				 (xv)
			determine whether Awards shall be adjusted for Dividend Equivalents;

			
	
			
				 (xvi)
			create Other Stock Based Awards for issuance under the Plan;

			
	
			
				 (xvii)
			establish a program whereby Service Providers designated by the Administrator can reduce compensation otherwise payable in cash in exchange for Awards under the Plan;

			
	
			
				 (xviii)
			impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant or other subsequent transfers by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under an insider trading policy, and (B) restrictions as to the use of a specified brokerage firm for such resales or other transfers;

		
			

		 

		

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				 (xix)
			establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of Performance Goals or other performance criteria, or other event that absent the election, would entitle the Participant to payment or receipt of Shares or other consideration under an Award; and

			
	
			
				 (xx)
			make all other determinations that the Administrator deems necessary or advisable for administering the Plan.

		
			The express grant in the Plan of any specific power to the Administrator shall not be construed as limiting any power or authority of the Administrator.  However, the Administrator may not exercise any right or power reserved to the Board.
		

			
	
			
				 (c)
			Effect of Administrator's Decision.  The Administrator's decisions, determinations, actions and interpretations shall be final, conclusive and binding on all persons having an interest in the Plan.

			
	
			
				 (d)
			Indemnification.  The Company shall defend and indemnify members of the Board, officers and Employees of the Company or of a Parent or Subsidiary whom authority to act for the Board, the Administrator or the Company is delegated ("Indemnitees") to the maximum extent permitted by law against (i) all reasonable expenses, including reasonable attorneys' fees incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal therein (collectively, a "Claim"), to which any of them is a party by reason of any action taken or failure to act in connection with the Plan, or in connection with any Award granted under the Plan; and (ii) all amounts required to be paid by them in settlement the Claim (provided the settlement is approved by the Company) or required to be paid by them in satisfaction of a judgment in any Claim.  However, no person shall be entitled to indemnification to the extent he is determined in such Claim to be liable for gross negligence, bad faith or intentional misconduct.  In addition, to be entitled to indemnification, the Indemnitee must, within 30 days after written notice of the Claim, offer the Company, in writing, the opportunity, at the Company's expense, to defend the Claim.  The right to indemnification shall be in addition to all other rights of indemnification available to the Indemnitee.

			
	
			
				 5.
			Eligibility.  Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, and Other Stock Based Awards may be granted to Service Providers.  Incentive Stock Options may be granted only to Employees.

			
	
			
				 6.
			Limitations.

			
	
			
				 (a)
			$100,000 Limitation for Incentive Stock Options.  Each Option shall be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option.  However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as Nonstatutory Stock Options.  For purposes of this Section 6(a), Incentive Stock Options shall be taken into account in the order in which they were granted.  The Fair Market Value of the Shares shall be determined as of the time the Options with respect to such Shares are granted.

			
	
			
				 (b)
			Special Annual Limits.  Subject to Section 15 of the Plan, the maximum number of Shares that may be subject to Options or Stock Appreciation Rights granted to any Service Provider in any calendar year shall equal 600,000 Shares and contain an exercise price equal to the Fair Market Value of the Common Stock as of the date of grant.  Subject to Section 15 of the Plan, the maximum number of Shares that may be subject to Restricted Stock, Restricted Stock Units, Performance Shares, Performance 

		
			

		 

		

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			Units and Other Stock Based Awards, Other Stock Based Awards granted to any Service Provider in any calendar year shall equal 600,000 Shares.  Subject to Section 15 of the Plan, the maximum dollar amount that may be subject to cash awards granted to any Service Provider in any calendar year shall equal $5,000,000. 
		

			
	
			
				 7.
			Options.

			
	
			
				 (a)
			Term of Option.  The term of each Option shall be stated in the Award Agreement.  In the case of an Incentive Stock Option, the term shall be 10 years from the date of grant or such shorter term as may be provided in the Award Agreement.  Moreover, in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option shall be five years from the date of grant or such shorter term as may be provided in the Award Agreement.

			
	
			
				 (b)
			Option Exercise Price and Consideration.

			
	
			
				 (i)
			Exercise Price.  The per Share exercise price for the Shares to be issued pursuant to exercise of an Option shall be determined by the Administrator, subject to the following:

			
	
			
				 (1)
			In the case of an Incentive Stock Option

			
	
			
				 (A)
			granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant.

			
	
			
				 (B)
			granted to any Employee other than an Employee described in paragraph (A) immediately above, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.

			
	
			
				 (2)
			In the case of a Nonstatutory Stock Option, the per Share exercise price shall be determined by the Administrator, but shall not be less than Fair Market Value per Share on the date of grant.

			
	
			
				 (3)
			Notwithstanding the foregoing, Options may be granted with a per Share exercise price of less than 100% of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code.

			
	
			
				 (ii)
			Waiting Period and Exercise Dates.  At the time an Option is granted, the Administrator shall fix the period within which the Option may be exercised and shall determine any conditions that must be satisfied before the Option may be exercised.  The Administrator, in its sole discretion, may accelerate the satisfaction of such conditions at any time.

			
	
			
				 (c)
			Form of Consideration.  The Administrator shall determine the acceptable form of consideration for exercising an Option, including the method of payment.  In the case of an Incentive Stock Option, the Administrator shall determine the acceptable form of consideration at the time of grant.  Such consideration, to the extent permitted by Applicable Laws, may consist entirely of:

			
	
			
				 (i)
			cash; 

		
			

		 

		

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				 (ii)
			check;

			
	
			
				 (iii)
			other Shares which meet the conditions established by the Administrator to avoid adverse accounting consequences (as determined by the Administrator);

			
	
			
				 (iv)
			consideration received by the Company under a cashless exercise program implemented by the Company in connection with the Plan;

			
	
			
				 (v)
			a reduction in the amount of any Company liability to the Participant, including any liability attributable to the Participant's participation in any Company-sponsored deferred compensation program or arrangement;

			
	
			
				 (vi)
			any combination of the foregoing methods of payment; or 

			
	
			
				 (vii)
			any other consideration and method of payment for the issuance of Shares permitted by Applicable Laws. 

			
	
			
				 (d)
			Exercise of Option.

			
	
			
				 (i)
			Procedure for Exercise; Rights as a Stockholder.  Any Option granted under this Plan shall be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement.  An Option shall be deemed exercised when the Company receives: (x) written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option, and (y) full payment for the Shares with respect to which the Option is exercised (including provision for any applicable tax withholding).  Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan.  Shares issued upon exercise of an Option shall be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his spouse.  Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Awarded Stock, notwithstanding the exercise of the Option.  The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised.  No adjustment shall be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 15 of the Plan or the applicable Award Agreement.  Exercising an Option in any manner shall decrease the number of Shares thereafter available for sale under the Option, by the number of Shares as to which the Option is exercised.

			
	
			
				 (ii)
			Termination of Relationship as a Service Provider.  If a Participant ceases to be a Service Provider, other than upon the Participant's death or Disability, the Participant may exercise his Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).  In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for 30 days following the Participant's termination after which the Option shall terminate.  Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan.  If the Participant does not exercise his Option as to all of the vested Shares within the time specified by the Award Agreement, the Option shall terminate, and the remaining Shares covered by the Option shall revert to the Plan.

			
	
			
				 (iii)
			Disability of Participant.  If a Participant ceases to be a Service Provider as a result of his Disability, the Participant may exercise his Option, to the extent vested, within the time 

		 

		

			10

		

 

	specified in the Award Agreement (but in no event later than the expiration of the term of the Option as set forth in the Award Agreement).  If no time for exercise of the Option on Disability is specified in the Award Agreement, the Option shall remain exercisable for 24 months following the Participant's termination for Disability.  Unless otherwise provided by the Administrator, on the date of termination for Disability, the unvested portion of the Option shall revert to the Plan.  If after termination for Disability, the Participant does not exercise his Option as to all of the vested Shares within the time specified by the Award Agreement, the Option shall terminate and the remaining Shares covered by such Option shall revert to the Plan.

			
	
			
				 (iv)
			Death of Participant.  If a Participant dies while a Service Provider, the Option, to the extent vested, may be exercised within the time specified in the Award Agreement (but in no event may the Option be exercised later than the expiration of the term of the Option as set forth in the Award Agreement), by the beneficiary designated by the Participant prior to his death; provided that such designation must be acceptable to the Administrator.  If no beneficiary has been designated by the Participant, then the Option may be exercised by the personal representative of the Participant's estate, or by the persons to whom the Option is transferred pursuant to the Participant's will or in accordance with the laws of descent and distribution.  If the Award Agreement does not specify a time within which the Option must be exercised following a Participant's death, it shall be exercisable for 24 months following his death.  Unless otherwise provided by the Administrator, if at the time of death, the Participant is not vested as to his entire Option, the Shares covered by the unvested portion of the Option shall immediately revert to the Plan.  If the Option is not exercised as to all of the vested Shares within the time specified by the Administrator, the Option shall terminate, and the remaining Shares covered by such Option shall revert to the Plan.

			
	
			
				 8.
			Restricted Stock.

			
	
			
				 (a)
			Grant of Restricted Stock.  Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, shall determine.

			
	
			
				 (b)
			Restricted Stock Agreement.  Each Award of Restricted Stock shall be evidenced by an Award Agreement that shall specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, shall determine.  Unless the Administrator determines otherwise, Shares of Restricted Stock shall be held by the Company as escrow agent until the restrictions on the Shares have lapsed.

			
	
			
				 (c)
			Removal of Restrictions.  Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Award made under the Plan shall be released from escrow as soon as practical after the last day of the Period of Restriction.  The Administrator, in its sole discretion, may accelerate the time at which any restrictions shall lapse or be removed.

			
	
			
				 (d)
			Voting Rights.  During the Period of Restriction, Service Providers holding Shares of Restricted Stock may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

			
	
			
				 (e)
			Dividends and Other Distributions.  During the Period of Restriction, Service Providers holding Shares of Restricted Stock shall be entitled to receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement.  If any dividends or distributions are paid in Shares, the Shares shall be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid. 

		
			

		 

		

			11

		

 

		

			
	
			
				 (f)
			Return of Restricted Stock to Company.  On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed shall revert to the Company and again shall become available for grant under the Plan.

			
	
			
				 9.
			Stock Appreciation Rights

			
	
			
				 (a)
			Grant of SARs.  Subject to the terms and conditions of the Plan, a SAR may be granted to Service Providers at any time and from time to time as shall be determined by the Administrator, in its sole discretion.  The Administrator shall have complete discretion to determine the number of SARs granted to any Service Provider.  The Administrator, subject to the provisions of the Plan, shall have complete discretion to determine the terms and conditions of SARs granted under the Plan, including the sole discretion to accelerate exercisability at any time.  

			
	
			
				 (b)
			SAR Agreement.  Each SAR grant shall be evidenced by an Award Agreement that shall specify the exercise price, the term, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, shall determine.

			
	
			
				 (c)
			Expiration of SARs.  A SAR granted under the Plan shall expire upon the date determined by the Administrator, in its sole discretion, as set forth in the Award Agreement.  Notwithstanding the foregoing, the rules of Sections 7(d)(ii), 7(d)(iii) and 7(d)(iv) shall also apply to SARs.

			
	
			
				 (d)
			Payment of SAR Amount.  Upon exercise of a SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by multiplying:

			
	
			
				 (i)
			The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

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

			
	
			
				 (iii)
			At the sole discretion of the Administrator, the payment upon the exercise of a SAR may be in cash, in Shares of equivalent value, or in some combination thereof.

			
	
			
				 10.
			Performance Units and Performance Shares.

			
	
			
				 (a)
			Grant of Performance Units and Performance Shares.  Subject to the terms and conditions of the Plan, Performance Units and Performance Shares may be granted to Service Providers at any time and from time to time, as shall be determined by the Administrator in its sole discretion.  The Administrator shall have complete discretion in determining the number of Performance Units and Performance Shares granted to each Service Provider.

			
	
			
				 (b)
			Value of Performance Units and Performance Shares.  Each Performance Unit shall have an initial value established by the Administrator on or before the date of grant.  Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant.

			
	
			
				 (c)
			Performance Objectives and Other Terms.  The Administrator shall set Performance Goals or other performance objectives in its sole discretion which, depending on the extent to which they are met, shall determine the number or value of Performance Units and Performance Shares that shall be paid out to the Participant.  Each award of Performance Units or Performance Shares shall be evidenced by an Award Agreement that shall specify the Performance Period and such other terms and conditions as the Administrator in its sole discretion shall determine.  The Administrator may set Performance Goals or performance objectives based upon the achievement of Company‐wide, divisional, 

		 

		

			12

		

 

	or individual goals (including solely continued service), applicable federal or state securities laws, or any other basis determined by the Administrator in its sole discretion.

			
	
			
				 (d)
			Earning of Performance Units and Performance Shares.  After the applicable Performance Period has ended, the holder of Performance Units or Performance Shares shall be entitled to receive a payout of the number of Performance Units or Performance Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding Performance Goals or performance objectives have been achieved.  After the grant of Performance Units or Performance Shares, the Administrator, in its sole discretion, may reduce or waive any performance objectives for the Performance Unit or Performance Share.

			
	
			
				 (e)
			Form and Timing of Payment of Performance Units and Performance Shares.  Payment of earned Performance Units and Performance Shares shall be made after the expiration of the applicable Performance Period at the time determined by the Administrator.  The Administrator, in its sole discretion, may pay earned Performance Units and Performance Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units or Performance Shares, as applicable, at the close of the applicable Performance Period) or in a combination of cash and Shares.

			
	
			
				 (f)
			Cancellation of Performance Units or Performance Shares.  On the date set forth in the Award Agreement, all unearned or unvested Performance Units and Performance Shares shall be forfeited to the Company, and again shall be available for grant under the Plan.

			
	
			
				 11.
			Restricted Stock Units.  Restricted Stock Units shall consist of a Restricted Stock, Performance Share or Performance Unit Award that the Administrator, in its sole discretion permits to be paid out in a lump sum, installments or on a deferred basis, in accordance with rules and procedures established by the Administrator

			
	
			
				 12.
			Other Stock Based Awards.  Other Stock Based Awards may be granted either alone, in addition to, or in tandem with, other Awards granted under the Plan and/or cash awards made outside of the Plan.  The Administrator shall have authority to determine the Service Providers to whom and the time or times at which Other Stock Based Awards shall be made, the amount of such Other Stock Based Awards, and all other conditions of the Other Stock Based Awards, including any dividend or voting rights and whether the Award should be paid in cash.

			
	
			
				 13.
			Leaves of Absence.  Unless the Administrator provides otherwise, vesting of Awards granted under this Plan shall be suspended during any unpaid leave of absence and shall resume on the date the Participant returns to work on a regular schedule as determined by the Company; provided, however, that no vesting credit shall be awarded for the time vesting has been suspended during such leave of absence.  A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary.  For purposes of Incentive Stock Options, no leave of absence may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract.  If reemployment upon expiration of a leave of absence approved by the Company is not guaranteed by statute or contract, then at the end of three months following the expiration of the leave of absence, any Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option.

			
	
			
				 14.
			Non-Transferability of Awards.  Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by shall or by the laws of descent or distribution and may be exercised, during the lifetime of the 

		 

		

			13

		

 

	Participant, only by the Participant.  If the Administrator makes an Award transferable, such Award shall contain such additional terms and conditions as the Administrator deems appropriate.

			
	
			
				 15.
			Adjustments; Dissolution or Liquidation; Change in Control.

			
	
			
				 (a)
			Adjustments.  In the event of any change in the outstanding Shares of Common Stock by reason of any stock split, stock dividend or other non‐recurring dividends or distributions, recapitalization, merger, consolidation, spin‐off, combination, repurchase or exchange of stock, reorganization, liquidation, dissolution or other similar corporate transaction that affects the Common Stock, an adjustment shall be made, as the Administrator deems necessary or appropriate, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.  Such adjustment may include an adjustment to the number and class of Shares which may be delivered under the Plan, the number, class and price of Shares subject to outstanding Awards, the number and class of Shares issuable pursuant to Options, and the numerical limits in Sections 3 and 6(b).  Notwithstanding the preceding, the number of Shares subject to any Award always shall be a whole number.

			
	
			
				 (b)
			Dissolution or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Participant as soon as practical prior to the effective date of the proposed transaction.  The Administrator, in its sole discretion, may provide for a Participant to have the right to exercise his Award, to the extent applicable, until 10 days prior to the transaction as to all of the Awarded Stock covered thereby, including Shares as to which the Award would not otherwise be exercisable.  In addition, the Administrator may provide that any Company repurchase option or forfeiture rights applicable to any Award shall lapse 100%, and that any Award vesting shall accelerate 100%, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated.  To the extent it has not been previously exercised or vested, an Award shall terminate immediately prior to the consummation of such proposed action.

			
	
			
				 (c)
			Change in Control.  This Section 15(c) shall apply except to the extent otherwise provided in the Award Agreement.

			
	
			
				 (i)
			Stock Options and SARs.  In the event of a Change in Control, each outstanding Option and SAR shall be assumed or an equivalent option or SAR substituted by the successor corporation or a Parent or Subsidiary of the successor corporation.  Unless determined otherwise by the Administrator, if the successor corporation refuses to assume or substitute for the Option or SAR, the Participant shall fully vest in and have the right to exercise the Option or SAR as to all of the Awarded Stock, including Shares as to which it would not otherwise be vested or exercisable.  If an Option or SAR is not assumed or substituted on the Change in Control, the Administrator shall notify the Participant in writing or electronically that the Option or SAR shall be exercisable, to the extent vested, for a period of up to 15 days from the date of such notice, and the Option or SAR shall terminate upon the expiration of such period.  For the purposes of this Section 15(c)(i), the Option or SAR shall be considered assumed if, following the Change in Control, the option or SAR confers the right to purchase or receive, for each Share of Awarded Stock subject to the Option or SAR immediately prior to the Change in Control, the consideration (whether securities, cash, or property) received in the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares).  However, if the consideration received in the Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or SAR, for each share of Awarded Stock subject to the Option or SAR, to be solely common stock of the successor corporation or its Parent equal in Fair Market Value to the per share consideration received by holders of Common Stock in the Change in Control.  Notwithstanding anything in this Plan to the contrary, an Award 

		
			

		 

		

			14

		

 

		

		
			that vests, is earned, or is paid‐out upon the satisfaction of one or more performance objectives shall not be considered assumed if the Company or its successor modifies any of the performance objectives without the Participant's consent; provided, however, a modification to performance objectives only to reflect the successor corporation's post‐Change in Control corporate structure shall not be deemed to invalidate an otherwise valid Award assumption.
		

		
			 
		

			
	
			
				 (ii)
			Restricted Stock, Performance Shares, Performance Units, Restricted Stock Units and Other Stock Based Awards.  In the event of a Change in Control, each outstanding Award of Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit, and Other Stock Based Award shall be assumed or an equivalent Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit, and Other Stock Based Award shall be substituted by the successor corporation or a Parent or Subsidiary of the successor corporation.  Unless determined otherwise by the Administrator, if the successor corporation refuses to assume or substitute for the Award, the Participant shall fully vest in the Award, including as to Shares or Units that would not otherwise be vested, all applicable restrictions shall lapse, and all performance objectives and other vesting criteria shall be deemed achieved at targeted levels.  For the purposes of this Section 15(c)(ii), an Award of Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, and Other Stock Based Awards shall be considered assumed if, following the Change in Control, the award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control (and if a Restricted Stock Unit or Performance Unit, for each Share as determined based on the then current value of the unit), the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares).  However, if the consideration received in the Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide that the consideration to be received for each Share (and if a Restricted Stock Unit or Performance Unit, for each Share as determined based on the then current value of the unit) be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.  Notwithstanding anything in this Plan to the contrary, an Award that vests, is earned, or is paid‐out upon the satisfaction of one or more performance objectives shall not be considered assumed if the Company or its successor modifies any of the performance objectives without the Participant's consent; provided, however, a modification to the performance objectives only to reflect the successor corporation's post‐Change in Control corporate structure shall not be deemed to invalidate an otherwise valid Award assumption.

			
	
			
				 (iii)
			Outside Director Awards.  Notwithstanding any provision of Sections 15(c)(i) or 15(c)(ii) to the contrary, with respect to Awards granted to an Outside Director that are assumed or substituted for, if on the date of or following the assumption or substitution, the Participant's status as a Director or a director of the successor corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant, then the Participant shall fully vest in and have the right to exercise his Options and Stock Appreciation Rights as to all of the Award, including Shares as to which such Awards would not otherwise be vested or exercisable, and all restrictions on Restricted Stock and Restricted Stock Units, as applicable, shall lapse, and, with respect to Performance Shares, Performance Units, and Other Stock Based Awards, all performance goals and other vesting criteria shall be deemed achieved at target levels and all other terms and conditions met.

			
	
			
				 16.
			Date of Grant.  The date of grant of an Award shall be, for all purposes, the date on which the Administrator makes the determination granting such Award, or a later date as is determined by the Administrator.  Notice of the determination shall be provided to each Participant within a reasonable time after the date of such grant.

		
			

		 

		

			15

		

 

		

			
	
			
				 17.
			Stockholder Approval and Term of Plan.  The Plan became effective on September 26, 2013 and thereafter shall continue in effect for a term of ten years unless terminated earlier under Section 18 of the Plan.

			
	
			
				 18.
			Amendment and Termination of the Plan.

			
	
			
				 (a)
			Amendment and Termination.  The Board may at any time amend, alter, suspend or terminate the Plan.

			
	
			
				 (b)
			Stockholder Approval.  The Company shall obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws.

			
	
			
				 (c)
			Effect of Amendment or Termination.  No amendment, alteration, suspension, or termination of the Plan shall materially or adversely impair the rights of any Participant, unless otherwise mutually agreed upon by the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company.  Termination of the Plan shall not affect the Administrator's ability to exercise the powers granted to it under this Plan with respect to Awards granted under the Plan prior to the date of termination.

			
	
			
				 19.
			Conditions upon issuance of shares.

			
	
			
				 (a)
			Legal Compliance.  Shares shall not be issued pursuant to the exercise of an Award unless the exercise of the Award and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance.

			
	
			
				 (b)
			Investment Representations.  As a condition to the exercise or receipt of an Award, the Company may require the person exercising or receiving the Award to represent and warrant at the time of any such exercise or receipt that the Shares are being purchased only for investment and without any present intention to sell or distribute the Shares if, in the opinion of counsel for the Company, such a representation is required.

			
	
			
				 (c)
			Taxes.  No Shares shall be delivered under the Plan to any Participant or other person until the Participant or other person has made arrangements acceptable to the Administrator for the satisfaction of any non‐U.S., U.S.‐federal, U.S.‐state, or local income and employment tax withholding obligations, including, without limitation, obligations incident to the receipt of Shares.  Upon exercise or vesting of an Award, the Company shall withhold or collect from the Participant an amount sufficient to satisfy such tax obligations, including, but not limited to, by surrender of up to the whole number of Shares covered by the Award sufficient to satisfy the withholding obligations incident to the exercise or vesting of an Award based on the maximum individual income tax rate in the applicable jurisdiction.

			
	
			
				 20.
			Severability.  Notwithstanding any contrary provision of the Plan or an Award to the contrary, if any one or more of the provisions (or any part thereof) of this Plan or the Awards shall be held invalid, illegal, or unenforceable in any respect, such provision shall be modified so as to make it valid, legal, and enforceable, and the validity, legality, and enforceability of the remaining provisions (or any part thereof) of the Plan or Award, as applicable, shall not in any way be affected or impaired thereby.

			
	
			
				 21.
			Inability to Obtain Authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company's counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

		
			

		 

		

			16

		

 

		

			
	
			
				 22.
			No Rights to Awards.  No eligible Service Provider or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Administrator shall be obligated to treat Participants or any other person uniformly.

			
	
			
				 23.
			No Stockholder Rights.  Except as otherwise provided in an Award Agreement, a Participant shall have none of the rights of a stockholder with respect to Shares covered by an Award until the Participant becomes the record owner of the Shares.

			
	
			
				 24.
			Fractional Shares.  No fractional Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate.

			
	
			
				 25.
			Governing Law.  The Plan, all Award Agreements, and all related matters, shall be governed by the laws of the State of Texas, without regard to choice of law principles that direct the application of the laws of another state.

			
	
			
				 26.
			No Effect on Terms of Employment or Consulting Relationship.  The Plan shall not confer upon any Participant any right as a Service Provider, nor shall it interfere in any way with his right or the right of the Company or a Parent or Subsidiary to terminate the Participant's service at any time, with or without cause, and with or without notice.

			
	
			
				 27.
			Unfunded Obligation.  This Section 27 shall only apply to Awards that are not settled in Shares.  Participants shall have the status of general unsecured creditors of the Company.  Any amounts payable to Participants pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended.  Neither the Company nor any Parent or Subsidiary shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations.  The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations under this Plan.  Any investments or the creation or maintenance of any trust for any Participant account shall not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any Parent or Subsidiary and Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant's creditors in any assets of the Company or Parent or Subsidiary.  The Participants shall have no claim against the Company or any Parent or Subsidiary for any changes in the value of any assets that may be invested or reinvested by the Company with respect to the Plan.

			
	
			
				 28.
			Section 409A.  It is the intention of the Company that no Award shall be "deferred compensation" subject to Section 409A of the Code, unless and to the extent that the Administrator specifically determines otherwise, and the Plan and the terms and conditions of all Awards shall be interpreted accordingly.  The following rules shall apply to Awards intended to be subject to Section 409A of the Code ("409A Awards"):

			
	
			
				 (a)
			Any distribution of a 409A Award following a separation from service that would be subject to Section 409A(a)(2)(A)(i) of the Code as a distribution following a separation from service of a "specified employee" (as defined under Section 409A(a)(2)(B)(i) of the Code) shall occur no earlier than the expiration of the six‐month period following such separation from service.

			
	
			
				 (b)
			In the case of a 409A Award providing for distribution or settlement upon vesting or lapse of a risk of forfeiture, if the time of such distribution or settlement is not otherwise specified in the Plan or Award Agreement or other governing document, the distribution or settlement shall be made no 

		 

		

			17

		

 

	later than March 15 of the calendar year following the calendar year in which such 409A Award vested or the risk of forfeiture lapsed.

			
	
			
				 (c)
			In the case of any distribution of any other 409A Award, if the timing of such distribution is not otherwise specified in the Plan or Award Agreement or other governing document, the distribution shall be made not later than the end of the calendar year during which the settlement of the 409A Award is specified to occur.

			
	
			
				 29.
			Construction.  Headings in this Plan are included for convenience and shall not be considered in the interpretation of the Plan.  References to sections are to Sections of this Plan unless otherwise indicated.  Pronouns shall be construed to include the masculine, feminine, neutral, singular or plural as the identity of the antecedent may require.  This Plan shall be construed according to its fair meaning and shall not be strictly construed against the Company. 

		
			 
		

		
			*     *     *     *     *
		

		
			 
		

		
			 
		

		 

		

			18Subscription
Agreement

 

This
Subscription Agreement (this “Agreement”) is made and entered into as of March 8, 2017 by and between
GREENPRO CAPITAL CORP., a Nevada corporation (the “Company”) and the undersigned (the “Purchaser”).
The Purchaser, together with the Company shall be referred to as the “Parties”.

 

WHEREAS,
the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company [number of shares]
of common stock, par value US$0.0001 per share of the Company (“Common Stock”) pursuant to an exemption from registration
under Section 4(a)(2), Regulation D, and/or Regulation S under the Securities Act of 1933, as amended (the “1933 Act”)
or other applicable exemptions on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

		1.	Securities
                                         Sale and Purchase. The Company shall issue and sell to the Purchaser and the Purchaser
                                         agrees to purchase from the Company [number of shares] of Common Stock of the
                                         Company (the “Shares” or the “Securities”) at a price
                                         of US$2.00 per share for a total amount of US$ [total subscription amount] (the
                                         “Purchase Price”) pursuant to an exemption from registration provided by
                                         Section 4(a)(2), Regulation D, and/or Regulation S promulgated under the 1933 Act or
                                         other applicable exemption.
	 	 	 
		2.	Closing.
                                         At the closing, the Company will deliver to the Purchaser the Shares and the Purchase
                                         Price shall be paid by the Purchaser via wire transfer of immediately available funds
                                         to an account designated by the Company. The closing shall be held on such date as the
                                         parties may agree upon (the “Closing” and the “Closing Date”)
                                         at the offices of Greenpro Capital Corp., Suite 2201, 22/F Malaysia Building, 50 Gloucester
                                         Road, Wanchai, Hong Kong at 10:00 a.m., or at such other location or by such other means
                                         upon which the parties may agree; provided, that all of the conditions set forth in Section
                                         2 hereof and applicable to the Closing shall have been fulfilled or waived in accordance
                                         herewith.
	 	 	 
		3.	Representations,
                                         Warranties and Covenants of the Company. The Company represents and warrants to the
                                         Purchaser, as of the date hereof, as follows:

 

		(a)	Organization
                                         and Standing. The Company is a duly organized corporation, validly existing and in
                                         good standing under the laws of the State of Nevada, has full power to carry on its business
                                         as and where such business is now being conducted and to own, lease and operate the properties
                                         and assets now owned or operated by it and is duly qualified to do business and is in
                                         good standing in each jurisdiction where the conduct of its business or the ownership
                                         of its properties requires such qualification.

 

     

     

    

 

		(b)	Authorization
                                         and Power. The execution, delivery and performance of this Agreement and the consummation
                                         of the transaction contemplated hereby have been duly authorized by the Board of Directors
                                         of the Company. The Agreement has been (or upon delivery will be) duly executed by the
                                         Company is or, when delivered in accordance with the terms hereof, will constitute, assuming
                                         due authorization, execution and delivery by each of the parties thereto, the valid and
                                         binding obligation of the Company enforceable against the Company in accordance with
                                         its terms.
	 	 	 
		(c)	No
                                         Conflict. The execution, delivery and performance of this Agreement and the consummation
                                         of the transactions contemplated hereby do not (i) violate or conflict with the Company’s
                                         Certificate of Incorporation, By-laws or other organizational documents, (ii) conflict
                                         with or result (with the lapse of time or giving of notice or both) in a material breach
                                         or default under any material agreement or instrument to which the Company is a party
                                         or by which the Company is otherwise bound, or (iii) violate any order, judgment, law,
                                         statute, rule or regulation applicable to the Company, except where such violation, conflict
                                         or breach would not have a Material Adverse Effect on the Company. This Agreement when
                                         executed by the Company will be a legal, valid and binding obligation of the Company
                                         enforceable in accordance with its terms (except as may be limited by bankruptcy, insolvency,
                                         reorganization, moratorium and similar laws and equitable principles relating to or limiting
                                         creditors’ rights generally).
	 	 	 
		(d)	Authorization.
                                         Issuance of the Shares to Purchasers has been duly authorized by all necessary corporate
                                         actions of the Company.
	 	 	 
		(e)	Issuances.
                                         The Shares to be issued hereunder will be validly issued, fully paid and nonassessable.
	 	 	 
		(f)	Litigation
                                         and Other Proceedings. There are no actions, suits, proceedings or investigations
                                         pending or, to the knowledge of the Company, threatened against the Company at law or
                                         in equity before or by any court or Federal, state, municipal or their governmental department,
                                         commission, board, bureau, agency or instrumentality, domestic or foreign which could
                                         materially adversely affect the Company. The Company is not subject to any continuing
                                         order, writ, injunction or decree of any court or agency against it which would have
                                         a material adverse effect on the Company.
	 	 	 
		(g)	Use
                                         of Proceeds. The proceeds of this Offering and sale of the Shares, net of payment
                                         of placement expenses, will be used by the Company for working capital and other general
                                         corporate purposes.
	 	 	 
		(h)	Consents/Approvals.
                                         No consents, filings (other than Federal and state securities filings relating to
                                         the issuance of the Shares pursuant to applicable exemptions from registration, which
                                         the Company hereby undertakes to make in a timely fashion), authorizations or other actions
                                         of any governmental authority are required to be obtained or made by the Company for
                                         the Company’s execution, delivery and performance of this Agreement which have
                                         not already been obtained or made or will be made in a timely manner following the Closing.

 

     

     

    

 

		(i)	No
                                         Commissions. The Company has not incurred any obligation for any finder’s,
                                         broker’s or agent’s fees or commissions in connection with the transaction
                                         contemplated hereby.
	 	 	 
		(j)	Disclosure.
                                         No representation or warranty by the Company in this Agreement, the Agreement, nor
                                         in any certificate, Schedule or Exhibit delivered or to be delivered pursuant to this
                                         Agreement: contains or will contain any untrue statement of material fact or omits or
                                         will omit to state a material fact necessary to make the statements contained herein
                                         or therein not misleading. To the knowledge of the Company and its subsidiaries at the
                                         time of the execution of this Agreement, there is no information concerning the Company
                                         and its subsidiaries or their respective businesses which has not heretofore been disclosed
                                         to the Purchasers that would have a Material Adverse Effect.
	 	 	 
		(k)	Compliance
                                         with Laws. The business of the Company and its subsidiaries has been and is presently
                                         being conducted so as to comply with all applicable material federal, state and local
                                         governmental laws, rules, regulations and ordinances.

 

		4.	Purchaser
                                         Representations, Warranties and Agreements. The Purchaser hereby acknowledges, represents
                                         and warrants as follows:

 

		(a)	Organization;
                                         Authority. Such Purchaser is an entity duly organized, validly existing and in good
                                         standing under the laws of the jurisdiction of its organization with the requisite corporate
                                         or partnership power and authority to enter into and to consummate the transactions contemplated
                                         by the applicable Documents and otherwise to carry out its obligations thereunder. The
                                         execution, delivery and performance by such Purchaser of the transactions contemplated
                                         by this Agreement has been duly authorized by all necessary corporate or, if such Purchaser
                                         is not a corporation, such partnership, limited liability company or other applicable
                                         like action, on the part of such Purchaser. Each of this Agreement and other Documents
                                         has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance
                                         with the terms hereof, will constitute the valid and legally binding obligation of such
                                         Purchaser, enforceable against it in accordance with its terms, except as such enforceability
                                         may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
                                         or similar laws relating to, or affecting generally the enforcement of, creditors’
                                         rights and remedies or by other equitable principles of general application.
	 	 	 
		(b)	Investment
                                         Intent. Such Purchaser is acquiring the Shares as principal for its own account for
                                         investment purposes only and not with a view to or for distributing or reselling such
                                         Shares or any part thereof, without prejudice, however, to such Purchaser’s right
                                         at all times to sell or otherwise dispose of all or any part of such Shares in compliance
                                         with applicable federal and state securities laws. Subject to the immediately preceding
                                         sentence, nothing contained herein shall be deemed a representation or warranty by such
                                         Purchaser to hold the Shares for any period of time. Such Purchaser is acquiring the
                                         Shares hereunder in the ordinary course of its business. Such Purchaser does not have
                                         any agreement or understanding, directly or indirectly, with any Person to distribute
                                         any of the Shares.

 

     

     

    

 

		(c)	Purchaser
                                         Status.

 

		(i)	The
                                         Purchaser agrees and acknowledges that it was not, a “U.S. Person” (as defined
                                         below) at the time the Purchaser was offered the Shares and as of the date hereof:

 

	 	(A)
    	Any
    natural person resident in the United States;
	 	 	 
	 	(B)
    	Any
    partnership or corporation organized or incorporated under the laws of the United States;
	 	 	 
	 	(C)
    	Any
    estate of which any executor or administrator is a U.S. person;
	 	 	 
	 	(D)
    	Any
    trust of which any trustee is a U.S. person;
	 	 	 
	 	(E)
    	Any
    agency or branch of a foreign entity located in the United States;
	 	 	 
	 	(F)
    	Any
    non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit
    or account of a U.S. person;
	 	 	 
	 	(G)
    	Any
    discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated,
    or (if an individual) resident of the United States; and
	 	 	 
	 	(H)
    	Any
    partnership or corporation if (i) organized or incorporated under the laws of any foreign jurisdiction and (ii) formed by
    a U.S. person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is organized
    or incorporated, and owned, by accredited Purchasers (as defined in Rule 501(a) of Regulation D promulgated under the 1933
    Act) who are not natural persons, estates or trusts.

 

     

     

    

 

“United
States” or “U.S.” means the United States of America, its territories and possessions, any State
of the United States, and the District of Columbia.

 

		(ii)	The
                                         Purchaser understands that no action has been or will be taken in any jurisdiction by
                                         the Company that would permit a public offering of the Shares in any country or jurisdiction
                                         where action for that purpose is required.
	 	 	 
		(iii)	The
                                         Purchaser (i) as of the execution date of this Agreement is not located within the United
                                         States, and (ii) is not purchasing the Shares for the account or benefit of any U.S.
                                         Person, except in accordance with one or more available exemptions from the registration
                                         requirements of the 1933 Act or in a transaction not subject thereto.
	 	 	 
		(iv)	The
                                         Purchaser will not resell the Shares except in accordance with the provisions of Regulation
                                         S (Rule 901 through 905 and Preliminary Notes thereto), pursuant to a registration statement
                                         under the 1933 Act, or pursuant to an available exemption from registration; and agrees
                                         not to engage in hedging transactions with regard to such securities unless in compliance
                                         with the 1933 Act.
	 	 	 
		(v)	The
                                         Purchaser will not engage in hedging transactions with regard to shares of the Company
                                         prior to the expiration of the distribution compliance period specified in Category 2
                                         or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable, unless
                                         in compliance with the 1933 Act; and as applicable, shall include statements to the effect
                                         that the securities have not been registered under the 1933 Act and may not be offered
                                         or sold in the United States or to U.S. persons (other than distributors) unless the
                                         securities are registered under the 1933 Act, or an exemption from the registration requirements
                                         of the 1933 Act is available.
	 	 	 
		(vi)	No
                                         form of “directed selling efforts” (as defined in Rule 902 of Regulation
                                         S under the 1933 Act), general solicitation or general advertising in violation of the
                                         1933 Act has been or will be used nor will any offers by means of any directed selling
                                         efforts in the United States be made by the Purchaser or any of their representatives
                                         in connection with the offer and sale of the Purchased Shares.

 

		(d)	General
                                         Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement,
                                         article, notice or other communication regarding the Shares published in any newspaper,
                                         magazine or similar media or broadcast over television or radio or presented at any seminar
                                         or any other general solicitation or general advertisement.
	 	 	 
		(e)	Access
                                         to Information. Such Purchaser acknowledges that it has reviewed the disclosure materials
                                         and has been afforded (i) the opportunity to ask such questions as it has deemed necessary
                                         of, and to receive answers from, representatives of the Company concerning the terms
                                         and conditions of the offering of the Shares and the merits and risks of investing in
                                         the Shares; (ii) access to information about the Company and the Subsidiaries and their
                                         respective financial condition, results of operations, business, properties, management
                                         and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity
                                         to obtain such additional information that the Company possesses or can acquire without
                                         unreasonable effort or expense that is necessary to make an informed investment decision
                                         with respect to the investment. Neither such inquiries nor any other investigation conducted
                                         by or on behalf of such Purchaser or its representatives or counsel shall modify, amend
                                         or affect such Purchaser’s right to rely on the truth, accuracy and completeness
                                         of the Disclosure Materials and the Company’s representations and warranties contained
                                         in the Transaction Documents.

 

     

     

    

 

		(f)	Independent
                                         Investment Decision. Such Purchaser has independently evaluated the merits of its
                                         decision to purchase the Shares pursuant to the Agreement, and such Purchaser confirms
                                         that it has not relied on the advice of any other Purchaser’s business and/or legal
                                         counsel in making such decision. Such Purchaser has not relied on the business or legal
                                         advice of the Company or any of its agents, counsel or Affiliates in making its investment
                                         decision hereunder, and confirms that none of such Persons has made any representations
                                         or warranties to such Purchaser in connection with the transactions contemplated by the
                                         Transaction Documents.

 

		5.	Miscellaneous

 

		(a)	Confidentiality.
                                         The Purchaser covenants and agrees that it will keep confidential and will not disclose
                                         or divulge any confidential or proprietary information that such Purchaser may obtain
                                         from the Company pursuant to financial statements, reports, and other materials submitted
                                         by the Company to such Purchaser in connection with this offering or as a result of discussions
                                         with or inquiry made to the Company, unless such information is known, or until such
                                         information becomes known, to the public through no action by the Purchaser; provided,
                                         however, that a Purchaser may disclose such information (i) to its attorneys, accountants,
                                         consultants, and other professionals to the extent necessary in connection with his or
                                         her investment in the Company so long as any such professional to whom such information
                                         is disclosed is made aware of the Purchaser’s obligations hereunder and such professional
                                         agrees to be likewise bound as though such professional were a party hereto, (ii) if
                                         such information becomes generally available to the public through no fault of the Purchaser,
                                         or (iii) if such disclosure is required by applicable law or judicial order.
	 	 	 
		(b)	Successors.
                                         The covenants, representations and warranties contained in this Agreement shall be
                                         binding on the Purchaser’s and the Company’s heirs and legal representatives
                                         and shall inure to the benefit of the respective successors and assigns of the Company.
                                         The rights and obligations of this Subscription Agreement may not be assigned by any
                                         party without the prior written consent of the other party.

 

     

     

    

 

		(c)	Counterparts.
                                         This Agreement may be executed in counterparts, each of which shall be deemed an
                                         original agreement, but all of which together shall constitute one and the same instrument.
	 	 	 
		(d)	Execution
                                         by Facsimile. Execution and delivery of this Agreement by facsimile transmission
                                         (including the delivery of documents in Adobe PDF format) shall constitute execution
                                         and delivery of this Agreement for all purposes, with the same force and effect as execution
                                         and delivery of an original manually signed copy hereof.
	 	 	 
		(e)	Governing
                                         Law and Jurisdiction. This Agreement shall be governed by and construed in accordance
                                         with the laws of the State of Nevada applicable to contracts to be wholly performed within
                                         such state and without regard to conflicts of laws provisions. Any legal action or proceeding
                                         arising out of or relating to this Subscription Agreement and/or the Offering Documents
                                         may be instituted in the courts of the State of Nevada sitting in Nevada, and the parties
                                         hereto irrevocably submit to the jurisdiction of each such court in any action or proceeding.
                                         Purchaser hereby irrevocably waives and agrees not to assert, by way of motion, as a
                                         defense, or otherwise, in every suit, action or other proceeding arising out of or based
                                         on this Subscription Agreement and/or the Offering Documents and brought in any such
                                         court, any claim that Purchaser is not subject personally to the jurisdiction of the
                                         above named courts, that Purchaser’s property is exempt or immune from attachment
                                         or execution, that the suit, action or proceeding is brought in an inconvenient forum
                                         or that the venue of the suit, action or proceeding is improper.
	 	 	 
		(f)	Notices.
                                         All notices, requests, demands, claims and other communications hereunder shall be
                                         in writing and shall be delivered by certified or registered mail (first class postage
                                         pre-paid), guaranteed overnight delivery, or facsimile transmission if such transmission
                                         is confirmed by delivery by certified or registered mail (first class postage pre-paid)
                                         or guaranteed overnight delivery, to the following addresses and facsimile numbers (or
                                         to such other addresses or facsimile numbers which such party shall subsequently designate
                                         in writing to the other party):

 

	 	(i)	if
    to the Company:
	 	 	 
	 	 	Greenpro
    Capital Corp.
	 	 	Attn:
    Lee Chong Kuang
	 	 	Suite
    2201, 22/F Malaysia Building
	 	 	50
    Gloucester Road, 
	 	 	Wanchai,
    Hong Kong
	 	 	 
	 	(ii)	if
    to the Purchasers: 
	 	 	 
	 	 	To
    the addresses set forth on the signature pages.

 

		(g)	Entire
                                         Agreement. This Agreement (including the Exhibits attached hereto) and other Transaction
                                         Documents delivered at the Closing pursuant hereto, contain the entire understanding
                                         of the parties in respect of its subject matter and supersede all prior agreements and
                                         understandings between or among the parties with respect to such subject matter. The
                                         Exhibits constitute a part hereof as though set forth in full above.

 

     

     

    

 

		(h)	Amendment;
                                         Waiver. This Agreement may not be modified, amended, supplemented, canceled or discharged,
                                         except by written instrument executed by the Company and the Purchasers of not less than
                                         a majority of the principal amount of the subscription. No failure to exercise, and no
                                         delay in exercising, any right, power or privilege under this Agreement shall operate
                                         as a waiver, nor shall any single or partial exercise of any right, power or privilege
                                         hereunder preclude the exercise of any other right, power or privilege. No waiver of
                                         any breach of any provision shall be deemed to be a waiver of any proceeding or succeeding
                                         breach of the same or any other provision, nor shall any waiver be implied from any course
                                         of dealing between the parties. No extension of time for performance of any obligations
                                         or other acts hereunder or under any other agreement shall be deemed to be an extension
                                         of the time for performance of any other obligations or any other acts. The rights and
                                         remedies of the parties under this Agreement are in addition to all other rights and
                                         remedies, at law or equity, that they may have against each other.
	 	 	 
		(i)	Severability.
                                         If any provision of this Agreement is held to be invalid or unenforceable in any respect,
                                         the validity and enforceability of the remaining terms and provisions of this Agreement
                                         shall not in any way be affected or impaired thereby and the parties will attempt to
                                         agree upon a valid and enforceable provision that is a reasonable substitute therefore,
                                         and upon so agreeing, shall incorporate such substitute provision in this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	COMPANY:
    	Greenpro
    Capital Corp.
	 	 	 
	 	By:	/s/
    LEE CHONG KUANG
	 	Name:	Lee
    Chong Kuang
	 	Title:	Director,
    CEO

 

	PURCHASER:
    	 
	 	Name:
    [Name of Investor]
	 	 
	 	Purchase
    Price: US$[Total subscription amount]
	 	Number
    of Shares: [Number of Shares]
	 	 
	 	Address:
    [Address of Investor]
	 	 
	 	Telephone
    & Email:
	 	[Telephone
    & Email of Investor]

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