Document:

Exhibit

 CHANGE IN CONTROL AGREEMENT
CHANGE IN CONTROL AGREEMENT (this "Agreement") made as of this 23rd day of July, 2020, by and among UNITY BANK, a New Jersey state bank with its principal place of business located at 64 Old Highway 22, Clinton, New Jersey 08809 (the "Bank"), UNITY BANCORP, INC. a New Jersey corporation with its principal place of business located at 64 Old Highway 22, Clinton, New Jersey 08809 ("Unity") (Bank and Unity collectively, "Employer"), and Laureen Cook, an individual, residing at 106 Park Ridge Drive, Bath, Pa. 18014 (the "Executive").
WITNESSETH:
WHEREAS, Executive is being promoted to the position of Senior Vice President and Chief Accounting Officer; and 
WHEREAS, in connection with such promotion, Employer and Executive wish to enter into this Agreement;
NOW, THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties hereto, intending to be legally bound, agree as follows:
1.Termination. Executive may be terminated at any time, without prejudice to Executive's right to compensation or benefits pursuant to any benefit plan or policy of Employer. 

2.Change in Control

(a)For purposes of this Agreement, a "Change in Control" shall mean:

(i)a reorganization, merger, consolidation or sale of all or substantially all of the assets of Unity or a similar transaction in which Unity is not the resulting entity; or

(ii)individuals who constitute the Incumbent Board (as herein defined) of Unity cease for any reason to constitute a majority thereof; or

(iii)the occurrence of an event of a nature that would be required to be reported in response to Item 1 of the Current Report on Form 8-K, as then in effect, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); or

(iv)Without limitation, a "change in control" shall be deemed to have occurred at such time as any "person" (as the term is used in Section 13(d) and 14(d) of the Exchange Act) other than Unity or the trustees or any administrator of any employee stock ownership plan and trust, or any other employee benefit plans, established by Employer from time-to-time is or becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly, of securities of Unity representing 35% or more of Unity's outstanding securities ordinarily having the right to vote at the election of directors; or

(v)A proxy statement soliciting proxies from stockholders of Unity is disseminated by someone other than the current management of Unity, seeking stockholder approval of a plan of reorganization, merger or consolidation of Unity or similar transaction with one or more corporations as a result of which the outstanding shares of the class of securities then subject to the plan or transaction are exchanged or converted into cash or property or securities not issued by Unity, and the proponent of such proxy statement shall have obtained the vote required to approve such proposal; or

(vi)A tender offer is made for 35% or more of the voting securities of Unity and shareholders owning beneficially or of record 35% or more of the outstanding securities of Unity have tendered or offered to sell their shares pursuant to such tender and such tendered shares have been accepted by the tender offeror.

For these purposes, "Incumbent Board" means the Board of Directors of Unity on the date hereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by members or stockholders was approved by the same nominating committee serving under an Incumbent Board, shall be considered as if he were a member of the Incumbent Board.

(b)Upon the occurrence of a Change in Control, and, in connection with such Change in Control, if Executive's employment with Employer and/or its successors is terminated within six (6) months of such Change in Control, regardless of whether such termination is by Employer or its successor, through Executive's resignation of employment with Employer or its successor with or without good cause, or Executive's failure to accept an offer of employment with any successor to Employer, Executive shall be entitled to receive a payment equal to nine (9) months of the Executive's Base Salary plus any cash bonus received by the Executive for the Employer's preceding fiscal year. Such payment shall be made to Executive in a single lump sum payment and shall be made in accordance with Section 17 hereof. In addition to the foregoing, Executive shall, during the nine (9) months following the termination of Executive’s employment be entitled to receive from Employer or its successor, hospital, health, medical and life insurance benefits on the terms and at the same cost to Executive as Executive was receiving such benefits upon the date of termination of Executive's employment. Notwithstanding the preceding sentence, in the event the Executive obtains new employment during any period that the Employer is obligated to provide hospital, health, medical and life insurance benefits hereunder and such new employment provides for hospital, health, medical and life insurance benefits in a manner substantially similar to the benefits to be provided by Employer hereunder, Employer may permanently terminate the duplicative benefits it is obligated to provide hereunder. Notwithstanding the forgoing, upon a Change in Control, Executive shall not have the right to receive the payments provided for above due to the Executive's resignation of employment with Employer or its successor  or Executive's failure to accept an offer of employment with any successor to Employer if, following such transaction, (i) a majority of the individuals constituting the Board of the resulting entity are members of the Incumbent Board and (ii) a majority of the "senior officer positions" of the resulting entity are held by individuals who held "senior officer positions" with the Employer prior to such transaction.

For purposes hereof, the "senior officer positions" shall include such of the following positions as the Employer shall separately maintain prior to any such transaction: the Chairman, Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, and Chief Administrative Officer/Director of Sales.
(c)Upon the occurrence of a Change in Control, subject to paragraph (d) hereof, the vesting period for any unvested stock options or unvested awards of Unity common stock previously granted to Executive shall accelerate and become fully vested on the date of the Change in Control.

(d)Notwithstanding anything contained in this Section 2 above, in the event all compensation to be provided to Executive conditioned upon the occurrence of a Change in Control, whether under this Agreement or in connection with any other agreement or benefit plan of the Employer to which Executive is a party or in which he participates, exceeds 2.99 times the Executive's Base Amount, as that term is defined under Section 280G of the Internal Revenue Code and regulations of the Internal Revenue Service promulgated thereunder, the total compensation to be paid to the Executive shall be reduced to an amount that is $1.00 less than 2.99 times the Executive's Base Amount. Executive shall have the right to determine which benefits to which he would otherwise be entitled shall be reduced.

3.No Guaranty of Employment. Nothing in this Agreement shall be construed to guarantee the employment of the Executive. Executive shall remain an "employee at will" of Employer at all times during the term of this Agreement.

4.Notices. Any and all notices, demands or requests required or permitted to be given under this Agreement shall be given in writing and sent: (i) by registered or certified U.S. mail, return receipt requested; (ii) by hand; (iii) by overnight courier; or (iv) by telecopier addressed to the parties hereto at their addresses set forth above or such other addresses as they may from time-to time designate by written notice, given in accordance with the terms of this Section 4, together with copies thereof as follows:

In the case of the Executive, to the address set forth on the first page hereof or to such other address as Executive shall provide in writing to the Employer for the provisions of notice hereunder.

In the case of Employer, to the address set forth on the first page hereof, with a copy to:

Windels Marx Lane & Mittendorf, LLP
Attn: Robert A Schwartz, Esq.
120 Albany Street Plaza 
New Brunswick, NJ 08901
Telecopier No. (732) 846-8877  

Notice given as provided in this Section 4 shall be deemed effective: (i) on the date hand delivered; (ii) on the first business day following the sending thereof by overnight courier; (iii) on the seventh calendar day (or, if it is not a business day, then the next succeeding business day thereafter) after the depositing thereof into the exclusive custody of the U.S. Postal Service; or (iv) on the date telecopied.

5.Term. This Agreement shall have a term of three years from the date hereof; provided, however, that in the event the term of this Agreement would terminate at any time after the Employer has engaged in substantive negotiations regarding a transaction which would lead to a Change in Control, this Agreement shall continue to remain in full force in effect until the earlier to occur of (i) the effectuation of such transaction leading to a Change in Control or (ii) the termination of the negotiations for the proposed transaction which would have resulted in the Change in Control. Notwithstanding the preceding sentence or any other provision of this Agreement, the term of this Agreement shall immediately end upon: (i) the Bank or Unity entering into a Memorandum of Understanding with the Federal Deposit Insurance Corporation ("FDIC") or the New Jersey Department of Banking and Insurance ("NJDBI"); (ii) a cease-and-desist order being issued with respect to the Bank or Unity by the FDIC or the NJDBI; or (iii) receipt by either the Bank or Unity of any notice under Federal or state law, which in any way restricts the payment of any amount or benefits which may become due under this Agreement. It is hereby understood and agreed that, upon the termination of the term of this Agreement due to the occurrence of any of the events described in the foregoing clauses (i), (ii) or (iii), this Agreement shall be deemed terminated and the Employer shall have no further obligation to pay any amounts to the Executive or provide any further benefits to the Executive. Notwithstanding the forgoing, upon the occurrence of the events described in clauses (i), (ii) or (iii) above, the Boards of Directors of Unity and the Bank may, by joint resolution of both Boards, waive the termination of this Agreement and elect to maintain this Agreement in full force and effect, subject to the terms, including the term set forth above, of this Agreement.

6.Confidential Information.

(a)As used herein, "Confidential Information" means any confidential or proprietary information relating to the Employer and its affiliates including, without limitation, the identity of the Employer's customers, the identity of representatives of customers with whom the Employer has dealt, the kinds of services provided by the Employer to customers, the manner in which such services are performed or offered to be performed, the service needs of actual or prospective customers, customer preferences and policies, pricing information, business and marketing plans, financial information, budgets, compensation or personnel records, information concerning the creation, acquisition or disposition of products and services, vendors, software, data processing programs, databases, customer maintenance listings, computer software applications, research and development data, know-how, and other trade secrets. 

Notwithstanding the above, Confidential Information does not include information which: (i) is or becomes public knowledge without breach of this Agreement; or (ii) is received by Executive from a third party without any violation of any obligation of confidentiality and without confidentiality restrictions; provided, however, that nothing in this Agreement shall prevent the Executive from participating in or disclosing documents or information in connection with any judicial or administrative investigation, inquiry or proceeding to the extent that such participation or disclosure is required under applicable law; provided further, however, that the Executive will provide the Employer with prompt notice of such request so that the Employer may seek (with the cooperation of the Executive, if so requested by the Employer), a protective order or other appropriate remedy and/or waiver in writing of compliance with the provisions of this Agreement. If a particular portion or aspect of Confidential Information becomes subject to any of the foregoing exceptions, all other portions or aspects of such information shall remain subject to all of the provisions of this Agreement.

(b)At all times, both during the period of Executive's services for the Employer and after termination of Executive's services, the Executive will keep in strictest confidence and trust all Confidential Information and the Executive will not directly or indirectly use or disclose to any third-party any Confidential Information, except as may be necessary in the ordinary course of performing the Executive’s duties for the Employer, or disclose any Confidential Information, or permit or encourage any other person or entity to do so, without the prior written consent of the Employer except as may be necessary in the ordinary course of performing the Executive’s duties for the Employer.

(c)The Executive agrees to return promptly all Confidential Information in tangible form, including, without limitation, all photocopies, extracts and summaries thereof, and any such information stored electronically on tapes, computer disks, mobile or remote computers (including personal digital assistants) or in any other manner to the Employer at any time that the Employer makes such a request and automatically, without request, within five days after the termination of the Executive's performance of services for the Employer for any reason.

7.Assignability. Neither this Agreement nor the rights or obligations of Executive hereunder may be assigned, whether by operation of law or otherwise. This Agreement shall be binding upon the Employer, its successors and assignees. The Bank and Unity shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank and Unity, to expressly and unconditionally agree to assume and discharge the obligations of the Bank and Unity under this Agreement, in the same manner and to the same extent that the Bank and Unity would be required to perform if no such succession or assignment had taken place:

8.Waiver. The waiver by Employer or the Executive of a breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent or other breach hereof.

9.Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey without giving effect to principles of conflict of laws.

10.Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and may not be amended, waived, changed, modified or discharged, except by an agreement in writing signed by the parties hereto.

11.Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which taken together shall constitute one and the same instrument.

12.Amendment. This Agreement may be modified or amended only by an amendment in writing signed by both parties.

13.Severability. If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision, only to the extent it is invalid or unenforceable, and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement shall be carried out as if any such invalid or unenforceable provision were not contained herein.

14.Section Headings. The headings contained in this Agreement are solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement.

15.Fees and Expenses. If any party to this Agreement institutes any action or proceeding to enforce this Agreement, the prevailing party in such action or proceeding shall be entitled to recover from the non-prevailing party all legal costs and expenses incurred by the prevailing party in such action, including, but not limited to, reasonable attorney's fees and other reasonable legal costs and expenses.

16.Legal Representation. The Executive hereby acknowledges that Executive was given the opportunity to consult with independent legal counsel regarding this Agreement prior to his execution of this Agreement.

17.Release. All payments and benefits under Section 2 hereof shall be contingent upon Executive executing a general release of claims in favor of Unity, its subsidiaries and affiliates, and their respective officers, directors, shareholders, partners, members, managers, agents or employees, and which must be executed by the Executive no later than the twenty second (22nd) day after the termination of Executive's employment. Payments under this Agreement that are contingent upon such release shall, subject to Section 18, commence within eight (8) days after such release becomes effective; provided, however, that if Executive's termination of employment occurs on or after November 15 of a calendar year, then severance payments shall, subject to the effectiveness of such release and Section 18, commence on the first business day of the following calendar year.

18.Section 409A Compliance. If the Executive is a "specified employee" for purposes of Section 409A of the Code, to the extent required to comply with Section 409A of the Code, any payments required to be made pursuant to this Agreement which are deferred compensation and subject to Section 409A of the Code (and do not qualify for an exemption thereunder) shall not commence until one day after the day which is six (6) months from the date of termination. Should this Section 18 result in a delay of payments to the Executive, on the first day any such payments may be made incurring a penalty pursuant to Section 409A (the "409A Payment Date"), the Employer shall begin to make such payments as described in this Section 18, provided that any amounts would have been paid earlier but for application of this Section 18 shall be paid in lump-sum of the 409A Payment Date.

19.Termination of Prior Agreement. Executive acknowledges that that certain Change in Control Agreement between Executive and Employer dated January 2, 2018 has terminated pursuant to its terms and is no longer in force or effect.  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement under their respective hands and seals as of the day and year first above written

ATTEST:                    UNITY BANK                                                                                                                        By: /s/     James Hughes             
James A. Hughes, President and CEO
ATTEST:                    UNITY BANCORP, INC                                                                                                                    By: /s/     James Hughes             
James A Hughes, President and CEO
WITNESS:                    EXECUTIVE                                                                                                                By: /s/     Laureen Cook             
                        
Laureen Cook, Senior Vice President and Chief
Accounting OfficerExhibit 10.6

 

APPLIED UV, INC.

Notice of Non-Qualified Stock
Option Grant

 

You
(the “Optionee”) have been granted the following option (the “Option”) to purchase Common
Stock of Applied UV, Inc. (the “Company”), par value $0.0001 per share (“Share”):

 

	Name of Optionee:	Max Munn.
	 	 
	Total Number of Shares	 
	Subject to Option:	2500.
	 	 
	Type of Option:	Non-Qualified Stock Options (NQSOs).
	 	 
	Exercise Price Per Share:	The greater of (x) $0.50 and (y) Market Value on the Effective Date of Grant.
	 	 
	 	“Market Value on the Effective Date of Grant” means the per share market value of the Shares as set forth in a valuation prepared by an independent valuation company engaged by the Company that is reasonable under Regulation 409A-1(b)(5)(iv)(B) of the Internal Revenue Service Code as of the Effective Date of Grant; provided however, if on the Effective Date of Grant the Shares are listed on a national exchange or quoted on an established quotation system, then “Market Value on the Effective Date of Grant” shall mean the closing price of the Shares listed on such national exchange or quoted on such quotation system on the Trading Day immediately prior to the Effective Date of Grant.
	 	 
	 	“Trading Day” means a day on which the principal Trading Market is open for trading. 
	 	 
		“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).
	 	 
	Effective Date of Grant:	April 1, 2020.

	 	 
	Vesting Schedule:	Options for the purchase of 625 shares of Common Stock shall vest quarterly for a period of one year, beginning on the last day of the quarter following the Effective Date of Grant.
	 	 
	Expiration Date:	Upon the Optionee no longer being a member of the Board of Directors of the Company for any reason, any unvested options (as determined using the Vesting Schedule) shall expire and no longer be exercisable. The options shall not be exercisable later than the tenth (10th) anniversary date of the Effective Date of Grant.

 

     

     

    

 

This grant is subject to all
of the terms and conditions set forth in the Non-Qualified Stock Option Agreement (the “Agreement”), attached hereto
as Exhibit A. This grant is made and granted as a stand-alone award and is not granted under or pursuant to the Company’s
2020 Omnibus Incentive Plan (the “Plan”). However, unless otherwise defined herein, the terms defined in the Plan shall
have the same defined meanings in this Agreement.

 

By your signature and the signature
of the Company’s representative below, you and the Company agree and acknowledge that this Option is governed by the terms
and conditions of the attached Non-Qualified Stock Option Agreement, which are incorporated herein by reference, and that you have
been provided with a copy of the Plan and Non-Qualified Stock Option Agreement.

 

 

 

	Optionee:	APPLIED UV, INC.
	 	 
	 	 
	By: __________________	By: __________________
	Name: Max Munn	Name: Max Munn
	 	Title: President
	 	
         

         

        By: __________________

	 	Name: Ross Carmel
	 	Title: Secretary

 

     

     

    

  

Exhibit A

 

APPLIED
UV, INC.

Non-Qualified
Stock Option Agreement

 

Section 1. Grant of Option.

 

(a) Option. On the terms and conditions
set forth in the Notice of Non-Qualified Stock Option Grant (the “Grant Notice”) and this Non-Qualified Stock
Option Agreement (the “Agreement”), the Company grants to the Optionee on the Effective Date of Grant the option
(the “Option”) to purchase at the Exercise Price the number of Shares set forth in the Grant Notice.

 

(b) Plan and Defined Terms. The
Option granted by this Agreement is granted as a stand-alone grant, separate and apart from, and outside of, the Plan, and shall
not constitute an award granted under or pursuant to the Plan. Notwithstanding the foregoing, the terms, conditions, and definitions
set forth in the Plan shall apply to the Option as though the Option had been granted under the Plan, and the Option shall be subject
to such terms, conditions, and definitions, which are hereby incorporated into this Agreement by reference; provided that, for
the avoidance of doubt, the Option granted by this Agreement shall not reduce and shall have no impact on the number of shares
available for grant under the Plan. To the extent any provision hereof is inconsistent with a provision of the Plan, the provisions
of this Agreement will govern. All capitalized terms that are used in the Grant Notice or this Agreement and not otherwise defined
therein or herein shall have the meanings ascribed to them in the Plan.

 

Section 2. Right to Exercise.

 

The Option hereby granted shall be exercised
by written notice to the Committee, specifying the number of Shares the Optionee desires to purchase together with provision for
payment of the Exercise Price. Subject to such limitations as the Committee may impose (including prohibition of one more of the
following payment methods), payment of the Exercise Price may be made by check payable to the order of the Company, for an amount
in United States dollars equal to the aggregate Exercise Price of such Shares, (b) by tendering to the Company Shares having an
aggregate Fair Market Value equal to such Exercise Price, (c) by broker-assisted exercise, or (d) by a combination of such methods,
or (e) by a cashless exercise. The Company may require the Optionee to furnish or execute such other documents as the Company shall
reasonably deem necessary (i) to evidence such exercise and (ii) to comply with or satisfy the requirements of the Securities Act
of 1933, as amended, the Exchange Act, applicable state or non-U.S. securities laws or any other law.

 

Section 3. Term and Expiration.

 

(a) Basic Term.
Subject to earlier termination pursuant to the terms here, the Option shall expire on the expiration date set forth in the Grant
Notice.

 

(b) Termination
of Employment or Service. If the Optionee’s employment or service as a Director or Consultant, as the case may be, is
terminated, the Option shall expire on the earliest of the following occasions:

 

(i) The expiration date
set forth in the Grant Notice;

 

     

     

    

 

(ii) Three months following
the termination of the Optionee’s employment or service for any reason other than Cause, death, or Disability;

 

(iii) One year following
the termination of the Optionee’s employment or service due to death or Disability; or

 

(iv) The date of termination
of the Optionee’s employment or service for Cause.

 

The Optionee may exercise
all or part of this Option at any time before its expiration under the preceding sentence, but, subject to the following sentence,
only to the extent that the Option had become vested before the Optionee’s employment or service terminated. When the Optionee’s
employment or service terminates, this Option shall expire immediately with respect to the number of Shares for which the Option
is not yet vested. If the Optionee dies after termination of employment or service, but before the expiration of the Option, all
or part of this Option may be exercised (prior to expiration) by the personal representative of the Optionee or by any person who
has acquired this Option directly from the Optionee by will, bequest or inheritance, but only to the extent that the Option was
vested and exercisable upon termination of the Optionee’s employment or service.

 

(c) Definition of
 “Cause.” The term “Cause” shall have the meaning ascribed to such term in the Optionee’s
employment agreement with the Company or any Subsidiary. If the Optionee’s employment agreement does not define the term
 “Cause,” or if the Optionee has not entered into an employment agreement with the Company or any Subsidiary,
the term “Cause” shall mean (i) the willful engaging by the Optionee in misconduct that is demonstrably injurious
to the Company or any Parent or Subsidiary (monetarily or otherwise), (ii) the Optionee’s conviction of, or pleading guilty
or nolo contendere to, a felony involving moral turpitude, or (iii) the Optionee’s violation of any confidentiality, non-solicitation,
or non-competition covenant to which the Optionee is subject.

 

(d) Definition of
 “Disability.” The term “Disability” shall have the meaning ascribed to such term in the Optionee’s
employment agreement with the Company or any Subsidiary. If the Optionee’s employment agreement does not define the term
 “Disability,” or if the Optionee has not entered into an employment agreement with the Company or any Subsidiary,
the term “Disability” shall mean the Optionee’s entitlement to long-term disability benefits pursuant
to the long-term disability plan maintained by the Company or in which the Company’s employees participate.

 

Section 4. Transferability of Option.

 

The Option shall not
be transferable by the Optionee other than by will or the laws of descent and distribution, and the Option shall be exercisable
during the Optionee’s lifetime only by the Optionee or on his or her behalf by the Optionee’s guardian or legal representative.

 

Section 5. Investment Intent; Restrictions
on Transfer.

 

Optionee represents
and agrees that if Optionee exercises this Option in whole or in part, Optionee will in each case acquire the Shares upon such
exercise for the purpose of investment and not with a view to, or for resale in connection with, any distribution thereof; and
that upon such exercise of this Option in whole or in part, Optionee (or any person or persons entitled to exercise this Option
under the provisions hereof) shall furnish to the Company a written statement to such effect, satisfactory to the Company in form
and substance. If the Shares represented by this Option are registered under the Securities Act, either before or after the exercise
of this Option in whole or in part, the Optionee shall be relieved of the foregoing investment representation and agreement and
shall not be required to furnish the Company with the foregoing written statement.

 

     

     

    

 

Optionee further represents
that Optionee has had access to the financial statements or books and records of the Company, has had the opportunity to ask questions
of the Company concerning its business, operations and financial condition, and to obtain additional information reasonably necessary
to verify the accuracy of such information.

 

Unless and until the
Shares represented by this Option are registered under the Securities Act, all certificates representing the Shares and any certificates
subsequently issued in substitution therefor and any certificate for any securities issued pursuant to any stock split, share reclassification,
stock dividend or other similar capital event shall bear legends in substantially the following form:

 

THESE SECURITIES HAVE NOT
BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE 'SECURITIES ACT') OR UNDER THE APPLICABLE OR SECURITIES
LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF
IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS
THEREFROM.

 

and/or such other legend or legends
as the Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions with respect to the Shares
have been placed with the Company’s transfer agent.

 

Section 6. Miscellaneous Provisions.

 

(a) Acknowledgements.

 

(i) The Optionee hereby
acknowledges that he or she has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their
respective terms and conditions. The Optionee acknowledges that there may be tax consequences upon the exercise or transfer of
the Option and that the Optionee should consult an independent tax advisor prior to any exercise of the Option.

 

(b) Tax Withholding.
Pursuant to Article 20 of the Plan, the Company shall have the power and the right to deduct or withhold, or require the Optionee
to remit to the Company, an amount sufficient to satisfy federal, state and local tax purposes, as applicable, including payroll
taxes) that could be imposed on the transaction, and, to the extent the Committee so permits, amounts in excess of the minimum
statutory withholding to the extent it would not result in additional accounting expense. Such election shall be irrevocable, made
in writing, signed by the Optionee, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion,
deems appropriate.

 

(c) Notice Concerning
Disqualifying Dispositions. If the Option is an Incentive Stock Option, the Optionee shall notify the Committee of any disposition
of Shares issued pursuant to the exercise of the Option if the disposition constitutes a “disqualifying disposition”
within the meaning of Sections 421 and 422 of the Code (or any successor provision of the Code then in effect relating to disqualifying
dispositions). Such notice shall be provided by the Optionee to the Committee in writing within 10 days of any such disqualifying
disposition.

 

     

     

    

 

(d) Rights as a
Stockholder. Neither the Optionee nor the Optionee’s transferee or representative shall have any rights as a stockholder
with respect to any Shares subject to this Option until the Option has been exercised and Share certificates have been issued to
the Optionee, transferee or representative, as the case may be.

 

(e) Ratification
of Actions. By accepting this Agreement, the Optionee and each person claiming under or through the Optionee shall be conclusively
deemed to have indicated the Optionee’s acceptance and ratification of, and consent to, any action taken under this Agreement
and Grant Notice by the Company, the Board, or the Committee.

 

(f) Notice.
Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal delivery
or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid. Notice shall
be addressed to the Company at its principal executive office and to the Optionee at the address that he or she most recently provided
in writing to the Company.

 

(g) Choice of Law.
This Agreement and the Grant Notice shall be governed by, and construed in accordance with, the laws of the State of Delaware,
without regard to any conflicts of law or choice of law rule or principle that might otherwise cause this Agreement or the Grant
Notice to be governed by or construed in accordance with the substantive law of another jurisdiction.

 

(h) Arbitration.
Any dispute or claim arising out of or relating to this Agreement or the Grant Notice shall be settled by binding arbitration before
a single arbitrator in New York and in accordance with the Commercial Arbitration Rules of the American Arbitration Association.
The arbitrator shall decide any issues submitted in accordance with the provisions and commercial purposes of this Agreement and
the Grant Notice, provided that all substantive questions of law shall be determined in accordance with the state and Federal laws
applicable in the state in which the Company is incorporated, without regard to internal principles relating to conflict of laws.

 

(i) Modification
or Amendment. This Agreement may only be modified or amended by written agreement executed by the parties hereto; provided,
however, that the adjustments permitted pursuant to Article 4.3 of the Plan may be made without such written agreement.

 

(j) Severability.
In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if such illegal or
invalid provision had not been included.

 

(k) References to
Plan. All references to the Plan shall be deemed references to the Plan as may be amended from time to time.

 

(l) Section 409A
Compliance. To the extent applicable, it is intended that this Agreement comply with the requirements of Code Section 409A
and any related regulations or other guidance promulgated with respect to such Section by the U.S. Department of the Treasury or
the Internal Revenue Service and the Agreement and the Grant Notice shall be interpreted accordingly.

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