Document:

Exhibit 10.6

 

 

 

INDEMNIFICATION AGREEMENT

 

by and between

 

HYCROFT MINING HOLDING CORPORATION

 

and

 

[____]

 

 

 

 

 

 

 

 

Dated as of May 29, 2020

 

 

 

    

     

    

 

INDEMNIFICATION AGREEMENT

 

INDEMNIFICATION AGREEMENT
(this “Agreement”), dated as of May 29, 2020, by and between Hycroft Mining Holding Corporation, a Delaware
corporation (the “Company”), and [___], a natural person (“Indemnitee”).

 

R E C I T A L S

 

WHEREAS, highly
competent individuals have become more reluctant to serve corporations as directors, officers or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against
them arising out of their services to and activities on behalf of such corporations;

 

WHEREAS, directors
and officers are increasingly being subjected to expensive and time-consuming litigation relating to, among other things, matters
that traditionally would have been brought only against the corporation itself;

 

WHEREAS, the
Board of Directors of the Company (the “Board”) recognizes the limitations on the protection provided by liability
insurance and the uncertainties as to the scope and level of such coverage that may be available in the future;

 

WHEREAS, the
Board recognizes the limitations on the protection provided by existing indemnification arrangements pursuant to the Company’s
second amended and restated certificate of incorporation (the “Charter”) and amended and restated bylaws (the
 “Bylaws”) and the uncertainties as to its availability in any particular situation;

 

WHEREAS, the
Board believes that, in light of the limitations and uncertainties in respect of the protection provided by the Company’s
liability insurance and existing indemnification arrangements and the impact these uncertainties may have on the Company’s
ability to attract and retain qualified individuals to serve or continue to serve the Company as directors, officers or in other
capacities, the Company should act to assure such individuals that there will be increased certainty with respect to such protection
in the future;

 

WHEREAS, it
is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless and exonerate
and to advance expenses on behalf of, such individuals to the fullest extent permitted by applicable law so that they will serve
or continue to serve the Company free from undue concern that they may not be adequately protected;

 

WHEREAS, Indemnitee
is concerned that the protection provided under the Company’s liability insurance and existing indemnification arrangements
may not be adequate and may not be willing to serve or continue to serve the Company as a director, an officer or in any other
capacity without greater certainty concerning such protection, and the Company desires Indemnitee to serve or continue to serve
the Company as a director, an officer or in another capacity and is willing to provide such greater certainty; and

 

    

     

    

 

WHEREAS, this
Agreement is a supplement to, and in furtherance of, the Charter and the Bylaws and any resolutions adopted pursuant thereto, and
shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

A G R E E M E N T S

 

NOW, THEREFORE,
in consideration of the premises, covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee
covenant and agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1            For
purposes of this Agreement:

 

(a)            The
term “agent” shall mean any person who is or was a director, an officer or an employee of the Company or a subsidiary
of the Company or any other person authorized by the Company to act for or on behalf of the Company, including any person serving
in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability
company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the
Company or a subsidiary of the Company.

 

(b)            “Agreement”
shall have the meaning ascribed to such term in the Preamble.

 

(c)            “Beneficial
Owner” and “Beneficial Ownership” shall have the meanings ascribed to such terms in Rule 13d-3
promulgated under the Exchange Act as in effect on the date hereof.

 

(d)            “Board”
shall have the meaning ascribed to such term in the Recitals.

 

(e)            “Bylaws”
shall have the meaning ascribed to such term in the Recitals.

 

(f)            “Change
in Control” shall mean the occurrence of any of the following events, each of which shall be determined independently
of the others:

 

(i)           any
Person, other than a holder of at least 10% of the outstanding voting power of the Company as of the date hereof, becomes the
Beneficial Owner of a majority of the stock of the Company entitled to vote in the election of directors of the Company;

 

(ii)          Continuing
Directors cease to constitute a majority of the members of the Board;

 

(iii)          the
stockholders of the Company adopt and consummate a plan of complete or substantial liquidation or an agreement providing for the
distribution of all or substantially all of the assets of the Company is entered into;

 

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(iv)            the
Company is a party to a merger, consolidation, other form of business combination or a sale of all or substantially all of its
assets, with an unaffiliated third party, unless the business of the Company following consummation of such merger, consolidation
or other business combination is continued following any such transaction by a resulting entity (which may be, but need not be,
the Company) and the stockholders of the Company immediately prior to such transaction hold, directly or indirectly, at least a
majority of the voting power of the resulting entity; provided, however, that a merger or consolidation effected
to implement a recapitalization or similar transaction of the Company shall not constitute a Change in Control; or

 

(v)            there
is a Change in Control of the Company of a nature that is reported in response to item 5.01 of Current Report on Form 8-K
or any similar item, schedule or form under the Exchange Act, as in effect at the time of such change, whether or not the Company
is then subject to such reporting requirements;

 

provided, however,
that for purposes of this Agreement a Change in Control shall not be deemed to occur if the Person or Persons deemed to have acquired
control is or are a holder of at least 10% of the outstanding voting power of the Company as of the date hereof.

 

(g)            “Charter”
shall have the meaning ascribed to such term in the Recitals.

 

(h)            “Company”
shall have the meaning ascribed to such term in the Preamble.

 

(i)            “Continuing
Directors” shall mean the members of the Board on the date hereof, provided, that any individual becoming a member
of the Board subsequent to the date hereof whose election or nomination for election was supported by at least a majority of the
directors who then comprised the Continuing Directors shall be considered to be a Continuing Director.

 

(j)            “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, managing member,
fiduciary, employee or agent of the Company or of any other Enterprise which such person is or was serving at the request of the
Company.

 

(k)            “D&O
Liability Insurance” shall have the meaning ascribed to such term in Section 15.1.

 

(l)            “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

(m)            “DGCL”
shall mean the General Corporation Law of the State of Delaware.

 

(n)            “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
or advancement of Expenses is sought by Indemnitee.

 

(o)            “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed
in a consolidation or merger to which the Company is a party, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee,
general partner, managing member, fiduciary, employee or agent.

 

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(p)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(q)            “Expenses”
shall mean all direct and indirect costs, fees and expenses (including, without limitation, fees and expenses of legal counsel
(including Independent Counsel), retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage and delivery service fees and all other disbursements or expenses)
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a
witness in, or otherwise participating in, a Proceeding. For avoidance of doubt, Expenses shall include expenses incurred in connection
with any appeal resulting from any Proceeding including, without limitation, the premium, security for and other costs relating
to any cost bond, supersedeas bond or other appeal bond or its equivalent; provided, however, that Expenses shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(r)            “Indemnification
Arrangements” shall have the meaning ascribed to such term in Section 16.2.

 

(s)            “Indemnitee”
shall have the meaning ascribed to such term in the Preamble.

 

(t)            “Independent
Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither
currently is, nor in the three years preceding its selection or appointment hereunder has been, retained to represent (i) the
Company or Indemnitee in any matter material to either such party (provided, that acting as an Independent Counsel under
this Agreement or in a similar capacity with respect to any other indemnification arrangements between the Company and its present
or former directors or officers shall not be deemed a representation of the Company or Indemnitee) or (ii) any other party
to the Proceeding giving rise to a claim for indemnification or advancement of expenses hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement.

 

(u)            The
 “Nominating and Governance Committee” shall mean the Nominating and Governance committee of the Board.

 

(v)            The
term “Person” shall have the meaning ascribed to such term in Sections 13(d) and 14(d) of the Exchange
Act as in effect on the date hereof; provided, however, that the term “Person” shall exclude: (i) the
Company; (ii) any Subsidiaries of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary of
the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or of a Subsidiary of the Company or of a corporation owned directly or indirectly by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company.

 

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(w)            “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the
right of the Company or otherwise, and whether of a civil, criminal, administrative or investigative nature (including any appeal
therefrom), in which Indemnitee was, is or may be involved as a party or otherwise by reason of the fact of his or her Corporate
Status or by reason of any action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part
while serving in any Corporate Status (in each case, regardless of whether serving in such capacity at the time any liability or
expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement),
or any inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or
other proceeding.

 

(x)            References
to “serving at the request of the Company” shall include any service as a director, officer, employee, agent
or fiduciary of the Company or any other Enterprise which imposes duties on, or involves services by, such director, officer, employee,
agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good
faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee
benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

(y)            The
term “Subsidiary”, with respect to any Person, shall mean any corporation, limited liability company, partnership,
joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest
is owned, directly or indirectly, by such Person.

 

(z)            The
phrase “to the fullest extent permitted by applicable law” shall mean (i) to the fullest extent permitted
by the DGCL as in effect on the date of this Agreement and (ii) to the fullest extent authorized or permitted by any amendments
to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify
its directors and officers.

 

ARTICLE II

 

SERVICES BY INDEMNITEE

 

2.1            Indemnitee
agrees to serve or continue to serve in his or her current capacity or capacities as a director, officer, employee, agent or fiduciary
of the Company. Indemnitee may also serve, as the Company may reasonably request from time to time, as a director, officer, employee,
agent or fiduciary of any other corporation, partnership, limited liability company, association, joint venture, trust, employee
benefit plan or other Enterprise in which the Company has an interest. Indemnitee and the Company each acknowledge that they have
entered into this Agreement as a means of inducing Indemnitee to serve or continue to serve the Company in such capacities. Indemnitee
may at any time and for any reason resign from such position or positions (subject to any other contractual obligation or any obligation
imposed by operation of law). The Company shall have no obligation under this Agreement to continue Indemnitee in any such position
for any period of time and shall not be precluded by the provisions of this Agreement from removing Indemnitee from any such position
at any time.

 

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ARTICLE III

 

THIRD-PARTY PROCEEDINGS

 

3.1            The
Company shall indemnify, hold Indemnitee harmless and exonerate Indemnitee in accordance with the provisions of this Section 3.1
if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding,
other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3.1, Indemnitee
shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid
in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses,
judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal
action or Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

ARTICLE IV

 

INDEMNITY IN PROCEEDINGS BY OR IN
THE RIGHT OF THE COMPANY

 

4.1            To
the fullest extent permitted by applicable law, the Company shall indemnify, hold Indemnitee harmless and exonerate Indemnitee
in accordance with the provisions of this Section 4.1 if Indemnitee was, is, or is threatened to be made, a party to
or a participant (as a witness or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Section 4.1, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim,
issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4.1
in respect of any Proceeding, claim, issue or matter as to which Indemnitee shall have been finally adjudged, in a final non-appealable
adjudication, by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was
brought or the Delaware Court (or any court hearing appeals therefrom) shall determine upon application that, despite the adjudication
of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification,
to be held harmless or to exoneration.

 

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ARTICLE V

 

INDEMNIFICATION FOR EXPENSES OF A
PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

5.1            Any
other provisions of this Agreement notwithstanding, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate
Status, a party to (or a participant in) and is successful, on the merits or otherwise, in the defense of any Proceeding or any
claim, issue or matter therein, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold Indemnitee
harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith. If Indemnitee is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in any Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold Indemnitee
harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section 5.1 and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be
deemed to be a successful result as to such claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding,
the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses actually and reasonably incurred in connection with each successfully resolved claim, issue or matter.

 

ARTICLE VI

 

INDEMNIFICATION FOR EXPENSES OF A
WITNESS

 

6.1            Any
other provision of this Agreement notwithstanding, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate
Status, a witness in any Proceeding to which Indemnitee was or is not a party, Indemnitee shall, to the fullest extent permitted
by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

 

ARTICLE VII

 

ADDITIONAL INDEMNIFICATION, HOLD HARMLESS
AND EXONERATION RIGHTS

 

7.1            In
addition to, and without regard to any limitations on, the indemnification provided for in Sections 3.1, 4.1 or 5.1,
the Company shall indemnify, hold Indemnitee harmless and exonerate Indemnitee if Indemnitee is, or is threatened to be made, a
party to or participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its
favor) against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments
and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties and
amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such
Proceeding. The only limitations that shall exist upon the Company’s obligations pursuant to this Agreement shall be those
exclusions set forth in Section 9.1, and that the Company shall not be obligated to make any payment to Indemnitee
that is finally determined (under the procedures, and subject to the presumptions, set forth in Articles XII and XIII)
to be unlawful.

 

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ARTICLE VIII

 

CONTRIBUTION IN THE EVENT OF JOINT
LIABILITY

 

8.1            Whether
or not the indemnification provided in Sections 3.1, 4.1, 5.1 and 7.1 hereof is available, if, for
any reason, Indemnitee shall be required to pay, in connection with any Proceeding in which the Company is jointly liable
with Indemnitee, all or any portion of any judgments, liabilities, fines, penalties, amounts to be paid in settlement and/or for
Expenses, the Company shall contribute to the amount actually and reasonably incurred and paid or payable by Indemnitee, whether
for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses in proportion to the
relative benefits received by the Company and all agents of the Company, other than Indemnitee, who are jointly liable with Indemnitee,
on the one hand, and Indemnitee, on the other hand, from the transaction or transactions from which such Proceeding arose; provided,
however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law,
be further adjusted by reference to the relative fault of the Company and all agents of the Company other than Indemnitee who are
jointly liable with Indemnitee, on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted
in such judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, as well as any
other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all agents
of the Company, other than Indemnitee, who are jointly liable with Indemnitee, on the one hand, and Indemnitee, on the other hand,
shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal
profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active
or passive. The Company shall not enter into any settlement in respect of any Proceeding in which the Company is jointly liable
with Indemnitee unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

8.2            The
Company shall indemnify, hold Indemnitee harmless or exonerate Indemnitee from any claims of contribution which may be brought
by agents of the Company, other than Indemnitee, who may be jointly liable with Indemnitee in respect of any Proceeding.

 

8.3            To
the fullest extent permissible by applicable law, if the indemnification, hold harmless or exoneration rights provided for in this
Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying and
holding Indemnitee harmless, shall contribute to the amount incurred by Indemnitee, whether for judgments, liabilities, fines,
penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding, claim, matter or issue
relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of
the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee
as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault
of the Company (and its agents, other than Indemnitee) and Indemnitee in connection with such event(s) and/or transaction(s).

 

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ARTICLE IX

 

EXCLUSIONS

 

9.1            Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance,
hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)            for
which payment has actually been received by or on behalf of Indemnitee under any insurance policy, contract, agreement, indemnity
provision or otherwise, except with respect to any excess beyond the amount actually received under such insurance policy, contract,
agreement, indemnity or advancement provision or otherwise;

 

(b)            for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, to the extent
applicable; or

 

(c)            except
as otherwise provided in Section 14.5 hereof, in connection with any Proceeding (or any part of any Proceeding) initiated
by Indemnitee, including any Proceeding (or any part of such Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized such Proceeding (or any part of such Proceeding)
prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole
discretion, pursuant to the powers vested in the Company under applicable law.

 

ARTICLE X

 

ADVANCES OF EXPENSES; DEFENSE OF CLAIMS

 

10.1            Notwithstanding
any provision of this Agreement to the contrary, and to the fullest extent permitted by applicable law, the Company shall advance
any Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection with a Proceeding within thirty (30) days after
receipt by the Company of a written statement requesting such advance, which statement may be delivered to the Company at such
time and from time to time as Indemnitee deems appropriate in Indemnitee’s sole discretion (whether prior to or after final
disposition of any such Proceeding). Advances shall, to the fullest extent permitted by applicable law, be made without regard
to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified,
held harmless or exonerated under this Agreement or otherwise. Any such advances shall be made on an unsecured basis and be interest
free. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce the right of advancement
provided herein, including Expenses incurred preparing and forwarding a statement or statements to the Company to support the advances
requested. Indemnitee shall qualify for advances, to the fullest extent permitted by applicable law, solely upon the execution
and delivery to the Company of an undertaking providing that Indemnitee shall repay any and all advances to the extent that it
is ultimately determined, in a final non-appealable adjudication, that Indemnitee is not entitled to be indemnified, held harmless
or exonerated by the Company under either of the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise.
This Section 10.1 shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration
payment is excluded pursuant to Section 9.1.

 

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10.2            Indemnitee
shall reimburse the Company for all amounts advanced by the Company pursuant to Section 10.1 if it is ultimately determined,
in a final non-appealable adjudication, that Indemnitee is not entitled to be indemnified by the Company for such Expenses. Notwithstanding
the foregoing, if Indemnitee seeks a judicial adjudication pursuant to Section 14.1, Indemnitee shall not be required
to reimburse the Company pursuant to this Section 10.2 until a final determination (as to which all rights of appeal
have been exhausted or lapsed) has been made.

 

10.3            The
Company shall be entitled to participate in any Proceeding at its own expense. Neither party shall settle a Proceeding (in whole
or in part) which settlement would impose any Expense, liability or limitation on the other party hereto without such party’s
prior written consent, which consent shall not be unreasonably withheld.

 

ARTICLE XI

 

PROCEDURE FOR NOTIFICATION AND APPLICATION
FOR INDEMNIFICATION

 

11.1            Indemnitee
shall notify the Company in writing as soon as reasonably practicable (a) after being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or (b) if the Company has not been previously
notified, after receipt of written notice of any other matter with respect to which Indemnitee intends to seek indemnification,
hold harmless or exoneration rights under Sections 3.1, 4.1 or 6.1 or advancement of Expenses under Section 10.1.
The omission by Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee
(i) under this Agreement except and only to the extent the Company can establish that such omission to notify resulted in
actual material prejudice to the Company or (ii) otherwise than under this Agreement.

 

11.2            Indemnitee
may thereafter deliver to the Company a written request for indemnification pursuant to this Agreement at such time and from time
to time as Indemnitee deems appropriate in Indemnitee’s sole discretion, which request shall also be deemed a request for
advancement of expenses under Section 10.1. Following such a written request, Indemnitee’s entitlement to
indemnification shall be determined according to Section 12.1.

 

ARTICLE XII

 

PROCEDURE UPON APPLICATION FOR INDEMNIFICATION

 

12.1            (a) 
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 11.2 hereof, a determination,
if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one
of the following methods:

 

(i)            if
Indemnitee is not a member of the Nominating and Governance Committee and the members of such committee are all Disinterested Directors,
then the Nominating and Governance Committee shall promptly consider the request for indemnification and make a recommendation
to the Board action in respect of such request for indemnification (which may include granting such request, denying it or any
other action such committee deems to be appropriate and in the best interests of the Company);

 

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(ii)            If
Indemnitee is a member of the Nominating and Governance Committee, then if there are at least three members of the Board who are
Disinterested Directors, such Disinterested Directors will appoint a Board committee amongst themselves, which committee may, but
shall not be required to, include all Disinterested Directors, solely for the purpose of considering the request for indemnification
by Indemnitee and shall promptly consider the request for indemnification and make the determination on behalf of the Board and
take such action in respect thereof (which may include granting such request, denying it or any other action such committee deems
to be appropriate and in the best interests of the Company);

 

(iii)            If
there are less than three Disinterested Directors, then such determination with respect to Indemnitee’s request for indemnification
shall be made by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee.

 

(b)  The Company
shall promptly advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification,
including a description of any reason or basis for which indemnification has been denied. If it is determined that Indemnitee is
entitled to indemnification, payment to Indemnitee shall be made within ten (10) business days after such determination. Indemnitee
shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, which cooperation shall include providing to such person, persons or entity, upon such person’s, persons’
or entity’s reasonable advance request, any documentation or information which is (i) reasonably available to Indemnitee
and reasonably necessary to such determination and (ii) not privileged or otherwise protected from disclosure. Any costs or
Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (regardless of what the outcome of the determination
as to Indemnitee’s entitlement to indemnification is) and the Company shall indemnify and hold Indemnitee harmless therefrom.

 

12.2            If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12.1(a)(iii) hereof,
the Independent Counsel shall be selected by the Nominating and Governance Committee or, if all members thereof are not Disinterested
Directors, by an affirmative vote of a majority of the Board. The Company shall give written notice to Indemnitee advising him
or her of the identity of the Independent Counsel so selected. Indemnitee may, within ten (10) days of its receipt of such
written notice of selection, deliver to the Company a written objection to such selection; provided, however, that
such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 1.1(t), and the objection shall set forth with particularity the factual basis
of such assertion. Absent a proper and timely objection, the person so selected by the Nominating and Governance Committee shall
act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel so selected may not serve
as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such
objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 11.2 hereof, no Independent Counsel shall have been selected and not objected to, either the Company
or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by Indemnitee to the Company’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court or
by such other person as the Delaware Court shall designate, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel under Section 12.1 hereof. Upon the due commencement of
any judicial proceeding pursuant to Section 14.1, Independent Counsel shall be discharged and relieved of any
further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    -11-

     

    

 

12.3            The
Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection
with acting pursuant to Section 12.1 hereof, and the Company shall pay all reasonable fees and expenses incident to
the procedures of Section 12.2, regardless of the manner in which such Independent Counsel was selected or appointed.

 

ARTICLE XIII

 

PRESUMPTIONS AND EFFECT OF CERTAIN
PROCEEDINGS

 

13.1            In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11.2 of this Agreement, and the Company shall have the burdens of coming forward with evidence
and of persuasion to overcome that presumption. Neither the failure of the Company to have made a determination prior to the commencement
of any action pursuant to this Agreement as to whether indemnification is proper under the circumstances nor an actual determination
made pursuant to Section 12.1 hereof that Indemnitee has not met the applicable standard of conduct shall be a defense
to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

13.2            If
the person, persons or entity empowered or selected under Section 12.1 to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by applicable law, be deemed
to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided,
however, that such sixty (60)-day period may be extended for a reasonable time, not to exceed an additional thirty (30)
days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires
such additional time to obtain and evaluate documentation and/or information relating thereto.

 

    -12-

     

    

 

13.3            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to
any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

  

13.4            For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise
or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser
or other expert selected by the Enterprise. The provisions of this Section 13.4 shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of
conduct set forth in this Agreement. In addition, the knowledge and/or actions, or failure to act, of any other director, other
officer, trustee, partner, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for
purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 13.4
are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall
have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

ARTICLE XIV

 

REMEDIES OF INDEMNITEE

 

14.1            In
the event that (i) a determination is made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law,
is not timely made pursuant to Section 10.1 of this Agreement, (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 12.1 of this Agreement within sixty (60) days after receipt by the Company
of the request for indemnification (subject to any extension as provided in Section 13.2), (iv) payment of indemnification
is not made pursuant to this Agreement within ten (10) business days after receipt by the Company of a written request therefor,
(v) a contribution payment is not made in a timely manner pursuant to Article VIII of this Agreement, (vi) payment
of indemnification pursuant to this Agreement is not made within ten (10) business days after a determination has been made
that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 13.2,
or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not
made within ten (10) business days after receipt by the Company of a written request therefor, Indemnitee shall be entitled
to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights.

 

    -13-

     

    

 

14.2            In
the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding commenced pursuant to this Article XIV shall be conducted in all
respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of the adverse determination
under Section 12.1. In any judicial proceeding commenced pursuant to this Article XIV, Indemnitee
shall be presumed to be entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses under this Agreement
and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to
receive advances of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination
pursuant to Section 12.1 of this Agreement adverse to Indemnitee for any purpose.

 

14.3            If
a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Article XIV,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

14.4            The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Article XIV that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that
the Company is bound by all the provisions of this Agreement.

 

14.5            Unless
and until a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled
to indemnification, the Company shall indemnify and hold Indemnitee harmless to the fullest extent permitted by applicable law
against all Expenses and, if requested by Indemnitee, shall (within ten (10) business days after the Company’s receipt
of such written request) advance to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred
by Indemnitee in connection with any judicial proceeding brought by Indemnitee (i) to enforce Indemnitee’s rights under,
or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution
arrangement or provision of the Charter or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any
insurance policy maintained by any person for the benefit of Indemnitee, regardless of whether Indemnitee ultimately is determined
to be entitled to such indemnification, hold harmless or exoneration right, advance, contribution or insurance recovery, as the
case may be.

 

ARTICLE XV

 

DIRECTORS’ AND OFFICERS’
LIABILITY INSURANCE

 

15.1            The
Company shall use commercially reasonable efforts to obtain and maintain a policy or policies of insurance (the “D&O
Liability Insurance”) at commercially reasonable rates with reputable insurance companies providing liability insurance
for directors and officers of the Company in their capacities as such (and for any capacity in which any director or officer of
the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while serving
in such capacity.

 

    -14-

     

    

 

15.2            To
the extent D&O Liability Insurance is obtained and maintained by the Company, Indemnitee shall be covered by the Company’s
D&O Liability Insurance policy or policies as in effect from time to time in accordance with the applicable terms to the maximum
extent of the coverage available under such policy or policies. The Company shall, promptly after receiving notice of a Proceeding
as to which Indemnitee is a party or a participant (as a witness or otherwise), give notice of such Proceeding to the insurers
under the Company’s D&O Liability Insurance policies in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable actions to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such Proceeding in accordance with the terms of such policies. The failure or refusal of any such
insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement.

 

15.3            Upon
request by Indemnitee, the Company shall provide to Indemnitee copies of the D&O Liability Insurance policies as in effect
from time to time. The Company shall promptly notify Indemnitee of any material changes in such insurance coverage.

 

ARTICLE XVI

 

NON-EXCLUSIVITY; SURVIVAL OF RIGHTS;
INSURANCE; SUBROGATION

 

16.1            The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders, a resolution of directors
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced
or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by Indemnitee in Indemnitee’s
Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute
or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would
be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall
enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be
exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

16.2            The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses, and/or insurance
provided by one or more third parties (collectively, the “Third-Party Indemnitors”). The Company hereby agrees
and acknowledges (i) the Company is the indemnitor of first resort (i.e., the Company’s obligations to Indemnitee hereunder
are primary and any obligation of any Third-Party Indemnitor to advance expenses or to provide indemnification for the same expenses
or liabilities incurred by Indemnitee are secondary), (ii) the Company shall be required to advance the full amount of Expenses
incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in
settlement to the extent legally permitted and as required by the terms of this Agreement, Charter, Bylaws (or any other agreement
between the Company and Indemnitee), without regard to any rights Indemnitee may have against any Third-Party Indemnitor, and (iii) the
Company irrevocably waives, relinquishes and releases all Third-Party Indemnitors from any and all claims against any such Third-Party
Indemnitor for contribution, subrogation or any other recovery of any kind in respect thereof. Notwithstanding the foregoing, in
the event that Indemnitee shall have received an advancement of expenses from or payment by any Third-Party Indemnitor on behalf
of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company, then such Third-Party
Indemnitor shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights
of recovery of Indemnitee against the Company. To the extent that advances or payments are actually made by a Third-Party Indemnitor
to or on behalf of Indemnitee with respect to any claim, the Company and Indemnitee agree that the Third-Party Indemnitor that
or who made such advance or payment is an express third party beneficiary of the terms of this Section 16.2. Except
as provided in this Section 16.2, the Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement, or otherwise from a Third-Party Indemnitor.

 

    -15-

     

    

 

16.3            The
DGCL permits the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including,
but not limited to, providing a letter of credit or surety bond (“Indemnification Arrangements”) on behalf of
Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity as a
director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company
would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the DGCL, as
it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any
way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided
herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the
rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

16.4            In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by applicable law, shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all
action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit
to enforce such rights.

 

16.5            The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments
or advancement of expenses from such Enterprise.

 

    -16-

     

    

 

ARTICLE XVII

 

DURATION OF AGREEMENT

 

17.1            All
agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or
officer of the Company or as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other
corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request
of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights
of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Article XIV of this Agreement) by reason of
Indemnitee’s Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense
is incurred for which indemnification or advancement can be provided under this Agreement.

 

ARTICLE XVIII

 

SEVERABILITY

 

18.1            If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by applicable law; (b) such provision or provisions shall be deemed
reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any
Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

ARTICLE XIX

 

ENFORCEMENT AND BINDING EFFECT

 

19.1            The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve or to continue to serve as a director, officer or key employee of the Company, and the Company
acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

19.2            Without
limiting any of the rights of Indemnitee under the Charter or Bylaws of the Company, as they may be amended from time to time,
this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

    -17-

     

    

 

19.3            The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or
of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns,
heirs, devisees, executors and administrators and other legal representatives.

 

19.4            The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place.

 

19.5            The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may, to the fullest extent permitted by applicable law, enforce this Agreement by seeking
injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that
by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any
other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest
extent permitted by applicable law, be entitled to such specific performance and injunctive relief, including temporary restraining
orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection
therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the
Court, and the Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by applicable
law.

 

ARTICLE XX

 

MODIFICATION AND WAIVER

 

20.1            No
supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver
of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement
nor shall any waiver constitute a continuing waiver.

 

ARTICLE XXI

 

NOTICES

 

21.1            All
notices, requests, demands and other communications hereunder shall be in writing and shall be delivered (i) in person, (ii) by
Federal Express or other nationally recognized overnight carrier service which issues confirmation of delivery or (iii) by
certified or registered mail with postage prepaid. Any such notice shall be deemed to be duly given (i) when delivered, if
delivered personally or by Federal Express or other nationally recognized overnight carrier service or (ii) on the third (3rd)
business day after the date on which such notice is mailed by certified or registered mail with postage prepaid:

 

    -18-

     

    

 

(a)            if
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall
provide in writing to the Company in accordance with the terms hereof.

 

(b)            if
to the Company, to:

 

Hycroft Mining Holding
Corporation

8181 E. Tufts Ave.,
Suite 510

Denver, CO 80237

Attention: CFO

 

with a copy (which
shall not constitute notice) to:

 

Neal, Gerber &
Eisenberg LLP

2 North LaSalle, Suite 2200

Chicago, Illinois
60602

Attention: David S.
Stone

 

or to any other address
as may have been furnished to Indemnitee in writing by the Company.

 

ARTICLE XXII

 

APPLICABLE LAW AND CONSENT TO JURISDICTION

 

22.1            This
Agreement and the legal relations among the parties hereto shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably
and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be
brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in
any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or
proceeding arising out of or in connection with this Agreement; (c) appoint irrevocably, to the extent such party is not a
resident of the State of Delaware, CT Corporation, as its agent in the State of Delaware or any other such agent as designated
by the Company and reasonably acceptable to Indemnitee as such party’s agent for acceptance of legal process in connection
with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally
within the State of Delaware; (d) waive any objection to the laying of venue of any such action or proceeding in the Delaware
Court; and (e) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware
Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest
extent permitted by applicable law, the parties hereby agree that the mailing of process and other papers in connection with any
such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law,
shall be valid and sufficient service thereof.

 

    -19-

     

    

 

ARTICLE XXIII

 

IDENTICAL COUNTERPARTS

 

23.1            This
Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

ARTICLE XXIV

 

MISCELLANEOUS

 

24.1            Use
of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

24.2            ADDITIONAL
ACTS. If for the validation of any of the provisions in this Agreement any act, resolution,
approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other procedure to be
effectuated or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

[Remainder of Page Intentionally
Left Blank – Signature Page Follows]

 

    -20-

     

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed and delivered by the parties hereto on the date and year first above written.

 

	 	HYCROFT MINING HOLDING CORPORATION 
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:  	 
	 	 
	 	 
	 	INDEMNITEE 
	 	 
	 	 	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE TO [___] INDEMNIFICATION
AGREEMENT]Exhibit 10.7

 

 

 

 

 

 

 

 

 

HYMC
2020 PERFORMANCE AND INCENTIVE PAY PLAN

 

 

 

 

 

 

 

 

 

 

 

Effective
May 29, 2020

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	1.	PURPOSE OF PLAN	1
	2.	DEFINITIONS	1
	3.	EFFECTIVE DATE AND TERM OF PLAN	6
	 	3.1.	Term of Plan; Amendment and Restatement	6
	 	3.2.	Effect on Awards	6
	 	3.3.	Stockholder Approval	6
	4.	SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS	6
	 	4.1.	Number of Shares Available for Awards 	6
	 	4.2.	Annual Award Limits	6
	 	4.3.	Adjustments in Authorized Shares 	7
	5.	ADMINISTRATION	7
	 	5.1.	General 	7
	 	5.2.	Authority of the Committee 	7
	 	5.3.	Delegation 	8
	 	5.4.	No Liability	8
	6.	ELIGIBILITY 	8
	7.	RESTRICTED STOCK AND RESTRICTED STOCK UNITS 	8
	 	7.1.	Grant of Restricted  Stock and Restricted  Stock Units	8
	 	7.2.	Restricted Stock or Restricted Stock Unit Award Agreement 	8
	 	7.3.	Other Restrictions 	8
	 	7.4.	Certificate Retention or Legend 	9
	 	7.5.	Voting	9
	 	7.6.	Dividends and Dividend Equivalents 	9
	 	7.7.	Section 83(b)	9
	 	7.8.	Deferred Payment Date 	9
	8.	STOCK OPTIONS	9
	 	8.1.	Grant of Stock Options 	9
	 	8.2.	Stock Option Award Agreements 	9
	 	8.3.	Exercise of Options 	10
	 	8.4.	Special Provisions for Incentive Stock Options 	11
	9.	STOCK APPRECIATION RIGHTS 	11
	 	9.1.	Grant of Stock Appreciation Rights 	11
	 	9.2.	SAR Award Agreement	11
	10.	PERFORMANCE SHARES  AND PERFORMANCE UNITS    	12
	 	10.1.	Grant of Performance Shares and Performance Units 	12
	 	10.2.	Performance Share or Performance Unit Award Agreement 	12
	 	10.3.	Value of Performance Shares and Performance Units	12
	 	10.4.	Earning of Performance Shares and Performance Units	12
	 	10.5.	Form and Timing of Payment of Performance Shares and Performance Units	12
	 	10.6.	No Dividends Payable	13
	11.	OTHER STOCK-BASED AWARDS  	13

  

    	 	i	 

     

    

 

	 	 	 	Page
	12. 	CASH-BASED INCENTIVE AWARDS	13
	 	12.1.	Eligibility	13
	 	12.2.	Annual Awards 	13
	 	12.3.	Payment of Awards	13
	 	12.4.	Guidelines	13
	13. 	FORFEITURE AND TERMINATION OF EMPLOYMENT OR SERVICE AS A DIRECTOR OR CONSULTANT	13
	 	13.1.	Terms Provided in Award Agreements 	 13
	 	13.2.	Effect of Termination of Employment on Awards — Employees Only	13
	 	13.3.	Effect of Termination of Engagement on Awards — Non-Employees Only	14
	14. 	REORGANIZATIONS	15
	 	14.1.	Corporate Transactions Not Involving a Change in Control	15
	 	14.2.	Corporate Transactions Involving a Change in Control	15
	15. 	TRANSFERABILITY OF AWARDS	16
	 	15.1.	Transferability	16
	 	15.2.	Domestic Relations Orders	16
	16. 	ARBITRATION	16
	17. 	COMPLIANCE WITH SECTION 409A	16
	 	17.1.	Compliance	16
	 	17.2.	Deferrals	17
	18. 	AMENDMENT, MODIFICATION, SUSPENSION, AND TERMINATION	17
	 	18.1.	Amendment, Modification, Suspension, and Termination	17
	 	18.2.	Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events	17
	 	18.3.	Awards Previously Granted	18
	19. 	WITHHOLDING	18
	 	19.1.	Tax Withholding	18
	 	19.2.	Share Withholding	18
	 	19.3.	Option or SAR Withholding	18
	20. 	SUCCESSORS	19
	21. 	GENERAL PROVISIONS	19
	 	21.1.	Gender and Number	19
	 	21.2.	Severability	19
	 	21.3.	Requirements of Law	19
	 	21.4.	Delivery of Title 	19
	 	21.5.	Inability to Obtain Authority	19
	 	21.6.	Investment Representations	19
	 	21.7.	Unfunded Plan	19
	 	21.8.	No Fractional Shares 	19
	 	21.9.	Non-Exclusivity of the Plan	20
	 	21.10. 	No Constraint on Corporate Action	20
	 	21.11. 	Non-Uniform Treatment	20
	 	21.12. 	No Employment or Other Continuing Rights	20
	 	21.13.	References to Successor Statutes, Regulations and Rules  	20
	 	21.14.	Conflicts  	20
	 	21.15.	Governing Law   	20

 

    	 	ii	 

     

    

 

HYMC
2020 PERFORMANCE AND INCENTIVE PAY PLAN

 

		1.	PURPOSE OF PLAN

 

The
Corporation has adopted this Plan to promote the interests of the Corporation, its Affiliated Entities and its stockholders by
using stock-based and cash-based incentives to attract, retain and motivate its management and other persons, including officers,
Directors, key employees and certain Consultants, to encourage and reward such persons’ contributions to the performance
of the Corporation and to align their interests with the interests of the Corporation’s stockholders.

 

		2.	DEFINITIONS

 

Capitalized
terms used in the Plan and not otherwise defined shall have the meanings set forth below: “Affiliated Entity”
means any corporation or other entity controlled by the Corporation and designated by the Committee as such.

 

“Award”
or “Awards,” except where referring to a particular category or grant under the Plan, shall include Restricted
Stock, Restricted Stock Units, Incentive Stock Options, Non-qualified Stock Options, Stock Appreciation Rights, Performance Shares,
Performance Units, Other Stock-Based Awards and Cash-Based Incentive Awards.

 

“Award
Agreement” means either one of the following, in such form as the Committee shall from time to time approve: (i) an
agreement entered into by the Corporation and a Participant setting forth the terms and provisions applicable to an Award; or
(ii) a written or electronic statement issued by the Corporation to a Participant describing the terms and provisions of an Award.
The Committee may provide for the use of non-paper Award Agreement(s) and acceptance and other actions related thereto that involve
the use of electronic, internet, intranet or other non-paper means.

 

“Board”
or “Board of Directors” means the board of directors of the Corporation.

 

“Canadian
Taxpayer” means (i) a Participant who is a resident of Canada for purposes of the Tax Act or (ii) a Participant who
has exercised employment duties in Canada and whose Award is subject to tax under the Tax Act.

 

“Cash-Based
Incentive Award” means an Award payable in cash as provided pursuant to Article 12.

 

“Cause”
shall mean, with respect to any Participant, (i) any material breach of any agreement with the Corporation, any Subsidiary of
the Corporation or an Affiliated Entity, including any restrictive covenant set forth therein, that, if curable, remains uncured
for thirty (30) days following written notice from the Corporation; (ii) any act of dishonesty, fraud, theft, embezzlement, fraud
or misappropriation of funds with respect to the Corporation, any Subsidiary of the Corporation or an Affiliated Entity (including
acceptance of any bribes or kickbacks or other acts of self-dealing); (iii) the commission of a felony or a crime involving moral
turpitude; (iv) any intentional, grossly negligent or unlawful misconduct or other willful act or omission that causes material
harm to the standing, business or reputation of the Corporation, any Subsidiary of the Corporation or an Affiliated Entity; (v)
such Participant’s repeated failure to perform his or her duties to, or to comply with lawful directives, rules or policies,
of the Corporation, any Subsidiary of the Corporation or an Affiliated Entity; (vi) the violation of any law regarding employment
discrimination or sexual harassment; (vii) the unauthorized dissemination of confidential information of the Corporation or any
Subsidiary of the Corporation; (viii) any material misrepresentation or materially misleading omission in any resume or other
information regarding such Participant (including such Participant’s work experience, academic credentials, professional
affiliations or absence of criminal record) provided by or on behalf of such Participant when applying for employment with the
Corporation, any Subsidiary of the Corporation or an Affiliated Entity; (ix) the Participant’s repeated and consistent underperformance
based on formal feedback; (x) the Participant’s insubordination and/or breach of Corporation ethics; or (xi) the Participant’s
refusal or failure to perform specific directives of the Board or any officer or employee to whom such Participant reports to
the extent that such directives are lawful and consistent with the scope and nature of the Participant’s duties and responsibilities
as an employee or contractor of the Corporation. A Participant’s employment or engagement with the Corporation also shall
be deemed terminated for Cause if the Participant resigns from the Corporation and the Board or the Committee determines in good
faith, either before, at the time of, or after such termination, that one or more of the events described above existed as of
the time of such resignation. Notwithstanding the foregoing, if the Participant and the Corporation or the Affiliated Entity have
entered into an employment or services agreement that defines the term “Cause” (or a similar term), such definition
shall govern for purposes of determining whether such Participant has been terminated for Cause for purposes of the Plan.

 

    	 	1	 

     

    

 

 

“Change
in Control” shall mean the occurrence of any of the following events, each of which shall be determined independently
of the others:

 

(i)
any Person (as defined herein) becomes a “beneficial owner” (as such term is used in Rule 13d-3 promulgated under
the Exchange Act) of at least 30% of the stock of the Corporation entitled to vote in the election of directors of the Corporation.
For purposes of this definition, the term “Person” is used as such term is used in Sections 13(d) and 14(d)
of the Exchange Act;

 

(ii) the
individuals who are Continuing Directors (as hereinafter defined) of the Corporation cease to constitute a majority of the members
of the Board of Directors. For purposes of this definition, “Continuing Directors” shall mean the members of
the Board on the Effective Date, provided that any person becoming a member of the Board of Directors subsequent to the Effective
Date whose election or nomination for election was supported by at least a majority of the directors who then comprised the Continuing
Directors shall be considered to be a Continuing Director;

 

(iii)
the stockholders of the Corporation adopt and consummate a plan of complete or substantial liquidation or an agreement providing
for the distribution of all or substantially all of the assets of the Corporation;

 

(iv) the
Corporation is a party to a merger, consolidation, amalgamation, plan of arrangement, other form of business combination or a sale
of all or substantially all of its assets, with an unaffiliated third party, unless the business of the Corporation following consummation
of such merger, consolidation, amalgamation, plan of arrangement or other business combination is continued following any such
transaction by a resulting entity (which may be, but need not be, the Corporation) and the stockholders of the Corporation immediately
prior to such transaction hold, directly or indirectly, at least 30% of the voting power of the resulting entity; provided,
however, that a merger, consolidation, amalgamation, plan of arrangement or other business combination effected to implement
a recapitalization of the Corporation (or similar transaction) shall not constitute a Change in Control; or

 

(v) there
is a change in control of the Corporation of a nature that is reported in response to item 5.01 of Current Report on Form 8-K or
any similar item, schedule or form under the Exchange Act, as in effect at the time of the change, whether or not the Corporation,
is then subject to such reporting requirements.

 

“Change
in Control Price” means, if the Change in Control is the result of a tender or exchange offer, merger or other corporate
transaction, the highest price per share of Common Stock paid in such tender or exchange offer, merger or other corporate transaction.
Otherwise, “Change in Control Price” means the Fair Market Value of a share of Common Stock upon the Change
in Control. To the extent that the consideration paid in any such transaction described above consists all or in part of securities
or other non-cash consideration, the value of such securities or other non-cash consideration shall be determined in the sole
discretion of the Committee.

 

“Code” means
the U.S. Internal Revenue Code of 1986, as amended.

 

“Committee”
means the Compensation Committee consisting of two or more members of the Board, each of who shall meet the requirements for (i)
a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act and (ii) an “independent director”
under the NYSE American and other applicable listing rules and any other required independence standards.

 

“Common Stock”
means the Class A common stock of the Corporation.

 

    	 	2	 

     

    

 

 

“Corporation”
means Hycroft Mining Holding Corporation, a Delaware corporation.

 

“Consultant”
means any consultant or advisor if:

 

(a)
the consultant or advisor renders bona fide services to the Corporation or any Affiliated Entity for a period of at least 12 months
and, in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and attention on the affairs
and business of the Corporation or an Affiliated Entity;

 

(b) the
services rendered by the consultant or advisor are not in connection with the offer or sale of securities in a capital-raising
transaction and do not directly or indirectly promote or maintain a market for the Corporation’s securities; and

 

(c) the
consultant or advisor is a natural person who has contracted directly with the Corporation, any Subsidiary of the Corporation or
an Affiliated Entity to render such services under a written contract.

 

“Deferred
Payment Date” means, for a Participant, the date after the Period of Restriction to which the Participant has elected
to defer payment with respect to a Restricted Stock Unit Award.

 

“Director”
means a member of the Board of Directors who is not an Employee (including any director who has retired as an Employee).

 

“Effective Date”
means May 29, 2020.

 

“Eligible
Person” means any Employee, Director or Consultant of the Corporation, any Subsidiary of the Corporation or of any Affiliated
Entity.

 

“Employee”
means any officer or other employee of the Corporation, any Subsidiary of the Corporation or any Affiliated Entity.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exercise Price”
means the price at which the shares of Common Stock underlying an Option or SAR may be purchased upon exercise thereof.

 

“Expiration Date”
means the tenth (10th) anniversary of the Effective Date.

 

“Fair
Market Value” means, as applied to a specific date, the price of a share of HYMC Class Common A Stock that is based
on the opening, closing, actual, high, low or average selling prices of a share of HYMC Class Common A Stock reported on any established
stock exchange or national market system including without limitation the New York Stock Exchange and the National Market System
of the National Association of Securities Dealers, Inc. Automated Quotation System on the applicable date, the preceding trading
day, the next succeeding trading day, or an average of trading days, as determined by the Compensation Committee in its discretion.
Unless the Compensation Committee determines otherwise or unless otherwise specified in an award agreement, Fair Market Value
shall be deemed to be equal to the closing price of a share of HYMC Class Common A Stock on the most recent date on which shares
of HYMC Class Common A Stock were publicly traded. Notwithstanding the foregoing, if the HYMC Class Common A Stock is not traded
on any established stock exchange or national market system, the Fair Market Value means the price of a share of HYMC Class Common
A Stock as established by the Compensation Committee acting in good faith based on a reasonable valuation method that is consistent
with the requirements of Section 409A of the Code and the regulations thereunder.

 

“Incentive
Stock Option” or “ISO” means a Stock Option that qualifies as an incentive stock option under Section
422 of the Code.

 

“Insider” means:

 

(a)
the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of the Corporation, of a Significant Stockholder
of the Corporation or of a major Subsidiary of the Corporation;

  

    	 	3	 

     

    

 

(b) a Director, or a director of
a Significant Stockholder of the Corporation or of a major Subsidiary of the Corporation;

 

(c) a person or company responsible
for a principal business unit, division or function of the Corporation;

 

(d) a Significant Stockholder of
the Corporation;

 

(e)
a Significant Stockholder based on post-conversion beneficial ownership of the Corporation’s securities and the Chief Executive
Officer, Chief Financial Officer and Chief Operating Officer and every director of the Significant Stockholder of the Corporation
based on post-conversion beneficial ownership;

 

(f) a
management company that provides significant management or administrative services to the Corporation or a major Subsidiary of
the Corporation, every director of the management company, every Chief Executive Officer, Chief Financial Officer and Chief Operating
Officer of the management company, and every significant stockholder of the management company;

 

(g) an
individual performing functions similar to the functions performed by any of the insiders described in paragraphs (a) to (f); or

 

(h) any other insider that:

 

(i)
in the ordinary course receives or has access to information as to material facts or material changes concerning the Corporation
before the material facts or material changes are generally disclosed; and

 

(ii)
directly or indirectly exercises, or has the ability to exercise, significant power or influence over the business, operations,
capital or development of the Corporation.

 

“Key
Employee” means a Participant if the Participant meets the requirements of Section 416(i)(1)(A)(i), (ii), or (iii) of
the Code (applied in accordance with the Regulations and disregarding Section 416(i)(5)) of the Code) at any time during the 12-month
period ending on the specified employee identification date (as such term is defined in Section 1.409A-1(i)(3) of the Regulations).

 

“Non-qualified Stock Option”
means a Stock Option that is not an Incentive Stock Option.

 

“Option” or
 “Stock Option” means a right to purchase Common Stock granted under Article 8 to an Eligible Person.

 

“Other Stock-Based
Award” means an equity-based or equity-related Award of a type other than those described in Articles 7 – 10,
and which is granted pursuant to Article 11.

 

“Participant”
means any Eligible Person who has received an Award under the Plan or such Eligible Person’s successor in interest.

 

“Performance
Period” means the period of time during which performance goals must be met in order to determine the degree of payout
and/or vesting with respect to an Award.

 

“Performance
Share” means an Award granted to a Participant pursuant to Article 10, denominated in shares of Common Stock,
the value of which at the time it is payable is determined based on actual results of the corresponding performance criteria.

 

“Performance Unit”
means an Award granted to a Participant pursuant to Article 10, denominated in units, the value of which at the time it
is payable is determined based on actual results of the corresponding performance criteria.

 

“Period
of Restriction” means the period when Restricted Stock or Restricted Stock Units (or other types of Awards as may be
applicable) are subject to a substantial risk of forfeiture (based on the passage of time, the achievement of performance goals,
or on the occurrence of other events as determined by the Committee, in its discretion), as provided in the Plan and/or the applicable
Award Agreement.

 

    	 	4	 

     

    

 

“Permanent
Disability” shall mean that the Participant becomes physically or mentally incapacitated or disabled so that the Participant
is unable to perform substantially the same services as the Participant performed prior to incurring such incapacity or disability
(the Corporation, at its option and expense, being entitled to retain a physician to confirm the existence of such incapacity
or disability, and the determination of such physician to be binding upon the Corporation and the Participant), and such incapacity
or disability continues for a period of three consecutive months or any six months in any 12-month period or such other period(s)
as may be determined by the Committee with respect to any Award; provided, however, that if the Participant and the Corporation
or the Affiliated Entity have entered into an employment or services agreement which defines the term “Permanent Disability”
(or a similar term), such definition shall govern for purposes of determining whether such Participant is subject to a Permanent
Disability for purposes of the Plan. Notwithstanding the foregoing, (i) for purposes of determining the period during which an
Incentive Stock Option may be exercised pursuant to Section 13.2.1 hereof, “Permanent Disability” shall mean
 “permanent and total disability” as defined in Section 22(e)(3) of the Code and (ii) for purposes of an Award subject
to Section 409A, “Permanent Disability” shall mean “disabled” as set forth in Section 409A(a)(2)(C)
of the Code.

 

“Plan”
means this HYMC 2020 Performance and Incentive Pay Plan of the Corporation, as amended, supplemented or restated from time to time.

 

“Plan Term”
means the period during which the Plan remains in effect (commencing on the Effective Date and ending on the Expiration Date).

 

“Regulations”
means the regulations, as amended from time to time, which are issued under Section 409A of the Code.

 

“Reorganization”
means any merger, consolidation, sale or other disposition of all or substantially all of the assets of the Corporation or other
reorganization.

 

“Representative”
means an executor, administrator, guardian, trustee or other representative of a Participant who has legal authority to exercise
such Participant’s Options or Stock Appreciation Rights or rights under other types of Awards on behalf of such Participant
or such Participant’s estate.

 

“Restricted
Stock” means Common Stock granted under the Plan which is subject to certain restrictions and to a risk of forfeiture.

 

“Restricted
Stock Unit” means a right granted under the Plan to receive Common Stock, cash or a combination thereof at the end of
a specified period (except that Canadian Taxpayers may only receive Common Stock), which is subject to certain restrictions and
to a risk of forfeiture.

 

“Section 409A”
means Section 409A of the Code.

 

“Separation from Service”
means separation from service as defined in Section 1.409A-1(h) of the Regulations.

 

“Significant
Stockholder” is a person who, at the time an Award is granted to such person under the Plan, owns more than 10% of the
combined voting power of all classes of stock of the Corporation or of any Affiliated Entity (after application of the attribution
rules set forth in Treas. Reg. § 1.424-1(d)).

 

“Specified
Employee” means any Participant who, as of the date of the Participant’s Separation from Service, is a Key Employee
of the Company but only if any stock of the Company is publicly traded on an established securities market or otherwise. If a Participant
is a Specified Employee as of the specified employee identification date, the Participant is treated as a Specified Employee for
the entire 12-month period beginning on the specified employee effective date (as such term is defined in Section 1.409A-1(i)(4)
of the Regulations). The Committee may, in compliance with the Regulations: (a) elect the definition of compensation which shall
be used to determine whether a Participant is a Specified Employee, (b) designate the specified employee identification date, (c)
designate the specified employee effective date and (d) make such other determinations as may be necessary, advisable or convenient
to determine whether any Participant is a Specified Employee. In the absence of any designation by the Committee, the specified
employee identification date shall be December 31 and the specified employee effective date shall be the first day of

the fourth month following the specified
employee identification date.

 

    	 	5	 

     

    

 

“Stock Appreciation
Right” or “SAR” means a right of the type described in Article 9.

 

“Subsidiary”
means any subsidiary corporation as defined in Section 424(f) of the Code.

 

“Tax Act” means the Income Tax Act
(Canada).

 

		3.	EFFECTIVE DATE AND TERM OF PLAN

 

3.1. Term
of Plan; Amendment and Restatement. This Plan became effective as of the Effective Date and all Awards shall be governed by
the Plan, as amended from time to time in accordance with Article 18. This Plan shall continue in effect until the Expiration
Date, at which time the Plan shall automatically terminate.

 

3.2. Effect
on Awards. Awards may be granted during the Plan Term. No Awards may be granted after the Plan Term. Notwithstanding the foregoing,
each Award properly granted under the Plan during the Plan Term shall remain in effect after termination of the Plan until such
Award has been exercised, terminated or expired, as applicable, in accordance with its terms and the terms of the Plan.

 

3.3. Stockholder
Approval. This Plan will be submitted for approval by the Corporation’s stockholders on no later than May 29, 2020.

 

		4.	SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS

 

4.1. Number of Shares Available
for Awards.

 

4.1.1. Share
Authorization. Subject to adjustment as provided in Section 4.3, the maximum number of shares of Common Stock
available for issuance to Participants under the Plan on or after the Effective Date (the “Share
Authorization”) shall be 2,508,002 shares, which may be issued entirely through Incentive Stock Options or through
a combination of any one or more of the forms of Awards permitted under the Plan. The shares of Common Stock available for
issuance under the Plan may be authorized and unissued shares or treasury shares.

 

4.1.2.
Shares Available for Future Grant. Shares of Common Stock covered by an Award shall only be counted against the Share Authorization
to the extent they are actually issued, provided, that, if any shares of Common Stock
subject to an Award are forfeited, an Award expires or otherwise terminates without issuance of shares of Common Stock subject
to such Award, or an Award is settled for cash (in whole or in part) or otherwise does not result in the issuance of all or a portion
of the shares of Common Stock subject to such Award (including on payment in shares of Common Stock on exercise of a Stock Appreciation
Right), such shares of Common Stock shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance,
be available again for grant under the Plan. In the event that (i) any Option or other Award granted hereunder is exercised through
the tendering of shares of Common Stock (either actually or by attestation) or by the withholding of shares of Common Stock by
the Corporation, or (ii) withholding tax liabilities arising from such Option or other Award are satisfied by the tendering of
shares of Common Stock (either actually or by attestation) or by the withholding of shares of Common Stock by the Corporation,
then in each such case the shares of Common Stock so tendered or withheld shall be added to the shares of Common Stock and available
again for grant under the Plan for Awards other than Incentive Stock Options.

 

4.1.3.
Limit on Grants to Directors. Subject to Section 4.1.4, the maximum aggregate number of shares of Common Stock that
may be granted to Directors under the Plan shall be limited to 376,200.

 

4.1.4.
Limit on Grants to Insiders. The maximum aggregate number of shares of Common Stock that may be issuable to Insiders under
the Plan and all other security based compensation arrangements of the Corporation at any time shall not exceed 10% of the total
number of shares of Common Stock then outstanding. The aggregate number of shares of Common Stock that may be issued to Insiders
under the Plan and all other security-based compensation arrangements of the Corporation, within a one-year period, shall not exceed
10% of the total number of shares of Common Stock then outstanding.

 

4.2. Annual
Award Limits. The following limits (“Annual Award Limits”) shall apply to grants of such Awards under the
Plan, subject to any adjustments pursuant to Section 4.3 or 18.2.

 

    	 	6	 

     

    

 

4.2.1. Restricted Stock or Restricted
Stock Units. The aggregate maximum number of shares of Common Stock that may be subject to Awards of Restricted Stock or Restricted
Stock Units granted in any one calendar year to any one Participant shall be 1,000,000.

 

4.2.2.
Options and SARs. The aggregate maximum number of shares of Common Stock that may be subject to Awards of Options (including
ISOs) or SARs granted in any one calendar year to any one Participant shall be 1,000,000.

 

4.2.3.
Performance Shares and Performance Units. The aggregate maximum number of shares of Common Stock that may be subject to
Awards of Performance Shares or Performance Units granted in any one calendar year to any one Participant shall be 1,000,000.

 

4.2.4.
Other Stock-Based Awards. The aggregate maximum number of shares of Common Stock that may be subject to Other Stock-Based
Awards granted in any one calendar year to any one Participant shall be 1,000,000.

 

4.2.5.
Cash-Based Awards. The aggregate maximum amount of any Cash-Based Awards granted in any one calendar year to any one Participant
shall be five million U.S. dollars ($5,000,000).

 

4.2.6.
Awards to Directors. Notwithstanding Section 4.1.3, and subject to Sections 4.2.1 –4.2.5, the aggregate
maximum number of shares of Common Stock that may be granted in any one calendar year to any Director shall be equal to (x) 1,000,000
divided by (y) the Fair Market Value of a share of Common Stock on the date of grant.

 

4.3. Adjustments
in Authorized Shares. If the number of outstanding shares of Common Stock is increased or decreased through a Reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, an appropriate
and proportionate adjustment shall be made in: (i) the number of shares of Common Stock included in the Share Authorization in
Section 4.1.1 and the share limitation in Sections 4.1.3 and 4.1.4; (ii) the number of shares of Common Stock
that may be issued under outstanding Awards; and (iii) the Award limits specified in Section 4.2. Subject to Section
18.1, in the event that the shares of Common Stock are changed into or exchanged for different kinds of shares or other securities
of the Corporation through transactions of the type referenced above, or in the event of an extraordinary cash dividend, the Committee,
in its sole discretion, in order to prevent dilution or enlargement of Participants’ rights under the Plan and in order
to preserve the intended benefits of the Plan, may substitute or adjust,
as applicable, the number and kind of shares or other securities that may be issued under the Plan or under particular forms of
Awards, the number and kind of shares or securities subject to outstanding Awards, the Annual Award Limits, and other value determinations
applicable to outstanding Awards.

 

Subject
to Section 18.1 and any applicable regulatory approval, the Committee, in its sole discretion, may also make appropriate
adjustments in the terms of any Awards under the Plan to reflect such changes or distributions and to modify any other terms of
outstanding Awards, including modifications of performance goals and changes in the length of Performance Periods, in order to
preserve the intended benefits of the Plan. The determination of the Committee as to the foregoing adjustments, if any, shall be
conclusive and binding on Participants under the Plan. No amendment, modification, suspension or termination may impact the distribution
of any Award that is subject to Section 409A, except as permitted by such Section.

 

		5.	ADMINISTRATION

 

5.1.
General. The Committee shall be responsible for administering the Plan, subject to this Article 5 and the other
provisions of the Plan. The Committee may retain attorneys, consultants, accountants, or other advisors. The Committee, the Corporation,
and its officers and directors shall be entitled to rely upon the advice, opinions, or valuations of any such advisors. The fees
of any such advisors shall be paid by the Corporation. All actions taken and all interpretations and determinations made by the
Committee shall be final and binding on the Participants, beneficiaries, the Corporation, any Subsidiary of the Corporation, any
Affiliated Entity and all other interested individuals.

 

5.2.
Authority of the Committee. The Committee shall have full and, except as otherwise expressly provided in the Plan, exclusive
power and discretion: (i) to interpret the terms and the intent of the Plan and any Award Agreement or other agreement or document
ancillary to or entered into in connection with the Plan, and to adopt such rules, regulations, forms, instruments, and guidelines
for administering the Plan as the Committee may deem necessary or proper; (ii) to select Participants; (iii) to establish the
terms and conditions of all Awards, including the terms and conditions to be set forth in Award Agreements; (iv) to grant Awards
as an alternative to or as the form of payment for grants or rights earned or due under other compensation plans or arrangements
of the Corporation; and (v) subject to Article 18, to adopt modifications and amendments to the Plan or any Award Agreement,
including without limitation, any that are necessary to comply with the laws of the jurisdictions in which the Corporation and/or
its Affiliated Entities operate or may operate.

 

    	 	7	 

     

    

 

5.3. Delegation.
The Committee, in its sole discretion, may delegate the Committee’s authority and duties under the Plan to the Chief
Executive Officer of the Corporation, or to any other committee, in either case to the extent permitted under applicable law,
under such conditions and limitations as the Board or the Committee may from time to time establish, except that only the
Committee may make any determinations regarding Awards to Participants who are subject to Section 16 of the Exchange Act.

 

5.4.
No Liability. No member of the Board or the Committee or any designee thereof will be liable for any action or inaction
with respect to the Plan or any Award or any transaction arising under the Plan or any Award, except in circumstances constituting
bad faith of such member.

 

		6.	ELIGIBILITY

 

Only
Eligible Persons shall be eligible to receive Awards under the Plan and may be selected from time to time to receive Awards by
the Committee, in its sole and absolute discretion.

 

		7.	RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

7.1.
Grant of Restricted Stock and Restricted Stock Units. The Committee may grant Restricted Stock Awards and/or Restricted
Stock Units to any Eligible Persons, except that a Restricted Stock Award may not be granted to an Eligible Person that is a Canadian
Taxpayer.

 

7.2.
Restricted Stock or Restricted Stock Unit Award Agreement. Each Award of Restricted Stock and/or Restricted Stock Units
shall be evidenced by an Award Agreement that specifies the material terms of the Award, including, without limitation, the Period(s)
of Restriction, the number of shares of Restricted Stock or the number of Restricted Stock Units granted, vesting terms (which
can include, without limitation, time-based or performance-based terms) and such other provisions as the Committee shall determine
in its discretion.

 

7.3.
Other Restrictions. The Committee may impose such other conditions and/or restrictions on any shares of Restricted Stock
or Restricted Stock Units granted pursuant to the Plan as it may deem advisable including, without limitation, time-based restrictions,
and/or restrictions under applicable laws, rules and regulations or under the requirements of any stock exchange or market upon
which such shares of Common Stock are listed or traded, holding requirements or sale restrictions placed on the shares by the
Corporation upon vesting of such shares of Restricted Stock or Restricted Stock Units, a requirement that Participants pay a stipulated
purchase price for each share of Restricted Stock or each Restricted Stock Unit, restrictions based upon the achievement of specific
performance goals, and/or time-based restrictions on vesting.

 

Except
as otherwise provided in this Article 7, and subject in all cases to the requirements of applicable laws, rules and regulations,
shares of Restricted Stock covered by each Restricted Stock Award shall become freely transferable by the Participant after all
conditions and restrictions applicable to such shares have been satisfied or lapse (including satisfaction of any applicable tax
withholding obligations), and Restricted Stock Units shall be paid in cash, shares of Common Stock, or a combination of cash and
shares of Common Stock as the Committee, in its sole discretion shall determine, except that Restricted Stock Units shall only
be paid in shares of Common Stock to Canadian Taxpayers.

 

    	 	8	 

     

    

 

7.4.
Certificate Retention or Legend. To the extent that a certificate is issued to evidence shares of Restricted Stock, the
Committee may determine in its sole discretion that such certificate shall: (i) be retained by the Corporation until such time
as all conditions and/or restrictions applicable to such shares have been satisfied or lapse; and/or (ii) bear a legend such as
the following or as otherwise determined by the Committee in its discretion: 

 

The sale or transfer of shares
of Common Stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain
restrictions on transfer as set forth in the HYMC 2020 Performance and Incentive Pay Plan, and in the associated Award Agreement.
A copy of such Plan and Award Agreement may be obtained from Hycroft Mining Holding Corporation.

 

7.5.
Voting Rights. Issued and outstanding shares of Restricted Stock shall at all times possess the same voting rights as all
other issued and outstanding shares of Common Stock. A Participant shall have no voting rights with respect to any Restricted Stock
Units granted hereunder.

 

7.6. Dividends
and Dividend Equivalents. Except as the Committee determines otherwise with respect to a particular Award and as set forth
in the applicable Award Agreement, issued and outstanding shares of Restricted Stock shall be entitled to dividends if, as and
when declared by the Board with respect to the Corporation’s shares of Common Stock on the same basis and on the same payment
dates as all other issued and outstanding shares of Common Stock. The Committee may, in its discretion, grant dividend equivalents
with respect to any Restricted Stock Units. The terms and conditions of such dividend equivalents, including the rate per Restricted
Stock Unit, timing of payment and other requirements, shall be established by the Committee in its discretion, subject to the
requirements of Article 17 of the Plan; such dividend equivalents may be paid by crediting the Participant’s account
with additional Restricted Stock Units, with the number of such additional Restricted Stock Units determined by dividing the amount
of the dividend paid on a share of Common Stock by the Fair Market Value of such shares of Common Stock on the date the dividend
was paid, multiplied by the number of Restricted Stock Units credited to the Participant’s account; provided, however,
that if an Award under the Plan is subject to vesting based upon the achievement of certain performance goals, any dividend and
dividend equivalents, if any, with respect to such Award shall be paid only upon and to the extent that the underlying Award vests.

 

7.7. Section
83(b) Election. The Committee may provide in an Award Agreement that the Award of Restricted Stock is conditioned on the Participant
making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes
an election pursuant to Section 83(b) of the Code concerning a Restricted Stock Award, the Participant shall be required to promptly
file a copy of such election with the Corporation.

 

7.8. Deferred
Payment Date. A Participant who is a Canadian Taxpayer may elect to set a Deferred Payment Date with respect to any Restricted
Stock Unit Award. To do so, such Participant must give the Committee written notice of the Deferred Payment Date not later than
sixty (60) days prior to the expiration of the Period of Restriction. A Participant shall not be permitted to give or change any
such notice after the day which is sixty (60) days prior to the expiration of the Period of Restriction. Participants who are
United States-based taxpayers may not elect to set a Deferred Payment Date.

 

		8.	STOCK OPTIONS

 

8.1. Grant
of Stock Options. The Committee may grant Option Awards and determine whether an Option will be an Incentive Stock Option or
a Non-qualified Stock Option, whether to couple an SAR with an Option, the number of shares of Common Stock to be subject to each
Option, the Exercise Price, the number of installments, if any, in which each Option may vest, the expiration date of each Option
and all other terms and conditions of each Option. Incentive Stock Option Awards may be granted only to Participants who are Employees.

 

8.2. Stock
Option Award Agreements. Each Option Award granted pursuant to the Plan shall be evidenced by an Award Agreement that specifies
the material terms of the Award, including, without limitation, terms consistent with the following provisions, and such other
provisions as the Committee shall determine in its discretion:

 

8.2.1.
Duration. Each Option and all rights associated therewith, shall expire on such date as the Committee may determine, but
in no event later than the ten-year anniversary of the date of grant; provided, however, that in the case of an Incentive
Stock Option granted to a Significant Stockholder, the date of expiration may in no event be later than the five-year anniversary
of the date of grant. Notwithstanding the foregoing, an Option held by a Participant will be subject to a limited extension of
10 business days if so provided in the Award Agreement in the event that the expiration date of the Option held by a Participant
falls within a trading “blackout” period imposed by the Corporation and applicable to the Participant.

 

    	 	9	 

     

    

 

8.2.2.
Exercise Price. The Exercise Price for each share of Common Stock that is the subject of an Option shall be determined
by the Committee as of the date of grant, subject to adjustment pursuant to Section 18.2. The exercise price of any Option
designated as a Non-qualified Stock Option shall be equal to no less than one hundred percent (100%) of the Fair Market Value
of the Common Stock subject to such Option on the date of grant. The exercise price of any Option designated as an Incentive Stock
Option shall be equal to (i) no less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to such
Option on the date of grant, if granted to a Participant other than a Significant Stockholder; and (ii) no less than one hundred
ten percent (110%) of the Fair Market Value of the Common Stock subject to such Option on the date of grant, if granted to a Significant
Stockholder.

 

8.2.3.
Vesting. Each Option granted under the Plan shall vest and be exercisable in such installments, if any, during the period
prior to its expiration date as the Committee shall determine.

 

8.2.4.
No Repricing. Except as otherwise permitted as an adjustment pursuant to Section 18.2 or as approved by the Corporation’s
stockholders, the Exercise Price of an Option outstanding under the Plan may not be reduced, whether through amendment, exchange,
cancellation and re-grant, repurchase or other method.

 

8.3.
Exercise of Options.

 

8.3.1.
Notice by Participant. Each Participant (or such Participant’s Representative) who desires to exercise an Option shall
give advance written notice of such exercise to the Corporation in such form as may be prescribed from time to time by the Committee
or the management of the Corporation.

 

8.3.2.
Payment of Exercise Price. Except as described in Section 8.3.3, in the discretion of the Committee, the Exercise
Price for Stock Options may be payable in the following ways: (a) by cash or by check payable to the Corporation; (b) in shares
of Common Stock (which are owned by the Participant free and clear of all liens and other encumbrances and which are not subject
to vesting or other restrictions, including those set forth in Article 7) having an aggregate Fair Market Value on the
date of exercise equal to the Exercise Price for the shares being purchased;

 

(c)
by requesting that the Corporation withhold such number of shares of Common Stock then issuable upon the exercise of the Stock
Option as will have an aggregate Fair Market Value equal to the Exercise Price for the shares being acquired upon exercise of
the Stock Option;

 

(d) by
waiver of compensation due or accrued to the Participant for services rendered;

 

(e) provided
that a public market for the Common Stock exists, and to the extent permitted by the Sarbanes-Oxley Act of 2002 and other applicable
law:

 

(i)
through a “same day sale” commitment from the Participant and a broker-dealer that is a member of the Financial Industry
Regulatory Authority, Inc. (“FINRA Dealer”) whereby the Participant irrevocably elects to exercise the Stock
Option and sell a portion of the shares so purchased to pay the Exercise Price (or a larger number of the shares so purchased),
and whereby the FINRA Dealer irrevocably commits upon receipt of such shares to forward the Exercise Price directly to the Corporation
(and any excess to the Participant); or

 

    	 	10	 

     

    

 

(ii)
through a “margin” commitment from the Participant and a FINRA Dealer whereby the Participant irrevocably elects to
exercise the Stock Option and to pledge the shares so purchased to the FINRA Dealer in a margin account as security for a loan
from the FINRA Dealer in the amount of the purchase price, and whereby the FINRA Dealer irrevocably commits upon receipt of such
shares to forward the Exercise Price directly to the Corporation; or

 

(f) by any combination of the foregoing.

 

If
the Exercise Price for a Stock Option is paid in whole or in part in shares of Common Stock, any portion of the Exercise Price
representing a fraction of a share must be paid in cash. When full payment of the Exercise Price has been made to the Corporation,
the Participant will be considered for all purposes the owner of the shares with respect to which payment has been made, subject
to the restrictions set forth in the Plan or in the Award Agreement.

 

8.3.3.
Payment of Exercise Price — Canadian Participants. Notwithstanding the terms of Section 8.3.2, with respect
to Options held by Participants who are residents of Canada for purposes of the Income Tax Act (Canada) or Participants
who were granted Options, all or partially, in respect of employment rendered in Canada, the payment of the Exercise Price associated
with an Option may only be made in cash or by check payable to the Corporation.

 

8.3.4.
Exercise by Participant’s Spouse. Unless otherwise provided in an Award Agreement, an Option shall be exercisable
during the Participant’s lifetime only by the Participant (or, in the case of the incapacity of the Participant, by the Participant’s
Representative) regardless of any community property interest therein of the spouse of the Participant, or such spouse’s
successors in interest. If the spouse of the Participant shall have acquired a community property interest in such Option, the
Participant, or the Participant’s Representative, may exercise the Option on behalf of the spouse of the Participant or such
spouse’s successors in interest.

 

8.4.
Special Provisions for Incentive Stock Options. In addition to the limitation applicable to Incentive Stock Options in
Section 4.2.2, to the extent that the aggregate Fair Market Value (determined as of the date of grant) of shares of Common
Stock underlying an Incentive Stock Option granted to a Participant under the Plan (and any other option plans of the Corporation)
that become exercisable for the first time by the Participant during any calendar year exceeds $100,000 (or, if different, the
maximum limitation in effect at the time of grant under Section 422 of the Code, or any successor provision), the portion of such
Incentive Stock Option in excess of $100,000 (or, if different, such maximum limitation) will be treated as a Non-qualified Stock
Option. Except in the case of the Participant’s death or Permanent Disability, the portion of any Incentive Stock Option
not exercised within three months after termination of employment with the Corporation and its Affiliated Entities will be treated
as a Non-qualified Stock Option.

 

9.
STOCK APPRECIATION RIGHTS

 

9.1. Grant
of Stock Appreciation Rights. The Committee may grant an Award of Stock Appreciation Rights in connection with an Option Award
(“Tandem SAR”) or independently of any Option Award (“Freestanding SAR”).

 

9.2. SAR
Award Agreement. Each SAR Award granted pursuant to the Plan shall be evidenced by an Award Agreement that specifies the material
terms of the Award, including, without limitation, terms consistent with the following provisions, and such other provisions as
the Committee shall determine in its discretion:

 

9.2.1.
Duration. Each SAR, and all rights associated therewith, shall expire on such date as the Committee may determine, but
in no event later than the ten-year anniversary of the date of grant, subject to a limited extension of 10 business days if so
provided in the Award Agreement in the event that the expiration date of an Award held by a Participant falls within a trading
 “blackout” period imposed by the Corporation and applicable to the Participant.

 

    	 	11	 

     

    

 

9.2.2.
Exercise Price. The Exercise Price for each share of Common Stock that is the subject of a SAR shall be determined by the
Committee and shall not be less than the Fair Market Value of a share of Common Stock on the date of grant, subject to adjustment
pursuant to Section 18.2.

 

9.2.3. Vesting. Unless otherwise
specified in an Award Agreement, each SAR granted under the Plan shall vest and be exercisable in such installments, if any, during
the period prior to its expiration date as the Committee shall determine.

 

9.2.4.
No Repricing. Except as otherwise permitted as an adjustment pursuant to Section 18.2 or as approved by the Corporation’s
stockholders, the Exercise Price of a SAR outstanding under the Plan may not be reduced, whether through amendment, exchange, cancellation
and re-grant, repurchase or other method.

 

9.2.5.
Exercise of Tandem SAR. A Tandem SAR shall be exercisable to the extent, and only to the extent, the associated Option is
exercisable and shall be exercisable only for such period as the Committee may determine. Upon exercise of a Tandem SAR, the Participant
shall be required to surrender to the Corporation unexercised the Option to which it relates, or any portion thereof.

 

9.2.6.
Exercise of Freestanding SAR. A Freestanding SAR may be exercised in accordance with the terms of the applicable Award Agreement.

 

9.2.7.
Receipt of Shares or Cash Upon Exercise. Upon exercise of a SAR, the Participant shall receive that number of shares of
Common Stock (rounded down to the nearest whole number) having an aggregate value equal to the excess of the Fair Market Value
of one share of Common Stock over the Exercise Price per share specified in the applicable Award Agreement, multiplied by the
number of shares of Common Stock subject to the SAR, or portion thereof, which is exercised. However, the Committee may elect
to settle, or the Award Agreement may permit the Participant to elect to receive (subject to approval by the Committee), any part
or all of the Corporation’s obligation arising out of the exercise of the SAR by the payment of cash equal to the aggregate
Fair Market Value of that part or all of the shares of Common Stock it would otherwise be obligated to deliver.

 

		10.	PERFORMANCE SHARES AND PERFORMANCE UNITS

 

10.1. Grant of Performance Shares
and Performance Units. The Committee may grant Performance Shares and/or Performance Units to Eligible Persons.

 

10.2. Performance
Share or Performance Unit Award Agreement.Each Award of Performance Shares or Performance Units shall be evidenced by an
Award Agreement that specifies the material terms of the Award, including, without limitation, any performance metrics, vesting
provisions and expiration date, and such other provisions as the Committee shall determine in its discretion.

 

10.3. Value
of Performance Shares and Performance Units. Each Performance Share shall have an initial value based on one share of Common
Stock on the date of grant. Each Performance Unit shall have an initial value that is established by the Committee at the time
of grant. The Committee shall set performance metrics in its discretion that, depending on the actual performance results, will
determine the number

and/or value of the Performance Shares
and Performance Units that will be paid to the Participant.

 

10.4. Earning
of Performance Shares and Performance Units. After the applicable Performance Period has ended, the holder of Performance Shares
or Performance Units shall be entitled to receive a payout on the value and number of Performance Shares or Performance Units earned
by the Participant over the Performance Period, if such payout is due as determined based on the actual results of the corresponding
performance criteria.

 

10.5. Form
and Timing of Payment of Performance Shares and Performance Units. Payment of earned Performance Shares and Performance Units
shall be made as determined by the Committee and as set forth in the applicable Award Agreements. Subject to the terms of the Plan,
the Committee, in its sole discretion, may pay earned Performance Shares and Performance Units in the form of shares of Common
Stock or in cash (or a combination thereof) equal to their value, if any, at the end of the applicable Performance Period or as
soon as practicable thereafter. Shares of Common Stock may be granted subject to any restrictions deemed appropriate by the Committee,
as set forth in the applicable Award Agreements.

 

    	 	12	 

     

    

 

10.6.
No Dividends Payable. Awards of Performance Shares or Performance Units shall not be entitled to dividends with respect
to the Corporation’s shares of Common Stock, but, in the discretion of the Committee, may be entitled to dividend equivalents
earned and payable to the extent, and at the time, of any payout of such Award.

 

		11.	OTHER STOCK-BASED AWARDS

 

The
Committee may grant Other Stock-Based Awards (which may include unrestricted shares of Common Stock) in such amounts and subject
to such terms and conditions as the Committee determines appropriate, and may include, without limitation, Awards that upon grant
are fully vested and non-forfeitable. Such Other Stock-Based Awards may entail the issue or transfer of actual shares of Common
Stock or payment in cash or otherwise of amounts based on the value of shares of Common Stock. Each Other Stock-Based Award shall
be evidenced by an Award Agreement that specifies the material terms and conditions of the Award, including, without limitation,
any restrictions or vesting provisions and whether such Award is entitled to dividends or dividend equivalents, and such other
provisions as the Committee shall determine in its discretion.

 

		12.	CASH-BASED INCENTIVE AWARDS

 

12.1.
Eligibility. The Committee may grant annual Cash-Based Incentive Awards to Employees in accordance with this Article
12. The terms of each Cash-Based Incentive Award shall be set forth in an Award Agreement.

 

12.2. Annual Awards.

 

12.2.1.
Performance Goals. The Committee shall establish objective performance goals for a calendar year Performance Period.

 

12.2.2.
Amount of Awards. In conjunction with the establishment of performance goals, the Committee shall adopt an objective formula
for determining the respective amount payable under a Cash-Based Incentive Award if and to the extent the performance goals are
attained.

 

12.3. Payment
of Awards. Cash-Based Incentive Awards will be payable to Participants in cash following written certification by the Committee
of attainment of the specified performance goals for the applicable Performance Period, provided, however, that such payments
shall be made no later than March 15 of the calendar year following the year of the Performance Period.

 

12.4. Guidelines.
The Committee may adopt from time to time written policies for its implementation of this Article 12.

 

		13.	FORFEITURE AND TERMINATION OF EMPLOYMENT OR SERVICE
AS A DIRECTOR OR CONSULTANT

 

13.1. Terms
Provided in Award Agreements. Except as otherwise determined by the Committee in connection with particular Awards and set
forth in the applicable Award Agreements, the provisions of Sections 13.2 and 13.3 shall apply to outstanding Awards
held by a Participant at the time of termination of the Participant’s employment or the termination of a Participant’s
service as a Director or Consultant.

 

13.2. Effect of Termination of
Employment on Awards — Employees Only.

 

13.2.1.
Termination. Subject to Section 13.2.2, and except as otherwise provided in an Award Agreement or other written agreement
between the Corporation and the Participant, which may be entered into at any time before or after termination of employment of
the Participant, in the event of the termination of an Employee Participant’s employment with the Corporation, a Subsidiary
of the Corporation or an Affiliated Entity, (i) all of such Participant’s unvested Awards shall expire, terminate and be
forfeited, and shall be void for all purposes, immediately on the date such Participant’s employment is terminated; and (ii)
all of such Participant’s Awards that are vested on or prior to the date such Participant’s employment is terminated
shall not expire for the applicable time period set forth below.

 

(a)
Death or Permanent Disability. In the event such Participant’s employment with the Corporation, a Subsidiary of the
Corporation or an Affiliated Entity terminates as a result of death or Permanent Disability, such Participant’s then vested
Awards shall not expire until the earlier of (1) the date on which such Awards would have expired in accordance with their terms
had such Participant remained employed; and (2) the date that is (A) one hundred eighty (180) days after the Participant’s
employment is terminated, if the Award is not an Incentive Stock Option; or (B) twelve (12) months after the Participant’s
employment is terminated, if the Award is an Incentive Stock Option.

 

    	 	13	 

     

    

 

(b) Termination
for Cause. In the event such Participant’s employment with the Corporation, a Subsidiary of the Corporation or an Affiliated
Entity terminates for Cause, such Participant’s then vested Awards shall expire, terminate and be forfeited upon the date
the Participant’s employment is terminated. If such Participant’s employment is suspended pending an investigation
of whether such Participant’s employment should be terminated for Cause, all of such Participant’s rights under any
Award shall likewise be suspended during the period of such investigation.

 

(c) Other
Termination. In the event such Participant’s employment with the Corporation, a Subsidiary of the Corporation or an
Affiliated Entity terminates for any reason other than as a result of death, Permanent Disability or for Cause, such Participant’s
then vested Awards shall not expire until the earlier of (1) the date on which such Awards would have expired in accordance with
their terms had such Participant remained employed; and (2) the date that is thirty (30) days after such Participant’s employment
is terminated.

 

13.2.2.
Alteration of Vesting and Exercise Periods. Notwithstanding anything to the contrary in Section 13.2.1, the Committee
may in its discretion designate shorter or longer periods to claim or otherwise exercise Awards following a Participant’s
termination of employment; provided; however, (i) that in no event shall the term to exercise a Stock Option after termination
of employment be extended beyond the original maximum term of such Stock Option; and (ii) that any shorter periods determined
by the Committee shall be effective only if provided for in the Award Agreement or if such shorter period is agreed to in writing
by the Participant. Notwithstanding anything to the contrary herein, Awards shall be claimed or exercisable by a Participant following
such Participant’s termination of employment only to the extent that installments thereof had become exercisable on or prior
to the date of such termination; provided, however, that the Committee may, in its discretion, elect to accelerate the
vesting of all or any portion of any Awards that had not vested on or prior to the date of such termination.

 

13.3.
Effect of Termination of Engagement on Awards — Non-Employees Only.

 

13.3.1.
Termination. Subject to Section 13.3.2, and except as otherwise provided in an Award Agreement or other written
agreement between the Corporation and the Participant, which may be entered into at any time before or after termination of the
engagement of the Participant, in the event of the termination of the engagement of a Director or Consultant, (i) all of such
Participant’s unvested Awards shall expire, terminate and be forfeited, and shall be void for all purposes, immediately
on the date such Director’s or Consultant’s engagement is terminated and (ii) all of such Participant’s Awards
that are vested on or prior to the date such Participant’s engagement is terminated shall not expire for the applicable
time period set forth below.

 

(a) Death
or Permanent Disability. In the event such Participant’s engagement with the Corporation or an Affiliated Entity terminates
as a result of death or Permanent Disability, such Participant’s then vested Awards shall not expire until the earlier of
(1) the date on which such Awards would have expired in accordance with their terms had such Participant remained engaged; and
(2) the date that is one hundred eighty (180) days after the Participant’s engagement is terminated.

 

(b) Termination
for Cause. In the event such Participant’s engagement with the Corporation or an Affiliated Entity terminates for Cause,
such Participant’s then vested Awards shall expire, terminate and be forfeited upon the date the Participant’s engagement
is terminated. If such Participant’s engagement is suspended pending an investigation of whether such Participant’s
engagement should be terminated for Cause, all of such Participant’s rights under any Award shall likewise be suspended
during the period of such investigation.

 

    	 	14	 

     

    

 

(c) Other
Termination. In the event such Participant’s engagement with the Corporation or an Affiliated Entity terminates for any
reason other than as a result of death, Permanent Disability or for Cause, such Participant’s then vested Awards shall not
expire until the earlier of (1) the date on which such Awards would have expired in accordance with their terms had such Participant
remained engaged and (2) the date that is thirty (30) days after such Participant’s engagement is terminated.

 

13.3.2.
Alteration of Vesting and Exercise Periods. Notwithstanding anything to the contrary in Section 13.3.1, the Committee
may, in its discretion, designate shorter or longer periods to claim or otherwise exercise Awards following a Director or Consultant
Participant’s termination of engagement; provided, however, (i) that in no event shall the term to exercise a Stock
Option after termination of an engagement be extended beyond the original maximum term of such Stock Option; and (ii) that any
shorter periods determined by the Committee shall be effective only if provided for in the Award Agreement or if such shorter
period is agreed to in writing by the Participant. Notwithstanding anything to the contrary herein, Awards shall be claimed or
exercisable by a Participant following such Participant’s termination of engagement only to the extent that the installments
thereof had become exercisable on or prior to the date of such termination; provided, however, that the Committee may,
in its discretion, elect to accelerate the vesting of all or any portion of any Awards that had not vested on or prior to the
date of such termination.

 

		14.	REORGANIZATIONS

 

14.1.
Corporate Transactions Not Involving a Change in Control. If the Corporation shall consummate any Reorganization not involving
a Change in Control in which holders of shares of Common Stock are entitled to receive in respect of such shares any securities,
cash or other consideration (including, without limitation, a different number of shares of Common Stock), each Award outstanding
under the Plan shall be subject to adjustment pursuant to and in accordance with Section 4.3.

 

14.2. Corporate
Transactions Involving a Change in Control. Notwithstanding any other provision of the Plan to the contrary, except to the
extent otherwise provided in an Award Agreement, in the event of a Change in Control:

 

(a)
The Committee shall have the discretion to terminate and cancel, with or without the payment of any consideration, any or all
Awards (or portions thereof) that are not vested as of the date of such Change in Control;

 

(b)
The Committee shall have the discretion to accelerate the vesting of any or all Awards (or portions thereof) that are not vested
as of the date of such Change in Control;

 

(c) The
Committee shall have the discretion to remove any restrictions and to terminate any repurchase rights existing with respect to
any or all Awards (or portions thereof) as of the date of such Change in Control;

 

(d) Outstanding
Awards shall be subject to any agreement of sale, Reorganization or other corporate transaction that effects such Change in Control,
which agreement shall provide for one or any combination of the following:

 

(i)
The continuation of the outstanding Awards by the Corporation, if the Corporation is a surviving corporation;

 

(ii) The
assumption of the outstanding Awards by the surviving corporation or its parent or subsidiary;

 

(iii) The termination and cancellation,
with or without consideration, of any outstanding Award (or portion of any outstanding Award) that is not vested;

 

(iv) The
substitution by the surviving corporation or its parent or subsidiary of equivalent awards for the outstanding Awards; or

 

(v) Settlement
of each share of Common Stock subject to an outstanding Award that is vested for the Change in Control Price (less, to the extent
applicable, the per share Exercise Price), or if the per share Exercise Price equals or exceeds the Change in Control Price, the
outstanding Award shall terminate and be canceled immediately prior to giving effect to the Change in Control.

 

    	 	15	 

     

    

 

(e)
In the absence of any agreement of sale, Reorganization or other corporate transaction effecting such Change in Control, each
share of Common Stock subject to an outstanding Award that is vested shall be settled for the Change in Control Price less, to
the extent applicable, the per share Exercise Price, or, if the per share Exercise Price equals or exceeds the Change in Control
Price, the outstanding vested Award shall terminate and be canceled immediately prior to giving effect to the Change in Control,
and each unvested Award shall terminate and be canceled immediately prior to giving effect to the Change in Control without the
payment of any consideration therefor.

 

(f) Notwithstanding
any provision of the Plan to the contrary, a Participant’s entitlement, if any, to payment pursuant to this Section 14.2
shall be forfeited on the date that is six (6) months following the Change in Control (i) if, by such date, such Participant
has not responded to any notice from the Corporation with respect to such Change in Control and has failed to notify the Corporation
of a new address to which notices from the Corporation may be delivered in accordance with the terms of the applicable Award Agreement;
or (ii) if such Participant fails by such date to provide the Committee with a bank account to which funds can be wired, information
necessary for tax withholding or any other information reasonably requested by the Committee.

 

		15.	TRANSFERABILITY OF AWARDS

 

15.1.
Transferability. Unless otherwise provided in an Award Agreement, Awards shall not be transferable either voluntarily or
by operation of law other than by will or the laws of descent and distribution; no Awards shall be subject, in whole or in part,
to attachment, execution, or levy of any kind; and any purported transfer in violation hereof shall be null and void.

 

15.2.
Domestic Relations Orders. Without limiting the generality of Section 15.1, no domestic relations order purporting
to authorize a transfer of an Award or any interest in an Award or to grant the power to exercise an Option or SAR to any person
other than a Participant (or his or her Representative) shall be recognized as valid or enforceable.

 

		16.	ARBITRATION

 

The
Committee may, as a condition to granting an Award, require that a Participant agree in writing to submit all disputes or claims
arising out of or relating to any such Award to binding arbitration in accordance with such terms as the Committee shall prescribe.

 

		17.	COMPLIANCE WITH SECTION 409A

 

17.1. Compliance.

 

17.1.1.
General. Any Award that is granted under the Plan shall be designed and administered so that the Award is either exempt
from the application of, or compliant with, the requirements of Section 409A.

 

17.1.2.
Terms of Award Agreement. To the extent that the Committee determines that any Award granted under the Plan is subject
to Section 409A, the Award Agreement shall include such terms and conditions as the Committee determines, in its discretion, are
necessary or advisable to avoid the imposition on the Participant of an additional tax under Section 409A. Notwithstanding any
other provision of the Plan or any Award Agreement (unless the Award Agreement provides otherwise with specific reference to this
Section): (i) an Award shall not be granted, deferred, accelerated, extended, paid out, settled, substituted, adjusted or modified
under the Plan in a manner that would result in the imposition of an additional tax under Section 409A on a Participant; and (ii)
if an Award Agreement with a Participant who is Specified Employee provides for the deferral of compensation within the meaning
of Section 409A, no distribution or payment of any amount shall be made before a date that is six (6) months following the date
of such Participant’s Separation from Service or, if earlier, the date of the Participant’s death.

 

    	 	16	 

     

    

 

17.1.3.
No Warranty. Although the Corporation intends to administer the Plan so that Awards will be exempt from, or will comply
with, the requirements of Section 409A and the Regulations, the Corporation does not warrant that any Award under the Plan will
qualify for favorable tax treatment under Section 409A or any other provision of federal, state, local, or non-United States law.
Neither the Corporation, its Affiliated Entities nor their respective directors, officers, employees or advisers shall be liable
to any Participant (or any other individual claiming a benefit through the Participant) for any tax, interest or penalties the
Participant may owe as a result of the grant, holding, vesting, exercise or payment of any Award under the Plan.

 

17.2.
Deferrals. Subject to the requirements of Section 17.1, the Committee may permit or require a Participant to defer
such Participant’s receipt of the payment of cash or the delivery of shares of Common Stock that would otherwise be due
to such Participant by virtue of the lapse or waiver of restrictions with respect to any Award of a type that may be subject to
the deferral provisions of Section 409A and the Regulations. If any such deferral election is required or permitted, the Committee
shall, prior to requiring or permitting such deferral election, establish written rules and procedures for such payment deferrals
that are intended to comply with the requirements of Section 409A and the Regulations including, without limitation, the time
when a deferral election can or must be made, the period of the deferral, and the events that would result in payment of the deferred
amount.

 

		18.	AMENDMENT, MODIFICATION, SUSPENSION, AND TERMINATION

 

18.1.
Amendment, Modification, Suspension, and Termination. Subject to Sections 17.1 and 18.3, the Board may, at any time
and from time to time, alter, amend, modify, suspend, or terminate the Plan without stockholder approval in whole or in part;
provided, however, that, no amendment of the Plan shall be made without stockholder approval if stockholder approval is
required by applicable United States or Canadian federal, state, provincial and local laws, rules, regulation, and any governmental
or regulatory agency, including the TSX. Furthermore, no amendment, modification, suspension or termination may impact the distribution
of any Award that is subject to Section 409A, except as permitted by such Section. For greater certainty, the Corporation shall
submit for stockholder approval any amendment of the Plan required to be submitted for stockholder approval by the TSX or that
otherwise would:

 

(a)
reduce the Exercise Price that would benefit an Insider;

 

(b) extend the term of Awards granted
under the Plan that would benefit an Insider;

 

(c) remove or exceed the Insider
and Director participation limits imposed by Section 4.1.4 and Sections 4.1.3 and 4.2.6, respectively;

 

(d)
increase the maximum number of shares of Common Stock for which Awards may be granted under the Plan; and

 

(e) amend this Section 18.1.

 

For
Subsection 18.1(a) – (c), the votes of securities held directly or indirectly by Insiders benefiting directly or
indirectly from the amendment shall be excluded. For Subsection 18.1(d) – (e), the votes of securities held directly
or indirectly by Insiders entitled to receive a benefit directly or indirectly under the arrangement shall be excluded unless
the arrangement contains the Insider and Director participation limits imposed by Section 4.1.4 and Sections 4.1.3
and 4.2.6, respectively.

 

In
addition to the above exclusions, for Subsection 18.1(e), where the amendment will disproportionately benefit one or more
Insiders over other participants under the arrangement, the votes of securities held directly or indirectly by those Insiders
receiving the disproportionate benefit shall be excluded.

 

18.2.
Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.Subject to Section 18.1,
the Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual
or nonrecurring events (including, without limitation, the events described in Section 4.3 hereof) affecting the Corporation
(or any of its Affiliated Entities) or the financial statements of the Corporation (or any Subsidiary of the Corporation or any
of its Affiliated Entities) or of changes in applicable laws, rules, regulations or accounting principles, whenever the Committee
determines that such adjustments are appropriate in order to prevent unintended dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan. The determination of the Committee as to the foregoing adjustments, if
any, shall be conclusive and binding on Participants under the Plan. No amendment, modification, suspension or termination may
impact the distribution of any Award that is subject to Section 409A, except as permitted by such Section.

 

    	 	17	 

     

    

 

18.3.
Awards Previously Granted. Notwithstanding any other provision of the Plan to the contrary, no termination, amendment,
suspension, or modification of the Plan or an Award Agreement shall adversely affect in any material way any Award previously
granted under the Plan, without the written consent of the Participant holding such Award.

 

		19.	WITHHOLDING

 

19.1.
Tax Withholding. The Corporation may take such steps as are considered necessary or appropriate for the withholding of
any taxes which the Corporation is required to withhold by any law or regulation of any governmental authority whatsoever, without
limiting the generality of the foregoing, through (i) the withholding of all or any portion of any payment or (ii) the withholding
from the shares of Common Stock to be issued under the Plan a number of whole shares of Common Stock having a Fair Market Value
not in excess of the tax withholding requirements based on the maximum statutory rates for the Participant for federal, state,
provincial and local tax purposes (including the Participant’s share of payroll or similar taxes) in the applicable jurisdiction.
The Corporation, in its discretion, may elect to sell such withheld shares of Common Stock on the market for and on behalf of
the Participant or to a broker of the Corporation’s choosing and remit all or a portion of the cash proceeds to the applicable
tax authorities to satisfy the applicable withholding requirements. The Participant shall remit to the Corporation in cash any
and all applicable withholding taxes that exceed the amount available to the Corporation using whole shares.

 

19.2.
Share Withholding. In the discretion of the Committee, any Award other than Options or SARs may provide that a Participant
who is an Employee may elect, in accordance with any conditions set forth in such Award, to satisfy in full the tax withholding
obligation by authorizing the Corporation to withhold from the shares of Common Stock to be issued under the Plan a number of
whole shares of Common Stock having a Fair Market Value not in excess of the tax withholding requirements based on the maximum
statutory rates for the Participant for federal, state, provincial and local tax purposes (including the Participant’s share
of payroll or similar taxes) in the applicable jurisdiction (with any remainder to be withheld to be satisfied by the Participant
remitting that amount to the Corporation in cash). The Corporation, in its discretion, may sell such withheld shares of Common
Stock to a broker of the Corporation’s choosing and remit all or a portion of the cash proceeds to the applicable tax authorities
to satisfy the applicable withholding requirements. This election and authorization to withhold shares is intended to comply with
the requirements of Rule 10b5-1(c)(i)(B) of the Exchange Act and to be interpreted to comply with the requirements of Rule 10b5-1(c)
of the Exchange Act.

 

19.3.
Option or SAR Withholding. Upon the exercise of a Non-qualified Stock Option or a SAR, the Corporation shall have the right
to: (i) require such Participant (or such Participant’s Representative) to pay the Corporation the amount of any taxes which
the Corporation may be required to withhold with respect to such exercise; or (ii) deduct from all amounts paid in cash with respect
to the exercise of a SAR the amount of any taxes which the Corporation may be required to withhold with respect to such cash amounts.
In the discretion of the Committee, any Award may provide that a Participant or such Participant’s Representative may elect
to satisfy in full the tax withholding obligations arising from the exercise of an Option or SAR by authorizing the Corporation
to withhold from the shares of Common Stock to be issued under the Plan the tax withholding requirements based on the maximum
statutory rates for the Participant for federal, state, provincial and local tax purposes (including the Participant’s share
of payroll or similar taxes) in the applicable jurisdiction (with any remainder to be withheld to be satisfied by the Participant
remitting that amount to the Corporation in cash). The Corporation, in its discretion, may sell such withheld shares of Common
Stock to a broker of the Corporation’s choosing and remit all or a portion of the cash proceeds to the applicable tax authorities
to satisfy the applicable withholding requirements. No Participant or Participant’s Representative shall have the right
to have shares of Common Stock withheld in excess of the tax withholding requirements based on the maximum statutory rates for
the Participant for federal, state, provincial and local tax purposes (including the Participant’s share of payroll or similar
taxes) in the applicable jurisdiction. Shares of Common Stock used in either of the foregoing ways to satisfy tax withholding
obligations will be valued at their Fair Market Value on the date of exercise.

 

    	 	18	 

     

    

 

		20.	SUCCESSORS

 

All obligations
of the Corporation under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Corporation,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of
all or substantially all of the business and/or assets of the Corporation.

 

		21.	GENERAL PROVISIONS

 

21.1.
Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the
feminine, the plural shall include the singular, and the singular shall include the plural.

 

21.2.
Severability. In the event that any provision of the Plan shall for any reason be held illegal, invalid or unenforceable
in any jurisdiction, or would disqualify the Plan or any Award under any law, rule or regulation deemed applicable by the Committee,
such provision shall be construed or deemed amended to the minimum extent necessary to conform to such applicable law, rule or
regulation or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering
the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder
of the Plan or any such Award shall remain in full force and effect.

 

21.3.
Requirements of Law. The granting of Awards and the issuance of shares of Common Stock under the Plan shall be subject to
all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities or other
stock exchanges as may be required.

 

21.4. Delivery
of Title. The Corporation shall have no obligation to issue or deliver evidence of title for shares of Common Stock issued
under the Plan prior to obtaining any approvals from governmental agencies or national securities or other stock exchanges that
the Corporation determines are necessary or advisable; and completion of any registration or other qualification of the shares
of Common Stock under any applicable securities, “Blue Sky” or other laws that the Corporation determines to be necessary
or advisable.

 

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

 

21.6. Investment
Representations. The Committee may require any individual receiving shares of Common Stock pursuant to an Award under the Plan
to represent and warrant in writing that the individual is acquiring the shares of Common Stock for investment and without any
present intention to sell or distribute such shares of Common Stock.

 

21.7. Unfunded
Plan. Participants shall have no right, title, or interest whatsoever in or to any investments that the Corporation, any
Subsidiary of the Corporation and/or its Affiliated Entities may make to aid it in meeting its obligations under the Plan.
Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust
of any kind, or a fiduciary relationship between the Corporation and any Participant, beneficiary, legal representative, or
any other individual. To the extent that any person acquires a right to receive payments from the Corporation, any Subsidiary
of the Corporation or its Affiliated Entities under the Plan, such right shall be no greater than the right of an unsecured
general creditor of the Corporation, any Subsidiary of the Corporation or an Affiliated Entity, as the case may be. All
payments to be made hereunder shall be paid from the general assets of the Corporation, any Subsidiary of the Corporation or
an Affiliated Entity, as the case may be and no special or separate fund shall be established and no segregation of assets
shall be made to assure payment of such amounts except as expressly set forth in the Plan.

 

21.8.
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Award.
The Committee shall determine whether cash, Awards, or other property shall be issued or paid in lieu of fractional shares of
Common Stock or whether such fractional shares of Common Stock or any rights thereto shall be forfeited or otherwise eliminated.

 

    	 	19	 

     

    

 

21.9.
Non-Exclusivity of the Plan. The adoption of the Plan shall not be construed as creating any limitations on the power of
the Board or Committee to adopt such other compensation arrangements as it may deem desirable for any Participant.

 

21.10.
No Constraint on Corporate Action. Nothing in the Plan shall be construed to: (i) limit, impair, or otherwise affect the
Corporation’s, any Subsidiary’s of the Corporation or an Affiliated Entity’s right or power to make adjustments,
reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve,
liquidate, sell, or transfer all or any part of its business or assets; or (ii) limit the right or power of the Corporation, any
Subsidiary of the Corporation or an Affiliated Entity to take any action which such entity deems to be necessary or appropriate.

 

21.11.
Non-Uniform Treatment.  The Committee’s determinations under the Plan need not be uniform and may be made by it selectively
among Participants or Eligible Persons (whether or not such individuals are similarly situated). Without limiting the generality
of the foregoing, the Committee will be entitled, among other things, to make non-uniform and selective determinations, amendments
and adjustments, and to enter into non-uniform and selective Award Agreements, as to Participants under the Plan and the terms
and conditions applicable to Awards made under the Plan.

 

21.12.
No Employment or Other Continuing Rights. Nothing contained in the Plan (or in any Award Agreement or in any other agreement
or document related to the Plan or to Awards granted hereunder) shall confer upon any Eligible Person or Participant any right
to continue in the employ (or other business relationship) of the Corporation, any Subsidiary of the Corporation or any Affiliated
Entity or constitute any contract or agreement of employment or engagement, or interfere in any way with the right of the Corporation,
any Subsidiary of the Corporation or any Affiliated Entity to reduce such person’s compensation or other benefits or to
terminate the employment or engagement of such Eligible Person or Participant, with or without Cause. Except as expressly provided
in the Plan or in any Award Agreement pursuant to the Plan, the Corporation shall have the right to deal with each Participant
in the same manner as if the Plan and any such Award Agreement did not exist, including without limitation with respect to all
matters related to the hiring, retention, discharge, compensation and conditions of the employment or engagement of the Participant.
Any questions as to whether and when there has been a termination of a Participant’s employment or engagement, the reason
(if any) for such termination, and/or the consequences thereof under the terms of the Plan or any Award Agreement shall be determined
by the Committee, and the Committee’s determination thereof shall be final and binding.

 

21.13.
References to Successor Statutes, Regulations and Rules. Any reference in the Plan to a particular statute, regulation or
rule shall also refer to any successor provision of such statute, regulation or rule.

 

21.14.
Conflicts. In case of any conflict between the Plan and any Award Agreement, the Plan shall control.

 

21.15.
Governing Law. The Plan and each Award Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts
or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law
of another jurisdiction.

 

 

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