Document:

Exhibit 10.8

 

EXECUTION
VERSION

 

RESALE AND REGISTRATION
RIGHTS AGREEMENT

 

THIS RESALE AND REGISTRATION RIGHTS AGREEMENT,
dated as of March 27, 2019 (this “Agreement”), is by and between Diamond S Shipping Inc., a corporation organized
under the Laws of the Republic of the Marshall Islands (together with its successors and permitted assigns, the “Company”),
and each Person signing this Agreement as a “Shareholder” on the signature page hereto (on its own behalf) (each such
Person, together with its successors and permitted assigns, a “Shareholder” and collectively, the “Shareholders”)
(the Shareholders, together with the Company, the “Parties” and each, a “Party”).

 

RECITALS

 

A.           The
Company is a newly formed corporation with shares of common stock, par value $0.001 per share (the “Common Shares”),
listed or to be listed on a national securities exchange pursuant to a Transaction Agreement, dated November 27, 2018, among
DSS Holdings L.P., Capital Product Partners L.P. and the other parties named therein, as amended March 7, 2019 (the “Transaction
Agreement”).

 

B.           The
Parties desire to enter into this Agreement to set forth certain rights and obligations of the Company and the Shareholders following
the Effective Date (as defined below) with respect to the Common Shares that the parent of the Company will distribute, or the
Company will issue, to the Shareholders in accordance with the Transaction Agreement (collectively, the “Shares”).

 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings
contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties
agree as follows:

 

1.           DEFINITIONS

 

1.1          Defined
Terms. The following terms have the meanings indicated when used in this Agreement with initial capital letters:

 

“Affiliate” has the meaning
set forth in Rule 12b-2 under the Exchange Act, and “Affiliated” will have a correlative meaning. For this
purpose, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of Voting
Securities, by agreement or otherwise.

 

“Agreement” has the meaning
set forth in the Preamble.

 

“Board” means the Board of
Directors of the Company.

 

“Business Day” means any
day that is not a Saturday, Sunday or other day on which banks in New York, New York, USA, are required or authorized to close.

 

“CFC” has the meaning set
forth in Section 2.5.

 

“Closing” has the meaning
set forth in the Transaction Agreement.

 

     

     

    

  

“CMTC Holders” means, collectively,
Capital Maritime & Trading Corp. and its Affiliates, including Capital GP L.L.C. and Crude Carriers Investment Corp.

 

“Common Shares” has the meaning
set forth in the Recitals.

 

“Company” has the meaning
set forth in the Preamble.

 

“Controlling Person” has
the meaning set forth in Section 4(a).

 

“Covered Person” has the
meaning set forth in Section 4(a).

 

“Demand Registration” has
the meaning set forth in Section 3.1(d)(i).

 

“Demand Shareholders” means
any of the CMTC Holders, the First Reserve Investors or the WL Ross Investors.

 

“Effective Date” has the
meaning set forth in Section 5.1(a).

 

“Exchange Act” means the
U.S. Securities and Exchange Act of 1934, as amended.

 

“FINRA” means the Financial
Industry Regulatory Authority (formerly, the National Association of Securities Dealers, Inc.) and any successor thereto.

 

“First Reserve Investors”
means the Persons designated as such on the signature pages hereto and their Affiliates.

 

“Governmental Entity” means
any (a) nation, principality, state, commonwealth, province, territory, county, municipality, district or other jurisdiction
of any nature, (b) governmental or quasi-governmental agency, taxing authority and any court or other tribunal (foreign, federal,
state or local), or (c) Person or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative,
regulatory, police, military or taxing authority or power of any nature.

 

“Holdback Agreement” has
the meaning set forth in Section 3.3(a).

 

“Holdback Period” has the
meaning set forth in Section 3.3(a).

 

“Initial Lock-Up Period”
has the meaning set forth in Section 2.1(a)(i).

 

“Law” means any statute,
rule or other legal requirement, including the common law or any Order.

 

“Lock-Up Periods” has the
meaning set forth in Section 2.1(a)(ii).

 

“Lock-Up Shares” has the
meaning set forth in Section 2.1(a)(iii).

 

“Maximum Offering Size” means,
in the opinion of the sole or managing underwriter of a particular Underwritten Public Offering, the number of Common Shares that
can be sold in such offering without substantially adversely affecting the distribution of the securities being offered, the price
that will be paid for such securities in such offering or the marketability of such offering.

 

“Mergers” has the meaning
set forth in the Transaction Agreement.

 

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“Non-Requesting Holder” means
the Shareholders holding Registrable Securities other than the Requesting Holder.

 

“Order” means any order,
writ, judgment, injunction, decree, stipulation, determination or award entered by or with any court or other Governmental Entity.

 

“Other Shareholders” means
all the Shareholders that are not Specified Shareholders.

 

“Ownership Percentage” means
a Shareholder’s, or group of Shareholders’, aggregate number of Common Shares divided by the total number of outstanding
Common Shares.

 

“Party” has the meaning set
forth in the Preamble.

 

“Permitted Holders” means
each of the WL Ross Investors and the First Reserve Investors.

 

“Person” means an individual,
corporation, partnership, limited liability company, joint stock company, joint venture, association, trust or other entity or
organization, including a Governmental Entity.

 

“PFIC” has the meaning set
forth in Section 2.5.

 

“Piggyback Registration”
has the meaning set forth in Section 3.8.

 

“Pro Rata Portion” means,
in respect of a Specified Shareholder, a fraction the numerator of which is the amount of Shares held by such Specified Shareholder
and the denominator of which is the total amount of Shares held by all Specified Shareholders, in each case, as of the date hereof.

 

“Registrable Securities”
means (a) all Shares and (b) any equity securities issued or issuable directly or indirectly with respect to the Shares
by way of share dividend or share split or in connection with a combination of shares, recapitalization, reclassification, merger,
amalgamation, arrangement, consolidation or other reorganization; provided that such securities will no longer be Registrable
Securities when such securities (i) have been sold or transferred pursuant to a Registration Statement, (ii) have been
transferred in compliance with Rule 144 under the Securities Act, (iii) are transferable by a Person who is not an Affiliate
of the Company pursuant to Rule 144 without any volume or manner of sale restrictions thereunder (subject to Section 3.1(i)
with respect to the CMTC Holders), or (iv) have ceased to be outstanding.

 

“Registration” means a Demand
Registration or a Piggyback Registration.

 

“Registration Expenses” has
the meaning set forth in Section 3.6.

 

“Registration Request” has
the meaning set forth in Section 3.1(d)(i).

 

“Registration Statement”
means a registration statement filed or to be filed by the Company as required under this Agreement, as amended or supplemented.

 

“Requesting Holder” has the
meaning set forth in Section 3.1(d)(i).

 

“Restricted Shares” means
the Common Shares issuable in the Mergers.

 

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“Rule 144” means Rule 144
under the Securities Act or any successor rule or regulation permitting the resale without registration of restricted securities.

 

“Rule 144A” means Rule 144A
under the Securities Act or any successor rule or regulation permitting the resale without registration of restricted securities.

 

“SEC” means the Securities
and Exchange Commission.

 

“Securities Act” means the
U.S. Securities Act of 1933, as amended.

 

“Selling Expenses” has the
meaning set forth in Section 3.6.

 

“Shareholder” has the meaning
set forth in the Preamble.

 

“Shares” has the meaning
set forth in the Recitals.

 

“Shelf Registration” has
the meaning set forth in Section 3.1(a).

 

“Specified Shareholders”
means the WL Ross Investors and the First Reserve Investors.

 

“Subsequent Lock-Up Period”
has the meaning set forth in Section 2.1(a)(ii).

 

“Subsidiary” means, with
respect to any Person, any corporation, partnership, trust, limited liability company or other non-corporate business enterprise
in which such Person (or another Subsidiary of such Person) holds stock or other ownership interests representing (a) more
than 50% of the voting power of all outstanding stock or ownership interests of such entity, (b) the right to receive more
than 50% of the net assets of such entity available for distribution to the holders of outstanding stock or ownership interests
upon a liquidation or dissolution of such entity, or (c) a general or managing partnership interest in such entity.

 

“Suspension Period” has the
meaning set forth in Section 3.2.

 

“Transactions” has the meaning
set forth in the Transaction Agreement.

 

“Transfer” means (a) the
sale, pledge or grant of any option to purchase, the agreement to sell, pledge or grant any option to purchase or any other disposal
of or agreement to dispose, directly or indirectly, or the establishment or increase of a put equivalent position or the liquidation
or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, (b) the entry into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership, in cash
or otherwise, or (c) the public announcement of any intention to effect any transaction specified in clause (a)
or (b) (and to “Transfer” will have a correlative meaning).

 

“Underwritten Public Offering”
means a sale of any Common Shares to an underwriter or underwriters for reoffering to the public.

 

“Voting Securities” means
any securities, including Common Shares, of the Company or its successor having the power generally to vote in the election of
members of the Board or the equivalent of its successor.

 

“WL Ross Investors” means
the Persons designated as such on the signature page hereto and their Affiliates.

 

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2.           LIMITATIONS
ON RESALES AND TRANSFERS

 

2.1          Limitations
Applicable to The Specified Shareholders. (a) Lock-Up Periods. (i) Each Specified Shareholder agrees that, except in
accordance with this Agreement, for 180 days following the Closing (the “Initial Lock-Up Period”), it will
not Transfer any of its Shares.

 

(ii)         Each
Specified Shareholder further agrees, that except in accordance with this Agreement, for 180 days following the expiration
of the Initial Lock-Up Period (the “Subsequent Lock-Up Period” and, together with the Initial Lock-Up Period,
the “Lock-Up Periods”), it will not Transfer any of its Shares in an amount that exceeds its Pro Rata Portion
of the greater of (A) 25.0% of the outstanding Common Shares at 11.59 p.m., New York time, on the last day of
the Initial Lock-Up Period and (B) 20.0% of total reported trading volume of Common Shares on the New York Stock Exchange
during the prior 180-day period.

 

(iii)        The
Shares subject to the Transfer restrictions set forth in clauses (ii) and (iii) above are hereinafter referred
to as the “Lock-Up Shares.”

 

(iv)        Each
Specified Shareholder hereby authorizes the Company during the Lock-Up Periods to cause the Company’s transfer agent to decline
to transfer, and to note stop transfer restrictions on the share register and other records relating to, the Lock-Up Shares for
which such Specified Shareholder is the record holder and, in the case of the Lock-Up Shares for which such Specified Shareholder
is the beneficial holder but not the record holder, agrees during the Lock-Up Periods to cause the record holder to authorize the
Company to cause the Company’s transfer agent to decline to transfer, and to note stop transfer restrictions on the share
register and other records relating to, such Lock-Up Shares.

 

(v)         Notwithstanding
the Transfer restrictions set forth in clause (i) and clause (ii) above, a Specified Shareholder may Transfer
Lock-Up Shares to one or more Affiliates, provided that any such transferee pursuant to this clause (v) executes
and delivers to the Company a Joinder to the Resale and Registration Rights Agreement in the form attached hereto as Exhibit A,
and will thereafter be a “Specified Shareholder” for purposes of this Agreement with the same rights and subject to
the same limitations hereunder as the transferor.

 

(b)          Limitations
Applicable to the Specified Shareholders After the Expiration of the Lock-up Periods. Subject to Section 2.3, following
the expiration of the Initial Lock-Up Period, each Specified Shareholder may Transfer any and all its Shares that are not subject
to the Transfer restrictions set forth in Section 2.1(a)(ii) and, following the expiration of the Subsequent Lock-Up
Period, each Specified Shareholder may Transfer any and all of its Shares, in each case in any manner permitted under applicable
securities Laws.

 

2.2          Resales
and Transfers by Other Shareholders. Subject to Sections 2.3 and 2.4, no Other Shareholder is subject to
any Transfer restrictions under Article 2 of this Agreement. This Section 2.2 does not affect the limitations
imposed by Law on any holder of Registrable Securities.

 

2.3          Absence
of Default. (a) Notwithstanding anything herein to the contrary, none of the Permitted Holders will knowingly (after reasonable
inquiry, including of the Company) Transfer any Common Shares to the extent that such Transfer results, or would reasonably be
expected to result, in (with or without due notice or lapse of time or both) a default under or violation or breach of any credit
facility to which the Company or any of its Subsidiaries or equity investees is party as at the Effective Date or the cancellation
or acceleration of any indebtedness thereunder.

 

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(b)          Upon
written notice of one or more Permitted Holders that they intend to Transfer Common Shares in such amount as would result, or as
would reasonably be expected to result, in such a default, violation, breach, cancellation or acceleration, the Company agrees
to use its commercially reasonable efforts to seek any required consent or amendment under its financing arrangements or the financing
arrangements of its Subsidiaries or equity investees to ensure that a proposed Transfer of Common Shares does not cause such default,
violation, breach, cancellation or acceleration, it being understood that any consent or amendment fee to lenders under such financing
arrangements in connection with such proposed Transfer will be the liability of the Company.

 

2.4          Legends;
Securities Act Compliance. (a) Restricted Shares. Each holder of Restricted Shares acknowledges and agrees to make and
comply in all material respects with the representations, warranties and covenants contained in Section 5.18 of the Transaction
Agreement for the benefit of the Company.

 

(b)          Legend
Removal. At the request of a holder of Registrable Securities, upon receipt by the Company of an opinion of counsel reasonably
satisfactory to the Company, the Company will promptly cause any legend set forth in Section 5.18(c) of the Transaction Agreement
or any notation of transfer restrictions applicable to book-entry securities to be removed.

 

2.5          Certain
Tax Matters. (a) The Company will provide all information with respect to the Company and its Subsidiaries which is requested
by any Shareholder to enable such Shareholder (or its direct or indirect owners) to comply with its income tax reporting obligations,
including rules relating to “controlled foreign corporations” (each a “CFC”) and “passive
foreign investment companies” (each, a “PFIC”). Such assistance will include providing information to
enable such Shareholder (or its direct or indirect owners) to comply with their obligations under Sections 1248, 6038, 6038B,
6038D, 6046 and 6046A of the Code, including information relating to earnings and profits as computed for U.S. federal income tax
purposes. The Company will use its reasonable best efforts to determine annually if it or any entity in which it owns an interest
that is treated as a corporation for U.S. federal income tax purposes is a CFC or PFIC, and if the Company or the Shareholder determines
that any such entity is a PFIC, the Company will permit such Shareholder (or its direct or indirect owners) to make a “qualified
electing fund” election (including a protective election) with respect to its interest in such entity pursuant to Section 1295
of the Code, and will cause to be furnished to such Shareholder no later than 60 days following the end of the Company’s
taxable year the relevant PFIC annual information statement pursuant to U.S. Treasury Regulation Section 1.1295-1(g).

 

(b)          In
addition to the foregoing covenants set forth in Section 2.5(a), the Company (i) will not take any action that
would cause the Company not to be classified as a corporation for U.S. federal income tax purposes and (ii) will use commercially
reasonable efforts to not take any action that would cause the Company to become a PFIC; provided, however, that
the foregoing covenants under clauses (i) and (ii) of this sentence will not require the Company or any of its
Subsidiaries to incur any significant additional cost or expense, or to forego any significant benefit, not expressly provided
for in this Agreement.

 

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3.           REGISTRATION
RIGHTS

 

3.1          Registration.
(a) Initial Filing. The Company will use its reasonable best efforts to file with the SEC and have declared effective, as
soon as reasonably practicable after the Effective Date, a resale shelf registration statement on an appropriate form (the “Shelf
Registration”) registering all Registrable Securities for resale; provided that the Company will not include any Lock-Up
Shares that remain subject to an applicable Lock-Up Period until the Business Day following expiration of such Lock-Up Period,
and the Company will use its reasonable best efforts to file with the SEC a post-effective amendment to such Shelf Registration
to include such additional Registrable Securities. The “Plan of Distribution” section of such Shelf Registration will
provide for all permitted means of disposition of Registrable Securities, including firm-commitment underwritten public offerings,
bought deals, block trades, sales in connection with hedging transactions, direct sales, transactions on an agency basis, open
market sales, and purchases or sales by brokers.

 

(b)          Effectiveness
of Shelf Registration. The Company will use its reasonable best efforts to keep the Shelf Registration continuously effective,
subject to Section 3.2, until the earlier of (i) the date on which each of the Shareholders has completed the
sale of all of its Registrable Securities and (ii), with respect to each Shareholder, subject to Section 3.1(i) insofar
as the CMTC Holders are concerned, the date on which the Registrable Securities held by such Shareholder can be sold freely without
volume and manner of sale limitations pursuant to Rule 144. If the Company files a post-effective amendment to the Shelf Registration
and such amendment is not automatically effective, the Company will use its reasonable best efforts to cause the SEC to declare
such post-effective amendment effective as soon as possible thereafter.

 

(c)          Short-Form
Shelf Registration. Commencing 12 calendar months after the Common Shares have been registered under the Exchange Act,
the Company will use its reasonable best efforts to qualify and remain qualified to register securities under the Securities Act
pursuant to a Registration Statement on Form S-3 (or Form F-3, as applicable) or any successor form thereto.

 

(d)          Use
of Shelf Registration. The Shareholders will have the right to use the Shelf Registration as follows:

 

(i)          Requests
for Shelf Takedowns. Subject to the terms and conditions of Sections 3.1 to 3.7, each Demand Shareholder
(each, a “Requesting Holder”) will have the right to use the Shelf Registration to conduct Underwritten Public
Offerings of all or a portion of its Registrable Securities not otherwise subject to transfer restrictions hereunder (each such
Underwritten Public Offering is referred to as a “Demand Registration”). The Requesting Holder will deliver
a written notice of its request for the Company to effect an Underwritten Public Offering in accordance with Section 5.3
identifying the Requesting Holder and specifying the number of Shares to be included in such Underwritten Public Offering (the
“Registration Request”). Subject to the terms and conditions of Sections 3.1 to 3.7, the
Company will give prompt written notice of such Registration Request to the Non-Requesting Holders (which notice will state that
the material terms of such proposed Demand Registration, to the extent known, as well as the identity of the Requesting Holder,
are available upon request). The Non-Requesting Holders must respond in writing within five Business Days of receipt of such notice
in order to participate in such Demand Registration.

 

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(ii)         Brokered
Transactions. Each Other Shareholder will have the right to use the Shelf Registration to sell or otherwise transfer all or
a portion of its Registrable Securities in an unrestricted number of brokered transactions without any limitation on the size of
the transaction.

 

(e)          Conditions
to Demand Registrations. (i) The Company will not be obligated to effect a Demand Registration pursuant to Section 3.1(d)(i)
unless the aggregate net proceeds expected to be received from the sale of the Registrable Securities in such offering (including
the aggregate net proceeds to the Requesting Holder and Non-Requesting Holders, if applicable) equals at least the lesser
of (A) $20,000,000 and (B) the value of all remaining Registrable Securities held by the Requesting Holder at the time
of the Registration Request.

 

(ii)         Unless
otherwise approved by the Board, neither the Requesting Holder nor the Non-Requesting Holders, as the case may be, will be entitled
to a Demand Registration within 120 days after the closing of another Underwritten Public Offering.

 

(iii)        Once
during each one-year period beginning on the one-year anniversary of the Effective Date, the Company will have the right to postpone
effecting a Demand Registration in order to conduct an offering of its Common Shares for its own account; provided that
(A) the Company must notify the Requesting Holder and any Non-Requesting Holders that requested participation in the Demand
Registration of the postponement within five Business Days of the Company’s receipt of the Requesting Holder’s Registration
Request and (B) the Company will use its commercially reasonable efforts to effect such Demand Registration as soon as practicable
after notifying the Requesting Holder and such Non-Requesting Holders of the postponement and in any event within 45 days
of the date on which the Company notified the Requesting Holder of the postponement. If the Company preempts a Demand Registration
in accordance with this clause (iii), the related request to be included in such registration will be automatically
withdrawn and will not count as a Demand Registration. Each offering conducted pursuant this clause (iii) will be subject
to Section 3.8.

 

(f)           Number
of Demand Registrations. (i) Subject to the limitations contained herein, the Specified Shareholders (considered together)
may not participate in (A) more than eight Demand Registrations prior to the fifth anniversary of the expiration of the First
Lock-Up Period, (B) more than one Demand Registration prior to the first anniversary of the expiration of the First Lock-Up
Period (it being understood that the Specified Shareholders cannot participate in any Demand Registration during the First Lock-Up
Period), and (C) more than two Demand Registrations during each one-year period beginning on (and including) the first anniversary
of the expiration of the First Lock-Up Period.

 

(ii)         A
registration undertaken by the Company will not count as a Demand Registration if (A) the Specified Shareholder withdraws
its request to be included in such Demand Registration in accordance with Section 3.1(h) and promptly reimburses the
Company for incremental reasonable out-of-pocket expenses incurred by the Company in connection with preparing for the registration
and sale of the Registrable Securities withdrawn, (B) such Specified Shareholder withdraws its request upon the determination
of the Board to delay the use or effectiveness of any Shelf Registration pursuant to Section 3.2, or (C) a Registration
Request was automatically withdrawn pursuant to Section 3.1(e)(iii).

 

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(g)          Priority.
In connection with any Demand Registration, if the sole or managing underwriter of the offering advises the Company that in its
opinion the number of Common Shares proposed to be included in the offering exceeds the Maximum Offering Size, the Company will
include in such offering (i) first, the number of Registrable Securities that the Shareholders propose to sell and (ii) second,
the number of other securities proposed to be included therein by any other Persons among such Persons in such manner as they may
agree. If the sole or managing underwriter determines that less than all of the Registrable Securities proposed to be sold can
be included in such offering, then the Registrable Securities that are included in such offering will be allocated among the respective
participating Shareholders pro rata on the basis of the number of Registrable Securities initially requested to be sold by each
such participating Shareholder.

 

(h)          Withdrawal
Rights. Any Shareholder having notified or directed the Company to include any or all of its Registrable Securities in a Demand
Registration will have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities
designated by it for inclusion in such Demand Registration by giving written notice to such effect to the Company at least two
Business Days prior to the public announcement thereof. In the event of any such withdrawal, the Company will not include such
Registrable Securities in the applicable Demand Registration. No such withdrawal will affect the obligations of the Company with
respect to the Registrable Securities not so withdrawn. If a Shareholder withdraws its notification or direction to the Company
to include any of its Registrable Securities in the Demand Registration in accordance with this Section 3.1(h), such
Shareholder will be required to promptly reimburse the Company for incremental reasonable out-of-pocket expenses incurred by the
Company in connection with preparing for the sale of the Registrable Securities withdrawn.

 

(i)           CMTC
Holders. Notwithstanding anything herein to the contrary, the CMTC Holders’ rights pursuant to this Agreement will terminate
90 days after all director nominees designated by the CMTC Holders pursuant to the Transaction Agreement are no longer directors
of the Company unless, on such 90th day, the CMTC Holders notify in good faith to the Company that the CMTC Holders are considered,
or reasonably could be considered, “affiliates” of the Company for purposes of Rule 144, in which case the CMTC
Holders will continue to have the right to use the Shelf Registration for so long as the CMTC Holders determine in good faith that
the CMTC Holders continue to be considered, or reasonably could be considered, “affiliates” of the Company for purposes
of Rule 144.

 

3.2          Suspension
Periods. (a) The Company may delay or suspend the use by any Shareholder of the Shelf Registration or the effectiveness of
any Registration Statement contemplated by this Agreement (including by withdrawing such Registration Statement or declining to
amend it or by taking other actions otherwise required hereunder with regard thereto), by delivering a certificate to each Shareholder
holding Registrable Securities certifying that the Company has elected to impose a Suspension Period (as defined below) pursuant
to this Section 3.2 and specifying the period. The Company will be entitled to impose a Suspension Period only if the
Company’s Chief Executive Officer, Chief Financial Officer or Chief Legal Officer, in his or her good faith judgment, believes
that the use or effectiveness of such Registration Statement would require the Company to make public disclosure of material non-public
information (i) the failure of which to be disclosed in the Registration Statement would constitute a material misstatement
or omission, (ii) the disclosure of which would not be required at such time but for the filing or effectiveness of the Registration
Statement, and (iii) the Company has a bona fide business purpose for not disclosing such information publicly. Any
period during which the Company has delayed or suspended the use of Shelf Registration or any other matters referenced above pursuant
to this Section 3.2 is herein called a “Suspension Period,” and will be for a reasonable time specified
in the aforementioned certificate but in no event will the number of days covered by any one or more Suspension Periods exceed
60 days in the aggregate during any rolling period of 180 days; provided that, during the period beginning on
(and including) the Effective Date and ending one year after the date on which the First Lock-Up Period expires, in no event will
the number of days covered by any one or more Suspension Periods exceed 30 days in the aggregate during any rolling period
of 180 days. The Company will not be obligated under this Agreement to disclose any information with respect to the Suspension
Period (including the reason therefor) other than to provide the certificate referenced above. Each Shareholder acknowledges that
the existence of a Suspension Period may constitute material, non-public information about the Company or its securities and, accordingly,
hereby agrees to keep confidential the existence of each Suspension Period, including any such certificate and the receipt thereof,
and, for the duration of each Suspension Period, to refrain from making any offers, sales or purchases of Common Shares and any
other securities of the Company, directly or indirectly, including through others or by means of any short sale or derivative transaction
(or from directing any other Person to make such offers, sales or purchases or to refrain from doing so).

 

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(b)          Notwithstanding
anything to the contrary herein, the Company also will not be required to effect any Underwritten Public Offering, and no Shareholder
holding Registrable Securities will have the right to use or sell securities pursuant to any Registration Statement, pursuant to
this Agreement during any period beginning on the fifteenth day of the last month of each fiscal quarter and ending at the opening
of regular session trading on the New York Stock Exchange on the trading day after the day on which the Company releases its earnings
for that fiscal period.

 

3.3          Holdback
Agreements. (a) Subject to Section 3.3(b), if and to the extent requested in writing by the sole or managing underwriter
in connection with any Underwritten Public Offering, both the Company and each Shareholder holding an Ownership Percentage of 5%
or more will agree not to effect any public sale or distribution (including sales pursuant to Rule 144) of any Common Shares
(except as part of such Underwritten Public Offering) during the period (each such period, a “Holdback Period”)
beginning ten days prior to the launch of the Underwritten Public Offering and ending no later than the earlier of (i) 90 days
following the closing date of such offering and (ii) such day (if any) as the Company or such Shareholder, as applicable,
and the sole or managing underwriter for such offering may agree to designate for this purpose (such agreement, a “Holdback
Agreement”).

 

(b)          Neither
the Company, nor the Shareholders will be obligated to enter into a Holdback Agreement unless the Company’s directors and
executive officers (including, but not limited to, any executive officer that is deemed an officer for purposes of Section 16
of the Exchange Act) and each other Shareholder holding an Ownership Percentage of 5% or more, if any, enter into agreements substantially
similar to such Holdback Agreement.

 

3.4          Registration
Procedures. In connection with any Shelf Registration or Underwritten Public Offering, subject to the terms and conditions
of this Agreement, the following will apply:

 

(a)          Prior
to filing a Registration Statement or prospectus or any amendment or supplement thereto (other than any report filed pursuant to
the Exchange Act that is incorporated by reference, as applicable), the Company will, if requested, furnish to each Shareholder
holding Registrable Securities included or to be included in such Shelf Registration or Underwritten Public Offering and each underwriter
copies of the Registration Statement, prospectus, amendment or supplement as proposed to be filed, which documents will be subject
to review of such Shareholder and underwriter, and will keep such Shareholder reasonably informed as to the registration process.

 

    	 	10	 

     

    

  

(b)          The
Company will prepare and file with the SEC or other Governmental Entity having jurisdiction such amendments and supplements to
the Registration Statement as may be necessary to keep such Registration Statement effective continuously for the period referred
to in Section 3.1(b).

 

(c)          The
Company will furnish such number of copies, without charge, of the Registration Statement, each amendment and supplement thereto,
including each preliminary prospectus, final prospectus, any other prospectus (including any prospectus filed under Rule 424,
Rule 430A or Rule 430B under the Securities Act and any “issuer free writing prospectus” as such term is
defined under Rule 433 promulgated under the Securities Act), all exhibits and other documents filed therewith and such other
documents to each Shareholder holding Registrable Securities included or to be included in such Shelf Registration or Underwritten
Public Offering as such Shareholder may reasonably request, including in order to facilitate the disposition of its Registrable
Securities.

 

(d)          The
Company will register or qualify the Registrable Securities included or to be included in such Shelf Registration or Underwritten
Public Offering under such other securities or blue sky Laws of such jurisdictions as the Shareholder holding such Registrable
Securities reasonably requests and do any and all other acts and things that may be reasonably necessary or reasonably advisable
to enable such Shareholder to consummate the disposition in such jurisdictions (provided that the Company will not be required
to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 3.4(d), (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service
of process in any such jurisdiction).

 

(e)          The
Company will notify each Shareholder holding Registrable Securities included or to be included in the Shelf Registration or Underwritten
Public Offering, at any time when the prospectus is required to be delivered in connection with such Shelf Registration or Underwritten
Public Offering, upon discovery that, or upon the discovery of the happening of any event as a result of which, such prospectus
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the
light of the circumstances under which they were made, and, as soon as reasonably practicable, prepare and furnish to such Shareholder
a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact
necessary to make the statements therein not misleading in the light of the circumstances under which they were made.

 

(f)           The
Company will notify each Shareholder holding Registrable Securities included or to be included in the Shelf Registration or Underwritten
Public Offering (i) when the Registration Statement or the prospectus or any prospectus supplement or post-effective amendment
has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective,
(ii) of any request by the SEC or other Governmental Entity for amendments or supplements to such Registration Statement or
to amend or to supplement such prospectus or for additional information, and (iii) of the issuance by the SEC or other Governmental
Entity of any stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for any
of such purposes.

 

    	 	11	 

     

    

  

(g)          The
Company will cause all Registrable Securities to be listed on each securities exchange on which Common Shares are then listed.

 

(h)          The
Company will provide a transfer agent and registrar for all Registrable Securities not later than the effective date of the Shelf
Registration.

 

(i)           The
Company will make available for inspection by each Shareholder selling Registrable Securities in such Shelf Registration or Underwritten
Public Offering and its counsel, any underwriter participating in any such disposition and any attorney, accountant or other agent
retained by such Shareholder or underwriter, all financial and other records, pertinent corporate documents and documents relating
to the business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply
all information reasonably requested by such Shareholder, underwriter, attorney, accountant or agent in connection with such Registration
Statement, provided that it will be a condition to such inspection and receipt of such information that the inspecting Person
(i) enter into a confidentiality agreement in form and substance reasonably satisfactory to the Company and (ii) agree
to minimize the disruption to the Company’s business in connection with the foregoing.

 

(j)           Upon
the closing of each Underwritten Public Offering, the Company will use its reasonable best efforts to furnish to each underwriter
a signed counterpart, addressed to such underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a
comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering
such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the sole or managing underwriter
reasonably requests.

 

(k)          In
connection with any Underwritten Public Offering, the Company will cause appropriate officers of the Company to (i) prepare
and make presentations at any “road shows” and before analysts and (ii) otherwise use their commercially reasonable
efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities.

 

(l)           In
connection with any Underwritten Public Offering, the Requesting Holder will have the right to select one or more investment banking
firms to act as the managing underwriter(s) in connection with such offering, subject to the approval of the other Shareholders
holding Registrable Securities participating in such offering (which approval will not be unreasonably withheld, conditioned or
delayed) and the Company (which approval will not be unreasonably withheld, conditioned or delayed).

 

(m)         In
connection with any Underwritten Public Offering, the Company will enter into customary agreements (including an underwriting agreement
in customary form) and take all such other actions as are reasonably required in order to expedite or facilitate the disposition
of such Registrable Securities in any such Underwritten Public Offering, including, if necessary, the engagement of a “qualified
independent underwriter” in connection with the qualification of the underwriting arrangements with FINRA.

 

3.5          Provision
of Information. As a condition to participating in any Shelf Registration or Underwritten Public Offering, each Shareholder
holding Registrable Securities will furnish to the Company such information regarding the Shareholder and pertinent to the disclosure
requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably
request in writing.

 

    	 	12	 

     

    

  

3.6          Registration
Expenses. Except as otherwise provided in this Agreement, all expenses incidental to the Company’s performance of or
compliance with this Agreement, including all registration and filing fees, fees and expenses of compliance with securities or
blue sky Laws, word processing, duplicating and printing expenses, messenger and delivery expenses, and fees and disbursements
of counsel for the Company and counsel (limited to one law firm) for all of the relevant shareholders of the Company and all independent
certified public accountants and other Persons retained by the Company (all such expenses, “Registration Expenses”),
will be borne by the Company. The Company will, in any event, pay its internal expenses (including all salaries and expenses of
its officers and employees performing legal or accounting duties), the expenses of any annual audit or quarterly review, the expenses
of any liability insurance and, if applicable, the expenses and fees for listing the securities to be registered on each securities
exchange on which Common Shares issued by the Company are then listed. Each Shareholder participating in an Underwritten Public
Offering, Demand Registration or brokered transaction will pay all underwriting discounts, selling commissions and transfer taxes
applicable to the sale of its Shares thereunder (collectively, “Selling Expenses”), the fees and expenses of
counsel beyond the one law firm paid for by the Company and any other Registration Expenses required by Law to be paid by such
Shareholder pro rata on the basis of the amount of proceeds from the sale of its securities so registered.

 

3.7          Participation
in Underwritten Public Offerings. (a) No Shareholder may participate in any Underwritten Public Offering hereunder unless such
Shareholder (i) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved
by the Company (including pursuant to the terms of any over-allotment or “green shoe” option requested by the managing
underwriter(s), provided that such Shareholder will not be required to sell more than the number of Registrable Securities
that the Shareholder has requested the Company to include in any such offering), (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements, lock-up or Holdback Agreements and other documents reasonably required
under the terms of such underwriting arrangements, so long as such provisions are substantially the same for all selling shareholders,
and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification. Notwithstanding
the foregoing, the liability of such Shareholder participating in such an Underwritten Public Offering will be limited to an amount
equal to the amount of net proceeds attributable to the sale of such Shareholder’s Registrable Securities (after deducting
Selling Expenses).

 

(b)          If
a Shareholder is participating in any registration hereunder, it agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3.4(e), such Person will forthwith discontinue the disposition
of its Registrable Securities pursuant to the Registration Statement until such Person receives copies of a supplemented or amended
prospectus as contemplated by such Section 3.4(e).

 

3.8          Piggyback
Registration. (a) If the Company at any time proposes to effect an Underwritten Public Offering of its Common Shares for its
own account or the account of any Shareholder (other than (i) pursuant to any Demand Registration or (ii) pursuant to
a registration on Form S-4 or S-8 or any successor or similar forms) (a “Piggyback Registration”), the
Company will give written notice at least ten Business Days prior to the anticipated launch of such Underwritten Public Offering
to each Shareholder holding Registrable Securities, which notice will set forth the Company’s intention to effect the Underwritten
Public Offering and the rights of each of such Shareholder under this Section 3.8 and will offer each of such Shareholder,
as applicable, the opportunity to sell in such Underwritten Public Offering the number of Registrable Securities as each may request,
subject to the restrictions on transfers herein and the provisions of this Section 3.8. Upon the request of any such
Shareholder made within seven Business Days after the receipt of notice from the Company (which request must specify the number
of Registrable Securities intended to be sold by such Shareholder), the Company will use its reasonable best efforts to include
in the Underwritten Public Offering all Registrable Securities that any such Shareholder has requested to sell.

 

    	 	13	 

     

    

 

(b)          The
Company will be liable for and pay all Registration Expenses in connection with any Piggyback Registration.

 

(c)          If
a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company and the sole or managing underwriter
advises the Company and the holders of Registrable Securities (if any holders of Registrable Securities have elected to include
Registrable Securities in such Piggyback Registration) in writing that in its opinion the number of Common Shares proposed to be
included in such registration, including all Registrable Securities and all other Common Shares proposed to be included in such
underwritten offering, exceeds the Maximum Offering Size, the Company will include in such registration (i) first, the number
of Common Shares that the Company proposes to sell, (ii) second, the number of Common Shares requested to be included therein
by holders of Registrable Securities, allocated pro rata among all such holders on the basis of the number of Registrable Securities
initially requested to be sold by each such holder in such offering or in such manner as they may otherwise agree, and (iii) third,
the number of Common Shares requested to be included therein by holders of Common Shares (other than holders of Registrable Securities),
allocated among such holders in such manner as they may agree.

 

(d)          If
a Piggyback Registration is initiated as an Underwritten Public Offering on behalf of holders of Common Shares to whom the Company
has a contractual obligation to facilitate such offering, and the sole or managing underwriter advises the Company in writing that
in its opinion the number of securities proposed to be included in such registration, including all such Common Shares and all
Registrable Securities proposed to be included in such offering, exceeds the Maximum Offering Size, the Company will include in
such registration (i) first, the number of such Common Shares and Registrable Securities requested to be included therein
by the holders thereof pro rata among such holders on the basis of the number of securities initially requested to be sold by each
such holder or in such manner as they may otherwise agree and (ii) second, the number of Common Shares requested to be included
therein by other holders of Common Shares, allocated among such holders in such manner as they may agree.

 

(e)          If
any Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the Company will select the
investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering.

 

(f)           No
registration of Registrable Securities effected pursuant to a request under this Section 3.8 will be counted as a Demand
Registration.

 

3.9          Preservation
of Rights. As long as a Shareholder holds Registrable Securities, the Company will not grant to any Person any registration
or similar rights that are more favorable in any material respect or inconsistent with the rights granted hereunder without the
prior written consent of such Shareholder (which consent will not be unreasonably withheld, delayed or conditioned).

 

    	 	14	 

     

    

  

3.10        Rules 144
and 144A. (a) The Company will use its reasonable best efforts to, upon the request of any Shareholder, make publicly available
such information as necessary to permit sales pursuant to Rule 144, and will use reasonable best efforts to take such further
action as such Shareholder may reasonably request, all to the extent required from time to time to enable such Person to sell shares
of Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144.
Upon the request of such Shareholder, the Company will deliver to such Person a written statement as to whether it has complied
with such information requirements.

 

(b)          The
Company will not issue new certificates or record any book-entry for Restricted Shares without a legend restricting further transfer
unless (i) such shares have been sold to the public pursuant to an effective registration statement under the Securities Act
or Rule 144 or (ii) (A) otherwise permitted under the Securities Act, (B) the holder of such shares has delivered
to the Company an opinion of counsel to such effect, which opinion and counsel are reasonably satisfactory to the Company, and
(C) the holder of such shares expressly requests the issuance of such certificates or book-entry shares in writing.

 

(c)          The
Company will cooperate, to the extent commercially reasonable, with any Shareholder who will sell or otherwise transfer any Registrable
Securities pursuant to Rule 144A, if available, and will provide to such Shareholder such information as such Shareholder
will reasonably request.

 

4.           INDEMNIFICATION;
CONTRIBUTION. (a) The Company will, to the fullest extent permitted by Law, indemnify and hold harmless each Shareholder
of Registrable Securities, any Person who is or might be deemed to be a “controlling person” of such Shareholder or
any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each
such Person, a “Controlling Person”), their respective direct and indirect general and limited partners, advisory
board members, directors, officers, trustees, managers, members, employees, agents, Affiliates and shareholders, and each other
Person, if any, who acts on behalf of or controls any such Shareholder or Controlling Person (each of the foregoing, a “Covered
Person”) against any losses, claims, actions, damages, liabilities and expenses, joint or several, to which such Covered
Person may become subject under the Securities Act, the Exchange Act, any state blue sky securities Laws, any equivalent non-U.S.
securities Laws or otherwise, insofar as such losses, claims, actions, damages, liabilities or expenses arise out of or are based
upon (i) any untrue or alleged untrue statement of a material fact contained in or incorporated by reference in any Registration
Statement, prospectus, preliminary prospectus, free writing prospectus (as defined in Rule 405 under the Securities Act) or
any amendment thereof or supplement thereto or any document incorporated by reference therein, (ii) any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities Laws or any
rule or regulation promulgated thereunder applicable to the Company and relating to any action or inaction required of the Company
in connection with any registration of securities, and the Company will reimburse each Covered Person for any legal or other expenses
reasonably incurred by such Covered Person in connection with investigating, defending or settling any such loss, claim, action,
damage or liability; provided that the Company will not be so liable in any such case to the extent that any loss, claim,
action, damage, liability or expense arises out of or is based upon any such untrue statement or alleged untrue statement, or omission
or alleged omission, made or incorporated by reference in any such Registration Statement, prospectus, preliminary prospectus,
free writing prospectus (as defined in Rule 405 under the Securities Act) or any amendment thereof or supplement thereto or
any document incorporated by reference therein in reliance upon, and in conformity with, written information prepared and furnished
to the Company by such Covered Person expressly for use therein. This indemnity will be in addition to any liability the Company
may otherwise have.

 

    	 	15	 

     

    

 

(b)          In
connection with any registration in which a Shareholder of Registrable Securities is participating, each such Shareholder will
furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration
Statement or prospectus and will, to the fullest extent permitted by Law, indemnify and hold harmless the Company, its directors
and officers, employees, agents and any Person who is or might be deemed to be a Controlling Person against any losses, claims,
actions, damages, liabilities and expenses, joint or several, to which they or any of them may become subject under the Securities
Act, the Exchange Act, any state blue sky securities Laws, any equivalent non-U.S. securities Laws or otherwise, insofar as such
losses, claims, actions, damages, liabilities or expenses arise out of or are based upon (i) any untrue or alleged untrue
statement of a material fact contained in the Registration Statement, prospectus, preliminary prospectus, free writing prospectus
(as defined in Rule 405 under the Securities Act ) or any amendment thereof or supplement thereto or (ii) any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but, in the case of each of clauses (i) and (ii), only to the extent that such untrue statement or alleged untrue
statement, or omission or alleged omission, is made in such Registration Statement, prospectus, preliminary prospectus, free writing
prospectus (as defined in Rule 405 under the Securities Act) or any amendment thereof or supplement thereto in reliance upon,
and in conformity with, written information prepared and furnished to the Company by such Shareholder expressly for use therein,
and such Shareholder will reimburse the Company, its directors and officers, employees, agents and any Person who is or might be
deemed to be a Controlling Person for any legal or other expenses reasonably incurred by them in connection with investigating,
defending or settling any such loss, claim, action, damage or liability; provided that the obligation to indemnify pursuant
to this Section 4(b) will be individual and several, not joint and several, for each participating Shareholder and
will not exceed an amount equal to the net proceeds (after deducting Selling Expenses) actually received by such Shareholder in
the sale of Registrable Securities to which such Registration Statement or prospectus relates. This indemnity will be in addition
to any liability which such Shareholder may otherwise have.

 

    	 	16	 

     

    

 

(c)          Any
Person entitled to indemnification hereunder will give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification; provided that any failure or delay to so notify the indemnifying party will not relieve
the indemnifying party of its obligations hereunder, except to the extent that the indemnifying party is actually and materially
prejudiced by reason of such failure or delay. In case a claim or an action that is subject or potentially subject to indemnification
hereunder is brought against an indemnified party, the indemnifying party will be entitled to participate in and will have the
right, exercisable by giving written notice to the indemnified party as promptly as practicable after receipt of written notice
from such indemnified party of such claim or action, to assume, at the indemnifying party’s expense, the defense of any such
claim or action, with counsel reasonably acceptable to the indemnified party; provided that any indemnified party will continue
to be entitled to participate in the defense of such claim or action, with counsel of its own choice, but the indemnifying party
will not be obligated to reimburse the indemnified party for any fees, costs and expenses subsequently incurred by the indemnified
party in connection with such defense unless (i) the indemnifying party has agreed in writing to pay such fees, costs and
expenses, (ii) the indemnifying party has failed to assume the defense of such claim or action within a reasonable time after
receipt of notice of such claim or action, (iii) having assumed the defense of such claim or action, the indemnifying party
fails to employ counsel reasonably acceptable to the indemnified party or to pursue the defense of such claim or action in a reasonably
vigorous manner, (iv) the use of counsel chosen by the indemnifying party to represent the indemnified party would present
such counsel with a conflict of interest, or (v) the indemnified party has reasonably concluded that there may be one or more
legal or equitable defenses available to it and/or other any other indemnified party which are different from or additional to
those available to the indemnifying party. Subject to the proviso in the foregoing sentence, no indemnifying party will, in connection
with any one claim or action or separate but substantially similar or related actions in the same jurisdiction arising out of the
same general circumstances or allegations, be liable for the fees, costs and expenses of more than one firm of attorneys (in addition
to any local counsel) for all indemnified parties. The indemnifying party will not have the right to settle a claim or action for
which any indemnified party is entitled to indemnification hereunder without the consent of the indemnified party, and the indemnifying
party will not consent to the entry of any judgment or enter into or agree to any settlement relating to such claim or action unless
such judgment or settlement does not impose any admission of wrongdoing or ongoing obligations on any indemnified party and includes
as an unconditional term thereof the giving by the claimant or plaintiff therein to such indemnified party, in form and substance
reasonably satisfactory to such indemnified party, of a full and final release from all liability in respect of such claim or action.
The indemnifying party will not be liable hereunder for any amount paid or payable or incurred pursuant to or in connection with
any judgment entered or settlement effected with the consent of an indemnified party unless the indemnifying party has also consented
to such judgment or settlement (such consent not to be unreasonably withheld, conditioned or delayed).

 

(d)          If
the indemnification provided for in this Article 4 is held by a court of competent jurisdiction to be unavailable to,
or unenforceable by, an indemnified party in respect of any loss, claim, action, damage, liability or expense referred to herein,
then the applicable indemnifying party, in lieu of indemnifying such indemnified party hereunder, will contribute to the amount
paid or payable by such indemnified party as a result of such loss, claim, action, damage, liability or expense in such proportion
as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the
other hand, in connection with the statements, omissions or violations which resulted in such loss, claim, action, damage, liability
or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party, on the one hand,
and of the indemnified party, on the other hand, will be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party, whether the violation of the Securities Act or any other federal
or state securities Law or rule or regulation promulgated thereunder applicable to the Company and relating to any action or inaction
required of the Company in connection with any registration of securities was perpetrated by the indemnifying party or the indemnified
party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement,
omission or violation. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined
by pro rata allocation or by any other method or allocation that does not take into account the equitable considerations referred
to in this Section 4(d). In no event will the amount which a Shareholder of Registrable Securities may be obligated
to contribute pursuant to this Section 4(d) exceed an amount equal to the net proceeds (after deducting Selling Expenses)
actually received by such Shareholder in the sale of Registrable Securities that gives rise to such obligation to contribute. No
indemnified party guilty or liable of fraudulent misrepresentation within the meaning of Section 4(f) of the Securities Act
will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

    	 	17	 

     

    

  

(e)          The
provisions of this Article 4 will remain in full force and effect regardless of any investigation made by or on behalf
of any indemnified party or any officer, director or Controlling Person of such indemnified party and will survive the transfer
of any Registrable Securities by any Shareholder.

 

5.           MISCELLANEOUS

 

5.1          Effective
Date; Termination. (a) This Agreement will become effective upon the Closing (the “Effective Date”).

 

(b)          This
Agreement will terminate, except for this Article 5 and as otherwise provided in this Agreement, on the earlier
of: (i) the fifth anniversary of the expiration of the First Lock-Up Period, at 11.59 p.m., New York time on such
date (except to the extent required to give full effect to the right of any Shareholder under any Demand Registration that was
validly exercised prior to such time), (ii) as to each Shareholder, the date that such Shareholder party to this Agreement
no longer owns any Registrable Securities, and (iii) as to each Shareholder, upon the written consent of the Company and such
Shareholder.

 

5.2          Expenses.
Except as otherwise provided herein, all expenses incurred in connection with this Agreement and the transactions contemplated
hereby will be paid by the Party incurring such expenses.

 

5.3          Notice.
All notices, requests, demands and other communications made under or by reason of the provisions of this Agreement must be in
writing and be given by hand delivery, email, facsimile or next Business Day courier to the affected Party at the addresses and
facsimile numbers set forth below or at such other addresses or facsimile numbers as such Party may have provided to the other
Parties in accordance herewith. Such notices will be deemed given at the time personally delivered (if delivered by hand with receipt
acknowledged), upon issuance by the transmitting machine of confirmation that the number of pages constituting the notice has been
transmitted without error and confirmed telephonically (if sent by email or facsimile), and the first Business Day after timely
delivery to the courier (if sent by next-Business Day courier specifying next-Business Day delivery).

 

(a)          If
to the Company, to:

 

Diamond S Shipping Inc.

33 Benedict Place

Greenwich, CT 06830

Attention: Craig Stevenson

Email: cstevenson@diamondshipping.com

 

With a copy (which will not constitute notice) to:

 

Jones Day

250 Vesey Street

New York, New York 10281

Attention: Robert Profusek, Esq.

Email: raprofusek@jonesday.com

 

    	 	18	 

     

    

  

(b)          If
to a Shareholder, to the address and other contact information set forth on the signature page of such Shareholder.

 

5.4          Interpretation.
This Agreement has been freely and fairly negotiated among the Parties. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise
favoring or disfavoring any Party because of the authorship of any provision of this Agreement. When a reference is made in this
Agreement to an Article or Section, such reference will be to an Article or Section of this Agreement unless otherwise indicated.
The headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation
of this Agreement. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they will be deemed to be followed by the words “without limitation.” “$” refers to U.S. dollars.
Words used in the singular form in this Agreement will be deemed to include the plural, and vice versa, as the context may require.
If the date upon or by which any Party is required to perform any covenant or obligation hereunder falls on a day that is not a
Business Day, then such date of performance will be automatically extended to the next Business Day thereafter. The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement
as a whole and not to any particular provision of this Agreement. Unless the context otherwise requires, (i) “or”
is disjunctive but not necessarily exclusive, (ii) the use in this Agreement of a pronoun in reference to a Party includes
the masculine, feminine or neuter, as the context may require, and (iii) unless otherwise defined herein, terms used herein
which are defined in GAAP have the meanings ascribed to them therein. All Exhibits hereto will be deemed part of this Agreement
and included in any reference to this Agreement. Any agreement, instrument or Law defined or referred to herein means such agreement,
instrument or Law as from time to time amended, modified or supplemented (and, in the case of any Law, the rules and regulations
promulgated thereunder), including (in the case of agreements or instruments) by waiver or consent and (in the case of Laws) by
succession of comparable successor Laws.

 

5.5          Governing
Law. This Agreement, any claims, causes of actions or disputes (whether in contract or tort) based upon, arising out of or
relating to this Agreement or the negotiation, execution or performance of this Agreement will be governed by and construed in
accordance with the Laws applicable to contracts made and to be performed entirely in the State of New York, United States of America,
without regard to any applicable conflict of Laws principles. The Parties agree that any action seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement will only be brought in any United States District
Court located in New York County, New York so long as such court has subject matter jurisdiction over such action, or alternatively
in any New York State Court located in New York County, New York if the aforesaid United States District Courts do not have subject
matter jurisdiction, and that any cause of action arising out of this Agreement will be deemed to have arisen from a transaction
of business in the State of New York, and each of the Parties hereby irrevocably consents to the jurisdiction of such court (and
of the appropriate appellate courts therefrom) in any such action and irrevocably waives any objection that it may now or hereafter
have to the laying of the venue of any such action in any such court or that any such action which is brought in such court has
been brought in an inconvenient forum. Process in any such action may be served on any Party anywhere in the world, whether within
or without the jurisdiction of such court. Without limiting the foregoing, each Party agrees that service of process on such Party
as provided in Section 5.5 will be deemed effective service of process on such Party. In the event of litigation relating
to this Agreement, the non-prevailing Party will be liable and pay to the prevailing Party the reasonable costs and expenses (including
attorney’s fees) incurred by the prevailing Party in connection with such litigation, including any appeal therefrom.

 

    	 	19	 

     

    

  

5.6          Specific
Performance. The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached, that monetary damages may be inadequate
and that a Party may have no adequate remedy at Law. Notwithstanding Section 5.5, the Parties accordingly agree that
the Parties will be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in action instituted in a United States District Court located in New York County, New
York, this being in addition to any other remedy to which such Party is entitled at Law or in equity. In the event that a Party
seeks in equity to enforce the provisions of this Agreement, no Party will allege, and each Party hereby waives the defense or
counterclaim that, there is an adequate remedy at Law.

 

5.7          Successors
and Assigns; Assignment. Except as otherwise expressly provided herein, the provisions hereof will inure to the benefit of,
and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the Parties hereto. This Agreement
may not be assigned by (a) the Company without the prior written consent of each Shareholder except that the Company may assign
this Agreement at any time in connection with a sale or acquisition of the Company, whether by merger, consolidation, sale of all
or substantially of the Company’s assets or similar transaction, provided that if the successor or acquiring Person
has publicly traded common stock, such Person will agree in writing to assume all of the Company’s rights and obligations
under this Agreement, or (b) a Shareholder without the prior written consent of the Company, except that each Shareholder
may assign its rights and obligations without such consent in connection with a transfer of its Shares to an Affiliate of such
Shareholder, including any Affiliated fund.

 

5.8          Amendment
and Waiver. No amendment, waiver or other modification of, or consent under, any provision of this Agreement will be effective
against the Company, unless it is approved in writing by the Company, and no amendment, waiver or other modification of, or consent
under, any provision of this Agreement will be effective against a Shareholder unless it is approved in writing by such Shareholder.
No waiver of any breach of any agreement or provision herein contained will be deemed a waiver of any preceding or succeeding breach
thereof or of any other agreement or provision herein contained. The failure or delay of any of the Parties to assert any of its
rights or remedies under this Agreement will not constitute a waiver of such rights nor will it preclude any other or further exercise
of the same or of any other right or remedy.

 

5.9          No
Third-Party Beneficiaries. Except as provided in Article 4, this Agreement is for the sole benefit of the Parties
and their permitted assigns and nothing herein expressed or implied will give or be construed to give any Person, other than the
Parties and such assigns, any legal or equitable rights hereunder.

 

5.10        Entire
Agreement. This Agreement (including the exhibits hereto) constitutes the entire agreement among the Parties with respect to
the subject matter hereof and supersede all prior agreements, understandings, representations and undertakings, both written and
oral, among the Parties with respect to the subject matter hereof and thereof.

 

    	 	20	 

     

    

 

5.11        Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy
in any jurisdiction, all other terms and provisions of this Agreement will nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions and the intention of the Parties with respect to the transactions contemplated
hereby is not affected in any manner materially adverse to any of the Parties. Upon such determination that any term or other provision
is invalid, illegal or incapable of being enforced, the Parties will negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby are consummated as originally contemplated to the greatest extent possible.

 

5.12        Independent
Nature of Shareholders’ Obligations and Rights. The rights and obligations of each Shareholder hereunder are several
and not joint with the rights and obligations of any other Shareholder hereunder. No Shareholder shall be responsible in any way
for the performance of the obligations of any other Shareholder hereunder, nor shall any Shareholder have the right to enforce
the rights or obligations of any other Shareholder hereunder. The obligations of each Shareholder hereunder are solely for the
benefit of, and shall be enforceable solely by, the Company. The decision of each Shareholder to enter into this Agreement has
been made by such Shareholder independently of any other Shareholder. Nothing contained herein or in any other agreement or document
delivered at any closing, and no action taken by any Shareholder pursuant hereto or thereto, shall be deemed to constitute the
Shareholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Shareholders
are in any way acting in concert or as a group with respect to such rights or obligations or the transactions contemplated by this
Agreement, and the Company acknowledges that the Shareholders are not acting in concert or as a group and will not assert any such
claim with respect to such rights or obligations or the transactions contemplated hereby.

 

5.13        Counterparts.
This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which will constitute one
and the same agreement. This Agreement may be executed by any Party by means of a facsimile, email or PDF transmission of an originally
executed counterpart, the delivery of which facsimile, email or PDF transmission will have the same force and effect, except as
specified in any document executed and delivered pursuant to the immediately preceding sentence, as the delivery of the originally
executed counterpart.

 

[Signature pages follow]

 

    	 	21	 

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the date first above written.

 

	 	Diamond S Shipping Inc.
	 	 	 
	 	By: 	/s/ Craig H. Stevenson, Jr.
	 	 	Name: Craig H. Stevenson, Jr.
	 	 	Title: Authorized Signatory

 

Signature Page to the Resale and Registration
Rights Agreement

 

     

     

    

 

Exhibit
A

 

JOINDER
TO THE RESALE AND REGISTRATION RIGHTS AGREEMENT

 

This Joinder Agreement (this “Joinder
Agreement”) is made as of the date written below by the undersigned (the “Joining Party”) in accordance
with the Resale and Registration Rights Agreement, dated as of March 27, 2019 (as the same may be amended from time to time, the
“Resale and Registration Rights Agreement”), between Diamond S Shipping Inc. and each of the Shareholders party
thereto (on its own behalf). Capitalized terms used, but not defined, herein will have the meaning assigned to such terms in the
Resale and Registration Rights Agreement.

 

The Joining Party hereby acknowledges, agrees
and confirms that, by its execution of this Joinder Agreement, the Joining Party will be deemed to be a party to the Resale and
Registration Rights Agreement as of the date hereof and will have all of the rights and obligations of a Specified Shareholder
thereunder as if it had executed the Resale and Registration Rights Agreement. The Joining Party hereby ratifies, as of the date
hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Resale and Registration Rights
Agreement.

 

IN WITNESS WHEREOF, the undersigned has
executed this Joinder Agreement as of the date written below.

 

	Date:  ______________, ______	 
	[NAME OF JOINING PARTY]	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Address for Notices:Exhibit 10.9

 

DIAMOND
S SHIPPING inc.

 

2019 EQUITY
and INCENTIVE Compensation PLAN

 

1.           Purpose.
The purpose of this Plan is to attract and retain non-employee Directors, Employees and certain consultants to the Company and
its Subsidiaries and to provide to such Persons incentives and rewards for service and/or performance.

 

2.           Definitions.
As used in this Plan:

 

(a)          “Appreciation
Right” means a right granted pursuant to Section 5 of this Plan.

 

(b)          “Base
Price” means the price to be used as the basis for determining the Spread upon the exercise of an Appreciation Right.

 

(c)          “Board”
means the Board of Directors of the Company.

 

(d)          “Change
in Control” has the meaning set forth in Section 12 of this Plan.

 

(e)          “Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

(f)          “Committee”
means the Compensation Committee of the Board (or its successor(s)) or any other committee of the Board designated by the Board
to administer this Plan pursuant to Section 10 of this Plan; provided that, “Committee” will mean
the Board with respect to Participants who are non-employee Directors.

 

(g)          “Common
Stock” means the common stock, no par value, of the Company or any security into which such common stock may be changed
by reason of any transaction or event of the type referred to in Section 11 of this Plan.

 

(h)          “Company”
means Diamond S Shipping Inc., a Marshall Islands corporation, and its successors.

 

(i)          “Date
of Grant” means the date provided for by the Committee on which a grant of Option Rights, Appreciation Rights, Performance
Shares, Performance Units or other awards contemplated by Section 9 of this Plan or a grant or sale of Restricted
Stock, Restricted Stock Units or other awards contemplated by Section 9 of this Plan, will become effective
(which date will not be earlier than the date on which the Committee takes action with respect thereto).

 

(j)          “Director”
means a member of the Board.

 

(k)          “Effective
Date” means the date that the Common Stock is listed for trading on the NYSE.

 

     

     

    

 

(l)          “Employee”
means any individual, including officers and Directors, employed by the Company or any Subsidiary. Neither service as a Director
nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company or
any Subsidiary.

 

(m)          “Evidence
of Award” means an agreement, certificate, resolution or other type or form of writing or other evidence approved
by the Committee that sets forth the terms and conditions of the awards granted under this Plan. An Evidence of Award may be in
an electronic medium, may be limited to notation on the books and records of the Company and, unless otherwise determined by the
Committee, need not be signed by a representative of the Company or a Participant.

 

(n)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law,
rules and regulations may be amended from time to time.

 

(o)          “Incentive
Stock Option” means an Option Right that is intended to qualify as an “incentive stock option” under
Section 422 of the Code or any successor provision.

 

(p)          “Management
Objectives” means the measurable performance objective or objectives established pursuant to this Plan for Participants
who have received grants of Performance Shares or Performance Units or, when so determined by the Committee, Option Rights, Appreciation
Rights, Restricted Stock, Restricted Stock Units, dividend equivalents or other awards pursuant to this Plan. If the Committee
determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in
which it conducts its business, or other events or circumstances render the Management Objectives unsuitable, the Committee may
in its discretion modify such Management Objectives or the acceptable levels of achievement, in whole or in part, as the Committee
deems appropriate and equitable.

 

(q)          “Market
Value per Share” means, as of any particular date, if the Common Stock is listed on any established stock exchange
or traded on any established market, and unless otherwise determined by the Committee, the closing price of a share of Common Stock
as quoted on such exchange or market on the date of determination, as reported in a source the Committee deems reliable. If there
is no closing price for the Common Stock on the particular date, then the Market Value per Share will be the closing price on the
last preceding date for which such quotation exists. If there is no regular public trading market for the shares of Common Stock,
then the Market Value per Share will be the fair market value as determined in good faith by the Committee. The Committee is authorized
to adopt another fair market value pricing method provided such method is stated in the applicable Evidence of Award and is in
compliance with the fair market value pricing rules set forth in Section 409A of the Code.

 

(r)          “Optionee”
means the optionee named in an Evidence of Award evidencing an outstanding Option Right.

 

    	 	2	 

     

    

 

(s)          “Option
Price” means the purchase price payable on exercise of an Option Right.

 

(t)          “Option
Right” means the right to purchase shares of Common Stock upon exercise of an award granted pursuant to Section 4
of this Plan.

 

(u)          “Participant”
means a Person who is selected by the Committee to receive benefits under this Plan and who is at the time (i) an Employee,
including an individual who has agreed to commence serving in such capacity within 90 days of the Date of Grant, (ii) a consultant
(provided that such Person satisfies the Form S-8 definition of “employee”) or (iii) a non-employee Director.

 

(v)         “Performance
Period” means, in respect of a Performance Share or Performance Unit, a period of time established pursuant to Section 8
of this Plan within which the Management Objectives relating to such Performance Share or Performance Unit are to be achieved.

 

(w)          “Performance
Share” means a bookkeeping entry that records the equivalent of one share of Common Stock awarded pursuant to Section 8
of this Plan.

 

(x)          “Performance
Unit” means a bookkeeping entry awarded pursuant to Section 8 of this Plan that records a unit
equivalent to $1.00 or such other value as is determined by the Committee.

 

(y)          “Person”
means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act).

 

(z)          “Plan”
means this Equity and Incentive Compensation Plan, as may be amended or amended and restated from time to time.

 

(aa)         “Restricted
Stock” means shares of Common Stock granted or sold pursuant to Section 6 of this Plan as to which
neither the substantial risk of forfeiture nor the prohibition on transfers has expired.

 

(bb)         “Restricted
Stock Units” means an award made pursuant to Section 7 of this Plan of the right to receive shares
of Common Stock, cash or a combination thereof at the end of the applicable Restriction Period.

 

(cc)         “Restriction
Period” means the period of time during which Restricted Stock Units are subject to restrictions, as provided in
Section 7 of this Plan.

 

(dd)         “Spread”
means the excess of the Market Value per Share on the date when an Appreciation Right is exercised over the Base Price provided
for with respect to the Appreciation Right.

 

(ee)         “Stockholder”
means an individual or entity that owns one or more shares of Common Stock.

 

    	 	3	 

     

    

 

(ff)         “Subsidiary”
means a corporation, company or other entity (i) more than 50% of whose outstanding shares or securities (representing the
right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares
or securities (as may be the case in a partnership, joint venture, limited liability company, unincorporated association or other
similar entity), but more than 50% of whose ownership interest representing the right generally to make decisions for such other
entity is, at such applicable time, owned or controlled, directly or indirectly, by the Company; provided, however,
that for purposes of determining whether any individual may be a Participant for purposes of any grant of Incentive Stock Options,
“Subsidiary” means any corporation in which the Company at the time owns or controls, directly or indirectly, more
than 50% of the total combined Voting Power represented by all classes of stock issued by such corporation.

 

(gg)         “Voting
Power” means, at any time, the combined voting power of the then-outstanding securities entitled to vote generally
in the election of Directors in the case of the Company or members of the board of directors or similar body in the case of another
entity.

 

3.           Shares
Available Under This Plan.

 

(a)          Maximum
Shares Available Under This Plan.

 

(i)          Subject
to adjustment as provided in Section 11 of this Plan and the share counting rules set forth in Section 3(b)
of this Plan, the number of shares of Common Stock available under this Plan for awards of (A) Option Rights or Appreciation
Rights, (B) Restricted Stock, (C) Restricted Stock Units, (D) Performance Shares or Performance Units, (E) awards
contemplated by Section 9 of this Plan or (F) dividend equivalents paid with respect to awards made under
this Plan will not exceed in the aggregate 3,989,000 shares of Common Stock. Such shares may be shares of original issuance or
treasury shares or a combination of the foregoing.

 

(ii)         The
aggregate number of shares of Common Stock available under Section 3(a)(i) of this Plan will be reduced by (A) one
share of Common Stock for every one share of Common Stock subject to an award of Option Rights or Appreciation Rights granted under
this Plan, and (B) two shares of Common Stock for every one share of Common Stock subject to an award other than of Option
Rights or Appreciation Rights granted under this Plan.

 

(b)          Share
Counting Rules.

 

    	 	4	 

     

    

 

(i)          Except
as provided in Section 22 of this Plan, if any award granted under this Plan (in whole or in part) is cancelled
or forfeited, expires, is settled for cash or is unearned, the shares of Common Stock subject to such award will, to the extent
of such cancellation, forfeiture, expiration, cash settlement or unearned amount, again be available under Section 3(a)(i)
above (at a rate of one share of Common Stock for every one share of Common Stock subject to awards of Option Rights or Appreciation
Rights and two shares of Common Stock for every one share of Common Stock subject to awards other than of Option Rights or Appreciation
Rights).

 

(ii)         Notwithstanding
anything to the contrary contained in this Plan: (A) shares of Common Stock withheld by the Company, tendered or otherwise
used in payment of the Option Price of an Option Right will not be added (or added back, as applicable) to the aggregate number
of shares of Common Stock available under Section 3(a)(i) of this Plan; (B) shares of Common Stock withheld
by the Company, tendered or otherwise used to satisfy tax withholding with respect to awards other than as described in clause
(C) will not be added (or added back, as applicable) to the aggregate number of shares of Common Stock available under Section 3(a)(i)
of this Plan; (C) shares of Common Stock withheld by the Company, tendered or otherwise used prior to the tenth anniversary
of the Effective Date to satisfy tax withholding with respect to awards other than Option Rights or Appreciation Rights will be
added back (but only to the extent such withholding did not exceed the minimum amounts of tax required to be withheld) to the aggregate
number of shares of Common Stock available under Section 3(a)(i) of this Plan; (D) shares of Common Stock
subject to an Appreciation Right that are not actually issued in connection with the settlement of such Appreciation Right on the
exercise thereof will not be added back to the aggregate number of shares of Common Stock available under Section 3(a)(i)
of this Plan; and (E) shares of Common Stock reacquired by the Company on the open market or otherwise using cash proceeds
from the exercise of Option Rights will not be added (or added back, as applicable) to the aggregate number of shares of Common
Stock available under Section 3(a)(i) of this Plan.

 

(iii)        If,
under this Plan, a Participant has elected to give up the right to receive compensation in exchange for shares of Common Stock
based on fair market value, such shares of Common Stock will not count against the aggregate limit under Section 3(a)(i)
of this Plan.

 

    	 	5	 

     

    

 

(c)          Limit
on Incentive Stock Options. Notwithstanding anything to the contrary contained in this Plan, and subject to adjustment as provided
in Section 11 of this Plan, the aggregate number of shares of Common Stock actually issued or transferred by
the Company upon the exercise of Incentive Stock Options will not exceed 3,989,000 shares of Common Stock.

 

(d)          Individual
Director Limit. Notwithstanding anything to the contrary contained in this Plan, and subject to adjustment as provided in Section 11
of this Plan, in no event will any non-employee Director in any one calendar year be granted compensation for such service having
an aggregate maximum value (measured at the Date of Grant as applicable, and calculating the value of any awards under this Plan
based on the grant date fair value for financial reporting purposes) in excess of $350,000.

 

4.           Option
Rights. The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting
to Participants of Option Rights. Each such grant may utilize any or all of the authorizations, and will be subject to all of the
requirements, contained in the following provisions:

 

(a)          Each
grant will specify the number of shares of Common Stock to which it pertains subject to the limitations set forth in Section 3
of this Plan.

 

(b)          Each
grant will specify an Option Price per share of Common Stock, which (except with respect to awards under Section 22
of this Plan) may not be less than the Market Value per Share on the Date of Grant.

 

(c)          Each
grant will specify whether the Option Price will be payable (i) in cash, by check acceptable to the Company or by wire transfer
of immediately available funds, (ii) by the actual or constructive transfer to the Company of shares of Common Stock owned
by the Optionee having a value at the time of exercise equal to the total Option Price, (iii) subject to any conditions or
limitations established by the Committee, by the withholding of shares of Common Stock otherwise issuable upon exercise of an Option
Right pursuant to a “net exercise” arrangement (it being understood that, solely for purposes of determining the number
of treasury shares held by the Company, the shares of Common Stock so withheld will not be treated as issued and acquired by the
Company upon such exercise), (iv) by a combination of such methods of payment or (v) by such other methods as may be
approved by the Committee.

 

(d)          To
the extent permitted by law, any grant may provide for deferred payment of the Option Price from the proceeds of sale through a
bank or broker on a date satisfactory to the Company of some or all of the shares of Common Stock to which such exercise relates.

 

    	 	6	 

     

    

 

(e)          Successive
grants may be made to the same Participant whether or not any Option Rights previously granted to such Participant remain unexercised.

 

(f)          Each
grant will specify the period or periods of continuous service by the Optionee with the Company or any Subsidiary, if any, that
is necessary before any Option Rights or installments thereof will become exercisable. Option Rights may provide for continued
vesting or the earlier exercise of such Option Rights, including in the event of the retirement, death or disability of a Participant
or in the event of a Change in Control.

 

(g)          Any
grant of Option Rights may specify Management Objectives that must be achieved as a condition to the exercise of such rights.

 

(h)          Option
Rights granted under this Plan may be (i) options, including Incentive Stock Options, that are intended to qualify under particular
provisions of the Code, (ii) options that are not intended to so qualify or (iii) combinations of the foregoing. Incentive
Stock Options may only be granted to Participants who meet the definition of “employees” under Section 3401(c)
of the Code.

 

(i)          No
Option Right will be exercisable more than 10 years from the Date of Grant. The Committee may provide in any Evidence of Award
for the automatic exercise of an Option Right upon such terms and conditions as established by the Committee.

 

(j)          Option
Rights granted under this Plan may not provide for any dividends or dividend equivalents thereon.

 

(k)          Each
grant of Option Rights will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to this Plan and will
contain such terms and provisions, consistent with this Plan, as the Committee may approve.

 

5.           Appreciation
Rights.

 

(a)          The
Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting to any Participant
of Appreciation Rights. An Appreciation Right will be the right of the Participant to receive from the Company an amount determined
by the Committee, which will be expressed as a percentage of the Spread (not exceeding 100%) at the time of exercise.

 

(b)          Each
grant of Appreciation Rights may utilize any or all of the authorizations, and will be subject to all of the requirements, contained
in the following provisions:

 

(i)           Each
grant may specify that the amount payable on exercise of an Appreciation Right will be paid by the Company in cash, shares of Common
Stock or any combination thereof.

 

    	 	7	 

     

    

 

(ii)         Any grant may specify that the amount payable on exercise of an Appreciation Right may not
exceed a maximum specified by the Committee on the Date of Grant.

 

(iii)         Any
grant may specify waiting periods before exercise and permissible exercise dates or periods.

 

(iv)         Each
grant will specify the period or periods of continuous service by the Participant with the Company or any Subsidiary, if any, that
is necessary before the Appreciation Rights or installments thereof will become exercisable. Appreciation Rights may provide for
continued vesting or the earlier exercise of such Appreciation Rights, including in the event of the retirement, death or disability
of a Participant or in the event of a Change in Control.

 

(v)          Any
grant of Appreciation Rights may specify Management Objectives that must be achieved as a condition of the exercise of such Appreciation
Rights.

 

(vi)         Appreciation
Rights granted under this Plan may not provide for any dividends or dividend equivalents thereon.

 

(vii)        Successive
grants of Appreciation Rights may be made to the same Participant regardless of whether any Appreciation Rights previously granted
to the Participant remain unexercised.

 

(viii)       Each
grant of Appreciation Rights will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to this Plan and
will contain such terms and provisions, consistent with this Plan, as the Committee may approve.

 

(ix)          Each
grant will specify in respect of each Appreciation Right a Base Price, which (except with respect to awards under Section 22
of this Plan) may not be less than the Market Value per Share on the Date of Grant.

 

(x)           No
Appreciation Right granted under this Plan may be exercised more than 10 years from the Date of Grant. The Committee may provide
in any Evidence of Award for the automatic exercise of an Appreciation Right upon such terms and conditions as established by the
Committee.

 

6.           Restricted
Stock. The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the grant or
sale of Restricted Stock to Participants. Each such grant or sale may utilize any or all of the authorizations, and will be subject
to all of the requirements, contained in the following provisions:

 

    	 	8	 

     

    

 

(a)          Each
such grant or sale will constitute an immediate transfer of the ownership of shares of Common Stock to the Participant in consideration
of the performance of services, entitling such Participant to voting, dividend and other ownership rights, but subject to the substantial
risk of forfeiture and restrictions on transfer hereinafter described.

 

(b)          Each
such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less
than the Market Value per Share on the Date of Grant.

 

(c)          Each
such grant or sale will provide that the Restricted Stock covered by such grant or sale will be subject to a “substantial
risk of forfeiture” within the meaning of Section 83 of the Code for a period to be determined by the Committee on the
Date of Grant or until achievement of Management Objectives referred to in Section 6(e) of this Plan.

 

(d)          Each
such grant or sale will provide that during or after the period for which such substantial risk of forfeiture is to continue, the
transferability of the Restricted Stock will be prohibited or restricted in the manner and to the extent prescribed by the Committee
on the Date of Grant (which restrictions may include rights of repurchase or first refusal of the Company or provisions subjecting
the Restricted Stock to a continuing substantial risk of forfeiture while held by any transferee).

 

(e)          Any
grant of Restricted Stock may specify Management Objectives that, if achieved, will result in termination or early termination
of the restrictions applicable to such Restricted Stock.

 

(f)          Notwithstanding
anything to the contrary contained in this Plan, Restricted Stock may provide for continued vesting or the earlier termination
of restrictions on such Restricted Stock, including in the event of the retirement, death or disability of a Participant or in
the event of a Change in Control.

 

(g)          Any
such grant or sale of Restricted Stock will require that any and all dividends or other distributions paid thereon during the period
of such restrictions be automatically deferred and/or reinvested in additional Restricted Stock, which will be subject to the same
restrictions as the underlying award. For the avoidance of doubt, any such dividends or other distributions on Restricted Stock
will be deferred until, and paid contingent upon, the vesting of such Restricted Stock.

 

(h)          Each
grant or sale of Restricted Stock will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to this Plan
and will contain such terms and provisions, consistent with this Plan, as the Committee may approve. Unless otherwise directed
by the Committee, (i) all certificates representing Restricted Stock will be held in custody by the Company until all restrictions
thereon will have lapsed, together with a stock power or powers executed by the Participant in whose name such certificates are
registered, endorsed in blank and covering such shares, or (ii) all Restricted Stock will be held at the Company’s transfer
agent in book entry form with appropriate restrictions relating to the transfer of such Restricted Stock.

 

    	 	9	 

     

    

 

7.           Restricted
Stock Units. The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting
or sale of Restricted Stock Units to Participants. Each such grant or sale may utilize any or all of the authorizations, and will
be subject to all of the requirements, contained in the following provisions:

 

(a)          Each
such grant or sale will constitute the agreement by the Company to deliver shares of Common Stock or cash, or a combination thereof,
to the Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions
(which may include the achievement of Management Objectives) during the Restriction Period as the Committee may specify.

 

(b)          Each
such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less
than the Market Value per Share on the Date of Grant.

 

(c)          Notwithstanding
anything to the contrary contained in this Plan, Restricted Stock Units may provide for continued vesting or the earlier lapse
or other modification of the Restriction Period, including in the event of the retirement, death or disability of a Participant
or in the event of a Change in Control.

 

(d)          During
the Restriction Period, the Participant will have no right to transfer any rights under his or her award and will have no rights
of ownership in the shares of Common Stock deliverable upon payment of the Restricted Stock Units and will have no right to vote
them, but the Committee may, at or after the Date of Grant, authorize the payment of dividend equivalents on such Restricted Stock
Units on a deferred and contingent basis, either in cash or in additional shares of Common Stock; provided, however,
that dividend equivalents or other distributions on shares of Common Stock underlying Restricted Stock Units will be deferred until
and paid contingent upon the vesting of such Restricted Stock Units.

 

(e)          Each
grant or sale of Restricted Stock Units will specify the time and manner of payment of the Restricted Stock Units that have been
earned. Each grant or sale will specify that the amount payable with respect thereto will be paid by the Company in whole shares
of Common Stock or cash, or a combination thereof. Any fractional amounts may be rounded up or down to the nearest whole number
or payable in cash, in any such case, as may be determined by the Committee in its sole discretion.

 

(f)          Each
grant or sale of Restricted Stock Units will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to this
Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.

 

    	 	10	 

     

    

 

8.           Performance
Shares and Performance Units. The Committee may, from time to time and upon such terms and conditions as it may determine,
authorize the granting of Performance Shares and Performance Units. Each such grant may utilize any or all of the authorizations,
and will be subject to all of the requirements, contained in the following provisions:

 

(a)          Each
grant will specify the number or amount of Performance Shares or Performance Units to which it pertains, which number or amount
may be subject to adjustment to reflect changes in compensation or other factors.

 

(b)          The
Performance Period with respect to each grant of Performance Shares or Performance Units will be such period of time as will be
determined by the Committee, which may be subject to continued vesting or earlier lapse or other modification, including in the
event of the retirement, death or disability of a Participant or in the event of a Change in Control.

 

(c)          Each
grant of Performance Shares or Performance Units will specify Management Objectives which, if achieved, will result in payment
or early payment of the award, and each grant may specify in respect of such specified Management Objectives a minimum acceptable
level or levels of achievement and may set forth a formula for determining the number of Performance Shares or Performance Units
that will be earned if performance is at or above the minimum or threshold level or levels, or is at or above the target level
or levels, but falls short of maximum achievement of the specified Management Objectives.

 

(d)          Each
grant will specify the time and manner of payment of Performance Shares or Performance Units that have been earned. Any grant may
specify that the amount payable with respect thereto may be paid by the Company in cash, in shares of Common Stock, in Restricted
Stock or Restricted Stock Units or in any combination thereof.

 

(e)          Any
grant of Performance Shares or Performance Units may specify that the amount payable or the number of shares of Common Stock, Restricted
Stock or Restricted Stock Units payable with respect thereto may not exceed a maximum specified by the Committee on the Date of
Grant.

 

(f)          The
Committee may, on the Date of Grant of Performance Shares or Performance Units, provide for the payment of dividend equivalents
to the holder thereof either in cash or in additional shares of Common Stock, subject in all cases to deferral and payment on a
contingent basis based on the Participant’s earning and vesting of the Performance Shares or Performance Units, as applicable,
with respect to which such dividend equivalents are paid.

 

(g)          Each
grant of Performance Shares or Performance Units will be evidenced by an Evidence of Award. Each Evidence of Award will be subject
to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.

 

    	 	11	 

     

    

 

9.           Other
Awards.

 

(a)          Subject
to applicable law and the applicable limits set forth in Section 3 of this Plan, the Committee may authorize
the grant to any Participant of shares of Common Stock or such other awards that may be denominated or payable in, valued in whole
or in part by reference to, or otherwise based on, or relating to, shares of Common Stock or factors that may influence the value
of such shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable
into shares of Common Stock, purchase rights for shares of Common Stock, awards with value and payment contingent upon performance
of the Company or specified Subsidiaries, affiliates or other business units thereof or any other factors designated by the Committee,
and awards valued by reference to the book value of the shares of Common Stock or the value of securities of, or the performance
of specified Subsidiaries or affiliates or other business units of the Company. The Committee will determine the terms and conditions
of such awards. Shares of Common Stock delivered pursuant to an award in the nature of a purchase right granted under this Section 9
will be purchased for such consideration, paid for at such time, by such methods, and in such forms, including, without limitation,
shares of Common Stock, other awards, notes or other property, as the Committee determines.

 

(b)          Cash
awards, as an element of or supplement to any other award granted under this Plan, may also be granted pursuant to this Section 9.

 

(c)          The
Committee may authorize the grant of shares of Common Stock as a bonus, or may authorize the grant of other awards in lieu of obligations
of the Company or a Subsidiary to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements,
subject to such terms as will be determined by the Committee in a manner that complies with Section 409A of the Code.

 

(d)          The
Committee may, at or after the Date of Grant, authorize the payment of dividends or dividend equivalents on awards granted under
this Section 9 on a deferred and contingent basis, either in cash or in additional shares of Common Stock; provided,
however, that dividend equivalents or other distributions on shares of Common Stock underlying awards granted under this
Section 9 will be deferred until and paid contingent upon the earning and vesting of such awards.

 

(e)          The
Evidence of Award will specify the time and terms of delivery of an award granted under this Section 9.

 

(f)           Notwithstanding
anything to the contrary contained in this Plan, awards under this Section 9 may provide for the earning or
vesting of, or earlier elimination of restrictions applicable to, such award, including in the event of the retirement, death or
disability of a Participant or in the event of a Change in Control.

 

10.          Administration
of This Plan.

 

(a)          This
Plan will be administered by the Committee. The Committee may from time to time delegate all or any part of its authority under
this Plan to a subcommittee thereof. To the extent of any such delegation, references in this Plan to the Committee will be deemed
to be references to such subcommittee.

 

    	 	12	 

     

    

 

(b)          The
interpretation and construction by the Committee of any provision of this Plan or of any Evidence of Award (or related documents)
and any determination by the Committee pursuant to any provision of this Plan or of any such agreement, notification or document
will be final and conclusive. No member of the Committee will be liable for any such action or determination made in good faith.
In addition, the Committee is authorized to take any action it determines in its sole discretion to be appropriate subject only
to the express limitations contained in this Plan, and no authorization in any Plan section or other provision of this Plan is
intended or may be deemed to constitute a limitation on the authority of the Committee.

 

(c)          To
the extent permitted by law, the Committee may delegate to one or more of its members, to one or more officers of the Company,
or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Committee, the subcommittee,
or any Person to whom duties or powers have been delegated as aforesaid, may employ one or more Persons to render advice with respect
to any responsibility the Committee, the subcommittee or such Person may have under this Plan. The Committee may, by resolution,
authorize one or more officers of the Company to do one or both of the following on the same basis as the Committee: (i) designate
employees to be recipients of awards under this Plan; and (ii) determine the size of any such awards; provided, however,
that (A) the Committee will not delegate such responsibilities to any such officer for awards granted to an employee who is
an officer, Director, or more than 10% “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under
the Exchange Act) of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange
Act, as determined by the Committee in accordance with Section 16 of the Exchange Act; (B) the resolution providing for such
authorization will set forth the total number of shares of Common Stock such officer(s) may grant; and (C) the officer(s)
will report periodically to the Committee regarding the nature and scope of the awards granted pursuant to the authority delegated.

 

    	 	13	 

     

    

 

11.          Adjustments.
The Committee will make or provide for such adjustments in the number of and kind of shares of Common Stock covered by outstanding
Option Rights, Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units granted
hereunder and, if applicable, in the number of and kind of shares of Common Stock covered by other awards granted pursuant to Section 9
of this Plan, in the Option Price and Base Price provided in outstanding Option Rights and Appreciation Rights, respectively, and
in other award terms, as the Committee, in its sole discretion, exercised in good faith, determines is equitably required to prevent
dilution or enlargement of the rights of Participants that otherwise would result from (a) any extraordinary cash dividend,
stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) any
merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution
of assets, issuance of rights or warrants to purchase securities or (c) any other corporate transaction or event having an
effect similar to any of the foregoing. Moreover, in the event of any such transaction or event or in the event of a Change in
Control, the Committee may provide in substitution for any or all outstanding awards under this Plan such alternative consideration
(including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and will require in connection
therewith the surrender of all awards so replaced in a manner that complies with Section 409A of the Code. In addition, for
each Option Right or Appreciation Right with an Option Price or Base Price, respectively, greater than or equal to the consideration
offered in connection with any such transaction or event or Change in Control, the Committee may in its discretion elect to cancel
such Option Right or Appreciation Right without any payment to the Person holding such Option Right or Appreciation Right. The
Committee will also make or provide for such adjustments in the number of shares of Common Stock specified in Section 3
of this Plan as the Committee in its sole discretion, exercised in good faith, determines is appropriate to reflect any transaction
or event described in this Section 11; provided, however, that any such adjustment to the number
specified in Section 3(c) of this Plan will be made only if and to the extent that such adjustment would not
cause any Option Right intended to qualify as an Incentive Stock Option to fail to so qualify.

 

12.          Change
in Control. For purposes of this Plan, a “Change in Control” will have the meaning in the applicable Evidence of
Award.

 

13.          Detrimental
Activity and Recapture Provisions. Any Evidence of Award may reference a clawback policy of the Company or provide for the
cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any gain related to an award, or other
provisions intended to have a similar effect, upon such terms and conditions as may be determined by the Committee from time to
time, if a Participant, either (a) during employment or other service with the Company or a Subsidiary, or (b) within
a specified period after termination of such employment or service, engages in any detrimental activity, as described in the applicable
Evidence of Award or such clawback policy. In addition, notwithstanding anything in this Plan to the contrary, any Evidence of
Award or such clawback policy may also provide for the cancellation or forfeiture of an award or the forfeiture and repayment to
the Company of any shares of Common Stock issued under and/or any other benefit related to an award, or other provisions intended
to have a similar effect, upon such terms and conditions as may be required by the Committee or under Section 10D of the Exchange
Act and any applicable rules or regulations promulgated by the Securities and Exchange Commission or any national securities exchange
or national securities association on which the shares of Common Stock may be traded.

 

14.          Non-U.S.
Participants. In order to facilitate the making of any grant or combination of grants under this Plan, the Committee may provide
for such special terms for awards to Participants who are foreign nationals or who are employed by the Company or any Subsidiary
outside of the United States of America or who provide services to the Company or any Subsidiary under an agreement with a foreign
nation or agency, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or
custom. Moreover, the Committee may approve such supplements to or amendments, restatements or alternative versions of this Plan
(including sub-plans) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of this
Plan as in effect for any other purpose, and the secretary or other appropriate officer of the Company may certify any such document
as having been approved and adopted in the same manner as this Plan. No such special terms, supplements, amendments or restatements,
however, will include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could
have been amended to eliminate such inconsistency without further approval by the Stockholders.

 

    	 	14	 

     

    

 

15.          Transferability.

 

(a)          Except
as otherwise determined by the Committee, no Option Right, Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance
Share, Performance Unit, award contemplated by Section 9 of this Plan or dividend equivalents paid with respect
to awards made under this Plan will be transferable by the Participant except by will or the laws of descent and distribution.
In no event will any such award granted under this Plan be transferred for value. Except as otherwise determined by the Committee,
Option Rights and Appreciation Rights will be exercisable during the Participant’s lifetime only by him or her or, in the
event of the Participant’s legal incapacity to do so, by his or her guardian or legal representative acting on behalf of
the Participant in a fiduciary capacity under state law or court supervision.

 

(b)          The
Committee may specify on the Date of Grant that part or all of the shares of Common Stock that are (i) to be issued or transferred
by the Company upon the exercise of Option Rights or Appreciation Rights, upon the termination of the Restriction Period applicable
to Restricted Stock Units or upon payment under any grant of Performance Shares or Performance Units or (ii) no longer subject
to the substantial risk of forfeiture and restrictions on transfer referred to in Section 6 of this Plan, will
be subject to further restrictions on transfer, including minimum holding periods.

 

16.          Withholding
Taxes. To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection
with any payment made or benefit realized by a Participant or other Person under this Plan, and the amounts available to the Company
for such withholding are insufficient, it will be a condition to the receipt of such payment or the realization of such benefit
that the Participant or such other Person make arrangements satisfactory to the Company for payment of the balance of such taxes
or other amounts required to be withheld, which arrangements (in the discretion of the Committee) may include relinquishment of
a portion of such benefit. If a Participant’s benefit is to be received in the form of shares of Common Stock, and such Participant
fails to make arrangements for the payment of taxes or other amounts, then, unless otherwise determined by the Committee, the Company
will withhold shares of Common Stock having a value equal to the amount required to be withheld. Notwithstanding the foregoing,
when a Participant is required to pay the Company an amount required to be withheld under applicable income, employment, tax or
other laws, the Participant may elect, unless otherwise determined by the Committee, to satisfy the obligation, in whole or in
part, by having withheld, from the shares of Common Stock required to be delivered to the Participant, shares of Common Stock having
a value equal to the amount required to be withheld or by delivering to the Company other shares of Common Stock held by such Participant.
The shares of Common Stock used for tax or other withholding will be valued at an amount equal to the fair market value of such
shares of Common Stock on the date the benefit is to be included in Participant’s income. In no event will the fair market
value of the shares of Common Stock to be withheld and delivered pursuant to this Section 16 exceed the minimum
amount required to be withheld, unless (i) an additional amount can be withheld and not result in adverse accounting consequences,
(ii) such additional withholding amount is authorized by the Committee, and (iii) the total amount withheld does not
exceed the Participant’s estimated tax obligations attributable to the applicable transaction. Participants will also make
such arrangements as the Company may require for the payment of any withholding tax or other obligation that may arise in connection
with the disposition of shares of Common Stock acquired upon the exercise of Option Rights.

 

    	 	15	 

     

    

 

17.          Compliance
with Section 409A of the Code.

 

(a)          To
the extent applicable, it is intended that this Plan and any grants made hereunder comply with the provisions of Section 409A
of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participants. This
Plan and any grants made hereunder will be administered in a manner consistent with this intent. Any reference in this Plan to
Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such section
by the U.S. Department of the Treasury or the Internal Revenue Service.

 

(b)          Neither
a Participant nor any of a Participant’s creditors or beneficiaries will have the right to subject any deferred compensation
(within the meaning of Section 409A of the Code) payable under this Plan and grants hereunder to any anticipation, alienation,
sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A of the
Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s
benefit under this Plan and grants hereunder may not be reduced by, or offset against, any amount owed by a Participant to the
Company or any of its Subsidiaries.

 

(c)          If,
at the time of a Participant’s separation from service (within the meaning of Section 409A of the Code), (i) the
Participant will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology
selected by the Company from time to time) and (ii) the Company makes a good faith determination that an amount payable hereunder
constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be
delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under
Section 409A of the Code, then the Company will not pay such amount on the otherwise scheduled payment date but will instead
pay it, without interest, on the first business day of the seventh month after such separation from service.

 

    	 	16	 

     

    

 

(d)          Solely
with respect to any award that constitutes nonqualified deferred compensation subject to Section 409A of the Code and that
is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account
of a Change in Control), a Change in Control will occur only if such event also constitutes a “change in the ownership,”
“change in effective control,” and/or a “change in the ownership of a substantial portion of assets” of
the Company as those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish
a time and form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control
for any purpose in respect of such award.

 

(e)          Notwithstanding
any provision of this Plan and grants hereunder to the contrary, in light of the uncertainty with respect to the proper application
of Section 409A of the Code, the Company reserves the right to make amendments to this Plan and grants hereunder as the Company
deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, a
Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant
or for a Participant’s account in connection with this Plan and grants hereunder (including any taxes and penalties under
Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to indemnify or otherwise
hold a Participant harmless from any or all of such taxes or penalties.

 

18.          Amendments.

 

(a)          The
Board may at any time and from time to time amend this Plan in whole or in part; provided, however, that if an amendment
to this Plan, for purposes of applicable stock exchange rules and except as permitted under Section 11 of this
Plan, (i) would materially increase the benefits accruing to Participants under this Plan, (ii) would materially increase
the number of securities which may be issued under this Plan, (iii) would materially modify the requirements for participation
in this Plan, or (iv) must otherwise be approved by the Stockholders in order to comply with applicable law or the rules of
the New York Stock Exchange or, if the shares of Common Stock are not traded on the New York Stock Exchange, the principal national
securities exchange upon which the shares of Common Stock are traded or quoted, all as determined by the Board, then, such amendment
will be subject to Stockholder approval and will not be effective unless and until such approval has been obtained.

 

(b)          Except
in connection with a corporate transaction or event described in Section 11 of this Plan or in connection with
a Change in Control, the terms of outstanding awards may not be amended to reduce the Option Price of outstanding Option Rights
or the Base Price of outstanding Appreciation Rights, or cancel outstanding “underwater” Option Rights or Appreciation
Rights (including following a Participant’s voluntary surrender of “underwater” Option Rights or Appreciation
Rights) in exchange for cash, other awards or Option Rights or Appreciation Rights with an Option Price or Base Price, as applicable,
that is less than the Option Price of the original Option Rights or Base Price of the original Appreciation Rights, as applicable,
without Stockholder approval. This Section 18(b) is intended to prohibit the repricing of “underwater”
Option Rights and Appreciation Rights and will not be construed to prohibit the adjustments provided for in Section 11
of this Plan. Notwithstanding any provision of this Plan to the contrary, this Section 18(b) may not be amended
without approval by the Stockholders.

 

    	 	17	 

     

    

 

(c)          If
permitted by Section 409A of the Code, but subject to the paragraph that follows, including in the case of termination of employment
or service, or in the case of unforeseeable emergency or other circumstances or in the event of a Change in Control, to the extent
a Participant holds an Option Right or Appreciation Right not immediately exercisable in full, or any Restricted Stock as to which
the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any Restricted Stock Units
as to which the Restriction Period has not been completed, or any Performance Shares or Performance Units which have not been fully
earned, or any dividend equivalents or other awards made pursuant to Section 9 of this Plan subject to any vesting
schedule or transfer restriction, or who holds shares of Common Stock subject to any transfer restriction imposed pursuant to Section 15(b)
of this Plan, the Committee may, in its sole discretion, provide for continued vesting or accelerate the time at which such Option
Right, Appreciation Right or other award may be exercised or the time at which such substantial risk of forfeiture or prohibition
or restriction on transfer will lapse or the time when such Restriction Period will end or the time at which such Performance Shares
or Performance Units will be deemed to have been fully earned or the time when such transfer restriction will terminate or may
waive any other limitation or requirement under any such award.

 

(d)          Subject
to Section 18(b) of this Plan, the Committee may amend the terms of any award theretofore granted under this
Plan prospectively or retroactively. Except for adjustments made pursuant to Section 11 of this Plan, no such
amendment will materially impair the rights of any Participant without his or her consent. The Board may, in its discretion, terminate
this Plan at any time. Termination of this Plan will not affect the rights of Participants or their successors under any awards
outstanding hereunder and not exercised in full on the date of termination.

 

19.          Governing
Law. This Plan and all grants and awards and actions taken hereunder will be governed by and construed in accordance with the
internal substantive laws of the Republic of the Marshall Islands.

 

20.          Effective
Date/Termination. This Plan will be effective as of the Effective Date. No grant will be made under this Plan on or after the
tenth anniversary of the Effective Date, but all grants made prior to such date will continue in effect thereafter subject to the
terms thereof and of this Plan.

 

    	 	18	 

     

    

 

21.          Miscellaneous
Provisions.

 

(a)          The
Company will not be required to issue any fractional shares of Common Stock pursuant to this Plan. The Committee may provide for
the elimination of fractions or for the settlement of fractions in cash.

 

(b)          This
Plan will not confer upon any Participant any right with respect to continuance of employment or other service with the Company
or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate
such Participant’s employment or other service at any time.

 

(c)           Except
with respect to Section 21(e) of this Plan, to the extent that any provision of this Plan would prevent any
Option Right that was intended to qualify as an Incentive Stock Option from qualifying as such, that provision will be null and
void with respect to such Option Right. Such provision, however, will remain in effect for other Option Rights and there will be
no further effect on any provision of this Plan.

 

(d)          No
award under this Plan may be exercised by the holder thereof if such exercise, and the receipt of cash or stock thereunder, would
be, in the opinion of counsel selected by the Company, contrary to law or the regulations of any duly constituted authority having
jurisdiction over this Plan.

 

(e)          Absence
on leave approved by a duly constituted officer of the Company or any of its Subsidiaries will not be considered interruption or
termination of service of any employee for any purposes of this Plan or awards granted hereunder.

 

(f)           No
Participant will have any rights as a Stockholder with respect to any shares of Common Stock subject to awards granted to him or
her under this Plan prior to the date as of which he or she is actually recorded as the holder of such shares of Common Stock upon
the stock records of the Company.

 

(g)          The
Committee may condition the grant of any award or combination of awards authorized under this Plan on the surrender or deferral
by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or a Subsidiary
to the Participant.

 

(h)          Except
with respect to Option Rights and Appreciation Rights, the Committee may permit Participants to elect to defer the issuance of
shares of Common Stock under this Plan pursuant to such rules, procedures or programs as it may establish for purposes of this
Plan and which are intended to comply with the requirements of Section 409A of the Code. The Committee also may provide that deferred
issuances and settlements include the crediting of dividend equivalents or interest on the deferral amounts.

 

(i)           If
any provision of this Plan is or becomes invalid or unenforceable in any jurisdiction, or would disqualify this Plan or any award
under any law deemed applicable by the Committee, such provision will be construed or deemed amended or limited in scope to conform
to applicable laws or, in the discretion of the Committee, it will be stricken and the remainder of this Plan will remain in full
force and effect. Notwithstanding anything in this Plan or an Evidence of Award to the contrary, nothing in this Plan or in an
Evidence of Award prevents a Participant from providing, without prior notice to the Company, information to governmental authorities
regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental
authorities regarding possible legal violations, and for purpose of clarity a Participant is not prohibited from providing information
voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act.

 

    	 	19	 

     

    

 

22.          Stock-Based
Awards in Substitution for Awards Granted by Another Company. Notwithstanding anything in this Plan to the contrary:

 

(a)          Awards
may be granted under this Plan in substitution for or in conversion of, or in connection with an assumption of, stock options,
stock appreciation rights, restricted stock, restricted stock units or other stock or stock-based awards held by awardees of an
entity engaging in a corporate acquisition or merger transaction with the Company or any Subsidiary. Any conversion, substitution
or assumption will be effective as of the close of the merger or acquisition, and, to the extent applicable, will be conducted
in a manner that complies with Section 409A of the Code. The awards so granted may reflect the original terms of the awards being
assumed or substituted or converted for and need not comply with other specific terms of this Plan, and may account for shares
of Common Stock substituted for the securities covered by the original awards and the number of shares subject to the original
awards, as well as any exercise or purchase prices applicable to the original awards, adjusted to account for differences in stock
prices in connection with the transaction.

 

(b)          In
the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary merges has shares
available under a pre-existing plan previously approved by stockholders and not adopted in contemplation of such acquisition or
merger, the shares available for grant pursuant to the terms of such plan (as adjusted, to the extent appropriate, to reflect such
acquisition or merger) may be used for awards made after such acquisition or merger under this Plan; provided, however,
that awards using such available shares may not be made after the date awards or grants could have been made under the terms of
the pre-existing plan absent the acquisition or merger, and may only be made to individuals who were not employees or directors
of the Company or any Subsidiary prior to such acquisition or merger.

 

(c)          Any
shares of Common Stock that are issued or transferred by, or that are subject to any awards that are granted by, or become obligations
of, the Company under Section 22(a) or 22(b) of this Plan will not reduce the shares of Common
Stock available for issuance or transfer under this Plan or otherwise count against the limits contained in Section 3
of this Plan. In addition, no shares of Common Stock subject to an award that is granted by, or becomes an obligation of, the Company
under Section 22(a) or 22(b) of this Plan will be added to the aggregate limit contained in Section 3(a)(i)
of this Plan.

 

    	 	20

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