Document:

Exhibit 10.1

 

EXECUTION VERSION

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (“Agreement”)
shall be effective as of April 23, 2020 between Anika Therapeutics, Inc., a Delaware corporation (the “Company”),
and Cheryl R. Blanchard (the “Executive”).

 

WHEREAS, the Executive is currently serving
as Interim Chief Executive Officer of the Company;

 

WHEREAS, the Company and the Executive are
currently party to a letter agreement, dated February 25, 2020 (the “Prior Agreement”); and

 

WHEREAS, the Company desires to employ the
Executive and the Executive desires to be employed by the Company on the terms contained herein.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

 

1.                  
Employment. Subject to earlier termination pursuant to the provisions of Section 4, the initial term of this Agreement
shall commence on April 26, 2020 (the “Start Date”) and shall remain in effect through December 31, 2021 (the
“Initial Term”). Unless terminated earlier pursuant to the provisions of Section 4, the Initial Term shall be
renewed automatically for periods of one (1) year (each, an “Extended Term”), provided that either party does
not provide written notice of non-renewal by the 30th of September immediately preceding the immediately next date of
renewal. As used herein, “Term” shall include the Initial Term and any Extended Term, provided the Term shall end upon
any termination of Employee’s employment with the Company pursuant to the provisions of Section 4.

 

2.                  
Position, Duties and Related Matters. Effective as of the Start Date, and during the remainder of the Term, the Executive
shall serve as the President and Chief Executive Officer of the Company and, as such: (a) shall have general supervision and direction
of the business and affairs of the Company; (b) shall be responsible for corporate policy and strategy; (c) in the absence of a
separately appointed Chief Operating Officer, shall exercise all the powers and perform the duties of the office of the chief operating
officer of the Company, with general responsibility for the management and control of the operations of the Company; and (d) shall
perform such other duties as the Board of Directors of the Company (the “Board”) may from time to time determine,
provided that such other duties are consistent with the other position or positions that the Executive holds from time to time.
The Executive shall devote her full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing,
the Executive shall continue to serve on the boards of directors of Dare Bioscience, Inc. and one privately-held life sciences
company previously disclosed to the Board. The Executive shall resign from all other boards of directors on which she currently
serves prior to the Start Date, provided that, to the extent that the Executive’s membership on another company board does
not materially interfere with the Executive’s performance of her duties to the Company as provided in this Agreement and
such company is not competitive with the Company, the Executive shall have 90 days following the Start Date to resign from such
board. Notwithstanding the foregoing, the Executive may serve on other boards of directors or engage in religious, charitable or
other community activities, provided that any such other services and activities proposed after the effective date of this Agreement
are disclosed to the Board and the Board determines that those services or activities will not materially interfere with the Executive’s
performance of her duties to the Company as provided in this Agreement. Executive shall be permitted to comply with former employer
contractual cooperation obligations, if and when they arise, provided that doing so will not materially interfere with the Executive’s
performance of her duties to the Company as provided in this Agreement. It is expected that the Executive will continue to serve
as a member of the Board during the Term. The Executive shall not be entitled to receive any cash or equity or other compensation
for such Board service. The Executive’s principal place of employment shall be the Company’s Bedford, Massachusetts
headquarters, subject to Company-related business travel.

 

     

    
EXECUTION VERSION

    

 

3.                  
Compensation and Related Matters.

 

(a)               
Base Salary. Effective as of the Start Date, the Executive’s annual base salary shall be $625,000. The Executive’s
base salary shall be redetermined annually by the Board or the Compensation Committee of the Board (the “Compensation
Committee”). The base salary in effect at any given time is referred to herein as “Base Salary.” The Base
Salary shall be payable in substantially equal bi-weekly installments.

 

(b)               
Incentive Compensation. The Executive shall be eligible to receive cash incentive compensation as approved by the
Board or the Compensation Committee from time to time in its sole discretion. Effective as of the Start Date, the Executive’s
target annual bonus shall be 85% percent of her Base Salary, subject to adjustment in the sole discretion of the Board or its Compensation
Committee with respect to any fiscal year after 2020. For fiscal year 2020, the Executive shall be eligible to receive a target
annual bonus of 85% of her Base Salary, pro-rated for the period served under this Agreement after the Start Date. Any cash incentive
compensation earned with respect to a fiscal year shall be paid no later than March 15 of the succeeding year and shall be subject
to the Executive’s continued employment with the Company through the payment date.

 

(c)               
Equity Awards. Effective as of the Start Date, the Executive shall be granted, pursuant to the Company’s 2017
Omnibus Incentive Plan (as amended from time to time, the “2017 Plan”), equity awards covering the Company’s
common stock (collectively, the “LTI Grant”). The LTI Grant shall have a target grant date fair value for accounting
purposes of $6,448,200 (the “LTI Grant Value”) and shall be apportioned among four equity awards as set forth
below, using a 30-day volume-weighted average stock price as of April 17, 2020 and a restricted stock unit-to-option conversion
ratio determined consistent with the Company’s past practice and using such volume-weighted average stock price. The LTI
Grant shall be in lieu of any other long-term or equity incentive awards to which Company employees might be eligible in respect
of fiscal year 2020 and shall be subject to the terms and conditions set forth below.

 

(i)                
Initial RSU Grant. The Company shall grant the Executive a time-based restricted stock unit grant (the “Initial
RSU Grant”) covering a number of shares corresponding to one-third of the LTI Grant Value (i.e., one-third of the LTI
Grant Value divided by the volume-weighted average stock price described above), adjusted as set forth in Section 3(c)(v) below.
The Initial RSU Grant shall vest in three equal annual installments beginning on the first anniversary of the Start Date, subject
to Executive’s continued employment with the Company through the relevant vesting date, and shall be settled upon or shortly
following the relevant vesting date.

 

(ii)              
Metrics PSU Grant. The Company shall grant the Executive a performance-based restricted stock unit grant (the “Metrics
PSU Grant”) covering a target number of shares corresponding to one-third of the LTI Grant Value (i.e., the target number
of shares shall equal one-third of the LTI Grant Value divided by the volume-weighted average stock price described above, and
the number of shares earned under the Metrics PSU Grant may be as high as 150% of the target number based on performance in accordance
with the Performance Measures (as defined below)), adjusted as set forth in Section 3(c)(v) below. The Metrics PSU Grant shall
vest on February 25, 2023 (A) in accordance with, and to the extent contemplated by, the Performance Measures for 2020 Performance-Based
Restricted Stock Units approved by the Compensation Committee on February 3, 2020, subject to future modification, if any, as noted
below (the “Performance Measures”) and (y) subject to the Executive’s continued employment with the Company
through February 25, 2023. Any portion of the Metrics PSU Grant that becomes vested shall be settled upon or shortly after the
vesting date. The Executive acknowledges that she has been provided a copy of the Performance Measures. The Company acknowledges
that the Compensation Committee intends to reconsider, for purposes of all outstanding performance-based restricted stock units
to which the Performance Measures apply (including the Metrics PSU Grant), the Performance Measures in light of the economic and
other effects of the COVID-19 pandemic and that, consistent with the Compensation Committee’s past practice, any such reconsideration
(and subsequent updating) of the Performance Measures shall be based in part on the recommendations of, and discussions with, the
Company’s management.

 

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EXECUTION VERSION

    

 

(iii)            
Time-Based Option Grant. The Company shall grant the Executive a time-based stock option grant (the “Time-Based
Option Grant”) covering a number of shares corresponding to one-sixth of the LTI Grant Value (i.e., one-sixth of the
LTI Grant Value divided by the volume-weighted average stock price described above and adjusted pursuant to the restricted stock
unit-to-option conversion ratio described above). The per share exercise price of the Time-Based Option Grant shall equal the Fair
Market Value (as defined in the 2017 Plan) thereof on the Start Date. The Time-Based Option Grant shall vest in equal installments
on each of the first three anniversaries of the Start Date, subject to the Executive’s continued employment with the Company
through the relevant vesting date. The Time-Based Option shall be intended to be an “incentive stock option” as defined
under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), to the maximum extent permitted
by Section 422 of the Code.

 

(iv)             
TSR-Based Option Grant. The Company shall grant the Executive a performance-based stock option grant (the “TSR-Based
Option Grant”) covering a target number of shares (“Target Shares”) corresponding to one-sixth of
the LTI Grant Value (i.e., the number of Target Shares shall equal one-sixth of the LTI Grant Value divided by the volume-weighted
average stock price described above and adjusted pursuant to the restricted stock unit-to-option conversion ratio described above,
and the number of shares earned under the TSR-Based Option Grant may be as high as 150% of the number of Target Shares based on
performance in accordance with the vesting provisions set forth below). The per share exercise price of the TSR-Based Option Grant
shall equal the Fair Market Value (as defined in the 2017 Plan) thereof on the Start Date. The TSR-Based Option Grant shall vest
(A) based on the Company’s total shareholder return (“TSR”) compared to the TSRs of the companies set
forth on Exhibit A (collectively, the “Comparison Group”) during the period beginning on the Start Date
and ending on December 31, 2022 and (B) subject to the Executive’s continued employment with the Company through such ending
date. The Comparison Group shall exclude the Company. The TSR of a company (including the Company) shall be the percentage increase
in such company’s stock price during the Performance Period (giving effect to reinvested dividends, if any, and assuming
that dividends are reinvested on the ex-dividend date). For purposes of the foregoing sentence, a company’s stock price at
the beginning of the Performance Period shall be based on a thirty-trading day volume-weighted average price formula prior to the
beginning of the Performance Period, and a company’s stock price at the end of the Performance Period shall be based on a
thirty-trading day volume-weighted average price formula prior to the end of the Performance Period, in each case to be determined
by the Compensation Committee. If a company in the Comparison Group is acquired or otherwise is no longer publicly traded and its
stock price is no longer available, it shall be excluded from the Comparison Group, provided that a company that ceases to be publicly
traded due to its bankruptcy shall continue to be included in the Comparison Group as the lowest performing company in the Comparison
Group. The Compensation Committee shall make appropriate adjustments to the TSR of the Company or any company in the Comparison
Group to take into account all stock splits, reverse stock splits and other extraordinary events as determined by the Compensation
Committee. The vesting of the TSR-Based Option Grant for purposes of TSR-based performance vesting shall be determined as follows:

 

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EXECUTION VERSION

    

 

	Company’s TSR: Percentile of Comparison Group TSRs	 	% of TSR-Based Option Vesting Based on TSR
	<35%	 	0%
	35%	 	50% of Target Shares
	>35% and <50%	 	Linear interpolation between 50% and 100% of Target Shares
	50%	 	100% of Target Shares
	>50% and <75%	 	Linear interpolation between 100% and 150% of Target Shares
	≥75%	 	150% of Target Shares

 

 

Executive shall be eligible to receive
additional equity awards after fiscal year 2020 under the 2017 Plan or future equity incentive plans, as may be determined in the
discretion of the Compensation Committee. Except for the terms and conditions set forth in this Agreement, equity awards (including
the Initial RSU Grant, the Metrics PSU Grant, the Time-Based Option Grant and the TSR-Based Option Grant) shall be documented on
and subject to the terms and conditions of the Company’s standard forms of notices of award and award agreements.

 

(v)               
The number of shares to be initially covered by the Initial RSU Grant and the number of target shares to be initially covered
by the Metrics PSU Grant, in each case prior to the adjustment set forth in this Section 3(c)(v), shall be adjusted such that,
together with the equity award granted to the Executive under Section 3(d) of the Prior Agreement, 50% of all such three equity
awards constitute performance-based compensation for purposes of the pay-for-performance scoring methodology of Institutional Shareholder
Services. In order to effectuate the foregoing adjustment, (i) the Company shall determine the minimum number of shares by which
the number of target shares to be initially covered by the Metrics PSU Grant prior to the adjustment set forth in this Section
3(c)(v) must be increased for 50% of all such three awards to constitute such performance-based compensation (such minimum number
of shares, the “Adjustment Shares”), (ii) the number of target shares to be initially covered by the Metrics
PSU Grant prior to the adjustment set forth in this Section 3(c)(v) shall be increased by 75% of the number of Adjustment Shares,
(iii) the number of target shares to be initially covered by the Metrics PSU Grant prior to the adjustment set forth in this Section
3(c)(v) shall be increased by a number of shares equal to $5,000 divided by the Fair Market Value (as defined in the 2017 Plan),
and (iv) the number of shares to be initially covered by the Initial RSU Grant prior to the adjustment set forth in this Section
3(c)(v) shall be decreased by 25% of the number of Adjustment Shares.

 

(d)               
Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by
her in performing services hereunder during the Term, in accordance with the policies and procedures then in effect and established
by the Company for its senior executive officers. In addition, the Company shall pay, promptly following receipt of appropriate
invoicing after the execution of this Agreement, the reasonable legal fees and expenses incurred by the Executive for one legal
counsel representing the Executive in connection with the negotiation and review of this Agreement and any related term sheet in
an amount of up to $10,000.

 

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EXECUTION VERSION

    

 

(e)               
Other Benefits. During the Term, the Executive shall be entitled to continue to participate in or receive benefits
under all of the Company’s Employee Benefit Plans in effect on the date hereof, or under plans or arrangements that provide
the Executive with benefits at least substantially equivalent to those provided under such Employee Benefit Plans. As used herein,
the term “Employee Benefit Plans” includes, without limitation, each pension and retirement plan; supplemental pension,
retirement and deferred compensation plan; savings and profit-sharing plan; stock ownership plan; stock purchase plan; stock option
plan; life insurance plan; medical insurance plan; disability plan; and health and accident plan or arrangement established and
maintained by the Company on the date hereof for employees of the same status within the hierarchy of the Company. During the Term,
the Executive shall be entitled to participate in or receive benefits under any employee benefit plan or arrangement which may,
in the future, be made available by the Company to its executives and key management employees, subject to and on a basis consistent
with the terms, conditions and overall administration of such plan or arrangement. Any payments or benefits payable to the Executive
under a plan or arrangement referred to in this Section 3(e) in respect of any calendar year during which the Executive is employed
by the Company for less than the whole of such year shall, unless otherwise provided in the applicable plan or arrangement, be
prorated in accordance with the number of days in such calendar year during which she is so employed. Should any such payments
or benefits accrue on a fiscal (rather than calendar) year, then the proration in the preceding sentence shall be on the basis
of a fiscal year rather than calendar year.

 

(f)                
Vacations. The Executive shall be entitled to thirty paid vacation days in each calendar year, which shall be accrued
ratably during the calendar year and shall carry over to subsequent calendar years in accordance with the Company’s vacation
policy. The Executive shall also be entitled to all paid holidays given by the Company to its executives.

 

4.                  
Termination. The Executive’s employment hereunder may be terminated without any breach of this Agreement under
the following circumstances:

 

(a)               
Death. The Executive’s employment hereunder shall terminate upon her death.

 

(b)               
Disability. The Company or the Executive may terminate the Executive’s employment if she is disabled and unable
to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without
reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall
arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s
then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company
shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive
or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability
is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive
shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise
and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on
the Executive. Nothing in this Section 4(b) shall be construed to waive the Executive’s rights, if any, under existing law
including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans
with Disabilities Act, 42 U.S.C. §12101 et seq.

 

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EXECUTION VERSION

    

 

(c)               
Termination by Company for Cause. At any time during the Term, the Company may terminate the Executive’s employment
hereunder for Cause if at a meeting of the Board called and held for such purpose, a majority of the Board, exclusive of the Executive,
determines in good faith that the Executive is guilty of conduct that constitutes “Cause” as defined herein. For purposes
of this Agreement, “Cause” shall mean: (i) conduct by the Executive constituting a material act of willful misconduct
in connection with the performance of her duties, including, without limitation, misappropriation of funds or property of the Company
or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal
purposes; (ii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or
fraud, or any conduct by the Executive that would reasonably be expected to result in material injury to the Company or any of
its subsidiaries and affiliates if she were retained in her position; (iii) continued, willful and deliberate non-performance by
the Executive of her duties hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or
disability) which has continued for more than 30 days following written notice of such non-performance from the Board; (iv) a breach
by the Executive of any of the provisions contained in Section 8 of this Agreement; (v) a violation by the Executive of the Company’s
employment policies which has continued following written notice of such violation from the Board, or (vi) willful failure to cooperate
with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed
by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant
to such investigation or the willful inducement of others to fail to cooperate or to produce documents or other materials in connection
with such investigation. For purposes of clauses (i), (iii) and (vi) hereof, no act, or failure to act, on the Executive’s
part shall be deemed “willful” unless done, or omitted to be done, by the Executive without reasonable belief that
the Executive’s act or failure to act, was in the best interest of the Company and its subsidiaries and affiliates.

 

(d)               
Termination Without Cause. At any time during the Term, the Company may terminate the Executive’s employment
hereunder without Cause. Any termination by the Company of the Executive’s employment under this Agreement (including the
Company’s non-renewal of the Term in accordance with Section 1) which does not constitute a termination for Cause under Section
4(c) and does not result from the death or disability of the Executive under Section 4(a) or (b) shall be deemed a termination
without Cause.

 

(e)               
Termination by the Executive. At any time during the Term, the Executive may terminate her employment hereunder for
any reason, including but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that
the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of
the following events: (i) a material diminution in the Executive’s responsibilities, authority or duties; (ii) a material
diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial
performance similarly affecting all or substantially all senior management employees of the Company; (iii) a material change in
the geographic location at which the Executive provides services to the Company, which is a relocation of more than 50 miles from
the Company’s Bedford, Massachusetts headquarters; or (iv) the material breach of this Agreement by the Company. “Good
Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition
has occurred; (ii) the Executive notifies the Company in writing of the occurrence of the Good Reason condition within 60 days
of the occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period
not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding
such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates her employment within 60 days after
the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed
not to have occurred.

 

(f)                
Notice of Termination. Except for termination as specified in Section 4(a), any termination of the Executive’s
employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the
other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon.

 

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EXECUTION VERSION

    

 

(g)               
Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated
by her death, the date of her death; (ii) if the Executive’s employment is terminated on account of disability under Section
4(b) or by the Company for Cause under Section 4(c), the date on which Notice of Termination is given; (iii) if the Executive’s
employment is terminated by the Company under Section 4(d), 30 days after the date on which a Notice of Termination is given; (iv)
if the Executive’s employment is terminated by the Executive under Section 4(e) without Good Reason, 30 days after the date
on which a Notice of Termination is given; (v) if the Executive’s employment is terminated by the Executive under Section
4(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period; and if the Executive’s
employment is terminated pursuant to non-renewal of the Term in accordance with Section 1, the date on which the then-current Initial
Term or Extended Term, as applicable, terminates. Notwithstanding the foregoing, in the event that the Executive gives a Notice
of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not
result in a termination by the Company for purposes of this Agreement.

 

5.                  
Compensation Upon Termination.

 

(a)               
Termination Generally. If the Executive’s employment with the Company is terminated for any reason during the
Term, the Company shall pay or provide to the Executive (or to her authorized representative or estate) any earned but unpaid base
salary, incentive compensation earned but not yet paid, unpaid expense reimbursements, accrued but unused vacation and any vested
benefits the Executive may have under any employee benefit plan of the Company (the “Accrued Benefit”) within
30 days of the Executive’s Date of Termination. Any severance or termination pay or benefits under this Agreement, including
under Section 6 of this Agreement and including acceleration of equity awards, other than Accrued Benefits, shall be contingent
on (i) the Executive signing a general release of claims in favor of the Company and its affiliates and service providers in a
form and manner satisfactory to the Company within 45 days of the receipt of such release (which shall be provided by the Company
to the Executive no later than within two business days after the Date of Termination) and not revoking such release during the
seven-day revocation period under such release and (ii) compliance with the covenants (including those that apply after the termination
of the Executive employment with the Company) set forth in this Agreement. If the Executive breaches any of the provisions contained
in this Agreement (including those that apply after the termination of the Executive employment with the Company), any unpaid severance
or unpaid termination pay or benefits under this Agreement, including under Section 6 of this Agreement and including unvested
equity awards, shall immediately cease and be forfeited.

 

(b)               
Termination due to Death, due to Disability, by the Company Without Cause or by the Executive with Good Reason. If
the Executive’s employment is terminated due to death as provided in Section 4(a), due to Disability as provided in Section
4(b), by the Company without Cause as provided in Section 4(d), or by the Executive for Good Reason as provided in Section 4(e),
then the Company shall, through the Date of Termination, pay the Executive her Accrued Benefit. In addition,

 

(i)                
the Company shall pay the Executive an amount (the “Severance Amount”) equal to 18 months’ of the
Executive’s then-current Base Salary. The Severance Amount shall be paid out in substantially equal installments in accordance
with the Company’s payroll practice over 12 months, beginning within 60 days after the Date of Termination; provided, however,
that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount will commence to
be paid in the second calendar year. Solely for purposes of Section 409A of the Code, each installment payment under this Agreement
is considered a separate payment; and

 

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EXECUTION VERSION

    

 

(ii)              
subject to the Executive’s copayment of premium amounts at the active employees’ rate, the Executive may continue
to participate in the Company’s group health, dental and vision program for 18 months; provided, however, that the continuation
of health benefits under this Section shall reduce and count against the Executive’s rights under the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (“COBRA”); provided, however, that if the Company determines necessary
to avoid any adverse tax or other consequences for the Executive or the Company, the Company may instead pay to the Executive on
a monthly basis during the period covered by this Section 5(b)(ii) an amount equal to the difference between the applicable COBRA
premium and the applicable active employees’ rate for the coverage (plus, to the extent the payment of any such reimbursement
results in taxable income to the Executive (without any offsetting deduction), an amount to the Executive equal to an additional
amount such that the net after-tax proceeds to the Executive of such reimbursement and such additional amount (at the Executive’s
then-current combined state and federal marginal income tax rates, taking into account the deductibility of state and local income
taxes for federal income tax purposes) is equal to the amount of the expense incurred that is being reimbursed); and

 

(iii)            
provided that such termination is not due to Disability and the Date of Termination occurs prior to December 31, 2021, the
Initial RSU Grant and the Time-Based Option Grant shall vest in part on an accelerated basis as of the Date of Termination such
that the total number of shares vested under each such grant (including any previously vested (and, if applicable, exercised) shares
under each such grant) shall equal a percentage of the total shares initially subject to each such grant equal to (i) the number
of calendar days in the period from the Start Date to such Date of Termination divided by (ii) 1,095. For any such award
that is determined to be deferred compensation that is subject to the requirements of Section 409A of the Code, settlement of the
vested portion of the award shall be accelerated only to the extent permitted by Section 409A of the Code, and to the extent not
permitted, settlement shall occur at the time otherwise provided by the award agreement as if employment had not terminated. For
the avoidance of any doubt, the provisions of this Section 5(b)(iii) shall supersede the provisions contained in the applicable
award agreements, provided that the provisions of the award agreements will control to the extent such provisions are more favorable
to the Executive.

 

6.                  
Change in Control Payment. The provisions of this Section 6 set forth certain terms of an agreement reached between
the Executive and the Company regarding the Executive’s rights and obligations in connection with the occurrence of a Change
in Control of the Company, as defined herein. These provisions are intended to assure and encourage in advance the Executive’s
continued attention and dedication to her assigned duties and her objectivity during the pendency and after the occurrence of any
such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 5(b) regarding severance
pay and benefits upon a termination of employment, if such termination of employment occurs within 3 months prior to or 12 months
after the occurrence of the first event constituting a Change in Control, provided that such first event occurs during the Term.
These provisions shall terminate and be of no further force or effect beginning 12 months after the occurrence of such first event,
in which case the provisions of Section 5(b) shall once again become applicable.

 

(a)               
Termination in Connection with a Change in Control. (i) If within 3 months prior to or 12 months after a Change in
Control, the Executive’s employment is terminated by the Company without Cause as provided in Section 4(d) or the Executive
terminates her employment for Good Reason as provided in Section 4(e), then

 

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EXECUTION VERSION

    

 

(A)             
the Company shall pay the Executive cash in an amount (the “Change in Control Severance Amount”) equal
to 2 times the sum of (A) the Executive’s then-current Base Salary (or the Executive’s Base Salary in effect immediately
prior to the Change in Control, if higher) plus (B) the Executive’s target annual bonus for the current fiscal year (or if
higher, the target annual bonus for the fiscal year immediately prior to the Change in Control). The Change in Control Severance
Amount shall commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins
in one calendar year and ends in a second calendar year, the Change in Control Severance Amount will commence to be paid in the
second calendar year. If the Date of Termination occurs prior to a Change in Control, payment shall be made in substantially equal
installments in accordance with the Company’s payroll practices over 18 months, but amounts shall be increased after the
Change in Control to reflect the higher level of severance provided by this Section 6. If the Date of Termination occurs after
a Change in Control, payment shall be made in a lump sum; and

 

(B)             
subject to the Executive’s copayment of premium amounts at the active employees’ rate, the Executive may continue
to participate in the Company’s group health, dental and vision program for 18 months; provided, however, that the continuation
of health benefits under this Section shall reduce and count against the Executive’s rights under COBRA; provided,
however, that if the Company determines necessary to avoid any adverse tax or other consequences for the Executive or the Company,
the Company may instead pay to the Executive on a monthly basis during the period covered by this Section 6(a)(i)(B) an amount
equal to the difference between the applicable COBRA premium and the applicable active employees’ rate for the coverage (plus,
to the extent the payment of any such reimbursement results in taxable income to the Executive (without any offsetting deduction),
an amount to the Executive equal to an additional amount such that the net after-tax proceeds to the Executive of such reimbursement
and such additional amount (at the Executive’s then-current combined state and federal marginal income tax rates, taking
into account the deductibility of state and local income taxes for federal income tax purposes) is equal to the amount of the expense
incurred that is being reimbursed); and

 

(C)             
Notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, all stock options
and other stock-based awards held by the Executive shall immediately accelerate and become fully exercisable or nonforfeitable
as of the Date of Termination or, if later, the effective date of such Change in Control. For the Metrics PSU Grant and each other
award with a performance metric-based vesting condition (other than a TSR-based vesting condition), such vesting shall be based
on the greater of assumed target performance or actual performance measured through the Date of Termination. For the TSR-Based
Option Grant (and any other award with a TSR-based vesting condition), the applicable Performance Period (or the performance period
for such other award) shall be shortened to end as of immediately prior to the Change in Control. For any such award that is determined
to be deferred compensation that is subject to the requirements of Section 409A of the Code, settlement of the vested portion of
the award shall be accelerated only to the extent permitted by Section 409A of the Code, and to the extent not permitted, settlement
shall occur at the time otherwise provided by the award agreement as if employment had not terminated. For the avoidance of any
doubt, the provisions of this Section 6(a)(i)(C) shall supersede the provisions contained in the applicable award agreements, provided
that the provisions of the award agreements will control to the extent such provisions are more favorable to the Executive.

 

    9

    
EXECUTION VERSION

    

 

(b)               
To the extent not “assumed” or “substituted” (as each such term is defined and described in Section
15.2(b) of the 2017 Plan) in connection with a Change in Control, all equity awards held by Executive (including the awards granted
as of the Start Date) would immediately accelerate and become fully exercisable or nonforfeitable as of the date of the Change
in Control. For each award that includes a performance-based vesting condition, such performance-based vesting shall be based on
the greater of assumed target performance or actual performance measured through the date of the Change in Control. For any such
award that is determined to be deferred compensation that is subject to the requirements of Section 409A of the Code, settlement
of the vested portion of the award shall be accelerated only to the extent permitted by Section 409A of the Code, and to the extent
not permitted, settlement shall occur at the time otherwise provided by the award agreement as if employment had not terminated.
For the avoidance of any doubt, the provisions of this Section 6(b) shall supersede the provisions contained in the applicable
award agreements, provided that the provisions of the award agreements will control to the extent such provisions are more favorable
to the Executive.

 

(c)               
Notwithstanding anything to the contrary in this Agreement, it is expressly understood by the parties hereto that so long
as the Executive retains primary management responsibilities for the business conducted by the Company immediately prior to a Change
in Control, “Good Reason” shall not exist under Section 4(e)(i).

 

(d)               
Section 280G. If any of the payments or benefits received or to be received by the Executive (including, without
limitation, any payment or benefits received in connection with a Change in Control or the Executive’s termination of employment,
whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively
referred to herein as the “280G Payments”) constitute “parachute payments” within the meaning of
Section 280G of the Code and would, but for this Section 6(b), be subject to the excise tax imposed under Section 4999 of the Code
(the “Excise Tax”), then prior to making the 280G Payments, a calculation shall be made comparing (i) the Net
Benefit (as defined below) to the Executive of the 280G Payments after payment of the Excise Tax to (ii) the Net Benefit to the
Executive if the 280G Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount
calculated under (i) above is less than the amount under (ii) above will the 280G Payments be reduced to the minimum extent necessary
to ensure that no portion of the 280G Payments is subject to the Excise Tax. “Net Benefit” shall mean the present value
of the 280G Payments net of all federal, state, local, foreign income, employment, and excise taxes. Any calculation or reduction
made pursuant to this Section 6(b) shall be made in a manner determined by the Company that is consistent with the requirements
of Section 409A of the Code.

 

(e)               
For purposes of this Section 6, “Change in Control” shall have the meaning ascribed thereto in the 2017
Plan.

 

7.                  
Section 409A.

 

(a)               
Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service
within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes
entitled to under this Agreement would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant
to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be
payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s
separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment
basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month
period but for the application of this provision, and the balance of the installments shall be payable in accordance with their
original schedule. Any such delayed cash payment shall earn interest at an annual rate equal to the applicable federal short-term
rate published by the Internal Revenue Service for the month in which the date of separation from service occurs, from such date
of separation from service until the payment.

 

    10

    
EXECUTION VERSION

    

 

(b)               
The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that
any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in
such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be
amended, as reasonably requested by either party, as may be necessary to fully comply with Section 409A of the Code and all related
rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

(c)               
To the extent any payment or benefit that the Executive becomes entitled to under this Agreement would be considered deferred
compensation subject to Section 409A, the determination of whether and when a separation from service has occurred shall be made
in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). To the extent required by Section 409A
of the Code, each reimbursement or in-kind benefit provided under the Agreement shall be provided in accordance with the following:
(i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (ii) any reimbursement of
an eligible expense shall be paid to the Executive promptly after it is submitted for reimbursement, but in any event on or before
the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) any right to reimbursements
or in-kind benefits under the Agreement shall not be subject to liquidation or exchange for another benefit.

 

(d)               
The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any
provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not
satisfy an exemption from, or the conditions of, such Section.

 

8.                  
Confidential Information, Noncompetition and Cooperation.

 

(a)               
Confidential Information. As used in this Agreement, “Confidential Information” means information belonging
to the Company which is of value to the Company in the course of conducting its business and the disclosure of which could result
in a competitive or other disadvantage to the Company. Confidential Information includes, without limitation, financial information,
reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or
formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such
as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management
of the Company. Confidential Information includes information developed by the Executive in the course of the Executive’s
employment by the Company, as well as other information to which the Executive may have access in connection with the Executive’s
employment. Confidential Information also includes the confidential information of others with which the Company has a business
relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless
due to breach of the Executive’s duties under Section 8(b).

 

(b)               
Confidentiality. The Executive understands and agrees that the Executive’s employment creates a relationship
of confidence and trust between the Executive and the Company with respect to all Confidential Information. At all times, both
during the Executive’s employment with the Company and after its termination, the Executive will keep in confidence and trust
all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of
the Company, except as may be necessary in the ordinary course of performing the Executive’s duties to the Company.

 

    11

    
EXECUTION VERSION

    

 

(c)               
Assignment of Inventions. The Executive understands that the Company is now and may hereafter be subject to non-disclosure
or confidentiality agreements with third persons which require the Company to protect or refrain from use of Confidential Information.
The Executive agrees to be bound by the terms of such agreements in the event the Executive has access to such Confidential Information.

 

(d)               
Developments.

 

(i)                
The Executive will make full and prompt disclosure to the Company of all inventions, discoveries, designs, developments,
methods, modifications, improvements, processes, algorithms, databases, computer programs, formulae, techniques, trade secrets,
graphics or images, and audio or visual works and other works of authorship (collectively “Developments”), whether
or not patentable or copyrightable, that are created, made, conceived or reduced to practice by her (alone or jointly with others)
or under her direction during the period of her employment. The Executive acknowledges that all work performed by her is on a “work
for hire” basis, and the Executive does hereby assign and transfer and, to the extent any such assignment cannot be made
at present, will assign and transfer, to the Company and its successors and assigns all her right, title and interest in all Developments
that (a) relate to the business of the Company or any customer of or supplier to the Company or any of the products or services
being researched, developed, manufactured or sold by the Company or which may be used with such products or services; or (b) result
from tasks assigned to her by the Company; or (c) result from the use of premises or personal property (whether tangible or intangible)
owned, leased or contracted for by the Company (“Company-Related Developments”), and all related patents, patent
applications, trademarks and trademark applications, copyrights and copyright applications, and other intellectual property rights
in all countries and territories worldwide and under any international conventions (“Intellectual Property Rights”).

 

(ii)              
To preclude any possible uncertainty, the Executive has set forth on Exhibit A attached hereto a complete list of Developments
that she has, alone or jointly with others, conceived, developed or reduced to practice prior to the commencement of her employment
with the Company that she considers to be her property or the property of third parties and that she wishes to have excluded from
the scope of this Agreement (“Prior Inventions”). If disclosure of any such Prior Invention would cause her
to violate any prior confidentiality agreement, she understands that she is not to list such Prior Inventions in Exhibit A but
is only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs and the fact that full
disclosure as to such inventions has not been made for that reason. The Executive has also listed on Exhibit A all patents and
patent applications in which she is named as an inventor, other than those which have been assigned to the Company (“Other
Patent Rights”). If no such disclosure is attached, the Executive represents that there are no Prior Inventions or Other
Patent Rights. If, in the course of her employment with the Company, she incorporates a Prior Invention into a Company product,
process or machine or other work done for the Company, the Executive hereby grants to the Company a nonexclusive, royalty-free,
paid-up, irrevocable, worldwide license (with the full right to sublicense) to make, have made, modify, use, sell, offer for sale
and import such Prior Invention. Notwithstanding the foregoing, the Executive will not incorporate, or permit to be incorporated,
Prior Inventions in any Company-Related Development without the Company’s prior written consent.

 

    12

    
EXECUTION VERSION

    

 

(iii)            
This Agreement does not obligate the Executive to assign to the Company any Development which, in the sole judgment of the
Company, reasonably exercised, is developed entirely on the Executive’s own time and does not relate to the business efforts
or research and development efforts in which, during the period of her employment, the Company actually is engaged or reasonably
would be engaged, and does not result from the use of premises or equipment owned or leased by the Company. However, the Executive
will also promptly disclose to the Company any such Developments for the purpose of determining whether they qualify for such exclusion.
The Executive understands that to the extent this Agreement is required to be construed in accordance with the laws of any state
which precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee, this paragraph
will be interpreted not to apply to any invention which a court rules and/or the Company agrees falls within such classes. The
Executive also hereby waives all claims to any moral rights or other special rights which the Executive may have or accrue in any
Company-Related Developments.

 

(e)               
Enforcement of Intellectual Property Rights. The Executive will cooperate fully with the Company, both during and
after her employment with the Company, with respect to the procurement, maintenance and enforcement of Intellectual Property Rights
in Company-Related Developments. The Executive will sign, both during and after the term of this Agreement, all papers, including
without limitation copyright applications, patent applications, declarations, oaths, assignments of priority rights, and powers
of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Company-Related
Development. If the Company is unable, after reasonable effort, to secure the Executive’s signature on any such papers, the
Executive hereby irrevocably designates and appoints each officer of the Company as her agent and attorney-in-fact to execute any
such papers on her behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its
rights and interests in any Company-Related Development.

 

(f)                
Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether
or not pertaining to Confidential Information, which are furnished to the Executive by the Company or are produced by the Executive
in connection with the Executive’s employment will be and remain the sole property of the Company. The Executive will return
to the Company all such materials and property as and when requested by the Company. In any event, the Executive will return all
such materials and property immediately upon termination of the Executive’s employment for any reason. The Executive will
not retain with the Executive any such material or property or any copies thereof after such termination.

 

(g)               
Noncompetition and Nonsolicitation. During the Term and for 12 months thereafter, the Executive (i) will not, directly
or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate,
assist or invest in any Competing Business (as hereinafter defined); (ii) will refrain from directly or indirectly employing, attempting
to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave employment with the Company (other than
terminations of employment of subordinate employees undertaken in the course of the Executive’s employment with the Company);
and (iii) will refrain from directly or indirectly calling upon, soliciting or encouraging any customer, potential customer or
supplier to terminate or otherwise modify adversely its business relationship with the Company. The Executive understands that
the restrictions set forth in this Section 8(g) are intended to protect the Company’s interest in its Confidential Information
and established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and
appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean a business conducted
in the same geographic locations as the Company, which markets any products or services that are competitive with the products
or services of the Company or the products or services that the Company has under development or active planning during the employment
of the Executive. Notwithstanding the foregoing, the Executive may own up to one percent (1%) of the outstanding stock of a publicly
held corporation which constitutes or is affiliated with a Competing Business.

 

    13

    
EXECUTION VERSION

    

 

(h)               
Third-Party Agreements and Rights. Except as disclosed to the Board prior to the effective date of this Agreement,
the Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment
with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations
the Executive may have to any previous employer or other party. In the Executive’s work for the Company, the Executive will
not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other
party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information
belonging to or obtained from any such previous employment or other party.

 

(i)                
Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate
fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future
against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the
Company. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to,
being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually
convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company
in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or
review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse
the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations
pursuant to this Section 8(i).

 

(j)                
Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Company which might
result from any breach by the Executive of the promises set forth in this Section 8, and that in any event money damages would
be an inadequate remedy for any such breach. Accordingly, subject to Section 9 of this Agreement, the Executive agrees that if
the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all
other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing
or proving any actual damage to the Company.

 

9.                  
Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof
or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation,
any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law,
be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices
of the American Arbitration Association (“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute
Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators.
In the event that any person or entity other than the Executive or the Company may be a party with regard to any such controversy
or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement.
Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 9 shall
be specifically enforceable. Notwithstanding the foregoing, this Section 9 shall not preclude either party from pursuing a court
action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such
relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section
9.

 

    14

    
EXECUTION VERSION

    

 

10.              
Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 9
of this Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and
the United States District Court for the District of Massachusetts. Accordingly, with respect to any such court action, the Executive
(a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement
(whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

 

11.              
Key Man Life Insurance. During the Term, the Company may procure and maintain key man life insurance with respect
to the Executive in such amounts and with such terms as may be determined by the Board in its sole discretion, and the Executive
shall assist and cooperate with the Company in procuring, maintaining and renewing such key man life insurance. The Company shall
be the sole beneficiary of any such key man life insurance policy, and neither the Executive nor the heirs or personal representatives
of the Executive shall have any interest in or to any proceeds, cash surrender value or other payments associated with any such
key man life insurance policy.

 

12.              
Integration; Prior Agreement. This Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes the Prior Agreement and all other prior agreements. Effective as of the Start Date, the
Term (as defined in the Prior Agreement) shall automatically terminate. Notwithstanding the foregoing, the Executive shall be entitled
to the compensation payable under Section 3(b)(i) of the Prior Agreement in accordance with the terms thereof.

 

13.              
Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other
amounts required to be withheld by the Company under applicable law.

 

14.              
Successor to the Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s
death after her termination of employment but prior to the completion by the Company of all payments due her under this Agreement,
the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to her
death (or to her estate, if the Executive fails to make such designation).

 

15.              
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision
of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which
it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall
be valid and enforceable to the fullest extent permitted by law.

 

16.              
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.
The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of
any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of
any subsequent breach.

 

17.              
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient
if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified
mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the
Company or, in the case of the Company, at its main offices, attention of the Board.

 

18.              
Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by
a duly authorized representative of the Company.

 

    15

    
EXECUTION VERSION

    

 

19.              
Governing Law. This is a Massachusetts contract and shall be construed under and be governed in all respects by the
laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With
respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted
and applied by the United States Court of Appeals for the First Circuit.

 

20.              
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be taken to be an original; but such counterparts shall together constitute one and the same document.

 

21.              
Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this
Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the
Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach
of this Agreement.

 

22.              
Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine
gender unless the context clearly indicates otherwise.

 

 

 

 

 

 

 

 

 

 

    16

    
EXECUTION VERSION

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement effective on the date and year first above written.

 

	 	ANIKA THERAPEUTICS, INC.	 
	 	 	 	 
	 	By:	/s/ Thomas Finnerty	 
	 	Name: 	Thomas Finnerty	 
	 	Title:	Executive Vice President of Human Resources	 
	 	 	 	 
	 	EXECUTIVE	 
	 	 	/s/ Cheryl R. Blanchard	 
	 	 	Cheryl R. Blanchard	 

 

 

 

 

 

 

 

 

 

 

 

 

 

    17

    
EXECUTION VERSION

    

 

Exhibit A

 

		1.	The Global Industry Classification Standard (GICS) 3520 (Pharmaceuticals, Biotechnology & Life Sciences) companies in the
Russell 2000 Value Index determined on the Start Date;

 

		2.	The Global Industry Classification Standard (GICS) 3510 (Health Care Equipment) companies in the Russell 2000 Value Index determined
on the Start Date; and

 

		3.	If not included in Item 1 or Item 2 above: AMAG Pharmaceuticals, Inc.; Avid Bioservices, Inc.; Vericel Corporation; Conformis,
Inc.; Axogen, Inc.; CryoLife, Inc.; and Glaukos Corporation.

 

 

 

 

 

 

 

 

 

 

 

 

 

18Exhibit

EXHIBIT 10.29

SANMINA CORPORATION 
2019 EQUITY INCENTIVE PLAN 
(As amended on March 9, 2020)
		
	1.
	Purposes of the Plan. The purposes of this Plan are:

		
	•
	to attract and retain the best available personnel for positions of substantial responsibility,

		
	•
	to provide additional incentive to Employees, Directors, and Consultants, and

		
	•
	to promote the success of the Company’s business.

The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units, Performance Shares and other stock or cash awards as the Administrator may determine.
		
	2.
	Definitions. As used herein, the following definitions will apply:

(a)    “Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.
(b)    “Affiliate” means any corporation or any other entity (including, but not limited to, partnerships and joint ventures) controlling, controlled by, or under common control with the Company, including any Parent or Subsidiary of the Company.
(c)    “Applicable Laws” means the legal and regulatory requirements relating to the administration of equity-based awards and the related issuance of Shares thereunder, including but not limited to U.S. federal and state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any non-U.S. country or jurisdiction where Awards are, or will be, granted under the Plan.
(d)    “Award” means, individually or collectively, a grant under the Plan of Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units (including Performance Units payable in cash), Performance Shares and other stock or cash awards as the Administrator may determine.
(e)    “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.
(f)    “Board” means the Board of Directors of the Company.
(g)    “Change in Control” means the occurrence of any of the following events:
A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, (A) the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control, and (B) if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in ownership, the direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event will not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership will include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or

EXHIBIT 10.29

A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12)-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or
A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A.
Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
(h)    “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder will include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
(i)    “Committee” means a committee of Directors or of one or more other individuals satisfying Applicable Laws appointed by the Board, or a duly authorized committee of the Board, in accordance with Section 4 hereof.
(j)    “Common Stock” means the common stock of the Company.
(k)    “Company” means Sanmina Corporation, a Delaware corporation, or any successor thereto.
(l)    “Consultant” means any natural person, including an advisor, engaged by the Company or an Affiliate to render bona fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital raising transaction, and (ii) do not directly promote or maintain a market for the Company’s securities, in each case, within the meaning of Form S-8 promulgated under the Securities Act, and provided, further, that a Consultant will include only those persons to whom the issuance of Shares may be registered under Form S-8 promulgated under the Securities Act.

EXHIBIT 10.29

(m)“Director” means a member of the Board.
(n)    “Disability” means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.
(o)    “Employee” means any person, including Officers and Directors, employed by the Company or its Affiliates. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.
(p)    “Exchange Act” means the Securities Exchange Act of 1934, as amended.
(q)    “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is increased or reduced. For the avoidance of doubt, as set forth in Section 6(a), the Administrator may not implement an Exchange Program.
(r)    “Fair Market Value” means, as of any date the value of Common Stock determined as follows: The Fair Market Value will be the closing sales price for Common Stock as quoted on any established stock exchange or national market system (including without limitation the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market) on which the Common Stock is listed on the date of determination (or the closing bid, if no sales were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable. If the determination date for the Fair Market Value occurs on a non-trading day (i.e., a weekend or holiday), the Fair Market Value will be such price on the immediately preceding trading day, unless otherwise determined by the Administrator. In the absence of an established market for the Common Stock, the Fair Market Value thereof will be determined in good faith by the Administrator.
The determination of fair market value for purposes of tax withholding may be made in the Administrator’s discretion subject to Applicable Laws and is not required to be consistent with the determination of Fair Market Value for other purposes.
(s)    “Fiscal Year” means the fiscal year of the Company.
(t)    “Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder.
(u)    “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.
(v)    “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.
(w)“Option” means a stock option granted pursuant to Section 7 of the Plan.
(x)    “Outside Director” means a Director who is not an Employee.
(y)    “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).
(z)    “Participant” means the holder of an outstanding Award.
(aa)“Performance Share” means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 11.

EXHIBIT 10.29

(bb)“Performance Unit” means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and which, in the Administrator’s sole discretion, may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 11, in the Administrator’s sole discretion.
(cc)“Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.
(dd)“Plan” means this 2019 Equity Incentive Plan.
(ee)“Restricted Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 9 of the Plan, or issued pursuant to the early exercise of an Option.
(ff)    “Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 10. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.
(gg)“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan.
(hh)“Section 16(b)” means Section 16(b) of the Exchange Act.
(ii)    “Section 409A” means Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.
(jj)    “Securities Act” means the Securities Act of 1933, as amended.
(kk)“Service Provider” means an Employee, Director or Consultant.
(ll)    “Share” means a share of the Common Stock, as adjusted in accordance with Section 15 of the Plan.
(mm)“Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 8 is designated as a Stock Appreciation Right.
(nn)“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).
		
	3.
	Stock Subject to the Plan.

(a)    Stock Subject to the Plan. Subject to the provisions of Section 15 of the Plan, the maximum aggregate number of Shares that may be awarded and sold under the Plan is 5,993,000 Shares, plus any Shares subject to stock options or similar awards granted under the Sanmina Corporation 2009 Stock Incentive Plan (the “2009 Plan”) that, after the date of stockholder approval of this Plan, expire or otherwise terminate without having been exercised in full and Shares issued pursuant to awards granted under the 2009 Plan that, after the date of stockholder approval of this Plan, are forfeited to or repurchased by the Company, with the maximum number of Shares to be added to the Plan pursuant to the 2009 Plan equal to 6,436,840 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock.
(b)    Full Value Awards. Any Shares subject to Awards other than Options or Stock Appreciation Rights will be counted against the numerical limits of this Section 3 as 1.36 Shares for every one Share subject thereto. Further, if Shares acquired pursuant to any such Award are forfeited or repurchased by the Company and would otherwise return to the Plan pursuant to Section 3(c), 1.36 times the number of Shares so forfeited or repurchased will return to the Plan and will again become available for issuance.

EXHIBIT 10.29

(c)    Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, or, with respect to Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units which are to be settled in Shares, is forfeited to or repurchased by the Company, the unpurchased Shares (or for Awards other than Options and Stock Appreciation Rights, the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). Upon exercise of a Stock Appreciation Right settled in Shares, the gross number of Shares covered by the portion of the Award so exercised will cease to be available under the Plan. If unvested Shares of Restricted Stock, or unvested Shares issued pursuant to Awards of Restricted Stock Units, Performance Shares or Performance Units are repurchased by or forfeited to the Company, such Shares will become available for future grant under the Plan. Shares used to pay the tax and exercise price of an Award will not become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment provided in Section 15, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Code Section 422, any Shares that become available for issuance under the Plan under this Section 3(c).
(d)    Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.
		
	4.
	Administration of the Plan.

(a)    Procedure.
(i)    Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan.
(ii)    Rule 16b-3. To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3.
(iii)    Delegation to an Officer. The Board may delegate to one or more Officers of the Company the authority to do one or both of the following (i) designate Employees or Consultants of the Company or any of its Subsidiaries who are not Officers to be recipients of Options, Restricted Stock and Restricted Stock Units and the terms thereof, and (ii) determine the number of shares of Common Stock to be subject to such Awards granted to such Employees and Consultants; provided, however, that the Board resolutions regarding such delegation shall specify the total number of shares of Common Stock that may be subject to the Awards granted by such Officer. Notwithstanding anything to the contrary in this Section 4(a), the Board may not delegate to an Officer authority to determine the Fair Market Value of the Common Stock pursuant to Section 4(b) below.
(iv)    Other Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws.
(b)    Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:
(i)    to determine the Fair Market Value;
(ii)    to select the Service Providers to whom Awards may be granted hereunder;
(iii)    to determine the number of Shares to be covered by each Award granted hereunder;
(iv)    to approve forms of Award Agreements for use under the Plan;
(v)    to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

EXHIBIT 10.29

(vi)    to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;
(vii)    to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable non-U.S. laws or for qualifying for favorable tax treatment under applicable non-U.S. laws;
(viii)    to modify or amend each Award (subject to 6(b) and Section 20(c) of the Plan) including but not limited to the discretionary authority to extend the post-termination exercisability period of Awards. Notwithstanding the previous sentence, the Administrator may not modify or amend an Option or Stock Appreciation Right to reduce the exercise price of such Option or Stock Appreciation Right after it has been granted (except for adjustments made pursuant to Section 15), and neither may the Administrator cancel any outstanding Option or Stock Appreciation Right in exchange for cash, other awards or an Option or Stock Appreciation Right with an exercise price that is less than the exercise price of the original Option or Stock Appreciation Right, or implement any other type of Exchange Program, unless such action is approved by stockholders prior to such action being taken;
(ix)    to allow Participants to satisfy tax withholding obligations in such manner as prescribed in Section 16 of the Plan;
(x)    to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;
(xi)    to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant under an Award pursuant to such procedures as the Administrator may determine; and
(xii)    to make all other determinations deemed necessary or advisable for administering the Plan.
(c)    Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards
5.    Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares and such other cash or stock awards as the Administrator determines may be granted to Service Providers. Incentive Stock Options may be granted only to employees of the Company or any Parent or Subsidiary of the Company.
		
	6.
	Limits.

(a)    No Exchange Program or Repricing. The Administrator may not implement an Exchange Program.
(b)    One-Year Vesting Requirement. Awards granted under the Plan shall vest no earlier than the one (1) year anniversary of the Award’s date of grant, provided that the Administrator, in its sole discretion, may provide an Award may accelerate vesting, including, without limitation, by reason of the Participant’s death, Disability or retirement, or a termination of the Participant’s service, and provided further, that, notwithstanding the foregoing one-year vesting requirement, Awards that result in the issuance of an aggregate of up to five percent (5%) of the Shares reserved for issuance under Section 3(a) may be granted to Service Providers without regard to such minimum vesting provisions.
(c)    Dividends and Other Distributions. The Administrator will not be permitted to provide that dividends or other distributions with respect to Shares to be paid or issued to a Participant with respect to an Award, unless and until the underlying Award has vested. Further, in no event may dividend equivalents be paid with respect to Awards of Stock Options or Stock Appreciation Rights.
(d)    Outside Director Limitations. No Outside Director may be granted, in any Fiscal Year, Awards with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) of greater than $900,000. Any Awards granted to an individual for his or her services as an Employee, or for his or her services as a Consultant (other than as an Outside Director), will not count for purposes of the limitation under this Section 6(d).

EXHIBIT 10.29

(e)    Chief Executive Officer Holding Requirement. Any Shares received by the Chief Executive Officer of the Company pursuant to the exercise, issuance or settlement of an Award granted to him or her while serving in the capacity of Chief Executive Officer, after satisfaction of any applicable tax obligations, may not be sold or otherwise transferred (other than for estate planning purposes) by the Chief Executive Officer prior to the one (1) year anniversary of the date the Chief Executive Officer received such Shares, or, if earlier, the termination of the Chief Executive Officer’s status as a Service Provider.
		
	7.
	Stock Options.

(a)    Limitations. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 7(a), Incentive Stock Options will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted.
(b)    Number of Shares. The Administrator will have complete discretion to determine the number of Shares subject to an Option granted to any Participant.
(c)    Term of Option. The Administrator will determine the term of each Option in its sole discretion; provided, however, that the term will be no more than ten (10) years from the date of grant thereof. Moreover, in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.
(d)    Option Exercise Price and Consideration.
(i)    Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option will be determined by the Administrator, but will be no less than 100% of the Fair Market Value per Share on the date of grant. In addition, in the case of an Incentive Stock Option granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing provisions of this Section 7(d), Options may be granted with a per Share exercise price of less than 100% of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Code Section 424(a).
(ii)    Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.
(iii)    Form of Consideration. The Administrator will determine the acceptable form(s) of consideration for exercising an Option, including the method of payment, to the extent permitted by Applicable Laws, which forms of consideration shall be set forth in the Award Agreement at the time of grant.
(e)    Exercise of Option.
(i)    Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator specifies from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with any applicable withholding taxes). No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 15 of the Plan.

EXHIBIT 10.29

(ii)    Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for ninety (90) days following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(iii)    Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for five (5) years following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(iv)    Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised following the Participant’s death within such period of time as is specified in the Award Agreement to the extent of all of the shares subject to the Option, including Shares that had not yet vested on the date of death (but in no event may the option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for five (5) years following Participant’s death. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(v)    Tolling Expiration. A Participant’s Award Agreement may also provide that:
(1)    if the exercise of the Option following the termination of Participant’s status as a Service Provider (other than upon the Participant’s death or Disability) would result in liability under Section 16(b), then the Option will terminate on the earlier of (A) the expiration of the term of the Option set forth in the Award Agreement, or (B) the tenth (10th) day after the last date on which such exercise would result in such liability under Section 16(b); or
(2)    if the exercise of the Option following the termination of the Participant’s status as a Service Provider (other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements under the Securities Act, then the Option will terminate on the earlier of (A) the expiration of the term of the Option, or (B) the expiration of a period of ninety (90) days after the termination of the Participant’s status as a Service Provider during which the exercise of the Option would not be in violation of such registration requirements.
8.    Stock Appreciation Rights.
(a)    Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.
(b)    Number of Shares. The Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted to any Participant.

EXHIBIT 10.29

(c)    Exercise Price and Other Terms. The Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan, provided, however, that the exercise price will be not less than 100% of the Fair Market Value of a Share on the date of grant. Notwithstanding the foregoing, any outstanding Stock Appreciation Rights held by a Participant who dies while a Service Provider will accelerate and fully vest upon the Participant’s death.
(d)    Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
(e)    Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement; provided, however, that the term will be no more than ten (10) years from the date of grant thereof. Notwithstanding the foregoing, the rules of Section 7(c) also will apply to Stock Appreciation Rights.
(f)    Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:
(i)    The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; by
(ii)    The number of Shares with respect to which the Stock Appreciation Right is exercised. At the discretion of the Administrator, the payment upon the exercise of a Stock Appreciation Right may be in cash, in Shares of equivalent value, or in some combination thereof.
9.    Restricted Stock.
(a)    Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.
(b)    Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, determines. Unless the Administrator determines otherwise, Shares of Restricted Stock will be held by the Company as escrow agent until the restrictions on such Shares have lapsed.
(c)    Transferability. Except as provided in Section 14, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.
(d)    Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate and contained in the Award Agreement on the date of grant.
(e)    Removal of Restrictions. Except as otherwise provided in this Section 9, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction. Subject to the vesting limitations under Section 6(b), the Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. Notwithstanding the foregoing, any outstanding Shares of Restricted Stock held by a Participant who dies while a Service Provider will accelerate and fully vest upon the Participant’s death.
(f)    Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.
(g)    Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will not be entitled to receive dividends or any other distributions paid with respect to such Shares.
(h)    Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and become available for grant under the Plan.

EXHIBIT 10.29

10.    Restricted Stock Units.
(a)    Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. Each Restricted Stock Unit grant will be evidenced by an Award Agreement that will specify such other terms and conditions as the Administrator, in its sole discretion, determines, including all terms, conditions, and restrictions related to the grant, the number of Restricted Stock Units and the form of payout, which, subject to Section 10(d), may be left to the discretion of the Administrator.
(b)    Vesting Criteria and Other Terms. Subject to Section 6(b), the Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. Subject to Section 6(b), after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any restrictions for such Restricted Stock Units. Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will specify the vesting criteria, and such other terms and conditions as the Administrator, in its sole discretion, determines. The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws or any other basis determined by the Administrator in its discretion. Notwithstanding the foregoing, any outstanding Restricted Stock Units held by a Participant who dies while a Service Provider will accelerate and fully vest upon the Participant’s death.
(c)    Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, subject to the vesting limitations under Section 6(b), at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.
(d)    Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may only settle earned Restricted Stock Units in cash, Shares, or a combination of both.
(e)    Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company and become available for grant under the Plan.
11.    Performance Units and Performance Shares.
(a)    Grant of Performance Units/Shares. Performance Units and Performance Shares may be granted to Service Providers at any time and from time to time, as determined by the Administrator, in its sole discretion. The Administrator will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant.
(b)    Value of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator on or before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant.
(c)    Performance Objectives and Other Terms. Subject to Section 6(b), the Administrator will set Performance Goals or other vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units/Shares that will be paid out to the Participant. The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. The time period during which the performance objectives or other vesting provisions must be met will be called the “Performance Period.” Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period and such other terms and conditions as the Administrator, in its sole discretion, determines.
(d)    Earning of Performance Units/Shares. After the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved. After the grant of a Performance Unit/Share, subject to the vesting limitations under Section 6(b), the Administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting provisions for such Performance Unit/Share. Notwithstanding the foregoing, any outstanding Performance Units/Shares held by a Participant who dies while a Service Provider will accelerate upon the Participant’s death, with such acceleration assuming that all performance goals and other vesting criteria are deemed achieved at target performance levels and any additional service conditions satisfied.

EXHIBIT 10.29

(e)    Form and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance Period and achievement of the performance criteria and other vesting provisions. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof.
(f)    Cancellation of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares will be forfeited to the Company, and become available for grant under the Plan.
12.    Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A, except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A. In no event will the Company (or any Parent or Subsidiary of the Company, as applicable) reimburse a Participant for any taxes imposed or other costs incurred as a result of Section 409A.
13.    Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise or as provided by written Company policies, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence or as provided by written Company policies. A Service Provider will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company and its Affiliates. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months and one day following the commencement of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.
14.    Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. With the approval of the Administrator, a Participant may, in a manner specified by the Administrator, (a) transfer an Award to a Participant’s spouse or former spouse pursuant to a court-approved domestic relations order which relates to the provision of child support, alimony payments or marital property rights, and (b) transfer an Option by bona fide gift and not for any consideration, to (i) a member or members of the Participant’s immediate family, (ii) a trust established for the exclusive benefit of the Participant and/or member(s) of the Participant’s immediate family, (iii) a partnership, limited liability company of other entity whose only partners or members are the Participant and/or member(s) of the Participant’s immediate family, or (iv) a foundation in which the Participant and/or member(s) of the Participant’s immediate family control the management of the foundation’s assets. For purposes of this Section 14, “immediate family” will mean the Participant’s spouse, former spouse, children, grandchildren, parents, grandparents, siblings, nieces, nephews, parents-in-law, sons-in-law, daughters-in-law, brothers-in-law, sisters-in-law, including adoptive or step relationships and any person sharing the Participant’s household (other than as a tenant or employee).

EXHIBIT 10.29

15.    Adjustments; Dissolution or Liquidation; Merger or Change in Control.
(a)    Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split up, spin off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award, and the numerical Share or value limits, as applicable, set forth in Sections 3 and 6.
(b)    Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.
(c)    Change in Control. In the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each outstanding Award will be treated as the Administrator determines subject to the restriction in the following paragraph, including, without limitation, that each Award be assumed or an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation (the “Successor Corporation”). The Administrator will not be required to treat all Awards or Participants similarly in the transaction.
In the event that the Successor Corporation does not assume or substitute for the Award (and for the avoidance of doubt, notwithstanding the vesting limitations under Section 6(b)), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to such Award with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved based on actual performance measured through the last date that the Award remains outstanding (or such earlier date, as determined by the Administrator, in its sole discretion), with any performance period shortened proportionately and applicable performance goals or other vesting criteria adjusted proportionately to reflect the shortened performance period (or to the extent applicable, the value of the consideration to be received by the Company’s stockholders in connection with the merger or Change in Control), as determined by the Administrator, in its sole discretion. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.
For the purposes of this subsection (c), an Award will be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the Successor Corporation or its Parent, the Administrator may, with the consent of the Successor Corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Unit or Performance Share, for each Share subject to such Award, to be solely common stock of the Successor Corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.
Notwithstanding anything in this Section 15(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the Successor Corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

EXHIBIT 10.29

(d)    Outside Director Awards. With respect to Awards granted to an Outside Director, in the event of a Change in Control in which such Awards are assumed or substituted for, if on the date of or following such assumption or substitution the Participant’s status as a Director or a director of the Successor Corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant (unless such resignation is at the request of the acquirer), then the Participant will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights as to all of the Shares underlying such Award, including those Shares which would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, unless specifically provided otherwise under the applicable Award Agreement, a Company policy applicable to the Participant, or other written agreement between the Participant and the Company, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met.
16.    Tax.
(a)    Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or such earlier time as any tax withholding obligations are due, the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy U.S. federal, state, or local taxes, non-U.S. taxes, or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof).
(b)    Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, (iii) delivering to the Company already-owned Shares having a fair market value equal to the statutory amount required to be withheld or such greater amount as the Administrator may determine, in each case, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld, or (v) any combination of the foregoing methods of payment. The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The fair market value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.
17.    No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider, nor will they interfere in any way with the Participant’s right or the right of the Company (or any Affiliate) to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.
18.    Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.
19.    Term of Plan. Subject to Section 24 of the Plan, the Plan will become effective upon its adoption by the Board. It will continue in effect for a term of ten (10) years from the date adopted by the Board, unless terminated earlier under Section 20 of the Plan.
20.    Amendment and Termination of the Plan.
(a)    Amendment and Termination. The Administrator may at any time amend, alter, suspend or terminate the Plan.
(b)    Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.

EXHIBIT 10.29

(c)    Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will materially impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.
		
	21.
	Conditions Upon Issuance of Shares.

(a)    Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.
(b)    Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
22.    Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any U.S. federal or state law, any non-U.S. law, or the rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been obtained.
23.    Clawback. The Administrator may specify in an Award Agreement that the Participant’s rights, payments, and/or benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, and/or recoupment upon the occurrence of certain specified events, in addition to any applicable vesting, performance or other conditions and restrictions of an Award. Notwithstanding any provisions to the contrary under this Plan, an Award granted under the Plan shall be subject to the Company’s clawback policy as may be established and/or amended from time to time. The Board may require a Participant to forfeit or return to and/or reimburse the Company all or a portion of the Award and/or Shares issued under the Award, any amounts paid under the Award, and any payments or proceeds paid or provided upon disposition of the Shares issued under the Award, pursuant to the terms of such Company policy or as necessary or appropriate to comply with Applicable Laws.
24.    Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.

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