Document:

Document

Exhibit 10.1

ADIENT PLC
RESTRICTED SHARES OR RESTRICTED SHARE UNIT AWARD

Grant - Terms for Restricted Shares and Restricted Share Units

						
	Grant Date:	July 1, 2020
	First Vesting Date:	January 1, 2021
	Second Vesting Date:	July 1, 2021

Adient plc has adopted the 2016 Omnibus Incentive Plan to permit awards of restricted shares or restricted share units to be made to certain key employees of the Company or any Affiliate.  The Company desires to provide incentives and potential rewards for future performance by the employee by providing the Participant with a means to acquire or to increase his or her proprietary interest in the Company's success.

Definitions.  Capitalized terms used in this Award have the following meanings:

(a)“Award” means this grant of Restricted Shares and/or Restricted Share Units.
(b)“Award Notice” means an Award notification (if any) delivered to the Participant in connection with this Award.
(c)“Company” means Adient plc or any successor thereto.
(d)“First Restriction Period” means the period beginning on the Grant Date and ending on the First Vesting Date indicated above during which the Participant cannot sell, transfer, pledge, assign or otherwise encumber one half (1/2) of the total number of Restricted Shares or Restricted Share Units granted under this Award.  
(e)“Inimical Conduct” means any of the following as determined by the Administrator in its sole discretion: (i) any act or omission that is inimical to the best interests of the Company or any Affiliate as determined by the Administrator, (ii) violation of any employment, non-compete, confidentiality or other agreement in effect with the Company or any Affiliate, or the Company’s or an Affiliate’s code of ethics, as then in effect, (iii) conduct rising to the level of gross negligence or willful misconduct in the course of employment with the Company or an Affiliate, (iv) commission of an act of dishonesty or disloyalty involving the Company or an Affiliate, or taking any action which damages or negatively reflects on the reputation of the Company or an Affiliate, (v) failure to comply with applicable laws relating to trade secrets, confidential information or unfair competition or a violation of any other federal, state or local law in connection with the Participant’s employment or service, or (vi) breach of any fiduciary duty to the Company or an Affiliate.
(f)“Participant” means the individual selected to receive this Award.
(g)“Plan” means the Adient plc 2016 Omnibus Incentive Plan, as may be amended from time to time.
(h)“Restriction Period” means the First Restriction Period or the Second Restriction Period, as applicable.  
(i)“Restricted Shares” means Shares that are subject to a risk of forfeiture and a Restriction Period.
(j)“Restricted Share Unit” means the right to receive a payment, in cash or Shares, equal to the Fair Market Value of one Share, that is subject to a risk of forfeiture and a Restriction Period.
(k)“Retirement” means a termination of employment from the Company and its Affiliates on or after age 60, other than a termination by the Company or an Affiliate for Cause.
(l)“Second Restriction Period” means the period beginning on the Grant Date and ending on the Second Vesting Date indicated above during which the Participant cannot sell, transfer, pledge, assign or otherwise encumber one half (1/2) of the total number of Restricted Shares or Restricted Share Units granted under this Award.
(m)“Share” means an ordinary share of the Company.
			
	

        Other capitalized terms used in this Award have the meanings given in the Plan.

The parties agree as follows:

1.Grant of Award.  The Company hereby grants to the Participant an award of Restricted Shares or Restricted Share Units, as specified above or in any Award Notice, on the date and with respect to the number of Shares or Units specified above or in any Award Notice.  The Award is subject to the terms and conditions set forth herein and, in the Plan, a copy of which has been delivered to the Participant, and which is made a part of this Award.

2.Restricted Shares.  If the Award is in the form of Restricted Shares, the Shares are subject to the following terms:

a.Restriction Period.  The Company will hold the Shares in escrow or via an independent trust or nominee for the Restriction Period applicable to such Shares.  During the applicable Restriction Period, the Shares shall be subject to forfeiture as provided in Section 4.

b.Removal of Restrictions.  Subject to any applicable deferral election under the Adient US LLC Executive Deferred Compensation Plan (or any successor plan) and to Section 4 below, Shares that have not been forfeited shall become available to the Participant after the last day of the applicable Restriction Period upon payment in full of all taxes due with respect to such Shares. 

c.Voting Rights.  During the Restriction Periods, the Participant may exercise full voting rights with respect to the Shares.

d.Dividends and Other Distributions.  Any cash dividends or other distributions paid or delivered with respect to Restricted Shares for which the record date occurs on or before the last day of the Restriction Period applicable to such Restricted Shares will be credited to a bookkeeping account for the benefit of the Participant unless it is indicated above or in any Award Notice that such cash dividends or other distributions shall be paid currently.  To the extent such account is credited, it will be converted into and settled in additional Shares issued under the Plan at the end of the applicable Restriction Period unless it is indicated above or in any Award Notice that the account will be paid to the Participant in cash, in which case it will be paid in cash at the end of the applicable Restriction Period.  Prior to the end of the applicable Restriction Period, any account credited pursuant to this paragraph will be subject to the same terms and conditions (including risk of forfeiture) as the Restricted Shares to which the dividends or other distributions relate.  

3.Restricted Share Units.  If the Award is in the form of Restricted Share Units, the Restricted Share Units are subject to the following terms:

a.Restriction Period.  During the Restriction Period applicable to the Restricted Share Units, such Restricted Share Units shall be subject to forfeiture as provided in Section 4.

b.Settlement of Restricted Share Units.  Subject to any applicable deferral election under the Adient US LLC Executive Deferred Compensation Plan (or any successor plan thereto) and to Section 4 below, the Restricted Share Units shall be settled by payment of one Share per Restricted Share Unit unless it is indicated above or in any Award Notice that the Restricted Share Units will be settled through payment of cash, in which case the Restricted Share Units will be settled through payment of cash equal to the Fair Market Value of one Share per Restricted Share Unit, in each case as soon as practicable after the last day of the Restriction Period that applies to such Restricted Share Units and upon payment in full of all taxes due with respect to such Restricted Share Units.  Notwithstanding the foregoing, if this Award provides that it will be settled in cash, but the Company has satisfied all registration, qualification or other legal requirements necessary to permit the settlement of the Restricted Share Units in Shares in the Participant’s jurisdiction 

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without adverse legal, tax, financial or accounting consequences to the Company or its Affiliates, then such Award will instead be settled in Shares and the Participant will have no right to receive cash.  Notwithstanding the foregoing, if the Participant is a specified employee within the meaning of Code Section 409A and the Restriction Period applicable to Restricted Share Units lapses due to a termination of employment (other than for death), then such vested Restricted Share Units will be settled as soon as practicable six months after the Participant’s termination to the extent required to comply with Code Section 409A. 

c.Dividend Equivalent Units.  Any cash dividends or other distributions paid or delivered with respect to the Shares for which the record date occurs on or before the last day of a Restriction Period will result in a credit to a bookkeeping account for the benefit of the Participant unless it is indicated above or in any Award Notice that such cash dividends or other distributions shall result in the current payment of a dividend equivalent.  Any such credit or dividend equivalent will be equal to the dividends or other distributions that would have been paid with respect to the Shares subject to the Restricted Share Units had such Shares been outstanding.  To the extent a bookkeeping account is credited pursuant to this paragraph, it will be converted into and settled in additional Shares issued under the Plan at the end of the applicable Restriction Period unless it is indicated above or in any Award Notice that the account will be paid to the Participant in cash, in which case it will be paid in cash at the end of the applicable Restriction Period.  Prior to the end of the applicable Restriction Period, any account credited pursuant to this paragraph will be subject to the same terms and conditions (including risk of forfeiture) as the Restricted Share Units to which the dividends or other distributions relate.  

4.Termination of Employment – Risk of Forfeiture.

a.Retirement or Involuntary Termination Other Than For Cause.  If the Participant’s employment with the Company and its Affiliates terminates due to the Participant’s Retirement or due to the Company’s involuntary termination of the Participant’s employment other than for Cause before the end of the Restriction Periods, then any of the Participant’s Restricted Shares or Restricted Share Units that are then unvested will continue to vest and otherwise be subject to the terms and conditions of this Agreement as if the Participant’s employment had not terminated. If the Participant, after his or her Retirement or involuntary termination, engages in Inimical Conduct, or, in the case of Retirement, obtains Full-Time Employment or acts as an employee (whether full-time or otherwise), consultant or member of a board of a Competitor, as determined by the Administrator, then any Restricted Shares or Restricted Share Units that have not yet vested or been settled shall automatically be forfeited and returned to the Company as of the date of the Administrator’s determination. The Participant shall provide such information or documentation as the Administrator reasonably determines is necessary to confirm whether the Participant has engaged in any prohibited activity as described in the preceding sentence.  For purposes hereof:
i.“Competing Product or Service” means any product or service that is sold in competition with, or, as of the date of the Participant’s Retirement, is being developed and that will compete with, a product or service developed, manufactured, or sold by the Company or any of its Affiliates. For purposes of this Section 4.a., Competing Products or Services as to the Participant are limited to products and/or services with respect to which the Participant participated in the development, planning, testing, sale, marketing or evaluation on behalf of the Company or any Affiliate  during any part of the Participant’s employment with the Company or an Affiliate, or after the termination of the Participant’s employment, during any part of the 24 months preceding the termination of the Participant’s employment with the Company and its Affiliates, or for which the Participant supervised one or more Company or Affiliate employees, units, divisions or departments in doing so.

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ii.“Competitor” means an individual, business or any other entity or enterprise engaged or having publicly announced its intent to engage in the sale or marketing of any Competing Product or Service.
iii.“Full-Time Employment” means working thirty-five (35) or more hours per week.
b.Voluntary Termination Other Than Retirement.  If the Participant’s employment with the Company and its Affiliates terminates due to a voluntary resignation (other than Retirement) at a time when the Participant could not have been terminated for Cause, then:

i.If such resignation occurs prior to the First Vesting Date, then all Restricted Shares and Restricted Share Units subject to this Award shall automatically be forfeited and returned to the Company as of the date of such resignation.
ii.If such resignation occurs after the First Vesting Date but prior to Second Vesting Date, then a pro rata portion of the Restricted Shares or Restricted Share Units that would have vested on the Second Vesting Date, calculated on the basis of the number of days of employment completed between the First Vesting Date and the Second Vesting Date compared to the full six (6) month period between such dates, will continue to vest and otherwise be subject to the terms and conditions of this Agreement as if the Participant’s employment had not terminated.  Any Restricted Shares or Restricted Share Units that do not remain eligible for continued vesting following such termination of employment shall automatically be forfeited and returned to the Company as of the date of such resignation. If the Participant, after his or her voluntary resignation, engages in Inimical Conduct, as determined by the Administrator, any Restricted Shares or Restricted Share Units that have not yet vested or been settled shall automatically be forfeited and returned to the Company as of the date of the Administrator’s determination. The Participant shall provide such information or documentation as the Administrator reasonably determines is necessary to confirm whether the Participant has engaged in Inimical Conduct.
c.Death.  If the Participant’s employment with the Company and its Affiliates terminates because of death at a time when the Participant could not have been terminated for Cause, then, effective as of the date the Company determines the Participant’s employment terminated due to death (provided such determination is made no more than 75 days after the date of death), any remaining Restriction Periods shall automatically lapse.  If the Participant dies after Retirement while this Award is still subject to a Restriction Period, then, effective as of the date of the Participant’s death (provided the Company receives notice of the Participant’s death within 75 days), any remaining Restriction Period shall automatically lapse as of the date of death.  The Company shall have no liability to any person for any taxes, penalties or interest incurred by any person due to the Company not receiving notice of the Participant’s death within 75 days.

d.Disability.  If the Participant becomes Disabled at a time when the Participant could not have been terminated for Cause, then the Participant shall become vested in (and any remaining Restriction Period shall automatically lapse with respect to) the Restricted Shares or Restricted Share Units subject to this Award as of the date of such Disability.

e.Other Termination.  If the Participant’s employment terminates for any reason not described above, then any Restricted Shares or any Restricted Share Units (and all deferred dividends paid or credited thereon) still subject to a Restriction Period as of the date of such termination of employment shall automatically be forfeited and returned to the Company.  The Company may suspend payment or delivery of Shares (without liability for interest thereon) pending the Administrator’s determination of whether the Participant’s employment was or should have been terminated for Cause or whether the Participant has engaged in Inimical Conduct.

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5.Withholding.  The Participant agrees to remit to the Company any foreign, U.S. federal, state and/or local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to the issuance of Shares under this Award, the vesting of this Award or the payment of cash under this Award.  Unless the Company otherwise determines, the Company will satisfy any withholding obligations in connection with this Award by withholding from cash or Shares otherwise payable or issuable under this Award in the amount needed to satisfy any withholding obligations; provided that, in the case of Shares, the amount withheld may not exceed the total maximum statutory tax rates associated with the transaction to the extent necessary to avoid an accounting charge.  Alternatively, the Company may require the Participant to pay to the Company, in cash, promptly on demand, amounts sufficient to satisfy such tax obligations or make other arrangements satisfactory to the Company regarding the payment to the Company of the aggregate amount of any such tax obligations, or the Company may withhold from cash or other property, payable or issuable to the Participant or from Shares no longer subject to restrictions in the amount needed to satisfy any withholding obligations.

6.No Claim for Forfeiture.  Neither the Award nor any benefit accruing to the Participant from the Award will be considered to be part of the Participant’s normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments.  In no event may the Award or any benefit accruing to the Participant from the Award be considered as compensation for, or relating in any way to, past services for the Company or any Affiliate.  In consideration of the Award, no claim or entitlement to compensation or damages shall arise from forfeiture of the Award resulting from termination of the Participant’s employment by the Company or any Affiliate (for any reason whatsoever and whether or not in breach of local labor laws) and the Participant irrevocably releases the Company and its Affiliates from any such claim that may arise.  If, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the grant, the Participant shall have been deemed irrevocably to have waived any entitlement to pursue such claim.  

7.Electronic Delivery.  The Company or its Affiliates may, in its or their sole discretion, decide to deliver any documents related to current or future participation in the Plan or related to this Award by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. The Participant hereby agrees that all on-line acknowledgements shall have the same force and effect as a written signature.

8.Securities Compliance.  The Company may place a legend or legends upon the certificates for Shares issued under the Plan and may issue “stop transfer” instructions to its transfer agent in respect of such Shares as it determines to be necessary or appropriate to (a) prevent a violation of, or to obtain an exemption from, the registration requirements of the Securities Act of 1933, as amended, applicable state securities laws or other legal requirements, or (b) implement the provisions of the Plan, this Award or any other agreement between the Company and the Participant with respect to such Shares.

9.Successors.  All obligations of the Company under this Award shall be binding on any successor to the Company.  The terms of this Award and the Plan shall be binding upon and inure to the benefit of the Participant, and his or her heirs, executors, administrators or legal representatives.

10.Legal Compliance.  The granting of this Award and the issuance of Shares under this Award shall be subject to all applicable laws, rules, and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

11.Governing Law; Arbitration.  This Award and the rights and obligations hereunder shall be governed by and construed in accordance with, except to the extent preempted by other applicable laws (a) with respect to the corporate law requirements applicable to the Company, the validity and authorization of the issuance of Shares 

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under the Plan and similar matters, the internal laws of Ireland (without reference to conflict of law principles thereof) and (b) with respect to all other matters relating to the Plan and Awards, the internal laws of the State of New York (without reference to conflict of law principles thereof). Arbitration will be conducted, to the extent applicable, per the provisions in the Plan.

12.Data Privacy and Sharing.  As a condition of the granting of the Award, the Participant acknowledges and agrees that it is necessary for some of the Participant’s personal identifiable information to be provided to certain employees of the Company, the third party data processor that administers the Plan and the Company’s designated third party broker in the United States.  These transfers will be made pursuant to a contract that requires the processor to provide adequate levels of protection for data privacy and security interests in accordance with the EU Data Privacy Directive 95/46 EC and the implementing legislation of the Participant’s home country.  By accepting the Award, the Participant acknowledges having been informed of the processing of the Participant’s personal identifiable information described in the preceding paragraph and consents to the Company collecting and transferring to the Company's Total Rewards Department or Shareholder Services Department, and its independent benefit plan administrator and third party broker, the Participant’s personal data that are necessary to administer the Award and the Plan.  The Participant understands that his or her personal information may be transferred, processed and stored outside of the Participant’s home country in a country that may not have the same data protection laws as his or her home country, for the purposes mentioned in this Award.  

This Award, including any Award Notice delivered to the Participant and any other documents expressly referenced in this Award contain all of the provisions applicable to the Award and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to the Participant.

The Company has caused this Award to be executed by one of its authorized officers as of the date of grant.

ADIENT PLC

Renee S. McLeod
Vice President and Chief Human Resources Officer

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GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED

RESTRICTED STOCK BONUS GRANT NOTICE

(2019 EQUITY INCENTIVE PLAN) 

 

Glory Star New Media Group Holdings Limited
(the “Company”), pursuant to its 2019 Equity Incentive Plan, as amended (the “Plan”), hereby awards to
Participant as a bonus the number of Restricted Shares of the Company set forth below (“Award”). This Award is subject
to all of the terms and conditions as set forth herein and in the Restricted Stock Bonus Agreement and the Plan, all of which are
attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the meanings
set forth in the Plan or the Restricted Stock Bonus Agreement. In the event of any conflict between the terms in the Award and
the Plan, the terms of the Plan shall control.

 

	Participant:	 
	 	 
	Grant Date:	 
	 	 
	Number of Restricted Shares Subject to Award: 	 
	 	 
	Consideration:	 
	 	 
	Vesting Schedule:	 

 

By signing below or otherwise evidencing
your acceptance of this Award in a manner approved by the Company, you agree to all of the terms and conditions contained in this
Award and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the
entire agreement between you and the Company regarding this Award of Restricted Shares.

 

	Date:	Glory Star New Media Group Holdings Limited
	 	 
	 	 
	 	Bing Zhang, Chief Executive Officer
	 	 
	Date:	Participant
	 	 
	 	 
	 	[Name]

 

     

     

    

 

GLORY STAR NEW MEDIA GROUP HOLDINGS LIMITED

2019 EQUITY INCENTIVE PLAN

RESTRICTED STOCK BONUS AGREEMENT

 

Pursuant to the Restricted Stock Bonus Grant
Notice (“Grant Notice”) and this Restricted Stock Bonus Agreement (collectively, the “Award”) and in consideration
of your services, Glory Star New Media Group Holdings Limited (the “Company”) has awarded you (“Participant”)
a stock bonus under its 2019 Equity Incentive Plan, as amended (the “Plan”) for the number of Restricted Shares specified
in the Grant Notice. Capitalized terms not explicitly defined in this Restricted Stock Bonus Agreement but defined in the Plan
shall have the same definitions as in the Plan. The details of your Award, in addition to those set forth in the Grant Notice and
the Plan, are as follows.

 

The details of your Award are as follows:

 

1. Delivery of Restricted Shares.
As soon as practicable after the Grant Date, the Company will cause its transfer agent to either maintain a book entry account
in your name reflecting the issuance of the Restricted Shares, or issue one or more stock certificates in your name evidencing
the Restricted Shares. Any such stock certificate will be deposited with the Company or its designee, and bear an appropriate legend
referring to the restricted nature of the Restricted Shares evidenced thereby. Any book-entry that reflects the issuance of such
Restricted Shares will be subject to stop transfer instructions as provided in Sections 7(b) and (c). Your right to receive this
Award is conditioned upon your execution and delivery to the Company of any instruments of assignment that may be necessary to
permit transfer to the Company of all or a portion of the Restricted Shares if such Restricted Shares are forfeited in whole or
in part.

 

2. Applicable Restrictions.

 

(a) Beginning on the Grant Date, you shall
have all rights and privileges of a shareholder of the Company with respect to the Restricted Shares except as follows:

 

(i) None of the Restricted Shares may be
sold, transferred, assigned, pledged or otherwise encumbered, subjected to a levy or attachment or disposed of before they vest
other than a transfer upon your death in accordance with your will or the laws of descent and distribution, pursuant to a domestic
relations order, or by gift to any “family member” (as defined in General Instruction A.1(a)(5) to Form S-8 under the
Securities Act of 1933) of the Participant

 

(ii) All or a portion of the Restricted
Shares may be forfeited under the circumstances specified in Section 5.

 

(b) Any attempt to transfer or dispose of
any Restricted Shares in a manner contrary to the transfer restrictions shall be void and of no effect.

 

(c) Participant shall be entitled to receive
any dividends and other distributions paid with respect to such Restricted Shares; provided that any such dividends and other distributions
will be subject to the same restrictions and risk of forfeiture as the Restricted Shares. If any such dividends or distributions
are paid in Ordinary Shares, the Ordinary Shares will be subject to the same restrictions on transferability and forfeitability
as the Restricted Shares with respect to which they were paid.

 

3. Vesting of Restricted Shares.
If you remain a Service Provider to the Company (or any Subsidiary) continuously from the Grant Date specified on the Award, then
the Restricted Shares will vest in the number(s) and on the date(s) specified in the Vesting Schedule on the Award.

 

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4. Release of Unrestricted Shares.
Upon the vesting of Restricted Shares and the corresponding lapse of the transfer restrictions, and after the Company has determined
that all conditions to the release of unrestricted Ordinary Shares to you, including compliance with all applicable legal requirements,
have been satisfied, it shall release to you the unrestricted Ordinary Shares, as evidenced by issuance to you of a stock certificate
without restrictive legend, by electronic delivery of such Ordinary Shares to a brokerage account designated by you, or by an unrestricted
book-entry registration of such Ordinary Shares with the Company’s transfer agent.

 

5. Forfeiture of Restricted Shares.
If your Service to the Company or any Subsidiary terminates before all of the Restricted Shares have vested, or if you attempt
to transfer Restricted Shares in a manner contrary to the transfer restrictions, you will immediately forfeit all unvested Restricted
Shares. Any Restricted Shares that are forfeited shall be returned to the Company for cancellation.

 

6. Securities Law Compliance. You
may not be issued any Ordinary Shares under your Award unless the Ordinary Shares are either (i) then registered under the Securities
Act or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities
Act. Your Award must also comply with other applicable laws and regulations governing the Award, and you will not receive such
Ordinary Shares if the Company determines that such receipt would not be in material compliance with such laws and regulations.

 

7. Restrictive Legends and Stop-Transfer
Orders.

 

(a) Legends. Any certificate or certificates representing
the Restricted Shares will bear the following legend (as well as any legends required by applicable state and federal corporate
and securities laws) noting the existence of the restrictions set forth in this Agreement:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A RESTRICTED STOCK BONUS AGREEMENT BETWEEN THE COMPANY AND THE PARTICIPANT,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.”

 

(b) Stop-Transfer Notices. You agree
that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer”
instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations
to the same effect in its own records.

 

(c) Refusal to Transfer. The Company
will not be required to transfer on its books any Ordinary Shares subject to this Agreement that have been sold or otherwise transferred
in violation of any of the provisions of this Agreement.

 

8. Award Not A Service Contract.
Your Award is not an employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever
any obligation on your part to continue in the employ of the Company or a Subsidiary, or on the part of the Company or a Subsidiary
to continue your employment. In addition, nothing in your Award shall obligate the Company or a Subsidiary, their respective shareholders,
Board, Officers or Employees to continue any relationship that you might have as a Director, Employee or Consultant for the Company
or a Subsidiary.

 

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9. Withholding Obligations.

 

(a) At the time your Award is made, or at
any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any amounts payable to you,
and otherwise agree to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or a Subsidiary, if any, which arise in connection with your Award.

 

(b) Unless the tax withholding obligations
of the Company and/or any Subsidiary are satisfied, the Company shall have no obligation to issue a certificate for such Ordinary
Shares or release such Ordinary Shares from any escrow provided for herein.

 

10. Tax Consequences. You shall pay
all taxes and discharge all other liabilities to which you may become subject as a result of your Award. The Company shall not
be responsible for any tax or other liability to your Award and you shall indemnify the Company or a Subsidiary fully against all
claims, demands, liabilities, actions, proceedings, fees, costs and expenses which the Company or a Subsidiary may suffer or incur
(whether alone or jointly with other party or parties) for or in respect of any failure on the part of you to obtain any necessary
consent or to pay tax or other liabilities referred therein.

 

11. Miscellaneous.

 

(a) The rights and obligations of the Company
under your Award shall be transferable to any one or more persons or entities, and all covenants and agreements hereunder shall
inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your rights and obligations under your
Award may only be assigned with the prior written consent of the Board in its sole discretion.

 

(b) You agree upon request to execute any
further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent
of your Award.

 

(c) You acknowledge and agree that you have
reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your
Award and fully understand all provisions of your Award.

 

12. Governing Plan Document. Your
Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further
subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant
to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan
shall control.

 

This Restricted Stock Bonus Agreement shall be deemed to be
signed by the Company and Participant upon the acceptance by the Participant of the Restricted Stock Bonus Grant Notice.

 

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ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED and pursuant to
that certain Restricted Stock Bonus Grant Notice and Restricted Stock Bonus Agreement (the “Award”),
______________ [Participant’s Name] hereby sells, assigns and transfers unto Glory Star New Media Group Holdings Limited,
a company organized under the laws of the Cayman Islands (“Assignee”) ________________________ (__________)
ordinary shares of the Assignee, standing in the undersigned’s name on the books of said corporation represented by Certificate
No. ___________ herewith and do hereby irrevocably constitute and appoint Continental Stock Transfer & Trust as attorney-in-fact
to transfer the said stock on the books of the within named Company with full power of substitution in the premises. This Assignment
may be used only in accordance with and subject to the terms and conditions of the Award.

 

Dated:___________________________

 

	 	Signatures:_________________________________________
	 	[Participant’s Name], Recipient

 

[INSTRUCTION: Please do not fill in any blanks other
than the signature line. The purpose of this Assignment is to enable the Company to exercise its right set forth in the Award without
requiring additional signatures on your part.]

 

 

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