Document:

EX-10.8

 Exhibit 10.8 

WILSON BANK & TRUST 

DIRECTOR SURVIVOR INCOME AGREEMENT 

THIS DIRECTOR SURVIVOR INCOME AGREEMENT is made this 14th day of April, 2014, by and between Wilson Bank & Trust with its main office in Lebanon, Tennessee, (“Bank”), and James Patton (“Director”). 

WHEREAS, to encourage the Director to remain in service to the Bank, the Bank is willing to provide
benefits to the Director’s beneficiary(ies) if the Director dies prior to terminating services. The Bank will pay the benefits from its general assets, but only so long as one of its general assets is a life insurance policy on the
Director’s life. 
 NOW THEREFORE, in consideration of the foregoing premises and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Director hereby agree as follows. 
  

	1.	Definitions 

 Whenever used in this Agreement, the following words and phrases shall have the meanings
specified: 
  

	 	1.1	Termination of Service means that the Director shall have ceased being a member of the Board of Directors for any reason whatsoever. For purposes of this Agreement, if there is a dispute over the status of the
Director or the date of termination, the Bank shall have the sole and absolute right to decide the dispute. 

  

	2.	Entitlement to Benefit 

  

	 	2.1	Pre-Termination Survivor Income Benefit. If the Director dies prior to Termination of Service with the Bank, the Bank shall pay to the Director’s designated beneficiary in a single lump sum the survivor
income benefit described in Paragraph 2.3. 

  

	 	2.2	Contingency for Payment. The Bank will pay the benefits from its general assets, but only so long as one of the Bank’s general assets is an enforceable life insurance policy on the Director’s life that
was issued by Massachusetts Mutual Life Insurance Company and Midland National Life Insurance Company. 

  

	 	2.3	Amount of Benefits. If the Director dies prior to Termination of Service, the Bank shall pay the amount shown on Schedule A, attached to this Agreement. Any payments hereunder shall be paid to the Director’s
beneficiary(ies) in a single lump sum within 60 days after the Director’s death. 

  

	3.	Beneficiaries 

  

	 	3.1	Beneficiary Designations. The Director shall designate a beneficiary by filing a written designation with the Bank. The Director’s beneficiary designation shall be deemed automatically revoked if the
beneficiary predeceases the Director. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director’s estate. 

  
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	 	3.2	Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Bank may pay such benefit to the
guardian, legal representative, or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, or guardianship as it may deem appropriate prior to distribution of the
benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit. 

  

	4.	General Limitations 

  

	 	4.1	Termination. Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if Termination of Service occurs as defined in Paragraph 1.1 above.

  

	 	4.2	Suicide or Misstatement. The Bank shall not pay any benefit under this Agreement if the Director commits suicide within three years after the date of this Agreement. In addition, the Bank shall not pay any
benefit under this Agreement if the Director has made any material misstatement of fact on any application or resume provided to the Bank, or on any application for any benefits provided by the Bank to the Director. 

 

	 	4.3	Removal. Notwithstanding any provision of this Agreement to the contrary, if the Director is removed from service or permanently prohibited from participating in the conduct of the Bank’s affairs by an order
issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), or is terminated for cause, all obligations of the Bank under this Agreement shall terminate as of the effective date of the
order or Termination for Cause. Termination for Cause means the Bank has terminated the Director’s service for any of the following reasons: 

  

	 	(a)	Gross negligence or gross neglect of duties; 

  

	 	(b)	Commission of a felony or of a gross misdemeanor involving moral turpitude; or 

  

	 	(c)	Fraud, disloyalty, or willful violation of any law or significant Bank policy committed in connection with the Director’s service and resulting in an adverse effect on the Bank. 

 

	 	4.4	Insolvency. Notwithstanding any provision of this Agreement to the contrary, if the Department of Banking appoints the Federal Deposit Insurance Corporation as receiver for the Bank all obligations under this
Agreement shall terminate as of the date of the Bank’s declared insolvency. 

  

	5.	Claims and Review Procedures 

  

	 	5.1	Claims Procedure. A participant or beneficiary (claimant) who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

  

	 	(a)	Initiation: Written Claim. The claimant initiates a claim by submitting to the Bank a written claim for the benefits. 

  
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	 	(b)	Timing of Bank Response. The Bank shall respond to such claimant within 90 days after receiving the claim. If the Bank determines that special circumstances require additional time for processing the claim, the
Bank can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances
and the date by which the Bank expects to render its decision. 

  

	 	(c)	Notice of Decision. If the Bank denies part or all of the claim, the Bank shall notify the claimant in writing of such denial. The Bank shall write the notification in a manner calculated to be understood by the
claimant. The notification shall set forth: 

  

	 	i.	The specific reasons for the denial; 

  

	 	ii.	A reference to the specific provisions of the Agreement on which the denial is based; 

  

	 	iii.	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed; 

 

	 	iv.	An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and 

  

	 	v.	A statement of the claimant’s right to bring a civil action under ERISA (Employee Retirement Income Security Act) Section 502(a) following an adverse benefit determination on review. 

 

	 	5.2	Review Procedure. If the Bank denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Bank of the denial, as follows: 

 

	 	(a)	Initiation: Written Request. To initiate the review, the claimant, within 60 days after receiving the Bank’s notice of denial, must file with the Bank a written request for review. 

 

	 	(b)	Additional Submissions: Information Access. The claimant shall then have the opportunity to submit written comments, documents, records, and other information relating to the claim. The Bank shall also provide
the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 

 

	 	(c)	Considerations on Review. In considering the review, the Bank shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was
submitted or considered in the initial benefit determination. 

  

	 	(d)	Timing of Bank Response. The Bank shall respond in writing to such claimant within 60 days after receiving the request for review. If the Bank determines that special circumstances require additional time for
processing the claim, the Bank can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth
the special circumstances and the date by which the Bank expects to render its decision. 

  
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	 	(e)	Notice of Decision. The Bank shall notify the claimant in writing of its decision on review. The Bank shall write the notification in a manner calculated to be understood by the claimant. The notification shall
set forth: 

  

	 	i.	The specific reasons for the denial; 

  

	 	ii.	A reference to the specific provisions of the Agreement on which the denial is based; 

  

	 	iii.	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA
regulations) to the claimant’s claim for benefits; and 

  

	 	iv.	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 

  

	6.	Miscellaneous 

  

	 	6.1	Amendments and Termination. The Bank may amend or terminate this Agreement at any time. In addition, the Bank may modify Schedule A at its sole discretion. 

 

	 	6.2	Binding Effect. This Agreement shall bind the Director and the Bank and their beneficiaries, survivors, executors, administrators and transferees. 

 

	 	6.3	No Guarantee to Serve as Director. This Agreement is not a contract for service as a Director. It does not give the Director the right to remain a Director of the Bank, nor does it interfere with the Bank’s
right to discharge the Director. It also does not require the Director to remain in service nor interfere with the Director’s right to terminate service at any time. 

 

	 	6.4	Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner. 

 

	 	6.5	Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 

 

	 	6.6	Applicable Law. Except to the extent preempted by the laws of the United States of America, the validity, interpretation, construction, and performance of this Agreement shall be governed by and construed in
accordance with the laws of the state of Tennessee, without giving effect to the principles of conflict of laws of such state. 

  

	 	6.7	Unfunded Arrangement. The Director’s beneficiary(ies) are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay
such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Director’s life is a general asset
of the Bank to which the Director and the Director’s beneficiary(ies) have no preferred or secured claim. 

  

	 	6.8	Entire Agreement. This Agreement constitutes the entire agreement between the Bank and the Director as to the subject matter hereof. No rights are granted to the Director’s beneficiary by virtue of this
Agreement other than those specifically set forth herein. 

  
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	 	6.9	Administration. The Bank shall have all powers which are necessary to administer this Agreement, including but not limited to: 

 

	 	(a)	Interpreting the provisions of the Agreement; 

  

	 	(b)	Establishing and revising the method of accounting for the Agreement; 

  

	 	(c)	Maintaining a record of benefit payments; and 

  

	 	(d)	Establishing rules and prescribing any forms necessary or desirable to administer the Agreement. 

  

	 	6.10	Named Fiduciary. For purposes of the Employee Retirement Income Security Act of 1974, if applicable, the Bank shall be the named fiduciary and plan administrator under this Agreement. The named fiduciary may
delegate to others certain aspects of the management and operation responsibilities of the plan, including the employment of advisors and the delegation of ministerial duties to qualified individuals. 

 

	 	6.11	Severability. If for any reason any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not held so invalid, and each such other provision shall, to
the full extent consistent with the law, continue in full force and effect. If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the remainder of such provision, not held so invalid and the
remainder of such provision, together with all other provisions of this Agreement, shall continue in full force and effect to the full extent consistent with the law. 

 

	 	6.12	Headings. The headings of Sections herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. 

 

	 	6.13	Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return
receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by like notice. 

  

	 	(a)	If to the Bank, to: 

 Wilson Bank & Trust 

ATTN: Lisa Pominski 
 PO 768

 Lebanon, TN 37087 
  

	 	(b)	If to the Director, to: 

					
		 	  
	 	
		 	  
	 	
		 	  
	 	

 and to such other or additional person or persons as either party shall have designated to the other party in writing by
like notice. 

  
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 IN WITNESS WHEREOF, the Director and a duly authorized Bank Officer have signed this Agreement.

  

									
	Director:	 		 	Bank:
			
	James Patton	 		 	Wilson Bank & Trust
	(Name of Director)	 		 		 	
				
	/s/ James Patton	 		 	By:	 	    /s/ H. Elmer Richerson
	(Signature of Director)	 		 		 	
					
		 		 		 	Its:	 	    President

  
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 SCHEDULE A 
  

					
	JAMES PATTON	 
	 Age
	  	Benefit Amount	 
	 54
	  	 	400,000	  
	 55
	  	 	400,000	  
	 56
	  	 	400,000	  
	 57
	  	 	400,000	  
	 58
	  	 	400,000	  
	 59
	  	 	400,000	  
	 60
	  	 	400,000	  
	 61
	  	 	400,000	  
	 62
	  	 	400,000	  
	 63
	  	 	400,000	  
	 64
	  	 	400,000	  
	 65
	  	 	348,263	  
	 66
	  	 	339,917	  
	 67
	  	 	328,215	  
	 68
	  	 	318,877	  
	 69
	  	 	308,889	  
	 70
	  	 	298,307	  
	 71
	  	 	287,074	  
	 72
	  	 	278,585	  
	 73
	  	 	266,166	  
	 74
	  	 	256,620	  
	 75
	  	 	246,587	  
	 76
	  	 	236,026	  
	 77
	  	 	224,985	  
	 78
	  	 	213,431	  
	 79
	  	 	205,455	  
	 80
	  	 	0	  

  
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 WILSON BANK & TRUST 

DIRECTOR SURVIVOR INCOME AGREEMENT 

DESIGNATION OF BENEFICIARY 
 Director:
_________________________________ 
 Definitions: 

Primary Beneficiary means the person(s) who will receive the Benefits in the event of the Director’s death. Proceeds will be divided in equal
shares if multiple primary beneficiaries are named, unless otherwise indicated. If percentages are listed, the total must equal 100%. 
 Contingent
Beneficiary means the person(s) who will receive the Benefits if the primary beneficiary is not living at the time of the Director’s death. 

Trust as Beneficiary Designation can be done by using the following written statement: “To [name of trustee, trustee of the [name of trust],
under a trust agreement dated [date of trust].” 
  

									
	 Primary Beneficiary
	  	 DOB
	  	Social Security #	  	 Address
	  	% of Proceeds
					
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

  

									
	 Contingent Beneficiary
	  	 DOB
	  	Social Security #	  	 Address
	  	% of Proceeds
					
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

					
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

 The undersigned employee acknowledges that _________________ Bank (“Bank”) is providing this Death Benefit
subject to the terms and conditions of the Agreement entered into with Director. 
  

											
					
	   
	 		 	   
	 	, 20	 	   

	Director’s Signature	 		 		 	Date	 		 	

 Acknowledged Receipt by the Bank: 
  

											
					
	   
	 		 	   
	 	, 20	 	   

	Officer	 		 		 		 		 	

 This beneficiary designation supersedes all previously executed beneficiary designations. 

  
 82014 Stock Incentive Plan

 Exhibit 10.1 

ODYSSEY MARINE EXPLORATION, INC. 

2014 STOCK INCENTIVE PLAN 

SECTION 1. 
 PURPOSE

 The purpose of this Plan is to promote the growth and prosperity of the Company and its Subsidiaries by providing Eligible Recipients with an
additional incentive to contribute to the Company’s success, by assisting the Company in attracting and retaining the best available personnel for positions of substantial responsibility and by increasing the alignment of interests of Eligible
Recipients with those of the Company’s Stockholders. The Plan provides for the grant of Incentive Stock Options, Non Qualified Stock Options, Restricted Stock Awards, Restricted Stock Units and Stock Appreciation Rights to aid the Company in
obtaining these goals. The Plan, as well as any amendments thereto that require Stockholder approval, will be submitted to the Company’s Stockholders for their approval at the next Stockholder meeting. 

SECTION 2. 
 DEFINITIONS

 The following definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual Award
Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall supersede the definition contained in this Section 2. 

2.1 “Award” means the grant of an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or other right or benefit under the
Plan. 
 2.2 “Award Agreement” means the written agreement evidencing the grant of an Award executed by the Company and Participant, including any
amendments thereto. 
 2.3 “Board” means the Board of Directors of the Company. 

2.4 “Cause” means, with respect to the termination by the Company or a Related Entity of the continuous service of the Participant, that such
termination is for “Cause” as such term (or word of like import) is expressly defined in a then-effective written agreement between the Participant and the Company or such Related Entity, or in the absence of such then-effective written
agreement and definition, is based on, in the determination of the Committee, the Participant’s: (i) performance of any act or failure to perform any act in bad faith and to the detriment of the Company or a Related Entity;
(ii) dishonesty, intentional misconduct or material breach of any agreement with the Company or a Related Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person;
provided, however , that with regard to any agreement that defines “Cause” on the occurrence of or in connection with a Corporate Transaction or a Change in Control, such definition of “Cause” shall not apply until a
Corporate Transaction or a Change in Control actually occurs. 
 2.5 “Change of Control” means any of the following: 

(a) any “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other
fiduciary holding securities under an employee benefit plan of the Company or any company owned, directly or indirectly, by the Stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), becomes
the “beneficial owner” (as defined in Rule 13d 3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; or 

(b) a change in the composition of the Board over a period of 12 months or less such that a majority of the Board members (rounded up to the
next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who are Continuing Directors. 

  
 1 

 (c) the Stockholders of the Company approve a merger or consolidation of the Company with any
other Company, other than (1) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or (2) a merger or consolidation effected
to implement a recapitalization of the Company (or similar transaction) in which no “person” (as herein defined) acquires more than 50% of the combined voting power of the Company’s then outstanding securities; or 

(d) the Stockholders of the Company approve a plan of liquidation, dissolution or winding up of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets. 
 2.6 “Code” means the Internal Revenue Code of 1986, as
amended. 
 2.7 “Committee” means the Compensation Committee of the Board or any other committee appointed by the Board to administer the Plan, as
specified in Section 5 hereof. Any such committee must be comprised entirely of Outside Directors who are “independent” as that term is defined by the Securities and Exchange Commission, and the listing standards of the stock exchange
or other market upon which the Company’s stock is listed or quoted, as the same may be amended from time to time. 
 2.8 “Common Stock” means
the $.0001 par value common stock of the Company. 
 2.9 “Company” means Odyssey Marine Exploration, Inc., a Nevada corporation, and any successor
to such organization. 
 2.10 “Consultant” means any person other than an Employee or a Director, who is engaged by the Company or any Related
Entity to render consulting or advisory services to the Company or such Related Entity. 
 2.11 “Continuing Director” means members of the Board
who either (i) have been Board members continuously for a period of at least 12 months or (ii) have been Board members for less than 12 months and were elected or nominated for election as Board members by at least a majority of the Board
members described in clause (i) who were still in office at the time such election or nomination was approved by the Board. 
 2.12
“Director” means a member of the Board or the board of directors of any Related Entity. 
 2.13 “Disability” shall mean disability as
determined by the Committee in its sole and absolute discretion. 
 2.14 “Eligible Recipient” means a Key Employee and/or a Key Person. 

2.15 “Employee” means any person who is in the employ of the Company or any Subsidiary, subject to the control and direction of the Company or any
Subsidiary as to both the work to be performed and the manner and method of performance. 
 2.16 “Exchange Act” means the Securities Exchange Act
of 1934, as amended. 
 2.17 “Exercise Price” means the price that shall be paid to purchase one (1) Share upon the exercise of an Option
granted under this Plan. 
 2.18 “Fair Market Value” of a Share on any date shall mean the closing sales price on a national securities exchange
of a Share as reported in the appropriate composite listing for said exchange on such date, or, if no such sales occurred on such date, then on the next preceding date on which a sale is made. In the event the Shares are traded in the over the
counter market, Fair Market Value of a Share means the average between the “high” and “low” quotations in the over the counter market on such date, as reported by the National Association of Securities Dealers through NASDAQ or,
if no quotations are available on such date, then on the next preceding date on which such quotations are available. 

  
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 2.19 “Insider” means an individual who is, on the relevant date, an officer, member of the Board or ten
percent (10%) beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the Exchange Act. 

2.20 “Independent Director” means a director who is determined to be “independent” as that term is defined by the Securities and Exchange
Commission, and the listing standards of the stock exchange or market upon which the Company’s stock is listed or quoted as the same may be amended from time to time. 

2.21 “ISO” means an option granted under this Plan to purchase Shares that is intended by the Company to satisfy the requirements of Code
Section 422 as an incentive stock option. 
 2.22 “Key Employee” means any Employee of the Company or any Subsidiary, regardless of title or
designation, who shall, in the determination of the Committee, hold a position which is important to the success of the Company. 
 2.23 “Key
Person” means (1) a member of the Board who is not an Employee, or (2) a Consultant or advisor who is eligible to receive shares which are registered on SEC Form S-8. 

2.24 “NQSO” means an option granted under this Plan to purchase Shares which is not intended by the Company to satisfy the requirements of Code
Section 422. 
 2.25 “Option” means an ISO or a NQSO. 

2.26 “Outside Director” means a member of the Board who is not a Key Employee and who qualifies as (1) a “non employee director”
under Rule 16b-3(b)(3) under the 1934 Act, as amended from time to time, and (2) an “outside director” under Code Section 162(m) and the regulations promulgated thereunder. 

2.27 “Participant” means an individual who receives an Award hereunder. 

2.28 “Performance Based Exception” means the performance based exception from the tax deductibility limitations of Code Section 162(m). 

2.29 “Performance Period” shall mean the period during which a performance goal must be attained with respect to an Award which is performance
based, as determined by the Committee pursuant to Section 14.3 hereof. 
 2.30 “Plan” means this plan, 2014 Stock Incentive Plan, as it may
be further amended from time to time. 
 2.31 “Qualifying Event” shall mean, with respect to a Participant, such Participant’s death,
Disability or Retirement. 
 2.32 “Restricted Stock Award” means an Award of Shares granted to a Participant under this Plan which is subject to
restrictions in accordance with the terms and provisions of this Plan and the applicable Award Agreement. 
 2.33 “Restricted Stock Unit” means a
contractual right granted to a Participant under this Plan to receive a Share (or cash equivalent) which is subject to restrictions of this Plan and the applicable Award Agreement. 

2.34 “Retirement” shall mean, with respect to an Eligible Recipient, such Eligible Recipient’s (i) termination of employment or cessation
of performing services after attainment of age 60 and completion of at least fifteen (15) years of service with the Company or Subsidiary, or (ii) termination of employment or cessation of performing services after attainment of age 65 and
completion of at least five (5) years of service with the Company or a Subsidiary. 
 2.35 “Share” means a share of Common Stock. 

2.36 “Stock Appreciation Right” means a right granted to a Participant pursuant to the terms and provisions of this Plan whereby the individual,
without payment to the Company (except for any applicable withholding or other taxes), receives Shares, or such other consideration as the Committee may determine, in an amount equal to the 

  
 3 

 
excess of the Fair Market Value per Share on the date on which the Stock Appreciation Right is exercised over the exercise price per Share noted in the Stock Appreciation Right, for each Share
subject to the Stock Appreciation Right. 
 2.37 “Subsidiary” means any corporation in which more than fifty percent (50%) of the voting
stock is owned or controlled, directly or indirectly, by the Company. 
 2.38 “Ten Percent Stockholder” means a person who owns (after taking into
account the attribution rules of Code Section 424(d)) more than ten percent (10%) of the total combined voting power of all classes of shares of stock of either the Company or a Subsidiary. 

SECTION 3. 
 SHARES
SUBJECT TO AWARDS 
 The total number of Shares that may be issued pursuant to Awards under this Plan shall not exceed Five Million (5,000,000),
of which any number may be used for Stock Options, Restricted Stock, Restricted Stock Units, or Stock Appreciation Rights, each as adjusted pursuant to Section 10. Such Shares shall be reserved, to the extent that the Company deems appropriate,
from authorized but unissued Shares, and from Shares which have been reacquired by the Company. To the extent permitted by applicable law or regulation, if an Award is canceled, forfeited, exchanged or otherwise expires, the Shares with respect to
such Award may become available for reissuance under this Plan. 
 SECTION 4. 

EFFECTIVE DATE 
 The effective date of this
Plan shall be April 16, 2014, which is the date on which the Board of Directors of the Company originally approved the Plan. Such date is subject to the Company’s Stockholders approving the Plan within twelve months of such date. 

SECTION 5. 

ADMINISTRATION 
 5.1 General
Administration. This Plan shall be administered by the Committee. The Committee, acting in its absolute discretion, shall exercise such powers and take such action as expressly called for under this Plan. The Committee shall have the power to
interpret this Plan and, subject to the terms and provisions of this Plan, to take such other action in the administration and operation of the Plan as it deems equitable under the circumstances. The Committee’s actions shall be binding on the
Company, on each affected Eligible Recipient, and on each other person directly or indirectly affected by such actions. 
 5.2 Authority of the Committee.
Except as limited by applicable law or by the Articles of Incorporation of the Company, and subject to the provisions herein, the Committee shall have full power to select Eligible Recipients who shall participate in the Plan, to determine the sizes
and types of Awards in a manner consistent with the Plan, to determine the terms and conditions of Awards in a manner consistent with the Plan, to grant Awards under the Plan, to construe and interpret the Plan and any agreement or instrument
entered into under the Plan, to establish, amend or waive rules and regulations for the Plan’s administration, and to amend the terms and conditions of any outstanding Awards as allowed under the Plan and such Awards. Further, the Committee may
make all other determinations which may be necessary or advisable for the administration of the Plan. The Committee may seek the assistance of such persons as it may see fit in carrying out its routine administrative functions concerning the Plan.

 5.3 Delegation of Authority. The members of the Committee and any other persons to whom authority has been delegated shall be appointed from time to time
by, and shall serve at the discretion of, the Board. The Committee may appoint one or more separate committees (any such committee, a “Subcommittee”) composed of two or more Outside Directors of the Company (who may but need not be members
of the Committee) and may delegate to any such Subcommittee the authority to grant Awards, and/or to administer the Plan or any aspect of it. Notwithstanding any provision of this Plan to the contrary, the Board may assume the powers and
responsibilities granted to the Committee or other delegate at any time, in whole or in part. Moreover, only the Committee may grant Awards that may meet the Performance Based Exception, and only the Committee may grant Awards to Insiders that may
be exempt from Section 16(b) of the Exchange Act. 

  
 4 

 5.4 Decisions Binding. All determinations and decisions made by the Committee pursuant to the provisions of this
Plan and all related orders and resolutions of the Committee shall be final, conclusive and binding on all persons, including the Company, its Stockholders, members of the Board, Eligible Recipients, Participants, and their estates and
beneficiaries. 
 SECTION 6. 

ELIGIBILITY 
 Eligible Recipients selected
by the Committee shall be eligible for the grant of Awards under this Plan, but no Eligible Recipient shall have the right to be granted an Award under this Plan merely as a result of his or her status as an Eligible Recipient. Only Key Employees
shall be eligible to receive a grant of ISOs. 
 SECTION 7. 

TERMS OF AWARDS 
 7.1 Terms and Conditions
of All Awards. 
 (a) Grants of Awards. Subject to subsection (e) below, the Committee, in its absolute discretion, shall grant Awards
under this Plan from time to time and shall have the right to grant new Awards in exchange for outstanding Awards; provided, however, the Committee shall not have the right to (1) lower the Exercise Price of an existing Option, (2) take
any action which would be treated as a “re-pricing” under generally accepted accounting principles, or (3) cancel an existing Option at a time when its Exercise Price exceeds the fair market value of the underlying stock subject to
such Option in exchange for another Option, a Restricted Stock Award, or other equity in the Company (except as provided in Sections 10 and 11). Awards shall be granted to Eligible Recipients selected by the Committee, and the Committee shall be
under no obligation whatsoever to grant any Awards, or to grant Awards to all Eligible Recipients, or to grant all Awards subject to the same terms and conditions. 

(b) Shares Subject to Awards. The number of Shares as to which an Award shall be granted shall be determined by the Committee in its sole
discretion, subject to the provisions of Section 3 as to the total number of Shares available for grants under the Plan, and to any other restrictions contained in this Plan. 

(c) Award Agreements. Each Award shall be evidenced by an Award Agreement executed by the Company or a Subsidiary, and may also be executed by
the Participant or accepted by the Participant by electronic transmission, which shall be in such form and contain such terms and conditions as the Committee in its discretion may, subject to the provisions of the Plan, from time to time determine.

 (d) Date of Grant. The date an Award is granted shall be the date on which the Committee (1) has approved the terms and conditions
of the Award Agreement, (2) has determined the recipient of the Award and the number of Shares covered by the Award and (3) has taken all such other action necessary to direct the grant of the Award. 

(e) Dividend Equivalents. The Committee may grant dividend equivalents to any Participant. The Committee shall establish the terms and
conditions to which the dividend equivalents are subject. Dividend equivalents may be granted only in connection with an Award. Under a dividend equivalent, a Participant shall be entitled to receive currently or in the future payments equivalent to
the amount of dividends paid by the Company to holders of Common Stock with respect to the number of dividend equivalents held by the Participant. The dividend equivalent may provide for payment in Common Stock or in cash, or a fixed combination of
Common Stock or cash, or the Committee may reserve the right to determine the manner of payment at the time the dividend equivalent is payable. 

(f) Deferral Elections. The Committee may permit or require Participants to elect to defer the issuance of Common Stock or the settlement of
Awards in cash under this Plan pursuant to such rules, procedures, or programs as it may establish from time to time. However, notwithstanding the preceding sentence, the Committee shall not, in establishing the terms and provisions of any Award, or
in exercising its powers under this Article, create any arrangement which would constitute an employee pension benefit plan as defined in ERISA Section 3(3) unless the arrangement provides benefits solely to one or more individuals who
constitute members of a select group of management or highly compensated employees. 

  
 5 

 7.2 Terms and Conditions of Options. 

(a) Grants of Options. Each grant of an Option shall be evidenced by an Award Agreement that shall specify whether the Option is an ISO or
NQSO, and incorporate such other terms as the Committee deems consistent with the terms of this Plan and, in the case of an ISO, necessary or desirable to permit such Option to qualify as an ISO. The Committee and/or the Company may modify the terms
and provisions of an Option in accordance with Section 12 of this Plan even though such modification may change the Option from an ISO to a NQSO. 

(b) Determining Optionees. In determining Eligible Recipient(s) to whom an Option shall be granted and the number of Shares to be covered by
such Option, the Committee may take into account the duties of the Eligible Recipient, the contributions of the Eligible Recipient to the success of the Company, and other factors deemed relevant by the Committee, in connection with accomplishing
the purpose of this Plan. An Eligible Recipient who has been granted an Option to purchase Shares, whether under this Plan or otherwise, may be granted one or more additional Options. If the Committee grants an ISO and a NQSO to an Eligible
Recipient on the same date, the right of the Eligible Recipient to exercise one such Option shall not be conditioned on the Eligible Recipient’s failure to exercise the other such Option. 

(c) Exercise Price. Subject to adjustment in accordance with Section 10 and the other provisions of this Section, the Exercise Price
shall be specified in the applicable Award Agreement. With respect to each grant of an ISO to a Participant who is not a Ten Percent Stockholder, the Exercise Price shall not be less than the Fair Market Value of a Share on the date the ISO is
granted. With respect to each grant of an ISO to a Participant who is a Ten Percent Stockholder, the Exercise Price shall not be less than one hundred ten percent (110%) of the Fair Market Value of a Share on the date the ISO is granted. If an
Award is a NQSO, the Exercise Price for each Share shall be no less than (1) the minimum price required by applicable state law, or (2) the Fair Market Value of a Share on the date the NQSO is granted, whichever price is greatest. Any
Award intended to meet the Performance Based Exception must be granted with an Exercise Price not less than the Fair Market Value of a Share determined as of the date of such grant. 

(d) Option Term. Each Option granted under this Plan shall be exercisable in whole or in part at such time or times as set forth in the
related Award Agreement, but no Award Agreement shall: 
 (i) make an Option exercisable prior to the date such Option is granted or after
it has been exercised in full; or 
 (ii) make an Option exercisable after the date that is (A) the tenth (10th) anniversary of
the date such Option is granted, if such Option is a NQSO or an ISO granted to a non Ten Percent Stockholder, or (B) the date that is the fifth (5th) anniversary of the date such Option is granted, if such Option is an ISO granted to a Ten
Percent Stockholder. Options issued under the Plan may become exercisable based on the service of a Participant, or based upon the attainment (as determined by the Committee) of performance goals established pursuant to one or more of the
performance criteria listed in Section 14. Any Option which becomes exercisable based on the attainment of performance goals must have its performance goals determined by the Committee based upon one or more of the performance criteria listed
in Section 14, and must have the attainment of such performance goals certified in writing by the Committee in order to meet the Performance Based Exception. An Award Agreement may provide for the exercise of an Option after the employment of a
Key Employee has terminated for any reason whatsoever, including the occurrence of a Qualifying Event. The Key Employee’s rights, if any, upon termination of employment will be set forth in the applicable Award Agreement. 

(e) Payment. Options shall be exercised by the delivery of a written notice of exercise to the Company, specifying the number of Shares with
respect to which the Option is to be exercised accompanied by full payment for the Shares. Payment for shares of Stock shall be made in cash or, unless the Award Agreement provides otherwise, by delivery to the Company of a number of Shares that
have been owned and completely paid for by the holder for at least six (6) months prior to the date of exercise (i.e., “mature shares” for accounting purposes) having an aggregate Fair Market Value equal to the amount to be tendered,
or a combination thereof. In addition, unless the 

  
 6 

 
Award Agreement provides otherwise, the Option may be exercised through a brokerage transaction as permitted under the provisions of Regulation T applicable to cashless exercises promulgated by
the Federal Reserve Board so long as the Company’s equity securities are registered under Section 12 of the Exchange Act, unless prohibited by Section 402 of the Sarbanes Oxley Act of 2002. Notwithstanding the foregoing, with respect
to any Option recipient who is an Insider, a tender of shares or, if permitted by applicable law, a cashless exercise must (1) have met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) be a
subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act. Unless the Award Agreement provides otherwise, the foregoing
exercise payment methods shall be subsequent transactions approved by the original grant of an Option. Except as provided in subparagraph (f) below, payment shall be made at the time that the Option or any part thereof is exercised, and no
Shares shall be issued or delivered upon exercise of an Option until full payment has been made by the Participant. The holder of an Option, as such, shall have none of the rights of a Stockholder. 

(f) Conditions to Exercise of an Option. Each Option granted under the Plan shall vest and shall be exercisable at such time or times, or upon
the occurrence of such event or events, and in such amounts, as the Committee shall specify in the Award Agreement; provided, however, that subsequent to the grant of an Option, the Committee, at any time before complete termination of such Option,
may accelerate the time or times at which such Option may vest or be exercised in whole or in part. The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable. Unless otherwise
provided in the applicable Award Agreement, any vested Option must be exercised within ninety (90) days of the Qualifying Event or other termination of employment of the Participant, unless, in case of a NQSO, by action of the Committee
coincident with the Qualifying Event or other termination of employment, the term of exercise is extended to no later than the original expiration date of such NQSO. 

(g) Transferability of Options. Except as otherwise provided in a Participant’s Award Agreement, no Option granted under the Plan may be
sold, transferred, pledged, assigned or otherwise alienated or hypothecated, except upon the death of the holder Participant by will or by the laws of descent and distribution. Except as otherwise provided in a Participant’s Award Agreement,
during the Participant’s lifetime, only the Participant may exercise his Option unless the Participant is incapacitated in which case the Option may be exercised by the Participant’s legal guardian, legal representative, or other
representative whom the Committee deems appropriate based on applicable facts and circumstances. The determination of incapacity of a Participant and the identity of appropriate representative of the Participant to exercise the Option if the
Participant is incapacitated shall be determined by the Committee. 
 (h) ISO Tax Treatment Requirements. With respect to any Option that
purports to be an ISO, to the extent that the aggregate Fair Market Value (determined as of the date of grant of such Option) of stock with respect to which such Option is exercisable for the first time by any individual during any calendar year
exceeds one hundred thousand dollars ($100,000.00), to the extent of such excess, such Option shall not be treated as an ISO in accordance with Code Section 422(d). The rule of the preceding sentence is applied as set forth in Treas. Reg.
Section 1.422-4 and any additional guidance issued by the Treasury thereunder. Also, with respect to any Option that purports to be an ISO, such Option shall not be treated as an ISO if the Participant disposes of shares acquired thereunder
within two (2) years from the date of the granting of the Option or within one (1) year of the exercise of the Option, or if the Participant has not met the requirements of Code Section 422(a)(2). 

7.3 Terms and Conditions of Restricted Stock Awards. 

(a) Grants of Restricted Stock Awards. Shares awarded pursuant to Restricted Stock Awards shall be subject to such restrictions as determined
by the Committee for periods determined by the Committee. Restricted Stock Awards issued under the Plan may have restrictions which lapse based upon the service of a Participant, or based upon other criteria that the Committee may determine
appropriate. The Committee may require a cash payment from the Participant in exchange for the grant of a Restricted Stock Award or may grant a Restricted Stock Award without the requirement of a cash payment. The Committee may grant Restricted
Stock Awards that vest on the attainment of performance goals determined by the Committee based upon one or more of the performance criteria listed in Section 14, and must have the attainment of such performance goals certified in writing by
the Committee in order to meet the Performance Based Exception. 

  
 7 

 (b) Vesting of Restricted Stock Awards. The Committee shall establish the vesting schedule
applicable to Restricted Stock Awards and shall specify the times, vesting and performance goal requirements. Until the end of the period(s) of time specified in the vesting schedule and/or the satisfaction of any performance criteria, the Shares
subject to such Award shall remain subject to forfeiture. 
 (c) Termination of Employment. If the Participant’s employment (or in the
case of a non employee, such Participant’s service) with the Company and/or a Subsidiary ends before the Restricted Stock Awards vest, the Participant shall forfeit all unvested Restricted Stock Awards, unless the termination is a result of the
occurrence of a Qualifying Event or the Committee determines that the Participant’s unvested Restricted Stock Awards shall vest as of the date of such event; provided, however, the Committee may grant Restricted Stock Awards precluding such
accelerated vesting in order to qualify the Restricted Stock Awards for the Performance Based Exception. 
 (d) Death, Disability and
Retirement. In the event a Qualifying Event occurs before the date or dates on which Restricted Stock Awards vest, the expiration of the applicable restrictions (other than restrictions based on performance criteria set forth in Section 14)
shall be accelerated and the Participant shall be entitled to receive the Shares free of all such restrictions. In the case of Restricted Stock Awards which are based on performance criteria set forth in Section 14, then as of the date on which
such Qualifying Event occurs, the Participant shall be entitled to receive a number of Shares that is determined by measuring the selected performance criteria from the Company’s most recent publicly available quarterly results that are
available as of the date the Qualifying Event occurs; provided, however, the Committee may grant Restricted Stock Awards precluding such partial awards when a Qualifying Event occurs in order to qualify the Restricted Stock Awards for the
Performance Based Exception. All other Shares subject to such Restricted Stock Award shall be forfeited and returned to the Company as of the date on which such Qualifying Event occurs. 

(e) Acceleration of Award. Notwithstanding anything to the contrary in this Plan, the Committee shall have the power to permit, in its sole
discretion, an acceleration of the expiration of the applicable restrictions or the applicable period of such restrictions with respect to any part or all of the Shares awarded to a Participant; provided, however, the Committee may grant Restricted
Stock Awards precluding such accelerated vesting in order to qualify the Restricted Stock Awards for the Performance Based Exception. 
 (f)
Necessity of Award Agreement. Each grant of a Restricted Stock Award shall be evidenced by an Award Agreement that shall specify the terms, conditions and restrictions regarding the Shares awarded to a Participant, and shall incorporate such other
terms and conditions as the Committee, acting in its sole discretion, deems consistent with the terms of this Plan. The Committee shall have sole discretion to modify the terms and provisions of Restricted Stock Awards in accordance with
Section 12 of this Plan. 
 (g) Transferability of Restricted Stock Awards. Except as otherwise provided in a Participant’s
Restricted Stock Award, no Restricted Stock Award granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, except upon the death of the holder Participant by will or by the laws of descent and
distribution. 
 (h) Voting, Dividend & Other Rights. Unless the applicable Award Agreement provides otherwise, holders of
Restricted Stock Awards shall be entitled to vote and to receive dividends during the periods of restriction of their Shares to the same extent as such holders would have been entitled if the Shares were unrestricted Shares. 

7.4 Terms and Conditions of Restricted Stock Units. 

(a) Grants of Restricted Stock Units. A Restricted Stock Unit shall entitle the Participant to receive one Share at such future time and upon
such terms as specified by the Committee in the Award Agreement evidencing such Award. Restricted Stock Units issued under the Plan may have restrictions which lapse based upon the service of a Participant, or based upon other criteria that the
Committee may determine appropriate. The Committee may require a cash payment from the Participant in exchange for the grant of Restricted Stock Units or may grant Restricted Stock Units without the requirement of a cash payment. The Committee may
grant Restricted Stock Units that vest on the attainment of performance goals determined by the Committee based upon one or more of the performance criteria listed in Section 14, and must have the attainment of such performance goals certified
in writing by the Committee in order to meet the Performance Based Exception. 

  
 8 

 (b) Vesting of Restricted Stock Units. The Committee shall establish the vesting schedule
applicable to Restricted Stock Units and shall specify the times, vesting and performance goal requirements. Until the end of the period(s) of time specified in the vesting schedule and/or the satisfaction of any performance criteria, the Restricted
Stock Units subject to such Award shall remain subject to forfeiture. 
 (c) Termination of Employment. If the Participant’s employment
with the Company and/or a Subsidiary ends before the Restricted Stock Units vest, the Participant shall forfeit all unvested Restricted Stock Units, unless the termination is a result of the occurrence of a Qualifying Event or the Committee
determines that the Participant’s unvested Restricted Stock Units shall vest as of the date of such event; provided, however, the Committee may grant Restricted Stock Units precluding such accelerated vesting in order to qualify the Restricted
Stock Units for the Performance Based Exception. 
 (d) Death, Disability and Retirement. In the event a Qualifying Event occurs before the
date or dates on which Restricted Stock Units vest, the expiration of the applicable restrictions (other than restrictions based on performance criteria set forth in Section 14) shall be accelerated and the Participant shall be entitled to
receive the Shares free of all such restrictions. In the case of Restricted Stock Units which are based on performance criteria set forth in Section 14, then as of the date on which such Qualifying Event occurs, the Participant shall be
entitled to receive a number of Shares that is determined by measuring the selected performance criteria from the Company’s most recent publicly available quarterly results that are available as of the date the Qualifying Event occurs;
provided, however, the Committee may grant Restricted Stock Units precluding such partial awards when a Qualifying Event occurs in order to qualify the Restricted Stock Units for the Performance Based Exception. All other Shares subject to such
Restricted Stock Units shall be forfeited and returned to the Company as of the date on which such Qualifying Event occurs. 
 (e)
Acceleration of Award. Notwithstanding anything to the contrary in this Plan, the Committee shall have the power to permit, in its sole discretion, an acceleration of the applicable restrictions or the applicable period of such restrictions with
respect to any part or all of the Restricted Stock Units awarded to a Participant; provided, however, the Committee may grant Restricted Stock Units precluding such accelerated vesting in order to qualify the Restricted Stock Units for the
Performance Based Exception. 
 (f) Necessity of Award Agreement. Each grant of Restricted Stock Unit(s) shall be evidenced by an Award
Agreement that shall specify the terms, conditions and restrictions regarding the Participant’s right to receive Share(s) in the future, and shall incorporate such other terms and conditions as the Committee, acting in its sole discretion,
deems consistent with the terms of this Plan. The Committee shall have sole discretion to modify the terms and provisions of Restricted Stock Unit(s) in accordance with Section 12 of this Plan. 

(g) Transferability of Restricted Stock Units. Except as otherwise provided in a Participant’s Restricted Stock Unit Award, no Restricted
Stock Unit granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the holder Participant, except upon the death of the holder Participant by will or by the laws of descent and distribution. 

(h) Voting, Dividend & Other Rights. Unless the applicable Award Agreement provides otherwise, holders of Restricted Stock Units
shall not be entitled to vote or to receive dividends until they become owners of the Shares pursuant to their Restricted Stock Units, and, unless the applicable Award Agreement provides otherwise, the holder of a Restricted Stock Unit shall not be
entitled to any dividend equivalents (as described in Section 7.1(e)). 
 7.5 Terms and Conditions of Stock Appreciation Rights. 

(a) Grants of Stock Appreciation Rights. A Stock Appreciation Right shall entitle the Participant to receive upon exercise or payment the
excess of the Fair Market Value of a specified number of Shares at the time of exercise, over a specified price. The specified price for a Stock Appreciation Right granted in connection with a previously or contemporaneously granted Option, shall
not be less than the Exercise Price for Shares that are the subject of the Option. In the case of any other Stock Appreciation Right, the specified price shall not be less than one hundred percent (100%) of the Fair Market Value of the Shares
at the time the Stock Appreciation Right was granted. If related to an Option, the exercise of a Stock Appreciation Right shall result in a pro rata surrender of the related Option to the extent the Stock Appreciation Right has been exercised. 

  
 9 

 (b) Payment. Upon exercise or payment of a Stock Appreciation Right, the Company shall pay to the
Participant the appreciation with Shares (computed using the aggregate Fair Market Value of Shares on the date of payment or exercise) as specified in the Award Agreement or, if not specified, as the Committee determines. To the extent that a Stock
Appreciation Right is paid with consideration other than Shares, it shall be treated as paid in Shares for purposes of Section 3. 

(c) Vesting of Stock Appreciation Rights. The Committee shall establish the vesting schedule applicable to Stock Appreciation Rights and shall
specify the times, vesting and performance goal requirements. Until the end of the period(s) of time specified in the vesting schedule and/or the satisfaction of any performance criteria, the Stock Appreciation Rights subject to such Award shall
remain subject to forfeiture. 
 (d) Death, Disability and Retirement. In the event a Qualifying Event occurs before the date or dates on
which Stock Appreciation Rights vest, the expiration of the applicable restrictions (other than restrictions based on performance criteria set forth in Section 14) shall be accelerated and the Participant shall be entitled to receive the full
value of the Stock Appreciation Right free of all such restrictions. In the case of Stock Appreciation Rights which are based on performance criteria set forth in Section 14, then as of the date on which such Qualifying Event occurs, the
Participant shall be entitled to receive a value determined by measuring the selected performance criteria from the Company’s most recent publicly available quarterly results that are available as of the date the Qualifying Event occurs. All
other benefits under the Stock Appreciation Rights shall thereupon be forfeited and returned to the Company as of the date on which such Qualifying Event occurs. 

(e) Transferability of Stock Appreciation Rights. Except as otherwise provided in a Participant’s Award Agreement, no Stock Appreciation
Right granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, except upon the death of the holder Participant by will or by the laws of descent and distribution. 

(f) Special Provisions for Tandem Stock Appreciation Rights. A Stock Appreciation Right granted in connection with an Option may only be
exercised to the extent that the related Option has not been exercised. A Stock Appreciation Right granted in connection with an ISO (1) will expire no later than the expiration of the underlying ISO, (2) may be for no more than the
difference between the exercise price of the underlying ISO and the Fair Market Value of the Shares subject to the underlying ISO at the time the Stock Appreciation Right is exercised, (3) may be transferable only when, and under the same
conditions as, the underlying ISO is transferable, and (4) may be exercised only (i) when the underlying ISO could be exercised and (ii) when the Fair Market Value of the Shares subject to the ISO exceeds the exercise price of the
ISO. 
 7.6 Stock Awards for Outside Directors. 

This Section 7.6 shall apply only to grants of Stock Awards to Outside Directors. 

(a) Each Outside Director may be granted, upon first becoming a Director of the Company, Non-Qualified Stock Options, Restricted Stock,
Restricted Stock Units, Stock Appreciation Rights or such other stock-based Award allowable under the Plan in an amount as determined by the Board, provided that no Outside Director may receive more than one such grant for serving as a Director of
the Company and one or more Subsidiaries. 
 (b) Each Outside Director shall be eligible to receive Non-Qualified Stock Options, Restricted
Stock, Restricted Stock Units, Stock Appreciation Rights or such other stock-based Award allowable under the Plan in accordance with the Company’s policy for director compensation as determined by the Compensation Committee of the Company from
time to time. 
 (c) The price per share of Stock for grants under 7.6(a) or (b) above shall be not less than 100% of the Fair Market
Value on the date of grant. Each grant to an Outside Director shall vest as the Board may determine. To the extent not exercised, Awards shall be exercisable in whole or in part at any time after becoming exercisable but not later than the date the
Award expires. Exercise shall be pursuant to any method described in Section 7.2(e). 

  
 10 

 SECTION 8. 

SECURITIES REGULATION 
 8.1 Legality of
Issuance. No Share shall be issued under this Plan unless and until the Committee has determined that all required actions have been taken to register such Share under the Securities Act of 1933 or the Company has determined that an exemption
therefrom is available, any applicable listing requirement of any stock exchange on which the Share is listed has been satisfied, and any other applicable provision of state, federal or foreign law, including foreign securities laws where
applicable, has been satisfied. 
 8.2 Restrictions on Transfer; Representations; Legends. Regardless of whether the offering and sale of Shares under the
Plan have been registered under the Securities Act of 1933 or have been registered or qualified under the securities laws of any state, the Company may impose restrictions upon the sale, pledge, or other transfer of such Shares (including the
placement of appropriate legends on stock certificates) if, in the judgment of the Company and its counsel, such restrictions are necessary or desirable to achieve compliance with the provisions of the Securities Act of 1933, the securities laws of
any state, the United States or any other applicable foreign law. If the offering and/or sale of Shares under the Plan is not registered under the Securities Act of 1933 and the Company determines that the registration requirements of the Securities
Act of 1933 apply but an exemption is available which requires an investment representation or other representation, the participant shall be required, as a condition to acquiring such Shares, to represent that such Shares are being acquired for
investment, and not with a view to the sale or distribution thereof, except in compliance with the Securities Act of 1933, and to make such other representations as are deemed necessary or appropriate by the Company and its counsel. All Award
Agreements shall contain a provision stating that any restrictions under any applicable securities laws will apply. 
 8.3 Registration of Shares. The
Company may, and intends to, but is not obligated to, register or qualify the offering or sale of Shares under the Securities Act of 1933 or any other applicable state, federal or foreign law. 

SECTION 9. 
 LIFE OF PLAN

 No Award shall be granted under this Plan on or after the earlier of: 

(a) the tenth (10th) anniversary of the effective date of this Plan (as determined under Section 4 of this Plan), or 

(b) the date on which all of the Shares reserved under Section 3 of this Plan have (as a result of the exercise of Awards granted under
this Plan or lapse of all restrictions under a Restricted Stock Award or Restricted Stock Unit) been issued or are no longer available for use under this Plan. 

This Plan shall continue in effect until all outstanding Awards have been exercised in full or are no longer exercisable and all Restricted Stock Awards or
Restricted Stock Units have vested or been forfeited. 
 SECTION 10. 

ADJUSTMENT 
 Notwithstanding anything in
Section 12 to the contrary, (i) the number of Shares reserved under Section 3 of this Plan, (ii) the limit on the number of Shares that may be granted subject to Awards during a calendar year to any individual under
Section 3 of this Plan, (iii) the number of Shares subject to Awards granted under this Plan, and (iv) the Exercise Price of any Options and the specified exercise price of any Stock Appreciation Rights, shall be adjusted by the
Committee in an equitable manner to reflect any change in the capitalization of the Company, including, but not limited to, such changes as stock dividends or stock splits. Furthermore, the Committee shall have the right to adjust (in a manner that
satisfies the requirements of Code Section 424(a)) (x) the number of Shares reserved under Section 3, (y) the number of Shares subject to Awards granted under this Plan, and (z) the Exercise Price of any Options and the
specified exercise price of any Stock Appreciation Rights in the event of any corporate transaction described in Code Section 424(a) that provides for the substitution or assumption of such Awards. If any adjustment under this Section creates a
fractional Share or a right to acquire a fractional Share, such fractional Share shall be disregarded, and the number of Shares reserved under this Plan and the number subject to any Awards granted under this Plan shall be the next lower number of
Shares, rounding all fractions downward. An adjustment 

  
 11 

 made under this Section by the Committee shall be conclusive and binding on all affected persons and, further,
shall not constitute an increase in the number of Shares reserved under Section 3 or an increase in any limitation imposed by the Plan. 

SECTION 11. 
 CHANGE OF
CONTROL OF THE COMPANY 
 11.1 General Rule for Change of Control. Except as otherwise provided in an Award Agreement, if a Change of Control occurs,
and if the agreements effectuating the Change of Control do not provide for the assumption or substitution of all Awards granted under this Plan, with respect to any Award granted under this Plan that is not so assumed or substituted (a “Non
Assumed Award”), the Committee, in its sole and absolute discretion, may, with respect to any or all of such Non Assumed Awards, take any or all of the following actions to be effective as of the date of the Change of Control (or as of any
other date fixed by the Committee occurring within the thirty (30) day period immediately preceding the date of the Change of Control, but only if such action remains contingent upon the effectuation of the Change of Control) (such date
referred to as the “Action Effective Date”): 
 (a) Accelerate the vesting and/or exercisability of such Non Assumed Award; and/or

 (b) Unilaterally cancel such Non Assumed Award in exchange for: 

(i) whole and/or fractional Shares (or for whole Shares and cash in lieu of any fractional Share) or whole and/or fractional shares of a
successor (or for whole shares of a successor and cash in lieu of any fractional share) that, in the aggregate, are equal in value to the excess of the Fair Market Value of: 

(I) in the case of Options, the Shares that could be purchased subject to such Non Assumed Award less the aggregate Exercise Price for the
Options with respect to such Shares; 
 (II) in the case of Restricted Stock Units or Stock Appreciation Rights, Shares subject to such
Award determined as of the Action Effective Date (taking into account vesting), less the value of any consideration payable on exercise. 

(ii) cash or other property equal in value to the excess of the Fair Market Value of 

(I) in the case of Options, the Shares that could be purchased subject to such Non Assumed Award less the aggregate Exercise Price for the
Options with respect to such Shares or 
 (II) in the case of Restricted Stock Units or Stock Appreciation Rights, Shares subject to such
Award determined as of the Action Effective Date (taking into account vesting) less the value of any consideration payable on exercise. 

(c) In the case of Options, unilaterally cancel such Non Assumed Option after providing the holder of such Option with (1) an opportunity
to exercise such Non Assumed Option to the extent vested within a specified period prior to the date of the Change of Control, and (2) notice of such opportunity to exercise prior to the commencement of such specified period. However,
notwithstanding the foregoing, to the extent that the recipient of a Non Assumed Award is an Insider, payment of cash in lieu of whole or fractional Shares or shares of a successor may only be made to the extent that such payment (1) has met
the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) is a subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3
promulgated under the Exchange Act. Unless an Award Agreement provides otherwise, the payment of cash in lieu of whole or fractional Shares or in lieu of whole or fractional shares of a successor shall be considered a subsequent transaction approved
by the original grant of an Option. 
 11.2 General Rule for Other Award Agreements. If a Change of Control occurs, then, except to the extent otherwise
provided in the Award Agreement pertaining to a particular Award or as otherwise provided in this Plan, each Award shall be governed by applicable law and the documents effectuating the Change of Control. 

  
 12 

 SECTION 12. 

AMENDMENT OR TERMINATION 
 This Plan may be
amended by the Committee from time to time to the extent that the Committee deems necessary or appropriate; provided, however, no such amendment shall be made absent the approval of the Stockholders of the Company if such amendment
(a) increases the number of Shares reserved under Section 3, except as set forth in Section 10, (b) extends the maximum life of the Plan under Section 9 or the maximum exercise period under Section 7, (c) decreases
the minimum Exercise Price under Section 7, or (d) changes the designation of Eligible Recipients eligible for Awards under Section 6. Stockholder approval of other material amendments (such as an expansion of the types of awards
available under the Plan, an extension of the term of the Plan, or a change to the method of determining the Exercise Price of Options issued under the Plan) may also be required pursuant to rules promulgated by an established stock exchange or a
national market system. An exchange of a later granted Option for an earlier granted Option for any purpose, including, but not limited to, the purpose of lowering the Exercise Price of such Option, and an exchange of a later granted Award for an
earlier granted Award for any purpose, shall not be deemed to be an amendment to this Plan. The Board also may suspend the granting of Awards under this Plan at any time and may terminate this Plan at any time. The Company shall have the right to
modify, amend or cancel any Award after it has been granted if (I) the modification, amendment or cancellation does not diminish the rights or benefits of the Award recipient under the Award (provided, however, that a modification, amendment or
cancellation that results solely in a change in the tax consequences with respect to an Award shall not be deemed as a diminishment of rights or benefits of such Award), (II) the Participant consents in writing to such modification, amendment or
cancellation, (III) there is a dissolution or liquidation of the Company, (IV) this Plan and/or the Award Agreement expressly provides for such modification, amendment or cancellation, or (V) the Company would otherwise have the right to make
such modification, amendment or cancellation by applicable law. 
 SECTION 13. 

MISCELLANEOUS 
 13.1 Stockholder Rights.
Except as provided in Section 7.3 with respect to Restricted Stock Awards, or in an Award Agreement, no Participant shall have any rights as a Stockholder of the Company as a result of the grant of an Award pending the actual delivery of Shares
subject to such Award to such Participant. 
 13.2 No Guarantee of Continued Relationship. The grant of an Award to a Participant under this Plan shall not
constitute a contract of employment or other relationship with the Company and shall not confer on a Participant any rights upon his or her termination of employment or relationship with the Company in addition to those rights, if any, expressly set
forth in the Award Agreement that evidences his or her Award. 
 13.3 Withholding. The Company shall have the power and the right to deduct or withhold, or
require a Participant to remit to the Company as a condition precedent for the grant or fulfillment of any Award, an amount in Shares or cash sufficient to satisfy federal, state and local taxes, domestic or foreign, required by law or regulation to
be withheld with respect to any taxable event arising as a result of this Plan and/or any action taken by a Participant with respect to an Award. Whenever Shares are to be issued to a Participant upon exercise of an Option or Stock Appreciation
Right, or satisfaction of conditions under a Restricted Stock Unit, the Company shall have the right to require the Participant to remit to the Company, as a condition of exercise of the Option or Stock Appreciation Right, or as a condition to the
fulfillment of the Restricted Stock Unit, an amount in cash (or, unless the Award Agreement provides otherwise, in Shares) sufficient to satisfy federal, state and local withholding tax requirements at the time of exercise. However, notwithstanding
the foregoing, to the extent that a Participant is an Insider, satisfaction of withholding requirements by having the Company withhold Shares may only be made to the extent that such withholding of Shares (1) has met the requirements of an
exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) is a subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule 16b-3 promulgated under the
Exchange Act. Unless the Award Agreement provides otherwise, the withholding of shares to satisfy federal, state and local withholding tax requirements shall be a subsequent transaction approved by the original grant of an Award. Notwithstanding the
foregoing, in no event shall payment of withholding taxes be made by a retention of Shares by the Company unless the Company retains only Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld. 

  
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 13.4 Notification of Disqualifying Dispositions of ISO Options. If a Participant sells or otherwise disposes of
any of the Shares acquired pursuant to an Option that is an ISO on or before the later of (1) the date two (2) years after the date of grant of such Option, or (2) the date one (1) year after the exercise of such Option, then the
Participant shall immediately notify the Company in writing of such sale or disposition and shall cooperate with the Company in providing sufficient information to the Company for the Company to properly report such sale or disposition to the
Internal Revenue Service. The Participant acknowledges and agrees that he or she may be subject to federal, state and/or local tax withholding by the Company on the compensation income recognized by Participant from any such early disposition, and
agrees that he or she shall include the compensation from such early disposition in his gross income for federal tax purposes. Participant also acknowledges that the Company may condition the exercise of any Option that is an ISO on the
Participant’s express written agreement with these provisions of this Plan. 
 13.5 Transfers & Restructurings. The transfer of a
Participant’s employment between or among the Company or a Subsidiary (including the merger of a Subsidiary into the Company) shall not be treated as a termination of his or her employment under this Plan. Likewise, the continuation of
employment by a Participant with a corporation which is a Subsidiary shall be deemed to be a termination of employment when such corporation ceases to be a Subsidiary. 

13.6 Governing Law/Consent to Jurisdiction. This Plan shall be construed under the laws of the State of Florida without regard to principles of conflicts of
law. Each Participant consents to the exclusive jurisdiction in the United States District Court for the Middle District of Florida, Tampa Division, or the state courts in Tampa, Florida, for the determination of all disputes arising from this Plan
and waives any rights to remove or transfer the case to another court. 
 13.7 Escrow of Shares. To facilitate the Company’s rights and obligations
under this Plan, the Company reserves the right to appoint an escrow agent, who shall hold the Shares owned by a Participant pursuant to this Plan. 

SECTION 14. 
 PERFORMANCE
CRITERIA 
 14.1 Performance Goal Business Criteria. Unless and until the Board proposes for Stockholder vote and Stockholders approve a change in the
general performance measures set forth in this Section, the attainment of which may determine the degree of payout and/or vesting with respect to Awards to Key Employees and Key Persons pursuant to this Plan which are designed to qualify for the
Performance Based Exception, the performance measure(s) to be used by the Committee for purposes of such grants shall be determined by the Committee in its discretion. These performance measure may include but are not limited to the following:
(a) earnings per share; (b) net income (before or after taxes); (c) return measures (including, but not limited to, return on assets, equity or sales); (d) cash flow return on investments which equals net cash flows divided by
owners equity; (e) earnings before or after taxes, depreciation and/or amortization; (f) gross revenues; (g) operating income (before or after taxes); (h) total Stockholder return; (i) corporate performance indicators
(indices based on the level of certain services provided to customers); (j) cash generation, profit and/or revenue targets; (k) growth measures, including revenue growth, as compared with a peer group or other benchmark; (l) share
price (including, but not limited to, growth measures and total Stockholder return), and/or (m) any other measures deemed appropriate by the Committee. In setting performance goals using these performance measures, the Committee may exclude the
effect of changes in accounting standards and non recurring unusual events specified by the Committee, such as write offs, capital gains and losses and acquisitions and dispositions of businesses. 

14.2 Discretion in Formulation of Performance Goals. The Committee shall have the discretion to adjust the determinations of the degree of attainment of the
pre established performance goals; provided, however, that Awards which are to qualify for the Performance Based Exception may not be adjusted upward (although the Committee shall retain the discretion to adjust such Awards downward). 

14.3 Performance Periods. The Committee shall have the discretion to determine the period during which any performance goal must be attained with respect to
an Award. Such period may be of any length, and must be established prior to the start of such period or within the first ninety (90) days of such period (provided that the performance criteria are not in any event set after 25% or more of such
period has elapsed). 

  
 14 

 14.4 Modifications to Performance Goal Criteria. In the event that the applicable tax and/or securities laws and
regulatory rules and regulations change to permit Committee discretion to alter the governing performance measures noted above without obtaining Stockholder approval of such changes, the Committee shall have sole discretion to make such changes
without obtaining Stockholder approval. In addition, in the event that the Committee determines that it is advisable to grant Awards which shall not qualify for the Performance Based Exception, the Committee may make such grants without satisfying
the requirements under Code Section 162(m) to qualify for the Performance Based Exception. 
 14.5 Achievement of Performance Goals. The Committee
shall have the discretion to determine whether or not a certain performance goal has been attained and the Committee may delegate this authority to management in those cases where it elects to do so. 

SECTION 15. 
 OTHER NON
US PROVISIONS 
 15.1 The Committee shall have the authority to require that any Award Agreement relating to an Award in a jurisdiction outside of the
United States contain such terms as are required by local law in order to constitute a valid grant under the laws of such jurisdiction. Such authority shall be notwithstanding the fact that the requirements of the local jurisdiction may be different
from or more restrictive than the terms set forth in this Plan. No purchase or delivery of Shares pursuant to an Award shall occur until applicable restrictions imposed pursuant to this Plan or the applicable Award have terminated. 

To record the adoption of this Plan, the Board has caused its authorized officer to execute the same. 

 

			
	Odyssey Marine Exploration, Inc.
		
	 By:
	 	 /s/ Philip S. Devine

	Title: Chief Financial Officer
	
	Date: April 16, 2014

  
 15

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