Document:

Exhibit 10.5

 

Waiver

 

February 9, 2022

 

Reference is hereby made to
that certain Business Combination Agreement, dated as of November 2, 2021, by and among SilverBox Engaged Merger Corp I, a Delaware
corporation (“SilverBox”), BRC Inc., a Delaware corporation and wholly owned subsidiary of SilverBox (“Pubco”),
SBEA Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Pubco, BRCC Blocker Merger Sub LLC, a Delaware
limited liability company and wholly owned subsidiary of SilverBox, Grand Opal Investment Holdings, Inc., a Delaware corporation,
and Authentic Brands, LLC, a Delaware limited liability company (the “Company”), as amended by that certain
First Amendment to Business Combination Agreement, dated as of January 4, 2021 (as so amended, the “Combination Agreement”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Combination Agreement.

 

RECITALS

 

WHEREAS, Section 5.19
of the Combination Agreement provides that (i) prior to the Closing, the Company shall deliver (by the applicable date required under
the terms of the applicable documentation governing the Closing Date Indebtedness that shall be paid off as of Closing and otherwise in
compliance with any other applicable requirements) any notices necessary to permit the prepayment, payoff, discharge and termination in
full at the Closing of the Closing Date Indebtedness and (ii) at least three Business Days prior to or at the Closing, the Company
shall deliver, or cause to be delivered, to SilverBox duly executed Payoff Letter (drafts of which shall be provided to SilverBox no less
than five Business Days prior to the anticipated Closing Date), from the holders (or an agent (or similar Person) on behalf of all such
holders) of the Closing Date Indebtedness (the “Indebtedness Covenant”);

 

WHEREAS, Section 2.4(e) of
the Combination Agreements provides that, at the Closing, the Company shall repay in full the Closing Date Indebtedness pursuant to the
Payoff Letters (the “Indebtedness Closing Condition”);

 

WHEREAS,
in light of the number of SilverBox Shareholder Redemptions and its potential impact on the Company’s post-closing liquidity
and related opportunities with respect to deployed capital, and current market terms for indebtedness as compared to the terms of the
Closing Date Indebtedness, the Company desires to forgo the prepayment, payoff, discharge and termination in full at the Closing of the
Closing Date Indebtedness in order to retain the liquidity provided thereby so that such capital is available to support the Company’s
post-closing liquidity (the “Indebtedness Retention”); provided, however, that the Company shall
repay in full, as of the Closing Date, the outstanding balance under that certain Revolving Promissory Note, dated April 12, 2021,
made by the Company, Good Beens LLC, Black Rifle Coffee Company LLC, BRCC Operating Company LLC, Signal Mountain Media Works LLC, and
Free Range American Media Company LLC in favor of Regions Bank in the principal amount of $10,000,000 (the “Regions Bank Revolver”);

 

     

     

    

 

WHEREAS, in connection with
the Indebtedness Retention, the Company desires for SilverBox to waive, subject to Section 2 below, the Company’s compliance
with the Indebtedness Covenant and Indebtedness Closing Condition;

 

WHEREAS, pursuant to Section 9.14
of the Combination Agreement, SilverBox may (i) extend the time for the performance of any of the obligations or other acts of the
Company or Blocker Corp set forth in the Combination Agreement, (ii) waive any inaccuracies in the representations and warranties
of the Company or Blocker Corp set forth in the Combination Agreement or (iii) waive compliance by the Company or Blocker Corp with
any of the agreements or conditions set forth in the Combination Agreement;

 

WHEREAS, pursuant to Section 9.14
of the Combination Agreement, any agreement on the part of SilverBox to any such extension or waiver shall be valid only if set forth
in a written instrument signed on behalf of SilverBox;

 

WHEREAS, SilverBox desires
to waive the Company’s compliance with the Indebtedness Covenant and Indebtedness Closing Condition in connection with the Indebtedness
Retention;

 

WHEREAS, in connection with
Closing, the Company desires to grant transaction bonuses to certain stakeholders of the Company in an aggregate amount of up to $350,000
(the “Transaction Bonus Grant”);

 

WHEREAS, pursuant to Section 5.1(b)(viii) of
the Combination Agreement, except as consented to in writing by SilverBox, the Company shall not grant severance, change in control, retention
or termination pay to, or adopt, enter into or amend any severance, retention, termination, employment, consulting, bonus, change in control
or severance agreement with any current or former director, manager, officer, employee, individual independent contractor or other service
provider of any Group Company, whose annual base salary (or, in the case of an independent contractor, annual compensation) is in excess
of $250,000; and

 

WHEREAS, SilverBox desires
to (i) consent to the Transaction Bonus Grant pursuant to Section 5.1(b)(viii) of the Combination Agreement and (ii) waive
any inaccuracies in the representations and warranties of the Company as a result of, arising from or in connection with the Transaction
Bonus Grant pursuant to Section 9.14 of the Combination Agreement.

 

NOW, THEREFORE, the undersigned
do hereby agree as follows:

 

1.             Waiver
of Indebtedness Covenant and Indebtedness Closing Condition. Pursuant to Section 9.14 of the Combination Agreement, SilverBox
hereby waives, subject to Section 2, the Company’s compliance with the Indebtedness Covenant and Indebtedness Closing
Condition in connection with the Indebtedness Retention.

 

2.             Repayment
of Outstanding Balance under Regions Bank Revolver. The Company hereby agrees to repay in full, as of the Closing Date, the outstanding
balance (including principal and interest, if any) under the Regions Bank Revolver; provided that the Regions Bank Revolver shall
remain in place from and after the Closing Date (until terminated in accordance with its terms) so that the Company can make future draws
thereon.

 

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3.             Consent
to Transaction Bonus Grant. Pursuant to Section 5.1(b)(viii) of the Combination Agreement, SilverBox hereby consents to
the Transaction Bonus Grant.

 

4.             Waiver
of Inaccurate Representations and Warranties in Respect of the Transaction Bonus Grant. Pursuant to Section 9.14 of the Combination
Agreement, SilverBox hereby waives any inaccuracies in the representations and warranties of the Company as a result of, arising from
or in connection with the Transaction Bonus Grant.

 

5.             Limited
Waiver. This Waiver is specific and limited to the matters expressly stated herein and shall not be construed as a waiver of any other
right under the Combination Agreement.

 

6.             Enforceability.
The undersigned acknowledge and agree that this Waiver is a valid and binding obligation and is enforceable in accordance with its terms.

 

7.             Miscellaneous.
Section 9.5 (Governing Law), Section 9.9 (Parties in Interest), Section 9.10 (Severability), Section 9.11 (Counterparts;
Electronic Signatures) and Section 9.13 (No Recourse) of the Combination Agreement are incorporated herein by reference and shall
apply to this Waiver, mutatis mutandis.

 

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IN WITNESS WHEREOF, this Waiver
has been executed as of the date first above written.

 

	 	 	SILVERBOX ENGAGED MERGER CORP I
	 	 	 
	 	 	By:	/s/ Steve Kadenacy
	 	 	Name:	Steve Kadenacy
	 	 	Title:	Chief Executive Officer

	 	 	 
	Acknowledged and agreed to as of	 	 
	February 9, 2022	 	 
	 	 	 
	AUTHENTIC BRANDS LLC	 	 
	 	 	 
	By:	/s/ Tom Davin	 	 
	Name:	Tom Davin	 	 
	Title:	Co-Chief Executive Officer	 	 

 

Signature Page to Payoff Letter WaiverExhibit 10.8

 

BRC INC.

 

 

 

2022 OMNIBUS INCENTIVE PLAN

 

 

 

Article I

PURPOSE

 

The purpose of this BRC Inc.
2022 Omnibus Incentive Plan, as amended from time to time (the “Plan”) is to promote the success of the business of
BRC Inc., a Delaware public benefit corporation, and its successors by operation of law (the “Company”) for the benefit
of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain,
and reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s stockholders. This
Plan is effective as of the date set forth in Article XV.

 

Article II

DEFINITIONS

 

For purposes of this Plan,
the following terms shall have the following meanings:

  

2.1            “Affiliate”
means a corporation or other entity controlled by, controlling, or under control with the Company. The term “control” (including,
with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person,
means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such person,
whether through the ownership of voting or other securities, by contract or otherwise.

 

2.2            “Applicable
Law” means the requirements relating to the administration of equity-based awards and
the related Shares under U.S. state corporate law, U.S. federal and state securities laws, the rules of any stock exchange or quotation
system on which the shares are listed or quoted, and any other applicable laws of any jurisdiction where Awards are, or will be, granted
under this Plan.

 

2.3            “Award”
means any award under this Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Units, Performance Award,
Other Stock-Based Award, or Cash Award. All Awards shall be granted by, confirmed by, and subject to the terms of a written or electronic
agreement executed by the Company and the Participant.

 

2.4            “Award
Agreement” means the written or electronic agreement evidencing the terms and conditions
of an individual Award. Each Award Agreement shall be subject to the terms and conditions of this Plan.

 

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

 

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2.6            “Business
Combination Agreement” means that certain Business Combination Agreement, as amended from time to time, by and among SilverBox
Engaged Merger Corp I, a Delaware corporation, BRC Inc., a Delaware corporation, SBEA Merger Sub LLC, a Delaware limited liability company,
BRCC Blocker Merger Sub LLC, a Delaware limited liability company, Grand Opal Investment Holdings, Inc., a Delaware corporation and
Authentic Brands, LLC, a Delaware limited liability company.

 

2.7            “Cash
Award” means an Award granted pursuant to Section 10.3 of this Plan and payable
in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion.

 

2.8            “Cause”
means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant’s Termination
of Service, the following: (a) in the case where there is no employment agreement, offer letter, consulting agreement, change in
control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the
Award (or where there is such agreement in effect but it does not define “cause” (or words of like import)), the Participant’s
(i) commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other
act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) substantial and
repeated failure to perform duties as reasonably directed by the person to whom the Participant reports directly or indirectly; (iii) immoral
or unlawful conduct that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace,
embarrassment, or disrepute; (iv) gross negligence or willful misconduct with respect to the Company or an Affiliate; (v) material
violation of the Company’s written policies or codes of conduct, including written policies related to discrimination, harassment,
performance of illegal or unethical activities, or ethical misconduct; or (vi) any breach of any non-competition, non-solicitation,
no-hire, or confidentiality covenant between the Participant and the Company or an Affiliate; or (b) in the case where there is an
employment agreement, offer letter, consulting agreement, change in control agreement or similar agreement in effect between the Company
or an Affiliate and the Participant at the time of the grant of the Award that defines “cause” (or words of like import),
 “cause” as defined under such agreement.

 

2.9            “Change
in Control” means and includes each of the following, unless otherwise determined by
the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee:

 

(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 any 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 the Company), becoming the beneficial owner
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding
securities, excluding for purposes herein, acquisitions pursuant to a Business Combination (as defined below) that does not constitute
a Change in Control as defined in Section 2.9(b);

 

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(b)            a
merger, reorganization, or consolidation of the Company or in which equity securities of the Company are issued (each, a “Business
Combination”), other than a merger, reorganization 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 or its direct or indirect Parent) more than fifty percent (50%) of the combined voting power of the voting securities
of the Company or such surviving entity (or, as applicable, a direct or indirect Parent of the Company or such surviving entity) outstanding
immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no person (other than those covered by the exceptions in Section 2.9(a)) acquires
more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities shall not constitute a Change
in Control; or a merger or consolidation of the Company with any other entity, other than 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 or its direct or indirect Parent) more than fifty percent (50%) of
the combined voting power of the voting securities of the Company or such surviving entity (or, as applicable, a direct or indirect Parent
of the Company or such surviving entity) outstanding immediately after such merger or consolidation; provided, however, that a
merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (other than
those covered by the exceptions in Section 2.8(a)) acquires more than fifty percent (50%) of the combined voting power of the Company’s
then outstanding securities shall not constitute a Change in Control;

 

(c)            during
the period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with any
new director(s) (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction
described in Sections 2.8(a) or (b)) whose election by the Board or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two
(2) year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority
thereof; or

 

(d)            a
complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially
all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a person
or persons who beneficially own, directly or indirectly, fifty percent (50%) or more of the combined voting power of the outstanding voting
securities of the Company at the time of the sale or disposition.

 

For purposes of this Section 2.9, acquisitions
of securities of the Company by Evan Hafer, any of his affiliates (including any related trust), or any investment vehicle or fund controlled
by or managed by, or otherwise affiliated with Evan Hafer, at a time when Evan Hafer and such affiliated entities own twenty five percent
(25%) or more of the combined voting power of the outstanding voting securities of the Company, shall not constitute a Change in Control.

 

Notwithstanding the foregoing, with respect to
any Award that is characterized as “nonqualified deferred compensation” within the meaning of Section 409A of the Code,
an event shall not be considered to be a Change in Control under this Plan for purposes of payment of such Award unless such event is
also a “change in ownership,” a “change in effective control,” or a “change in the ownership of a substantial
portion of the assets” of the Company within the meaning of Section 409A of the Code.

 

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2.10          “Change
in Control Price” means the highest price per Share paid in any transaction related
to a Change in Control of the Company.

 

2.11          “Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference to
any section of the Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder.

 

2.12          “Committee”
means any committee of the Board duly authorized by the Board to administer this Plan; provided, however, that unless the
Committee consists solely of two or more Qualified Members, grants intended to qualify for the exemption under Rule 16b-3 shall be
instead approved by the Board or a separate sub-committee of two or more Qualified Members. If no committee is duly authorized by the
Board to administer this Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under this Plan.
The Board may abolish any Committee or re-vest in itself any previously delegated authority from time to time, and will retain the right
to exercise the authority of the Committee to the extent consistent with Applicable Law.

 

2.13          “Common
Stock” means the Class A common stock, $0.0001 par value per share, of the Company.

 

2.14          “Company”
means BRC Inc., a Delaware public benefit corporation, and its successors by operation of law.

 

2.15          “Consultant”
means any natural person who is an advisor or consultant to the Company or any of its Affiliates. Notwithstanding the foregoing, a person
shall be treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available
to register either the offer or the sale of the Company’s securities to such person.

 

2.16          “Disability”
means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant’s Termination
of Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment, provided, however, for purposes of an Incentive Stock Option, the term Disability shall have the meaning
ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined
by the Committee, and the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term
disability plan in which a Participant participates that is maintained by the Company or any Affiliate.

 

2.17          “Dividend
Equivalents” means a right granted to a Participant under this Plan to receive the equivalent value (in cash or Shares)
of dividends paid on Shares.

 

2.18          “Effective
Date” means the effective date of this Plan as defined in Article XV.

 

2.19          “Eligible
Employees” means each employee of the Company or any of its Affiliates. An employee
on a leave of absence may be an Eligible Employee.

 

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2.20          “Eligible
Individual” means an Eligible Employee, Non-Employee Director, or Consultant who is
designated by the Committee in its discretion as eligible to receive Awards subject to the conditions set forth herein.

 

2.21          “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time. Reference
to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation
promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding
such section or regulation.

 

2.22          “Fair
Market Value” means, for purposes of this Plan, unless otherwise required by any applicable
provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported
for the Common Stock on the applicable date: (a) as reported on the principal national securities exchange in the United States on
which it is then traded or (b) if the Common Stock is not traded, listed, or otherwise reported or quoted, the Committee shall determine
in good faith the Fair Market Value in whatever manner it considers appropriate taking into account the requirements of Section 409A
of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which
the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received
by the Committee or, if not a date on which the applicable market is open, the next day that it is open.

 

2.23          “Family
Member” means “family member” as defined in Section A.1.(a)(5) of
the general instructions of Form S-8.

 

2.24          “Incentive
Stock Option” means any Stock Option that is awarded to an Eligible Employee who is
an employee of the Company, its Subsidiaries, or its Parents (if any) under this Plan and that is intended to be, and designated in the
Award Agreement as, an “Incentive Stock Option” within the meaning of Section 422 of the Code.

 

2.25          “Non-Employee
Director” means a director or a member of the Board who is not an employee of the Company.

 

2.26          “Non-Qualified
Stock Option” means any Stock Option awarded under this Plan that is not an Incentive
Stock Option.

 

2.27          “Other
Stock-Based Award” means an Award under Article X of this Plan that is valued
in whole or in part by reference to, or is payable in or otherwise based on, Shares.

 

2.28          “Parent”
means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

 

2.29          “Participant”
means an Eligible Individual to whom an Award has been granted pursuant to this Plan.

 

2.30          “Performance
Award” means an Award granted to a Participant pursuant to Article IX hereof contingent
upon achieving certain Performance Goals.

 

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2.31          “Performance
Goals” means goals established by the Committee as contingencies for Awards to vest
and/or become exercisable or distributable.

 

2.32          “Performance
Period” means the designated period during which the Performance Goals must be satisfied
with respect to the Award to which the Performance Goals relate.

 

2.33          “Qualified
Member” means a member of the Board who is (a) a “non-employee director”
within the meaning of Rule 16b-3(b)(3), and (b) “independent” under the listing standards or rules of the securities
exchange upon which the Common Stock is traded, but only to the extent such independence is required in order to take the action at issue
pursuant to such standards or rules.

 

2.34          “Restricted
Stock” means an Award of Shares under this Plan that is subject to restrictions under
Article VIII.

 

2.35          “Restricted
Stock Units” means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in
cash or other consideration determined by the Committee to be of equal value as of such settlement date, subject to certain vesting conditions
and other restrictions.

 

2.36          “Restriction
Period” has the meaning set forth in Section 8.3(a) with respect to Restricted
Stock.

 

2.37          “Rule 16b-3”
means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

 

2.38          “Section 409A
of the Code” means the nonqualified deferred compensation rules under Section 409A
of the Code and any applicable treasury regulations and other official guidance thereunder.

 

2.39          “Securities
Act” means the Securities Act of 1933, as amended, and all rules and regulations
promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation,
any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation
amending, supplementing, or superseding such section or regulation.

 

2.40          “Shares”
means shares of Common Stock.

 

2.41          “Stock
Appreciation Right” shall mean the right granted pursuant to an Award granted under
Article VII.

 

2.42          “Stock
Option” or “Option” means any option to purchase Shares granted
to Eligible Individuals granted pursuant to Article VI.

 

2.43          “Subsidiary”
means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

 

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2.44          “Ten
Percent Stockholder” means a person owning stock possessing more than ten percent (10%)
of the total combined voting power of all classes of stock of the Company, its Subsidiaries or its Parent.

 

2.45          “Termination
of Service” means the termination of the applicable Participant’s employment
with, or performance of services for, the Company and its Affiliates. Unless otherwise determined by the Committee, (a) if a Participant’s
employment or services with the Company and its Affiliates terminates but such Participant continues to provide services to the Company
and its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of Service with the Company and
its Affiliates and (b) a Participant employed by, or performing services for an Affiliate that ceases to be an Affiliate shall also
be deemed to have incurred a Termination of Service provided the Participant does not immediately thereafter become an employee of the
Company or another Affiliate. Notwithstanding the foregoing provisions of this definition, with respect to any Award that constitutes
a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, a Participant shall not be
considered to have experienced a “Termination of Service” unless the Participant has experienced a “separation
from service” within the meaning of Section 409A of the Code.

 

Article III

ADMINISTRATION

 

3.1            Authority
of the Committee. This Plan shall be administered by the Committee. Subject to the terms
of this Plan and Applicable Law, the Committee shall have full authority to grant Awards to Eligible Individuals under this Plan. In particular,
the Committee shall have the authority to:

 

(a)            determine
whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Individuals;

 

(b)            determine
the number of Shares to be covered by each Award granted hereunder;

 

(c)            determine
the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder (including, but not limited to,
the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture
restrictions or waiver thereof, regarding any Award and the Shares relating thereto, based on such factors, if any, as the Committee shall
determine, in its sole discretion);

 

(d)            determine
the amount of cash to be covered by each Award granted hereunder;

 

(e)            determine
whether, to what extent, and under what circumstances grants of Options and other Awards under this Plan are to operate on a tandem basis
and/or in conjunction with or apart from other awards made by the Company outside of this Plan;

 

(f)             determine
whether and under what circumstances an Award may be settled in cash, Shares, other property, or a combination of the foregoing;

 

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(g)            determine
whether, to what extent and under what circumstances cash, Shares, or other property and other amounts payable with respect to an Award
under this Plan shall be deferred either automatically or at the election of the Participant;

 

(h)            modify,
waive, amend, or adjust the terms and conditions of any Award, at any time or from time to time, including but not limited to Performance
Goals;

 

(i)             determine
whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

 

(j)             determine
whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired pursuant
to the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole discretion, following the date
of the acquisition of such Award or Shares; and

 

(k)            modify,
extend, or renew an Award, subject to Article XII and Section 6.3(l).

 

3.2            Guidelines.
Subject to Article XII hereof, the Committee shall have the authority to adopt, alter, and repeal such administrative rules, guidelines,
and practices governing this Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable
Law, as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of this Plan and any Award issued
under this Plan (and any agreements or sub-plans relating thereto); and to otherwise supervise the administration of this Plan. The Committee
may correct any defect, supply any omission, or reconcile any inconsistency in this Plan or in any agreement relating thereto in the manner
and to the extent it shall deem necessary to effectuate the purpose and intent of this Plan. The Committee may adopt special rules, sub-plans,
guidelines, and provisions for persons who are residing in or employed in, or subject to, the taxes of any domestic or foreign jurisdictions
to satisfy or accommodate applicable foreign laws or to qualify for preferred tax treatment of such domestic or foreign jurisdictions.

 

3.3            Decisions
Final. Any decision, interpretation, or other action made or taken in good faith by or at
the direction of the Company, the Board, or the Committee (or any of its members) arising out of or in connection with this Plan shall
be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding, and conclusive on the Company
and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns.

 

3.4            Procedures.
If the Committee is appointed, the Board shall designate one of the members of the Committee as chairperson and the Committee shall hold
meetings, subject to the by-laws of the Company, at such times and places as it shall deem advisable, including, without limitation, by
telephone conference or by written consent to the extent permitted by Applicable Law. A majority of the Committee members shall constitute
a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing
and signed by all of the Committee members in accordance with the by-laws of the Company, shall be fully effective as if it had been made
by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall make such rules and regulations
for the conduct of its business as it shall deem advisable.

 

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3.5            Designation
of Consultants/Liability; Delegation of Authority.

 

(a)            The
Committee may designate employees of the Company and professional advisors to assist the Committee in the administration of this Plan
and (to the extent permitted by Applicable Law) may grant authority to officers of the Company to grant Awards and/or execute agreements
or other documents on behalf of the Committee.

 

(b)            The
Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the administration of this Plan and may
rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses
incurred by the Committee or the Board in the engagement of any such counsel, consultant, or agent shall be paid by the Company. The Committee,
its members, and any person designated pursuant to sub-section (a) above shall not be liable for any action or determination made
in good faith with respect to this Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former
member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to this Plan or
any Award granted under it.

 

(c)            The
Committee may delegate any or all of its powers and duties under this Plan to a subcommittee of directors or to any officer of the Company,
including the power to perform administrative functions and grant Awards; provided, that such delegation does not (i) violate
Applicable Law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject
to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in this Plan to the “Committee,”
shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such
delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; provided, however,
that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive
officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member
of the Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint agents who are not executive officers
of the Company or members of the Board to assist in administering this Plan, provided, however, that such individuals may
not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares.

 

3.6            Indemnification.
To the maximum extent permitted by Applicable Law and to the extent not covered by insurance directly insuring such person, each officer
or employee of the Company or any of its Affiliates and member or former member of the Committee or the Board shall be indemnified and
held harmless by the Company against any cost or expense (including reasonable fees of counsel acceptable to the Committee) or liability
(including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing
at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration
of this Plan, except to the extent arising out of such officer’s, employee’s, member’s, or former member’s own
fraud or bad faith. Such indemnification shall be in addition to any right of indemnification the employees, officers, directors, or members
or former officers, directors, or members may have under Applicable Law or under the by-laws of the Company or any of its Affiliates.
Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with
regard to Awards granted to such individual under this Plan.

 

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Article IV

SHARE LIMITATION

 

4.1            Shares.
The aggregate number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under
this Plan shall not exceed (a) 10% of the aggregate number of fully-diluted Shares and shares of Class B Common Stock that are
outstanding as of the Effective Date less (b) the number of Shares that would be issuable upon the conversion of Incentive
Units in Authentic Brands, LLC that are outstanding on the Effective Date (subject to any increase or decrease pursuant to this Article 
IV), which may be either authorized and unissued Shares or Shares held in or acquired for the treasury of the Company or both. The number
of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under this Plan shall be (a) increased
proportionally to reflect the forfeiture of any Incentive Units in Authentic Brands, LLC outstanding as of the Effective Date and (b) subject
to an annual increase on January 1 of each calendar year during the term of this Plan, equal to the lesser of (i) 5% of the
aggregate number of Shares and shares of Class B common stock of the Company outstanding on the final day of the immediately preceding
calendar year and (ii) such smaller number of Shares as is determined by the Board. The aggregate number of Shares that may be issued
or used with respect to any Incentive Stock Option shall not exceed 19,140,130 Shares (subject to any increase or decrease pursuant to
Section 4.3). The aggregate value of Awards granted during a single fiscal year to any Non-Employee Director, taken together with
any cash fees paid to that Non-Employee Director during the fiscal year and the value of awards granted to the Non-Employee Director under
any other equity compensation plan of the Company during the fiscal year, shall not exceed a total value of $750,000 (calculating the
value of any Awards based on the grant date fair value for financial reporting purposes). Notwithstanding anything to the contrary contained
herein, Shares subject to an Award under this Plan shall again be made available for issuance or delivery under this Plan if such Shares
are (A) Shares tendered in payment of an Option, (B) Shares delivered or withheld by the Company to satisfy any tax withholding
obligation, (C) Shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement
of the Award, or (D) Shares subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full
number of Shares to which the Award related. Without limiting the generality of the foregoing, any Shares reserved under the Founder Share
Pool that are again made available for issuance pursuant to the preceding sentence shall be generally available for issuance to Eligible
Individual’s under this Plan (and not limited to awards made to Evan Hafer).

 

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4.2            Substitute
Awards. In connection with an entity’s merger or consolidation with the Company or
the Company’s acquisition of an entity’s property or stock, the Committee may grant Awards in substitution for any options
or other stock or stock-based awards granted before such merger or consolidation by such entity or its Affiliate (“Substitute
Awards”). Substitute Awards may be granted on such terms as the Committee deems appropriate, notwithstanding limitations on
Awards in this Plan. Substitute Awards will not count against the overall share limit (nor shall Shares subject to a Substitute Award
be added to the Shares available for Awards under this Plan as provided above), except that Shares acquired by exercise of substitute
Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock
Options under this Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company
or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of
such acquisition or combination, the shares available for grants pursuant to the terms of such pre-existing plan (as adjusted, to the
extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination
to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be
used for Awards under this Plan and shall not reduce the Shares authorized for grant under this Plan (and Shares subject to such Awards
shall not be added to the Shares available for Awards under this Plan as provided above); provided that Awards using such available
shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition
or combination, and shall only be made to individuals who were not Eligible Employees or Non-Employee Directors prior to such acquisition
or combination.

 

4.3            Adjustments.

 

(a)            The
existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders
of the Company to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company’s
capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds,
debentures, or preferred or prior preference stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company
or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate, or (vi) any
other corporate act or proceeding.

 

(b)            Subject
to the provisions of Section 11.1:

 

(i)            If
the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Shares into a greater number of Shares,
or combines (by reverse split, combination, or otherwise) its outstanding Shares into a lesser number of Shares, then the respective exercise
prices for outstanding Awards that provide for a Participant-elected exercise and the number of Shares covered by outstanding Awards shall
be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants
under this Plan.

 

(ii)           Excepting
transactions covered by Section 4.3(b)(i), if the Company effects any merger, consolidation, statutory exchange, spin-off, reorganization,
sale or transfer of all or substantially all the Company’s assets or business, or other corporate transaction or event in such a
manner that the Company’s outstanding Shares are converted into the right to receive (or the holders of Common Stock are entitled
to receive in exchange therefor), either immediately or upon liquidation of the Company, securities or other property of the Company or
other entity, then, subject to the provisions of Section 11.1, (A) the aggregate number or kind of securities that thereafter
may be issued under this Plan (including, for the sake of clarity, the Founder Share Pool), (B) the number or kind of securities
or other property (including cash) to be issued pursuant to Awards granted under this Plan (including as a result of the assumption of
this Plan and the obligations hereunder by a successor entity, as applicable), or (C) the exercise or purchase price thereof, shall
be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants
under this Plan.

 

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(iii)          If
there shall occur any change in the capital structure of the Company other than those covered by Section 4.3(b)(i) or 4.3(b)(ii),
any conversion, any adjustment, or any issuance of any class of securities convertible or exercisable into, or exercisable for, any class
of equity securities of the Company, then the Committee shall adjust any Award and make such other adjustments to this Plan to prevent
dilution or enlargement of the rights granted to, or available for, Participants under this Plan.

 

(iv)          The
Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary
items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as
defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial
statements, management’s discussion and analysis, or other Company public filing.

 

(v)           Any
such adjustment determined by the Committee pursuant to this Section 4.3(b) shall be final, binding, and conclusive on the
Company and all Participants and their respective heirs, executors, administrators, successors, and permitted assigns. Any adjustment
to, or assumption or substitution of, an Award under this Section 4.3(b) shall be intended to comply with the requirements
of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except
as expressly provided in this Section 4.3 or in the applicable Award Agreement, a Participant shall have no additional rights under
this Plan by reason of any transaction or event described in this Section 4.3.

 

4.4            Minimum
Vesting Period. Awards under this Plan shall generally be subject to a minimum vesting period
(or Restriction Period) of one year from the date of grant (but with permissible pro rata vesting over such period). Notwithstanding the
foregoing, such minimum vesting periods shall not apply (i) to awards granted to Non-Employee Directors, (ii) to vesting upon
terminations of employment due to involuntary termination, death, disability or retirement, (iii) upon a Change in Control, (iv) to
Cash Awards or Substitute Awards and (v) to Awards involving an aggregate number of Shares not in excess of 5% of the total shares
authorized for issuance under this Plan.

 

Article V

ELIGIBILITY

 

5.1            General
Eligibility. All current and prospective Eligible Individuals are eligible to be granted
Awards. Eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee in its sole discretion.

 

5.2            Incentive
Stock Options. Notwithstanding the foregoing, only Eligible Employees who are employees
of the Company, its Subsidiaries, or its Parents (if any) are eligible to be granted Incentive Stock Options under this Plan. Eligibility
for the grant of an Incentive Stock Option and actual participation in this Plan shall be determined by the Committee in its sole discretion.

 

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5.3            General
Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual
are conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee Director, as applicable.

 

Article VI

STOCK OPTIONS

 

6.1            Options.
Stock Options may be granted alone or in addition to other Awards granted under this Plan. Each Stock Option granted under this Plan shall
be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option.

 

6.2            Grants.
The Committee shall have the authority to grant to any Eligible Employee one or more Incentive Stock Options, Non-Qualified Stock Options,
or both types of Stock Options; provided, however, that Incentive Stock Options may only be granted to an Eligible Employee
who is an employee of the Company, its Subsidiaries, or its Parents (if any). The Committee shall have the authority to grant any Consultant
or Non-Employee Director one or more Non-Qualified Stock Options. To the extent that any Stock Option does not qualify as an Incentive
Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion
thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option.

 

6.3            Terms
of Options. Options granted under this Plan shall be evidenced by an Award Agreement and
subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent
with the terms of this Plan, as the Committee shall deem desirable:

 

(a)            Exercise
Price. The exercise price per Share subject to a Stock Option shall be determined by the Committee at the time of grant, provided
that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted
to a Ten Percent Stockholder, 110%) of the Fair Market Value at the time of grant.

 

(b)            Stock
Option Term. The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be exercisable
more than ten (10) years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five (5) years)
after the date the Option is granted.

 

(c)            Exercisability.
Unless otherwise provided by the Committee in accordance with the provisions of this Section 6.3, Stock Options granted under this
Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the
time of grant. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms
of any Award Agreement upon the occurrence of a specified event.

 

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(d)            Method
of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 6.3(c), to the extent
vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written notice of exercise (which
may be electronic) to the Company specifying the number of Shares to be purchased. Such notice shall be accompanied by payment in full
of the exercise price (which shall equal the product of such number of Shares to be purchased multiplied by the applicable exercise price).
The exercise price for the Stock Options may be paid upon such terms and conditions as shall be established by the Committee and set forth
in the applicable Award Agreement. Without limiting the foregoing, the Committee may establish payment terms for the exercise of Stock
Options pursuant to which the Company may withhold a number of Shares that otherwise would be issued to the Participant in connection
with the exercise of the Stock Option having a Fair Market Value on the date of exercise equal to the exercise price, or that permit the
Participant to deliver cash or Shares with a Fair Market Value equal to the exercise price on the date of payment, or through a simultaneous
sale through a broker of Shares acquired on exercise, all as permitted by Applicable Law. No Shares shall be issued until payment therefor,
as provided herein, has been made or provided for.

 

(e)             Non-Transferability
of Options. No Stock Option shall be transferable by the Participant other than by will or by the laws of descent and distribution,
and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing,
the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise
not transferable pursuant to this Section is transferable to a Family Member in whole or in part and in such circumstances, and under
such conditions, as specified by the Committee. A Non-Qualified Stock Option that is transferred to a Family Member pursuant to the preceding
sentence (i) may not be subsequently transferred other than by will or by the laws of descent and distribution and (ii) remains
subject to the terms of this Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a Non-Qualified Stock Option
by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a transfer after the exercise of the
Non-Qualified Stock Option shall be subject to the terms of this Plan and the applicable Award Agreement.

 

(f)             Termination
by Death or Disability. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the
time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is by reason
of death or Disability, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s
Termination of Service may be exercised by the Participant (or in the case of the Participant’s death, by the legal representative
of the Participant’s estate) at any time within a period of one (1) year from the date of such Termination of Service, but
in no event beyond the expiration of the stated term of such Stock Options; provided, however, that, in the event of a Participant’s
Termination of Service by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options held
by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of
one (1) year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options.

 

(g)            Involuntary
Termination Without Cause. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at
the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is by involuntary
termination by the Company without Cause, all Stock Options that are held by such Participant that are vested and exercisable at the time
of the Participant’s Termination of Service may be exercised by the Participant at any time within a period of ninety (90) days
from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options.

 

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(h)            Voluntary
Resignation. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant
or, if no rights of the Participant are reduced, thereafter, if a Participant’s Termination of Service is voluntary (other than
a voluntary termination described in Section 6.3(i) hereof), all Stock Options that are held by such Participant that are vested
and exercisable at the time of the Participant’s Termination of Service may be exercised by the Participant at any time within a
period of ninety (90) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such
Stock Options.

 

(i)             Termination
for Cause. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant, if a Participant’s
Termination of Service (x) is for Cause or (y) is a voluntary Termination of Service (as provided in Section 6.3(h)) after
the occurrence of an event that would be grounds for a Termination of Service for Cause, all Stock Options, whether vested or not vested,
that are held by such Participant shall thereupon immediately terminate and expire as of the date of such Termination of Service.

 

(j)              Unvested
Stock Options. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant, Stock
Options that are not vested as of the date of a Participant’s Termination of Service for any reason shall terminate and expire as
of the date of such Termination of Service.

 

(k)             Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Shares with
respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under this
Plan and/or any other stock option plan of the Company, any Subsidiary, or any Parent exceeds $100,000, such Options shall be treated
as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Subsidiary, or any Parent
at all times from the time an Incentive Stock Option is granted until three (3) months prior to the date of exercise thereof (or
such other period as required by Applicable Law), such Stock Option shall be treated as a Non-Qualified Stock Option. Should any provision
of this Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions
be required, the Committee may amend this Plan accordingly, without the necessity of obtaining the approval of the stockholders of the
Company.

 

(l)              Modification,
Extension and Renewal of Stock Options. The Committee may (i) modify, extend, or renew outstanding Stock Options granted under
this Plan (provided that the rights of a Participant are not reduced without such Participant’s consent and provided, further
that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept
the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in
substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, an outstanding Option may not be modified
to reduce the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option (other than adjustments
or substitutions in accordance with Article IV), unless such action is approved by the stockholders of the Company.

 

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(m)            Other
Terms and Conditions. The Committee may include a provision in an Award Agreement providing for the automatic exercise of a Non-Qualified
Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise the Non-Qualified
Stock Option as of such date, with respect to which the Fair Market Value of the Shares underlying the Non-Qualified Stock Option exceeds
the exercise price of such Non-Qualified Stock Option on the date of expiration of such Option, subject to Section 14.4. Stock Options
may contain such other provisions, which shall not be inconsistent with any of the terms of this Plan, as the Committee shall deem appropriate.

 

Article VII

STOCK APPRECIATION RIGHTS

 

7.1            Stock
Appreciation Rights. Stock Appreciation Rights shall be subject to the terms and conditions,
not inconsistent with this Plan, determined by the Committee, and the following:

 

(a)             Exercise
Price. The exercise price per Share subject to a Stock Appreciation Right shall be determined by the Committee at the time of grant,
provided that the per share exercise price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value at
the time of grant.

 

(b)            Term.
The term of each Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than ten (10) years after the
date the right is granted.

 

(c)             Exercisability.
Unless otherwise provided by the Committee, Stock Appreciation Rights granted under this Plan shall be exercised at such time or times
and subject to such terms and conditions as shall be determined by the Committee at the time of grant. If the Committee provides that
any such right is exercisable subject to certain terms and conditions, the Committee may waive those terms and conditions on the exercisability
at any time at or after grant in whole or in part.

 

(d)             Method
of Exercise. Subject to whatever installment and waiting period provisions applied under Section 7.1(c), Stock Appreciation Rights
may be exercised in whole or in part at any time in accordance with the applicable Award Agreement, by given written notice of exercise
(which may be electronic) to the Company specifying the number of Stock Appreciation Rights being exercised.

 

(e)             Payment.
Upon the exercise of a Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more
than, an amount in cash and/or Shares (as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair Market
Value of one (1) Share on the date that the right is exercised over the exercise price per Share of the Stock Appreciation Right.

 

(f)             Termination.
Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the provisions
of the applicable Award Agreement and this Plan, upon a Participant’s Termination of Service for any reason, Stock Appreciation
Rights may remain exercisable following a Participant’s Termination of Service on the same basis as Stock Options would be exercisable
following a Participant’s Termination of Service in accordance with the provisions of Sections 6.3(f) through 6.3(j).

 

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(g)            Non-Transferability.
No Stock Appreciation Rights shall be transferable by the Participant other than by will or by the laws of descent and distribution, and
all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant.

 

7.2            Automatic
Exercise. The Committee may include a term or condition in an Award Agreement providing for
the automatic exercise of a Stock Appreciation Right on a cashless basis on the last day of the term of the Stock Appreciation Right if
the Participant has failed to exercise the Stock Appreciation Right as of such date, with respect to which the Fair Market Value of the
Shares underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of
such Stock Appreciation Right, subject to Section 14.4.

 

Article VIII

RESTRICTED STOCK; RESTRICTED STOCK UNITS

 

8.1            Awards
of Restricted Stock and Restricted Stock Units. Shares of Restricted Stock and Restricted
Stock Units may be granted alone or in addition to other Awards granted under this Plan. The Committee shall determine the Eligible Individuals
to whom, and the time or times at which, grants of Restricted Stock and/or Restricted Stock Units shall be made, the number of shares
of Restricted Stock or Restricted Stock Units to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2),
the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and
all other terms and conditions of the Awards. The Committee shall determine and set forth in the Award Agreement the terms and conditions
for each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations contained in this Plan, including
any vesting or forfeiture conditions during the applicable restriction period.

 

The Committee may condition
the grant or vesting of Restricted Stock and Restricted Stock Units upon the attainment of specified performance targets (including, the
Performance Goals) or such other factor as the Committee may determine in its sole discretion.

 

8.2            Awards
and Certificates. Restricted Stock and Restricted Stock Units granted under this Plan shall
be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional
terms and conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable:

 

(a)            Restricted
Stock:

 

(i)             Purchase
Price. The purchase price of Restricted Stock shall be fixed by the Committee. The purchase price for shares of Restricted Stock may
be zero to the extent permitted by Applicable Law, and, to the extent not so permitted, such purchase price may not be less than par value.

 

(ii)            Legend.
Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock, unless
the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted
Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by Applicable
Law, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

 

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(iii)           Custody.
If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing
such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant
of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power
of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit
transfer to the Company of all or a portion of the shares subject to the Restricted Stock Award in the event that such Award is forfeited
in whole or part.

 

(iv)           Rights
as a Stockholder. Except as provided in Section 8.3(a) and this Section 8.2(a) or as otherwise determined by the
Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder
of Shares, including, without limitation, the right to receive dividends, the right to vote such shares, and, subject to and conditioned
upon the full vesting of shares of Restricted Stock, the right to tender such shares; provided that the Award Agreement shall specify
on what terms and conditions the applicable Participant shall be entitled to dividends payable on the Shares.

 

(v)            Lapse
of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for
such Shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the
Participant, except as otherwise required by Applicable Law or other limitations imposed by the Committee.

 

(b)            Restricted
Stock Units:

 

(i)             Settlement.
The Committee may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practical after the Restricted
Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner intended to comply
with Section 409A of the Code.

 

(ii)            Right
as a Stockholder. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless
and until Shares are delivered in settlement of the Restricted Stock Units.

 

(iii)           Dividend
Equivalents. If the Committee so provides, a grant of Restricted Stock Units may provide a Participant with the right to receive Dividend
Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in cash or Shares, and
subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend
Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.

 

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8.3            Restrictions
and Conditions.

 

(a)            Restriction
Period. (i) The Participant shall not be permitted to transfer shares of Restricted Stock awarded under this Plan or vest in
Restricted Stock Units during the period or periods set by the Committee (the “Restriction Period”) commencing on the
date of such Award, as set forth in the applicable Award Agreement and such agreement shall set forth a vesting schedule and any event
that would accelerate vesting of the Restricted Stock and/or Restricted Stock Units. Restricted Stock Units shall not be transferable
by the Participant other than by will or by the laws of descent and distribution and Shares subject to Restricted Stock Units may not
be transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable deferral period lapses.
Within these limits, based on service, attainment of Performance Goals pursuant to Section 8.3(a)(ii), and/or such other factors
or criteria as the Committee may determine in its sole discretion, the Committee may condition the grant or provide for the lapse of such
restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Restricted Stock Award or Restricted
Stock Unit and/or waive the deferral limitations for all or any part of any Award.

 

(ii)            If
the grant of shares of Restricted Stock or Restricted Stock Units or the lapse of restrictions or vesting schedule is based on the attainment
of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage applicable to
each Participant or class of Participants in the applicable Award Agreement prior to the beginning of the applicable fiscal year or at
such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such
Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions
(including, without limitation, dispositions and acquisitions), and other similar types of events or circumstances.

 

(b)            Termination.
Unless otherwise provided in the applicable Award Agreement or determined by the Committee at grant or, if no rights of the Participant
are reduced, thereafter, upon a Participant’s Termination of Service for any reason during the relevant Restriction Period, all
Restricted Stock or Restricted Stock Units still subject to restriction will be forfeited in accordance with the terms and conditions
established by the Committee at grant or thereafter.

 

Article IX

PERFORMANCE AWARDS

 

9.1            Performance
Awards. The Committee may grant a Performance Award to a Participant payable upon the attainment
of specific Performance Goals either alone or in addition to other Awards granted under this Plan. The Performance Goals to be achieved
during the Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance
Award. The conditions for grant or vesting and the other provisions of Performance Awards (including, without limitation, any applicable
Performance Goals) need not be the same with respect to each Participant. Performance Awards may be paid in cash, Shares, other property,
or any combination thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement. A Performance Award
shall not be transferable by the Participant other than by will or by the laws of descent and distribution and Shares subject to Performance
Awards may not be transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable restriction,
performance, or deferral period lapses.

 

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Article X

OTHER STOCK-BASED AND CASH AWARDS

 

10.1          Other
Stock-Based Awards. The Committee is authorized to grant to Eligible Individuals Other Stock-Based
Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including but not
limited to, Shares awarded purely as a bonus and not subject to restrictions or conditions, Shares in payment of the amounts due under
an incentive or performance plan sponsored or maintained by the Company, stock equivalent units, and Awards valued by reference to book
value of Shares. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under this
Plan.

 

Subject to the provisions
of this Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and the time or times at which, such
Awards shall be made, the number of Shares to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee
may also provide for the grant of Shares under such Awards upon the completion of a specified Performance Period. The Committee may condition
the grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals as the Committee may determine, in
its sole discretion.

 

10.2          Terms
and Conditions. Other Stock-Based Awards made pursuant to this Article X shall be evidenced
by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and
conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable:

 

(a)            Non-Transferability.
Subject to the applicable provisions of the Award Agreement and this Plan, Shares subject to Awards made under this Article X may
not be transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable restriction, performance,
or deferral period lapses.

 

(b)            Dividends.
Unless otherwise determined by the Committee at the time of the grant of an Award, subject to the provisions of the Award Agreement and
this Plan, the recipient of an Award under this Article X shall not be entitled to receive, currently or on a deferred basis, dividends
or Dividend Equivalents in respect of the number of Shares covered by the Award.

 

(c)            Vesting.
Any Award under this Article X and any Shares covered by any such Award shall vest or be forfeited to the extent so provided in the
Award Agreement, as determined by the Committee, in its sole discretion.

 

(d)            Price.
Shares under this Article X may be issued for no cash consideration. Shares purchased pursuant to a purchase right awarded under
this Article X shall be priced, as determined by the Committee in its sole discretion.

 

10.3          Cash
Awards. The Committee may from time to time grant Cash Awards to Eligible Individuals in
such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may
be required by Applicable Law, as it shall determine in its sole discretion. Cash Awards may be granted subject to the satisfaction of
vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions,
the Committee may accelerate the vesting of such Awards at any time in its sole discretion. The grant of a Cash Award shall not require
a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder.

 

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Article XI

CHANGE IN CONTROL PROVISIONS

 

11.1          Benefits.
In the event of a Change in Control of the Company, and except as otherwise provided by the Committee in an Award Agreement, a Participant’s
unvested Awards shall not vest automatically and a Participant’s Awards shall be treated in accordance with one or more of the following
methods as determined by the Committee:

 

(a)            Awards,
whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as determined by the Committee in
a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any
other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other
Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as
determined by the Committee; provided that the Committee may decide to award additional Restricted Stock or other Awards in lieu
of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted
Stock Option shall comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto).

 

(b)            The
Committee, in its sole discretion, may provide for the purchase of any Awards by the Company for an amount of cash equal to the excess
(if any) of the Change in Control Price of the Shares covered by such Awards, over the aggregate exercise price of such Awards; provided,
however, that if the exercise price of an Option or Stock Appreciation Right exceeds the Change in Control Price, such Award may be
cancelled for no consideration.

 

(c)            The
Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any Other
Stock-Based Award that provides for a Participant-elected exercise, effective as of the date of the Change in Control, by delivering notice
of termination to each Participant at least twenty (20) days prior to the date of consummation of the Change in Control, in which case
during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such
Participant shall have the right to exercise in full all of such Participant’s Awards that are then outstanding (without regard
to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence
of the Change in Control, and, provided that, if the Change in Control does not take place within a specified period after giving
such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void.

 

(d)            Notwithstanding
any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions,
of an Award at any time.

 

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Article XII

TERMINATION OR AMENDMENT OF PLAN

 

Notwithstanding any other
provision of this Plan, the Board or the Committee may at any time, and from time to time, amend, in whole or in part, any or all of the
provisions of this Plan (including any amendment deemed necessary to ensure that the Company may comply with any Applicable Law), or suspend
or terminate it entirely, retroactively or otherwise; provided, however, that, unless otherwise required by Applicable Law or specifically
provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension, or termination may not
be impaired without the consent of such Participant and, provided, further, that without the approval of the holders of
the Shares entitled to vote in accordance with Applicable Law, no amendment may be made that would (i) increase the aggregate number
of Shares that may be issued under this Plan (except by operation of Section 4.1); (ii) change the classification of individuals
eligible to receive Awards under this Plan; (iii) reduce the exercise price of any Stock Option or Stock Appreciation Right; (iv) grant
a new Stock Option, Stock Appreciation Right, or other Award in substitution for, or upon the cancellation of, any previously granted
Stock Option or Stock Appreciation Right that has the effect of reducing the exercise price thereof; (v) exchange any Stock Option
or Stock Appreciation Right for Common Stock, cash, or other consideration when the exercise price per Share under such Stock Option or
Stock Appreciation Right exceeds the Fair Market Value of a Share; or (vi) take any other action that would be considered a “repricing”
of a Stock Option or Stock Appreciation Right under the applicable listing standards of the national exchange on which the Common Stock
is listed (if any). Notwithstanding anything herein to the contrary, the Board or the Committee may amend this Plan or any Award Agreement
at any time without a Participant’s consent to comply with Applicable Law, including Section 409A of the Code. The Committee
may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise
specifically provided herein, no such amendment or other action by the Committee shall impair the rights of any holder without the holder’s
consent.

 

Article XIII

UNFUNDED STATUS OF PLAN

 

This Plan is intended to constitute
an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to which a Participant has a fixed
and vested interest but which is not yet made to a Participant by the Company, nothing contained herein shall give any such Participant
any right that is greater than those of a general unsecured creditor of the Company.

 

Article XIV

GENERAL PROVISIONS

 

14.1          Legend.
The Committee may require each person receiving Shares pursuant to a Stock Option or other Award under this Plan to represent to and agree
with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. In addition to any legend
required by this Plan, the certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions
on transfer. All certificates for Shares delivered under this Plan shall be subject to such stop transfer orders and other restrictions
as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any
stock exchange upon which the Common Stock is then listed or any national securities exchange system upon whose system the Common Stock
is then quoted, and any Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. If the Shares are held in book-entry form, then the book-entry will indicate any restrictions on such
Shares.

 

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14.2          Other
Plans. Nothing contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally
applicable or applicable only in specific cases.

 

14.3          No
Right to Employment/Directorship/Consultancy. Neither this Plan nor the grant of any Award
hereunder shall give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment,
consultancy or directorship by the Company or any Affiliate, nor shall there be a limitation in any way on the right of the Company or
any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy,
or directorship at any time.

 

14.4          Withholding
of Taxes. A Participant shall be required to pay to the Company or one of its Affiliates,
as applicable, or make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution
or other applicable taxes that are required to be withheld in respect of an Award. The Committee may (but is not obligated to), in its
sole discretion, permit or require a Participant to satisfy all or any portion of the applicable taxes that are required to be withheld
with respect to an Award by (a) the delivery of Shares (which are not subject to any pledge or other security interest) that have
been both held by the Participant and vested for at least six (6) months (or such other period as established from time to time by
the Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value
equal to such withholding liability (or portion thereof); (b) having the Company withhold from the Shares otherwise issuable or deliverable
to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable,
a number of Shares with an aggregate Fair Market Value equal to the amount of such withholding liability; (c) withholding payment
from any amounts otherwise payable to the Participant, or (d) by any other means specified in the applicable Award Agreement or otherwise
determined by the Committee.

 

14.5          Fractional
Shares. No fractional Shares shall be issued or delivered pursuant to this Plan. The Committee
shall determine whether cash, additional Awards, or other securities or property shall be used or paid in lieu of fractional Shares or
whether any fractional shares should be rounded, forfeited, or otherwise eliminated.

 

14.6          No
Assignment of Benefits. No Award or other benefit payable under this Plan shall, except as
otherwise specifically provided by law or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such
benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements,
or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such
person.

 

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14.7          Clawback
Provisions. All Awards (including any proceeds, gains, or other economic benefit the Participant
actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award)
will be subject to any Company clawback policy, including any claw-back policy adopted to comply with Applicable Law (including the Dodd-Frank
Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such clawback
policy or the Award Agreement.

 

14.8          Listing
and Other Conditions.

 

(a)            Unless
otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored by
a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such Shares being listed on such
exchange or system. The Company shall have no obligation to issue such Shares unless and until such Shares are so listed, and the right
to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected.

 

(b)            If
at any time counsel to the Company shall be of the opinion that any sale or delivery of Shares pursuant to an Award is or may in the circumstances
be unlawful or result in the imposition of excise taxes on the Company under Applicable Law, the Company shall have no obligation to make
such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act
or otherwise, with respect to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion
of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company.

 

(c)            Upon
termination of any period of suspension under this Section 14.8, any Award affected by such suspension which shall not then have
expired or terminated shall be reinstated as to all Shares available before such suspension and as to Shares which would otherwise have
become available during the period of such suspension, but no such suspension shall extend the term of any Award.

 

(d)            A
Participant shall be required to supply the Company with certificates, representations, and information that the Company requests and
otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, or approval the Company
deems necessary or appropriate.

 

14.9          Governing
Law. This Plan and actions taken in connection herewith shall be governed and construed in
accordance with the laws of the State of Delaware, without reference to principles of conflict of laws.

 

14.10        Construction.
Wherever any words are used in this Plan in the masculine gender they shall be construed as though they were also used in the feminine
gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though
they were also used in the plural form in all cases where they would so apply.

 

14.11        Other
Benefits. No Award granted or paid out under this Plan shall be deemed compensation for purposes
of computing benefits under any retirement plan of the Company or its Affiliates or affect any benefit or compensation under any other
plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

 

    24 

     

    

 

14.12        Costs.
The Company shall bear all expenses associated with administering this Plan, including expenses of issuing Shares pursuant to Awards hereunder.

 

14.13        No
Right to Same Benefits. The provisions of Awards need not be the same with respect to each
Participant, and such Awards to individual Participants need not be the same in subsequent years.

 

14.14        Death/Disability.
The Committee may in its discretion require the transferee of a Participant to supply it with written notice of the Participant’s
death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as
the Committee deems necessary to establish the validity of the transfer of an Award. The Committee may also require the agreement of the
transferee to be bound by all of the terms and conditions of this Plan.

 

14.15        Section 16(b) of
the Exchange Act. It is the intent of the Company that this Plan satisfy, and be interpreted
in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so
that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the
Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation
of any provision of this Plan would conflict with the intent expressed in this Section 14.15, such provision to the extent possible
shall be interpreted and/or deemed amended so as to avoid such conflict.

 

14.16        Deferral
of Awards. The Committee may establish one or more programs under this Plan to permit selected
Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria,
or other event that absent the election would entitle the Participant to payment or receipt of Shares or other consideration under an
Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual
of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules,
and procedures that the Committee deems advisable for the administration of any such deferral program.

 

14.17        Section 409A
of the Code. This Plan and Awards are intended to comply with or be exempt from the applicable
requirements of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent. To the
extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A
of the Code, including proposed, temporary, or final regulations or any other guidance issued by the Secretary of the Treasury and the
Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision in this Plan that is inconsistent
with Section 409A of the Code shall be deemed to be amended to comply with or be exempt from Section 409A of the Code and, to
the extent such provision cannot be amended to comply therewith or be exempt therefrom, such provision shall be null and void. The Company
shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A
of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the event that any amount or
benefit under this Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties
shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in this Plan or Award
Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A of the Code)
that are otherwise required to be made under this Plan to a “specified employee” (as defined under Section 409A of the
Code) as a result of such employee’s separation from service (other than a payment that is not subject to Section 409A of the
Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, until the date of death
of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period.

 

    25 

     

    

 

14.18        Successor
and Assigns. This Plan shall be binding on all successors and permitted assigns of a Participant,
including, without limitation, the estate of such Participant and the executor, administrator, or trustee of such estate.

 

14.19        Severability
of Provisions. If any provision of this Plan shall be held invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such
provisions had not been included.

 

14.20        Headings
and Captions. The headings and captions herein are provided for reference and convenience
only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan.

 

Article XV

EFFECTIVE DATE OF PLAN

 

This Plan shall become effective
upon the Closing (as defined in the Business Combination Agreement), subject to the approval of this Plan by the stockholders of the Company
in accordance with the requirements of the laws of the State of Delaware.

 

Article XVI

TERM OF PLAN

 

No Award shall be granted
pursuant to this Plan on or after the tenth (10th) anniversary of the earlier of the date that this Plan is adopted or the date of stockholder
approval, but Awards granted prior to such tenth (10th) anniversary may extend beyond that date.

 

    26

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