Document:

Exhibit
4.17

 

MUSCLE
MAKER, INC.

 

2019
EQUITY INCENTIVE PLAN

 

1.
Purpose. The purpose of the Muscle Maker, Inc. 2019 Equity Incentive Plan is to provide a means through which the Company
and its Affiliates may attract and retain key personnel and to provide a means whereby directors, officers, managers, employees,
consultants and advisors of the Company and its Affiliates can acquire and maintain an equity interest in the Company, or be paid
incentive compensation, which may (but need not) be measured by reference to the value of Common Shares, thereby strengthening
their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company’s
stockholders.

 

2.
Definitions. The following definitions shall be applicable throughout this Plan:

 

(a) “Affiliate”
means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the
Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant
interest as determined by the Committee in its discretion. The term “control” (including, with correlative meaning,
the terms “controlled by” and “under common control with”), as applied to any person or entity, means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person
or entity, whether through the ownership of voting or other securities, by contract or otherwise.

 

(b) “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit, Stock Bonus Award or Performance Compensation Award granted under this Plan.

 

(c) “Award
Agreement” means an agreement made and delivered in accordance with Section 15(a) of this Plan evidencing
the grant of an Award hereunder.

 

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

 

(e) “Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New York City are authorized
or obligated by federal law or executive order to be closed.

 

(f) “Cause”
means, in the case of a particular Award, unless the applicable Award Agreement states otherwise, (i) the Company or an Affiliate
having “cause” to terminate a Participant’s employment or service, as defined in any employment or consulting
agreement or similar document or policy between the Participant and the Company or an Affiliate in effect at the time of such
termination or (ii) in the absence of any such employment or consulting agreement, document or policy (or the absence of
any definition of “Cause” contained therein), (A) a material breach or material default (including, without limitation,
any material dereliction of duty) by Participant of any agreement between the Participant and the Company, except for any such
breach or default which is caused by the physical disability of the Participant (as determined by a neutral physician), or a repeated
failure by the Participant to follow the direction of a duly authorized representative of the Company; (B) gross negligence,
willful misfeasance or breach of fiduciary duty to the Company or Affiliate of the Company by the Participant; (C) the commission
by the Participant of an act or omission involving fraud, embezzlement, misappropriation or dishonesty in connection with the
Participant’s duties to the Company or Affiliate of the Company or that is otherwise likely to be injurious to the business
or reputation of the Company or its Affiliates; or (D) the Participant’s conviction of, indictment for, or pleading
guilty or nolo contendere to, any (x) felony or (y) other crime involving fraud or moral turpitude. Any determination
of whether Cause exists shall be made by the Committee in its sole discretion.

 

(g) “Change
in Control” shall, in the case of a particular Award, unless the applicable Award Agreement states otherwise or
contains a different definition of “Change in Control,” be deemed to occur upon:

 

(i) A
tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the outstanding voting
securities of the Company, unless as a result of such tender offer more than 50% of the outstanding voting securities of the surviving
or resulting corporation or entity shall be owned in the aggregate by (A) the shareholders of the Company (as of the time
immediately prior to the commencement of such offer), or (B) any employee benefit plan of the Company or its Subsidiaries,
and their Affiliates;

 

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(ii) The
Company shall be merged or consolidated with another corporation, unless as a result of such merger or consolidation more than
50% of the outstanding voting securities of the surviving or resulting corporation or entity shall be owned in the aggregate by
(A) the shareholders of the Company (as of the time immediately prior to such transaction); provided, that a merger or consolidation
of the Company with another company which is controlled by persons owning more than 50% of the outstanding voting securities of
the Company shall constitute a Change in Control unless the Committee, in its discretion, determine otherwise, or (B) any
employee benefit plan of the Company or its Subsidiaries, and their Affiliates;

 

(iii) The
Company shall sell substantially all of its assets to another entity that is not wholly owned by the Company, unless as a result
of such sale more than 50% of such assets shall be owned in the aggregate by (A) the shareholders of the Company (as of the
time immediately prior to such transaction), or (B) any employee benefit plan of the Company or its Subsidiaries, and their
Affiliates;

 

(iv) A
Person (as defined below) shall acquire 50% or more of the outstanding voting securities of the Company (whether directly, indirectly,
beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving
or resulting corporation or entity shall be owned in the aggregate by (A) the shareholders of the Company (as of the time
immediately prior to the first acquisition of such securities by such Person), or (B) any employee benefit plan of the Company
or its Subsidiaries, and their Affiliates; or

 

(v) The
individuals who, as of the date hereof, constitute the members of the Board (the “Current Board Members”) cease, by
reason of a financing, merger, combination, acquisition, takeover or other non-ordinary course transaction affecting the Company,
to constitute at least a majority of the members of the Board unless such change is approved by the Current Board Members.

 

For
purposes of this Section 2(g), ownership of voting securities shall take into account and shall include ownership as determined
by applying the provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). In addition, for such purposes, “Person” shall have the meaning
given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof; however,
a Person shall not include (A) the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any of its Subsidiaries; (C) an underwriter temporarily holding securities
pursuant to an offering of such securities; or (D) a corporation owned, directly or indirectly, by the shareholders of the
Company in substantially the same proportion as their ownership of stock of the Company. If the timing of payments provided under
an Award Agreement is based on or triggered by a Change in Control then, to extent necessary to avoid violating Section 409A,
a Change in Control must also constitute a Change in Control Event as defined under Section 409A.

 

(h) “Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto. References in this Plan to any section of the
Code shall be deemed to include any regulations or other interpretative guidance issued by any governmental authority under such
section, and any amendments or successor provisions to such section, regulations or guidance.

 

(i) “Committee”
means a committee of at least two people as the Board may appoint to administer this Plan or, if no such committee has been appointed
by the Board, the Board. Unless altered by an action of the Board, the Committee shall be the Compensation Committee of the Board.

 

(j) “Common
Shares” means the common stock, par value $0.0001 per share, of the Company (and any stock or other securities into
which such common shares may be converted or into which they may be exchanged).

 

(k) “Company”
means Muscle Maker Inc., a Nevada corporation, together with its successors and assigns.

 

(l) “Current
Board Members” has the meaning given such term in the definition of “Change in Control.”

 

(m) “Date
of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified
in such authorization.

 

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(n) “Disability”
means, in the case of a particular Award, unless the applicable Award Agreement states otherwise, (i) “Disability”
as defined in any employment or consulting agreement or similar document or policy in effect between the Participant and the Company
or an Affiliate or (ii) in the absence of any such employment or consulting agreement, document or policy (or the absence
of any definition of “Disability” contained therein), the inability of the Participant to perform the essential functions
of the Participant’s job by reason of a physical or mental infirmity, for a period of three (3) consecutive months
or for an aggregate of six (6) months in any twelve (12) consecutive month period. The determination of whether a Participant
has incurred a permanent and total disability shall be made by a physician designated by the Committee, whose determination shall
be final and binding.

 

(o) “Effective
Date” means the date as of which this Plan is adopted by the Board, subject to Section 3 of this Plan.

 

(p) “Eligible
Director” means a person who is (i) a “non-employee director” within the meaning of Rule 16b-3
under the Exchange Act, and (ii) an “outside director” within the meaning of Section 162(m) of the
Code.

 

(q) “Eligible
Person” means any (i) individual employed by the Company or an Affiliate; provided, however, that no
such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility
is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director of
the Company or an Affiliate; or (iii) consultant or advisor to the Company or an Affiliate, provided that if the Securities
Act applies such persons must be eligible to be offered securities registrable on Form S-8 under the Securities Act.

 

(r) “Exchange
Act” has the meaning given such term in the definition of “Change in Control,” and any reference in
this Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations
or other interpretative guidance issued by any governmental authority under such section or rule, and any amendments or successor
provisions to such section, rules, regulations or guidance.

 

(s) “Exercise
Price” has the meaning given such term in Section 7(b) of this Plan.

 

(t) “Fair
Market Value”, unless otherwise provided by the Committee in accordance with all applicable laws, rules regulations
and standards, means, on a given date, (i) if the Common Shares are listed on a national securities exchange, the closing
sales price on the principal exchange of the Common Shares on such date or, in the absence of reported sales on such date, the
closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Common Shares are not
listed on a national securities exchange, the mean between the bid and offered prices as quoted by any nationally recognized interdealer
quotation system for such date, provided that if the Common Shares are not quoted on an interdealer quotation system or it is
determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be determined by such
other method as the Committee determines in good faith to be reasonable and in compliance with Section 409A.

 

(u) “Immediate
Family Members” shall have the meaning set forth in Section 15(b) of this Plan.

 

(v) “Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Section 422
of the Code and otherwise meets the requirements set forth in this Plan.

 

(w) “Indemnifiable
Person” shall have the meaning set forth in Section 4(e) of this Plan.

 

(x) “Negative
Discretion” shall mean the discretion authorized by this Plan to be applied by the Committee to eliminate or reduce
the size of a Performance Compensation Award consistent with Section 162(m) of the Code.

 

(y) “Nonqualified
Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

 

(z) “Option”
means an Award granted under Section 7 of this Plan.

 

(aa)
“Option Period” has the meaning given such term in Section 7(c) of this Plan.

 

(bb)
“Participant” means an Eligible Person who has been selected by the Committee to participate in this
Plan and to receive an Award pursuant to Section 6 of this Plan.

 

(cc)
“Performance Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation
Award pursuant to Section 11 of this Plan.

 

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(dd)
“Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes
of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under
this Plan.

 

(ee)
“Performance Formula” shall mean, for a Performance Period, the one or more objective formulae applied
against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant,
whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance
Period.

 

(ff)
“Performance Goals” shall mean, for a Performance Period, the one or more goals established by the Committee
for the Performance Period based upon the Performance Criteria.

 

(gg)
“Performance Period” shall mean the one or more periods of time, as the Committee may select, over which
the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to,
and the payment of, a Performance Compensation Award.

 

(hh)
“Permitted Transferee” shall have the meaning set forth in Section 15(b) of this Plan.

 

(ii) “Person”
has the meaning given such term in the definition of “Change in Control.”

 

(jj)
“Plan” means this Muscle Maker, Inc. 2019 Equity Incentive Plan, as amended from time to time.

 

(kk)
“Retirement” means the fulfillment of each of the following conditions: (i) the Participant is
in good standing with the Company and/or an Affiliate of the Company as determined by the Committee; (ii) the voluntary termination
by a Participant of such Participant’s employment or service to the Company and/or an Affiliate and (iii) that at the
time of such voluntary termination, the sum of: (A) the Participant’s age (calculated to the nearest month, with any
resulting fraction of a year being calculated as the number of months in the year divided by 12) and (B) the Participant’s
years of employment or service with the Company (calculated to the nearest month, with any resulting fraction of a year being
calculated as the number of months in the year divided by 12) equals at least 62 (provided that, in any case, the foregoing shall
only be applicable if, at the time of such Retirement, the Participant shall be at least 55 years of age and shall have been employed
by or served with the Company for no less than five years).

 

(ll)
“Restricted Period” means the period of time determined by the Committee during which an Award is subject
to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether
an Award has been earned.

 

(mm)
“Restricted Stock Unit” means an unfunded and unsecured promise to deliver Common Shares, cash, other
securities or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant
remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of this
Plan.

 

(nn)
“Restricted Stock” means Common Shares, subject to certain specified restrictions (including, without
limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period
of time), granted under Section 9 of this Plan.

 

(oo)
“SAR Period” has the meaning given such term in Section 8(c) of this Plan.

 

(pp)
“Section 409A” means Section 409A of the Code (together with all Treasury Regulations, guidance,
compliance programs, and other interpretative authority thereunder.

 

(qq)
“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference
in this Plan to any section of the Securities Act shall be deemed to include any rules, regulations or other official interpretative
guidance issued by any governmental authority under such section, and any amendments or successor provisions to such section,
rules, regulations or guidance.

 

(rr)
“Stock Appreciation Right” or “SAR” means an Award granted under Section 8
of this Plan which meets all of the requirements of Section 1.409A-1(b)(5)(i)(B) of the Treasury Regulations.

 

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(ss)
“Stock Bonus Award” means an Award granted under Section 10 of this Plan.

 

(tt)
“Strike Price” means, except as otherwise provided by the Committee in the case of Substitute Awards,
(i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the
case of a SAR granted independent of an Option, the Fair Market Value of Common Shares on the Date of Grant.

 

(uu)
“Subsidiary” means, with respect to any specified Person:

 

(i) any
corporation, association or other business entity of which more than 50% of the total voting power of shares of voting securities
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or
more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii) any
partnership or limited liability company (or any comparable foreign entity) (a) the sole general partner or managing member
(or functional equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (b) the
only general partners or managing members (or functional equivalents thereof) of which are that Person or one or more Subsidiaries
of that Person (or any combination thereof).

 

(vv)
“Substitute Award” has the meaning given such term in Section 5(e).

 

(ww)
“Treasury Regulations” means any regulations, whether proposed, temporary or final, promulgated by the
U.S. Department of Treasury under the Code, and any successor provisions.

 

3.
Effective Date; Duration. The Plan shall be effective on October 28, 2019, the date on which it is approved by the
stockholders of the Company, which date shall be within twelve (12) months before or after the date of the Plan’s adoption
by the Board. The expiration date of this Plan, on and after which date no Awards may be granted hereunder, shall be October
27, 2029, the tenth anniversary of the date on which the Plan was approved by the stockholders of the Company; provided,
however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of this Plan shall continue
to apply to such Awards.

 

4.
Administration.

 

(a) The
Committee shall administer this Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under
the Exchange Act (if the Board is not acting as the Committee under this Plan) or necessary to obtain the exception for performance-based
compensation under Section 162(m) of the Code, as applicable, it is intended that each member of the Committee shall,
at the time he takes any action with respect to an Award under this Plan, be an Eligible Director. However, the fact that a Committee
member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise
validly granted under this Plan. The acts of a majority of the members present at any meeting at which a quorum is present or
acts approved in writing by a majority of the Committee shall be deemed the acts of the Committee. Whether a quorum is present
shall be determined based on the Committee’s charter as approved by the Board.

 

(b) Subject
to the provisions of this Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other
express powers and authorizations conferred on the Committee by this Plan and its charter, to: (i) designate Participants;
(ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Common Shares
to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards;
(iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances
Awards may be settled or exercised in cash, Common Shares, other securities, other Awards or other property, or canceled, forfeited,
or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine
whether, to what extent, and under what circumstances the delivery of cash, Common Shares, other securities, other Awards or other
property and other amounts payable with respect to an Award shall be made; (vii) interpret, administer, reconcile any inconsistency
in, settle any controversy regarding, correct any defect in and/or complete any omission in this Plan and any instrument or agreement
relating to, or Award granted under, this Plan; (viii) establish, amend, suspend, or waive any rules and regulations
and appoint such agents as the Committee shall deem appropriate for the proper administration of this Plan; (ix) accelerate
the vesting or exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other determination and
take any other action that the Committee deems necessary or desirable for the administration of this Plan.

 

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(c) The
Committee may, by resolution, expressly delegate to a special committee, consisting of one or more directors who may but need
not be officers of the Company, the authority, within specified parameters as to the number and types of Awards, to (i) designate
officers and/or employees of the Company or any of its Affiliates to be recipients of Awards under this Plan, and (ii) to
determine the number of such Awards to be received by any such Participants; provided, however, that such delegation of duties
and responsibilities may not be made with respect to grants of Awards to persons (i) subject to Section 16 of the Exchange
Act or (ii) who are, or who are reasonably expected to be, “covered employees” for purposes of Section 162(m) of
the Code. The acts of such delegates shall be treated as acts of the Committee, and such delegates shall report regularly to the
Board and the Committee regarding the delegated duties and responsibilities and any Awards granted.

 

(d) Unless
otherwise expressly provided in this Plan, all designations, determinations, interpretations, and other decisions under or with
respect to this Plan or any Award or any documents evidencing Awards granted pursuant to this Plan shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including,
without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of
the Company.

 

(e) No
member of the Board, the Committee, delegate of the Committee or any employee, advisor or agent of the Company or the Board or
the Committee (each such person, an “Indemnifiable Person”) shall be liable for any action taken or
omitted to be taken or any determination made in good faith with respect to this Plan or any Award hereunder. Each Indemnifiable
Person shall be indemnified and held harmless by the Company against and from (and the Company shall pay or reimburse on demand
for) any loss, cost, liability, or expense (including court costs and attorneys’ fees) that may be imposed upon or incurred
by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person
may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under
this Plan or any Award Agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s
approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit
or proceeding against such Indemnifiable Person, provided, that the Company shall have the right, at its own expense, to
assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the
Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification
shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case
not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable
Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s bad faith, fraud or willful criminal
act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Certificate of
Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which any such Indemnifiable Person may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a
matter of law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them
harmless.

 

(f) Notwithstanding
anything to the contrary contained in this Plan, the Board may, in its sole discretion, at any time and from time to time, grant
Awards and administer this Plan with respect to such Awards. In any such case, the Board shall have all the authority granted
to the Committee under this Plan.

 

5.
Grant of Awards; Shares Subject to this Plan; Limitations.

 

(a) The
Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus
Awards and/or Performance Compensation Awards to one or more Eligible Persons. No more than five percent (5%) of the aggregate
number of Common Shares available for issuance pursuant to Section 5(b) hereof may be granted pursuant to Awards that
are eligible to vest prior to the first anniversary of the Date of Grant. No Participant shall be eligible to receive or accrue
dividends or dividend equivalent rights with respect to the Common Shares subject to an unvested Award, including without limitation,
an Award of Stock Appreciation Rights or Restricted Stock Units.

 

(b) Subject
to Section 12 of this Plan, the Committee is authorized to deliver under this Plan an aggregate of 214,286 Common
Shares.

 

(c) Common
Shares underlying Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash shall be available
again for Awards under this Plan at the same ratio at which they were previously granted. Notwithstanding the foregoing, the following
Common Shares shall not be available again for Awards under the Plan: (i) shares tendered or held back upon the exercise
of an Option or settlement of an Award to cover the Exercise Price of an Award; (ii) shares that are used or withheld to
satisfy tax withholding obligations of the Participant; (iii) shares subject to a Stock Appreciation Right that are not issued
in connection with the stock settlement of the SAR upon exercise thereof; and (iv) shares purchased in the open market using
proceeds received upon the exercise of an Option.

 

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(d) Common
Shares delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of
the Company, shares purchased on the open market or by private purchase, or any combination of the foregoing.

 

(e) Subject
to compliance with Section 1.409A-3(f) of the Treasury Regulations, Awards may, in the sole discretion of the Committee,
be granted under this Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired
by the Company or with which the Company combines (“Substitute Awards”). The number of Common Shares
underlying any Substitute Awards shall be counted against the aggregate number of Common Shares available for Awards under this
Plan.

 

(f) Notwithstanding
any provision in the Plan to the contrary (but subject to adjustment as provided in Section 12), the Committee shall not
grant to any one Eligible Person in any one calendar year Awards (i) for more than 50% of the Available Shares in the aggregate
or (ii) payable in cash in an amount exceeding $10,000,000 in the aggregate.

 

6.
Eligibility. Participation shall be limited to Eligible Persons who have entered into an Award Agreement or who have received
written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate
in this Plan.

 

7.
Options.

 

(a) Generally.
Each Option granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including
email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Option so
granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with
this Plan as may be reflected in the applicable Award Agreement. All Options granted under this Plan shall be Nonqualified Stock
Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Notwithstanding
any designation of an Option, to the extent that the aggregate Fair Market Value of Common Shares with respect to which Options
designated as Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all
plans of the Company or any Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonqualified Stock Options.
Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates, and no
Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the
Code. No Option shall be treated as an Incentive Stock Option unless this Plan has been approved by the stockholders of the Company
in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code, provided
that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain
such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained.
In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as
may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any
portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or
portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under this Plan.

 

(b) Exercise
Price. The exercise price (“Exercise Price”) per Common Share for each Option shall not be less
than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided, however, that in the case
of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns shares representing more
than 10% of the voting power of all classes of shares of the Company or any Affiliate, the Exercise Price per share shall not
be less than 110% of the Fair Market Value per share on the Date of Grant; and, provided further, that notwithstanding
any provision herein to the contrary, the Exercise Price shall not be less than the par value per Common Share.

 

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(c) Vesting
and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee
and as set forth in the applicable Award Agreement, and shall expire after such period, not to exceed ten (10) years from
the Date of Grant, as may be determined by the Committee (the “Option Period”); provided, however,
that the Option Period shall not exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option granted
to a Participant who on the Date of Grant owns shares representing more than 10% of the voting power of all classes of shares
of the Company or any Affiliate; and, provided, further, that notwithstanding any vesting dates set by the Committee, the
Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms
and conditions of such Option other than with respect to exercisability. Unless otherwise provided by the Committee in an Award
Agreement:

 

(i) the
unvested portion of an Option shall expire upon termination of employment or service of the Participant granted the Option, and
the vested portion of such Option shall remain exercisable for:

 

(A) one
year following termination of employment or service by reason of such Participant’s death or Disability (with the determination
of Disability to be made by the Committee on a case by case basis), or, with respect to an Incentive Stock Option, three (3) months
following such termination, but not later than the expiration of the Option Period;

 

(B) for
directors, officers and employees of the Company only, for six (6) months following termination of employment or service
by reason of such Participant’s Retirement, or, with respect to an Incentive Stock Option, three (3) months following
such termination, but not later than the expiration of the Option Period;

 

(C) ninety
(90) days following termination of employment or service for any reason other than such Participant’s death, Disability
or Retirement, and other than such Participant’s termination of employment or service for Cause, but not later than the
expiration of the Option Period; and

 

(ii) both
the unvested and the vested portion of an Option shall immediately expire upon the termination of the Participant’s employment
or service by the Company for Cause.

 

Notwithstanding
the foregoing provisions of Section 7(c) and consistent with the requirements of applicable law, the Committee, in its
sole discretion, may extend the post-termination of employment period during which a Participant may exercise vested Options.

 

(d) Method
of Exercise and Form of Payment. No Common Shares shall be delivered pursuant to the exercise of an Option until
payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount
equal to any federal, state, local and/or foreign income and employment taxes required to be withheld. Options that have become
exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms
of the Award Agreement accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash, check
(subject to collection), cash equivalent and/or vested Common Shares valued at the Fair Market Value at the time the Option is
exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number
of Common Shares in lieu of actual delivery of such shares to the Company); provided, however, that such Common Shares
are not subject to any pledge or other security interest and; (ii) by such other method as the Committee may permit in accordance
with applicable law, in its sole discretion, including without limitation: (A) in other property having a fair market value
(as determined by the Committee in its discretion) on the date of exercise equal to the Exercise Price or (B) if there is
a public market for the Common Shares at such time, by means of a broker-assisted “cashless exercise” pursuant to
which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Common Shares otherwise deliverable
upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price or (C) by a
“net exercise” method whereby the Company withholds from the delivery of the Common Shares for which the Option was
exercised that number of Common Shares having a Fair Market Value equal to the aggregate Exercise Price for the Common Shares
for which the Option was exercised. Any fractional Common Shares shall be settled in cash.

 

(e) Notification
upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under
this Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Shares
acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without
limitation, any sale) of such Common Shares before the later of (A) two years after the Date of Grant of the Incentive Stock
Option or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee
and in accordance with procedures established by the Committee, retain possession of any Common Shares acquired pursuant to the
exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding
sentence.

 

(f) Compliance
with Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option
in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other applicable
law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations
of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

    	 	8	 

    	 	 	 

    

 

8.
Stock Appreciation Rights.

 

(a) Generally.
Each SAR granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email
or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR so granted
shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with this Plan
as may be reflected in the applicable Award Agreement. Any Option granted under this Plan may include tandem SARs (i.e., SARs
granted in conjunction with an Award of Options under this Plan). The Committee also may award SARs to Eligible Persons independent
of any Option.

 

(b) Exercise
Price. The Exercise Price per Common Share for each Option granted in connection with a SAR shall not be less than 100%
of the Fair Market Value of such share determined as of the Date of Grant.

 

(c) Vesting
and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according to the
same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest
and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire
after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”);
provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion,
accelerate the exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than
with respect to exercisability. Unless otherwise provided by the Committee in an Award Agreement:

 

(i) the
unvested portion of a SAR shall expire upon termination of employment or service of the Participant granted the SAR, and the vested
portion of such SAR shall remain exercisable for:

 

(A) one
year following termination of employment or service by reason of such Participant’s death or Disability (with the determination
of Disability to be made by the Committee on a case by case basis), but not later than the expiration of the SAR Period;

 

(B) for
directors, officers and employees of the Company only, for six (6) months following termination of employment or service
by reason of such Participant’s Retirement, but not later than the expiration of the SAR Period;

 

(C) ninety
(90) days following termination of employment or service for any reason other than such Participant’s death, Disability
or Retirement, and other than such Participant’s termination of employment or service for Cause, but not later than the
expiration of the SAR Period; and

 

(ii) both
the unvested and the vested portion of a SAR shall expire immediately upon the termination of the Participant’s employment
or service by the Company for Cause.

 

(d) Method
of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise
to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which
such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent
of an Option, the SAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the SAR or the
corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall
be deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate payment therefor.

 

(e) Payment.
Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of Common Shares subject to
the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one Common Share on the exercise
date over the Strike Price, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required
to be withheld. The Company shall pay such amount in cash, in Common Shares valued at Fair Market Value, or any combination thereof,
as determined by the Committee. Any fractional Common Share shall be settled in cash.

 

    	 	9	 

    	 	 	 

    

 

9.
Restricted Stock and Restricted Stock Units.

 

(a) Generally.
Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement (whether in paper or electronic
medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)).
Each such grant shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent
with this Plan as may be reflected in the applicable Award Agreement. Restricted Stock and Restricted Stock Units shall be subject
to such restrictions on transferability and other restrictions as the Committee may impose (including, for example, that holders
of Restricted Stock may not vote or receive dividends on the Restricted Stock). These restrictions may lapse separately or in
combination at such times, under such circumstances, in such installments, upon the satisfaction of Performance Goals or otherwise,
as the Committee determines at the time of the grant of an Award or thereafter. Except as otherwise provided in an Award Agreement,
a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units until such time as Common
Shares are paid in settlement of such Awards.

 

(b) Restricted
Accounts; Escrow or Similar Arrangement. Unless otherwise determined by the Committee, upon the grant of Restricted Stock,
a book entry in a restricted account shall be established in the Participant’s name at the Company’s transfer agent
and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than held in such
restricted account pending the release of the applicable restrictions, the Committee may require the Participant to additionally
execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the
appropriate share power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall
fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank share power
within the amount of time specified by the Committee, the Award shall be null and void ab initio. No Participant shall
have voting rights with respect to any Awards of Restricted Stock. A Participant holding Restricted Stock granted hereunder shall
not have the right to receive dividends on the Restricted Stock during the Restriction Period. To the extent shares of Restricted
Stock are forfeited, any share certificates issued to the Participant evidencing such shares shall be returned to the Company,
and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation
on the part of the Company.

 

(c) Vesting;
Acceleration of Lapse of Restrictions. Unless otherwise provided by the Committee in an Award Agreement, the unvested
portion of Restricted Stock and Restricted Stock Units shall terminate and be forfeited upon the termination of employment or
service of the Participant granted the applicable Award.

 

(d) Delivery
of Restricted Stock and Settlement of Restricted Stock Units. (i) Upon the expiration of the Restricted Period with
respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of no further
force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is
used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the share certificate
evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has
expired (rounded down to the nearest full share).

 

(ii) Unless
otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period with respect to any outstanding
Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one Common Share for
each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion and subject
to the requirements of Section 409A, elect to (i) pay cash or part cash and part Common Share in lieu of delivering
only Common Shares in respect of such Restricted Stock Units or (ii) defer the delivery of Common Shares (or cash or part
Common Shares and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result
in a violation of applicable law until such time as is no longer the case. If a cash payment is made in lieu of delivering Common
Shares, the amount of such payment shall be equal to the Fair Market Value of the Common Shares as of the date on which the Restricted
Period lapsed with respect to such Restricted Stock Units, less an amount equal to any federal, state, local and non-U.S. income
and employment taxes required to be withheld.

 

10.
Stock Bonus Awards. The Committee may issue unrestricted Common Shares, or other Awards denominated in Common Shares, under
this Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to
time in its sole discretion determine. Each Stock Bonus Award granted under this Plan shall be evidenced by an Award Agreement
(whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party
under contract with the Company)). Each Stock Bonus Award so granted shall be subject to such conditions not inconsistent with
this Plan as may be reflected in the applicable Award Agreement.

 

    	 	10	 

    	 	 	 

    

 

11.
Performance Compensation Awards.

 

(a) Generally.
The provisions of the Plan are intended to enable Options and Stock Appreciation Rights granted hereunder to certain Eligible
Persons to qualify for an exemption under Section 162(m) of the Code. The Committee shall have the authority, at the
time of grant of any Award described in Sections 7 through 10 of this Plan, to designate such Award as a Performance Compensation
Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. The Committee
shall have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation
Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code.

 

(b) Discretion
of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance Period, the Committee
shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards
to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of
the Performance Goals(s) that is (are) to apply and the Performance Formula. Within the first 90 calendar days of a Performance
Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code, if applicable),
the Committee shall, with regard to the Performance Compensation Awards to be issued for such Performance Period, exercise its
discretion with respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing.

 

(c) Performance
Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based on the attainment
of specific levels of performance of the Company and/or one or more Affiliates, divisions or operational units, or any combination
of the foregoing, as determined by the Committee, which criteria may be based on one or more of the following business criteria:
(i) revenue; (ii) sales; (iii) profit (net profit, gross profit, operating profit, economic profit, profit margins
or other corporate profit measures); (iv) earnings (EBIT, EBITDA, earnings per share, or other corporate earnings measures);
(v) net income (before or after taxes, operating income or other income measures); (vi) cash (cash flow, cash generation
or other cash measures); (vii) stock price or performance; (viii) total stockholder return (stock price appreciation
plus reinvested dividends divided by beginning share price); (ix) economic value added; (x) return measures (including,
but not limited to, return on assets, capital, equity, investments or sales, and cash flow return on assets, capital, equity,
or sales); (xi) market share; (xii) improvements in capital structure; (xiii) expenses (expense management, expense
ratio, expense efficiency ratios or other expense measures); (xiv) business expansion or consolidation (acquisitions and
divestitures); (xv) internal rate of return or increase in net present value; (xvi) working capital targets relating
to inventory and/or accounts receivable; (xvii) inventory management; (xviii) service or product delivery or quality;
(xix) customer satisfaction; (xx) employee retention; (xxi) safety standards; (xxii) productivity measures;
(xxiii) cost reduction measures; and/or (xxiv) strategic plan development and implementation. Any one or more of the
Performance Criteria adopted by the Committee may be used on an absolute or relative basis to measure the performance of the Company
and/or one or more Affiliates as a whole or any business unit(s) of the Company and/or one or more Affiliates or any combination
thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of
a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate,
or as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any
Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. To the extent
required under Section 162(m) of the Code, the Committee shall, within the first 90 calendar days of a Performance Period
(or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), define in an objective
fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period and thereafter promptly
communicate such Performance Criteria to the Participant.

 

(d) Modification
of Performance Goal(s). In the event that applicable tax and/or securities laws change to permit Committee discretion
to alter the governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee shall have
sole discretion to make such alterations without obtaining stockholder approval. The Committee is authorized at any time during
the first 90 calendar days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of
the Code, if applicable), or at any time thereafter to the extent the exercise of such authority at such time would not cause
the Performance Compensation Awards granted to any Participant for such Performance Period to fail to qualify as “performance-based
compensation” under Section 162(m) of the Code, in its sole discretion, to adjust or modify the calculation of
a Performance Goal for such Performance Period, based on and in order to appropriately reflect the following events: (i) asset
write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting
principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring
programs; (v) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor
pronouncement thereto) and/or in management’s discussion and analysis of financial condition and results of operations appearing
in the Company’s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) any
other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains
and losses; and (ix) a change in the Company’s fiscal year.

 

    	 	11	 

    	 	 	 

    

 

(e) Payment
of Performance Compensation Awards.

 

(i) Condition
to Receipt of Payment. Unless otherwise provided in the applicable Award Agreement, a Participant must be employed by,
or in service to, the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation
Award for such Performance Period.

 

(ii) Limitation.
A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (A) the
Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant’s Performance
Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved
Performance Goals.

 

(iii) Certification.
Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent,
the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of
the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine
the amount of each Participant’s Performance Compensation Award actually payable for the Performance Period and, in so doing,
may apply Negative Discretion.

 

(iv) Use
of Negative Discretion. In determining the actual amount of an individual Participant’s Performance Compensation
Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned
under the Performance Formula in the Performance Period through the use of Negative Discretion if, in its sole judgment, such
reduction or elimination is appropriate. The Committee shall not have the discretion, except as is otherwise provided in this
Plan, to (A) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if the Performance
Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation Award above the applicable
limitations set forth in Section 5 of this Plan.

 

(f) Timing
of Award Payments. Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon
as administratively practicable following completion of the certifications required by this Section 11, but in no event later
than two-and-one-half months following the end of the fiscal year during which the Performance Period is completed in order to
comply with the short-term deferral rules under Section 1.409A-1(b)(4) of the Treasury Regulations. Notwithstanding
the foregoing, payment of a Performance Compensation Award may be delayed, as permitted by Section 1.409A-2(b)(7)(i) of
the Treasury Regulations, to the extent that the Company reasonably anticipates that if such payment were made as scheduled, the
Company’s tax deduction with respect to such payment would not be permitted due to the application of Section 162(m) of
the Code.

 

12.
Changes in Capital Structure and Similar Events. In the event of (a) any dividend or other distribution (whether in
the form of cash, Common Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, amalgamation, consolidation, split-up, split-off, combination, repurchase or exchange of Common Shares or other securities
of the Company, issuance of warrants or other rights to acquire Common Shares or other securities of the Company, or other similar
corporate transaction or event (including, without limitation, a Change in Control) that affects the Common Shares, or (b) unusual
or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial
statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any
governmental body or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case
an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate in order to prevent dilution
or enlargement of rights, then the Committee shall make any such adjustments that are equitable, including, without limitation,
adjusting any or all of (A) the number of Common Shares or other securities of the Company (or number and kind of other securities
or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under this Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of this Plan) and (B) the terms of any outstanding
Award, including, without limitation, (1) the number of Common Shares or other securities of the Company (or number and kind
of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise
Price or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation,
Performance Criteria and Performance Goals). All adjustments shall be made in good faith compliance with Section 409A.

 

    	 	12	 

    	 	 	 

    

 

13.
Effect of Change in Control. Upon the occurrence of a Change in Control, unless otherwise specifically prohibited under
applicable laws or by the rules and regulations of any governing governmental agencies or national securities exchanges,
or unless the Committee shall specify otherwise in the Award Agreement, the Committee is authorized (but not obligated) to make
any of the following adjustments (or any combination thereof) in the terms and conditions of outstanding Awards: (a) continuation
or assumption of such outstanding Awards under the Plan by the Company (if it is the surviving company or corporation) or by the
surviving company or corporation or its parent; (b) substitution by the surviving company or corporation or its parent of
equity, equity-based and/or cash awards with substantially the same terms for outstanding Awards (excluding the security deliverable
upon settlement of the Awards), including, in the case of Options, substitution by the surviving company or corporation or its
parent of restricted stock or other equity, which may be subject to substantially the same vesting and/or forfeiture terms as
such Options, in an amount equal to the intrinsic value of such Options; (c) accelerated exercisability, vesting and/or lapse
of restrictions under outstanding Awards immediately prior to the occurrence of such event; (d) upon written notice, provide
that any outstanding Awards must be exercised, to the extent then exercisable, during a reasonable period of time immediately
prior to the scheduled consummation of the event or such other period as determined by the Committee (contingent upon the consummation
of the event), and at the end of such period, such Awards shall terminate to the extent not so exercised within the relevant period;
and (e) cancellation of all or any portion of outstanding Awards for fair value (in the form of cash, Common Shares, other
property or any combination thereof) as determined in the sole discretion of the Committee and which value may be zero; provided,
that, in the case of Options and Stock Appreciation Rights or similar Awards, (x) such fair value may equal the excess,
if any, of the value of the consideration to be paid in the Change in Control transaction to holders of the same number of Common
Shares subject to such Awards (or, if no such consideration is paid, the Fair Market Value of the Common Shares subject to such
outstanding Awards or portion thereof being canceled) over the aggregate Exercise Price or Strike Price, as applicable, with respect
to such Awards or the portion thereof being canceled (or if no such excess, zero), and (y) to the extent that the Options,
Stock Appreciation Rights or similar Awards are not then vested, such excess may be paid in restricted stock or other equity,
which may be subject to substantially the same vesting and/or forfeiture terms as such Options, Stock Appreciation Rights or similar
awards, in an amount equal to the intrinsic value of such Options, Stock Appreciation Rights or similar Awards.

 

14.
Amendments and Termination.

 

(a) Amendment
and Termination of this Plan. The Board may amend, alter, suspend, discontinue, or terminate this Plan or any portion
thereof at any time; provided, that (i) no amendment to the definition of Eligible Person in Section 2(q), Section 5(b),
Section 11(c) or Section 14(b) (to the extent required by the proviso in such Section 14(b)) shall be
made without stockholder approval and (ii) no such amendment, alteration, suspension, discontinuation or termination shall
be made without stockholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable
to this Plan (including, without limitation, as necessary to comply with any rules or requirements of any national securities
exchange or inter-dealer quotation system on which the Common Shares may be listed or quoted or to prevent the Company from being
denied a tax deduction under Section 162(m) of the Code); and, provided, further, that any such amendment, alteration,
suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder
or beneficiary of any Award theretofore granted shall not to that extent be effective without the prior written consent of the
affected Participant, holder or beneficiary.

 

(b) Amendment
of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted or the associated Award Agreement, prospectively or retroactively; provided, however that any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any
Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected
Participant.

 

(c) Prohibition
on Repricing. Subject to Section 5, the Committee shall not, without the approval of the stockholders of the Company
(i) reduce the exercise price, or cancel and reissue options so as to in effect reduce the exercise price or (ii) change
the manner of determining the exercise price so that the exercise price is less than the fair market value per share of Common
Stock.

 

15.
General.

 

(a) Award
Agreements. Each Award under this Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant
(whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party
under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto,
including without limitation, the effect on such Award of the death, Disability or termination of employment or service of a Participant,
or of such other events as may be determined by the Committee. The Company’s failure to specify any term of any Award in
any particular Award Agreement shall not invalidate such term, provided such terms was duly adopted by the Board or the Committee.

 

    	 	13	 

    	 	 	 

    

 

(b) Nontransferability;
Trading Restrictions.

 

(i) Each
Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable
law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any
such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against
the Company or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge,
attachment, sale, transfer or encumbrance.

 

(ii) Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred
by a Participant, with or without consideration, subject to such rules as the Committee may adopt consistent with any applicable
Award Agreement to preserve the purposes of this Plan, to: (A) any person who is a “family member” of the Participant,
as such term is used in the instructions to Form S-8 under the Securities Act (collectively, the “Immediate Family
Members”); (B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; or
(C) a partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate
Family Members; or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole
discretion, or (II) as provided in the applicable Award Agreement (each transferee described in clauses (A), (B), (C) and
(D) above is hereinafter referred to as a “Permitted Transferee”); provided, that the Participant
gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies
the Participant in writing that such a transfer would comply with the requirements of this Plan.

 

(iii) The
terms of any Award transferred in accordance with subparagraph (ii) above shall apply to the Permitted Transferee and any
reference in this Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent
and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be
in effect a registration statement on an appropriate form covering the Common Shares to be acquired pursuant to the exercise of
such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is
necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee,
whether or not such notice is or would otherwise have been required to be given to the Participant under this Plan or otherwise;
and (D) the consequences of the termination of the Participant’s employment by, or services to, the Company or an Affiliate
under the terms of this Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant,
including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the
periods, specified in this Plan and the applicable Award Agreement.

 

(iv) The
Committee shall have the right, either on an Award-by-Award basis or as a matter of policy for all Awards or one or more classes
of Awards, to condition the delivery of vested Common Shares received in connection with such Award on the Participant’s
agreement to such restrictions as the Committee may determine.

 

(c) Tax
Withholding.

 

(i) A
Participant shall be required to pay to the Company or any Affiliate, or the Company or any Affiliate shall have the right and
is hereby authorized to withhold, from any cash, Common Shares, other securities or other property deliverable under any Award
or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Shares, other securities or other
property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or
under this Plan and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all
obligations for the payment of such withholding and taxes. In addition, the Committee, in its discretion, may make arrangements
mutually agreeable with a Participant who is not an employee of the Company or an Affiliate to facilitate the payment of applicable
income and self-employment taxes.

 

(ii) Without
limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy,
in whole or in part, the foregoing withholding liability by (A) the delivery of Common Shares (which are not subject to any
pledge or other security interest) owned by the Participant having a fair market value equal to such withholding liability or
(B) having the Company withhold from the number of Common Shares otherwise issuable or deliverable pursuant to the exercise
or settlement of the Award a number of shares with a fair market value equal to such withholding liability (but no more than the
minimum required statutory withholding liability).

 

    	 	14	 

    	 	 	 

    

 

(d) No
Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other person,
shall have any claim or right to be granted an Award under this Plan or, having been selected for the grant of an Award, to be
selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries
of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto
need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants
are similarly situated. Neither this Plan nor any action taken hereunder shall be construed as giving any Participant any right
to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any
rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment
or discontinue any consulting relationship, free from any liability or any claim under this Plan, unless otherwise expressly provided
in this Plan or any Award Agreement. By accepting an Award under this Plan, a Participant shall thereby be deemed to have waived
any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the
Award beyond the period provided under this Plan or any Award Agreement, notwithstanding any provision to the contrary in any
written employment contract or other agreement between the Company and its Affiliates and the Participant, whether any such agreement
is executed before, on or after the Date of Grant.

 

(e) International
Participants. With respect to Participants who reside or work outside of the United States of America and who are not
(and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code, the
Committee may in its sole discretion amend the terms of this Plan or outstanding Awards (or establish a sub-plan) with respect
to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other
treatment for such Participants, the Company or its Affiliates.

 

(f) Designation
and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as
the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under this Plan
upon his or her death. A Participant may, from time to time, revoke or change his or her beneficiary designation without the consent
of any prior beneficiary by filing a new designation with the Committee. The last such designation filed with the Committee shall
be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received
by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt.
If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse or, if the Participant
is unmarried at the time of death, his or her estate. Upon the occurrence of a Participant’s divorce (as evidenced by a
final order or decree of divorce), any spousal designation previously given by such Participant shall automatically terminate.

 

(g) Termination
of Employment/Service. Unless determined otherwise by the Committee at any point following such event: (i) neither
a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or
service with the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment
or service with the Company or an Affiliate; and (ii) if a Participant’s employment 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 (or
vice-versa), such change in status shall not be considered a termination of employment with the Company or an Affiliate for purposes
of this Plan unless the Committee, in its discretion, determines otherwise.

 

(h) No
Rights as a Stockholder. Except as otherwise specifically provided in this Plan or any Award Agreement, no person shall
be entitled to the privileges of ownership in respect of Common Shares that are subject to Awards hereunder until such shares
have been issued or delivered to that person.

 

(i) Government
and Other Regulations.

 

(i) The
obligation of the Company to settle Awards in Common Shares or other consideration shall be subject to all applicable laws, rules,
and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of
any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from
offering to sell or selling, any Common Shares pursuant to an Award unless such shares have been properly registered for sale
pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel,
satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption
therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation
to register for sale under the Securities Act any of the Common Shares to be offered or sold under this Plan. The Committee shall
have the authority to provide that all certificates for Common Shares or other securities of the Company or any Affiliate delivered
under this Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under
this Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other requirements of the
Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such shares or other securities
are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality
of Section 9 of this Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. Notwithstanding any provision in this Plan to the contrary, the Committee reserves the right to
add any additional terms or provisions to any Award granted under this Plan that it in its sole discretion deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award
is subject.

 

    	 	15	 

    	 	 	 

    

 

(ii) The
Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company’s acquisition of Common Shares from the public
markets, the Company’s issuance of Common Shares to the Participant, the Participant’s acquisition of Common Shares
from the Company and/or the Participant’s sale of Common Shares to the public markets, illegal, impracticable or inadvisable.
If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, unless doing so would violate
Section 409A, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market
Value of the Common Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or
the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike
Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of Common Shares (in the
case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation
of such Award or portion thereof. The Committee shall have the discretion to consider and take action to mitigate the tax consequence
to the Participant in cancelling an Award in accordance with this clause.

 

(j) Payments
to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under this
Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such
person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee
so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or
any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any
such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

 

(k) Nonexclusivity
of this Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the
Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
as it may deem desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise
than under this Plan, and such arrangements may be either applicable generally or only in specific cases.

 

(l) No
Trust or Fund Created. Neither this Plan nor any Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person
or entity, on the other hand. No provision of this Plan or any Award shall require the Company, for the purpose of satisfying
any obligations under this Plan, to purchase assets or place any assets in a trust or other entity to which contributions are
made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence
of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights
under this Plan other than as general unsecured creditors of the Company, except that insofar as they may have become entitled
to payment of additional compensation by performance of services, they shall have the same rights as other employees under general
law.

 

(m) Reliance
on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to
act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report
made by the independent public accountant of the Company and/or its Affiliates and/or any other information furnished in connection
with this Plan by any agent of the Company or the Committee or the Board, other than himself.

 

(n) Relationship
to Other Benefits. No payment under this Plan shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in
such other plan.

 

(o) Governing
Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Nevada, without
giving effect to the conflict of laws provisions.

 

    	 	16	 

    	 	 	 

    

 

(p) Severability.
If any provision of this Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction or as to any person or entity or Award, or would disqualify this Plan or any Award under any law deemed applicable
by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws in the manner that most
closely reflects the original intent of the Award or the Plan, or if it cannot be construed or deemed amended without, in the
determination of the Committee, materially altering the intent of this Plan or the Award, such provision shall be construed or
deemed stricken as to such jurisdiction, person or entity or Award and the remainder of this Plan and any such Award shall remain
in full force and effect.

 

(q) Obligations
Binding on Successors. The obligations of the Company under this Plan shall be binding upon any successor corporation
or organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor
corporation or organization succeeding to substantially all of the assets and business of the Company.

 

(r) Code
Section 162(m) Approval. If so determined by the Committee, the provisions of this Plan regarding Performance
Compensation Awards shall be disclosed and reapproved by stockholders no later than the first stockholder meeting that occurs
in the fifth year following the year in which stockholders previously approved such provisions, in each case in order for certain
Awards granted after such time to be exempt from the deduction limitations of Section 162(m) of the Code. Nothing in
this clause, however, shall affect the validity of Awards granted after such time if such stockholder approval has not been obtained.

 

(s) Expenses;
Gender; Titles and Headings. The expenses of administering this Plan shall be borne by the Company and its Affiliates.
Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections
in this Plan are for convenience of reference only, and in the event of any conflict, the text of this Plan, rather than such
titles or headings shall control.

 

(t) Other
Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of
Common Shares under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine in its
sole and absolute discretion.

 

(u) Section 409A.
The Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from, the requirements of Section 409A.
The Plan and all Awards granted under this Plan shall be administered, interpreted, and construed in a manner consistent with
Section 409A to the extent necessary to avoid the imposition of additional taxes under Section 409A(a)(1)(B) of
the Code. In no event shall the Company or any of its Affiliates be liable for any additional tax, interest or penalties that
may be imposed on a Participant under Section 409A or any damages for failing to comply with Section 409A. Notwithstanding
any contrary provision in the Plan or Award Agreement, any payment(s) of nonqualified deferred compensation (within the meaning
of Section 409A) that are otherwise required to be made under the Plan to a “specified employee” (within the
meaning of Section 1.409A-1(i) of the Treasury Regulations) as a result of his or her separation from service (other
than a payment that is not subject to Section 409A) shall be delayed for the first six 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) on the day that immediately follows the end of such six-month period or as soon as administratively practicable
thereafter. Any remaining payments of nonqualified deferred compensation shall be paid without delay and at the time or times
such payments are otherwise scheduled to be made. A termination of employment or service shall not be deemed to have occurred
for purposes of any provision of the Plan or any Award Agreement providing for the payment of any amounts or benefits that are
considered nonqualified deferred compensation under Section 409A upon or following a termination of employment or service,
unless such termination is also a “separation from service” within the meaning of Section 409A and the payment
thereof prior to a “separation from service” would violate Section 409A. For purposes of any such provision of
the Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination
of employment,” “termination of service,” or like terms shall mean “separation from service.”

 

(v) Payments.
Participants shall be required to pay, to the extent required by applicable law, any amounts required to receive Common Shares
under any Award made under this Plan.

 

    	 	17Exhibit 4.1

 

Advisors Asset Management, Inc.

18925 Base Camp Road

Monument, Colorado 80132

January 10, 2020

 

Advisors Disciplined Trust 1992

c/o The Bank of New York Mellon, as Trustee

BNY Atlantic Terminal

2 Hanson Place, 12th Floor

Brooklyn, New York 11217

 

Re: Advisors Disciplined Trust 1992 (the “Fund”)

Ladies and Gentlemen:

We have examined
the Registration Statement File No. 333-234818 for the above captioned Fund. We hereby consent to the use in the Registration Statement
of the references to Advisors Asset Management, Inc. as evaluator.

You are hereby authorized
to file a copy of this letter with the Securities and Exchange Commission.

 

	 	Very truly yours,
	 	 	 
	 	Advisors Asset Management, Inc.
	 	 	 
	 	 	 
	 	By	/s/ ALEX R. MEITZNER
	 	 	Alex R. Meitzner
	 	 	Senior Vice President

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