Document:

Exhibit 10.1

 

ENZO BIOCHEM, INC.

AMENDED AND RESTATED 2011 INCENTIVE PLAN

 

	1.	Purpose	 	2
	 	 	 	 
	2.	Definitions	 	2
	 	 	 	 
	3.	Administration	 	6
	 	 	 	 
	4.	Shares Subject to Plan	 	7
	 	 	 	 
	5.	Eligibility; Per-Person Award Limitations	 	8
	 	 	 	 
	6.	Specific Terms of Awards	 	8
	 	 	 	 
	7.	Certain Provisions Applicable to Awards	 	14
	 	 	 	 
	8.	Code Section 162(m) Provisions	 	16
	 	 	 	 
	9.	Change in Control	 	18
	 	 	 	 
	10.	General Provisions	 	20

    	 

    	

    

ENZO BIOCHEM, INC.

AMENDED AND RESTATED 2011 INCENTIVE PLAN

 

1. Purpose.
The purpose of this AMENDED AND RESTATED 2011 INCENTIVE PLAN (the “Plan”) is to assist ENZO BIOCHEM, INC. (the
“Company”) and its Related Entities (as hereinafter defined) in attracting, motivating, retaining and rewarding high-quality
executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its Related
Entities by enabling such persons to acquire or increase a proprietary interest in the Company in order to strengthen the mutuality
of interests between such persons and the Company’s shareholders, and providing such persons with annual and long term performance
incentives to expend their maximum efforts in the creation of shareholder value.

 

2. Definitions.
For purposes of the Plan, the following terms shall be defined as set forth below, in addition to such terms defined in Section
1 hereof and elsewhere herein.

 

(a) “Award”
means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Share granted as a bonus or in
lieu of another Award, Dividend Equivalent, Other Stock-Based Award or Performance Award, together with any other right or interest,
granted to a Participant under the Plan.

 

(b) “Award
Agreement” means any written agreement, contract or other instrument or document evidencing any Award granted by
the Committee hereunder.

 

(c) “Beneficiary”
means the person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary
designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or to
which Awards or other rights are transferred if and to the extent permitted under Section 10(b) hereof. If, upon a Participant’s
death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the person, persons,
trust or trusts entitled by will or the laws of descent and distribution to receive such benefits.

 

(d) “Beneficial
Owner” and “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 under the
Exchange Act and any successor to such Rule.

 

(e) “Board”
means the Company’s Board of Directors.

 

(f) “Change
in Control” means a Change in Control as defined in Section 9(b) of the Plan.

 

(g) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions
and regulations thereto.

 

(h) “Committee”
means a committee designated by the Board to administer the Plan; provided, however, that if the Board fails to designate a committee
or if there are no longer any members on the committee so designated by the Board, or for any other reason determined by the Board,
then the Board shall serve as the Committee.

 

(i) “Consultant”
means any Person (other than an Employee or a Director, solely with respect to rendering services in such Person’s capacity
as a director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or
such Related Entity on a full-time basis.

 

(j) “Continuous
Service” means the uninterrupted provision of services to the Company or any Related Entity in any capacity of Employee,
Director, Consultant or other service provider. Continuous Service shall not be considered to be interrupted in the case of (i)
any approved leave of absence, (ii) transfers among the Company, any Related Entities, or any successor entities, in any capacity
of Employee, Director, Consultant or other service provider, or (iii) any change in status as long as the individual remains in
the service of the Company or a Related Entity in any capacity of Employee, Director, Consultant or other service provider (except
as otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave, military leave, or any other
authorized personal leave.

 

(k) “Covered
Employee” means the Person who, as of the end of the taxable year, either is the principal executive officer of the
Company or is serving as the acting principal executive officer of the Company, and each other Person whose compensation is required
to be disclosed in the Company’s filings with the Securities and Exchange Commission by reason of that person being among
the three highest compensated officers of the Company as of the end of a taxable year, or such other person as
shall be considered a “covered employee” for purposes of Section 162(m) of the Code.

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(l) “Director”
means a member of the Board.

 

(m) “Disability”
means a permanent and total disability (within the meaning of Section 22(e) of the Code), as determined by a medical doctor satisfactory
to the Committee.

 

(n) “Dividend
Equivalent” means a right, granted to a Participant under Section 6(g) hereof, to receive cash, Shares, other Awards
or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments.

 

(o) “Effective
Date” means the amended and restated effective date of the Plan, which shall be July 27, 2017.

 

(p) “Eligible
Person” means each officer, Director, Employee, Consultant and other person who provides services to the Company
or any Related Entity. The foregoing notwithstanding, only Employees of the Company, or any parent corporation or subsidiary corporation
of the Company (as those terms are defined in Sections 424(e) and (f) of the Code, respectively), shall be Eligible Persons for
purposes of receiving any Incentive Stock Options. An Employee on leave of absence may, in the discretion of the Committee, be
considered as still in the employ of the Company or a Related Entity for purposes of eligibility for participation in the Plan.

 

(q) “Employee”
means any person, including an officer or Director, who is a full-time employee of the Company or any Related Entity. The payment
of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment” by
the Company.

 

(r) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor
provisions and rules thereto.

 

(s) “Fair
Market Value” means the fair market value of Shares, Awards or other property as determined by the Committee, or
under procedures established by the Committee. Unless otherwise determined by the Committee, the Fair Market Value of a Share as
of any given date shall be the closing sale price per Share reported on a consolidated basis for stock listed on the principal
stock exchange or market on which Shares are traded on the date as of which such value is being determined (or as of such later
measurement date as determined by the Committee on the date the Award is authorized by the Committee), or, if there is no sale
on that date, then on the last previous day on which a sale was reported.

 

(t) “Incentive
Stock Option” means any Option intended to be designated as an incentive stock option within the meaning of Section
422 of the Code or any successor provision thereto.

 

(u) “Independent”,
when referring to either the Board or members of the Committee, shall have the same meaning as used in the rules of the Listing
Market.

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(v) “Incumbent
Board” means the Incumbent Board as defined in Section 9(b)(ii) hereof.

 

(w) “Listing
Market” means any national securities exchange on which any securities of the Company are listed for trading, and
if not listed for trading, by the rules of the Nasdaq Market.

 

(x) “Option”
means a right granted to a Participant under Section 6(b) hereof, to purchase Shares or other Awards at a specified price during
specified time periods.

 

(y) “Optionee”
means a person to whom an Option is granted under this Plan or any person who succeeds to the rights of such person under this
Plan.

 

(z) “Other
Stock-Based Awards” means Awards granted to a Participant under Section 6(i) hereof.

 

(aa) “Participant”
means a person who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an Eligible
Person.

 

(bb) “Performance
Award” means any Award of Performance Shares or Performance Units granted pursuant to Section 6(h) hereof.

 

(cc) “Performance
Period” means that period established by the Committee at the time any Performance Award is granted or at any time
thereafter during which any performance goals specified by the Committee with respect to such Award are to be measured.

 

(dd) “Performance
Share” means any grant pursuant to Section 6(h) hereof of a unit valued by reference to a designated number of Shares,
which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares,
other property, or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee
shall establish at the time of such grant or thereafter.

 

(ee) “Performance
Unit” means any grant pursuant to Section 6(h) hereof of a unit valued by reference to a designated amount of property
(including cash) other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall
determine, including cash, Shares, other property, or any combination thereof, upon achievement of such performance goals during
the Performance Period as the Committee shall establish at the time of such grant or thereafter.

 

(ff) “Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof,
and shall include a “group” as defined in Section 13(d) thereof.

 

(gg) “Prior
Plan” means the Enzo Biochem, Inc. 2005 Equity Compensation Incentive Plan.

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(hh) “Related
Entity” means any Subsidiary, and any business, corporation, partnership, limited liability company or other entity
designated by the Board, in which the Company or a Subsidiary holds a substantial ownership interest, directly or indirectly.

 

(ii) “Restriction
Period” means the period of time specified by the Committee that Restricted Stock Awards shall be subject to such
restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose.

 

(jj) “Restricted
Stock” means any Share issued with the restriction that the holder may not sell, transfer, pledge or assign such
Share and with such risks of forfeiture and other restrictions as the Committee, in its sole discretion, may impose (including
any restriction on the right to vote such Share and the right to receive any dividends), which restrictions may lapse separately
or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate.

 

(kk) “Restricted
Stock Award” means an Award granted to a Participant under Section 6(d) hereof.

 

(ll) “Restricted
Stock Units” means a right to receive Shares, including Restricted Stock, cash measured based upon the value of Shares
or a combination thereof, at the end of a specified deferral period.

 

(mm) “Restricted
Stock Unit Award” means an Award of Restricted Stock Units granted to a Participant under Section 6(e) hereof.

 

(nn) “Rule
16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated
by the Securities and Exchange Commission under Section 16 of the Exchange Act.

 

(oo) “Shareholder
Approval Date” means the date on which this Plan is approved by the shareholders of the Company eligible to vote
in the election of directors, by a vote sufficient to meet the requirements of Sections 162(m) (if applicable) and 422 of the Code,
Rule 16b-3 under the Exchange Act (if applicable), applicable requirements under the rules of any stock exchange or automated quotation
system on which the Shares may be listed on quoted, and other laws, regulations and obligations of the Company applicable to the
Plan.

 

(pp) “Shares”
means the shares of common stock of the Company, par value $0.01 per share, and such other securities as may be substituted (or
resubstituted) for Shares pursuant to Section 10(c) hereof.

 

(qq) “Stock
Appreciation Right” means a right granted to a Participant under Section 6(c) hereof.

 

(rr) “Subsidiary”
means any corporation or other entity in which the Company has a direct or indirect ownership interest of 50% or more of the total
combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally
in the election of directors or in which the Company has the right to receive 50% or more of the distribution of profits or 50%
or more of the assets on liquidation or dissolution.

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(ss) “Substitute
Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for,
Awards previously granted, or the right or obligation to make future Awards, by a company (i) acquired by the Company or any Related
Entity, (ii) which becomes a Related Entity after the date hereof, or (iii) with which the Company or any Related Entity combines.

 

3. Administration.

 

(a) Authority
of the Committee. The Plan shall be administered by the Committee, except to the extent (and subject to the limitations
imposed by Section 3(b) hereof) the Board elects to administer the Plan, in which case the Plan shall be administered by only those
members of the Board who are Independent members of the Board, in which case references herein to the “Committee” shall
be deemed to include references to the Independent members of the Board. The Committee shall have full and final authority, subject
to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants, grant Awards, determine the
type, number and other terms and conditions of, and all other matters relating to, Awards, prescribe Award Agreements (which need
not be identical for each Participant) and rules and regulations for the administration of the Plan, construe and interpret the
Plan and Award Agreements and correct defects, supply omissions or reconcile inconsistencies therein, and to make all other decisions
and determinations as the Committee may deem necessary or advisable for the administration of the Plan. In exercising any discretion
granted to the Committee under the Plan or pursuant to any Award, the Committee shall not be required to follow past practices,
act in a manner consistent with past practices, or treat any Eligible Person or Participant in a manner consistent with the treatment
of any other Eligible Persons or Participants.

 

(b) Manner of
Exercise of Committee Authority. The Committee, and not the Board, shall exercise sole and exclusive discretion
(i) on any matter relating to a Participant then subject to Section 16 of the Exchange Act with respect to the Company to the extent
necessary in order that transactions by such Participant shall be exempt under Rule 16b-3 under the Exchange Act, (ii) with respect
to any Award that is intended to qualify as “performance-based compensation” under Section 162(m), to the extent necessary
in order for such Award to so qualify; and (iii) with respect to any Award to an Independent Director. Any action of the Committee
shall be final, conclusive and binding on all persons, including the Company, its Related Entities, Eligible Persons, Participants,
Beneficiaries, transferees under Section 10(b) hereof or other persons claiming rights from or through a Participant, and shareholders.
The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed
as limiting any power or authority of the Committee. The Committee may delegate to officers or managers of the Company or any Related
Entity, or committees thereof, the authority, subject to such terms and limitations as the Committee shall determine, to perform
such functions, including administrative functions as the Committee may determine to the extent that such delegation will not 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 and will not cause Awards intended to qualify as “performance-based compensation” under Code
Section 162(m) to fail to so qualify. The Committee may appoint agents to assist it in administering the Plan.

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(c) Limitation
of Liability. The Committee and the Board, and each member thereof, shall be entitled to, in good faith, rely or act upon
any report or other information furnished to him or her by any officer or Employee, the Company’s independent auditors, Consultants
or any other agents assisting in the administration of the Plan. Members of the Committee and the Board, and any officer or Employee
acting at the direction or on behalf of the Committee or the Board, shall not be personally liable for any action or determination
taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected
by the Company with respect to any such action or determination.

 

4. Shares Subject
to Plan.

 

(a) Limitation
on Overall Number of Shares Available for Delivery Under Plan. Subject to adjustment as provided in Section 10(c) hereof,
the total number of Shares reserved and available for delivery under the Plan shall be Five Million (5,000,000). Any Shares that
are subject to Awards shall be counted against this limit as one (1) Share for every one (1) Share granted. Any Shares delivered
under the Plan may consist, in whole or in part, of authorized and unissued shares or treasury shares.

 

(b) Application
of Limitation to Grants of Awards. No Award may be granted if the number of Shares to be delivered in connection with such
an Award exceeds the number of Shares remaining available for delivery under the Plan, minus the number of Shares deliverable in
settlement of or relating to then outstanding Awards. The Committee may adopt reasonable counting procedures to ensure appropriate
counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number
of Shares actually delivered differs from the number of Shares previously counted in connection with an Award.

 

(c) Availability
of Shares Not Delivered under Awards and Adjustments to Limits.

 

(i) If any Awards are
forfeited, expire or otherwise terminate without issuance of such Shares, or any Award is settled for cash or otherwise does not
result in the issuance of all or a portion of the Shares subject to such Award, the Shares to which those Awards were subject,
shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance, again be available for delivery
with respect to Awards under the Plan.

 

(ii) In the event that
any Option or other Award granted hereunder is exercised through the tendering of Shares (either actually or by attestation) or
by the withholding of Shares by the Company, or withholding tax liabilities arising from such option or other award are satisfied
by the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, then only the number
of Shares issued net of the Shares tendered or withheld shall be counted for purposes of determining the maximum number of Shares
available for grant under the Plan.

 

(iii) Substitute Awards
shall not reduce the Shares authorized for delivery under the Plan or authorized for delivery to a Participant in any period. Additionally,
in the event that a company acquired by the Company or any Related Entity or with which the Company or any Related Entity combines
has shares available under a pre-existing plan approved by its shareholders, the shares available for delivery 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 the
Plan and shall not reduce the Shares authorized for delivery under the Plan; if and to the extent that the use of such Shares would
not require approval of the Company’s shareholders under the rules of the Listing Market.

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(iv) Any Share that
again becomes available for delivery pursuant to this Section 4(c) shall be added back as one (1) Share.

 

(v) Notwithstanding
anything in this Section 4(c) to the contrary but subject to adjustment as provided in Section 10(c) hereof, the maximum aggregate
number of Shares that may be delivered under the Plan as a result of the exercise of the Incentive Stock Options shall be Five
Million (5,000,000) Shares.

 

(d) No Further
Awards Under Prior Plan. In light of the adoption of this Plan, no further awards shall be made under the Prior Plan after
the Shareholder Approval Date.

 

5. Eligibility;
Per-Person Award Limitations. Awards may be granted under the Plan only to Eligible Persons. Subject to adjustment as provided
in Section 10(c), in any fiscal year of the Company during any part of which the Plan is in effect, no Participant may be granted
(i) Options or Stock Appreciation Rights with respect to more than Five Hundred Thousand (500,000) Shares or (ii) Restricted Stock,
Restricted Stock Units, Performance Shares and/or Other Stock-Based Awards with respect to more than Five Hundred Thousand (500,000)
Shares. In addition, the maximum dollar value payable to any one Participant with respect to Performance Units is (x) Two Million
Five Hundred Thousand Dollars ($2,500,000) with respect to any 12 month Performance Period (pro-rated for any Performance Period
that is less than 12 months based upon the ratio of the number of days in the Performance Period as compared to 365), and (y) with
respect to any Performance Period that is more than 12 months, Two Million Dollars ($2,000,000) multiplied by the number of full
12 month periods that are in the Performance Period.

 

6. Specific Terms
of Awards.

 

(a) General.
Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award
or the exercise thereof, at the date of grant or thereafter (subject to Section 10(e)), such additional terms and conditions, not
inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards
in the event of termination of the Participant’s Continuous Service and terms permitting a Participant to make elections
relating to his or her Award. Except as otherwise expressly provided herein, the Committee shall retain full power and discretion
to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan. Except in
cases in which the Committee is authorized to require other forms of consideration under the Plan, or to the extent other forms
of consideration must be paid to satisfy the requirements of New York law, no consideration other than services may be required
for the grant (as opposed to the exercise) of any Award.

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(b) Options.
The Committee is authorized to grant Options to any Eligible Person on the following terms and conditions:

 

(i) Exercise
Price. Other than in connection with Substitute Awards, the exercise price per Share purchasable under an Option shall
be determined by the Committee, provided that such exercise price shall not be less than 100% of the Fair Market Value of a Share
on the date of grant of the Option and shall not, in any event, be less than the par value of a Share on the date of grant of the
Option. If an Employee owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code)
more than 10% of the combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation
of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and an Incentive Stock Option
is granted to such Employee, the exercise price of such Incentive Stock Option (to the extent required by the Code at the time
of grant) shall be no less than 110% of the Fair Market Value of a Share on the date such Incentive Stock Option is granted. Other
than pursuant to Section 10(c)(i) and (ii), the Committee shall not be permitted to (A) lower the exercise price per Share of an
Option after it is granted, (B) cancel an Option when the exercise price per Share exceeds the Fair Market Value of the underlying
Shares in exchange for another Award (other than in connection with Substitute Awards), or (C) take any other action with respect
to an Option that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without approval of the
Company’s shareholders.

 

(ii) Time and
Method of Exercise. The Committee shall determine the time or times at which or the circumstances under which an Option
may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements),
the time or times at which Options shall cease to be or become exercisable following termination of Continuous Service or upon
other conditions, the methods by which the exercise price may be paid or deemed to be paid (including in the discretion of the
Committee a cashless exercise procedure), the form of such payment, including, without limitation, cash, Shares (including without
limitation the withholding of Shares otherwise deliverable pursuant to the Award), other Awards or awards granted under other plans
of the Company or a Related Entity, or other property (including notes or other contractual obligations of Participants to make
payment on a deferred basis provided that such deferred payments are not in violation of Section 13(k) of the Exchange Act, or
any rule or regulation adopted thereunder or any other applicable law), and the methods by or forms in which Shares will be delivered
or deemed to be delivered to Participants.

 

(iii) Incentive
Stock Options. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions
of Section 422 of the Code. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock
Options (including any Stock Appreciation Right issued in tandem therewith) shall be interpreted, amended or altered, nor shall
any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any Incentive Stock Option
under Section 422 of the Code, unless the Participant has first requested, or consents to, the change that will result in such
disqualification. Thus, if and to the extent required to comply with Section 422 of the Code, Options granted as Incentive Stock
Options shall be subject to the following special terms and conditions:

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(A) the Option shall
not be exercisable for more than ten years after the date such Incentive Stock Option is granted; provided, however, that if a
Participant owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the combined
voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those
terms are defined in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is granted to such Participant,
the term of the Incentive Stock Option shall be (to the extent required by the Code at the time of the grant) for no more than
five years from the date of grant; and

 

(B) The aggregate Fair
Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares with respect to which Incentive Stock
Options granted under the Plan and all other option plans of the Company (and any parent corporation or subsidiary corporation
of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) that become exercisable for the
first time by the Participant during any calendar year shall not (to the extent required by the Code at the time of the grant)
exceed $100,000.

 

(c) Stock Appreciation
Rights. The Committee may grant Stock Appreciation Rights to any Eligible Person in conjunction with all or part of any
Option granted under the Plan or at any subsequent time during the term of such Option (a “Tandem Stock Appreciation Right”),
or without regard to any Option (a “Freestanding Stock Appreciation Right”), in each case upon such terms and conditions
as the Committee may establish in its sole discretion, not inconsistent with the provisions of the Plan, including the following:

 

(i) Right to Payment.
A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the
excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the Stock Appreciation Right
as determined by the Committee. The grant price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value
of a Share on the date of grant, in the case of a Freestanding Stock Appreciation Right, or less than the associated Option exercise
price, in the case of a Tandem Stock Appreciation Right. Other than pursuant to Section 10(c)(i) and (ii), the Committee shall
not be permitted to (A) lower the grant price per Share of a Stock Appreciation Right after it is granted, (B) cancel a Stock Appreciation
Right when the grant price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other
than in connection with Substitute Awards), or (C) take any other action with respect to a Stock Appreciation Right that may be
treated as a repricing pursuant to the applicable rules of the Listing Market, without shareholder approval.

 

(ii) Other Terms.
The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which
a Stock Appreciation Right may be exercised in whole or in part (including based on achievement of performance goals and/or future
service requirements), the time or times at which Stock Appreciation Rights shall cease to be or become exercisable following termination
of Continuous Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in
settlement, method by or forms in which Shares will be delivered or deemed to be delivered to Participants, whether or not a Stock
Appreciation Right shall be in tandem or in combination with any other Award, and any other terms and conditions
of any Stock Appreciation Right.

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(iii) Tandem Stock
Appreciation Rights. Any Tandem Stock Appreciation Right may be granted at the same time as the related Option is granted
or, for Options that are not Incentive Stock Options, at any time thereafter before exercise or expiration of such Option. Any
Tandem Stock Appreciation Right related to an Option may be exercised only when the related Option would be exercisable and the
Fair Market Value of the Shares subject to the related Option exceeds the exercise price at which Shares can be acquired pursuant
to the Option. In addition, if a Tandem Stock Appreciation Right exists with respect to less than the full number of Shares covered
by a related Option, then an exercise or termination of such Option shall not reduce the number of Shares to which the Tandem Stock
Appreciation Right applies until the number of Shares then exercisable under such Option equals the number of Shares to which the
Tandem Stock Appreciation Right applies. Any Option related to a Tandem Stock Appreciation Right shall no longer be exercisable
to the extent the Tandem Stock Appreciation Right has been exercised, and any Tandem Stock Appreciation Right shall no longer be
exercisable to the extent the related Option has been exercised.

 

(d) Restricted
Stock Awards. The Committee is authorized to grant Restricted Stock Awards to any Eligible Person on the following terms
and conditions:

 

(i) Grant and
Restrictions. Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture and
other restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan during the Restriction Period. The
terms of any Restricted Stock Award granted under the Plan shall be set forth in a written Award Agreement which shall contain
provisions determined by the Committee and not inconsistent with the Plan. The restrictions may lapse separately or in combination
at such times, under such circumstances (including based on achievement of performance goals and/or future service requirements),
in such installments or otherwise, as the Committee may determine at the date of grant or thereafter. Except to the extent restricted
under the terms of the Plan and any Award Agreement relating to a Restricted Stock Award, a Participant granted Restricted Stock
shall have all of the rights of a shareholder, including the right to vote the Restricted Stock and the right to receive dividends
thereon (subject to any mandatory reinvestment or other requirement imposed by the Committee). During the period that the Restriction
Stock Award is subject to a risk of forfeiture, subject to Section 10(b) below and except as otherwise provided in the Award Agreement,
the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant.

 

(ii) Forfeiture.
Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable
Restriction Period, the Participant’s Restricted Stock that is at that time subject to a risk of forfeiture that has not
lapsed or otherwise been satisfied shall be forfeited and reacquired by the Company; provided that the Committee may provide, by
rule or regulation or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to Restricted
Stock Awards shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee
may in other cases waive in whole or in part the forfeiture of Restricted Stock.

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(iii) Certificates
for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine. If
certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates
bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company
retain physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank,
relating to the Restricted Stock.

 

(iv) Dividends
and Splits. As a condition to the grant of a Restricted Stock Award, the Committee may require or permit a Participant
to elect that any cash dividends paid on a Share of Restricted Stock be automatically reinvested in additional Shares of Restricted
Stock or applied to the purchase of additional Awards under the Plan. Unless otherwise determined by the Committee, Shares distributed
in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions
and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Shares or other property have been
distributed.

 

(e) Restricted
Stock Unit Award. The Committee is authorized to grant Restricted Stock Unit Awards to any Eligible Person on the following
terms and conditions:

 

(i) Award and
Restrictions. Satisfaction of a Restricted Stock Unit Award shall occur upon expiration of the deferral period specified
for such Restricted Stock Unit Award by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition,
a Restricted Stock Unit Award shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may
impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including
based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or
otherwise, as the Committee may determine. A Restricted Stock Unit Award may be satisfied by delivery of Shares, cash equal to
the Fair Market Value of the specified number of Shares covered by the Restricted Stock Units, or a combination thereof, as determined
by the Committee at the date of grant or thereafter. Prior to satisfaction of a Restricted Stock Unit Award, a Restricted Stock
Unit Award carries no voting or dividend or other rights associated with Share ownership.

 

(ii) Forfeiture.
Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable
deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Restricted
Stock Unit Award), the Participant’s Restricted Stock Unit Award that is at that time subject to a risk of forfeiture that
has not lapsed or otherwise been satisfied shall be forfeited; provided that the Committee may provide, by rule or regulation or
in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to a Restricted Stock Unit
Award shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in
other cases waive in whole or in part the forfeiture of any Restricted Stock Unit Award.

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(iii) Dividend
Equivalents. Unless otherwise determined by the Committee at the date of grant, any Dividend Equivalents that are granted
with respect to any Restricted Stock Unit Award shall be either (A) paid with respect to such Restricted Stock Unit Award at the
dividend payment date in cash or in Shares of unrestricted stock having a Fair Market Value equal to the amount of such dividends,
or (B) deferred with respect to such Restricted Stock Unit Award and the amount or value thereof automatically deemed reinvested
in additional Restricted Stock Units, other Awards or other investment vehicles, as the Committee shall determine or permit the
Participant to elect. The applicable Award Agreement shall specify whether any Dividend Equivalents shall be paid at the dividend
payment date, deferred or deferred at the election of the Participant. If the Participant may elect to defer the Dividend Equivalents,
such election shall be made within 30 days after the grant date of the Restricted Stock Unit Award, but in no event later than
12 months before the first date on which any portion of such Restricted Stock Unit Award vests (or at such other times prescribed
by the Committee as shall not result in a violation of Section 409A of the Code).

 

(f) Bonus Stock
and Awards in Lieu of Obligations. The Committee is authorized to grant Shares to any Eligible Persons as a bonus, or to
grant Shares or other Awards in lieu of obligations to pay cash or deliver other property under the Plan or under other plans or
compensatory arrangements, provided that, in the case of Eligible Persons subject to Section 16 of the Exchange Act, the amount
of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Shares or
other Awards are exempt from liability under Section 16(b) of the Exchange Act. Shares or Awards granted hereunder shall be subject
to such other terms as shall be determined by the Committee.

 

(g) Dividend Equivalents.
The Committee is authorized to grant Dividend Equivalents to any Eligible Person entitling the Eligible Person to receive cash,
Shares, other Awards, or other property equal in value to the regular dividends paid with respect to a specified number of Shares,
or other periodic payments. Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award. The
Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested
in additional Shares, Awards, or other investment vehicles, and subject to such restrictions on transferability and risks of forfeiture,
as the Committee may specify. Any such determination by the Committee shall be made at the grant date of the applicable Award.

 

(h) Performance
Awards. The Committee is authorized to grant Performance Awards to any Eligible Person payable in cash, Shares, or other
Awards, on terms and conditions established by the Committee, subject to the provisions of Section 8 if and to the extent that
the Committee shall, in its sole discretion, determine that an Award shall be subject to those provisions. The performance criteria
to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon
the grant of each Performance Award. Except as provided in Section 9 or as may be provided in an Award Agreement, Performance Awards
will be distributed only after the end of the relevant Performance Period. The performance goals to be achieved for each Performance
Period shall be conclusively determined by the Committee and may be based upon the criteria set forth in Section 8(b), or in the
case of an Award that the Committee determines shall not be subject to Section 8 hereof, any other criteria that the Committee,
in its sole discretion, shall determine should be used for that purpose. The amount of the Award to be distributed shall be conclusively determined by the Committee. Performance
Awards may be paid in a lump sum or in installments following the close of the Performance Period or, in accordance with procedures
established by the Committee, on a deferred basis in a manner that does not violation the requirements of Section 409A of the Code.

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(i) Other Stock-Based
Awards. The Committee is authorized, subject to limitations under applicable law, to grant to any Eligible Person such
other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related
to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan. Other Stock-Based Awards may be granted
to Participants either alone or in addition to other Awards granted under the Plan, and such Other Stock-Based Awards shall also
be available as a form of payment in the settlement of other Awards granted under the Plan. The Committee shall determine the terms
and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section
6(i) shall be purchased for such consideration, (including without limitation loans from the Company or a Related Entity provided
that such loans are not in violation of Section 13(k) of the Exchange Act, or any rule or regulation adopted thereunder or any
other applicable law) paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares,
other Awards or other property, as the Committee shall determine.

 

7. Certain Provisions
Applicable to Awards.

 

(a) Stand-Alone,
Additional, Tandem, and Substitute Awards. Awards granted under the Plan may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under
another plan of the Company, any Related Entity, or any business entity to be acquired by the Company or a Related Entity, or any
other right of a Participant to receive payment from the Company or any Related Entity. Such additional, tandem, and substitute
or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award or award, the
Committee shall require the surrender of such other Award or award in consideration for the grant of the new Award. In addition,
Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company
or any Related Entity, in which the value of Shares subject to the Award is equivalent in value to the cash compensation (for example,
Restricted Stock or Restricted Stock Units), or in which the exercise price, grant price or purchase price of the Award in the
nature of a right that may be exercised is equal to the Fair Market Value of the underlying Shares minus the value of the cash
compensation surrendered (for example, Options or Stock Appreciation Right granted with an exercise price or grant price “discounted”
by the amount of the cash compensation surrendered), provided that any such determination to grant an Award in lieu of cash compensation
must be made in compliance with Section 409A of the Code.

 

(b) Term of Awards.
The term of each Award shall be for such period as may be determined by the Committee; provided that in no event shall the term
of any Option or Stock Appreciation Right exceed a period of ten years (or in the case of an Incentive Stock Option such shorter
term as may be required under Section 422 of the Code).

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(c) Form and Timing
of Payment Under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement, payments to be
made by the Company or a Related Entity upon the exercise of an Option or other Award or settlement of an Award may be made in
such forms as the Committee shall determine, including, without limitation, cash, Shares, other Awards or other property, and may
be made in a single payment or transfer, in installments, or on a deferred basis, provided that any determination to pay in installments
or on a deferred basis shall be made by the Committee at the date of grant. Any installment or deferral provided for in the preceding
sentence shall, however, be subject to the Company’s compliance with applicable law and all applicable rules of the Listing
Market, and in a manner intended to be exempt from or otherwise satisfy the requirements of Section 409A of the Code. Subject to
Section 7(e) hereof, the settlement of any Award may be accelerated, and cash paid in lieu of Shares in connection with such settlement,
in the sole discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change in Control).
Any such settlement shall be at a value determined by the Committee in its sole discretion, which, without limitation, may in the
case of an Option or Stock Appreciation Right be limited to the amount if any by which the Fair Market Value of a Share on the
settlement date exceeds the exercise or grant price. Installment or deferred payments may be required by the Committee (subject
to Section 7(e) of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided
for in the original Award Agreement) or permitted at the election of the Participant on terms and conditions established by the
Committee. The Committee may, without limitation, make provision for the payment or crediting of a reasonable interest rate on
installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or
deferred payments denominated in Shares.

 

(d) Exemptions
from Section 16(b) Liability. It is the intent of the Company that the grant of any Awards to or other transaction by a
Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant to an applicable exemption
(except for transactions acknowledged in writing to be non-exempt by such Participant). Accordingly, if any provision of this Plan
or any Award Agreement does not comply with the requirements of Rule 16b-3 then applicable to any such transaction, such provision
shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such
Participant shall avoid liability under Section 16(b).

 

(e) Code Section
409A.

 

(i) The Award Agreement
for any Award that the Committee reasonably determines to constitute a Section 409A Plan, as defined in Section 7(e)(ii) hereof,
and the provisions of the Plan applicable to that Award, shall be construed in a manner consistent with the applicable requirements
of Section 409A, and the Committee, in its sole discretion and without the consent of any Participant, may amend any Award Agreement
(and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary
or appropriate to comply with the requirements of Section 409A of the Code.

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(ii) If any Award constitutes
a “nonqualified deferred compensation plan” under Section 409A of the Code (a “Section 409A Plan”), then
the Award shall be subject to the following additional requirements, if and
to the extent required to comply with Section 409A of the Code:

 

(A) Payments under
the Section 409A Plan may not be made earlier than the first to occur of (u) the Participant’s “separation from service”,
(v) the date the Participant becomes “disabled”, (w) the Participant’s death, (x) a “specified time (or
pursuant to a fixed schedule)” specified in the Award Agreement at the date of the deferral of such compensation, (y) a “change
in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets” of
the Company, or (z) the occurrence of an “unforeseeble emergency”;

 

(B) The time or schedule
for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations
or other applicable guidance issued by the Internal Revenue Service;

 

(C) Any elections with
respect to the deferral of such compensation or the time and form of distribution of such deferred compensation shall comply with
the requirements of Section 409A(a)(4) of the Code; and

 

(D) In the case of
any Participant who is “specified employee”, a distribution on account of a “separation from service” may
not be made before the date which is six months after the date of the Participant’s “separation from service”
(or, if earlier, the date of the Participant’s death).

 

For purposes of the foregoing, the terms
in quotations shall have the same meanings as those terms have for purposes of Section 409A of the Code, and the limitations set
forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of
Section 409A of the Code that are applicable to the Award.

 

(iii) Notwithstanding
the foregoing, or any provision of this Plan or any Award Agreement, the Company does not make any representation to any Participant
or Beneficiary that any Awards made pursuant to this Plan are exempt from, or satisfy, the requirements of, Section 409A, and the
Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any Beneficiary for any tax,
additional tax, interest or penalties that the Participant or any Beneficiary may incur in the event that any provision of this
Plan, or any Award Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed
to violate any of the requirements of Section 409A.

 

8. Code Section
162(m) Provisions.

 

(a) Covered Employees.
Unless otherwise specified by the Committee, the provisions of this Section 8 shall be applicable to any Performance Award granted
to an Eligible Person who is, or is likely to be, as of the end of the tax year in which the Company would claim a tax deduction
in connection with such Award, a Covered Employee.

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(b) Performance
Criteria. If a Performance Award is subject to this Section 8, then the payment or distribution thereof or the lapsing
of restrictions thereon and the distribution of cash, Shares or other property pursuant
thereto, as applicable, shall be contingent upon achievement of one or more objective performance goals. Performance goals shall
be objective and shall otherwise meet the requirements of Section 162(m) of the Code and regulations thereunder including the requirement
that the level or levels of performance targeted by the Committee result in the achievement of performance goals being “substantially
uncertain.” One or more of the following business criteria for the Company, on a consolidated basis, and/or for Related Entities,
or for business or geographical units of the Company and/or a Related Entity (except with respect to the total shareholder return
and earnings per share criteria), shall be used by the Committee in establishing performance goals for such Awards: (1) earnings
per share; (2) revenues or margins; (3) cash flow; (4) operating margin; (5) return on net assets, investment, capital, or equity;
(6) economic value added; (7) direct contribution; (8) net income; pretax earnings; earnings before interest and taxes; earnings
before interest, taxes, depreciation and amortization; earnings after interest expense and before extraordinary or special items;
operating income or income from operations; income before interest income or expense, unusual items and income taxes, local, state
or federal and excluding budgeted and actual bonuses which might be paid under any ongoing bonus plans of the Company; (9) working
capital; (10) management of fixed costs or variable costs; (11) identification or consummation of investment opportunities or completion
of specified projects in accordance with corporate business plans, including strategic mergers, acquisitions or divestitures; (12)
total shareholder return; (13) debt reduction; (14) market share; (15) entry into new markets, either geographically or by business
unit; (16) customer retention and satisfaction; (17) strategic plan development and implementation, including turnaround plans;
and/or (18) the Fair Market Value of a Share. Any of the above goals may be determined on an absolute or relative basis or as compared
to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard
& Poor’s 500 Stock Index or a group of companies that are comparable to the Company. In determining the achievement of
the performance goals, unless otherwise specified by the Committee at the time the performance goals are set, the Committee shall
exclude the impact of any (i) restructurings, discontinued operations, extraordinary items (as defined pursuant to generally accepted
accounting principles), and other unusual or non-recurring charges; (ii) change in accounting standards required by generally accepted
accounting principles; or (iii) such other exclusions or adjustments as the Committee specifies at the time the Award is granted.

 

(c) Performance
Period; Timing For Establishing Performance Goals. Achievement of performance goals in respect of Performance Awards shall
be measured over a Performance Period specified by the Committee. Performance goals shall be established not later than 90 days
after the beginning of any Performance Period applicable to such Performance Awards, or at such other date as may be required or
permitted for “performance-based compensation” under Section 162(m) of the Code.

 

(d) Adjustments.
The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with Awards subject
to this Section 8, but may not exercise discretion to increase any such amount payable to a Covered Employee in respect of an Award
subject to this Section 8. The Committee shall specify the circumstances in which such Awards shall be paid or forfeited in the
event of termination of Continuous Service by the Participant prior to the end of a Performance Period or settlement of Awards.

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(e) Committee
Certification. No Participant shall receive any payment under the Plan that is subject to this Section 8 unless the Committee
has certified, by resolution or other appropriate action in writing, that the performance criteria and any other material terms
previously established by the Committee or set forth in the Plan, have been satisfied to the extent necessary to qualify as “performance
based compensation” under Section 162(m) of the Code.

 

9. Change in Control.

 

(a) Effect of
“Change in Control.” If and only to the extent provided in any employment or other agreement between the Participant
and the Company or any Related Entity, or in any Award Agreement, or to the extent otherwise determined by the Committee in its
sole discretion and without any requirement that each Participant be treated consistently, upon the occurrence of a “Change
in Control,” as defined in Section 9(b):

 

(i) Any Option or Stock
Appreciation Right that was not previously vested and exercisable as of the time of the Change in Control, shall become immediately
vested and exercisable, subject to applicable restrictions set forth in Section 10(a) hereof.

 

(ii) Any restrictions,
deferral of settlement, and forfeiture conditions applicable to a Restricted Stock Award, Restricted Stock Unit Award or an Other
Stock-Based Award subject only to future service requirements granted under the Plan shall lapse and such Awards shall be deemed
fully vested as of the time of the Change in Control, except to the extent of any waiver by the Participant and subject to applicable
restrictions set forth in Section 10(a) hereof.

 

(iii) With respect
to any outstanding Award subject to achievement of performance goals and conditions under the Plan, the Committee may, in its discretion,
deem such performance goals and conditions as having been met as of the date of the Change in Control.

 

(iv) Notwithstanding
the foregoing or any provision in any Award Agreement to the contrary, and unless the Committee otherwise determines in a specific
instance or as is provided in any employment or other agreement between the Participant and the Company or any Related Entity,
each outstanding Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award
shall not be accelerated as described in Sections 9(a)(i), (ii) and (iii), if either (A) the Company is the surviving entity in
the Change in Control and the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based
Award continues to be outstanding after the Change in Control on the substantially same terms and conditions as were applicable
immediately prior to the Change in Control or (B) the successor company assumes or substitutes for the applicable Award, as determined
in accordance with Section 10(c)(ii) hereof.

 

(b) Definition
of “Change in Control”. A “Change in Control” shall mean the occurrence of any of the following:

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(i) The acquisition
by any Person of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty
percent (50%) of either (A) the value of then outstanding equity securities of the Company (the “Outstanding Company Stock”)
or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Company Voting Securities) (the foregoing Beneficial Ownership hereinafter being referred
to as a “Controlling Interest”); provided, however, that for purposes of this Section 9(b), the following acquisitions
shall not constitute or result in a Change in Control: (v) any acquisition directly from the Company; (w) any acquisition by the
Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (y)
any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Entity; or
(z) any acquisition by any entity pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) below;
or

 

(ii) During any period
of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board on the
Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by
the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board; or

 

(iii) Consummation
of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its
Related Entities, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets
or equity of another entity by the Company or any of its Related Entities (each a “Business Combination”), in each
case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the Beneficial
Owners, respectively, of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the value of the then outstanding equity
securities and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of
members of the board of directors (or comparable governing body of an entity that does not have such a board), as the case may
be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries)
in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company
Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any employee benefit plan (or related
trust) of the Company or such entity resulting from such Business Combination or any Person that as of the Effective Date owns
Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent (50%) or more of the value
of the then outstanding equity securities of the entity resulting from such Business Combination or the combined voting power of
the then outstanding voting securities of such entity
except to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of
the Board of Directors or other governing body of the entity resulting from such Business Combination were members of the Incumbent
Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination;
or

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(iv) Approval by the
shareholders of the Company of a complete liquidation or dissolution of the Company.

 

10. General Provisions.

 

(a) Compliance
With Legal and Other Requirements. The Company may, to the extent deemed necessary or advisable by the Committee, postpone
the issuance or delivery of Shares or payment of other benefits under any Award until completion of such registration or qualification
of such Shares or other required action under any federal or state law, rule or regulation, listing or other required action with
respect to the Listing Market, or compliance with any other obligation of the Company, as the Committee, may consider appropriate,
and may require any Participant to make such representations, furnish such information and comply with or be subject to such other
conditions as it may consider appropriate in connection with the issuance or delivery of Shares or payment of other benefits in
compliance with applicable laws, rules, and regulations, listing requirements, or other obligations.

 

(b) Limits on
Transferability; Beneficiaries. No Award or other right or interest granted under the Plan shall be pledged, hypothecated
or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party, or assigned or transferred
by such Participant otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant,
and such Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant
or his or her guardian or legal representative, except that Awards and other rights (other than Incentive Stock Options and Stock
Appreciation Rights in tandem therewith) may be transferred to one or more Beneficiaries or other transferees during the lifetime
of the Participant, and may be exercised by such transferees in accordance with the terms of such Award, but only if and to the
extent such transfers are permitted by the Committee pursuant to the express terms of an Award Agreement (subject to any terms
and conditions which the Committee may impose thereon). A Beneficiary, transferee, or other person claiming any rights under the
Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award Agreement applicable
to such Participant, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary
or appropriate by the Committee.

 

(c) Adjustments.

 

(i) Adjustments
to Awards. In the event that any extraordinary dividend or other distribution (whether in the form of cash, Shares, or
other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase,
share exchange, liquidation, dissolution or other similar corporate transaction or event affects the Shares and/or such other securities
of the Company or any other issuer, then the Committee shall, in such manner as it may deem equitable, substitute, exchange or
adjust any or all of (A) the number and kind of Shares
which may be delivered in connection with Awards granted thereafter, (B) the number and kind of Shares by which annual per-person
Award limitations are measured under Section 4 hereof, (C) the number and kind of Shares subject to or deliverable in respect of
outstanding Awards, (D) the exercise price, grant price or purchase price relating to any Award and/or make provision for payment
of cash or other property in respect of any outstanding Award, and (E) any other aspect of any Award that the Committee determines
to be appropriate.

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(ii) Adjustments
in Case of Certain Transactions. In the event of any merger, consolidation or other reorganization in which the Company
does not survive, or in the event of any Change in Control, any outstanding Awards may be dealt with in accordance with any of
the following approaches, without the requirement of obtaining any consent or agreement of a Participant as such, as determined
by the agreement effectuating the transaction or, if and to the extent not so determined, as determined by the Committee: (a) the
continuation of the outstanding Awards by the Company, if the Company is a surviving entity, (b) the assumption or substitution
for, as those terms are defined below, the outstanding Awards by the surviving entity or its parent or subsidiary, (c) full exercisability
or vesting and accelerated expiration of the outstanding Awards, or (d) settlement of the value of the outstanding Awards in cash
or cash equivalents or other property followed by cancellation of such Awards (which value, in the case of Options or Stock Appreciation
Rights, shall be measured by the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or grant price
of the Option or Stock Appreciation Right as of the effective date of the transaction). For the purposes of this Agreement, an
Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award shall be considered
assumed or substituted for if following the Change in Control the Award confers the right to purchase or receive, for each Share
subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award
immediately prior to the Change in Control, on substantially the same vesting and other terms and conditions as were applicable
to the Award immediately prior to the Change in Control, the consideration (whether stock, cash or other securities or property)
received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of
such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority
of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change in
Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of
the successor company or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of
an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award, for each Share
subject thereto, will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market
value to the per share consideration received by holders of Shares in the transaction constituting a Change in Control. The determination
of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination
shall be conclusive and binding. The Committee shall give written notice of any proposed transaction referred to in this Section
10(c)(ii) at a reasonable period of time prior to the closing date for such transaction (which notice may be given either before
or after the approval of such transaction), in order that Participants may have a reasonable period of time prior to the closing
date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that may become exercisable upon the closing date
of such transaction). A Participant may condition his exercise of any Awards upon the consummation of the transaction.

    	21

    	

    

(iii) Other Adjustments.
The Committee (and the Board if and only to the extent such authority is not required to be exercised by the Committee to comply
with Section 162(m) of the Code) is authorized to make adjustments in the terms and conditions of, and the criteria included in,
Awards (including Performance Awards, or performance goals and conditions relating thereto) in recognition of unusual or nonrecurring
events (including, without limitation, acquisitions and dispositions of businesses and assets) affecting the Company, any Related
Entity or any business unit, or the financial statements of the Company or any Related Entity, or in response to changes in applicable
laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s
assessment of the business strategy of the Company, any Related Entity or business unit thereof, performance of comparable organizations,
economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant. Adjustments
permitted hereby may include, without limitation, increasing the exercise price of Options and Stock Appreciation Rights, increasing
performance goals, or other adjustments that may be adverse to the Participant. Notwithstanding the foregoing, no adjustments may
be made with respect to any Performance Awards subject to Section 8 if and to the extent that such adjustment would cause the Award
to fail to qualify as “performance-based compensation” under Section 162(m) of the Code.

 

(d) Taxes.
The Company and any Related Entity are authorized to withhold from any Award granted, any payment relating to an Award under the
Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding and other
taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee
may deem advisable to enable the Company or any Related Entity and Participants to satisfy obligations for the payment of withholding
taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Shares or
other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations, either on
a mandatory or elective basis in the discretion of the Committee.

 

(e) Changes to
the Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate the Plan, or the Committee’s authority
to grant Awards under the Plan, without the consent of shareholders or Participants, except that any amendment or alteration to
the Plan shall be subject to the approval of the Company’s shareholders not later than the annual meeting next following
such Board action if such shareholder approval is required by any federal or state law or regulation (including, without limitation,
Rule 16b-3 or Code Section 162(m)) or the rules of the Listing Market, and the Board may otherwise, in its discretion, determine
to submit other such changes to the Plan to shareholders for approval; provided that, except as otherwise permitted by the Plan
or Award Agreement, without the consent of an affected Participant, no such Board action may materially and adversely affect the
rights of such Participant under the terms of any previously granted and outstanding Award. The Committee may waive any conditions
or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award Agreement relating
thereto, except as otherwise provided in the Plan; provided that, except as otherwise permitted by the Plan or Award Agreement, without the consent of an affected
Participant, no such Committee or the Board action may materially and adversely affect the rights of such Participant under terms
of such Award.

    	22

    	

    

(f) Limitation
on Rights Conferred Under Plan. Neither the Plan nor any action taken hereunder or under any Award shall be construed as
(i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service
of the Company or a Related Entity; (ii) interfering in any way with the right of the Company or a Related Entity to terminate
any Eligible Person’s or Participant’s Continuous Service at any time, (iii) giving an Eligible Person or Participant
any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and Employees, or (iv) conferring
on a Participant any of the rights of a shareholder of the Company including, without limitation, any right to receive dividends
or distributions, any right to vote or act by written consent, any right to attend meetings of shareholders or any right to receive
any information concerning the Company’s business, financial condition, results of operation or prospects, unless and until
such time as the Participant is duly issued Shares on the stock books of the Company in accordance with the terms of an Award.
None of the Company, its officers or its directors shall have any fiduciary obligation to the Participant with respect to any Awards
unless and until the Participant is duly issued Shares pursuant to the Award on the stock books of the Company in accordance with
the terms of an Award. Neither the Company nor any of the Company’s officers, directors, representatives or agents is granting
any rights under the Plan to the Participant whatsoever, oral or written, express or implied, other than those rights expressly
set forth in this Plan or the Award Agreement.

 

(g) Unfunded Status
of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive and deferred
compensation. With respect to any payments not yet made to a Participant or obligation to deliver Shares pursuant to an Award,
nothing contained in the Plan or any Award Agreement shall give any such Participant any rights that are greater than those of
a general creditor of the Company; provided that the Committee may authorize the creation of trusts and deposit therein cash, Shares,
other Awards or other property, or make other arrangements to meet the Company’s obligations under the Plan. Such trusts
or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines
with the consent of each affected Participant. The trustee of such trusts may be authorized to dispose of trust assets and reinvest
the proceeds in alternative investments, subject to such terms and conditions as the Committee may specify and in accordance with
applicable law.

 

(h) Nonexclusivity
of the Plan. Neither the adoption of the Plan by the Board nor its submission to the shareholders of the Company for approval
shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements
as it may deem desirable including incentive arrangements and awards which do not qualify under Section 162(m) of the Code.

 

(i) Payments in
the Event of Forfeitures; Fractional Shares. Unless otherwise determined by the Committee, in the event of a forfeiture
of an Award with respect to which a Participant paid cash or other consideration, the Participant shall be repaid the amount of
such cash or other consideration. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine
whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional
shares or any rights thereto shall be forfeited or otherwise eliminated.

    	23

    	

    

(j) Governing
Law. The validity, construction and effect of the Plan, any rules and regulations under the Plan, and any Award Agreement
shall be determined in accordance with the laws of the State of New York without giving effect to principles of conflict of laws,
and applicable federal law.

 

(k) Non-U.S. Laws.
The Committee shall have the authority to adopt such modifications, procedures, and subplans as may be necessary or desirable to
comply with provisions of the laws of foreign countries in which the Company or its Related Entities may operate to assure the
viability of the benefits from Awards granted to Participants performing services in such countries and to meet the objectives
of the Plan.

 

(l) Plan Effective
Date and Shareholder Approval; Termination of Plan. The Plan shall become effective on the Effective Date, subject to subsequent
approval, within 12 months of its adoption by the Board, by shareholders of the Company eligible to vote in the election of directors,
by a vote sufficient to meet the requirements of Code Sections 162(m) (if applicable) and 422, Rule 16b-3 under the Exchange Act
(if applicable), applicable requirements under the rules of any stock exchange or automated quotation system on which the Shares
may be listed or quoted, and other laws, regulations, and obligations of the Company applicable to the Plan. Awards may be granted
subject to shareholder approval, but may not be exercised or otherwise settled in the event the shareholder approval is not obtained.
The Plan shall terminate at the earliest of (a) such time as no Shares remain available for issuance under the Plan, (b) termination
of this Plan by the Board, or (c) the tenth anniversary of the Effective Date. Awards outstanding upon expiration of the Plan shall
remain in effect until they have been exercised or terminated, or have expired.

    	24Exhibit 10.1

 

SEPARATION AGREEMENT INCLUDING RELEASE OF CLAIMS; EXHIBIT 1

 

 

This Separation Agreement Including Release of Claims (“Agreement”) is voluntarily entered into by Michael Ching (“Employee”), First Hawaiian, Inc. and First Hawaiian Bank (collectively, the “Employer”).

 

1.  Resignation from Employment and Officer/Director Positions.

Employee’s last day of employment is January 31, 2018 (“Date of Separation”).  His separation from employment will be considered a voluntary resignation.  Effective as of the close of business on the Date of Separation, Employee hereby resigns from all officer and director positions he holds with Employer, and any parent, subsidiary or affiliate of Employer.  Upon effectiveness of Employee’s resignation, Employee shall be relieved of the position and responsibilities of Executive Vice President, Chief Financial Officer & Treasurer and shall have no authority to act on behalf of Employer or any other entity of which he was an officer or director; shall have no supervisory authority; and shall not perform work for Employer.

 

2.  Final Wages and Vacation Pay.

On or before Employee’s Date of Separation, Employer will pay (or already has paid) the following:

 

(a) All wages through and including Employee’s Date of Separation, less withholdings required by law and applicable deductions for benefits; and

 

(b) All accrued unused vacation remaining at the Date of Separation, less deductions required by law.

 

Employee has a right to receive the monies specified in Paragraphs 2(a) and 2(b) whether or not Employee enters into this Agreement.

 

3.  Medical and Dental Continuation Coverage and Other Benefits.

If Employee receives medical, dental and vision insurance coverage through Employer on the Date of Separation, Employee is eligible to choose to continue such medical, dental and vision insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), a federal law, at Employee’s expense (which is determined by law and may be up to the full cost of coverage plus an administrative charge).

 

Except as otherwise set forth herein, with regard to all other benefit plans, including pension entitlements, Employee’s rights and responsibilities are as provided by applicable law and plan provisions and administration.

 

4.  No Other Entitlement Absent Agreement.

Employee agrees that, unless he signs this Agreement in order to receive the additional consideration described below, no other monies or benefits are owed to Employee except as specified above.

 

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5.  Consulting Fee and Benefits.

If Employee signs this Agreement, and, on or after the Date of Separation also signs a Consulting Agreement in substantially the form attached hereto as Exhibit 1, and Employee signs and does not revoke the supplemental release in accordance with Paragraph 14(b), Employer agrees to the following:

 

(a) Employer will retain Employee as a consultant pursuant to the terms of the Consulting Agreement;

 

(b) No later than the earlier of (i) the date Employer makes payments to employees under its Bonus Plan or (ii) March 15, 2018, Employer will pay Employee the gross amount of $235,290.50, as a discretionary bonus for the 2017 performance year;  and

 

(c) Employer shall waive repayment from Employee any unamortized portion, as of the Date of Separation, of the Employer-paid Initiation Fee for Waialae Country Club; and

 

Employee agrees that Employee has no entitlement to the foregoing benefits except in return for entering into this Agreement, not revoking this Agreement, and entering into a Consulting Agreement in substantially the form attached hereto as Exhibit 1.

 

Employee will continue to be eligible for any earned award under the First Hawaiian, Inc. Long-Term Incentive Plan (“Plan”) for the 2015-2017 cycle ended December 31, 2017, as determined in accordance with Plan provisions.

 

6.  Release of Claims.

Employee, for himself, his agents, heirs, successors, assigns, executors and/or administrators, finally and forever releases First Hawaiian, Inc. and First Hawaiian Bank and the subsidiaries and affiliated companies of each, as well as the successors, predecessors, assigns, agents, directors, officers, employees, attorneys and representatives of all such entities, past or present, from any and all causes of action, actions, judgments, liens, debts, contracts, indebtedness, damages, losses, claims, liabilities, rights, interests and demands of whatsoever kind or character, known or unknown, suspected to exist or not suspected to exist, anticipated or not anticipated, whether or not previously brought before any state or federal court or before any state or federal agency or other governmental entity, which Employee has or may have against any released person or entity, by reason of any and all acts, omissions, events or facts occurring or existing prior to the Effective Date of this Agreement (as defined below), including, without limitation, all claims concerning the employment of Employee or the termination of Employee’s employment.

 

This release by Employee includes, but is not limited to, claims for breach of contract, express or implied; promissory estoppel claims; constructive discharge claims; tort claims, including, but not limited to, intentional or negligent infliction of emotional distress, invasion of privacy, negligence, negligent investigation, negligent hiring or retention, assault and battery, defamation, intentional or negligent misrepresentation and

 

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fraud; claims of employment discrimination, harassment or retaliation; unlawful termination; wrongful termination in violation of public policy; claims for wages, hours, benefits, and compensation; and any and all claims for attorney’s fees and costs.  This release includes claims arising under any federal, state or other governmental statute, regulation or ordinance or common law, such as, for example and without limitation, Title VII of the Civil Rights Act of 1964, which prohibits discrimination on the basis of sex, race, color, national origin and religion; the Civil Rights Act of 1866; Civil Rights Act of 1991; the Age Discrimination in Employment Act which prohibits discrimination on the basis of age 40 and older; Older Workers’ Benefit Protection Act; the Americans with Disabilities Act, which prohibits discrimination on the basis of disability; the Genetic Information Non-Discrimination Act, which prohibits discrimination on the basis of genetic information; Fair Labor Standards Act; Employee Retirement and Income Security Act; Family Medical Leave Act; the Worker Adjustment and Retraining Notification Act; 42 U.S.C. § 1981; Hawaii Constitution; Hawaii Wage and Hour Law (Chapter 387, Hawaii Revised Statutes (“HRS”)); Hawaii Employment Practices Act (Chapter 378, HRS) which, among other things, prohibits discrimination because of race, sex, sexual orientation, age, religion, color, ancestry, disability, marital status, arrest and court record, credit history or credit report, gender identity and expression, or domestic or sexual violence victim status; Dislocated Workers Act (Chapter 394B, HRS); Payment of Wages and Other Compensation statute (Chapter 388, HRS); the Hawaii Civil Rights Commission Act (Chapter 368, HRS); and the Whistleblowers’ Protection Act (Chapter 378, Part V, HRS).

 

These foregoing release means that Employee cannot sue Employer (or companies or people related to, employed by or who acted on behalf of Employer as set forth above) in court or bring any other legal proceedings for anything that happened during Employee’s employment, for anything having to do with the termination of Employee’s employment, or for any claim which Employee may have against Employer as of the Effective Date of this Agreement, except as permitted by law or regulation.  However, in the event such a proceeding is brought, Employee agrees that the consideration provided to Employee in this Agreement shall be the sole relief provided for the claims that are released herein, and Employee will not be entitled to recover and Employee agrees to waive any monetary benefits or other recovery in connection with any such proceedings regardless of who has brought such claims.  This release does not include enforcement of the promises made in this Agreement.

 

Employee understands and expressly accepts and assumes the risk that the facts as he now understands them and believes to be true may be later found to be different, and Employee agrees that this Agreement will remain effective notwithstanding any such differences in fact.

 

7.  Representations.

Employee represents and warrants that, as of the date he signs this Agreement, (a) he has been fully paid for all work he performed for Employer and he is unaware of any facts or circumstances indicating that he may have an outstanding claim for unpaid wages; and

 

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(b) he has not suffered any injury or illness arising out of or in the course and scope of his employment with Employer for which he has not already filed a claim.

 

8.  Confidentiality.

Employee agrees that the terms of this Agreement and the negotiations leading to this Agreement are strictly confidential.  Employee further agrees not to publicize or disclose or cause or knowingly permit or authorize the publication or disclosure of the terms of this Agreement to any person, firm, organization or entity of any and every type, public or private, for any reason, at any time.  Notwithstanding the above, Employee may make any disclosure required by law.  Also, Employee may disclose the terms of this Agreement to his spouse, and his attorneys and tax advisors, if any, and those individuals shall be advised that this confidentiality provision applies to any such disclosure, and Employee agrees to secure the non-parties’ agreement not to divulge any such information.  Employee agrees to use his best efforts to prevent any prohibited disclosure.

 

9.  Non-Disparagement.

Employee agrees that  he will not make any future statements that in any way disparage or defame Employer. Nothing in this Agreement prohibits Employee from testifying truthfully in response to a subpoena or other legal process or from providing truthful information to a governmental agency, including in response to an inquiry or investigation.

 

Employer agrees to instruct in writing all senior management employee who are aware of the terms of this Agreement not to make any future statements that in any way disparage or defame Employee.  Nothing in this Agreement prohibits such instructed individuals from testifying truthfully in response to a subpoena or other legal process or from providing truthful information in response to an inquiry or investigation by a governmental agency, including in response to an inquiry or investigation.

 

 

10.  Enjoining Breaches of Paragraphs 8 and 9.

If either party commits a breach, or threatens to commit a breach, of any of his/its respective obligations under Paragraphs 8 or 9, the other party shall have the right and remedy to have the provisions of those Paragraphs specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the non-breaching party and that money damages will not provide an adequate remedy to the non-breaching party.  Such right and remedy shall be in addition to, and not in lieu of, any other rights and remedies available to the non-breaching party under law or equity.  If the non-breaching party prevails on the claim, that party will be entitled to an award of his/its reasonable attorneys’ fees and costs incurred in evaluating and pursuing any claim for breach of Paragraphs 8 or 9.

 

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11. Return of Property.

Employee represents and affirms that he has returned to Employer all of the Employer’s materials, records, supplies, confidential or proprietary information (in any form), equipment, or other property that he may have in his possession, and that he will retain no copies in his custody or under his control (or his agents’ control) of any confidential or proprietary information or documents he received due to his employment with Employer.

 

12.  No Admission of Liability.

By entering into this Agreement, neither the Employee nor the Employer admits to any liability of wrongdoing whatsoever or with respect to any prior claims or those asserted in the future.  Employee expressly denies any and all such liability and wrongdoing, and Employer expressly denies any and all such liability and wrongdoing.

 

13.  Entire Agreement and Amendment of Agreement.

This Agreement pulls together in one place the entire agreement of Employer and Employee and takes the place of all oral and written agreements and discussions concerning the matters dealt with in this Agreement.  There are no other agreements, written or oral, express or implied, between Employer and Employee concerning the matters dealt with in this Agreement that are not written out or referenced in this Agreement.  This Agreement may be changed only by a signed writing by Employee and Employer.

 

14.  Voluntary Agreement and Right of Revocation.

(a) Employee understands and agrees as follows:

 

1.                                    Employee was advised and hereby is advised in writing to consider the terms of this Agreement, and to consult with an attorney of his choice prior to signing this Agreement.

 

2.                                    Employee has been given twenty-one (21) calendar days within which to consider this Agreement before signing it.  This Agreement must be signed on or before the 21st day or Employer’s offer contained herein will automatically expire.  If the 21st day falls on a weekend or holiday, it still must be postmarked, e-mailed or faxed not later than the following business day to Ms. Iris Matsumoto at the address/number stated below:

 

P.O. Box 3200, Honolulu, Hawaii 96847 or 999 Bishop Street, Honolulu, Hawaii 96813; fax to (808) 525-5798.

 

3.                                    Should Employee wish to sign this Agreement prior to expiration of the twenty-one (21) day period, he may do so by signing in the space provided, below.

 

PURSUANT TO 29 C.F.R.§ 1625.22(e)(6), EMPLOYEE KNOWINGLY AND VOLUNTARILY WAIVES THE 21-DAY PRE-EXECUTION CONSIDERATION PERIOD SET FORTH IN 29 U.S.C. § 626(f)(1)(F):

 

 

 

	
 
    	
 
    	
 
    
	
MICHAEL CHING
    	
DATE
    

 

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4.                                    Employee and Employer acknowledges that he and it, respectively, have carefully read and fully understand all of the provisions of this Agreement, which is written in a manner that he and it, respectively, clearly understand.

 

5.                                    Employee is, through this Agreement, releasing Employer, and the other released parties listed in Paragraph 6, above, from any and all rights and claims Employee may have against them, including claims under the Age Discrimination in Employment Act (“ADEA”), arising before his signing of this Agreement.

 

6.                                    Employee understands that any rights or claims that may arise after the signing of this Agreement are not released.

 

7.                                    In return for signing this Agreement and releasing the claims described herein, including his rights and claims under the ADEA, Employee is receiving consideration to which he would not otherwise be entitled.

 

8.                                    Employee and Employer knowingly and voluntarily agree to all of the terms in this Agreement.

 

9.                                    Employee and Employer knowingly and voluntarily intend to be legally bound by this Agreement.

 

10.                            Employee may revoke the Release in Paragraph 6 in writing during the seven (7)-day period following the date on which Employee signs this Agreement.  This Release in Paragraph 6 will not become effective or enforceable until the revocation period has expired without any revocation.  If the Release in Paragraph 6 is revoked, Employer is under no obligation to provide consulting fee and benefits described in Paragraph 5, above.

 

To revoke this agreement, Employee must send a letter certified mail, return receipt requested or hand-deliver it to Ms. Iris Matsumoto at the following address:  P.O. Box 3200, Honolulu, Hawaii 96847 or 999 Bishop Street, Honolulu, Hawaii 96813. Employee must also immediately email it to Ms. Iris Matsumoto at imatsumoto@fhb.com.

 

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(b) Within twenty one (21) days of the Date of Separation (but not earlier than the Date of Separation) Employee shall execute a supplemental release substantially in the form of Paragraph 6 covering the period through the Date of Separation.  Following such execution, Employee may revoke such release in writing during the seven (7)-day period following the date on which Employee signs such supplemental release.  If such supplemental release is revoked, Employer is under no obligation to provide consulting fee and benefits described in Paragraph 5, above.

 

15.  Attorneys’ Fees and Costs.

Each party shall bear all attorneys’ fees and costs arising from and/or in any way related to the actions of its own counsel with regard to the negotiation and creation of this Agreement.  Employee expressly waives any and all rights and claims Employee might otherwise have against the Employer for reimbursement of attorneys’ fees and costs associated with Employee’s legal representation relating to the negotiation and creation of this Agreement.

 

16.  Defense of Claims.

Employee understands and acknowledges that this Agreement may be pleaded as a defense to, and may be used as the basis for an injunction against, any action, suit, administrative or other proceeding which may be instituted, prosecuted or attempted in breach of this Agreement by either party, or arising out of Employee’s employment or separation from employment.

 

17.  Dispute Resolution.

Any claims or controversies arising under or concerning this Agreement, with the exception of claims by Employer for breach of Paragraphs 8 or 9 of this Agreement or other claims by Employer for injunctive or other equitable relief, shall be resolved by final and binding arbitration in Honolulu, Hawaii, in accordance with Haw. Rev. Stat. ch. 658A, and the Arbitration Rules, Procedures and Protocols of Dispute Prevention & Resolution, Inc. then in effect (or the rules of such other arbitration organization as the parties may agree).  The arbitrator shall be required to abide by the provisions of this Agreement shall not modify or alter the same.  The decision of the arbitrator within the scope of the submission shall be final and binding on all parties, and any right to judicial action on any matter subject to arbitration hereunder is hereby waived (unless otherwise required by applicable law), except suit to enforce, confirm or vacate the arbitration award or in the event arbitration is not available for any reason.  A judgment upon the award may be entered in any court having jurisdiction of the parties.  In any arbitration under this Agreement, each party shall bear the costs, fees and expenses of presenting its own case, and one-half of the arbitrator’s fees and administration expenses, unless otherwise agreed by the parties or ordered by the arbitrator for good cause shown.  The parties agree to submit any dispute over the sharing of arbitration fees and expenses to the arbitrator for prompt resolution.

 

18.  Assignment; Successors and Assigns.

Employee’s rights and obligations hereunder may not be assigned without the prior written consent of Employer, which may be withheld in its sole discretion.  Subject to the  foregoing, this Agreement shall be binding upon and inure to the benefit of Employee, Employer and the respective successors and permitted assigns of each.

 

19.  Waiver.

No term, condition or breach of this Agreement shall be deemed to be waived, nor shall there be any estoppel to enforce any provisions of this Agreement, except by written instrument of the party charged with waiver or estoppel.

 

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20.  Severability.

If any provision of this Agreement shall be or become legally void or unenforceable in whole or in part for any reason whatsoever, such invalidity and unenforceability shall not impair the validity or enforceability of the other provisions of this Agreement.  In such an event and to this extent only, the provisions of this Agreement are deemed to be severable.

 

21.  Governing Law.

The parties acknowledge and agree that Employee was employed by Employer in the State of Hawaii and that all matters arising out of or related to Employee’s employment and separation from employment with Employer are controlled by and subject to the laws of the State of Hawaii.  This Agreement was entered into in the State of Hawaii, and it will be construed, interpreted and enforced in accordance with the laws of the State of Hawaii, notwithstanding the fact that Employee’s past, present or future residence may be in a different state.  Employee and Employer submit to personal jurisdiction in the State of Hawaii.

 

22.  Effective Date of Agreement.

This Agreement shall be effective as of the date Employee signs the Agreement, provided that the Release in Paragraph 6 shall become effective following the seven (7)-day period after he signs (the “Effective Date”) the Agreement so long as he does not revoke such Release pursuant to Paragraph 14(a)(10) and the supplemental release in Paragraph 14(b) shall become effective following the seven (7)-day period after Employee signs such supplemental release so long as he does not revoke such Release pursuant to Paragraph 14(b).

 

23.  Counterparts and Facsimile/Electronic Signatures.

This Agreement may be signed in separate counterparts, and/or via facsimile or other means of electronic signature, each of which shall be deemed to be an original, and all of which taken together shall constitute one and the same instrument.

 

 

	
Dated:
    	
January 8, 2018
    	
 
    	
By
    	
/s/   Michael Ching
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Michael Ching
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
January 8, 2018
    	
 
    	
By
    	
/s/   Robert S. Harrison
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
First Hawaiian, Inc.
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
January 8, 2018
    	
 
    	
By
    	
/s/   Robert S. Harrison
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
First Hawaiian Bank
    	
 
    

 

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