Document:

Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

ROYAL
GOLD, INC.

 

2015 OMNIBUS LONG-TERM INCENTIVE PLAN

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

Table of Contents

 

 

	 	 	Page
	1.	PURPOSE	1
	 	 	 
	2.	DEFINITIONS	1
	 	 	 
	3.	ADMINISTRATION OF THE PLAN	6
	 	3.1 	Committee	6
	 	 	3.1.1	Powers and Authorities	6
	 	 	3.1.2 	Composition of the Committee	6
	 	 	3.1.3	Other Committees	6
	 	 	3.1.4 	Delegation by Committee.	6
	 	3.2	Board	7
	 	3.3 	Terms of Awards	7
	 	 	3.3.1 	Committee Authority	7
	 	 	3.3.2 	Forfeiture; Recoupment	7
	 	3.4 	No Repricing Without Stockholder Approval	8
	 	3.5 	Deferral Arrangement	8
	 	3.6 	Registration; Share Certificates	8
	 	 	 	 
	4.	STOCK SUBJECT TO THE PLAN	8
	 	4.1	Number of Shares of Stock Available for Awards	8
	 	4.2 	Adjustments in Authorized Shares of Stock	8
	 	4.3	Share Usage	8
	 	 	 	 
	5.	TERM; AMENDMENT AND TERMINATION	9
	 	5.1 	Term	9
	 	5.2 	Amendment, Suspension, and Termination	9
	 	 	 	 
	6.	AWARD ELIGIBILITY AND LIMITATIONS	9
	 	6.1 	Eligible Grantees	9
	 	6.2	Limitation on Shares of Stock Subject to Awards and Cash Awards	9
	 	6.3 	Stand-Alone, Additional, Tandem, and Substitute Awards	10
	 	 	 	 
	7.	AWARD AGREEMENT AND VESTING	10
	 	 	 
	8.	TERMS AND CONDITIONS OF OPTIONS	10
	 	8.1 	Option Price	10
	 	8.2 	Vesting and Exercisability	10
	 	8.3 	Term	11
	 	8.4 	Termination of Service	11
	 	8.5 	Limitations on Exercise of Option	11
	 	8.6 	Method of Exercise	11
	 	8.7	Rights of Holders of Options	11
	 	8.8 	Delivery of Stock	11
	 	8.9 	Transferability of Options	11
	 	8.10	Family Transfers	11
	 	8.11	Limitations on Incentive Stock Options.	12
	 	8.12 	Notice of Disqualifying Disposition.	12
	 	 	 	 
	9.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS	12
	 	9.1	Right to Payment and SAR Price	12
	 	9.2 	Other Terms	12
	 	9.3 	Term	12
	 	9.4 	Rights of Holders of SARs.	12
	 	9.5 	Transferability of SARs	13
	 	9.6 	Family Transfers	13

 

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	10.	TERMS AND CONDITIONS OF RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED
    STOCK UNITS	13
	 	10.1	Grant of Restricted Stock, Restricted Stock Units, and Deferred Stock Units	13
	 	10.2 	Restrictions	13
	 	10.3	Registration; Restricted Stock Certificates	13
	 	10.4 	Rights of Holders of Restricted Stock	13
	 	10.5 	Rights of Holders of Restricted Stock Units and Deferred Stock Units	14
	 	10.5.1 	Voting and Dividend Rights	14
	 	10.5.2 	Creditor’s Rights	14
	 	10.6 	Termination of Service	14
	 	10.7 	Purchase of Restricted Stock and Shares of Stock Subject to Restricted Stock Units and Deferred
    Stock Units	14
	 	10.8 	Delivery of Shares of Stock	14
	 	 	 	 
	11.	TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS	15
	 	11.1 	Unrestricted Stock Awards	15
	 	11.2	Other Equity-Based Awards	15
	 	 	 	 
	12.	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS	15
	 	12.1	Dividend Equivalent Rights	15
	 	12.2 	Termination of Service	15
	 	 	 	 
	13.	TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS	15
	 	13.1 	Grant of Performance-Based Awards	15
	 	13.2 	Value of Performance-Based Awards	15
	 	13.3 	Earning of Performance-Based Awards	16
	 	13.4 	Form and Timing of Payment of Performance-Based Awards	16
	 	13.5 	Performance Conditions	16
	 	13.6 	Performance-Based Awards Granted to Designated Covered Employees	16
	 	13.6.1 	Performance Goals Generally	16
	 	13.6.2 	Timing For Establishing Performance Goals	16
	 	13.6.3 	Payment of Awards; Other Terms	16
	 	13.6.4 	Performance Measures	17
	 	13.6.5	Evaluation of Performance	18
	 	13.6.6 	Adjustment of Performance-Based Compensation	18
	 	13.6.7 	Committee Discretion	19
	 	13.6.8 	Status of Awards Under Code Section 162(m)	19
	 	 	 	 
	14.	FORMS OF PAYMENT	19
	 	14.1 	General Rule	19
	 	14.2 	Surrender of Shares of Stock	19
	 	14.3 	Cashless Exercise	19
	 	14.4	Other Forms of Payment	19
	 	 	 	 
	15.	REQUIREMENTS OF LAW	19
	 	15.1	General	19
	 	15.2 	Rule 16b-3	20
	 	 	 	 
	16.	EFFECT OF CHANGES IN CAPITALIZATION	20
	 	16.1 	Changes in Stock	20
	 	16.2	Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a
    Change in Control	20
	 	16.3 	Change in Control in which Awards are not Assumed	21
	 	16.4 	Change in Control in which Awards are Assumed	21
	 	16.5 	Adjustments.	22
	 	16.6 	No Limitations on Company	22
	 	 	 	 
	17.	PARACHUTE LIMITATIONS	22

 

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	18.	GENERAL PROVISIONS	22
	 	18.1	Disclaimer of Rights	22
	 	18.2	Nonexclusivity of the Plan	23
	 	18.3 	Withholding Taxes	23
	 	18.4 	Captions	23
	 	18.5 	Construction	23
	 	18.6 	Other Provisions	23
	 	18.7 	Number and Gender	23
	 	18.8 	Severability	23
	 	18.9 	Governing Law	23
	 	18.10 	Section 409A of the Code	24
	 	18.11 	Limitation on Liability.	24

 

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ROYAL GOLD, INC.

2015 OMNIBUS LONG-TERM INCENTIVE PLAN

 

		1.	PURPOSE
                                         

 

The Plan is intended
to (a) provide eligible individuals with an incentive to contribute to the success of the Company and to operate and manage
the Company’s business in a manner that will provide for the Company’s long-term growth and profitability and that
will benefit its stockholders and other important stakeholders, and (b) provide a means of recruiting, rewarding, and retaining
key personnel. To this end, the Plan provides for the grant of Awards of Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units, Deferred Stock Units, Unrestricted Stock, Dividend Equivalent Rights, Performance Shares and other Performance-Based
Awards, Other Equity-Based Awards, and cash bonus awards. Any of these Awards may, but need not, be made as performance incentives
to reward the holders of such Awards for the achievement of performance goals in accordance with the terms of the Plan. Options
granted under the Plan may be Nonqualified Stock Options or Incentive Stock Options, as provided herein.

 

		2.	DEFINITIONS
                                         

 

For purposes of interpreting
the Plan documents, including the Plan and Award Agreements, the following capitalized terms shall have the meanings specified
below, unless the context clearly indicates otherwise:

 

2.1“Affiliate”
shall mean any Person that controls, is controlled by, or is under common control with the Company within the meaning of Rule
405 of Regulation C under the Securities Act, including any Subsidiary. For purposes of grants of Options or Stock Appreciation
Rights, an entity may not be considered an Affiliate unless the Company holds a Controlling Interest in such entity.

 

2.2“Applicable
Laws” shall mean the legal requirements relating to the Plan and the Awards under (a) applicable provisions of
the Code, the Securities Act, the Exchange Act, any rules or regulations thereunder, and any other laws, rules, regulations, and
government orders of any jurisdiction applicable to the Company or its Affiliates, (b) applicable provisions of the corporate,
securities, tax, and other laws, rules, regulations, and government orders of any jurisdiction applicable to Awards granted to
residents thereof, and (c) the rules of any Stock Exchange or Securities Market on which the Common Stock is listed or publicly
traded.

 

2.3“Award”
shall mean a grant under the Plan of an Option, a Stock Appreciation Right, Restricted Stock, a Restricted Stock Unit, a Deferred
Stock Unit, Unrestricted Stock, a Dividend Equivalent Right, a Performance Share or other Performance-Based Award, an Other Equity-Based
Award, or cash.

 

2.4“Award
Agreement” shall mean the written agreement, in such written, electronic, or other form as determined by the Committee,
between the Company and a Grantee that evidences and sets forth the terms and conditions of an Award.

 

2.5“Beneficial
Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

 

2.6“Benefit
Arrangement” shall mean any formal or informal plan or other arrangement for the direct or indirect provision of compensation
to a Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such
compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee.

 

2.7“Board”
shall mean the Board of Directors of the Company.

 

2.8“Cause”
shall have the meaning set forth in an applicable agreement between a Grantee and the Company or an Affiliate, and in the absence
of any such agreement, shall mean, with respect to any Grantee and as determined by the Committee, (a) gross negligence or
willful misconduct in connection with the performance of duties; (b) conviction of, or pleading guilty or nolo contendere
to, a criminal offense (other than minor offenses); or (c) material breach of any term of any employment, consulting
or other services, confidentiality, intellectual property, or non-competition agreements, if any, between such Grantee and the
Company or an Affiliate. Any determination by the Committee regarding whether an event constituting Cause shall have occurred
shall be final, binding, and conclusive. 

 

2.9“Capital
Stock” shall mean, with respect to any Person, any and all shares, interests, participations, or other equivalents (however
designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Effective Date or issued thereafter,
including, without limitation, all shares of Common Stock.

 

2.10“Change
in Control” shall mean, subject to Section 18.10, the occurrence of any of the following:

 

 

    	 

     

    

 

(a)A transaction or
a series of related transactions whereby any Person or Group (other than the Company or any Affiliate) becomes the Beneficial
Owner of more than fifty percent (50%) of the total voting power of the Voting Stock of the Company, on a Fully Diluted Basis;

 

(b)Individuals who,
as of the Effective Date constitute the Board (the “Incumbent Board”) (together with any new directors whose
election by such Incumbent Board or whose nomination by such Incumbent Board for election by the stockholders of the Company was
approved by a vote of at least a majority of the members of such Incumbent Board then in office who either were members of such
Incumbent Board or whose election or nomination for election was previously so approved) cease for any reason to constitute a
majority of the members of such Board then in office;

 

(c)The Company consolidates
with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company (regardless of
whether the Company is the surviving Person), other than any such transaction in which the Prior Stockholders own directly or
indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such reorganization, merger,
or consolidation transaction immediately after such transaction;

 

(d)The consummation
of any direct or indirect sale, lease, transfer, conveyance, or other disposition (other than by way of reorganization, merger,
or consolidation), in one transaction or a series of related transactions, of all or substantially all of the assets of the Company
and its Subsidiaries, taken as a whole, to any Person or Group (other than the Company or any Affiliate); or

 

(e)The stockholders
of the Company adopt a plan or proposal for the liquidation, winding up, or dissolution of the Company.

 

The Board shall have full
and final authority, in its sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to the
above definition, the date of the occurrence of such Change in Control, and any incidental matters relating thereto.

 

2.11“Code”
shall mean the Internal Revenue Code of 1986, as amended, as now in effect or as hereafter amended, and any successor thereto.
References in the Plan to any Code Section shall be deemed to include, as applicable, regulations and guidance promulgated under
such Code Section.

 

2.12“Committee”
shall mean a committee of, and designated from time to time by resolution of, the Board, which shall be constituted as provided
in Section 3.1.2 and Section 3.1.3 (or, if no Committee has been so designated, the Board).

 

2.13“Common
Stock” shall mean the common stock, par value $0.01 per share, of the Company and any other class or series of common
stock of the Company that may be issued and outstanding from time to time.

 

2.14“Company”
shall mean Royal Gold, Inc. and any successor thereto.

 

2.15“Controlling
Interest” shall have the meaning set forth in Treasury Regulation Section 1.414(c)-2(b)(2)(i); provided that (a) except
as specified in clause (b) below, an interest of “at least 50 percent” shall be used instead of an interest of “at
least 80 percent” in each case where “at least 80 percent” appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i)
and (b) where a grant of Options or Stock Appreciation Rights is based upon a legitimate business criterion, an interest of “at
least 20 percent” shall be used instead of an interest of “at least 80 percent” in each case where “at
least 80 percent” appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i).

 

2.16“Covered
Employee” shall mean a Grantee who is, or could become, a “covered employee” within the meaning of Code
Section 162(m)(3).

 

2.17“Deferred
Stock Unit” shall mean a Restricted Stock Unit, the terms of which provide for delivery of the underlying shares of
Stock, cash, or a combination thereof subsequent to the date of vesting, at a time or times consistent with the requirements of
Code Section 409A.

 

2.18“Disability”
shall mean the inability of a Grantee to perform each of the essential duties of such Grantee’s position by reason of a
medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last
for a continuous period of not less than twelve (12) months; provided that, with respect to rules regarding the expiration of
an Incentive Stock Option following termination of a Grantee’s Service, Disability shall mean the inability of such Grantee
to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment which can be
expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12)
months.

 

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2.19“Disqualified
Individual” shall have the meaning set forth in Code Section 280G(c).

 

2.20“Dividend
Equivalent Right” shall mean a right, granted to a Grantee pursuant to Article 12, entitling the Grantee
thereof to receive, or to receive credits for the future payment of, cash, Stock, other Awards, or other property equal in value
to dividend payments or distributions, or other periodic payments, declared or paid with respect to a number of shares of Stock
specified in such Dividend Equivalent Right (or other Award to which such Dividend Equivalent Right relates) as if such shares
of Stock had been issued to and held by the Grantee of such Dividend Equivalent Right as of the record date.

 

2.21“Effective
Date” shall mean the date the Plan is approved by the Company’s stockholders.

 

2.22“Employee”
shall mean, as of any date of determination, an employee (including an officer) of the Company or an Affiliate.

 

2.23“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, as now in effect or as hereafter amended, and any successor
thereto.

 

2.24“Fair
Market Value” shall mean the fair market value of a share of Stock for purposes of the Plan, which shall be, as of any
date of determination:

 

(a)If on such date
the shares of Stock are listed on a Stock Exchange, or are publicly traded on another Securities Market, the Fair Market Value
of a share of Stock shall be the closing price of the Stock as reported on such Stock Exchange or such Securities Market (provided
that, if there is more than one such Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock
Exchange or Securities Market for purposes of the Fair Market Value determination). If there is no such reported closing price
on such date, the Fair Market Value of a share of Stock shall be the closing price of the Stock on the next preceding day on which
any sale of Stock shall have been reported on such Stock Exchange or such Securities Market.

 

(b)If on such date
the shares of Stock are not listed on a Stock Exchange or publicly traded on a Securities Market, the Fair Market Value of a share
of Stock shall be the value of the Stock as determined by the Committee by the reasonable application of a reasonable valuation
method, in a manner consistent with Code Section 409A.

 

Notwithstanding this
Section 2.24 or Section 18.3, for purposes of determining taxable income and the amount of the related
tax withholding obligation pursuant to Section 18.3, the Fair Market Value will be determined by the Committee in
good faith using any reasonable method as it deems appropriate, to be applied consistently with respect to Grantees; provided,
further, that the Committee shall determine the Fair Market Value of shares of Stock for tax withholding obligations due in connection
with sales, by or on behalf of a Grantee, of such shares of Stock subject to an Award to pay the Option Price, SAR Price, and/or
any tax withholding obligation on the same date on which such shares can first be sold pursuant to the terms of the applicable
Award Agreement (including broker-assisted cashless exercises of Options and Stock Appreciation Rights, as described in Section
14.3, and sell-to-cover transactions) in any manner consistent with applicable provisions of the Code, including but
not limited to using the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale
price, the weighted average sale price of such shares on such date) as the Fair Market Value of such shares, so long as such Grantee
has provided the Company, or its designee or agent, with advance written notice of such sale.

 

2.25“Family
Member” shall mean, with respect to any Grantee as of any date of determination, (a) a Person who is a spouse,
former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of such Grantee, (b) any
Person sharing such Grantee’s household (other than a tenant or employee), (c) a trust in which any one or more of
the Persons specified in clauses (a) and (b) above (and such Grantee) own more than fifty percent (50%) of the
beneficial interest, (d) a foundation in which any one or more of the Persons specified in clauses (a) and (b) above
(and such Grantee) control the management of assets, and (e) any other entity in which one or more of the Persons specified
in clauses (a) and (b) above (and such Grantee) own more than fifty percent (50%) of the voting interests.

 

2.26“Fully
Diluted Basis” shall mean, as of any date of determination, the sum of (x) the number of shares of Voting Stock outstanding
as of such date of determination plus (y) the number of shares of Voting Stock issuable upon the exercise, conversion, or exchange
of all then-outstanding warrants, options, convertible Capital Stock or indebtedness, exchangeable Capital Stock or indebtedness,
or other rights exercisable for or convertible or exchangeable into, directly or indirectly, shares of Voting Stock, whether at
the time of issue or upon the passage of time or upon the occurrence of some future event, and whether or not in-the-money as
of such date of determination.

 

2.27“Grant
Date” shall mean, as determined by the Committee, the latest to occur of (a) the date as of which the Committee
approves the Award, (b) the date on which the recipient of an Award first becomes eligible to receive an Award under Article
6 hereof (e.g., in the case of a new hire, the first date on which such new hire performs any Service), or (c) such subsequent
date specified by the Committee in the corporate action approving the Award.

 

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2.28“Grantee”
shall mean a Person who receives or holds an Award under the Plan.

 

2.29“Group”
shall have the meaning set forth in Sections 13(d) and 14(d)(2) of the Exchange Act.

 

2.30“Incentive
Stock Option” shall mean an “incentive stock option” within the meaning of Code Section 422.

 

2.31“Nonqualified
Stock Option” shall mean an Option that is not an Incentive Stock Option.

 

2.32“Non-Employee
Director” shall have the meaning set forth in Rule 16b-3 under the Exchange Act.

 

2.33“Officer”
shall have the meaning set forth in Rule 16a-1(f) under the Exchange Act.

 

2.34“Option”
shall mean an option to purchase one or more shares of Stock at a specified Option Price awarded to a Grantee pursuant to Article
8.

 

2.35“Option
Price” shall mean the per share exercise price for shares of Stock subject to an Option.

 

2.36“Other
Agreement” shall mean any agreement, contract, or understanding heretofore or hereafter entered into by a Grantee with
the Company or an Affiliate, except an agreement, contract, or understanding that expressly addresses Code Section 280G and/or
Code Section 4999.

 

2.37“Other
Equity-Based Award” shall mean an Award representing a right or other interest that may be denominated or payable in,
valued in whole or in part by reference to, or otherwise based on or related to Stock, other than an Option, a Stock Appreciation
Right, Restricted Stock, a Restricted Stock Unit, a Deferred Stock Unit, Unrestricted Stock, a Dividend Equivalent Right, or a
Performance Share or other Performance-Based Award.

 

2.38“Outside
Director” shall have the meaning set forth in Code Section 162(m)(4)(C)(i).

 

2.39“Parachute
Payment” shall mean a “parachute payment” within the meaning of Code Section 280G(b)(2).

 

2.40“Performance-Based
Award” shall mean an Award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred
Stock Units, Performance Shares, Other Equity-Based Awards, or cash made subject to the achievement of performance goals (as provided
in Article 13) over a Performance Period specified by the Committee.

 

2.41“Performance-Based
Compensation” shall mean compensation under an Award that is intended to satisfy the requirements of Code Section 162(m)
for Qualified Performance-Based Compensation paid to Covered Employees. Notwithstanding the foregoing, nothing in the Plan shall
be construed to mean that an Award which does not satisfy the requirements for Qualified Performance-Based Compensation does not
constitute performance-based compensation for other purposes, including the purposes of Code Section 409A.

 

2.42“Performance
Measures” shall mean measures as specified in Section 13.6.4 on which the performance goal or goals under
Performance-Based Awards are based and which are approved by the Company’s stockholders pursuant to, and to the extent required
by, the Plan in order to qualify such Performance-Based Awards as Performance-Based Compensation.

 

2.43“Performance
Period” shall mean the period of time, up to ten (10) years, during or over which the performance goals under Performance-Based
Awards must be met in order to determine the degree of payout and/or vesting with respect to any such Performance-Based Awards.

 

2.44“Performance
Shares” shall mean a Performance-Based Award representing a right or other interest that may be denominated or payable
in, valued in whole or in part by reference to, or otherwise based on or related to Stock, made subject to the achievement of
performance goals (as provided in Article 13) over a Performance Period of up to ten (10) years.

 

2.45“Person”
shall mean an individual, a corporation, a partnership, a limited liability company, an association, a trust, or any other entity
or organization, including a government or political subdivision or an agency or instrumentality thereof; provided that, for purposes
of Section 2.10(a) and Section 2.10(d), Person shall have the meaning set forth in Sections 13(d) and 14(d)(2) of
the Exchange Act.

 

2.46“Plan”
shall mean this Royal Gold, Inc. 2015 Omnibus Long-Term Incentive Plan, as amended from time to time.

 

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2.47“Prior
Plan” shall mean the Royal Gold, Inc. 2004 Omnibus Long-Term Incentive Plan, as amended from time to time.

 

2.48“Prior
Stockholders” shall mean the holders of equity securities that represented one hundred percent (100%) of the Voting
Stock of the Company immediately prior to a reorganization, merger, or consolidation involving the Company (or other equity securities
into which such equity securities are converted as part of such reorganization, merger, or consolidation transaction).

 

2.49“Qualified
Performance-Based Compensation” shall have the meaning set forth in Code Section 162(m).

 

2.50“Restricted
Period” shall mean a period of time established by the Committee during which an Award of Restricted Stock, Restricted
Stock Units, or Deferred Stock Units is subject to restrictions.

 

2.51“Restricted
Stock” shall mean shares of Stock awarded to a Grantee pursuant to Article 10.

 

2.52“Restricted
Stock Unit” shall mean a bookkeeping entry representing the equivalent of one (1) share of Stock awarded to a Grantee
pursuant to Article 10 that may be settled, subject to the terms and conditions of the applicable Award Agreement, in shares
of Stock, cash, or a combination thereof.

 

2.53“SAR
Price” shall mean the per share exercise price of a SAR.

 

2.54“Securities
Act” shall mean the Securities Act of 1933, as amended, as now in effect or as hereafter amended, and any successor
thereto.

 

2.55“Securities
Market” shall mean an established securities market.

 

2.56“Separation
from Service” shall have the meaning set forth in Code Section 409A.

 

2.57“Service”
shall mean service qualifying a Grantee as a Service Provider to the Company or an Affiliate. Unless otherwise provided in the
applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service,
so long as such Grantee continues to be a Service Provider to the Company or an Affiliate. Subject to the preceding sentence,
any determination by the Committee whether a termination of Service shall have occurred for purposes of the Plan shall be final,
binding, and conclusive. If a Service Provider’s employment or other Service relationship is with an Affiliate and the applicable
entity ceases to be an Affiliate, a termination of Service shall be deemed to have occurred when such entity ceases to be an Affiliate
unless the Service Provider transfers his or her employment or other Service relationship to the Company or any other Affiliate.

 

2.58“Service
Provider” shall mean (a) an Employee or director of the Company or an Affiliate, or (b) a consultant or adviser to the
Company or an Affiliate (i) who is a natural person, (ii) who is currently providing bona fide services to the Company or an Affiliate,
and (iii) whose services are not in connection with the Company’s sale of securities in a capital-raising transaction and
do not directly or indirectly promote or maintain a market for the Company’s Capital Stock.

 

2.59“Service
Recipient Stock” shall have the meaning set forth in Code Section 409A.

 

2.60“Share
Limit” shall have the meaning set forth in Section 4.1.

 

2.61“Short-Term
Deferral Period” shall have the meaning set forth in Code Section 409A.

 

2.62“Stock”
shall mean the common stock, par value $0.01 per share, of the Company, or any security into which shares of Stock may be changed
or for which shares of Stock may be exchanged as provided in Section 16.1.

 

2.63“Stock
Appreciation Right” or “SAR” shall mean a right granted to a Grantee pursuant to Article 9.

 

2.64“Stock
Exchange” shall mean the New York Stock Exchange, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global
Select Market, or another established national or regional stock exchange.

 

2.65“Subsidiary”
shall mean any corporation (other than the Company) or non-corporate entity with respect to which the Company owns, directly or
indirectly, fifty percent (50%) or more of the total combined voting power of all classes of Voting Stock. In addition, any
other entity may be designated by the Committee as a Subsidiary, provided that (a) such entity could be considered as a subsidiary
according to generally accepted accounting principles in the United States of America and (b) in the case of an Award of
Options or Stock Appreciation Rights, such Award would be considered to be granted in respect of Service Recipient Stock under
Code Section 409A.

 

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2.66“Substitute
Award” shall mean an Award granted upon assumption of, or in substitution for, outstanding awards previously granted
under a compensatory plan of the Company, an Affiliate, or a business entity acquired or to be acquired by the Company or an Affiliate
or with which the Company or an Affiliate has combined or will combine.

 

2.67“Ten
Percent Stockholder” shall mean a natural Person who owns more than ten percent (10%) of the total combined voting
power of all classes of Voting Stock of the Company, the Company’s parent (if any), or any of the Company’s Subsidiaries.
In determining stock ownership, the attribution rules of Code Section 424(d) shall be applied.

 

2.68“Unrestricted
Stock” shall mean Stock that is free of any restrictions.

 

2.69“Voting
Stock” shall mean, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote
for the election of directors, managers, or other voting members of the governing body of such Person.

 

		3.	ADMINISTRATION
                                         OF THE PLAN 

 

3.1Committee.

 

3.1.1Powers
and Authorities. 

 

The Committee shall administer
the Plan and shall have such powers and authorities related to the administration of the Plan as are consistent with the Company’s
certificate of incorporation and bylaws and Applicable Laws. Without limiting the generality of the foregoing, the Committee shall
have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any
Award, or any Award Agreement and shall have full power and authority to take all such other actions and to make all such other
determinations not inconsistent with the specific terms and provisions of the Plan which the Committee deems to be necessary or
appropriate to the administration of the Plan, any Award, or any Award Agreement. All such actions and determinations shall be
made by (a) the affirmative vote of a majority of the members of the Committee present at a meeting at which a quorum is
present, or (b) the unanimous consent of the members of the Committee executed in writing or evidenced by electronic transmission
in accordance with the Company’s certificate of incorporation and bylaws and Applicable Laws. Unless otherwise expressly
determined by the Board, the Committee shall have the authority to interpret and construe all provisions of the Plan, any Award,
and any Award Agreement, and any such interpretation or construction, and any other determination contemplated to be made under
the Plan or any Award Agreement, by the Committee shall be final, binding, and conclusive on all Persons, whether or not expressly
provided for in any provision of the Plan, such Award, or such Award Agreement.

 

In the event that the
Plan, any Award, or any Award Agreement provides for any action to be taken by the Board or any determination to be made by the
Board, such action may be taken or such determination may be made by the Committee constituted in accordance with this Section 3.1
if the Board has delegated the power and authority to do so to such Committee.

 

3.1.2Composition
of the Committee. 

 

The Committee shall be
a committee composed of not fewer than two (2) directors of the Company designated by the Board to administer the Plan. Each member
of the Committee shall be (a) a Non-Employee Director, (b) an Outside Director, and (c) an independent director in accordance
with the rules of any Stock Exchange on which the Stock is listed; provided that any action taken by the Committee shall be valid
and effective whether or not members of the Committee at the time of such action are later determined not to have satisfied the
requirements for membership set forth in this Section 3.1.2 or otherwise provided in any charter of the Committee.
Without limiting the generality of the foregoing, the Committee may be the Compensation Committee of the Board or a subcommittee
thereof if the Compensation Committee of the Board or such subcommittee satisfies the foregoing requirements.

 

3.1.3Other
Committees. 

 

The Board also may appoint
one or more committees of the Board, each composed of one or more directors of the Company who need not be Outside Directors,
which (a) may administer the Plan with respect to Grantees who are not Officers or directors of the Company, (b) may grant Awards
under the Plan to such Grantees, and (c) may determine all terms of such Awards, in each case, excluding (for the avoidance of
doubt) Performance-Based Awards intended to constitute Qualified Performance-Based Compensation and subject, if applicable, to
the requirements of Rule 16b-3 under the Exchange Act and the rules of any Stock Exchange or Securities Market on which the Common
Stock is listed or publicly traded.

 

3.1.4Delegation
by Committee. 

 

To the extent permitted
by Applicable Laws, the Committee may, by resolution, delegate some or all of its authority with respect to the Plan and Awards
to the Chief Executive Officer of the Company and/or any other officer of the Company designated by the Committee, provided that
the Committee may not delegate its authority hereunder (a) to make Awards to directors of the Company, (b) to make Awards to Employees
who are (i) Officers, (ii) Covered Employees, or (iii) officers of the Company who are delegated authority by the Committee pursuant
to this Section 3.1.4, or (c) to interpret the Plan, any Award, or any Award Agreement. Any delegation hereunder will be
subject to the restrictions and limits that the Committee specifies at the time of such delegation or thereafter. Nothing in the
Plan will be construed as obligating the Committee to delegate authority to any officer of the Company, and the Committee may
at any time rescind the authority delegated to an officer of the Company appointed hereunder and delegate authority to one or
more other officers of the Company. At all times, an officer of the Company delegated authority pursuant to this Section 3.1.4
will serve in such capacity at the pleasure of the Committee. Any action undertaken by any such officer of the Company in
accordance with the Committee’s delegation of authority will have the same force and effect as if undertaken directly by
the Committee, and any reference in the Plan to the “Committee” will, to the extent consistent with the terms and
limitations of such delegation, be deemed to include a reference to each such officer.

 

    	 	6	 

     

    

 

3.2Board.

 

The Board, from time
to time, may exercise any or all of the powers and authorities related to the administration and implementation of the Plan, as
set forth in Section 3.1 and other applicable provisions of the Plan, as the Board shall determine, consistent with
the Company’s certificate of incorporation and bylaws and Applicable Laws.

 

3.3Terms
of Awards. 

 

3.3.1Committee
Authority. 

 

Subject to the other
terms and conditions of the Plan, the Committee shall have full and final authority to:

 

(a)designate
Grantees;

 

(b)determine
the type or types of Awards to be made to a Grantee;

 

(c)determine
the number of shares of Stock to be subject to an Award or to which an Award relates;

 

(d)establish
the terms and conditions of each Award (including the Option Price, the SAR Price, and the purchase price for applicable Awards;
the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer,
or forfeiture of an Award or the shares of Stock subject thereto; the treatment of an Award in the event of a Change in Control
(subject to applicable agreements); and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options);

 

(e)prescribe
the form of each Award Agreement evidencing an Award;

 

(f)subject
to the limitation on repricing in Section 3.4, amend, modify, or supplement the terms of any outstanding Award, which
authority shall include the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make
Awards or to modify outstanding Awards made to eligible natural Persons who are foreign nationals or are natural Persons who are
employed outside the United States to reflect differences in local law, tax policy, or custom; provided that, notwithstanding
the foregoing, no amendment, modification, or supplement of the terms of any outstanding Award shall, without the consent of the
Grantee thereof, impair such Grantee’s rights under such Award; and

 

(g)make
Substitute Awards.

 

3.3.2Forfeiture;
Recoupment. 

 

The Committee may reserve
the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on
account of actions taken by, or failed to be taken by, such Grantee in violation or breach of, or in conflict with, any (a) employment
agreement, (b) non-competition agreement, (c) agreement prohibiting solicitation of Employees or clients of the Company
or an Affiliate, (d) confidentiality obligation with respect to the Company or an Affiliate, (e) Company or Affiliate
policy or procedure, (f) other agreement, or (g) other obligation of such Grantee to the Company or an Affiliate, as and
to the extent specified in such Award Agreement. If the Grantee of an outstanding Award is an Employee of the Company or an Affiliate
and such Grantee’s Service is terminated for Cause, the Committee may annul such Grantee’s outstanding Award as of
the date of the Grantee’s termination of Service for Cause.

 

Any Award granted pursuant
to the Plan shall be subject to mandatory repayment by the Grantee to the Company (x) to the extent set forth in this Plan or
an Award Agreement or (y) to the extent the Grantee is, or in the future becomes, subject to (1) any Company or Affiliate
“clawback” or recoupment policy that is adopted to comply with the requirements of any Applicable Laws, or (2) any
Applicable Laws which impose mandatory recoupment, under circumstances set forth in such Applicable Laws.

 

    	 	7	 

     

    

 

3.4No
Repricing Without Stockholder Approval. 

 

Except in connection
with a corporate transaction involving the Company (including, without limitation, any stock dividend, distribution (whether in
the form of cash, shares of Stock, other securities, or other property), stock split, extraordinary dividend, recapitalization,
Change in Control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares of
Stock, or other securities or similar transaction), the Company may not: (a) amend the terms of outstanding Options or SARs
to reduce the Option Price or SAR Price, as applicable, of such outstanding Options or SARs; (b) cancel outstanding Options
or SARs in exchange for or substitution of Options or SARs with an Option Price or SAR Price, as applicable, that is less than
the Option Price or SAR Price, as applicable, of the original Options or SARs; or (c) cancel outstanding Options or SARs
with an Option Price or SAR Price, as applicable, above the current Fair Market Value in exchange for cash or other securities,
in each case, unless such action (i) is subject to and approved by the Company's stockholders or (ii) would not be deemed
to be a repricing under the rules of any Stock Exchange or Securities Market on which the Common Stock is listed or publicly traded.

 

3.5Deferral
Arrangement. 

 

The Committee may permit
or require the deferral of any payment pursuant to any Award into a deferred compensation arrangement, subject to such rules and
procedures as it may establish, which may include provisions for the payment or crediting of interest or Dividend Equivalent Rights
and, in connection therewith, provisions for converting such credits into Deferred Stock Units and for restricting deferrals to
comply with hardship distribution rules affecting tax-qualified retirement plans subject to Code Section 401(k)(2)(B)(IV);
provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. Any
such deferrals shall be made in a manner that complies with Code Section 409A, including, if applicable, with respect to
when a Separation from Service occurs.

 

3.6Registration;
Share Certificates. 

 

Notwithstanding any provision
of the Plan to the contrary, the ownership of the shares of Stock issued under the Plan may be evidenced in such a manner as the
Committee, in its sole discretion, deems appropriate, including by book-entry or direct registration (including transaction advices)
or the issuance of one or more share certificates.

 

		4.	STOCK
                                         SUBJECT TO THE PLAN 

 

4.1Number
of Shares of Stock Available for Awards. 

 

Subject to such additional
shares of Stock as shall be available for issuance under the Plan pursuant to Section 4.2, and subject to adjustment pursuant
to Article 16, the maximum number of shares of Stock reserved for issuance under the Plan shall be two million five hundred
thousand (2,500,000) shares of Stock, plus (i) the number of shares of Stock remaining available for future awards under the Prior
Plan as of the Effective Date, plus (ii) the number of shares of Stock related to awards outstanding under the Prior Plan as of
the Effective Date that thereafter terminate by expiration, forfeiture, or cancellation (the “Share Limit”).
Such shares of Stock may be authorized and unissued shares of Stock, treasury shares of Stock, or any combination of the foregoing,
as may be determined from time to time by the Board or by the Committee. Any of the shares of Stock reserved and available for
issuance under the Plan may be used for any type of Award under the Plan, and any or all of the shares of Stock reserved for issuance
under the Plan shall be available for issuance pursuant to the Incentive Stock Options.

 

4.2Adjustments
in Authorized Shares of Stock. 

 

In connection with mergers,
reorganizations, separations, or other transactions to which Code Section 424(a) applies, the Committee shall have the right
to cause the Company to assume awards previously granted under a compensatory plan of another business entity that is a party
to such transaction. Shares available for issuance under a stockholder-approved plan of a business entity that is a party to such
transaction (as appropriately adjusted, if necessary, to reflect such transaction) may be used for Awards under the Plan and shall
not reduce the number of shares of Stock otherwise available for issuance under the Plan, subject to applicable rules of any Stock
Exchange or Securities Market on which the Common Stock is listed or publicly traded.

 

4.3Share
Usage. 

 

(a)Shares
of Stock covered by an Award shall be counted as used as of the Grant Date for purposes of calculating the number of shares of
Stock available for issuance under Section 4.1.

 

    	 	8	 

     

    

 

(b)Any
shares of Stock that are subject to Awards, including shares of Stock acquired through dividend reinvestment pursuant to Article
10, will be counted against the Share Limit set forth in Section 4.1 as one (1) share of Stock for every one (1) share
of Stock subject to an Award. The number of shares of Stock subject to an Award of SARs will be counted against the Share
Limit set forth in Section 4.1 as one (1) share of Stock for every one (1) share of Stock subject to such Award regardless
of the number of shares of Stock actually issued to settle such SARs upon the exercise of the SARs. At a minimum, the target number
of shares issuable under a Performance Share grant shall be counted against the Share Limit set forth in Section 4.1 as
of the Grant Date, but such number shall be adjusted to equal the actual number of shares issued upon settlement of the Performance
Shares to the extent different from such target number of shares.

 

(c)If
any shares of Stock covered by an Award are not purchased or are forfeited or expire or if an Award otherwise terminates without
delivery of any Stock subject thereto or is settled in cash in lieu of shares, then the number of shares of Stock counted against
the Share Limit with respect to such Award shall, to the extent of any such forfeiture, termination, expiration, or settlement,
again be available for making Awards under the Plan.

 

(d)The
number of shares of Stock available for issuance under the Plan will not be increased by the number of shares of Stock (i) tendered,
withheld, or subject to an Award granted under the Plan or an award under the Prior Plan surrendered in connection with the purchase
of shares of Stock upon exercise of an Option, (ii) that were not issued upon the net settlement or net exercise of a Stock-settled
SAR granted under the Plan or the Prior Plan, (iii) deducted or delivered from payment of an Award granted under the Plan or the
Prior Plan in connection with the Company’s tax withholding obligations as provided in Section 18.3 (or the equivalent
provisions of the Prior Plan), or (iv) purchased by the Company with proceeds from Option exercises.

 

		5.	TERM;
                                         AMENDMENT AND TERMINATION 

 

5.1Term.

 

The Plan shall become
effective as of the Effective Date. Following the Effective Date, no awards shall be made under the Prior Plan. Notwithstanding
the foregoing, shares of Stock reserved under the Prior Plan to settle awards, including performance-based awards, which are made
under the Prior Plan prior to the Effective Date may be issued and delivered following the Effective Date to settle such awards.
The Plan shall terminate on the first to occur of (a) the tenth (10th) anniversary of the Effective Date, (b) the date determined
in accordance with Section 5.2, and (c) the date determined in accordance with Section 16.3; provided, however,
that Incentive Stock Options may not be granted under the Plan after the tenth (10th) anniversary of the date of the Board’s
adoption of the Plan. Upon such termination of the Plan, all outstanding Awards shall continue to have full force and effect in
accordance with the provisions of the terminated Plan and the applicable Award Agreement (or other documents evidencing such Awards).

 

5.2Amendment,
Suspension, and Termination. 

 

The Board may, at any
time and from time to time, amend, suspend, or terminate the Plan; provided that, with respect to Awards theretofore granted under
the Plan, no amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, impair the rights or
obligations under any such Award. The effectiveness of any amendment to the Plan shall be contingent on approval of such amendment
by the Company’s stockholders to the extent provided by the Board or required by Applicable Laws.

 

		6.	AWARD
                                         ELIGIBILITY AND LIMITATIONS 

 

6.1Eligible
Grantees. 

 

Subject to this Article 6,
Awards may be made under the Plan to (a) any Service Provider, as the Committee shall determine and designate from time to time,
and (b) any other individual whose participation in the Plan is determined to be in the best interests of the Company by the Committee.

 

6.2Limitation
on Shares of Stock Subject to Awards and Cash Awards. 

 

During any time when
the Company has any class of common equity securities registered under Section 12 of the Exchange Act, but subject to adjustment
as provided in Article 16:

 

(a)The
maximum number of shares of Stock that may be granted under the Plan, pursuant to Options or SARs, in a calendar year to any Person
eligible for an Award under Section 6.1 is one hundred thousand (100,000) shares;

 

    	 	9	 

     

    

 

(b)The
maximum number of shares of Stock that may be granted under the Plan, pursuant to Awards other than Options or SARs that are Stock-denominated
and are either Stock- or cash-settled, in a calendar year to any Person eligible for an Award under Section 6.1 is one
hundred thousand (100,000) shares; and

 

(c)The
maximum amount that may be paid as a cash-denominated Performance-Based Award (whether or not cash-settled) for a Performance
Period of twelve (12) months or less to any Person eligible for an Award under Section 6.1 shall be two million
dollars ($2,000,000), and the maximum amount that may be paid as a cash-denominated Performance-Based Award (whether or not
cash-settled) for a Performance Period of greater than twelve (12) months to any Person eligible for an Award under Section 6.1
shall be four million dollars ($4,000,000).

 

(d)The
maximum Fair Market Value of shares of Stock that may be granted under the Plan pursuant to Awards in a calendar year to any non-employee
director of the Company is five hundred thousand dollars ($500,000).

 

6.3Stand-Alone,
Additional, Tandem, and Substitute Awards. 

 

Subject to Section 3.4,
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, (a) any other Award, (b) any award granted under another plan of the Company, an
Affiliate, or any business entity that has been a party to a transaction with the Company or an Affiliate, or (c) any other
right of a Grantee to receive payment from the Company or an Affiliate. Such additional, tandem, exchange, or Substitute Awards
may be granted at any time. If an Award is granted in substitution or exchange for another Award, or for an award granted under
another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or an
Affiliate, the Committee shall require the surrender of such other Award or award under such other plan in consideration for the
grant of such exchange or Substitute Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu
of cash payments under other plans of the Company or an Affiliate. Notwithstanding Section 8.1 and Section 9.1,
but subject to Section 3.4, the Option Price of an Option or the SAR Price of a SAR that is a Substitute Award may
be less than one hundred percent (100%) of the Fair Market Value of a share of Stock on the original Grant Date; provided
that such Option Price or SAR Price is determined in accordance with the principles of Code Section 424 for any Incentive Stock
Option and consistent with Code Section 409A for any other Option or SAR.

 

		7.	AWARD
                                         AGREEMENT AND VESTING

 

Each Award granted pursuant
to the Plan shall be evidenced by an Award Agreement, which shall be in such form or forms as the Committee shall from time to
time determine. Award Agreements utilized under the Plan from time to time or at the same time need not contain similar provisions
but shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether
such Options are intended to be Nonqualified Stock Options or Incentive Stock Options, and, in the absence of such specification,
such Options shall be deemed to constitute Nonqualified Stock Options. In the event of any inconsistency between the Plan and
an Award Agreement, the provisions of the Plan shall control.

 

Notwithstanding anything
herein to the contrary, vesting of Awards shall be over a period of no less than one year and achievement of performance goals
in respect of Performance-Based Awards shall be measured over a performance period of up to one year or more than one year, except,
in all cases, in the case of Awards to directors or as otherwise determined by the Committee.

 

		8.	TERMS
                                         AND CONDITIONS OF OPTIONS 

 

8.1Option
Price. 

 

The Option Price of each
Option shall be fixed by the Committee and stated in the Award Agreement evidencing such Option. Except in the case of Substitute
Awards, the Option Price of each Option shall be at least the Fair Market Value of one (1) share of Stock on the Grant Date;
provided that, in the event that a Grantee is a Ten Percent Stockholder, the Option Price of an Option granted to such Grantee
that is intended to be an Incentive Stock Option shall be not less than one hundred ten percent (110%) of the Fair Market Value
of one (1) share of Stock on the Grant Date. In no case shall the Option Price of any Option be less than the par value of one
(1) share of Stock.

 

8.2Vesting
and Exercisability. 

 

Subject to Sections
8.3 and 16.3, each Option granted under the Plan shall become vested and/or exercisable at such times and under such
conditions as shall be determined by the Committee and stated in the Award Agreement, in another agreement with the Grantee, or
otherwise in writing; provided that no Option shall be granted to Grantees who are entitled to overtime under Applicable
Laws that will vest or be exercisable within a six (6)-month period starting on the Grant Date.

 

    	 	10	 

     

    

 

8.3Term.

 

Each Option granted under
the Plan shall terminate, and all rights to purchase shares of Stock thereunder shall cease, on the tenth (10th) anniversary
of the Grant Date of such Option, or under such circumstances and on such date prior thereto as is set forth in the Plan or as
may be fixed by the Committee and stated in the Award Agreement relating to such Option; provided that, in the event that the
Grantee is a Ten Percent Stockholder, an Option granted to such Grantee that is intended to be an Incentive Stock Option shall
not be exercisable after the fifth (5th) anniversary of the Grant Date of such Option; and provided, further, that, to the
extent deemed necessary or appropriate by the Committee to reflect differences in local law, tax policy, or custom with respect
to any Option granted to a Grantee who is a foreign national or is a natural Person who is employed outside the United States,
such Option may terminate, and all rights to purchase shares of Stock thereunder may cease, upon the expiration of a period longer
than ten (10) years from the Grant Date of such Option as the Committee shall determine.

 

8.4Termination
of Service. 

 

Each Award Agreement
with respect to the grant of an Option shall set forth the extent to which the Grantee thereof, if at all, shall have the right
to exercise such Option following termination of such Grantee’s Service. Such provisions shall be determined in the sole
discretion of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based
on the reasons for termination of Service.

 

8.5Limitations
on Exercise of Option. 

 

Notwithstanding any provision
of the Plan to the contrary, in no event may any Option be exercised, in whole or in part, after the occurrence of an event referred
to in Article 16 which results in the termination of such Option.

 

8.6Method
of Exercise. 

 

Subject to the terms
of Article 14 and Section 18.3, an Option that is exercisable may be exercised by the Grantee’s
delivery to the Company or its designee or agent of notice of exercise on any business day, at the Company’s principal office
or the office of such designee or agent, on the form specified by the Company and in accordance with any additional procedures
specified by the Committee. Such notice shall specify the number of shares of Stock with respect to which such Option is being
exercised and shall be accompanied by payment in full of the Option Price of the shares of Stock for which such Option is being
exercised, plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold
with respect to the exercise of such Option.

 

8.7Rights
of Holders of Options. 

 

Unless otherwise stated
in the applicable Award Agreement, a Grantee or other Person holding or exercising an Option shall have none of the rights of
a stockholder of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the
shares of Stock subject to such Option, to direct the voting of the shares of Stock subject to such Option, or to receive notice
of any meeting of the Company’s stockholders) until the shares of Stock subject thereto are fully paid and issued to such
Grantee or other Person. Except as provided in Article 16, no adjustment shall be made for dividends, distributions,
or other rights with respect to any shares of Stock subject to an Option for which the record date is prior to the date of issuance
of such shares of Stock.

 

8.8Delivery
of Stock. 

 

Promptly after the exercise
of an Option by a Grantee and the payment in full of the Option Price with respect thereto, such Grantee shall be entitled to
receive such evidence of such Grantee’s ownership of the shares of Stock subject to such Option as shall be consistent with
Section 3.6.

 

8.9Transferability
of Options. 

 

Except as provided in
Section 8.10, during the lifetime of a Grantee of an Option, only such Grantee (or, in the event of such Grantee’s
legal incapacity or incompetency, such Grantee’s guardian or legal representative) may exercise such Option. Except as provided
in Section 8.10, no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by
will or the laws of descent and distribution.

 

8.10Family
Transfers. 

 

If authorized in the
applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of
an Option which is not an Incentive Stock Option to any Family Member. For the purpose of this Section 8.10, a transfer
“not for value” is a transfer which is (a) a gift, (b) a transfer under a domestic relations order in settlement
of marital property rights, or (c) unless Applicable Laws do not permit such transfer, a transfer to an entity in which more
than fifty percent (50%) of the voting interests are owned by Family Members (and/or the Grantee) in exchange for an interest
in such entity. Following a transfer under this Section 8.10, any such Option shall continue to be subject to the
same terms and conditions as were applicable immediately prior to such transfer. Subsequent transfers of transferred Options shall
be prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or by will or
the laws of descent and distribution. The provisions of Section 8.4 relating to termination of Service shall continue
to be applied with respect to the original Grantee of the Option, following which such Option shall be exercisable by the transferee
only to the extent, and for the periods specified, in Section 8.4.

 

    	 	11	 

     

    

 

8.11Limitations
on Incentive Stock Options. 

 

An Option shall constitute
an Incentive Stock Option only (a) if the Grantee of such Option is an Employee of the Company or any corporate Subsidiary, (b)
to the extent specifically provided in the related Award Agreement, and (c) to the extent that the aggregate Fair Market Value
(determined at the time such Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held
by such Grantee become exercisable for the first time during any calendar year (under the Plan and all other plans of the Company
and its Affiliates) does not exceed one hundred thousand dollars ($100,000). Except to the extent provided in the regulations
under Code Section 422, this limitation shall be applied by taking Options into account in the order in which they were granted.

 

8.12Notice
of Disqualifying Disposition. 

 

If any Grantee shall
make any disposition of shares of Stock issued pursuant to the exercise of an Incentive Stock Option under the circumstances provided
in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such disposition
immediately but in no event later than ten (10) days thereafter.

 

		9.	TERMS
                                         AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

 

9.1Right
to Payment and SAR Price. 

 

A SAR shall confer on
the Grantee to whom it is granted a right to receive, upon exercise thereof, the excess of (a) the Fair Market Value of one
(1) share of Stock on the date of exercise, over (b) the SAR Price as determined by the Committee. The Award Agreement
for a SAR shall specify the SAR Price, which shall be no less than the Fair Market Value of one (1) share of Stock on the
Grant Date of such SAR. SARs may be granted in tandem with all or part of an Option granted under the Plan or at any subsequent
time during the term of such Option, in combination with all or any part of any other Award, or without regard to any Option or
other Award; provided that a SAR that is granted in tandem with all or part of an Option will have the same term, and expire at
the same time, as the related Option; provided, further, that a SAR that is granted subsequent to the Grant Date of a related
Option must have a SAR Price that is no less than the Fair Market Value of one (1) share of Stock on the Grant Date of such
SAR.

 

9.2Other
Terms. 

 

The Committee shall determine,
on the Grant Date or thereafter, the time or times at which, and the circumstances under which, a SAR 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
SARs shall cease to be or become exercisable following termination of 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 of Stock shall be delivered
or deemed to be delivered to Grantees, whether or not a SAR shall be granted in tandem or in combination with any other Award;
and any and all other terms and conditions of any SAR; provided that no SARs shall be granted to Grantees who are entitled
to overtime under Applicable Laws that will vest or be exercisable within a six (6)-month period starting on the Grant Date.

 

9.3Term.

 

Each SAR granted under
the Plan shall terminate, and all rights thereunder shall cease, on the tenth (10th) anniversary of the Grant Date of such
SAR or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee
and stated in the Award Agreement relating to such SAR.

 

9.4Rights
of Holders of SARs.

 

Unless otherwise stated
in the applicable Award Agreement, a Grantee or other Person holding or exercising a SAR shall have none of the rights of a stockholder
of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the shares of Stock
underlying such SAR, to direct the voting of the shares of Stock underlying such SAR, or to receive notice of any meeting of the
Company’s stockholders) until the shares of Stock underlying such SAR, if any, are issued to such Grantee or other Person.
Except as provided in Article 16, no adjustment shall be made for dividends, distributions, or other rights with respect
to any shares of Stock underlying a SAR for which the record date is prior to the date of issuance of such shares of Stock, if
any.

 

    	 	12	 

     

    

 

9.5Transferability
of SARs. 

 

Except as provided in
Section 9.6, during the lifetime of a Grantee of a SAR, only the Grantee (or, in the event of such Grantee’s
legal incapacity or incompetency, such Grantee’s guardian or legal representative) may exercise such SAR. Except as provided
in Section 9.6, no SAR shall be assignable or transferable by the Grantee to whom it is granted, other than by will
or the laws of descent and distribution.

 

9.6Family
Transfers. 

 

If authorized in the
applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of
a SAR to any Family Member. For the purpose of this Section 9.6, a transfer “not for value” is a transfer
which is (a) a gift, (b) a transfer under a domestic relations order in settlement of marital property rights, or (c) unless
Applicable Laws do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting
interests are owned by Family Members (and/or the Grantee) in exchange for an interest in such entity. Following a transfer under
this Section 9.6, any such SAR shall continue to be subject to the same terms and conditions as were in effect immediately
prior to such transfer. Subsequent transfers of transferred SARs shall be prohibited except to Family Members of the original
Grantee in accordance with this Section 9.6 or by will or the laws of descent and distribution.

 

		10.	TERMS
                                         AND CONDITIONS OF RESTRICTED STOCK, RESTRICTED STOCK UNITS, AND DEFERRED STOCK UNITS
                                         

 

10.1Grant
of Restricted Stock, Restricted Stock Units, and Deferred Stock Units.

 

Awards of Restricted
Stock, Restricted Stock Units, and Deferred Stock Units may be made for consideration or for no consideration, other than the
par value of the shares of Stock, which shall be deemed paid by past Service or, if so provided in the related Award Agreement
or a separate agreement, the promise by the Grantee to perform future Service to the Company or an Affiliate.

 

10.2Restrictions.

 

At the time a grant of
Restricted Stock, Restricted Stock Units, or Deferred Stock Units is made, the Committee may, in its sole discretion, (a) establish
a Restricted Period applicable to such Restricted Stock, Restricted Stock Units, or Deferred Stock Units and (b) prescribe
restrictions in addition to or other than the expiration of the Restricted Period, including the achievement of corporate or individual
performance goals, which may be applicable to all or any portion of such Restricted Stock, Restricted Stock Units, or Deferred
Stock Units as provided in Article 13. Awards of Restricted Stock, Restricted Stock Units, and Deferred Stock Units
may not be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of during the Restricted Period or prior
to the satisfaction of any other restrictions prescribed by the Committee with respect to such Awards.

 

10.3Registration;
Restricted Stock Certificates. 

 

Pursuant to Section 3.6,
to the extent that ownership of Restricted Stock is evidenced by a book-entry registration or direct registration (including transaction
advices), such registration shall be notated to evidence the restrictions imposed on such Award of Restricted Stock under the
Plan and the applicable Award Agreement. Subject to Section 3.6 and the immediately following sentence, the Company
may issue, in the name of each Grantee to whom Restricted Stock has been granted, certificates representing the total number of
shares of Restricted Stock granted to the Grantee, as soon as reasonably practicable after the Grant Date of such Restricted Stock.
The Committee may provide in an Award Agreement with respect to an Award of Restricted Stock that either (a) the Secretary
of the Company shall hold such certificates for such Grantee’s benefit until such time as such shares of Restricted Stock
are forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to the
Company with respect to each certificate, or (b) such certificates shall be delivered to such Grantee, provided that
such certificates shall bear legends that comply with Applicable Laws and make appropriate reference to the restrictions imposed
on such Award of Restricted Stock under the Plan and such Award Agreement.

 

10.4Rights
of Holders of Restricted Stock. 

 

Unless the Committee
provides otherwise in an Award Agreement and subject to the restrictions set forth in the Plan, any applicable Company program,
and the applicable Award Agreement, holders of Restricted Stock shall have the right to vote such shares of Restricted Stock and
the right to receive any dividend payments or distributions declared or paid with respect to such shares of Restricted Stock.
The Committee may provide in an Award Agreement evidencing a grant of Restricted Stock that (a) any cash dividend payments or
distributions paid on Restricted Stock shall be reinvested in shares of Stock, which may or may not be subject to the same vesting
conditions and restrictions as applicable to such underlying shares of Restricted Stock or (b) any dividend payments or distributions
declared or paid on shares of Restricted Stock shall only be made or paid upon satisfaction of the vesting conditions and restrictions
applicable to such shares of Restricted Stock. Dividend payments or distributions declared or paid on shares of Restricted Stock
which vest or are earned based upon the achievement of performance goals shall not vest unless such performance goals for such
shares of Restricted Stock are achieved, and if such performance goals are not achieved, the Grantee of such shares of Restricted
Stock shall promptly forfeit and, to the extent already paid or distributed, repay to the Company such dividend payments or distributions.
All stock dividend payments or distributions, if any, received by a Grantee with respect to shares of Restricted Stock as a result
of any stock split, stock dividend, combination of stock, or other similar transaction shall be subject to the same vesting conditions
and restrictions as applicable to such underlying shares of Restricted Stock.

 

    	 	13	 

     

    

 

10.5Rights
of Holders of Restricted Stock Units and Deferred Stock Units. 

 

10.5.1Voting
and Dividend Rights. 

 

Holders of Restricted
Stock Units and Deferred Stock Units shall have no rights as stockholders of the Company (for example, the right to receive dividend
payments or distributions attributable to the shares of Stock underlying such Restricted Stock Units and Deferred Stock Units,
to direct the voting of the shares of Stock underlying such Restricted Stock Units and Deferred Stock Units, or to receive notice
of any meeting of the Company’s stockholders).

 

10.5.2Creditor’s
Rights. 

 

A holder of Restricted
Stock Units or Deferred Stock Units shall have no rights other than those of a general unsecured creditor of the Company. Restricted
Stock Units and Deferred Stock Units represent unfunded and unsecured obligations of the Company, subject to the terms and conditions
of the applicable Award Agreement.

 

10.6Termination
of Service. 

 

Unless the Committee
provides otherwise in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement
is issued, but prior to termination of Grantee’s Service, upon the termination of such Grantee’s Service, any Restricted
Stock, Restricted Stock Units, or Deferred Stock Units held by such Grantee that have not vested, or with respect to which all
applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of such Restricted
Stock, Restricted Stock Units, or Deferred Stock Units, the Grantee thereof shall have no further rights with respect thereto,
including any right to vote such Restricted Stock or any right to receive dividends or Dividend Equivalent Rights, as applicable,
with respect to such Restricted Stock, Restricted Stock Units, or Deferred Stock Units.

 

10.7
Purchase of Restricted Stock and Shares of Stock Subject to Restricted Stock Units and Deferred Stock Units.

 

The Grantee of an Award
of Restricted Stock, vested Restricted Stock Units, or vested Deferred Stock Units shall be required, to the extent required by
Applicable Laws, to purchase such Restricted Stock or the shares of Stock subject to such vested Restricted Stock Units or Deferred
Stock Units from the Company at a purchase price equal to the greater of (x) the aggregate par value of the shares of Stock
represented by such Restricted Stock or such vested Restricted Stock Units or Deferred Stock Units or (y) the purchase price,
if any, specified in the Award Agreement relating to such Restricted Stock or such vested Restricted Stock Units or Deferred Stock
Units. Such purchase price shall be payable in a form provided in Article 14 or, in the sole discretion of the Committee,
in consideration for Service rendered or to be rendered by the Grantee to the Company or an Affiliate.

 

10.8Delivery
of Shares of Stock. 

 

Upon the expiration or
termination of any Restricted Period and the satisfaction of any other conditions prescribed by the Committee, including, without
limitation, any performance goals or delayed delivery period, the restrictions applicable to Restricted Stock, Restricted Stock
Units, or Deferred Stock Units settled in shares of Stock shall lapse, and, unless otherwise provided in the applicable Award
Agreement, a book-entry or direct registration (including transaction advices) or a certificate evidencing ownership of such shares
of Stock shall, consistent with Section 3.6, be issued, free of all such restrictions, to the Grantee thereof or such
Grantee’s beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee’s beneficiary or estate,
shall have any further rights with regard to a Restricted Stock Unit or Deferred Stock Unit once the shares of Stock represented
by such Restricted Stock Unit or Deferred Stock Unit have been delivered in accordance with this Section 10.8.

 

    	 	14	 

     

    

 

 

		11.	TERMS
                                         AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS 

 

11.1Unrestricted
Stock Awards. 

 

The Committee may, in
its sole discretion, grant (or sell at the par value of a share of Stock or at such other higher purchase price as shall be determined
by the Committee) an Award to any Grantee pursuant to which such Grantee may receive shares of Unrestricted Stock under the Plan.
Awards of Unrestricted Stock may be granted or sold to any Grantee as provided in the immediately preceding sentence in respect
of Service rendered or, if so provided in the related Award Agreement or a separate agreement, to be rendered by the Grantee to
the Company or an Affiliate or other valid consideration, in lieu of or in addition to any cash compensation due to such Grantee.

 

11.2Other
Equity-Based Awards. 

 

The Committee may, in
its sole discretion, grant Awards in the form of Other Equity-Based Awards, as deemed by the Committee to be consistent with the
purposes of the Plan. Awards granted pursuant to this Section 11.2 may be granted with vesting, value, and/or payment
contingent upon the achievement of one or more performance goals. The Committee shall determine the terms and conditions of Other
Equity-Based Awards on the Grant Date or thereafter. Unless the Committee provides otherwise in an Award Agreement, in another
agreement with the Grantee, or otherwise in writing after such Award Agreement is issued, but prior to termination of Grantee’s
Service, upon the termination of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee that have not vested,
or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon
forfeiture of any Other Equity-Based Award, the Grantee thereof shall have no further rights with respect to such Other Equity-Based
Award.

 

		12.	TERMS
                                         AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS 

 

12.1Dividend
Equivalent Rights. 

 

A Dividend Equivalent
Right may be granted hereunder, provided that no Dividend Equivalent Rights may be granted in connection with, or related
to, an Award of Options or SARs. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement
therefor. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently (with or without being
subject to forfeiture or a repayment obligation) or may be deemed to be reinvested in additional shares of Stock or Awards, which
may thereafter accrue additional Dividend Equivalent Rights (with or without being subject to forfeiture or a repayment obligation).
Any such reinvestment shall be at the Fair Market Value thereof on the date of such reinvestment. Dividend Equivalent Rights may
be settled in cash, shares of Stock, or a combination thereof, in a single installment or in multiple installments, all as determined
in the sole discretion of the Committee. A Dividend Equivalent Right granted as a component of another Award may (a) provide that
such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other
Award and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other
Award or (b) contain terms and conditions which are different from the terms and conditions of such other Award, provided that
Dividend Equivalent Rights credited pursuant to a Dividend Equivalent Right granted as a component of another Award which vests
or is earned based upon the achievement of performance goals shall not vest unless such performance goals for such underlying
Award are achieved, and if such performance goals are not achieved, the Grantee of such Dividend Equivalent Rights shall promptly
forfeit and, to the extent already paid or distributed, repay to the Company payments or distributions made in connection with
such Dividend Equivalent Rights.

 

12.2Termination
of Service. 

 

Unless the Committee
provides otherwise in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement
is issued, a Grantee’s rights in all Dividend Equivalent Rights shall automatically terminate upon such Grantee’s
termination of Service for any reason.

 

		13.	TERMS
                                         AND CONDITIONS OF PERFORMANCE-BASED AWARDS 

 

13.1Grant
of Performance-Based Awards. 

 

Subject to the terms
and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance-Based Awards in such amounts
and upon such terms as the Committee shall determine.

 

13.2Value
of Performance-Based Awards. 

 

Each grant of a Performance-Based
Award shall have an initial cash value or an actual or target number of shares of Stock that is established by the Committee as
of the Grant Date. The Committee shall set performance goals in its discretion which, depending on the extent to which they are
achieved, shall determine the value and/or number of shares of Stock subject to a Performance-Based Award that will be paid out
to the Grantee thereof.

 

    	 	15	 

     

    

 

13.3Earning
of Performance-Based Awards. 

 

Subject to the terms
of the Plan, in particular Section 13.6.3, after the applicable Performance Period has ended, the Grantee of a Performance-Based
Award shall be entitled to receive a payout of the value earned under such Performance-Based Award by such Grantee over such Performance
Period.

 

13.4Form
and Timing of Payment of Performance-Based Awards. 

 

Payment of the value
earned under Performance-Based Awards shall be made, as determined by the Committee, in the form, at the time, and in the manner
described in the applicable Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion, (i) may
pay the value earned under Performance-Based Awards in the form of cash, shares of Stock, other Awards, or a combination thereof,
including shares of Stock and/or Awards that are subject to any restrictions deemed appropriate by the Committee, and (ii) shall
pay the value earned under Performance-Based Awards at the close of the applicable Performance Period, or as soon as reasonably
practicable after the Committee has determined that the performance goal or goals relating thereto have been achieved; provided
that, unless specifically provided in the Award Agreement for such Performance-Based Awards, such payment shall occur no later
than the fifteenth (15th) day of the third (3rd) month following the end of the calendar year in which such
Performance Period ends.

 

13.5Performance
Conditions. 

 

The right of a Grantee
to exercise or to receive a grant or settlement of any Performance-Based Award, and the timing thereof, may be subject to such
performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of
performance as it may deem appropriate in establishing any performance conditions. If and to the extent required under Code Section 162(m),
any power or authority relating to an Award intended to qualify under Code Section 162(m) shall be exercised by the Committee
and not by the Board.

 

13.6Performance-Based
Awards Granted to Designated Covered Employees. 

 

If and to the extent
that the Committee determines that a Performance-Based Award to be granted to a Grantee should constitute Qualified Performance-Based
Compensation for purposes of Code Section 162(m), the grant, exercise, and/or settlement of such Performance-Based Award
shall be contingent upon achievement of pre-established performance goals and other terms set forth in this Section 13.6.

 

13.6.1Performance
Goals Generally. 

 

The performance goals
for Performance-Based Awards shall consist of one or more business criteria and a targeted level or levels of performance with
respect to each of such criteria, as specified by the Committee consistent with this Section 13.6. Performance goals
shall be objective and shall otherwise meet the requirements of Code Section 162(m), including the requirement that the level
or levels of performance targeted by the Committee result in the achievement of performance goals being “substantially uncertain.”
The Committee may determine that such Awards shall be granted, exercised, and/or settled upon achievement of any single performance
goal or of two (2) or more performance goals. Performance goals may differ for Performance-Based Awards granted to any one
Grantee or to different Grantees.

 

13.6.2Timing
For Establishing Performance Goals. 

 

Performance goals for
any Performance-Based Award shall be established not later than the earlier of (a) ninety (90) days after the beginning of
any Performance Period applicable to such Performance-Based Award, and (b) the date on which twenty-five percent (25%) of
any Performance Period applicable to such Performance-Based Award has expired, or at such other date as may be required or permitted
for compensation payable to a Covered Employee to constitute Performance-Based Compensation.

 

13.6.3Payment
of Awards; Other Terms. 

 

Payment of Performance-Based
Awards shall be in cash, shares of Stock, other Awards, or a combination thereof, including shares of Stock and/or Awards that
are subject to any restrictions deemed appropriate by the Committee, in each case as determined in the sole discretion of the
Committee. The Committee may, in its sole discretion, reduce the amount of a payment otherwise to be made in connection with such
Performance-Based Awards. The Committee shall specify the circumstances in which such Performance-Based Awards shall be paid or
forfeited in the event of termination of Service by the Grantee prior to the end of a Performance Period or settlement of such
Performance-Based Awards. In the event payment of the Performance-Based Award is made in the form of another Award subject to
Service-based vesting, the Committee shall specify the circumstances in which the payment Award will be paid or forfeited in the
event of a termination of Service.

 

    	 	16	 

     

    

 

13.6.4Performance
Measures.

 

The vesting or payment
of a Performance-Based Award to a Covered Employee that is intended to qualify as Performance-Based Compensation shall be conditioned
on one or more of the following Performance Measures, with or without adjustment (including pro forma adjustments):

 

(a)net
earnings or net income;

 

(b)operating
earnings or operating income;

 

(c)income
before income taxes;

 

(d)pretax
operating earnings after interest expense and before bonuses, service fees and extraordinary or special items;

 

(e)earnings
per share;

 

(f)share
price, including growth measures and total stockholder return, including total stockholder return as compared to total return
(on a comparable basis) of a publicly available index such as, but not limited to, the Standard & Poor’s 500 Stock Index;

 

(g)earnings
before interest and taxes;

 

(h)earnings
before interest, taxes, depreciation, and/or amortization;

 

(i)earnings
before interest, taxes, depreciation, and/or amortization as adjusted to exclude any one or more of the following:

 

		•	stock-based
                                         compensation expense;

 

		•	income from
                                         discontinued operations;

 

		•	gain on cancellation
                                         of debt;

 

		•	debt extinguishment
                                         and related costs;

 

		•	restructuring,
                                         separation, and/or integration charges and costs;

 

		•	reorganization
                                         and/or recapitalization charges and costs;

 

		•	impairment
                                         charges;

 

		•	acquisition,
                                         disposition, or merger-related events and expenses;

 

		•	gain or loss
                                         related to investments;

 

		•	sales and use
                                         tax settlements; and

 

		•	gain on non-monetary
                                         transactions;

 

(j)sales,
revenue, or production growth or targets, whether in general or by type of product, service, or customer;

 

(k)gross
or operating margins;

 

(l)return
measures, including return on assets, capital, investment, equity, sales, or revenue;

 

(m)cash
flow, including:

 

		•	operating cash
                                         flow;

 

		•	free cash flow,
                                         defined as earnings before interest, taxes, depreciation, and/or amortization (as adjusted
                                         to exclude any one or more of the items that may be excluded pursuant to the Performance
                                         Measure specified in clause (h) above) less capital expenditures, and free cash
                                         flow per share;

 

		•	levered free
                                         cash flow, defined as free cash flow less interest expense;

 

		•	cash flow return
                                         on equity; and

 

    	 	17	 

     

    

 

		•	cash flow return
                                         on investment;

 

(n)productivity
ratios;

 

(o)ratio
of debt to stockholders’ equity;

 

(p)ratio
of net debt to adjusted earnings before interest, taxes, depreciation, and/or amortization;

 

(q)costs,
reductions in cost, and cost control measures;

 

(r)expense
targets;

 

(s)market
or market segment share or penetration;

 

(t)financial
ratios as provided in credit agreements of the Company and its subsidiaries;

 

(u)working
capital, liquidity, debt, and coverage ratio targets;

 

(v)completion
of acquisitions of royalties, streams, businesses, or companies;

 

(w)completion
of divestitures and asset sales;

 

(x)regulatory
achievements or compliance;

 

(y)customer
satisfaction measurements;

 

(z)execution
of contractual arrangements or satisfaction of contractual requirements or milestones;

 

(aa)product
development achievements;

 

(bb)royalty
ounces in reserve;

 

(cc)gross
or net gold equivalent ounce measures;

 

(dd)production,
reserve, or resource-related measures; and

 

(ee)any
combination of the foregoing business criteria.

 

Performance under any
of the foregoing Performance Measures (a) may be used to measure the performance of (i) the Company, its Subsidiaries,
and other Affiliates as a whole, (ii) the Company, any Subsidiary, any other Affiliate, or any combination thereof, or (iii) any
one or more business units or operating segments of the Company, any Subsidiary, and/or any other Affiliate, in each case as the
Committee, in its sole discretion, deems appropriate and (b) may be compared to the performance of one or more other companies
or one or more published or special indices designated or approved by the Committee for such comparison, as the Committee, in
its sole discretion, deems appropriate. In addition, the Committee, in its sole discretion, may select performance under the Performance
Measure specified in clause (f) above for comparison to performance under one or more stock market indices designated or
approved by the Committee. The Committee shall also have the authority to provide for accelerated vesting of any Performance-Based
Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Article 13.

 

13.6.5Evaluation
of Performance. 

 

The Committee may provide
in any Performance-Based Award that any evaluation of performance may include or exclude any of the following events or the effect
of such events that occur during a Performance Period: (a) asset write-downs; (b) disputes, litigation or claims, judgments,
or settlements; (c) properties related to uncertain collections; (d) changes in tax laws, accounting principles, or other
laws or provisions affecting reported results; (e) any reorganization or restructuring events or programs; (f) extraordinary,
non-core, non-operating, or non-recurring items; (g) acquisitions or divestitures; (h) foreign exchange gains and losses;
(i) impact of shares of Stock purchased through share repurchase programs; (j) tax valuation allowance reversals; (k) impairment
expense; and (l) environmental expense. To the extent such inclusions or exclusions affect Awards to Covered Employees that are
intended to qualify as Performance-Based Compensation, such inclusions or exclusions shall be prescribed in a form that meets
the requirements of Code Section 162(m) for deductibility.

 

13.6.6Adjustment
of Performance-Based Compensation. 

 

The Committee shall have
the sole discretion to adjust Awards that are intended to qualify as Performance-Based Compensation, either on a formula or discretionary
basis, or on any combination thereof, as the Committee determines consistent with the requirements of Code Section 162(m)
for deductibility.

 

    	 	18	 

     

    

 

13.6.7Committee
Discretion. 

 

In the event that Applicable
Laws change to permit Committee discretion to alter the governing Performance Measures without obtaining stockholder approval
of such changes, the Committee shall have sole discretion to make such changes without obtaining stockholder approval, provided
that the exercise of such discretion shall not be inconsistent with the requirements of Code Section 162(m). In addition,
in the event that the Committee determines that it is advisable to grant Awards that shall not qualify as Performance-Based Compensation,
the Committee may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on Performance
Measures other than those set forth in Section 13.6.4.

 

13.6.8Status
of Awards Under Code Section 162(m). 

 

It is the intent of the
Company that Performance-Based Awards under Section 13.6 granted to Grantees who are designated by the Committee as
likely to be Covered Employees shall, if so designated by the Committee, constitute Qualified Performance-Based Compensation.
Accordingly, the terms of Section 13.6, including the definitions of Covered Employee and other terms used therein,
shall be interpreted in a manner consistent with Code Section 162(m). If any provision of the Plan, the applicable Award
Agreement, or any other agreement relating to any such Performance-Based Award does not comply or is inconsistent with the requirements
of Code Section 162(m), such provision shall be construed or deemed amended to the extent necessary to conform to such requirements.

 

		14.	FORMS
                                         OF PAYMENT 

 

14.1General
Rule. 

 

Payment of the Option
Price for the shares of Stock purchased pursuant to the exercise of an Option or the purchase price, if any, for Restricted Stock,
vested Restricted Stock Units, and/or vested Deferred Stock Units shall be made in cash or in cash equivalents acceptable to the
Company.

 

14.2Surrender
of Shares of Stock. 

 

To the extent that the
applicable Award Agreement so provides, payment of the Option Price for shares of Stock purchased pursuant to the exercise of
an Option or the purchase price, if any, for Restricted Stock, vested Restricted Stock Units, and/or vested Deferred Stock Units
may be made all or in part through the tender or attestation to the Company of shares of Stock, which shall be valued, for purposes
of determining the extent to which such Option Price or purchase price has been paid thereby, at their Fair Market Value on the
date of such tender or attestation.

 

14.3Cashless
Exercise. 

 

To the extent permitted
by Applicable Laws and to the extent the Award Agreement so provides, payment of the Option Price for shares of Stock purchased
pursuant to the exercise of an Option may be made all or in part by delivery (on a form acceptable to the Committee) of an irrevocable
direction to a licensed securities broker acceptable to the Company to sell shares of Stock and to deliver all or part of the
proceeds of such sale to the Company in payment of such Option Price and/or any withholding taxes described in Section 18.3.

 

14.4Other
Forms of Payment. 

 

To the extent that the
applicable Award Agreement so provides and/or unless otherwise specified in an Award Agreement, payment of the Option Price for
shares of Stock purchased pursuant to exercise of an Option or the purchase price, if any, for Restricted Stock, vested Restricted
Stock Units, and/or vested Deferred Stock Units may be made in any other form that is consistent with Applicable Laws, including
(a) with respect to Restricted Stock, vested Restricted Stock Units, and/or vested Deferred Stock Units only, Service rendered
or to be rendered by the Grantee thereof to the Company or an Affiliate and (b) with the consent of the Company, by withholding
the number of shares of Stock that would otherwise vest or be issuable in an amount equal in value to the Option Price or purchase
price and/or the required tax withholding amount.

 

		15.	REQUIREMENTS
                                         OF LAW 

 

15.1General.

 

The Company shall not
be required to offer, sell, or issue any shares of Stock under any Award, whether pursuant to the exercise of an Option, a SAR,
or otherwise, if the offer, sale, or issuance of such shares of Stock would constitute a violation by the Grantee, the Company,
an Affiliate, or any other Person of any provision of the Company’s certificate of incorporation or bylaws or of Applicable
Laws, including any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion,
that the listing, registration, or qualification of any shares of Stock subject to an Award upon any Stock Exchange or Securities
Market or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the offering,
sale, issuance, or purchase of shares of Stock in connection with any Award, no shares of Stock may be offered, sold, or issued
to the Grantee or any other Person under such Award, whether pursuant to the exercise of an Option, a SAR, or otherwise, unless
such listing, registration, or qualification shall have been effected or obtained free of any conditions not acceptable to the
Company, and any delay caused thereby shall in no way affect the date of termination of such Award. Without limiting the generality
of the foregoing, upon the exercise of any Option or any SAR that may be settled in shares of Stock or the delivery of any shares
of Stock underlying an Award, unless a registration statement under the Securities Act is in effect with respect to the shares
of Stock subject to such Award, the Company shall not be required to offer, sell, or issue such shares of Stock unless the Committee
shall have received evidence satisfactory to it that the Grantee or any other Person exercising such Option or SAR or accepting
delivery of such shares may acquire such shares of Stock pursuant to an exemption from registration under the Securities Act.
Any determination by the Committee in connection with the foregoing shall be final, binding, and conclusive. The Company may register,
but shall in no event be obligated to register, any shares of Stock or other securities issuable pursuant to the Plan pursuant
to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an
Option or a SAR or the issuance of shares of Stock or other securities issuable pursuant to the Plan or any Award to comply with
any Applicable Laws. As to any jurisdiction that expressly imposes the requirement that an Option or SAR that may be settled in
shares of Stock shall not be exercisable until the shares of Stock subject to such Option or SAR are registered under the securities
laws thereof or are exempt from such registration, the exercise of such Option or SAR under circumstances in which the laws of
such jurisdiction apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an
exemption.

 

 

    	 	19	 

     

    

 

15.2Rule
16b-3. 

 

During any time when
the Company has any class of common equity securities registered under Section 12 of the Exchange Act, it is the intention
of the Company that Awards pursuant to the Plan and the exercise of Options and SARs granted hereunder that would otherwise be
subject to Section 16(b) of the Exchange Act shall qualify for the exemption provided by Rule 16b-3 under the Exchange Act.
To the extent that any provision of the Plan or action by the Committee does not comply with the requirements of such Rule 16b-3,
such provision or action shall be deemed inoperative with respect to such Awards to the extent permitted by Applicable Laws and
deemed advisable by the Committee and shall not affect the validity of the Plan. In the event that such Rule 16b-3 is revised
or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary or advisable in its judgment to
satisfy the requirements of, or to permit the Company to avail itself of the benefits of, the revised exemption or its replacement.

 

		16.	EFFECT
                                         OF CHANGES IN CAPITALIZATION 

 

16.1Changes
in Stock. 

 

If the number of outstanding
shares of Stock is increased or decreased or the shares of Stock are changed into or exchanged for a different number of shares
or kind of Capital Stock or other securities of the Company on account of any recapitalization, reclassification, stock split,
reverse stock split, spin-off, combination of stock, exchange of stock, stock dividend or other distribution payable in capital
stock, or other increase or decrease in shares of Stock effected without receipt of consideration by the Company occurring after
the Effective Date, the number and kinds of shares of Capital Stock for which grants of Options and other Awards may be made under
the Plan, including the Share Limit set forth in Section 4.1 and the individual share limitations set forth in Section 6.2,
shall be adjusted proportionately and accordingly by the Committee. In addition, the number and kind of shares of Capital Stock
for which Awards are outstanding shall be adjusted proportionately and accordingly by the Committee so that the proportionate
interest of the Grantee therein immediately following such event shall, to the extent practicable, be the same as immediately
before such event. The conversion of any convertible securities of the Company shall not be treated as an increase in shares effected
without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s stockholders
of securities of any other entity or other assets (including an extraordinary dividend, but excluding a non-extraordinary dividend,
declared and paid by the Company) without receipt of consideration by the Company, the Board or the Committee constituted pursuant
to Section 3.1.2 shall, in such manner as the Board or the Committee deems appropriate, adjust (a) the number
and kind of shares of Capital Stock subject to outstanding Awards and/or (b) the aggregate and per share Option Price of
outstanding Options and the aggregate and per share SAR Price of outstanding SARs as required to reflect such distribution.

 

16.2
Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control.

 

Subject to Section 16.3,
if the Company shall be the surviving entity in any reorganization, merger, or consolidation of the Company with one or more other
entities which does not constitute a Change in Control, any Award theretofore granted pursuant to the Plan shall pertain to and
apply to the Capital Stock to which a holder of the number of shares of Stock subject to such Award would have been entitled immediately
following such reorganization, merger, or consolidation. Subject to any contrary language in an Award Agreement, in another agreement
with the Grantee, or as otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement
shares of Capital Stock subject to such Award, or received by the Grantee, as a result of such reorganization, merger, or consolidation.
In the event of any reorganization, merger, or consolidation of the Company referred to in this Section 16.2, Performance-Based
Awards shall be adjusted (including any adjustment to the Performance Measures applicable to such Awards deemed appropriate by
the Committee) so as to apply to the Capital Stock that a holder of the number of shares of Stock subject to the Performance-Based
Awards would have been entitled to receive immediately following such reorganization, merger, or consolidation.

 

    	 	20	 

     

    

 

16.3Change
in Control in which Awards are not Assumed. 

 

Except as otherwise provided
in the applicable Award Agreement, in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence
of a Change in Control in which outstanding Awards are not being assumed or continued, the following provisions shall apply to
such Award, to the extent not assumed or continued:

 

(a)Immediately
prior to the occurrence of such Change in Control, in each case with the exception of Performance-Based Awards, all outstanding
shares of Restricted Stock and all Restricted Stock Units, Deferred Stock Units, and Dividend Equivalent Rights shall be deemed
to have vested, and all shares of Stock and/or cash subject to such Awards shall be delivered; and either or both of the following
two (2) actions shall be taken:

 

(i)At
least fifteen (15) days prior to the scheduled consummation of such Change in Control, all Options and SARs outstanding hereunder
shall become immediately exercisable and shall remain exercisable for a period of fifteen (15) days. Any exercise of an Option
or SAR during this fifteen (15)-day period shall be conditioned upon the consummation of the applicable Change in Control and
shall be effective only immediately before the consummation thereof, and upon consummation of such Change in Control, the Plan
and all outstanding but unexercised Options and SARs shall terminate, with or without consideration (including, without limitation,
consideration in accordance with clause (ii) below) as determined by the Committee in its sole discretion. The Committee shall
send notice of an event that shall result in such a termination to all Persons who hold Options and SARs not later than the time
at which the Company gives notice thereof to its stockholders.

 

or

 

(ii)The
Committee may elect, in its sole discretion, to cancel any outstanding Awards of Options, SARs, Restricted Stock, Restricted Stock
Units, Deferred Stock Units, and/or Dividend Equivalent Rights and pay or deliver, or cause to be paid or delivered, to the holder
thereof an amount in cash or Capital Stock having a value (as determined by the Committee acting in good faith), in the case of
Restricted Stock, Restricted Stock Units, Deferred Stock Units, and Dividend Equivalent Rights (for shares of Stock subject thereto),
equal to the formula or fixed price per share paid to holders of shares of Stock pursuant to such Change in Control and, in the
case of Options or SARs, equal to the product of the number of shares of Stock subject to such Options or SARs multiplied by the
amount, if any, by which (x) the formula or fixed price per share paid to holders of shares of Stock pursuant to such transaction
exceeds (y) the Option Price or SAR Price applicable to such Options or SARs.

 

(b)Performance-Based
Awards where the Performance Period has not yet expired shall be treated as though target performance has been achieved. After
application of this Section 16.3(b), if any Awards arise from application of this Article 16, such Awards shall
be settled under the applicable provision of Section 16.3(a).

 

(c)Other
Equity-Based Awards shall be governed by the terms of the applicable Award Agreement.

 

16.4Change
in Control in which Awards are Assumed. 

 

Except as otherwise provided
in the applicable Award Agreement, in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence
of a Change in Control in which outstanding Awards are being assumed or continued, the following provisions shall apply to such
Award, to the extent assumed or continued:

 

The Plan and the Options,
SARs, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Dividend Equivalent Rights, and Other Equity-Based Awards
granted under the Plan shall continue in the manner and under the terms so provided in the event of any Change in Control to the
extent that provision is made in writing in connection with such Change in Control for the assumption or continuation of such
Options, SARs, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Dividend Equivalent Rights, and Other Equity-Based
Awards, or for the substitution for such Options, SARs, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Dividend
Equivalent Rights, and Other Equity-Based Awards of new stock options, stock appreciation rights, restricted stock, restricted
stock units, deferred stock units, dividend equivalent rights, and other equity-based awards relating to the Capital Stock of
a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any
consideration that is not common stock) and exercise prices of options and stock appreciation rights.

 

    	 	21	 

     

    

 

16.5Adjustments.

 

Adjustments under this
Article 16 related to shares of Stock or other Capital Stock of the Company shall be made by the Committee, whose
determination in that respect shall be final, binding, and conclusive. No fractional shares or other securities shall be issued
pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding
downward to the nearest whole share. The Committee may provide in the applicable Award Agreement as of the Grant Date, in another
agreement with the Grantee, or otherwise in writing at any time thereafter with the consent of the Grantee, for different provisions
to apply to an Award in place of those provided in Sections 16.1, 16.2, 16.3, and 16.4. This Article 16
shall not limit the Committee’s ability to provide for alternative treatment of Awards outstanding under the Plan in
the event of a change in control event involving the Company that is not a Change in Control.

 

16.6No
Limitations on Company. 

 

The making of Awards
pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications,
reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell
or transfer all or any part of its business or assets (including all or any part of the business or assets of any Subsidiary or
other Affiliate) or to engage in any other transaction or activity.

 

		17.	PARACHUTE
                                         LIMITATIONS 

 

If any Grantee is a Disqualified
Individual, then, notwithstanding any other provision of the Plan or of any Other Agreement to the contrary and notwithstanding
any Benefit Arrangement, any right of the Grantee to any exercise, vesting, payment, or benefit under the Plan shall be reduced
or eliminated:

 

(a)to
the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or benefits
to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment,
or benefit to the Grantee under the Plan to be considered a Parachute Payment; and

 

(b)if,
as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company under
the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received
by the Grantee without causing any such payment or benefit to be considered a Parachute Payment.

 

Except as required by
Code Section 409A or to the extent that Code Section 409A permits discretion, the Committee shall have the right, in the Committee’s
sole discretion, to designate those rights, payments, or benefits under the Plan, all Other Agreements, and all Benefit Arrangements
that should be reduced or eliminated so as to avoid having such rights, payments, or benefits be considered a Parachute Payment;
provided, however, to the extent any payment or benefit constitutes deferred compensation under Code Section 409A, in order to
comply with Code Section 409A, the Company shall instead accomplish such reduction by first reducing or eliminating any cash payments
(with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting
of Performance-Based Awards, then by reducing or eliminating any accelerated vesting of Options or SARs, then by reducing or eliminating
any accelerated vesting of Restricted Stock, Restricted Stock Units, or Deferred Stock Units, then by reducing or eliminating
any other remaining Parachute Payments.

 

		18.	GENERAL
                                         PROVISIONS 

 

18.1Disclaimer
of Rights. 

 

No provision in the Plan,
any Award, or any Award Agreement shall be construed (a) to confer upon any individual the right to remain in the Service of the
Company or an Affiliate, (b) to interfere in any way with any contractual or other right or authority of the Company or an Affiliate
either to increase or decrease the compensation or other payments to any Person at any time, or (c) to terminate any Service or
other relationship between any Person and the Company or an Affiliate. In addition, notwithstanding any provision of the Plan
to the contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise
in writing, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee thereof, so long
as such Grantee continues to provide Service. The obligation of the Company to pay any benefits pursuant to the Plan shall be
interpreted as a contractual obligation to pay only those amounts provided herein, in the manner and under the conditions prescribed
herein. The Plan and Awards shall in no way be interpreted to require the Company to transfer any amounts to a third-party trustee
or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan.

 

    	 	22	 

     

    

 

18.2Nonexclusivity
of the Plan. 

 

Neither the adoption
of the Plan nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating
any limitations upon the right and authority of the Board or the Committee to adopt such other incentive compensation arrangements
(which arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular individual
or particular individuals) as the Board or the Committee in their discretion determine desirable.

 

18.3Withholding
Taxes. 

 

The Company or an Affiliate,
as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or
local taxes of any kind required by Applicable Laws to be withheld with respect to the vesting of or other lapse of restrictions
applicable to an Award or upon the issuance of any shares of Stock upon the exercise of an Option or pursuant to any other Award.
At the time of such vesting, lapse, or exercise, the Grantee shall pay in cash to the Company or an Affiliate, as the case may
be, any amount that the Company or such Affiliate may reasonably determine to be necessary to satisfy such withholding obligation;
provided that if there is a same-day sale of shares of Stock subject to an Award, the Grantee shall pay such withholding obligation
on the day on which such same-day sale is completed. Subject to the prior approval of the Company or an Affiliate, which may be
withheld by the Company or such Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such withholding
obligation, in whole or in part, (a) by causing the Company or such Affiliate to withhold shares of Stock otherwise issuable
to the Grantee or (b) by delivering to the Company or such Affiliate shares of Common Stock already owned by the Grantee.
The shares of Common Stock so withheld or delivered shall have an aggregate Fair Market Value equal to such withholding obligation.
The Fair Market Value of the shares of Common Stock used to satisfy such withholding obligation shall be determined by the Company
or such Affiliate as of the date on which the amount of tax to be withheld is to be determined. A Grantee who has made an election
pursuant to this Section 18.3 may satisfy such Grantee’s withholding obligation only with shares of Common Stock
that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. The maximum number of
shares of Stock that may be withheld from any Award to satisfy any federal, state, or local tax withholding requirements upon
the exercise, vesting, or lapse of restrictions applicable to any Award or payment of shares of Stock pursuant to such Award,
as applicable, may not exceed such number of shares of Stock having a Fair Market Value equal to the minimum statutory amount
required by the Company or the applicable Affiliate to be withheld and paid to any such federal, state, or local taxing authority
with respect to such exercise, vesting, lapse of restrictions, or payment of shares of Stock.

 

18.4Captions.

 

The use of captions in
the Plan or any Award Agreement is for convenience of reference only and shall not affect the meaning of any provision of the
Plan or such Award Agreement.

 

18.5Construction.

 

Unless the context otherwise
requires, all references in the Plan to “including” shall mean “including without limitation.”

 

18.6Other
Provisions. 

 

Each Award granted under
the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Committee, in
its sole discretion.

 

18.7Number
and Gender. 

 

With respect to words
used in the Plan, the singular form shall include the plural form, and the masculine gender shall include the feminine gender,
as the context requires.

 

18.8Severability.

 

If any provision of the
Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining
provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain
enforceable in any other jurisdiction.

 

18.9Governing
Law. 

 

The validity and construction
of the Plan and the instruments evidencing the Awards hereunder shall be governed by, and construed and interpreted in accordance
with, the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws
of any other jurisdiction.

 

    	 	23	 

     

    

 

18.10Section 409A
of the Code. 

 

The Plan is intended
to comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan will
be interpreted and administered to be in compliance with Code Section 409A. Any payments described in the Plan that are due within
the Short-Term Deferral Period will not be treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding
any provision of the Plan to the contrary, to the extent required to avoid accelerated taxation and tax penalties under Code Section
409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six
(6)-month period immediately following the Grantee’s Separation from Service will instead be paid on the first payroll date
after the six (6)-month anniversary of the Grantee’s Separation from Service (or the Grantee’s death, if earlier).

 

Furthermore, notwithstanding
anything in the Plan to the contrary, in the case of an Award that is characterized as deferred compensation under Code Section 409A,
and pursuant to which settlement and delivery of the cash or shares of Stock subject to the Award is triggered based on a Change
in Control, in no event will a Change in Control be deemed to have occurred for purposes of such settlement and delivery of cash
or shares of Stock if the transaction is not also a “change in the ownership or effective control of” the Company
or “a change in the ownership of a substantial portion of the assets of” the Company as determined under Treasury
Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). If an Award characterized as deferred
compensation under Code Section 409A is not settled and delivered on account of the provision of the preceding sentence,
the settlement and delivery shall occur on the next succeeding settlement and delivery triggering event that is a permissible
triggering event under Code Section 409A. No provision of this paragraph shall in any way affect the determination of a Change
in Control for purposes of vesting in an Award that is characterized as deferred compensation under Code Section 409A.

 

Notwithstanding the foregoing,
neither the Company nor the Committee will have any obligation to take any action to prevent the assessment of any excise tax
or penalty on any Grantee under Code Section 409A, and neither the Company or an Affiliate nor the Board or the Committee will
have any liability to any Grantee for such tax or penalty.

 

18.11Limitation
on Liability.

 

No member of the Board
or the Committee shall be liable for any action or determination made in good faith with respect to the Plan, any Award, or any
Award Agreement. Notwithstanding any provision of the Plan to the contrary, neither the Company, an Affiliate, the Board, the
Committee, nor any person acting on behalf of the Company, an Affiliate, the Board, or the Committee will be liable to any Grantee
or to the estate or beneficiary of any Grantee or to any other holder of an Award under the Plan by reason of any acceleration
of income, or any additional tax (including any interest and penalties), asserted by reason of the failure of an Award to satisfy
the requirements of Code Section 422 or Code Section 409A or by reason of Code Section 4999, or otherwise asserted with respect
to the Award; provided, that this Section 18.11 shall not affect any of the rights or obligations set forth in an applicable
agreement between the Grantee and the Company or an Affiliate.

 

 

 

    	 	24pdfproof.pdf

EXHIBIT 10.30
 
EMPLOYMENT AGREEMENT
 
This EMPLOYMENT AGREEMENT ("Agreement") is made, entered into, and effective as of October 1, 2015 ("Effective Date"), by and between Cerebain Biotech Corp., a Nevada corporation (the "Company" or "CBBT") , and Wesley Tate.
 
RECITALS
 
WHEREAS, COMPANY desires to benefit from Wesley Tate's expertise and employ Wesley Tate as Executive Vice Executive Vice President and Chief Financial Officer and Wesley Tate is willing to accept such employment.
 
NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the parties hereto hereby agree as follows:
 
AGREEMENT
 
	1. 	Term and Duties.

 
The parties agree that this Agreement shall be for a term of thirty-six (36) months ("Termination Date"), subject to any severance payment as set forth in Section 5, hereunder. After the Termination Date, either party may terminate this Agreement by providing the other with thirty (30) days written notice of such termination. The Company hereby employs Wesley Tate as Executive Vice President and Chief Financial Officer as of the Effective Date and Wesley Tate agrees to enter into and remain in the employ of the Company until this Agreement is terminated. Wesley Tate shall faithfully and diligently perform all professional duties and acts as Executive Vice President and Chief Financial Officer as may be reasonably requested of Wesley Tate by the Company or its officers consistent with the function of an Executive Vice President and Chief Financial Officer of a similar biomedical company.
 
	2. 	Duties & Covenants.

 
	 
	2.1	Wesley Tate agrees to perform Wesley Tate' services to the best of Wesley Tate' ability. Wesley Tate agrees throughout the term of this Agreement to devote sufficient time, energy and skill to the business of the Company and to the promotion of the best interests of the Company.

	 
		
	 
	2.2 	Wesley Tate represents and covenants to the Company as follows:

 
	 
		(a) 	During and at any time after my employment with the Company and/or any of its divisions, subsidiaries and affiliates, Wesley Tate shall not use, or disclose to any person, corporation, partnership or other entity whatsoever any confidential information, trade secrets, and proprietary information of the Company, its vendors, licensors, marketing partners or any of its clients learned by me at any time during my employment with the Company.

	 
			
	 
		(b) 	Upon ceasing to be an employee of the Company, Wesley Tate shall immediately return all documents and notes including all copies thereof of any and all information and materials belonging or relating to the Company (whether or not such materials were prepared by the Company, Wesley Tate or another person) and which are in my possession or over which I exercise any control.

	 
			
	 
		(c)	Wesley Tate agrees that a violation of any provision of Paragraph 2.2(a) or 2.3(b) above will cause irreparable injury the Company. Accordingly, the Company shall be entitled, in addition to any other rights and remedies it may have at law or in equity, to an injunction enjoining and restraining Wesley Tate from violating, or continuing to violate, any such provision.

 
	 
	1

	

	 

 
	 
	2.3 	Wesley Tate understands and agrees that the Company shall have exclusive rights to anything relating to CBBT's actual or prospective business which Wesley Tate conceives or works on while employed by CBBT. Accordingly, Wesley Tate:

 
	 
		(a) 	shall promptly and fully disclose all such items to the Company and will not disclose such items to any other person or entity (other than employees of the Company authorized to review such information), without the Company's prior consent;

	 
			
	 
		(b) 	shall maintain on the Company's behalf and surrender to the Company upon ceasing to be a CBBT employee all written records regarding all such items.

	 
			
	 
		(c) 	shall, but without personal expense, fully cooperate with the Company and execute all papers and perform all acts requested by the Company to establish, confirm or protect its exclusive rights in such items or to enable it to transfer to such items together with any patents, copyrights, trademarks, service marks and /or trade names that may be accepted for and/or issued;

	 
			
	 
		(d) 	shall, but without personal expense, provide such information and true testimony as CBBT may request regarding such items including, without limitation, items which Wesley Tate neither conceived nor worked on but regarding which have knowledge because of his employment by CBBT; and

	 
			
	 
		(e) 	hereby assigns to CBBT, its successors and assigns, exclusive right, title and interest in and to all such items including, without limitation, any patents, copyrights, trademarks, service marks and/or trade names which have been of may be issued.

    
	3. 	Compensation.

 
		3.1 	Subject to the termination of this Agreement as provided herein, the Company shall compensate Wesley Tate for his services hereunder at an annual salary ("Salary") of One Hundred Fifty Six Thousand Dollars ($156,000.00), payable in semi-monthly installments in accordance with the Company's practices, less normal payroll deductions.

			
		3.2 	Wesley Tate shall be entitled to a stock award of 50,000 CBBT common restricted shares if, within a Thirty Six month period from the effective date, there is a reorganization of CBBT, whereby CBBT shall consolidate with or merge into another corporation or convey all or substantially all of its assets to another corporation..

			
		3.3 	In addition to the compensation set forth above, the Company shall periodically review Wesley Tate's performance and services rendered with a view to paying discretionary bonuses based upon above-average or outstanding performance for a prior period. Any such bonuses approved by the Company shall be paid to Wesley Tate within 30 days of the grant thereof.

			
		3.4 	In addition to the Salary and bonuses stated above, commencing with the Effective Date, Wesley Tate shall be eligible to participate in a health insurance plan, including dependent coverage, supplied by the Company. Wesley Tate shall also be entitled to participate, fully and on a reasonable basis comparable to other officers, in any and all stock option, stock purchase, stock appreciation (or the like) plans, programs or arrangements heretofore or hereafter adopted or amended by the Company, and in all individual or group insurance, retirement, disability, salary continuation and other employee benefit plans, programs or arrangements or any equivalent successor plans, programs or arrangements that may now exist or hereafter be adopted by the Company. Wesley Tate shall be entitled to participate in any and all group life, workers' compensation, health plan, or accidental insurance plans which are adopted by the Company for the benefit of officers or employees. Wesley Tate shall be entitled to such sick leave and paid holidays and to such other perquisites of employment, as customarily are extended by the Company to officers or employees. In addition, Wesley Tate shall be entitled to such other benefits as the Company may elect to provide generally, from time to time, to officers or employees.

			
		3.5 	Subject to the provisions hereof, the Company shall compensate Wesley Tate a stock grant of one hundred fifty thousand (150,000) shares of CBBT's common stock for Services provided to the Company.

 
	 
	2

	

	 

 
	4. 	Expenses.

 
The Company shall reimburse Wesley Tate for all reasonable business related expenses incurred by Wesley Tate in the course of his normal duties on behalf of the Company. In reimbursing Wesley Tate for expenses, the ordinary and usual business guidelines and documentation requirements shall be adhered to by the Company and Wesley Tate.
 
	5. 	Severance.

 
		5.1 	If, and only if, this Agreement is terminated by Wesley Tate pursuant to Section 5.3 or is terminated by CBBT for a reason NOT set forth in Sections 5.2 herein, then the Company shall pay to Wesley Tate severance in the amount equal to the number of months remaining to termination Date under Section 1 herein then payable pursuant to Section 3.1 herein, at the date of Wesley Tate's termination (the "Termination Salary"). The Company shall pay the Termination Salary to Wesley Tate immediately subject to all state, federal, and local tax withholdings, as though Wesley Tate were still employed by the Company.

			
		5.1.1
	Notwithstanding the above, however, in the case of any reorganization of CBBT, whereby CBBT shall consolidate with or merge into another corporation or convey all or substantially all of its assets to another corporation, and at such time Wesley Tate is no longer employed by CBBT and is owed a Termination Salary, then the Termination Salary shall become immediately due and payable to Wesley Tate upon closing of such reorganization.

			
		5.2 	Upon the occurrence of any of the following events, CBBT shall be entitled to terminate Wesley Tate's employment hereunder and the Company shall NOT be obligated to pay Wesley Tate the Termination Salary:

			
		5.2.1
	Wesley Tate voluntarily resigns or is voluntarily terminated.

			
		5.2.2
	Wesley Tate is terminated by CBBT for Cause. The following shall constitute "Cause" for purposes of this Agreement:

 
		 
	a. 	A willful act of dishonesty by Wesley Tate involving theft of funds or assets;

		 
		
		 
	b. 	The conviction of Wesley Tate of a felony; or

		 
		
		 
	c. 	Willful failure or refusal of Wesley Tate to properly perform Wesley Tate 's duties under this Agreement, other than any such failure resulting from Wesley Tate's exercise of business judgment or incapacity due to physical or mental illness;

		 
		

 
		5.2.3 	For purposes of this paragraph 5.2.2, no act, or failure to act, on Wesley Tate's part shall be considered "willful" or "intentional" unless done, or omitted to be done, by him not in good faith and without reasonable belief that his action or omissions was in the best interest of the Company.

			
		5.3 	In the event that CBBT modifies Wesley Tate's position as Executive Vice President and Chief Financial Officer without Wesley Tate's consent, and such modification of Wesley Tate's position involves a material reduction in Wesley Tate's duties and responsibilities, then Wesley Tate may terminate this Agreement and CBBT shall be required to pay Wesley Tate the Termination Salary as set forth in Section 5.1.

 
	 
	3

	

	 

 
	6. 	Vacation.

 
Wesley Tate shall be entitled to three (3) weeks of paid vacation for each year of service, which vacation shall be used by Wesley Tate during the ensuing year as approved by the Company. Vacation dates shall be approved by the Company and shall be those most convenient to the Company's business. Wesley Tate shall also be entitled to sick days to the extent otherwise granted generally to employees and/or officers of the Company. If not used, vacation shall be accrued until a maximum of six (6) weeks of vacation is accrued ("Maximum Accrued Vacation").
 
	7. 	Arbitration.

 
If a dispute or claim shall arise between the parties with respect to any of the terms or provisions of this Agreement, or with respect to the performance by any of the parties under this Agreement, then the parties agree that the dispute shall be arbitrated in Dallas, Texas, before a single arbitrator, in accordance with the rules of either the American Arbitration Association ("AAA") or Judicial Arbitration and Mediation Services, Inc./Endispute ("AJAMS/Endispute"). The selection between AAA and JAMS/Endispute rules shall be made by the claimant first demanding arbitration. The arbitrator shall have no power to alter or modify any express provisions of this Agreement or to render any award which by its terms affects any such alteration or modification. The parties to the arbitration may agree in writing to use different rules and/or arbitrator(s). In all other respects, the arbitration shall be conducted in accordance with the Texas Code of Civil Procedure, or equivalent. The parties agree that the judgment award rendered by the arbitrator shall be considered binding and may be entered in any court having jurisdiction as stated in Paragraph 11 of this Agreement. The provisions of this Paragraph shall survive the termination of this Agreement.
 
	8. 	Notices.

 
Any notice, request, demand, or other communication given pursuant to the terms of this Agreement shall be deemed given upon delivery, if hand delivered or delivered via facsimile, or Forty Eight (48) hours after deposit in the United States mail, postage prepaid, and sent certified or registered mail, return receipt requested, correctly addressed to the addresses of the parties indicated below or at such other address as such party shall in writing have advised the other party.
 
If to the Company:
 
Cerebain Biotech Corp. 
13727 Noel Road, Suite 200 
Dallas, Texas 75240 
Attn: Eric Clemons
 
With a copy to:
 
The Law Offices of Craig V. Butler 
300 Spectrum Center Drive 
Suite 300 
Irvine, CA 92618 
Attn: Mr. Craig V. Butler 
If to Wesley Tate
 
Wesley Tate
____________________ 
____________________
 
	 
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	9. 	Assignment.

 
Subject to all other provisions of this Agreement, any attempt to assign or transfer this Agreement or any of the rights conferred hereby, by judicial process or otherwise, to any person, firm, company, or corporation without the prior written consent of the other party, shall be invalid, and may, at the option of such other party, result in an incurable event of default resulting in termination of this Agreement and all rights hereby conferred.
 
	10. 	Choice of Law.

 
This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of Texas including all matters of construction, validity, performance, and enforcement and without giving effect to the principles of conflict of laws. 
 
	11. 	Jurisdiction.

 
The parties submit to the jurisdiction of the Court of the State of Texas in and for the County of Dallas, for the resolution of all legal disputes arising under the terms of this Agreement, including, but not limited to, enforcement of any arbitration award.
 
	12. 	Entire Agreement.

 
Except as provided herein, this Agreement, including exhibits, contains the entire agreement of the parties, and supersedes all existing negotiations, representations, or agreements and all other oral, written, or other communications between them concerning the subject matter of this Agreement. There are no representations, agreements, arrangements, or understandings, oral or written, between and among the parties hereto relating to the subject matter of this Agreement that are not fully expressed herein.
 
	13. 	Severability.

 
If any provision of this Agreement is unenforceable, invalid, or violates applicable law, such provision, or unenforceable portion of such provision, shall be deemed stricken and shall not affect the enforceability of any other provisions of this Agreement.
 
	14. 	Captions.

 
The captions in this Agreement are inserted only as a matter of convenience and for reference and shall not be deemed to define, limit, enlarge, or describe the scope of this Agreement or the relationship of the parties, and shall not affect this Agreement or the construction of any provisions herein.
 
	 
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	15. 	Counterparts.

 
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same instrument. 
 
	16. 	Modification.

 
No change, modification, addition, or amendment to this Agreement shall be valid unless in writing and signed by all parties hereto.
 
	17. 	Waiver.

 
No waiver of any breach, covenant, representation, warranty or default of this Agreement by any party shall be considered to be a waiver of any other breach, covenant, representation, warranty or default of this Agreement.
 
	18. 	Interpretation

 
The terms and conditions of this Agreement shall be deemed to have been prepared jointly by all of the Parties hereto. Any ambiguity or uncertainty existing hereunder shall not be construed against any one of the drafting parties, but shall be resolved by reference to the other rules of interpretation of contracts as they apply in the State of Texas.
 
	19. 	Taxes.

 
Any income taxes required to be paid in connection with the payments due hereunder, shall be borne by the party required to make such payment. Any withholding taxes in the nature of a tax on income shall be deducted from payments due, and the party required to withhold such tax shall furnish to the party receiving such payment all documentation necessary to prove the proper amount to withhold of such taxes and to prove payment to the tax authority of such required withholding.
 
	20. 	Not for the Benefit of Creditors or Third Parties.

 
The provisions of this Agreement are intended only for the regulation of relations among the parties. This Agreement is not intended for the benefit of creditors of the parties or other third parties and no rights are granted to creditors of the parties or other third parties under this Agreement. Under no circumstances shall any third party, who is a minor, be deemed to have accepted, adopted, or acted in reliance upon this Agreement.
 
	 
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the Effective Date. 
 
	"Company"
	 
	 
	"Wesley Tate"
	 

	 
	 
	 
	 
	 

	Cerebain Biotech Corp. 
	 
	 
	Wesley Tate
	 

	 
	 
	 
	 
	 

	/s/ Eric Clemons	 
	 
	/s/ Wesley Tate	 

	Name: Eric Clemons	 
	 
	Name: Wesley Tate	 

		 
	 
		 

 
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