Document:

vne-ex1020_354.htm

Exhibit 10.20

 

 

 

 

 

 

 

 

VEONEER NON-QUALIFIED RETIREMENT SAVINGS PLAN

 

Established Effective as of June 30, 2018

 

 

 

 

 

 

TABLE OF CONTENTS

 

	
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ARTICLE I - DEFINITIONS
	
 
	
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ARTICLE II - ADMINISTRATION
	
 
	
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ARTICLE III - PARTICIPATION
	
 
	
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ARTICLE IV - DEFERRED AMOUNTS
	
 
	
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ARTICLE V - CREDITING OF DEFERRED AMOUNTS AND VALUATION OF ACCOUNTS
	
 
	
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ARTICLE VI - COMMENCEMENT OF BENEFITS
	
 
	
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ARTICLE VII - BENEFICIARY DESIGNATION
	
 
	
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ARTICLE VIII - FUNDING
	
 
	
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ARTICLE IX - AMENDMENT AND TERMINATION
	
 
	
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ARTICLE X - WITHDRAWALS FOR UNFORESEEABLE EMERGENCY
	
 
	
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ARTICLE XI - CLAIMS PROCEDURE
	
 
	
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ARTICLE XII - GENERAL PROVISIONS
	
 
	
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Exhibit 10.20

VEONEER NON-QUALIFIED RETIREMENT SAVINGS PLAN

 

Established Effective as of June 30, 2018

 

Veoneer US, Inc., a Delaware corporation (the “Employer”), hereby establishes, effective as of June 30, 2018, the Veoneer Non-Qualified Retirement Savings Plan (the “Plan”) as a deferred compensation arrangement for a select group of management or highly compensated employees.  The Plan is intended to aid in retaining and attracting executives who are employees of exceptional ability, by providing such employees with a means to supplement their income at retirement.  The terms of the Plan shall be construed in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and the regulations thereunder.  

 

Article I
DEFINITIONS

 

For purposes of the Plan, the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context.

1.1“Account” means an account established on the books of the Employer for purposes of recording amounts credited on behalf of a Participant and any income, expenses, gains or losses thereon, maintained and valued in accordance with Article V.  In the event that a Participant receives or begins receiving distributions from the Participant’s Account under Article VI, a new Account shall be established for purposes of recording amounts credited on behalf of such Participant and any income, expenses, gains or losses thereon, for years following the distribution event relating to the original Account.

1.2“Beneficiary” or “Beneficiaries” means the person or persons designated under Article VII to receive any benefits in the event of the Participant’s death.

1.3“Board” means the Board of Directors of the Employer.

1.4“Change in Control” shall mean a change in ownership or effective control of the stock, or of a substantial portion of the assets of the Employer resulting from one or more of the following circumstances:

(a)the acquisition by one person (or more than one person acting as a group) of more than 50% of the total fair market value or total voting power of the stock of the Employer;

(b)either (i) the acquisition by one person (or more than one person acting as a group) of stock possessing more than 30% of the total voting power of the Employer during the twelve (12) month period ending on the date of the most recent acquisition, or (ii) the replacement of at least 67% of the members of the Board during any twelve (12) month period by directors whose appointment or election is not endorsed by a vote of at least two-thirds of the members of the Board as constituted immediately prior to the date of such appointment or election; or

 

(c)the acquisition of the assets of the Employer with a total gross fair market value equal to at least 40% of the total gross fair market value of all assets of the Employer determined immediately prior to such acquisition.  Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred under this subparagraph (c) when there is a transfer to an entity which is controlled by the shareholders of the transferring corporation immediately after the transfer as provided in Treasury Regulation Section 1.409A-3(h)(5)(B).

In no event shall the consummation of a transaction constitute a Change in Control if the transaction is not described in Treasury Regulation Section 1.409A-3(i)(5).

1.5“Claim” shall mean a request by a Claimant in accordance with Article XI for a benefit under the Plan.

1.6“Claimant” means any person who claims to be entitled to a benefit under the Plan.

1.7“Code” means the Internal Revenue Code of 1986, as amended.

1.8“Committee” means the administrative committee of not less than three (3) persons appointed by the Board to administer the Plan.

1.9“Compensation” means wages as defined in Section 3401(a) of the Code and all other payments of compensation to a Participant by the Employer (in the course of the Employer’s trade or business) for which the Employer is required to furnish the Participant a written statement under Section 6041(d) and 6051(a)(3) of the Code, excluding the value of stock options (qualified and non-qualified options) to the extent such value is includible in the Participant’s taxable income, reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation and welfare benefits, but including amounts that are not includable in the gross income of the Participant under a salary reduction agreement by reason of the application of Sections 125 or 402(g)(3) of the Code.  Compensation must be determined without regard to any rules under Section 3401(a) of the Code that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Section 3401(a) of the Code).

1.10“Deferral Agreement” means the written participation agreement (substantially in the form attached to this Plan) that shall be entered into by the Employer and a Participant pursuant to Articles III and IV to carry out the Plan with respect to such Participant.

1.11“Deferred Amounts” means the portion of each Participant’s Compensation deferred each Plan Year pursuant to a Deferral Agreement executed by the Participant.

1.12“Eligible Employee” means any employee of the Employer who has been identified by the Board as from a select group of management or highly compensated employee and been designated as eligible for participation in the Plan.  An employee shall cease to be an Eligible Employee if the employee terminates employment with the Employer.

1.13“Employer” means the Employer and any of its Related Employers which have been designated by the Board as participating employers in the Plan.

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1.14“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

1.15“Fiscal Year” means the fiscal year of the Employer beginning on January 1 and ending on December 31 of each year.

1.16“Investment Options” means the securities or funds identified by the Committee from time to time as the investments available as to the growth measurement mechanism for Accounts under the Plan.

1.17“Matching Contributions” means the Employer contribution made pursuant to Section 4.3.

1.18“Participant” shall have the meaning provided under Section 3.3.

1.19“Plan” means this Veoneer Non-Qualified Retirement Savings Plan, as it may be amended from time to time.

1.20“Plan Year” means the twelve (12) month period beginning on January 1 and ending on December 31 of each year.

1.21“Rate of Return” means the amount credited monthly to a Participant’s Account under Article V.  Except as provided in Section 5.2(a), such rate shall be determined by the Committee based upon the net performance of the Investment Options selected by the Participant pursuant to Section 5.2.

1.22“Related Employer” means any employer other than the Employer if the Employer and such other employer are members of a controlled group of corporations (as defined in Section 414(b) of the Code) or an affiliated service group (as defined in Section 414(m) of the Code), or are trades or businesses (whether or not incorporated) which are under common control (as defined in Section 414(c) of the Code), or such other employer required to be aggregated with the Employer pursuant to regulations issued under Section 414(o) of the Code.

Article II
ADMINISTRATION

2.1The Plan shall be administered by the Committee.  The Committee shall have the authority to interpret the Plan, to establish and revise rules and regulations relating to the Plan, to make any other determinations that it believes necessary or advisable for the administration of the Plan and to delegate such administrative powers and duties as it shall determine.  All decisions of the Committee shall be by a vote of the majority of its members and shall be final and binding unless the Board shall determine otherwise.  Members of the Committee who are Eligible Employees shall be eligible to participate in the Plan while serving as a member of the Committee, but a member of the Committee shall not vote or act upon any matter which relates solely to such member as a Participant.

2.2The Employer shall indemnify and hold harmless the members of the Committee and their delegates against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to the Plan, except in the case of gross negligence or willful misconduct.

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Article III
PARTICIPATION

3.1Eligible Employees become Participants as of the first day of the month coinciding with or next following his or her designation as an Eligible Employee.  By such date as the Committee shall determine, but not later than the day (i.e., normally December 31) immediately preceding the first day of any Plan Year, the Committee shall permit any employee who is an Eligible Employee to elect to defer Compensation effective as of the first day of such Plan Year by filing a completed and executed Deferral Agreement with the Committee.  Notwithstanding the foregoing, in the case of the first year in which an Eligible Employee shall become a Participant, an Eligible Employee shall be permitted to elect to defer Compensation effective as of the first day of the month following the filing of a completed and executed Deferral Agreement with the Committee; provided that the Deferral Agreement is filed within 30 days after the Eligible Employee first became eligible to participate in the Plan.  An election once made shall remain in effect until a new election is made.  A new election will be effective as of the first day of the following Plan Year and will apply only to Compensation payable with respect to services rendered on or after such date.  If at any time during the Plan Year any Participant ceases to be an Eligible Employee, the deferrals of Compensation of such Participant shall cease as of such date.

3.2If an Eligible Employee or Participant does not elect, on a timely basis, to defer compensation in any Plan Year, or ceases, pursuant to Section 3.1, to be an Eligible Employee during any Plan Year, such Participant will not be permitted to defer Compensation under the Plan until the first day of the immediately succeeding Plan Year; provided that he or she is an Eligible Employee on such date.  If a Participant terminates employment with the Employer and thereafter returns to the employ of the Employer as an Eligible Employee, he or she will not be permitted to actively participate (i.e., defer Compensation) following his or her reemployment until at least 24 months have elapsed since the Participant was last eligible to actively participate in the Plan.  Notwithstanding the foregoing, if a former Participant is rehired by the Employer as an Eligible Employee, he or she will be eligible to actively participate (i.e., defer Compensation) immediately following his or her reemployment as an Eligible Employee if his or her entire Account balance was distributed and he or she ceased to be a Participant prior to his or her reemployment.  Such rehired former Participants shall be treated as initially eligible to participate in the Plan under Section 4.1 in accordance with the foregoing.  

3.3An Eligible Employee shall become a Participant in the Plan as of the date he or she first commences participation in the Plan and shall remain a Participant until the earlier of the Participant’s death or the complete distribution of the Participant’s Account.

3.4Notwithstanding anything in the Plan to the contrary, the Committee shall be authorized to take such steps as may be necessary to ensure that the Plan is and remains at all times an unfunded deferred compensation arrangement for a select group of management or highly compensated employees, within the meaning of ERISA and the Code, or such other successor or applicable laws.

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Article IV
DEFERRED AMOUNTS

4.1An Eligible Employee electing to defer Compensation in accordance with Article III shall have the right to determine his or her Deferred Amounts for each Plan Year (or, in the case of the first year of eligibility to participate in the Plan, within 30 days after the Eligible Employee first became eligible), subject to the limitations set forth in this Article IV.  Such Deferred Amounts shall reduce the amount of the Participant’s Compensation that is to be paid to the Participant in the Plan Year of reference.

4.2(a)By such date as the Committee shall determine, but not later than the December 31 immediately preceding the first day of each Plan Year (or, in the case of the first year of eligibility to participate in the Plan within 30 days after the Eligible Employee first became eligible), an Eligible Employee may elect to defer a stated percentage (equal to a whole number) of his or her Compensation for such Plan Year; provided, however, that the amount deferred may not exceed 25% of the Participant’s Compensation.

(a)Each validly executed and timely filed Deferral Agreement shall be effective for the first Plan Year for which it is timely filed and for each succeeding Plan Year, until (i)  modified or revoked by a subsequently timely filed, validly executed Deferral Agreement applicable to any such succeeding Plan Year, (ii) the Participant’s eligibility ceases or (iii) the Participant terminates employment with the Employer for any reason.  Any Eligible Employee who fails to timely file a validly executed Deferral Agreement with the Committee with respect to any Plan Year, shall not defer Compensation under the Plan in such Plan Year.

(b)Except as provided in Articles VI and X, each validly executed Deferral Agreement filed with the Committee may not be terminated or modified by the Participant until the first day of the succeeding Plan Year by timely filing with the Committee prior to such date a validly executed Deferral Agreement.

4.3The Employer shall make Matching Contributions in amounts equal to 80% of the Participant’s Deferred Amounts during the Plan Year.  Deferred Amounts in excess of 7% of the Participant’s Compensation for the period in question shall not be considered for Matching Contributions.  Matching Contributions shall be credited to the Participant’s Account the same day the corresponding Deferred Amounts are credited.

4.4The Participant shall at all times be 100% vested in the Deferred Amounts and earnings thereon in his or her Account.  The Matching Contributions and earnings thereon in his or her Account are subject to forfeiture only if the Participant is determined by the Board to have stolen Employer assets, violated the Business Conduct Policy of the Employer or disclosed confidential business or technical information of the Employer to unauthorized third parties.

4.5The Employer may credit “non-elective contributions” to the Account of one or more Participants in such amounts as determined by the Board in its sole discretion; provided that such contributions are not contingent on the Participant’s decision to make, or refrain from making, elective deferrals to a plan of the Employer with a deferral feature under Section 401(k) of the Code.  The Participant shall be vested in the non-elective contributions and earnings 

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thereon in his or her Account pursuant to a vesting schedule, if any, established by the Board at the time it authorizes such “non-elective contributions.”

Article V
CREDITING OF DEFERRED AMOUNTS AND VALUATION OF ACCOUNTS

5.1The Committee shall establish and maintain a separate bookkeeping Account on behalf of each Participant.  The value of an Account as of any date shall equal the sum of credits for Deferred Amounts elected by the Participants, Matching Contributions and “non-elective contributions,” if any, made by the Employer, all adjusted for the Rate of Return pursuant to this Article V, through the day preceding such date and less all payments made by the Employer to the Participant or his/her Beneficiary through the day preceding such date.

5.2Unless otherwise delegated, the Committee shall (a) determine the Investment Options available as the measurement mechanism for the Rate of Return on Accounts under the Plan and (b) establish procedures for (i) the manner and extent to which Participants may designate the investments for his or her Account from among the Investment Options, (ii) the method of valuing the Accounts and the various Investment Options and (iii) the method of crediting the Accounts with the Rate of Return, including making other adjustments as a result of dividend equivalents, interest equivalents or other earnings or return on such Accounts.

5.3The Employer shall not be required to purchase, hold or dispose of any securities representing the Investment Options designated by a Participant.  Participants shall not have any voting rights or any other ownership rights with respect to the Investment Options in which their Accounts are invested or deemed invested.

5.4The Accounts shall be valued by the Committee as of each December 31.  The Accounts may also be valued by the Committee as of any other date as the Committee may authorize for the purpose of determining the Accounts for payment of benefits, or any other reason the Committee deems appropriate.

5.5The Committee shall submit to each Participant periodic statements, at least annually, in such form as the Committee deems desirable, setting forth the balance standing to the credit of each Participant in his/her Account.

Article VI
COMMENCEMENT OF BENEFITS

6.1The amount credited to a Participant’s Account shall be distributed to such Participant in the form provided under this Article VI.  Except as otherwise provided in Section 6.2, a Participant may select in his or her Deferral Agreement one or more of the following distribution events (including first or last event designated):  (a) separation from service with the Employer (within the meaning of Regulation §1.409A-1(h)) commencing on the first day of the seventh month following the separation from service (without regard to whether the Participant is a “specified employee” within the meaning of Regulation § 1.409A‐1(i) as of the date of separation from service), (b) attainment of normal retirement age (i.e., age 65) or (c) attainment of early retirement age (i.e., age 55 and five (5) years of service with the Employer and/or a predecessor employer).  In the event a Participant fails to select a distribution event in 

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his or her Deferral Agreement, the Participant shall be deemed to have elected separation from service as his or her distribution event.

6.2(a)Except as otherwise provided in this Section 6.2, the amount credited to a Participant’s Account shall be paid in one of the following forms:  (i) a single lump sum, (ii) 60 approximately equal monthly installments or (iii) 120 approximately equal monthly installments, as the Participant shall elect in any Deferral Agreement.  Such benefit shall be paid or commence within 60 days (with no discretion on the part of the Participant to select the taxable year of payment if the 60-day period straddles a taxable year end) following the date on which the selected distribution event occurs.  The Participant shall not be entitled to select a different form of distribution with respect to amounts credited to the Participant Account in each Plan Year.  Instead, the distribution form selected by the Participant shall apply to the entire balance of the Participant’s Account.  Notwithstanding the foregoing, a new Participant Account shall be established for a Participant who receives or begins receiving distributions from the Participant’s Account pursuant to this Article VI. Deferred Amounts for years subsequent to the year of the distribution event shall be credited to the new Account.  The Participant may elect in any Deferral Agreement the form of distribution for the new Account which may be different from the form of distribution elected for the original Account which is in pay status.  

(a)The Participant may modify the form of distribution selected by the Participant; provided that such modification (i) is made on a validly executed and timely filed Deferral Agreement at least 12 months prior to the original payment date on which distribution of the Participant’s Account would have been made or commenced if the deferred compensation will be paid at a specified time or date; (ii) will not be effective for at least 12 months after the new Deferral Agreement is filed with the Committee; and (iii) except with respect to payments made as a result of death or “unforeseeable emergency,” the new payment date must be at least five (5) years after the original payment date (or in the case of installment payments, five (5) years from the date the first installment was scheduled to be paid).

(b)In the event of a Participant’s death after benefits have commenced but prior to the complete distribution of his or her Account, the balance of such Participant’s Account shall continue to be distributed to such Participant’s Beneficiary in the same form they were being paid prior to the Participant’s death.  In the event of the death of the Participant’s last Beneficiary prior to the complete distribution of the Participant’s Account, the balance of the Participant’s Account shall be paid to the deceased Beneficiary’s estate in the same form the benefits were being paid previously.

(c)Notwithstanding anything in this Section 6.2 to the contrary, in the event that (1) a Participant has failed to designate a form of distribution in his or her Deferral Agreement, (2) the value of a Participant’s Account does not exceed the applicable dollar amount under Section 402(g)(l) of the Code, as of the date benefits first become distributable, or (3) a Change in Control occurs, the Committee shall cause such Participant’s Account to be distributed in a single lump sum payment and, in the case of a Change in Control, cause the distribution of the Participant’s Account to be made within 60 days (with no discretion on the part of the Participant to select the taxable year of payment if the 60-day period straddles a taxable year end) following the Change in Control.

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6.3If the Participant or the Participant’s Beneficiary is entitled to receive any benefits hereunder and is in his or her minority, or is, in the judgment of the Committee, legally, physically or mentally incapable of personally receiving and receipting any distribution, the Committee may make distributions to a legally appointed guardian or to such other person or institution as, in the judgment of the Committee, is then maintaining or has custody of the payee.

6.4After all benefits have been distributed in full to the Participant or to the Participant’s Beneficiary, all liability under the Plan to such Participant or to his or her Beneficiary shall cease.

6.5No benefit shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge by the Participant or Beneficiary, and any such action shall be void for all purposes.  No benefit shall in any manner be subject to the debts, contracts, liabilities, engagements or torts of the Participant or Beneficiary, nor shall it be subject to attachments or other legal process for or against the Participant or Beneficiary, except to such extent as may be required by law.

6.6To the extent required by law in effect at the time payments are made, the Employer is authorized to withhold from payments made hereunder the minimum taxes required to be withheld by the federal or any state or local government.

Article VII
BENEFICIARY DESIGNATION

7.1The Participant may, at any time, designate a Beneficiary or Beneficiaries to receive the benefits payable in the event of his or her death and may designate a successor Beneficiary or Beneficiaries to receive any benefits payable in the event of the death of any other Beneficiary.  Each Beneficiary designation shall become effective only when filed in writing with the Committee during the Participant’s lifetime on a form prescribed by the Committee.  The filing of a new Beneficiary designation form will cancel all Beneficiary designations previously filed.  Any finalized divorce or marriage (other than a common law marriage) of a Participant subsequent to the date of filing of a Beneficiary designation form shall revoke such designation.  The spouse of a Participant domiciled in a community property jurisdiction shall join in any designation of Beneficiary or Beneficiaries other than the spouse.  If no Beneficiary shall be designated by the Participant, or if his or her Beneficiary designation is revoked by marriage, divorce or otherwise without execution of another designation, or if the designated Beneficiary or Beneficiaries shall not survive the Participant, payment of the Participant’s Account shall be made to the Participant’s estate in a single lump sum payment.  Notwithstanding any provision of this Plan to the contrary, any Beneficiary designation may be changed by a Participant by the written filing of such change on a form prescribed by the Committee.

Article VIII
FUNDING

8.1The Employer will establish a “rabbi trust” to hold assets to fund part or all of the benefits to be provided under the Plan.  Any assets held in the trust shall remain the unrestricted property of the Employer at all times, subject to the claims of general creditors of the Employer.  

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Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any assets held in the trust other than the right or claim of a general creditor of the Employer.

8.2If a Participant or Beneficiary becomes entitled to a distribution of benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation or other such liability representing an amount owing to the Employer, then the Employer may offset such amount owing it against the amount of benefits otherwise distributable.  Such determination shall be made by the Committee.

Article IX
AMENDMENT AND TERMINATION

9.1The Employer reserves the right, subject to Section 409A of the Code, to amend the Plan at any time and to any extent that it may deem advisable without the consent of the Participants or their Beneficiaries, by a written instrument signed by an authorized officer of the Employer; provided, however, that no amendment shall affect adversely the rights of the Participants or their Beneficiaries with respect to benefits which have accrued under the Plan prior to such amendment.

9.2The Employer may time terminate the Plan at any time.  Upon any termination of the Plan under this Section 9.2, each Participant shall cease to make deferrals under the Plan, and all amounts shall prospectively cease to be deferred for such Plan Year.  Unless otherwise permitted by Section 409A of the Code, benefits payable under the Plan shall be paid at such times and pursuant to such terms and conditions as were effective immediately prior to the termination of the Plan.

Article X
WITHDRAWALS FOR UNFORESEEABLE EMERGENCY

10.1Subject to the provisions set forth herein, a Participant may withdraw up to 100% of his or her Account as reasonably necessary (which may include amounts necessary to pay any federal, state, local or foreign income taxes or penalties reasonably anticipated to result from the withdrawal) to satisfy an unforeseeable emergency which the Participant is unable to meet through (a) reimbursement or compensation by insurance or otherwise, (b) liquidation of the Participant’s assets (unless the liquidation of these assets would itself cause severe financial hardship), or (c) cessation of deferrals under the Plan.  The amount of such unforeseeable emergency withdrawal may not exceed the amount required to meet such unforeseeable emergency.

10.2(a)Upon written application, the Committee, in its sole discretion, may grant a withdrawal to the Participant for an unforeseeable emergency.  For purposes of this Article X, an “unforeseeable emergency” means a severe financial hardship to the Participant resulting from:  (i) an illness or accident of: (1) the Participant; (2) the Participant’s spouse; or (3) the Participant’s “dependent” as defined in Section 152 of the Code (without regard to Section 152(b)(1), (b)(2) and (d)(1)(B)); (ii) loss of the Participant’s property due to casualty; and (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control (e.g., imminent foreclosure of, or eviction from, the Participant’s 

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primary residence, payment of medical expense or funeral expenses related to a spouse, Beneficiary or dependent).   Unforeseeable emergency withdrawals of less than $1,000 are not permitted.

(a)The Participant shall be required to furnish evidence of the purpose and need for the withdrawal to the Committee on forms prescribed by the Committee.

10.3Notwithstanding any other provision of the Plan to the contrary, upon written application of the Participant following an unforeseeable emergency withdrawal, the Committee may, in the case of an unforeseeable emergency, authorize the cancellation of the Participant’s Deferral Agreement.

Article XI
CLAIMS PROCEDURE

11.1Each Claimant shall have the right to submit a Claim with respect to a benefit sought hereunder.  Written notice of any Claim hereunder must be given to the Committee either personally or by certified or registered mail, return receipt requested, at the following address:

 

Veoneer US, Inc.

Attn:     Director of Compensation and Benefits

26545 American Drive

Southfield, Michigan 48035

 

Such Claim shall state with particularity:

(a)The benefit claimed; 

(b)The provisions of the Plan and the particular provisions of law, if any, upon which the Claimant relies in support of his or her Claim; and

(c)All facts believed to be relevant in connection with such Claim.

11.2Upon receipt of a Claim hereunder, the Committee shall consider the merits of the Claim and shall within 90 days from the receipt of the Claim render a decision on the merits and communicate the same to the Claimant.  In the event the Committee denies the Claim in whole or in part, the Claimant shall be so notified in writing, which shall be addressed and delivered to him or her personally or by mail, and shall set forth the following in a manner reasonably calculated to be understood by the Claimant:

(a)The reason or reasons for rejection of the Claim;

(b)The provisions of the Plan and the particular provisions of law, if any, relied upon in reaching such determination;

(c)A description of any additional information needed from the Claimant in order for him or her to perfect his or her Claim and an explanation of why such information is necessary; and

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(d)A statement outlining the Appellate Review Procedure as set forth in Section 11.3.

11.3Where a Claim has been denied, the Claimant shall have the right within 60 days after the date he or she receives notice that his or her Claim has been rejected, in whole or in part, to an Appellate Review Procedure as set forth herein.  Such procedure shall enable the Claimant to appeal from an adverse decision by delivering a written request for an appeal to the Committee either personally or by certified or registered mail, return receipt requested.  Such request shall set forth the reasons why the Claimant believes the decision rejecting his or her Claim is erroneous and shall be signed by the Claimant under oath.  Within 30 days after such request is received, the Committee shall conduct a full and fair review of the entire Claim at a hearing, de novo, and shall invite the Claimant to present his or her views with respect to the merits of the Claim.  In addition, the Claimant may submit issues and comments in writing to the Committee for consideration at the hearing and may review, upon request and free of charge, pertinent documents.  A decision with respect to the merits of the Claim shall be rendered by the Committee not later than the later of:

(a) 30 days after the end of the hearing; or 

(b) 60 days after the delivery of the written request for an appeal hereunder unless (or up to 120 days after such delivery in the case of Claims requiring legal, accounting, or actuarial research or analysis, or other such information which may not be within the direct control of the Committee and which, therefore, may require more than 60 days to decide. 

 

The Appellate Review decision shall include specific reasons believed to support such decision, including specific references to provisions of the Plan and of law, shall be written in a manner reasonably calculated to be understood by the Claimant and shall be delivered to the Claimant personally or by certified or registered mail, return receipt requested.

11.4No action shall be commenced under Section 502(a)(1)(B) of ERISA, or under any other provision of law, until the Claimant shall first have exhausted the Claims Procedure available to him or her hereunder, provided that such Claimant would not have been irreparably and materially harmed by any delay occasioned by this Claims Procedure.  Insofar as the same is not inconsistent with regulations promulgated under Section 503 of ERISA, relating to claims procedures, any Claim under this Claims Procedure must be submitted within three (3) months from the earlier of (a) the date on which the Claimant learned of facts sufficient to enable him or her to formulate such Claim, or (b) the date on which the Claimant should reasonably have been expected to learn the facts sufficient to enable him or her to formulate such Claim.  Claims submitted after such period shall be deemed to have been waived by the Claimant and shall thereafter be wholly unenforceable.  No statute of limitations set forth under either Section 413 of ERISA, or any other applicable provision of law, shall be deemed to be extended in any way by the period of limitations set forth herein with respect to this Claims Procedure.

11.5All references in this Article XI to Claimant shall include representatives who are duly authorized as such, in writing, which authorization shall have been delivered to the Committee at some stage of the Claims Procedure.  After such written authorization is delivered, copies of all subsequent communications with the Claimant and decisions with respect to the 

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Claim, for which such authorization has been provided, shall be delivered to the authorized representative, as well as to the Claimant.

Article XII
GENERAL PROVISIONS

12.1Neither the establishment of the Plan, nor any modification thereof, nor the creation of an Account, nor the payment of any benefits shall be construed (a) as giving the Participant, Beneficiary or any other person, any legal or equitable right against the Employer unless such right shall be specifically provided for in the Plan or conferred by affirmative action of the Employer in accordance with the terms and provisions of the Plan, or (b) as giving the Participant the right to be retained in the service of the Employer, and the Participant shall remain subject to discharge to the same extent as if the Plan had never been established.

12.2A Participant will cooperate with the Employer by furnishing any and all information requested by the Employer in order to facilitate the payment of benefits hereunder, taking such physical examinations as the Employer may deem necessary and taking such other relevant action as may be requested by the Employer.  If a Participant refuses so to cooperate, the Employer shall have no further obligation to the Participant under the Plan.

12.3All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine or neuter, as the identity of the person or persons may require.  As the context may require, the singular may be read as the plural and the plural as the singular.

12.4Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the principal office of the Employer, directed to the attention of the Corporate Secretary of the Employer.  Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or receipt for registration or certification.

12.5The validity of the Plan or any of its provisions shall be determined under and construed according to the laws of the State of Michigan, except to the extent Michigan law is preempted by federal law, including, but not limited to, ERISA.  Should any provision of the Plan or any regulations adopted thereunder be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions or regulations unless such invalidity shall render impossible or impractical the functioning or the Plan and, in such case, the appropriate parties shall immediately adopt a new provision or regulation to take the place of the one held illegal or invalid.

12.6Nothing contained herein shall preclude the Employer from merging into or with, or being acquired by, another business entity.

12.7The liabilities under the Plan shall be binding upon any successor or assign of the Employer and any purchaser of the Employer or substantially all of the assets of the Employer, and the Plan shall continue in full force and effect.

12.8The titles of the Articles in the Plan are for convenience of reference only, and, in the event of any conflict, the text rather than such titles shall control.

 

12

IN WITNESS WHEREOF, the Employer has caused its duly authorized officer to execute the Plan this 30th day of June, 2018.

 

			
	
VEONEER US, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
Marilyn Byrd

	
Its:
	
 
	
Director of Compensation and Benefits

 

13EX-4.11

 Exhibit 4.11 

PURCHASE WARRANT 
 Issued to: 

 
  

Exercisable to Purchase 

             Shares of Common Stock 

of 
 CYTODYN INC. 

Warrant No. P -          

Void after             , 20
         
 THIS WARRANT HAS NOT BEEN REGISTERED 

UNDER THE SECURITIES ACT OF 1933 

AND IS NOT TRANSFERABLE 
 EXCEPT AS
PROVIDED HEREIN 

 This is to certify that, for value received and subject to the terms and conditions set forth
below, the Warrantholder (hereinafter defined) is entitled to purchase, and the Company (hereinafter defined) promises and agrees to sell and issue to the Warrantholder, at any time on or after the Issue Date and on or before the fifth anniversary
of the Issue Date, up to          shares of Common Stock (hereinafter defined) at the per share Exercise Price (hereinafter defined). 

This Warrant Certificate is issued subject to the following terms and conditions: 

1. Definitions of Certain Terms. Except as may be otherwise clearly required by the context, the following terms have the following
meanings: 
 (a) “Cashless Exercise” means an exercise of a Warrant in which, in lieu of payment of the Exercise Price in cash, the
Warrantholder elects to receive a lesser number of Securities in payment of the Exercise Price, as determined in accordance with Section 2(b). 

(b) “Closing Date” means the date or dates on which a closing under the Offering occurs. 

(c) “Commission” means the Securities and Exchange Commission. 

(d) “Common Stock” means the common stock, $0.001 par value, of the Company. 

(e) “Company” means CytoDyn Inc., a Delaware corporation. 

(f) “Exercise Price” means the price at which the Warrantholder may purchase one share of Common Stock or other Securities upon
exercise of a Warrant as determined from time to time pursuant to the provisions hereof, multiplied by the number of Securities as to which the Warrant is being exercised. The initial Exercise Price is
$         per share of Common Stock. 
 (g) “Issue Date” means the Closing Date on which
this Warrant is issued. 
 (h) “Memorandum” means the offering materials described in the Placement Agent Agreement. 

(i) “Offering” means the private offering of shares of Common Stock and warrants made pursuant to the Memorandum and the Placement
Agent Agreement. 
 (j) “Placement Agent Agreement” means that certain Placement Agent Agreement, dated
             between the Company, Paulson Investment Company, LLC and any Additional Placement Agents as defined therein. 

(k) “Rules and Regulations” means the rules and regulations of the Commission adopted under the Securities Act. 

(l) “Securities” means the securities obtained or obtainable upon exercise of the Warrant or securities obtained or obtainable upon
exercise, exchange, or conversion of such securities. 

  
 P- 

1 

 (m) “Securities Act” means the Securities Act of 1933, as amended. 

(n) “Warrant” means the warrant evidenced by this certificate, any similar certificate issued in connection with the Offering, or any
certificate obtained upon transfer or partial exercise of the Warrant evidenced by any such certificate. 
 (o) “Warrant
Certificate” means a certificate evidencing the Warrant. 
 (p) “Warrantholder” means a record holder of the Warrant or
Securities. 
 2. Exercise of Warrant. 

(a) All or any part of the Warrant represented by this Warrant Certificate may be exercised commencing on the Issue Date and ending at 5:00
p.m. Pacific Time on          (the “Expiration Date”) by surrendering this Warrant Certificate, together with the Exercise Price and appropriate instructions, duly executed by the Warrantholder or by
its duly authorized attorney, at the office of the Company, 1111 Main Street, Suite 660, Vancouver, Washington, 98660; or at such other office or agency as the Company may designate. The date on which such instructions are received by the Company
shall be the date of exercise. If the Warrantholder has elected a Cashless Exercise, such instructions shall so state. 
 (b) If the
Warrantholder elects a Cashless Exercise, the Warrantholder may surrender in payment of the Exercise Price, shares of Common Stock equal in value to the Exercise Price by surrender of this Warrant at the principal office of the Company together with
notice of such election, in which event the Company shall issue to the Warrantholder a number of shares of Common Stock computed using the following formula: 
  

 
  

					
	Where:	  	X =	  	The number of shares of Common Stock to be issued to the Warrantholder pursuant to this Cashless Exercise
		  	Y =	  	The number of shares of Common Stock in respect of which the Cashless Exercise election is made
		  	A =	  	The fair market value of one share of Common Stock at the time the Cashless Exercise election is made
		  	B =	  	The Exercise Price (as adjusted to the date of the Cashless Exercise)

 For purposes of this Section 2(b), the fair market value of one share of Common Stock as of a particular date shall be
determined as follows: (i) if traded on a securities exchange, the value shall be deemed to be the closing price of the Common Stock on such exchange one (1) trading day prior to the Cashless Exercise; (ii) if traded over-the-counter, the value shall be deemed to be the closing bid or sale price (whichever is applicable) of the Common Stock one (1) trading day prior to the Cashless
Exercise; and (iii) if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Board of Directors of the Company. 

  
 P- 

2 

 (c) Subject to the provisions below, upon receipt of notice of exercise, the Company shall
promptly prepare or cause the preparation of certificates for the Securities to be received by the Warrantholder upon completion of the Warrant exercise. After such certificates are prepared, the Company shall notify the Warrantholder and, upon
payment in full by the Warrantholder, in lawful money of the United States, of the Exercise Price payable with respect to the Securities being purchased, or, in the case of a Cashless Exercise, upon deemed surrender of Securities equal in value to
the Exercise Price, deliver such certificates to the Warrantholder, or as per the Warrantholder’s instructions, promptly after such funds are available, if applicable, and otherwise promptly thereafter. The Securities to be obtained on exercise
of the Warrant will be deemed to have been issued, and any person exercising the Warrant will be deemed to have become a holder of record of those Securities, as of the date of receipt by the Company of (a) available funds in cash in payment of
the Exercise Price, or (b) notice of Cashless Exercise. 
 (d) If fewer than all the Securities purchasable under the Warrant are
purchased, the Company will, upon such partial exercise, execute and deliver to the Warrantholder a new Warrant Certificate (dated the date hereof), in form and tenor similar to this Warrant Certificate, evidencing that portion of the Warrant not
exercised. 
 (e) Notwithstanding the foregoing, in no event shall such Securities be issued, and the Company is authorized to refuse to
honor the exercise of the Warrant, if such exercise would result in the opinion of the Company’s Board of Directors, upon advice of counsel, in the violation of any law. 

3. Adjustments in Certain Events. The number, class, and price of Securities for which this Warrant Certificate may be exercised are
subject to adjustment from time to time upon the happening of certain events as follows: 
 (a) If the outstanding shares of the
Company’s Common Stock are divided into a greater number of shares or a dividend in stock is paid on the Common Stock, the number of shares of Common Stock for which the Warrant is then exercisable will be proportionately increased and the
Exercise Price will be proportionately reduced; and, conversely, if the outstanding shares of Common Stock are combined into a smaller number of shares of Common Stock, the number of shares of Common Stock for which the Warrant is then exercisable
will be proportionately reduced and the Exercise Price will be proportionately increased. The increases and reductions provided for in this Section 3(a) will be made with the intent and, as nearly as practicable, the effect that neither the
percentage of the total equity of the Company obtainable on exercise of the Warrants nor the price payable for such percentage upon such exercise will be affected by any event described in this Section 3(a). 

(b) In case of any change in the Common Stock through merger, consolidation, reclassification, reorganization, partial or complete liquidation,
purchase of substantially all the assets of the Company, or other change in the capital structure of the Company, then, as a condition of such change, lawful and adequate provision will be made so that the Warrantholder will have the right
thereafter to receive upon the exercise of the Warrant the kind and amount of shares of stock or other securities or property to which the Warrantholder would have been entitled if, immediately prior to such event, the Warrantholder had held the
number of shares of Common Stock obtainable upon the exercise of the Warrant. In any such case, appropriate adjustment will be made in the application of the provisions set forth herein with 

  
 P- 

3 

 
respect to the rights and interest thereafter of the Warrantholder, to the end that the provisions set forth herein will thereafter be applicable, as nearly as reasonably may be, in relation to
any shares of stock or other securities or property thereafter deliverable upon the exercise of the Warrant. The Company will not permit any change in its capital structure to occur unless the issuer of the shares of stock or other securities to be
received by the holder of this Warrant Certificate, if not the Company, agrees to be bound by and comply with the provisions of this Warrant Certificate. 

(c) When any adjustment is required to be made in the number of shares of Common Stock, other securities, or the property purchasable upon
exercise of the Warrant, the Company will promptly determine the new number of such shares or other securities or property purchasable upon exercise of the Warrant and (i) prepare and retain on file a statement describing in reasonable detail
the method used in arriving at the new number of such shares or other securities or property purchasable upon exercise of the Warrant and (ii) cause a copy of such statement to be mailed to the Warrantholder within thirty (30) days after
the date of the event giving rise to the adjustment. 
 (d) No fractional shares of Common Stock or other Securities will be issued in
connection with the exercise of the Warrant, and the number of shares of Common Stock to be issued shall be rounded to the nearest whole number. 

(e) If securities of the Company or securities of any subsidiary of the Company are distributed pro rata to holders of Common Stock, such
number of securities will be distributed to the Warrantholder or its assignee upon exercise of its rights hereunder as such Warrantholder or assignee would have been entitled to if this Warrant had been exercised prior to the record date for such
distribution. The provisions with respect to adjustment of the Common Stock provided in this Section 3 will also apply to the securities to which the Warrantholder or its assignee is entitled under this Section 3(e). 

(f) Notwithstanding anything herein to the contrary, there will be no adjustment made hereunder on account of the sale by the Company of the
Common Stock or any other Securities purchasable upon exercise of the Warrant. 
 4. Reservation of Securities. The Company agrees
that the number of shares of Common Stock or other Securities sufficient to provide for the exercise of the Warrant upon the basis set forth above will, at all times during the term of the Warrant, be reserved for issuance. 

5. Validity of Securities. All Securities delivered upon the exercise of the Warrant will be duly and validly issued in accordance with
their terms and, upon payment of the Exercise Price, will be fully paid and non-assessable. The Company will pay all documentary and transfer taxes, if any, in respect of the original issuance thereof upon
exercise of the Warrant. 
 6. Transferability. This Warrant Certificate and the Warrant may be transferred to Additional Placement
Agents in the Offering as defined in the Placement Agent Agreement or to individuals who are a partner, officer or other representative of the Lead Placement Agent or any Additional Placement Agent. The Warrant may be divided or combined, upon
request to the Company by the Warrantholder, into a certificate or certificates evidencing the same aggregate number of Warrants 

  
 P- 

4 

 7. Securities Act Compliance. The Warrantholder hereby represents: (a) that
this Warrant and any Common Stock to be acquired by the Warrantholder on exercise of the Warrant will be acquired for investment for the Warrantholder’s own account and not with a view to the resale or distribution of any part thereof, and
(b) that the Warrantholder is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. In addition, as a condition of its delivery of certificates for the Common Stock, the Company will require the
Warrantholder to deliver to the Company representations regarding the Warrantholder’s sophistication, investor status, investment intent, acquisition for its own account and such other matters as are reasonable and customary for purchasers of
securities in an unregistered private offering as set forth in the attached Exercise Form. The Company may place conspicuously upon each certificate representing the Common Stock a legend substantially in the following form, the terms of which are
agreed to by the Warrantholder: 
 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS AND, IN THE CASE OF A
TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

8. No Rights as a Shareholder. Except as otherwise provided herein, the Warrantholder will not, by virtue of ownership of the Warrant,
be entitled to any rights of a shareholder of the Company but will, upon written request to the Company, be entitled to receive such quarterly or annual reports as the Company distributes to its shareholders. 

9. Notice. Any notices required or permitted to be given hereunder will be in writing and may be served personally or by mail, including
by e-mail; and if served will be addressed as follows: 

  
 P- 

5 

			
	If to the Company:	  	 CytoDyn Inc.
 Attn: Michael D. Mulholland

1111 Main Street, Suite 660
 Vancouver, Washington 98660

Email: mmulholland@cytodyn.com

		
	with a copy to:	  	 Lowenstein Sandler LLP
 Attn: Steven M.
Skolnick
 65 Livingston Avenue & 6 Becker Farm Road

Roseland, New Jersey 07068
 Email:
sskolnick@lowenstein.com

		
	If to the Warrantholder:	  	                                      
                      

 Any notice so given by mail will be deemed effectively given 48 hours after mailing when deposited in the
United States mail, registered or certified mail, return receipt requested, postage prepaid and addressed as specified above. Any notice given by e-mail must be accompanied by confirmation of receipt, and will
be deemed effectively given upon confirmation of such receipt. Any party may by written notice to the other specify a different address for notice purposes. 

10. Applicable Law. This Warrant Certificate will be governed by and construed in accordance with the laws of the State of Washington,
without reference to conflict of laws principles thereunder. All disputes relating to this Warrant Certificate shall be tried before the courts of Washington located in Clark County, Washington to the exclusion of all other courts that might have
jurisdiction. 
 Dated as of             ,
20         
  

			
	CYTODYN INC.
		
	By:	 	  

		 	Name: Michael D. Mulholland
		 	Title:   Chief Financial Officer

  
 P- 

6 

 EXERCISE FORM 

(To Be Executed by the Warrantholder 

to Exercise the Warrant) 
  

					
	TO:	  	CYTODYN INC.
		
	1.	  	The undersigned hereby irrevocably elects to exercise the right to purchase                  shares of Common Stock, represented by Warrant
No. P –                 as follows:
			
		  	☐	  	Exercise for Cash. Pursuant to Section 2(a) of the Warrant, the Holder hereby elects to exercise the Warrant for cash and tenders payment herewith (or has made a wire transfer) to the order of CytoDyn Inc. in the amount
of $            .
			
	2.	  	☐	  	Cashless Exercise. Pursuant to Section 2(b) of the Warrant, the Holder hereby elects to exercise the Warrant on a cashless basis.
		
	3.	  	The undersigned requests that the applicable number of shares of Common Stock be issued and delivered to the following address:
		
		  	Name:         ________________________________
		
		  	Address:         ______________________________
		
		  	                       ______________________________
		
		  	Email:         ________________________________
		
		  	SSN:         __________________________________
		
	4.	  	The undersigned understands, agrees and recognizes that:
			
		  	(a)	  	No federal or state agency has made any finding or determination as to the fairness of the investment or any recommendation or endorsement of the securities.
			
		  	(b)	  	All certificates evidencing the shares of Common Stock, if any, may bear a legend substantially similar to the legend set forth in Section 7 of the Warrant regarding resale restrictions.
		
		  	Representations of the undersigned.
		
	5.	  	The undersigned acknowledges that the undersigned has received, read and understood the Warrant and agrees to abide by and be bound by its terms and conditions.
		
	6.	  	(i) The undersigned has such knowledge and experience in business and financial matters that the undersigned is capable of evaluating the Company and the proposed activities thereof, and the risks and merits of this
prospective investment.
		
		  	
☐  YES        ☐  
NO

  
 P- 

7 

					
		
		  	(ii) If “No”, the undersigned is represented by a “purchaser representative,” as that term is defined in Regulation D under the Securities Act of 1933, as amended (the “Securities
Act”).
		
		  	 ☐  YES        ☐  NO

		
	7.	  	(i) The undersigned is an “accredited investor,” as that term is defined in the Securities Act.
		
		  	 ☐  YES        ☐  NO

		
		  	(ii) If “Yes,” the undersigned comes within the following category of that definition (check one):
		
		  	 ☐   The undersigned is a natural person whose present net
worth (or whose joint net worth with his or her spouse), excluding the value of the undersigned’s primary residence, exceeds $1,000,000. For purposes of calculating the undersigned’s present net worth, the undersigned has included the
following as liabilities: (i) any indebtedness that is secured by the undersigned’s primary residence in excess of the estimated fair market value of the undersigned’s primary residence at the time of the sale of the shares, and
(ii) any incremental debt secured by the undersigned’s primary residence that was incurred in the 60 days before the sale of the shares, other than as a result of the acquisition of the undersigned’s primary residence.

		
		  	 ☐   The undersigned is a natural person who had individual
income in excess of $200,000 in each of the last two years or joint income with the undersigned’s spouse in excess of $300,000 during such two years, and the undersigned reasonably expects to have the same income level in the current year.

 
 ☐   The undersigned is an
officer or director of the Company.
  

☐   The undersigned is a corporation or partnership not formed for the specific purpose of
acquiring the securities offered, with total assets in excess of $2,104,000.
  

☐   The undersigned is a trust with total assets in excess of $2,104,000 whose purchase is
directed by a person with such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment.

 
 ☐   The undersigned is an
entity, all of whose equity owners are accredited investors under one or more of the categories above.

		
	8.	  	The undersigned understands that the shares purchased hereunder have not been registered under the Securities Act, in reliance upon the exemption from the registration requirements under the Securities Act pursuant to
Section 4(2) of the Securities Act and Rule 506 promulgated thereunder; and, therefore, that the undersigned must bear the economic risk of the investment for an indefinite period of time since the securities cannot be sold, transferred or
assigned to any person or entity without compliance with the provisions of the Securities Act

  
 P- 

8 

 Dated:                 ,
20        . 
  

			
	By:	 	  

	Name:	 	  

	Print:	 	  

 
			
	
	Note: Signature must correspond with the name as written upon the face of the Warrant in all respects, without alteration or enlargement or any change whatsoever.

  
 P- 

9

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