Document:

EX-10.1

 Exhibit 10.1 

EXECUTIVE EMPLOYMENT AGREEMENT 

This Executive Employment Agreement (this “Agreement”) is effective as of January 1, 2019 (the “Effective Date”) and
is between Argo Group US, Inc., a Delaware company (the “Company”), and Kevin J. Rehnberg (the “Employee”). 
 RECITALS:

 WHEREAS, the Company desires to employ the Employee as President, Group Chief Administrative Officer and Head of the Americas of the
Company. 
 WHEREAS, the Employee desires to accept such employment as President, Group Chief Administrative Officer and Head of the
Americas of the Company. 
 NOW, THEREFORE, in consideration of the promises and mutual agreements herein set forth, the parties hereby
agree as follows: 
  

	1.	 Term of Employment. The period of employment of the Employee by the Company under this Agreement (the
“Employment Period”) shall commence on the Effective Date and shall continue through December 31, 2022 (the “End Date”). Unless earlier terminated in accordance with Section 6 hereof, the Employment Period shall
terminate on the End Date. 

  

	2.	 Duties. The Employee agrees to serve the Company in the position of President, Group Chief
Administrative Officer and Head of the Americas, reporting to the Chief Executive Officer of the Company or the President of the Company’s ultimate parent, Argo Group International Holdings, Ltd. (“Argo Group International”, together
with its subsidiaries and affiliates, “Argo Group”), and to perform diligently and to the best of his abilities the duties and services pertaining to such office. Unless otherwise agreed by the Company and the Employee, the Employee’s
principal place of business with the Company shall be in San Antonio, Texas. The Employee’s employment shall also be subject to the policies maintained and established by the Company, if any, as the same may be amended from time to time. The
Employee acknowledges and agrees that the Employee owes a fiduciary duty of loyalty, fidelity and allegiance to act at all times in the best interests of the Company and further agrees not to engage or participate in any act that would injure the
business, interests, or reputation of the Company or any of its Affiliates. In keeping with these duties, the Employee shall make full disclosure to the Board of Directors of the Company (the “Board”) of all business opportunities
pertaining to the business of the Company or its Affiliates and should not appropriate for the Employee’s own benefit business opportunities that fall within the scope of the businesses conducted by the Company and its Affiliates. It is
understood that the Employee shall travel to such extent as may be reasonably required in connection with the performance of his duties. 

  
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	3.	 Compensation. 

 

	 	(a)	 Base Salary. The Company shall pay to the Employee an initial base annual salary of $750,000 (the
“Base Salary”), less all applicable legal deductions and/or withholding. The Base Salary shall be payable in accordance with the Company’s policies in effect from time to time, but in any event no less frequently than monthly. The
Base Salary shall be reviewed annually by the Company for possible increase (but not decrease) and the Company may, in its sole discretion, choose to increase the Base Salary during the Employment Period of this Agreement. If the Base Salary is
increased by the Company, such Base Salary shall then constitute the Base Salary for all purposes of this Agreement. 

  

	 	(b)	 Incentive Bonus. In addition to the Base Salary, during the Employment Period, the Employee may, in the
sole discretion of the Board, be awarded an annual incentive bonus based upon the achievement of specific Company objectives as determined by the Company and set forth in a separate written bonus plan (the “Bonus Plan”). Employee will be
eligible to participate in the Bonus Plan at a target participation rate of $863,000. Any annual incentive bonus awarded to the Employee shall be paid in accordance with the Bonus Plan. 

 

	 	(c)	 Equity Compensation. The Employee shall be entitled to participate in Argo Group International’s
2014 Long-Term Incentive Plan (or any successor long-term incentive plan) at a target participation rate of $1,000,000, subject to the terms and conditions of such plan as in effect from time to time. 

 

	 	(d)	 Benefits. As additional compensation for the Employee, the Company shall provide or maintain for
Employee medical, welfare and health insurance benefit plans on the same terms and conditions as are made available to all employees of the Company generally, subject to the terms and conditions of such plans as in effect from time to time.

  

	4.	 Vacation. Employee shall be entitled to a reasonable vacation(s) during each year of his employment
under this Agreement pursuant to the Company’s Paid Time Off policy as in effect from time to time. 

  

	5.	 Reimbursement For Expenses. The Company shall reimburse the Employee for all reasonable and necessary
business expenses incurred by him in the performance of his duties during the Employment Period, provided that such expense is submitted in accordance with the Company’s policies and procedures as in effect from time to time. In no event shall
expenses eligible for reimbursement be reimbursed later than December 31 of the year following the calendar year in which the Employee incurred the related expense. Any reimbursement in one calendar year may not affect the amount that may be
reimbursed in any other calendar year and a right to reimbursement may not be exchanged or liquidated for another benefit or payment. 

  

	6.	 Termination of Agreement. 

 

	 	(a)	 Death. This Agreement shall automatically terminate upon the death of the Employee.

  
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	 	(b)	 Disability. If, as a result of the Employee’s incapacity due to physical or mental illness, the
Employee shall have been substantially unable, either with or without reasonable accommodation, to perform his duties hereunder for an entire period of six (6) consecutive months, and within thirty (30) days after written notice of
termination is given after such six (6) month period, the Employee shall not have returned to the substantial performance of his duties on a full-time basis (“Disability”), the Company shall have the right to terminate the
Employee’s employment hereunder for Disability, and such termination in and of itself shall not be, nor shall it be deemed to be, a breach of this Agreement. Any dispute between the Employee and the Company regarding whether the Employee has a
Disability shall be determined in writing by a qualified independent physician mutually acceptable to the Employee and the Company. If the Employee and the Company cannot agree as to a qualified independent physician, each shall appoint a physician
and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Employee shall be final and conclusive for all purposes of the Agreement. The Employee
acknowledges and agrees that a request by the Company for such a determination shall not be considered as evidence that the Company regarded the Employee as having a Disability. 

 

	 	(c)	 Termination by the Company for Cause. The Company may terminate this Agreement and the Employee’s
employment with the Company upon written notice to the Employee at any time for Cause in accordance with the procedures provided below. 

  

	 	(d)	 For purposes of this Agreement, “Cause” shall mean: 

 

	 	(i)	 other than as a result of the Employee having a Disability, the willful and continued failure by the Employee
to substantially perform his duties with the Company within a reasonable period of time after a written demand for substantial performance is delivered to the Employee by the Company, which demand shall specifically identify the manner in which the
Company believes that the Employee has not substantially performed his duties; 

  

	 	(ii)	 the entry of a plea of guilty or nolo contendere to, or judgment entered after trial finding the
Employee guilty of, any felony or crime of moral turpitude; 

  

	 	(iii)	 willfully engaging by the Employee in conduct that violates Argo Group’s written policies (including, but
not limited to, Argo Group’s Code of Conduct & Business Ethics) or that the Employee knows or reasonably should know is materially detrimental to the reputation, character or standing or otherwise injurious to the Company or any of its
shareholders, direct or indirect subsidiaries and Affiliates, monetarily or otherwise; 

  

	 	(iv)	 without limiting the generality of Section 6(d)(i), the breach or threatened breach of any of the
provisions of Sections 8 or 9; or 

  
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	 	(v)	 a final ruling (or interim ruling that has not been stayed by appeal) in any state or federal court or by an
arbitration panel that the Employee has breached the provisions of a non-compete or non-disclosure agreement, or any similar agreement or understanding, which would in
any material way limit, as determined by the Board, the Employee’s ability to perform under this Agreement now or in the future. 

The Employee shall have 15 calendar days from the giving of written notice within which to cure and during which period the Company cannot
terminate his employment under this Agreement for the stated reasons and, if so cured, after which the Company cannot terminate his employment under this Agreement for the stated reasons; provided, however, that this sentence shall not apply with
respect to events which by their nature cannot be cured. 
  

	 	(e)	 Termination By the Company Without Cause. The Company may terminate this Agreement and the
Employee’s employment with the Company at any time, and for any reason, by providing at least thirty (30) days written notice to the Employee. 

  

	 	(f)	 Termination by the Employee. The Employee may terminate this Agreement and the Employee’s
employment with the Company at any time, and for any reason, by providing at least thirty (30) days written notice to the Company. 

  

	7.	 Effect of Termination. Upon the termination of this Agreement, no rights of the Employee which shall
have accrued prior to the date of such termination shall be affected in any way. 

  

	 	(a)	 Upon Death or Disability of the Employee. 

During the Employment Period, if the Employee’s employment is terminated due to his death or Disability, the Employee’s estate or the
Employee, as applicable, shall be entitled to receive (A) the Base Salary set forth in Section 3 accrued through the date the Employee’s employment is terminated, (B) any amounts owing to the Employee for reimbursement of
expenses properly incurred by the Employee prior to the date the Employee’s employment is terminated and which are reimbursable in accordance with Section 5, (C) any other vested accrued benefits of the Employee under the plans, programs
and arrangements of the Company (items (A), (B) and (C), collectively, the “Accrued Benefits”), and (D) and any incentive bonus Fully-Earned through the date of such termination. “Fully-Earned” shall mean that for purposes
of determining whether the Employee shall be entitled to an incentive bonus, that such Employee shall be treated as if he had been employed through the last date of the regular period for determining whether or not an incentive bonus is payable in
the standard manner that all such employees are evaluated even though the Employee is no longer employed by the Company, and his eligibility for an incentive bonus, if any, shall be determined accordingly. Further, from the date of the
Employee’s termination through the eighteenth (18) month anniversary thereof, the Employee or, in the 

  
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event of the Employee’s death, the Employee’s eligible dependents (including a surviving spouse), shall be entitled to continued participation in all health and medical plans or
programs in which the Employee or such eligible dependents, as applicable, were participating on the termination date and, subject to Section 5, the Company agrees to continue paying the same portion of the premiums for such coverage as the
Company paid for the Employee or eligible dependents immediately prior to the termination date. 
  

	 	(b)	 By the Company Without Cause. 

If the Employee’s employment with the Company is terminated under Section 6(e) and such termination of employment constitutes a
“separation from service” (within the meaning of Section 409A of the Code and any related regulations or other guidance promulgated thereunder (“Section 409A”)), and as consideration for the Employee’s continuing
obligations under Sections 8 and 9 hereof: 
  

	 	(i)	 The Employee shall be entitled to receive (A) the Accrued Benefits and (B) any earned but unpaid
annual cash incentive award for the year preceding the year in which the Employee’s employment is terminated; 

  

	 	(ii)	 The Employee shall be entitled to receive any target annual cash incentive award for the year in which the
Employee’s employment is terminated, pro-rated to reflect the Employee’s time of service for such year through the Employee’s date of termination; provided, that, such target annual cash
incentive award shall be paid on the first day of the month coincident with or first following the sixtieth (60th) day following the date of termination; provided, further, that if the Employee is a “specified employee” (within the meaning
of Section 409A of the Code), payment of such target annual cash incentive award may be subject to delay in accordance with Section 7(d); 

  

	 	(iii)	 All unvested equity awards previously awarded to the Employee by the Company shall remain outstanding, shall
continue to vest and shall be paid or settled in accordance with the terms of the applicable award agreements as if no termination had occurred and the Employee had remained employed by the Company through the applicable vesting date, with the
vesting of any outstanding performance-based equity awards to be determined based on actual performance through the end of the applicable performance period. All outstanding, unvested stock options shall remain exercisable for a period of ninety
(90) days following the last vesting date of the stock option, but not beyond the original term of the stock option. In the event of the Employee’s involuntary termination of employment without Cause within two years following a Change in
Control (as defined in Argo Group International’s 2014 Long-Term Incentive Plan or any successor long-term incentive plan), all outstanding unvested equity awards shall immediately become vested upon the date of such termination of
employment.     

  
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	 	(iv)	 The Company shall pay the Employee as severance an amount equal to one (1) times (or, if a Change in
Control has then occurred or is reasonably expected to occur, two (2) times) the sum of (A) the Employee’s Base Salary and (B) the Employee’s target annual cash incentive award for the year in which his employment is
terminated (or, if a target annual cash incentive award has not been established for the Employee for such year as of the date his employment is terminated, the Employee’s target annual cash incentive award for the year prior to the year in
which his employment is terminated), such amount to be paid in installments over the period of twelve (12) months in accordance with the Company’s regular payroll practices (“Severance Pay”); provided, however, that the first
such severance payment shall be paid on the first day of the month coincident with or first following the sixtieth (60th) day following the date of termination in an amount equal to the severance payments that would have otherwise been paid during
that sixty (60) day period; and provided, further, that if the Employee is a “specified employee” (within the meaning of Section 409A of the Code) and any such installment payments are scheduled to be paid after March 15 of
the year following termination of employment, the payment of severance may be further delayed as described in Section 7(d); 

  

	 	(v)	 The Employee shall be eligible for continuation of health benefits pursuant to Section 3(d) (subject to
compliance with the applicable plan provisions) at the active employee rate until the Employee obtains reasonably equivalent coverage or for eighteen (18) months from the date of termination, whichever is earlier (“Severance
Benefits”); provided, however, that (A) such benefit continuation coverage shall be considered part of the benefit continuation coverage which the Employee is entitled to receive under COBRA, and (B) the Employee timely elects COBRA
coverage; 

  

	 	(vi)	 It shall be a condition precedent of payment or provision to the Employee of Severance Pay or Severance
Benefits pursuant to this Section 7(b) that: (A) within sixty (60) days following the date of termination the Employee executes (and then with all revocation periods expired) a full and complete release of the Company and its
subsidiaries and affiliates in the form attached as Exhibit A (the “Release”); and (B) the Employee remains in full compliance with Sections 8 and 9. For clarity, if the Employee revokes the Release or breaches in any material
respect any of his obligations under Sections 8 or 9, which breach is not cured within thirty (30) days following written notice from the Company, the Company, in addition to all other remedies set forth in this Agreement, will have no further
obligation to pay Severance Pay or Severance Benefits and will be entitled to all other remedies set forth in this Agreement; 

  
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	 	(vii)	 The Employee shall remain bound by the restrictive covenants and obligations contained in Sections 8 and 9; and

  

	 	(viii)	 Except as provided for in this Section 7(b), the Employee shall not have any rights which have not
previously accrued upon termination of this Agreement. 

  

	 	(c)	 By the Company for Cause; By the Employee; Expiration of this Agreement. If the Employee’s
employment with the Company is terminated pursuant to Section 6(c) or Section 6(f) or upon the expiration of this Agreement on the End Date, the Employee shall be entitled to receive the Accrued Benefits and the Employee shall not be
entitled to any other benefits (unless otherwise required by law). 

  

	 	(d)	 Six Month Delay. Notwithstanding any provisions of this Agreement to the contrary, if the Employee is a
“specified employee” (within the meaning of Section 409A of the Code) at the time of the Employee’s “separation from service” (within the meaning of Section 409A of the Code) and if any portion of the payments or
benefits to be received by the Employee upon the Employee’s separation from service would be considered deferred compensation under Section 409A of the Code, then each portion of such payments and benefits that would otherwise be payable
or provided shall instead be paid or made available to the Employee (or his estate if applicable) on the first regular payroll date following the six month anniversary of the Employee’s separation from service or, if earlier, the date of his
death. 

  

	 	(e)	 Excise Taxes. Notwithstanding any other provision of this Agreement, if any portion of the payments and
benefits provided under Section 7 of this Agreement, either alone or together with other payments and benefits which the Employee receives or is then entitled to receive from the Company or its affiliates, or any successor (in the aggregate,
“Total Payments”), would be subject to the excise tax imposed by section 4999 of the Code, or any interest or penalties with respect to such excise tax (such excise tax, together with any interest or penalties thereon, is herein referred
to as the “Excise Tax”), then, except as otherwise provided in the next sentence, such Total Payments shall be reduced to the extent the Independent Tax Counsel shall determine is necessary (but not below zero) so that no portion thereof
shall be subject to the Excise Tax. If Independent Tax Counsel determines that the Employee would receive in the aggregate greater payments and benefits on an after tax basis if the Total Payments were not reduced pursuant to this Section 7(e),
then no such reduction shall be made. For purposes of determining the after tax benefit to the Employee, the Employee’s estimated actual blended marginal rate of federal, state and local income taxation in the calendar year in which the
Employee’s termination date occurs shall be utilized. Such marginal rate shall be determined by taking into account (A) the estimated actual net effect on the marginal rate attributable to the deduction of state and

  
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local income taxes, (B) the phase out, if any, of itemized deductions, (C) the estimated actual net tax rate attributable to employment taxes, and (D) any other tax provision that
in the judgment of the Independent Tax Counsel will actually affect the Employee’s estimated actual blended marginal tax rate. The determination of which payments or benefits shall be reduced to avoid the Excise Tax shall be made by the
Independent Tax Counsel, provided that the Independent Tax Counsel shall reduce or eliminate, as the case may be, payments or benefits in the order that it determines will produce the required deduction in Total Payments with the least reduction in
the after-tax economic value to the Employee of such payments. If the after-tax economic value of any payments is equivalent, such payments shall be reduced in the
inverse order of when the payments would have been made to the Employee until the reduction specified herein is achieved. The Independent Tax Counsel shall make a determination as to whether any reasonable compensation value can be ascribed to any non-competition covenants that are applicable to the Employee, and shall factor in any such value in making its determination as to whether the Total Payments would be subject to the excise tax imposed by section
4999 of the Code. The Independent Tax Counsel shall provide its determination, together with detailed supporting calculations and documentation to the Company and the Employee within ten (10) days of the Employee’s termination date. The
determination of the Independent Tax Counsel under this Section 7(e) shall be final and binding on all parties hereto. For purposes of this Section 7(e), “Independent Tax Counsel” shall mean a lawyer, a certified public
accountant with a nationally recognized accounting firm, or a compensation consultant with a nationally recognized actuarial and benefits consulting firm with expertise in the area of executive compensation tax law, who shall be selected by the
Company and shall be acceptable to the Employee (the Employee’s acceptance not to be unreasonably withheld), and whose fees and disbursements shall be paid by the Company. 

 

	8.	 Confidential Information. 

 

	 	(a)	 The Company shall disclose to the Employee, or place the Employee in a position to have access to or develop,
trade secrets or confidential information of the Company or its Affiliates; and/or shall entrust the Employee with business opportunities of the Company or its Affiliates; and/or shall place the Employee in a position to develop business good will
on behalf of the Company or its Affiliates. 

  

	 	(b)	 The Employee acknowledges that during his employment with the Company he occupies a position of trust and
confidence and agrees that he shall treat as confidential and shall not, without prior written authorization from the Company, directly or indirectly, disclose or make known to any person or use for his own benefit or gain, the methods, process or
manner of accomplishing the business undertaken by the Company or its Affiliates, or any non-public information, plans, formulas, products, trade secrets, marketing or merchandising strategies, or confidential
material or information and instructions, technical or otherwise, issued or published for the sole use of the Company, or information which is 

  
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disclosed to the Employee or in any acquired by him during his employment with the Company, or any information concerning the present or future business, processes, or methods of operation of the
Company or its Affiliates, or concerning improvement, inventions or know how relating to the same or any part thereof, it being the intent of the Company, with which intent the Employee hereby agrees, to restrict him from disseminating or using for
his own benefit any information belonging directly or indirectly to the Company which is unpublished and not readily available to the general public (collectively, “Confidential Information”). 

 

	 	(c)	 The confidentiality obligations set forth in (a) and (b) of this Section 8 shall apply during the
Employment Period and indefinitely thereafter. 

  

	 	(d)	 All information, ideas, concepts, improvements, discoveries, and inventions, whether patentable or not, that
are conceived, made, developed or acquired by the Employee, individually or in conjunction with others, during the Employee’s employment with the Company (whether during business hours or otherwise and whether on the premises of the Company or
an Affiliate or otherwise) that relate to the business, products or services of the Company or any Affiliate shall be disclosed to the Board and are and shall be the sole and exclusive property of the Company or such Affiliate. Moreover, all
documents, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic data bases, maps and all other writings and materials
of any type embodying any such information, ideas, concepts, improvements, discoveries and inventions are and shall be the sole and exclusive property of the Company. Upon termination of the Employee’s employment for any reason, the Employee
promptly shall deliver the same, and all copies thereof, to the Company. 

  

	 	(e)	 If, during the Employee’s employment by the Company, the Employee creates any work of authorship fixed in
any tangible medium of expression that is the subject matter of copyright (such as video tapes, written presentations, or acquisitions, computer programs, e-mail, voice mail, electronic data bases, drawings,
maps, architectural renditions, models, manuals, brochures or the like) relating to the Company’s business, products or services, whether such work is created solely by the Employee or jointly with others (whether during business hours or
otherwise and whether on the Company’s premises or otherwise), the Company shall be deemed the author of such work if the work is prepared by the Employee in the scope of the Employee’s employment. 

 

	 	(f)	 Nothing contained herein shall prohibit the Employee from reporting possible violations of federal law or
regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Occupational Safety and Health Administration, the Equal Employment Opportunity Commission, any
Inspector General, or making other disclosures protected under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee is
not required to notify the Company that the Employee has made such reports or disclosures. 

  
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	 	(g)	 Notwithstanding anything to the contrary contain herein, the parties hereto acknowledge that pursuant to 18 USC
§ 1833(b), the Employee may not be held liable under any criminal or civil federal or state trade secret law for disclosure of a trade secret: (A) made in confidence to a government official, either directly or indirectly, or to an
attorney, solely for the purpose of reporting or investigating a suspected violation of law or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, the parties hereto
acknowledge that if the Employee sues the Company for retaliation based on the reporting of a suspected violation of law, the Employee may disclose a trade secret to the Employee’s attorney and use the trade secret information in the court
proceeding, so long as any document containing the trade secret is filed under seal and the Employee does not disclose the trade secret except pursuant to court order. 

 

	 	(h)	 The Employee may also disclose Confidential Information to the minimum extent necessary to enforce the terms of
this Agreement in any legal proceeding concerning the Employee’s rights or obligations hereunder. 

  

	9.	 Restrictive Covenants. 

 

	 	(a)	 For the purposes of this Section, the following words have the following meanings: 

 

	 	(i)	 “Affiliate” means, with respect to any individual or a corporation, partnership, trust, incorporated
or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind (each a “person”), any other person that directly or
indirectly controls or is controlled by or under common control with such person. For the purposes of this definition, “control” when used with respect to any person, means the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of such person, whether through the ownership of voting securities, by contract or otherwise; and the terms of “affiliated”, “controlling” and “controlled” have
meanings correlated to the foregoing. 

  

	 	(ii)	 “Company Services” means any services (including but not limited to technical and product support,
technical advice, underwriting and customer services) supplied by the Company or its Affiliates in the specialty property and/or casualty insurance business. 

  

	 	(iii)	 “Confidential Information” has the meaning ascribed thereto in Section 8. 

  
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	 	(iv)	 “Customer” means any person or firm or company or other organization whatsoever to whom or which the
Company or its Affiliates supplied Company Services during the Restricted Period and with whom or which, during the Restricted Period: (x) the Employee had material personal dealings pursuant to his employment, or (y) any employee who was
under the direct or indirect supervision of the Employee had material personal dealings pursuant to his or her employment. 

  

	 	(v)	 “Prospective Customer” means any person or firm or company or other organization whatsoever with whom
or which the Company or its Affiliates shall have had negotiations or material discussions regarding the possible distribution, sale or supply of Company Services during the Restricted Period and with whom or which during such period: (x) the
Employee shall have had material personal dealings pursuant to his employment, or (y) any employee who was under the direct or indirect supervision of the Employee shall have had material personal dealings pursuant to his or her employment, or
(z) the Employee was directly responsible in a client management capacity on behalf of the Company. 

  

	 	(vi)	 “Restricted Area” means: (x) the United States, or (y) any geographic area in which the
Company or its Affiliates provided Restricted Services and for which the Employee was responsible in the 12 months preceding the date of the Employee’s termination of employment. 

 

	 	(vii)	 “Restricted Employee” means any person who on the date of the Employee’s termination of
employment by the Company was at the level of director, manager, underwriter or salesperson with whom the Employee had material contact or dealings in the course of his employment during the Restricted Period; 

 

	 	(viii)	 “Restricted Period” means the period of 12 months ending on the last day of the Employee’s
employment with the Company. 

  

	 	(ix)	 “Restricted Services” means Company Services or any services of the same or of a similar kind.

  

	 	(b)	 The Employee recognizes that, while performing his duties for the Company, he will have access to and come into
contact with trade secrets and Confidential Information belonging to the Company and its Affiliates and will obtain personal knowledge of and influence over its or their customers and/or employees. The Employee therefore agrees that the restrictions
set out in this Section 9 are reasonable and necessary to protect the legitimate business interests of the Company and its Affiliates both during and after the termination of his employment. 

  
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	 	(c)	 The Employee hereby undertakes with the Company that he will not during his employment with the Company and for
the period of twelve months after he ceases to be employed by the Company, whether by himself through his employers or employees or agents or otherwise howsoever and whether on his own behalf or on behalf of any other person, firm, company or other
organization directly or indirectly: 

  

	 	(i)	 in competition with the Company or its Affiliates within the Restricted Area, be employed or engaged or
otherwise interested in the business of researching into, developing, underwriting, distributing, selling, supplying or otherwise dealing with Restricted Services; or 

 

	 	(ii)	 in competition with the Company or its Affiliates, accept orders or facilitate the acceptance of any orders or
have any business dealings for Restricted Services from any Customer or Prospective Customer; or 

  

	 	(iii)	 employ or otherwise engage in the business of or be personally involved to a material extent in employing or
otherwise engaging in the business of researching into, developing, distributing, selling, supplying or otherwise dealing with Restricted Services, any person who was during the Restricted Period employed or otherwise engaged by the Company and who
by reason of such employment or engagement is reasonably likely to be in possession of any trade secrets or Confidential Information relating to the business of the Company. 

 

	 	(d)	 The Employee hereby undertakes with the Company that he shall not during his employment with the Company and
for the period of twelve months after he ceases to be employed by the Company for any reason, whether the termination is by the Company, by the Employee or due to Disability, without the prior written consent of the Company, whether by himself,
through his employers or employees or agents or otherwise, howsoever and whether on his own behalf or on behalf of any other person, firm, company or other organisation directly or indirectly: 

 

	 	(i)	 in competition with the Company, solicit business from or endeavour to entice away or canvass any Customer or
Prospective Customer if such solicitation or canvassing is in respect of Restricted Services; 

  

	 	(ii)	 solicit or induce or endeavour to solicit or induce any Restricted Employee to cease working for or providing
services to the Company, or hire any Restricted Employee. 

  

	 	(e)	 The Employee agrees that during the 12 months following the date of termination of his employment, the Employee
shall inform the Company, prior to the commencement of employment or any work as an independent contractor, of the identity of any new employer or other entity to which the Employee plans to provide consulting or other services, along with the
Employee’s starting date, title, job description and any other information which the Company may reasonably request (and which does not violate any confidentiality obligation of the Employee) to confirm the Employee’s compliance with the
terms of this Agreement. 

  
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	 	(f)	 The Employee shall not, at any time during the Employment Period and thereafter, make statements or
representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which is reasonably likely to be, directly or indirectly, disparaging or be damaging to the Company, or its subsidiaries, or
their respective officers, directors, employees, advisors, businesses or reputations. Neither the Company in any formal statement nor the members of the Board and executive officers of the Company shall, at any time during the Employment Period and
thereafter, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally or otherwise, or take any action which is reasonably likely to be, directly or indirectly, disparaging or be damaging to the
Employee or the Employee’s reputation. Notwithstanding the foregoing, nothing in this Agreement shall preclude the Employee or such members of the Board or executive officers from making truthful statements that are required by applicable law,
regulation or legal process, including truthful statements in connection with an action, suit or other proceeding to enforce the Employee’s or the Company’s respective rights under this Agreement. 

 

	 	(g)	 The parties hereto agree that certain matters in which the Employee will be involved during the Employment
Period may necessitate the Employee’s cooperation in the future. Accordingly, following the termination of the Employee’s employment for any reason, to the extent reasonably requested by the Company, the Employee shall cooperate with the
Company and its counsel, including with information requests relating to the business or affairs of the Company, as well as any investigation, litigation, arbitration or other proceeding relating to the business or affairs of the Company, other than
in connection with any dispute between the Employee and the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Employee’s business, employment or personal affairs, including limiting the
Employee’s travel to the extent reasonably possible. The cooperation includes the Employee making the Employee available for reasonable periods of time (with due regard for the Employee’s other commitments) upon reasonable notice to the
Employee in any such litigation or investigation and providing testimony before or during such litigation or investigation. The Company shall reimburse the Employee for reasonable
out-of-pocket expenses incurred in connection with such cooperation (including legal counsel selected by the Employee and reasonably acceptable to the Company); provided
that, if the Company requires the Employee to devote significant time to such cooperation, the Company and the Employee will establish in good faith a reasonable hourly or daily rate for the time spent by the Employee on such cooperation, based on
the Employee’s Base Salary as of the Employee’s termination date. Notwithstanding the foregoing, the Employee will have no obligation to cooperate against his own legal interests or that of any then current future employer.

  
 13 

	 	(h)	 This Section 9 shall be for the benefit of the Company and each of its Affiliates and the Company reserves
the right to assign the benefit of such provisions to any of its Affiliates, in addition such provisions also apply as though there were substituted for references to “the Company” references to each of its Affiliates in relation to which
the Employee has in the course of his duties for the Company or by reason of rendering services to or holding office in such Affiliate: (x) acquired knowledge of its trade secrets or Confidential Information; or (y) had material personal
dealings with its Customers or Prospective Customers; or (z) supervised directly or indirectly employees having material personal dealings with its Customers or Prospective Customers but so that references in this Section 9 to “the
Company” shall for this purpose be deemed to be replaced by references to the relevant Affiliate. The obligations undertaken by the Employee pursuant to this Section 9 shall, with respect to each Affiliate of the Company, constitute a
separate and distinct covenant and the invalidity or unenforceability of any such covenant shall not affect the validity or enforceability of the covenants in favour of any other Affiliate or the Company. For the sake of clarity, any written consent
of the Company shall be effective against any Affiliate of the Company. 

  

	 	(i)	 While the restrictions in this Section 9 (on which the Employee has had the opportunity to take
independent advice, as the Employee hereby acknowledges) are considered by the parties to be reasonable in all the circumstances, it is agreed that if any such restrictions, by themselves, or taken together, shall be adjudged to go beyond what is
reasonable in all the circumstances for the protection of the legitimate interests of the Company or its Affiliates but would be adjudged reasonable if part or parts of the wording thereof were deleted, the relevant restriction or restrictions shall
apply with such deletion(s) as may be necessary to make it or them valid and effective. 

  

	10.	 Remedies for Breach. In addition to the rights and remedies otherwise provided in this Agreement, and
without waiving the same if the Employee breaches, or threatens to breach, any of the provisions of Sections 8 or 9, the Company shall have the following rights and remedies, in addition to any others, each of which shall be independent of the other
and severally enforceable: 

  

	 	(a)	 The right and remedy to have such provisions specifically enforced by any court having equitable jurisdiction.
The Employee specifically acknowledges and agrees that any breach or threatened breach of the provisions of Sections 8 or 9 hereof may cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company.

  

	 	(b)	 The right to require the Employee to account for and pay over to the Company all compensation, profits, monies,
accruals, increments or other benefits (hereinafter collectively the “Benefits”) derived or received by the Employee as a result of any transactions constituting a breach of any of the provisions of Sections 8 or 9. 

  
 14 

	 	(c)	 Upon discovery by the Company of a breach or threatened breach of Sections 8 or 9, the right to immediately
suspend payments or benefits to the Employee under Sections 3 or 7 pending a resolution of the dispute. 

  

	 	(d)	 The right to terminate the Employee’s employment pursuant to Section 6. 

 

	11.	 Notices. Any notice required or permitted to be given to the Employee pursuant to this Agreement shall
be sufficiently given if sent to the Employee by registered or certified mail addressed to the Employee at his home address as reflected in the Company’s records, or at such other address as he shall designate by notice to the Company, and any
notice required or permitted to be given to the Company pursuant to this Agreement shall be sufficiently given if sent to Argo Group US, Inc.’s General Counsel by registered or certified mail to 175 E. Houston, Suite 1300, San Antonio, Texas
78205, or at such other address as it shall designate by notice to the Employee. 

  

	12.	 Successors and Assigns. This Agreement is personal in its nature and neither of the parties hereto
shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder, provided, however, that the provisions hereof shall enure to the benefit of, and be binding upon, each successor of the Company,
whether by merger, consolidation, acquisition or otherwise, unless otherwise agreed to by the Employee and the Company. 

  

	13.	 Invalid Provisions. The invalidity or unenforceability of a particular provision of this Agreement shall
not affect the enforceability of any other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. 

 

	14.	 Amendment. This Agreement may only be amended in writing by an agreement executed by both parties
hereto. 

  

	15.	 Effect on Prior Agreements. This Agreement supersedes any and all prior agreements, understandings or
offers, oral or written, and negotiations between said parties regarding the subject matter contained herein, including, without limitation, the Executive Employment Agreement, effective as of March 1, 2013, between the Employee and the
Company. For the avoidance of doubt, if the Employee becomes entitled to receive the payments and benefits provided for in Section 7(a) or Section 7(b) hereof, as applicable, such payments and benefits shall be in lieu of, and not in
addition to, any payments or benefits to which the Employee may otherwise be or become entitled under any Company severance plan, policy or program. 

  

	16.	 Arbitration. 

  

	 	(a)	 Any claim or controversy arising between the Employee and the Company shall be settled by final and binding
arbitration in Bexar County, Texas. 

  
 15 

	 	(b)	 Disputes that must be arbitrated under this Agreement shall include all statutory, contractual, and common law
claims and controversies between the Employee and the Company including, without limitation, controversies concerning the construction, performance or breach of this Agreement or any other agreement between the Company and the Employee, whether
entered into prior, on or subsequent to the date hereof, claims arising out of or relating to the Employee’s hiring, employment, or termination of employment, and claims of workplace discrimination, harassment and retaliation. Workers’
compensation claims (except any claim asserted pursuant to Tex. Labor Code §451 or any successor provision), claims for unemployment benefits and claims based upon any of the Company’s benefit plans containing a different final and binding
dispute procedure are excluded from arbitration. 

  

	 	(c)	 This Section 16 and any arbitration hereunder are subject to and controlled by the Federal Arbitration
Act, 9 U.S.C. §1, et seq. (“FAA”). Notwithstanding the foregoing, the parties agree that all questions of arbitrability will be submitted to the arbitrator. Additionally, in the event that the FAA is deemed not to apply, the
parties agree that any review of the arbitration award shall be strictly limited to the bases provided for under the FAA. 

  

	 	(d)	 Submission to arbitration pursuant to this Section 16 may be compelled by any court located in Bexar
County, Texas. The parties agree to submit to exclusive jurisdiction and venue in the courts in Bexar County, Texas for purpose of this Subsection 16(d). 

  

	 	(e)	 Any party may, without waiving any other rights and remedies under this Agreement, apply to any court located
in Bexar County, Texas, to seek any interim or preliminary injunctive relief that is necessary to protect the rights or property of that party, pending the arbitrator’s award or resolution of the controversy. The parties agree to submit to
exclusive jurisdiction and venue in the courts in Bexar County, Texas for purpose of this Subsection 16(e). 

  

	 	(f)	 The arbitration proceedings under this Section 16 shall be before a single arbitrator and conducted in
accordance with the American Arbitration Association’s (AAA) National Rules for the Resolution of Employment Disputes in effect at the time the demand for arbitration is made, which are incorporated herein and are available through the
AAA’s website (http://www.adr.org) or the Company’s Human Resource Department, except to the extent they conflict with the specific provisions of this Agreement. 

 

	 	(g)	 The arbitrator may award reasonable attorneys’ fees to the prevailing party if such an award would be
permitted under the law governing the claim(s) involved. 

  

	 	(h)	 The arbitration award may be specifically enforced by any party in any court of competent jurisdiction.

  

	 	(i)	 The parties acknowledge, understand and agree that: 

 

	 	(i)	 Each party has had the opportunity to consult with legal counsel regarding this Section 16;

  
 16 

	 	(ii)	 By agreeing to arbitrate, the parties give up their rights to sue each other in a court of law and to have a
trial by jury; 

  

	 	(iii)	 Arbitration awards are final and binding and a parties’ ability to have a court reverse or modify an
arbitration award is very limited, as envisioned by and provided for in the FAA; 

  

	 	(iv)	 The ability of the parties to conduct discovery (e.g., the ability of the parties to obtain documents,
interrogatory answers and witness statements) is within the discretion of the arbitrator and may be more limited than and different from discovery in court proceedings; 

 

	 	(v)	 The arbitrator’s award is not required to include factual findings or legal reasoning or otherwise explain
the bases for the award; 

  

	 	(vi)	 The time limits for bringing a claim and other proceedings in arbitration may be different from the time limits
imposed by courts; 

  

	 	(vii)	 Each party may be represented by an attorney during the arbitration proceedings; 

 

	 	(viii)	 The Employee is still protected by all applicable employment laws, and does not give up any substantive rights
to recover damages; and 

  

	 	(ix)	 This Section 16 survives the termination of the Employee’s employment and the termination or
expiration of this Agreement for any reason. 

  

	17.	 Applicable Law. This Agreement is entered into under, and shall be governed for all purposes, by the
laws of the State of Texas, without regard to its conflicts of law principles. 

  

	18.	 Jurisdiction and Venue. The parties agree that any dispute between the parties that is determined to be
not subject to arbitration pursuant to Section 16 shall be subject to exclusive jurisdiction and venue in the District Courts in Bexar County, Texas. 

  

	19.	 No Waiver. The Company’s or the Employee’s failure at any time to give notice of any breach by
the other party of, or to require compliance with, any condition or provision of this Agreement shall not be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

 

	20.	 Severability. If a court of competent jurisdiction determines that any provision of this Agreement is
invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or unenforceability of any other provision of this Agreement, and the provision shall be reformed to the fullest extent possible or if
reformation of such provision is deemed impossible such provision shall be severed from this Agreement, but the remainder of this Agreement shall remain in full force and effect. 

  
 17 

	21.	 Section 409A Compliance. This Agreement is intended to meet the requirements of
Section 409A, and shall be interpreted and construed consistent with that intent. Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code.

  

	22.	 Withholding of Taxes and Other Employee Deductions. The Company may withhold from any benefits and
payments made pursuant to this Agreement all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and any and all other normal employee deductions made with respect to the Company’s
employees generally. 

  

	23.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
to be an original, but all of which together will constitute one in the same agreement. 

  

	24.	 Clawback. Notwithstanding any provision in this Agreement to the contrary, any portion of the payments
and benefits provided under this Agreement, as well as any other payments and benefits which the Employee receives pursuant to a Company plan or other arrangement, shall be subject to a clawback to the extent necessary to comply with the
requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any Securities and Exchange Commission rule. 

 THE
EMPLOYEE UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT, IN ACCORDANCE WITH SECTION 16, THIS AGREEMENT IS SUBJECT TO MANDATORY ARBITRATION AND THAT THE EMPLOYEE IS AGREEING IN ADVANCE TO ARBITRATE ANY CONTROVERSIES WHICH ARISE WITH THE COMPANY IN
ACCORDANCE WITH THE TERMS OUTLINED THEREIN. 
 In witness whereof, the parties hereto have executed this Agreement as of the day and year
above written. 
  

							
	Argo Group US, Inc.	 		 	Employee:
				
	By:	 	 /s/ Mark E. Watson III
	 		 	 /s/ Kevin J. Rehnberg

		 	Mark E. Watson III	 		 	Kevin J. Rehnberg
		 	Title: Chief Executive Officer	 		 	

  
 18 

 EXHIBIT A 

GENERAL RELEASE 

Argo Group US, Inc. (the “Company”) and I, Kevin J. Rehnberg, agree as follows: 

I. Complete Release 
  

	A.	 In General: Pursuant to the requirements of Section 7 of my Executive Employment Agreement with the
Company, effective as of January 1, 2019 (the “Executive Employment Agreement”), and as consideration for the termination benefits contained therein, I hereby agree to irrevocably and unconditionally release any and all Claims I may
now have against the Company and other parties as set forth in this Section I. 

  

	B.	 Released Parties: The Released Parties are the “Argo Group” entities, which include Argo Group
International Holdings, Ltd. and all of its subsidiary holding and operating companies, including, without limitation, the Company, and, with respect to each of them, their predecessors and successors; and, with respect to each such entity, all of
its past, present and future employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs); and
any other persons acting by, through, under or in concert with any of the persons or entities listed in this subsection (the “Released Parties” and each a “Released Party”). 

 

	C.	 Claims Released: I understand and agree that I am releasing all known and unknown claims, demands,
promises, causes of action and rights of any type that I may have had or currently have (the “Claims”) against each and every Released Party based on, relating to, or arising out of any fact, act, omission, event, conduct, representation,
agreement or other matter whatsoever relating to my employment with the Company and termination of such employment, except that I am not releasing any claim to enforce: (i) this Agreement; (ii) any right, if any, to claim
government-provided unemployment benefits; (iii) any rights or claims that wholly arise or accrue after I sign this Agreement; (iv) any right to vested accrued benefits or compensation under Company plans and arrangements; and (v) any
right to indemnification by the Company or any of the Released Parties or to coverage under any applicable directors’ and officers’ or other third party liability insurance policy(ies) then maintained by the Company or any Released
Parties. I further understand that the Claims I am releasing may arise under many different laws (including statutes, regulations, other administrative guidance and common law doctrines) including but by no means limited to:

  

	 	1.	 Anti-discrimination statutes, all as amended, such as the Age Discrimination in Employment Act
(“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), and Executive Order 11141, which prohibit age discrimination in employment; Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of
1866, and Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act and
Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; and any other federal, state or local laws prohibiting employment or wage discrimination, including the laws of Texas. 

  
 19 

	 	2.	 Federal employment statutes, all as amended, such as the WARN Act, which requires that advance notice be
given of certain work force reductions; the Employee Retirement Income Security Act of 1974, which, among other things, protects employee benefits; the Fair Labor Standards Act of 1938 and laws which regulate wage and hour matters; the Family and
Medical Leave Act of 1993, which requires employers to provide leaves of absence under certain circumstances; and any other federal laws relating to employment, such as veterans’ reemployment rights laws. 

 

	 	3.	 Other laws, as amended, such as any federal, state or local laws providing workers’ compensation
benefits (or prohibiting workers’ compensation retaliation), restricting an employer’s right to terminate employees or otherwise regulating employment; any federal, state or local law enforcing express or implied employment contracts or
requiring an employer to deal with employees fairly or in good faith. 

  

	 	4.	 Tort and contract claims, such as claims for wrongful discharge, negligence, negligent hiring, negligent
supervision, negligent retention, physical or personal injury, emotional distress, fraud, fraud in the inducement, negligent misrepresentation, defamation, invasion of privacy, interference with contract or with prospective economic advantage,
breach of express or implied contract, breach of covenants of good faith and fair dealing, promissory estoppel, and similar or related claims. 

  

	 	5.	 Examples of released Claims include, but are not limited to: (i) Claims that in any way relate to
my employment with the Company or any other Released Party, or the termination of that employment, such as Claims for compensation, bonuses, commissions, lost wages or unused accrued vacation or sick pay; (ii) Claims that in any way relate to
the design or administration of any employee benefit program; (iii) Claims that I have irrevocable or vested rights to severance or similar benefits or to post-employment health or group insurance benefits; or (iv) any Claims to
attorneys’ fees or other indemnities. 

  

	D.	 Unknown Claims: I understand that I am releasing Claims about which I may be unaware. That is my knowing
and voluntary intent, even though I recognize that someday I might learn that some or all of the facts I currently believe to be true are untrue or learn of facts or other matters about which I now am unaware, and even though I might then regret
having signed this Release. Nevertheless, I am assuming that risk and I agree that this Agreement shall remain effective in all respects in any such case. I expressly waive all rights I might have under any law that is intended to protect me from
waiving unknown claims. I understand the significance of doing so. 

 II. Promises, Warranties, And Representations

  

	A.	 Employment Termination: I understand and agree that my employment with the Company terminated on
                                        .
I also understand and agree that I have no right of rehire or reinstatement with any Released Party, regardless of location, and that each and every Released Party is under no obligation to rehire or reinstate me. I also acknowledge and understand
that the failure of a Released Party to rehire or reinstate me is in no way discriminatory or retaliatory in nature. 

  

	B.	 Pursuit of Released Claims: I affirm that I have not filed, have not caused to be filed, and am not
presently party to, any actions, grievances, arbitrations, complaints, claims or other legal proceedings against or relating to any Released Party in any forum. To the extent permitted by law, I agree not to, directly or indirectly, file, initiate,
encourage, aid 

  
 20 

	 	
or assist in any investigations, actions, grievances, arbitrations, complaints, claims or other legal proceedings against or relating to any Released Party. Notwithstanding the foregoing, I
understand that nothing in this General Release prohibits me from: (i) challenging the knowing and voluntary nature of the release of ADEA claims pursuant to the OWBPA; or (ii) making or asserting: (A) any claim or right which cannot
be waived under applicable law, including but not limited to the right to file a charge with, provide information to or participate in an investigation or proceeding conducted by the Texas Workforce Commission Civil Rights Division, the Equal
Employment Opportunity Commission or other federal, local or state governmental agency charged with enforcing anti-discrimination laws, or the National Labor Relations Board; (B) any right I have to any payments or benefits pursuant to
Section 7(b) of the Executive Employment Agreement; (C) any right I have to accrued benefits (within the meaning of Sections 203 and 204 of the Employee Retirement Income Securities Act of 1974, as amended); and (D) any rights I have
or claims that may arise after the date this General Release is executed. I further agree and covenant that should any person, entity, organization, or federal, state or local governmental agency institute an investigation, action, grievance,
arbitration, complaint, claim or other legal proceeding involving any matter encompassed by the release set forth in Section 1, I shall not be entitled to recover and expressly waive any right to seek, accept or recover any monetary relief or
other individual remedies. 

  

	C.	 Execution of this Agreement: I understand and agree that, but for my execution of this General Release,
including claims under the ADEA, and the fulfillment of the promises contained therein, I would not be entitled to receive the benefit continuation coverage or severance pay described in Section 7((b) of the Executive Employment Agreement.

  

	D.	 Company Property: Before accepting any monetary payments from the Company, I promise to comply with my
obligation under Section 8(d) of the Executive Employment Agreement. 

  

	E.	 Taxes: I am responsible for paying any taxes on amounts I receive because I signed this Release. I agree
that the Company may withhold all taxes it determines it is legally required to withhold. 

  

	F.	 Ownership of Claims: I have not assigned or transferred any Claim I am releasing, nor have I purported
to do so. In addition to any other remedies, rights or defenses that may be available to the Released Parties by virtue of this General Release or my breach hereof, I will pay the reasonable attorneys’ fees, costs, expenses and any damages the
Released Parties incur as a result of my breach of this representation or if this representation was false when made. 

  

	G.	 Implementation: I agree to sign any documents and do anything else that is necessary in the future to
implement this Agreement. 

 III. Miscellaneous 

 

	A.	 Entire Agreement: This is the entire agreement between me and the Company with respect to my release of
Claims against the Company. This Agreement may not be modified or canceled in any manner except by a writing signed by both me and an authorized Company official with reference to this Agreement. I acknowledge that I have not relied on any
representations, promises, or agreements of any kind made to me in connection with my decision to accept this General Release, except for those set forth in this General Release and my Executive Employment Agreement. 

  
 21 

	B.	 Successors: This Agreement binds my heirs, administrators, representatives, executors, successors and
assigns, and will inure to the benefit of all Released Parties and their respective heirs, administrators, representatives, executors, successors and assigns. 

 

	C.	 Interpretation: This Agreement shall be construed as a whole according to its fair meaning. It shall not
be construed strictly for or against me or any Released Party. Unless the context indicates otherwise, the singular or plural shall be deemed to include the other. Captions are intended solely for convenience of reference and shall not be used in
the interpretation of this Release. 

  

	D.	 Governing Law, Mandatory Arbitration and Venue: This Agreement is entered into under, and shall be
governed for all purposes, by the laws of the State of Texas, without regard to its conflicts of law principles. Any claim or controversy arising between Executive and the Company and/or Argo Group, shall be settled by final and binding arbitration
in Bexar County, Texas pursuant to Section 16 of the Executive Employment Agreement, which is incorporated by reference herein. I acknowledge and agree that I have read Section 16 of the Executive Employment Agreement and understand that
it contains a mandatory arbitration provision and that I am agreeing in advance to arbitrate any controversies which arise in connection with this General Release and my Executive Employment Agreement. I agree that any dispute between the parties
that is determined to be not subject to arbitration pursuant to Section 16 shall be subject to exclusive jurisdiction and venue in the Texas District Court in Bexar County, Texas. 

IV. Notice, Time for Consideration and Revocation Period 
  

	A.	 THE GENERAL RELEASE OF CLAIMS CONTAINED IN THIS AGREEMENT CONSTITUTES A RELEASE OF ALL KNOWN AND UNKNOWN
CLAIMS, INCLUDING WITHOUT LIMITATION, ALL CLAIMS FOR AGE DISCRIMINATION UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT AND ANY SIMILAR STATE LAWS. THIS GENERAL RELEASE DOES NOT WAIVE RIGHTS OR CLAIMS THAT MAY ARISE AFTER THE DATE IT IS EXECUTED;

  

	B.	 I AGREE THAT I AM WAIVING RIGHTS AND CLAIMS I MAY HAVE IN EXCHANGE FOR CONSIDERATION WHICH IS IN ADDITION TO
THINGS OF VALUE TO WHICH I MAY ALREADY BE ENTITLED; 

  

	C.	 I UNDERSTAND AND AGREE THAT I HAVE BEEN ADVISED THAT I HAVE THE RIGHT TO CONSULT WITH AN ATTORNEY OF MY
CHOOSING PRIOR TO EXECUTING THIS GENERAL RELEASE; 

  

	D.	 IF TERMINATED AS PART OF A TERMINATION OR EXIT INCENTIVE PROGRAM OFFERED TO A GROUP OR CLASS OF EMPLOYEES, I
ACKNOWLEDGE i) THAT I HAVE AT LEAST FORTY-FIVE (45) DAYS WITHIN WHICH TO CONSIDER THIS GENERAL RELEASE BEFORE EXECUTING IT; AND ii) THAT I HAVE RECEIVED WRITTEN NOTICE FROM THE COMPANY WHICH INFORMS ME OF THE i) CLASS, UNIT, OR GROUP OF
INDIVIDUALS COVERED BY THE PROGRAM, ii) ANY ELIGIBILITY FACTORS FOR SUCH PROGRAM, iii) ANY TIME LIMITS APPLICABLE TO SUCH PROGRAM, AND iv) THE JOB TITLES AND AGES OF ALL INDIVIDUALS THAT ARE AND ARE NOT ELIGIBLE OR SELECTED FOR THE PROGRAM.

  
 22 

	E.	 I UNDERSTAND THAT IN THE EVENT THAT I AM FORTY (40) YEARS OF AGE OR OLDER AT THE TIME OF TERMINATION, I
WILL HAVE AT LEAST TWENTY-ONE (21) DAYS WITHIN WHICH TO CONSIDER THIS GENERAL RELEASE BEFORE EXECUTING IT; AND 

  

	F.	 I UNDERSTAND THAT SHOULD THE PROVISIONS OF (D) AND (E) ABOVE NOT OTHERWISE APPLY, I HAVE SEVEN
(7) DAYS FOLLOWING MY EXECUTION OF THIS GENERAL RELEASE TO REVOKE IT BY DELIVERING WRITTEN NOTICE OF SUCH REVOCATION TO THE COMPANY AND THAT THE GENERAL RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED.

 Executed on this                  day of
                                , 20      .

  

	
	   

	Kevin J. Rehnberg

 Executed on this                  day
of                                 ,
20      . 
  

			
	ARGO GROUP US, INC.
		
	By:	 	 
		
	Title:	 	 

  
 23ACOLOGY,
INC. 

2018
INCENTIVE AWARD PLAN 

As
adopted on December 1, 2018, and amended on December 31, 2018

ARTICLE
1. PURPOSE 

The
purpose of the Acology, Inc. 2018 Incentive Award Plan (as it may be amended or restated from time to time, the “Plan”)
is to promote the success and enhance the value of Acology, Inc., a Florida corporation (the “Company”), by
linking the individual interests of the members of the Board, Employees and Consultants to those of the Shareholders and by providing
these persons with incentives and rewards for outstanding performance and to generate superior returns to the Shareholders. The
Plan is further intended to provide flexibility to the Company in motivating, attracting and retaining the services of members
of these persons, upon whose judgment, interest, and efforts the successful conduct of the Company’s operation depends.

ARTICLE
2. DEFINITIONS AND CONSTRUCTION

The
following terms shall have the meanings specified below. A singular pronoun shall include the plural thereof where the context
so indicates and a pronoun referring to one gender shall include the other. “Including” shall be construed to mean
“including without limitation,” unless the context clearly indicates otherwise. A reference to a law or statute shall
include reference to the rules and regulations promulgated thereunder. Whenever the Administrator may act, it shall not be required
to do so.

“Administrator”
shall mean the entity that conducts the general administration of the Plan as provided in Article 11. With reference to the duties
of the Committee that have been delegated pursuant to Section 11.6, or that the Board has assumed, the term “Administrator”
shall refer to him or them unless the Committee or the Board has revoked such delegation or the Board has terminated the assumption
of such duties.

“Applicable
Accounting Standards” shall mean Generally Accepted Accounting Principles in the United States or such other accounting
principles or standards as apply to the Company’s financial statements under federal securities laws from time to time.

“Applicable
Law” shall mean any applicable law, including: (a) the Code, the Securities Act, the Exchange Act, (b) federal,
state, local or foreign corporate, securities, tax or other laws, statutes and requirements, and (c) rules of any securities
exchange or automated quotation system on which the Shares are listed, quoted or traded.

“Award”
shall mean an Option, an SAR, a Restricted Stock award, a Restricted Stock Unit Award, an Other Stock or Cash Based Award, or
a Dividend Equivalent Award that is awarded or granted.

“Award
Agreement” shall mean any written notice, agreement, terms and conditions, contract or other instrument or document
evidencing an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award
as the Administrator shall determine, consistent with the Plan.

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

    	 

    	 

    

“Cause,”
with respect to a Holder, shall mean “Cause” (or any term of similar meaning or effect), as defined in such Holder’s
employment agreement with the Company, if any, and if it contains a definition of the term “Cause” (or term of similar
meaning or effect), or, if no such agreement exists or such agreement does not contain a definition of the term “Cause”
(or term of similar meaning effect), the term “Cause” shall include, but not be limited to: (i) the Holder’s
willful failure substantially to perform his duties and responsibilities to the Company or deliberate violation of a Company policy;
(ii) the Holder’s commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has
caused or is reasonably expected to result in material injury to the Company; (iii) unauthorized use or disclosure by the
Holder of any confidential or proprietary information or trade secret of the Company or any other party to whom the Holder owes
an obligation of nondisclosure as a result of his relationship with the Company; or (iv) the Holder’s willful breach
of any of his obligations under any written agreement or covenant with the Company. The determination whether a Holder is being
terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Holder. The foregoing definition
does not in any way limit the Company’s ability to terminate a Holder’s employment or consulting relationship at any
time as provided in the Plan.

“Change
in Control” shall mean any of the following:

(a)
       A transaction or series of transactions (other than an offering of Common Stock to the
general public through a registration statement filed with the United Sates Securities and Exchange Commission (the “SEC”))
whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d)
and 14(d)(2) of the Exchange Act) directly or indirectly acquires beneficial ownership (within the meaning of Rules 13d-3 and
13d-5 promulated under the Exchange Act) of securities of the Company possessing more than 50 % of the total combined voting
power of the Company’s securities outstanding immediately after such acquisition; provided, however, that the following
acquisitions shall not constitute a Change in Control: (i) an acquisition by the Company or any of its Subsidiaries; (ii) an
acquisition by an employee benefit plan maintained by the Company or any of its Subsidiaries, (iii) an acquisition described
in Sections (c)(i), (c)(ii) or (c)(iii) of this definition; or (iv) in respect of an Award held by a particular Holder, any
acquisition by that Holder or any group of persons including that Holder (or any entity controlled by that Holder or any group
of persons including that Holder); or

(b)
       The Incumbent Directors cease for any reason to constitute a majority of the Board;

(c)
       The consummation by the Company, directly or indirectly involving through one or more
intermediaries, of a merger, consolidation, reorganization, or business combination, a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions or the acquisition of assets or
stock of another entity, in each case other than a transaction:

(i)
       which results in the Company’s voting securities outstanding immediately before
the consummation of such transaction representing (either by remaining outstanding or by being converted into voting securities
of the entity or the person that, as a result of the transaction, directly or indirectly controls the Company or owns, directly
or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (such
entity or such person, being the “Successor Entity”)) directly or indirectly, at least a majority of the combined
voting power of the Successor Entity’s outstanding voting securities immediately after the consummation of such transaction,
and

(ii)
       after which no person or group beneficially owns voting securities representing 50%
or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated
for purposes of this Section (c)(ii) of this definition as beneficially owning 50% or more of the combined voting power of
the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of such transaction;
and

(iii)
       after which at least a majority of the members of the board of directors (or the analogous
governing body) of the Successor Entity were Board members at the time of the Board’s approval of the execution of the initial
agreement providing for such transaction; or

(d)
       The completion of a liquidation or dissolution of the Company.

    	 

    	 

    

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that
provides for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition
of additional taxes under Section 409A, the transaction or event described in subsection (a), (b), (c) or (d) with respect
to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such Award
if such transaction also constitutes a “change in control event,” as that term is defined in Treasury Regulation Section 1.409A-3(i)(5).

The
Administrator shall have full and final authority 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; provided
that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control
event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time or replaced, together with the regulations and official
guidance promulgated thereunder, whether prior or subsequent to the grant of an Award.

“Committee”
shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board or the Compensation Committee
of the Board described in Article 11 hereof. If there shall be no such committee or subcommittee, “Committee” shall
mean the Board.

“Common
Stock” shall mean the Company’s common stock, par value $0.00001 per share.

“Company”
shall have the meaning set forth in Article 1.

“Consultant”
shall mean any consultant or adviser engaged to provide services to the Company or any Subsidiary who qualifies as a consultant
or advisor under the applicable rules of the SEC for registration of shares by way of a Registration Statement on Form S-8.

“Director”
shall mean a member of the Board, as constituted from time to time.

“Director
Limit” shall have the meaning set forth in Section 4.6.

“Dividend
Equivalent” shall mean a right awarded under Section 9.2to receive the equivalent value (in cash or Shares) of
dividends paid on Shares.

“DRO”
shall mean a “domestic relations order” as defined by the Code or Title I of the Employee Retirement Income Security
Act of 1974, as amended from time to time.

“Eligible
Individual” shall mean any person who is an Employee, a Consultant or a Non-Employee Director and has not been disqualified
pursuant to Section 10.8.

“Employee”
shall mean any officer or other employee (as determined in accordance with Section 3401(c) of the Code and the Treasury Regulations
thereunder) of the Company or of any Subsidiary.

“Equity
Restructuring” shall mean a nonreciprocal transaction between the Company and its Shareholders, such as a stock dividend,
stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the number
or kind of Shares (or other securities of the Company) or the market price thereof and causes a change in the per-share value
of the Shares (or other securities of the Company) underlying outstanding Awards.

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

“Fair
Market Value” shall mean, as of any given date, the value of one Share determined as follows:

(a)
       If the Common Stock is (i) listed on a national securities exchange, (ii) listed
on any national market system or (iii) quoted or traded on any automated quotation system, its Fair Market Value shall be
the closing sale price for a Share as quoted thereon for such date or, if there is no closing sale price on such date, the closing
sale price for a Share on the last preceding date for which such quotation exists, as reported in The Wall Street Journal
or another source that the Administrator deems reliable;

    	 

    	 

    

(b)
       If the Common Stock is not so listed or quoted, but is regularly quoted by a recognized
securities dealer, its Fair Market Value shall be the average of the high bid and low asked prices for such date or, if there
are no such high bid and low asked prices for such date, the high bid and low asked prices for a Share on the last preceding date
for which such information exists, as reported in The Wall Street Journal or another source that the Administrator deems
reliable; or

(c)
If Fair Market Value cannot be determined pursuant to subsection (a) or (b), it shall be established by the Administrator in good
faith.

“Good
Reason,” with respect to a Holder, shall mean “Good Reason” (or any term of similar meaning or effect) as
defined in his Award Agreement or written employment or other agreement or, if no such agreement exists or it does not contain
a definition of “Good Reason” (or any term of similar meaning or effect), “Good Reason” shall mean, without
the Holder’s prior written consent, (i) a material reduction of his base salary, provided, however, that
such reduction pursuant to a salary reduction program affecting all or substantially all of the employees of the Company and that
does not adversely affect him to a greater extent than other similarly situated employees shall not constitute Good Reason; or
(ii) his being required to relocate his primary work location to a location that increases his one-way commute distance by
more than 50 miles. Notwithstanding the foregoing, a Holder’s Termination of Service shall not constitute a termination
for “Good Reason” resulting from any event described in the preceding sentence unless (A) he provides written
notice to the Company setting forth such event within 30 days after the first occurrence thereof such event, (B) to the extent
correctable, the Company fails to cure or remedy such event within 30 days following the Company’s receipt thereof and (C) the
effective date of the Holder’s resignation for “Good Reason” is not later than 30 days after the expiration
of said 30-day period.

“Greater
Than 10% Shareholder” shall mean a person or entity then owning (within the meaning of Section 424(d) of the Code)
more than 10% of the total combined voting power of all classes of stock of the Company or any subsidiary corporation (as defined
in Section 424(f) of the Code) or parent corporation thereof (as defined in Section 424(e) of the Code).

“Holder”
shall mean the grantee of an Award that has not expired or otherwise terminated.

“Incentive
Stock Option” shall mean an Option that is intended to qualify as an incentive stock option and conforms to the applicable
provisions of Section 422 of the Code.

“Incumbent
Directors’ shall mean for any period of 12 consecutive months, individuals who, at the beginning of such period, constitute
the Board together with any new Director(s)(other than a Director designated by a person who shall have entered into an agreement
with the Company to effect a transaction described in Section (a) or (c) of the definition of “Change in Control”)
whose election or nomination for election to the Board was approved by a vote of at least a majority (either by a specific vote
or by approval of a proxy statement of the Company in which such person is named as a nominee for Director without objection to
such nomination) of the Directors then still in office who either were Directors at the beginning of the 12-month period or whose
election or nomination for election was previously so approved. No individual initially elected or nominated as a director of
the Company as a result of an actual or threatened election contest with respect to Directors or as a result of any other actual
or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an Incumbent Director.

“Non-Employee
Director” shall mean a Director who is not an Employee.

“Non-Employee
Director Equity Compensation Policy” shall have the meaning set forth in Section 4.6.

“Non-Qualified
Stock Option” shall mean an Option that is not an Incentive Stock Option or that is designated as an Incentive Stock
Option but does not meet the applicable requirements of Section 422 of the Code.

“Option”
shall mean an Award under Article 5 entitling its Holder to purchase Shares at a specified exercise price.

“Option
Term” shall have the meaning set forth in Section 5.4.

“Organizational
Documents” shall mean, collectively, (a) the Company’s articles of incorporation and bylaws, as amended from
time to time and (b) if applicable, the resolution of the Board or by-law designating the Committee.

“Other
Stock or Cash Based Award” shall mean a cash payment, cash bonus award, stock payment (including, without a stock payment
to a Consultant for services rendered or a stock payment made to an Employee for prior services to an Employee for which in the
judgment of the Committee, no consideration or inadequate consideration was paid), stock bonus award, performance award or incentive
award awarded under Section 9.1 that is paid in cash, Shares or a combination thereof.

“Performance
Criteria” shall mean criteria that the Administrator selects for an Award for purposes of establishing the Performance
Goal or Performance Goals for a Performance Period.

    	 

    	 

    

“Performance
Goals” shall mean, for a Performance Period, one or more goals established in writing by the Administrator for the Performance
Period based upon one or more Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals,
the Performance Goals may be expressed in terms of overall Company performance or the performance of a Subsidiary, division, business
unit, or an individual. The achievement of each Performance Goal shall be determined, to the extent applicable, with reference
to Applicable Accounting Standards.

“Performance
Period” shall mean one or more periods of time, which may be of varying and overlapping durations, as the Administrator
may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Holder’s
right to, vesting of, and/or the payment in respect of, an Award.

“Permitted
Transferee” shall mean, with respect to a Holder, any “family member” of the Holder, as defined in the General
Instructions to the Registration Statement on Form S-8 under the Securities Act (or any successor form thereto), or any other
transferee specifically approved by the Administrator subject to Applicable Law.

“Plan”
shall have the meaning set forth in Article 1.

“Program”
shall mean any program adopted by the Administrator containing the terms and conditions intended to govern a specified type of
Award granted and pursuant to which such type of Award may be granted.

“Restricted
Stock” shall mean Common Stock awarded under Article 7.

“Restricted
Stock Units” shall mean an Award under Article 8 of a right to receive Shares.

“SAR”
shall mean an Award under Section 5 entitling its Holder to exercise all or a specified portion thereof (to the extent then exercisable
pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting
the exercise price per share of such Award from the Fair Market Value on the date of exercise of such Award by the number of Shares
with respect to which such Award shall have been exercised, subject to any limitations the Administrator may impose.

“SAR
Term” shall have the meaning set forth in Section 5.4.

“Section 409A”
shall mean Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder,
including any such regulations or other guidance that may be issued after the effective date of the Plan.

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

“Shares”
shall mean shares of Common Stock.

“Shareholder”
shall mean a shareholder of the Company, unless the context requires otherwise.

“Subsidiary”
shall mean any entity in which the Company directly or beneficially owns securities or interests representing at least 50% of
the entity’s combined voting power.

“Substitute
Award” shall mean an Award granted in connection with a transaction, such as a merger, combination, consolidation or
acquisition of property or stock, in any case, upon the assumption of, or in substitution for, outstanding equity awards previously
granted by a company or other entity; provided, however, that the term “Substitute Award” shall not be construed
to refer to an award made in connection with the cancellation and repricing of an Option or SAR.

“Termination
of Service” shall mean:

(a)
       The termination of the engagement of a Holder as a Consultant for any reason, with or
without cause, excluding a termination where the Consultant simultaneously commences or remains in employment or service with
the Company or any Subsidiary.

(b)
       The cessation for any reason of the service of a Holder as a Non-Employee Director,
excluding a cessation where the Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary.

(c)
       The termination for any reason of a Holder as an Employee, excluding a termination where
the Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary. For purposes of the
Plan, such termination shall be deemed to occur in the event that a Subsidiary employing such Holder ceases to be a Subsidiary.

    	 

    	 

    

The
Administrator shall determine the effect of all matters and questions relating to any Termination of Service, including when and
whether a Termination of Service has occurred, whether a Termination of Service resulted from a discharge for Cause and whether
a particular leave of absence constitutes a Termination of Service; provided, however, that, with respect to Incentive
Stock Options, unless the Administrator otherwise provides in the terms of any Program, Award Agreement or otherwise, or as otherwise
required by Applicable Law, a leave of absence, change in status from an Employee to a Contractor or other change in the employee-employer
relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status
or other change interrupts employment for the purposes of Section 422(a)(2) of the Code and the then-applicable regulations
and revenue rulings thereunder.

ARTICLE
3. SHARES SUBJECT TO THE PLAN

3.1
       Number of Shares.

(a)
       Subject to Sections 12.1, 12.2 and 3.1(b), the number of Shares that may be issued or
transferred pursuant to Awards shall be limited to 200,000,000 Shares (the “Share Limit”) any or all of which
may be awarded as Options, provided that, to the extent permitted under Applicable Law, an Award that provides for the
delivery of Shares after its grant date may be granted in excess of the Share Limit if such Award provides for its forfeiture
or cash settlement to the extent that insufficient Shares remain under the Share Limit at the time that Shares would otherwise
be issued in respect of such Award.

(b)
       If any Shares subject to an Award are forfeited or expire or such Award is settled for
cash (in whole or in part), such Shares shall be available for grants of Awards, and any Shares subject to SARs that are not issued
in connection with stock settlements upon their exercise shall be available for grants of Awards. Shares purchased in the open
market with cash proceeds from the exercise of Options shall not be available for Awards. Shares repurchased under Section 7.4
at the same price paid by the Holder or a lower price such that such Shares are returned to the Company shall be available for
Awards. The payment of Dividend Equivalents in cash in conjunction with Awards shall not be counted against the Shares available
for issuance under the Plan. Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted
or awarded if so doing would cause an Incentive Stock Option to fail to qualify as such under Section 422 of the Code.

(c)
Substitute Awards shall not reduce the Shares available for issuance under the Plan, except as may be required by Section 422
of the Code. If a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares
available under a pre-existing plan approved by its Shareholders and not adopted in contemplation of such acquisition or combination,
the shares available for grant pursuant to the terms of such pre-existing plan (adjusted, to the extent appropriate, using the
exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards and shall
not reduce the Shares available for issuance under the Plan; provided that Awards using such available Shares shall not
be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition
or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Subsidiaries
immediately prior to such acquisition or combination.

ARTICLE
4. GRANTS 

4.1
       Participation. The Administrator may, from time to time, select from among
all Eligible Individuals those to whom an Award shall be made and shall determine the nature and amount of each Award. Except
for a Non-Employee Director’s right to Awards under Section 4.6, no Eligible Individual or other person shall have
any right to an Award and neither the Company nor shall the Administrator be obligated to treat Eligible Individuals, Holders
or any other persons uniformly. Participation by each Holder in the Plan shall be voluntary and nothing in the Plan or any Program
shall be construed as requiring that any Eligible Individual or other person participate in the Plan.

    	 

    	 

    

4.2
       Award Agreement. Each Award shall be evidenced by an Award Agreement that
sets forth the terms, conditions and limitations for such Award as determined by the Administrator.

4.3
       Limitations Applicable to Section 16 Persons. Notwithstanding any
other provision of the Plan, the Plan and any Award granted or awarded to any person who is then subject to Section 16 of
the Exchange Act shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16
of the Exchange Act (including Rule 16b-3 promulgated under the Exchange Act and any amendments thereto “Rule 16b-3”))
that are required in order to obtain the benefit of such exemptive rule. To the extent permitted by Applicable Law, the Plan and
Awards shall be deemed amended to the extent necessary to conform to such exemptive rule.

4.4
       At-Will Service. Nothing in the Plan or in any Program or Award Agreement
hereunder shall confer upon any Holder any right to continue as an Employee or Director of, or as a Consultant for, the Company
or any Subsidiary, or shall interfere with or restrict the right of the Company and any Subsidiary, which rights are hereby expressly
reserved, to discharge any Holder at any time for any reason whatsoever, with or without cause, and with or without notice, or
to terminate or change all other terms and conditions of employment or engagement, except to the extent expressly provided otherwise
in a written agreement between the Holder and the Company or any Subsidiary.

4.5
       Foreign Holders. Notwithstanding any provision of the Plan or Program,
in order to comply with the laws of countries other than the United States in which the Company and its Subsidiaries shall operate
or have Employees, Non-Employee Directors or Consultants, or in order to comply with the requirements of any Applicable Law of
such countries, the Administrator shall have the power and authority to: (a) determine which Subsidiaries in such countries
shall be covered by the Plan; (b) determine which Eligible Individuals in such countries are eligible to participate in the
Plan; (c) modify the terms and conditions of any Award granted to such Eligible Individuals to comply with such Applicable
Law; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may
be necessary or advisable; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval
or comply with any necessary local governmental regulatory exemptions or approvals or listing requirements of any foreign securities
exchange.

4.6
       Non-Employee Director Awards. The Administrator may provide that Awards
to Non-Employee Directors shall be granted pursuant to a written nondiscretionary policy established by the Administrator. Such
policy shall set forth the type of Award(s) to be granted to Non-Employee Directors, the number of Shares to be subject to Awards,
the terms and conditions upon which such Awards shall be granted. Such policy may be modified by the Administrator from time to
time.

ARTICLE
5. GRANTS OF OPTIONS AND SARS 

5.1
       Grants. The Administrator is authorized to grant Options and SARs to Eligible
Individuals, from time to time on such terms and conditions as it may determine. An Option shall be either a Non-Qualified Stock
Option or an Incentive Stock Option; provided, however, that Options granted to Non-Employee Directors and Consultants
shall be Non-Qualified Stock Options. All Employees shall be eligible to be granted Options.

5.2
       Incentive Stock Options. The Administrator may grant Options intended
to qualify as Incentive Stock Options only to employees of the Company, any of the Company’s present or future “parent
corporations” or “subsidiary corporations” as defined in Sections 424(e) or (f) of the Code and any other
entities the employees of which are eligible to receive Incentive Stock Options under the Code. No person who qualifies as a Greater
Than 10% Shareholder shall be granted an Incentive Stock Option unless it conforms to the applicable provisions of Section 422
of the Code. To the extent that the aggregate fair market value of stock with respect to which “incentive stock options”
(within the meaning of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable for
the first time by a Holder during any calendar year, and all other plans of the Company and any parent corporation or subsidiary
corporation thereof (as defined in Section 424(e) and 424(f) of the Code, respectively), exceeds $100,000, the Options shall
be treated as Non-Qualified Stock Options to the extent required by Section 422 of the Code. The provisions set forth in
the preceding sentence shall be applied by taking Options and other “incentive stock options” into account in the
order in which they were granted and the fair market value of stock shall be determined as of the time they were granted. Any
interpretations and rules respecting Incentive Stock Options shall be consistent with Section 422 of the Code. Neither the
Company nor the Administrator shall have any liability to a Holder or any other person (a) if an Option (or any part thereof)
that is intended to qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or (b) for any action
or omission by the Company or the Administrator that causes an Option not to qualify or cease to be qualified as an Incentive
Stock Option.

    	 

    	 

    

5.3
       Option and SAR Exercise Price. The exercise price per Share subject to
each Option and SAR shall be determined by the Administrator, but shall not be less than 100% of the Fair Market Value of a Share
on the date on which the Option or SAR is granted (or, as to an Incentive Stock Option, on the date when the Option is modified,
extended or renewed for purposes of Section 424(h) of the Code). In addition, in the case of an Incentive Stock Option granted
to a Greater Than 10% Shareholder, such price shall not be less than 110% of the Fair Market Value of a Share on the date the
Option is granted (or the date the Option is so modified, extended or renewed). Notwithstanding the foregoing, if an Option or
SAR is a Substitute Award, the exercise price per share of the Shares subject thereto may be less than the Fair Market Value per
share on the date of grant; provided that the exercise price of any Substitute Award shall be determined in accordance
with the applicable requirements of Section 409A and Section 424 of the Code.

5.4
       Option and SAR Term. The term of each Option (the “Option Term”)
and the term of each SAR (the “SAR Term”) shall be fixed by the Administrator; provided, however, that
no Option Term or SAR Term shall be more than (a) 10 years from the date when it is granted to an Eligible Individual who
is not a Greater Than 10% Shareholder, or (b) 5 years from the date when an Incentive Stock Option is granted to a Greater
Than 10% Shareholder. Except as limited by the requirements of Section 409A or Section 422 of the Code and regulations
and rulings thereunder or the first sentence of this Section 5.4 and without limiting the Company’s rights under Section 10.7,
the Administrator may extend the Option Term of any outstanding Option or the SAR Term of any outstanding SAR, and may extend
the time period during which vested Options or SARs may be exercised, in connection with any Termination of Service of the Holder
or otherwise, and may amend, subject to Section 10.7 and 12.1, any other term or condition of such Option or SAR relating
to such Termination of Service of the Holder or otherwise.

5.5
       Option and SAR Vesting. The period during which the right to exercise
an Option or SAR vests in the Holder shall be set by the Administrator and set forth in the applicable Award Agreement. Unless
otherwise provided in the Award Agreement, the applicable Program or by action of the Administrator following the grant of an
Option or SAR, (a) no portion of an Option or SAR that is not exercisable at a Holder’s Termination of Service shall
thereafter become exercisable and (b) the portion of an Option or SAR that is not exercisable at a Holder’s Termination
of Service shall automatically expire on the date of such Termination of Service.

5.6
       Substitution of SARs. A Program or Award Agreement evidencing the grant
of an Option may provide that the Administrator may substitute an SAR for such Option at any time prior to or upon exercise of
such Option; provided that such SAR shall be exercisable with respect to the same number of Shares for which such substituted
Option would have been exercisable, and shall also have the same exercise price, vesting schedule and remaining term as the substituted
Option.

ARTICLE
6. EXERCISE OF OPTIONS AND SARS 

6.1
       Exercise and Payment. An exercisable Option or SAR may be exercised in
whole or in part. However, an Option or SAR shall not be exercisable with respect to fractional Shares and the terms of the Option
or SAR may require that a partial exercise must be with respect to a minimum number of Shares. Payment of the amounts payable
with respect to SARs pursuant to this Article 6 shall be in cash, Shares (based on their Fair Market Value as of the date the
SAR is exercised), or a combination thereof, as determined by the Administrator.

6.2
       Manner of Exercise. Except as set forth in Section 6.3, all or a
portion of an exercisable Option or SAR shall be exercised upon delivery of all of the following to the Company, its stock plan
administrator or such other person or entity designated by the Administrator, or his or its office:

(a)
       A written or electronic notice complying with the applicable rules established by the
Administrator stating that the Option or SAR, or a portion thereof, is exercised. The notice shall be signed or otherwise acknowledged
electronically by the Holder or other person then entitled to exercise the Option or SAR or such portion thereof;

    	 

    	 

    

(b)
       Such representations and documents as the Administrator deems necessary or advisable
to effect compliance with Applicable Law.

(c)
       In the event that the Option shall be exercised pursuant to Section 10.3 by any
person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option or SAR,
as determined by the Administrator; and

(d)
       Full payment of the exercise price and applicable withholding taxes for the Shares with
respect to which the Option or SAR, or portion thereof, is exercised, in a manner permitted by the Administrator in accordance
with Sections 10.1 and 11.2.

6.3
       Notification Regarding Disposition. The Holder shall give the Company
prompt written or electronic notice of any disposition of Shares acquired by exercise of an Incentive Stock Option which occurs
within (a) two years from the date of grant (including the date the Option is modified, extended or renewed for purposes
of Section 424(h) of the Code) such Option to such Holder, or (b) one year after the date of transfer of such Shares
to such Holder. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other
property, assumption of indebtedness or other consideration, by the Holder in such disposition or other transfer.

ARTICLE
7. AWARDS OF RESTRICTED STOCK 

7.1
       Award of Restricted Stock. The Administrator is authorized to grant Restricted
Stock to Eligible Individuals, and shall determine the terms and conditions, including the restrictions applicable to each award
of Restricted Stock, which terms and conditions shall not be inconsistent with the Plan or any applicable Program, and may impose
such conditions on the issuance of such Restricted Stock as it deems appropriate. The Administrator shall establish the purchase
price, if any, and form of payment for Restricted Stock; provided, however, that if a purchase price is charged, such purchase
price shall be no less than the par value, if any, of the Shares to be purchased, unless otherwise permitted by Applicable Law.
In all cases, legal consideration shall be required for each issuance of Restricted Stock to the extent required by Applicable
Law.

7.2
       Rights as Shareholders. Subject to Section 7.4, upon issuance of
Restricted Stock, the Holder shall have, unless otherwise provided by the Administrator, all the rights of a Shareholder with
respect to said Shares, subject to the restrictions in the Plan, any applicable Program and/or the applicable Award Agreement,
including the right to receive all dividends and other distributions paid or made with respect to the Shares to the extent such
dividends and other distributions have a record date that is on or after the date on which the Holder to whom such Restricted
Stock are granted becomes the record holder of such Restricted Stock; provided, however, that, if approved by the Administrator,
any extraordinary distributions with respect to the Shares may be subject to the restrictions set forth in Section 7.3. In
addition, with respect to a share of Restricted Stock with performance-based vesting, dividends which are paid prior to vesting
shall only be paid to the Holder to the extent that the performance-based vesting conditions are subsequently satisfied and the
share of Restricted Stock vests.

7.3
       Restrictions. All shares of Restricted Stock (including any shares received
by Holders thereof with respect to shares of Restricted Stock as a result of stock dividends, stock splits or any other form of
recapitalization) shall be subject to such restrictions and vesting requirements as the Administrator shall provide in the applicable
Program or Award Agreement. By action taken after the Restricted Stock is issued, the Administrator may, on such terms and conditions
as it may determine to be appropriate, accelerate the vesting of such Restricted Stock by removing any or all of the restrictions
imposed by the terms of the applicable Program or Award Agreement.

7.4
       Repurchase or Forfeiture of Restricted Stock. Except as otherwise determined
by the Administrator, if no price was paid by the Holder for the Restricted Stock, upon a Termination of Service during the applicable
restriction period, the Holder’s rights in unvested Restricted Stock then subject to restrictions shall lapse, and such
Restricted Stock shall be surrendered to the Company and cancelled without consideration on the date of such Termination of Service.
If a price was paid by the Holder for the Restricted Stock, upon a Termination of Service during the applicable restriction period,
the Company shall have the right to repurchase from the Holder the unvested Restricted Stock then subject to restrictions at a
cash price per share equal to the price paid by the Holder for such Restricted Stock or such other amount as may be specified
in the applicable Program or Award Agreement. Notwithstanding the foregoing, the Administrator may provide that upon certain events,
including a Change in Control, the Holder’s death, retirement or disability or any other specified Termination of Service
or any other event, the Holder’s rights in unvested Restricted Stock then subject to restrictions shall not lapse, such
Restricted Stock shall vest and cease to be forfeitable and, if applicable, the Company shall cease to have a right of repurchase.

    	 

    	 

    

7.5
       Section 83(b) Election. If a Holder makes an election under Section 83(b)
of the Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as
of the date or dates upon which the Holder would otherwise be taxable under Section 83(a) of the Code, the Holder shall be
required to deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service
along with proof of the timely filing thereof with the Internal Revenue Service.

ARTICLE
8. AWARDS OF RESTRICTED STOCK UNITS 

8.1
       Grant of Restricted Stock Units. The Administrator is authorized to grant
Awards of Restricted Stock Units to any Eligible Individual selected by the Administrator in such amounts and subject to such
terms and conditions as determined by the Administrator.

8.2
Vesting of Restricted Stock Units. At the time of grant, the Administrator shall specify the date or dates on which
the Restricted Stock Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems
appropriate, including vesting based upon the Holder’s duration of service to the Company or any Subsidiary, one or more
Performance Criteria, Company performance, individual performance or other specific criteria, in each case on a specified date
or dates or over any period or periods, as determined by the Administrator.

8.3
Settlement and Payment. At the time of grant, the Administrator shall specify the settlement date applicable to
each grant of Restricted Stock Units, which shall not be earlier than the vesting date or dates of the Award and may be determined
at the election of the Holder (if permitted by the applicable Award Agreement); provided that, except as otherwise determined
by the Administrator, and subject to compliance with Section 409A, the settlement date relating to each Restricted Stock
Unit shall not occur following the later of (a) the fifteenth day of the third month following the end of calendar year in
which the applicable portion of the Restricted Stock Unit vests; or (b) the fifteenth day of the third month following the
end of the Company’s fiscal year in which the applicable portion of the Restricted Stock Unit vests. On the settlement date,
the Company shall, in accordance with the applicable Award Agreement and subject to Section 10.4(f), transfer to the Holder
one unrestricted, fully transferable Share for each Restricted Stock Unit scheduled to be paid out on such date and not previously
forfeited, or if the Administrator approves, an amount in cash equal to the Fair Market Value of such Shares on the settlement
date or a combination of cash and Common Stock as determined by the Administrator.

8.4
       Settlement upon Termination of Service. An Award of Restricted Stock Units
shall only vest and be settled while the Holder is an Employee, a Consultant or a member of the Board, as applicable; provided,
however, that the Administrator may provide (in an Award Agreement or otherwise) that a Restricted Stock Unit award may vest
and be settled subsequent to a Termination of Service in certain events, including a Change in Control, the Holder’s death,
retirement or disability or any other specified Termination of Service.

ARTICLE
9. AWARDS OF OTHER STOCK OR

CASH
BASED AWARDS AND DIVIDEND EQUIVALENTS 

9.1
       Other Stock or Cash Based Awards. The Administrator is authorized to grant
Other Stock or Cash Based Awards, including awards entitling a Holder to receive Shares or cash to be delivered immediately or
in the future, to any Eligible Individual. Subject to the provisions of the Plan and any applicable Program, the Administrator
shall determine the terms and conditions of each Other Stock or Cash Based Award, including the term of the Award, any exercise
or purchase price, performance goals, including the Performance Criteria, transfer restrictions, vesting conditions and other
terms and conditions applicable thereto, which shall be set forth in the applicable Award Agreement. Other Stock or Cash Based
Awards may be paid in cash, Shares, or a combination of cash and Shares, as determined by the Administrator, and may be available
as a form of payment in the settlement of other Awards granted as single payments, as a part of a bonus, deferred bonus, deferred
compensation or other arrangement, and/or as payment in lieu of compensation to which an Eligible Individual is otherwise entitled.

    	 

    	 

    

9.2
       Dividend Equivalents. Dividend Equivalents may be granted by the Administrator,
except with respect to Options or SARs, either alone or in tandem with another Award, based on dividends declared on the Common
Stock, to be credited as of dividend payment dates during the period between the date the Dividend Equivalents are granted to
a Holder and the date such Dividend Equivalents terminate or expire, as determined by the Administrator. Such Dividend Equivalents
shall be converted to cash or additional Shares by such formula and at such time and subject to such restrictions and limitations
as may be determined by the Administrator. In addition, Dividend Equivalents with respect to an Award with performance-based vesting
that are based on dividends paid prior to the vesting of such Award shall only be paid out to the Holder to the extent that the
performance-based vesting conditions are subsequently satisfied and the Award vests.

ARTICLE
10. ADDITIONAL TERMS OF AWARDS 

10.1
       Payment. The Administrator shall determine the method or methods by which
payments by any Holder with respect to any Awards shall be made, including: (a) cash or check, (b) Shares (including,
in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise thereof) or Shares held for
a minimum period of time established by the Administrator, in each case having a Fair Market Value on the date of delivery equal
to the payments required, (c) delivery of a written or electronic notice that the Holder has placed an irrevocable market
sell order with a broker acceptable to the Administrator respecting the Shares then issuable upon exercise or vesting of an Award,
and that the broker has been irrevocably directed to pay a portion of the proceeds of the sale to the Company sufficient to satisfy
such payments upon settlement of such sale, (d) another form of legal consideration acceptable to the Administrator, or (e) any
combination of the above permitted forms of payment. Notwithstanding any provision of the Plan, no Holder who is a Director or
an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted
to make payment with respect to any Awards, or continue any extension of credit with respect to such payment, with a loan from
the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.

10.2
       Tax Withholding. 

(a)
Generally. The Company or any Subsidiary shall deduct or withhold, or require a Holder to remit to the Company,
an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder’s FICA, employment tax or
other social security contribution obligation) required by law to be withheld with respect to any taxable event concerning a Holder
arising as a result of the Plan or any Award. Notwithstanding any provision of the Plan, no Option may be exercised and no Award
of Restricted Stock, Restricted Stock Units or Other Stock or Cash Based Award shall vest until such amount shall have been so
deducted, withheld or remitted or the payment thereof shall have been provided for to the satisfaction of the Administrator in
its sole discretion in each case, and the date on which such Option may be exercised and the date on which such Award shall vest
shall be deferred until such amount shall have been so deducted, withheld or remitted or the Administrator shall have been so
satisfied (provided that an Option that would be exercisable or an Award that would vest, but for the failure of such amount
to have been so deducted, withheld or remitted, may be exercised or vest in part from time to time with respect to portions thereof
to the extent that such amount shall have been deducted, withheld or paid or the Administrator so satisfied). The Administrator
may in satisfaction of the foregoing requirement, permit a Holder to satisfy such obligations by any means described in Section 10.1
hereof, including by allowing such Holder to have the Company or any Subsidiary withhold Shares otherwise issuable under an Award
(or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered shall be limited to the number
of Shares which have a fair market value on the date of withholding or repurchase no greater than the aggregate amount of such
liabilities based on the maximum statutory withholding rates for federal, state, local and foreign income tax and payroll tax
purposes that are applicable to such supplemental taxable income (or such other number as would not result in adverse financial
accounting consequences for the Company or any of its Subsidiaries). The Administrator shall determine the fair market value of
the Shares, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a broker-assisted
cashless Option or SAR exercise involving the sale of Shares to pay the Option or SAR exercise price or any tax withholding obligation.

    	 

    	 

    

(b)
Discretion of Administrator. Without limiting the discretion of the Administrator under the second sentence of Section
10.2(a), the Company may issue Shares under an Award without deducting or withholding, or requiring the Holder to remit to the
Company the amount required to be deducted, withheld or remitted by Section 10.2(a) if (i)(A) the Holder has delivered a
written or electronic notice that he has placed an irrevocable market sell order with a broker acceptable to the Company with
respect to the Shares to be issued under such Award and (B) such broker has been irrevocably directed to pay a sufficient portion
of the net proceeds of the sale to the Company in satisfaction of said amount upon settlement of such sale or (ii) the Holder
has made other provisions for the payment of such amount. Nothing in this Section 10.2(b) shall be construed as relieving a Holder
from liability for such amount if the Company does not receive such amount in the manner contemplated by the previous sentence.
In the events described in clause (i) of the first sentence of this subsection (b), the Administrator shall cause the Shares or
a certificate representing them to said broker, upon its undertaking to return said Shares or a certificate representing said
Shares to the Company if said Shares are not deposited or sold.

10.3
       Transferability of Awards. 

(a)
       Except as otherwise provided in Sections 10.3(b) and 10.3(c):

(i)
       No Award may be sold, pledged, assigned or transferred in any manner other than (A) by
will or the laws of descent and distribution or (B) subject to the consent of the Administrator, pursuant to a DRO, unless
and until such Award has been exercised or the Shares underlying such Award have been issued, and all restrictions applicable
to such Shares have lapsed;

(ii)
       No Award or interest or right therein shall be liable for or otherwise subject to the
debts, contracts or engagements of the Holder or his successors in interest or shall be subject to disposition by transfer, alienation,
anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary
or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy)
unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable
to such Shares have lapsed, and any attempted disposition of an Award prior to satisfaction of these conditions shall be null
and void and of no effect, except to the extent that such disposition is permitted by Section 10.3(a)(i); and

(iii)
       During the life of a Holder, only he may exercise any exercisable portion of an Award
granted to him, unless it has been disposed of pursuant to a DRO. After his death, any exercisable portion of an Award may, prior
to the time when such portion ceases to be exercisable, be exercised by his personal representative or by any person empowered
to do so under his will or under the applicable laws of descent and distribution.

(b)
       Notwithstanding the provisions of Section 10.3(a), the Administrator may permit
a Holder or his Permitted Transferee to transfer an Award other than an Incentive Stock Option (unless such Incentive Stock Option
is intended to become a Nonqualified Stock Option) to one or more of his Permitted Transferees, subject to the following terms
and conditions: (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable other than (A) to
another Permitted Transferee of the applicable Holder or (B) by will or the laws of descent and distribution or pursuant
to a DRO; (ii) an Award transferred to a Permitted Transferee shall continue to be subject to all of its terms and conditions
(other than the ability to further transfer the Award to a person other than another Permitted Transferee of the Holder); and
(iii) the Holder (or transferring Permitted Transferee) and the receiving Permitted Transferee shall execute any and all
documents requested by the Administrator, including documents that (A) confirm the status of the transferee as a Permitted
Transferee, (B) satisfy any requirements for an exemption for the transfer under Applicable Law and (C) evidence the
transfer. Notwithstanding Section 10.3(a), hereof, the Administrator may permit a Holder to transfer an Incentive Stock Option
to a trust that is a Permitted Transferee if, under Section 671 of the Code and other Applicable Law, the Holder is considered
the sole beneficial owner of the Incentive Stock Option while it is held in the trust.

(c)
Notwithstanding the provisions of Section 10.3(a), a Holder may, in the manner determined by the Administrator, designate
a beneficiary to exercise his rights and to receive any distribution with respect to any Award upon his death. A beneficiary,
legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all of the terms
and conditions of the Plan and any Program or Award Agreement applicable to the Holder and any additional restrictions deemed
necessary or appropriate by the Administrator. If the Holder is married or a domestic partner in a domestic partnership qualified
under Applicable Law and resides in a community property state, a designation of a person other than his spouse or domestic partner,
as applicable, as his beneficiary with respect to more than 50% of his interest in the Award shall not be effective without the
prior written or electronic consent of his spouse or domestic partner. If no beneficiary has been designated or survives the Holder,
payment shall be made to the person entitled thereto pursuant to hiss will or the laws of descent and distribution. Subject to
the foregoing, a beneficiary designation may be changed or revoked by a Holder at any time, provided that the change or
revocation is delivered in writing to the Administrator prior to his death.

    	 

    	 

    

10.4
       Conditions to Issuance of Shares. 

(a)
       Except where the Plan specifies the manner in which Shares shall be delivered or deemed
to be delivered, the Administrator shall determine such manner. Notwithstanding anything herein, the Company shall not be required
to issue or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless
and until the Administrator has determined, with advice of counsel, that (i) the issuance of such Shares is in compliance with
Applicable Law and the Shares are covered by an effective registration statement or applicable exemption from registration or
(ii) the Shares are restricted securities, as that term is defined in Rule 144 promulgated under the Securities Act, and the certificate
representing them bears a legend to such effect. In addition to the terms and conditions provided herein, the Administrator may
require that a Holder make such reasonable covenants, agreements and representations as the Administrator deems advisable to comply
with Applicable Law.

(b)
       All share certificates delivered pursuant to the Plan and all Shares issued pursuant
to book entry procedures shall be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary
or advisable to comply with Applicable Law. The Administrator may place legends on any share certificate or book entry to reference
restrictions applicable to the Shares (including restrictions applicable to Restricted Stock).

(c)
       The Administrator shall have the right to require any Holder to comply with any timing
or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation
that may be imposed by the Administrator.

(d)
       No fractional Shares shall be issued and the Administrator shall determine whether cash
shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding down.

(e)
       The Company may (i) retain physical possession of any stock certificate evidencing
Shares until any restrictions thereon shall have lapsed and/or (ii) require that the stock certificates evidencing such Shares
be held in custody by a designated escrow agent (which may but need not be the Company) until the restrictions thereon shall have
lapsed, and that the Holder deliver a stock power, endorsed in blank relating to such Shares.

(f)
       Notwithstanding any other provision of the Plan, unless otherwise determined by the
Administrator or required by Applicable Law, the Company shall not deliver to any Holder certificates representing Shares issued
in connection with any Award and instead such Shares shall be recorded in the books of the Company (or, as applicable, its transfer
agent or stock plan administrator).

10.5
       Forfeiture and Claw-Back Provisions. All Awards (including any proceeds,
gains or other economic benefit actually or constructively received by a Holder upon any receipt or exercise of any Award or upon
the receipt or resale of any Shares underlying the Award and any payments of a portion of an incentive-based bonus pool allocated
to a Holder) shall be subject to the provisions of any claw-back policy implemented by the Company, including any claw-back policy
adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other Applicable
Law, whether or not such policy was in place at the time of grant of an Award, to the extent set forth in such claw-back policy
and/or in the applicable Award Agreement.

10.6
       Repricing. The Administrator shall, without the approval of the Shareholders,
have authority to (a) amend any outstanding Option or SAR to reduce its exercise price per Share, or (b) cancel any
Option or SAR in exchange for cash or another Award.

10.7
       Amendment of Awards. Subject to Applicable Law, the Administrator may
amend, modify or terminate an outstanding Award, including substituting therefor another Award of any kind, changing the date
of exercise or settlement and converting an Incentive Stock Option to a Non-Qualified Stock Option. The Holder’s consent
to such action shall be required unless (a) the Administrator determines that the action, taking into account any related
action, would not materially and adversely affect the Holder, or (b) the change is otherwise permitted.

10.8
       Data Privacy. As a condition of receipt of an Award and by virtue of accepting
it, a Holder shall be deemed to have explicitly and unambiguously consented to the collection, use, disclosure to third parties
and transfer by the Company and its Subsidiaries in any form, of his personal data to the extent permitted or required by Applicable
Law, for the exclusive purpose of implementing, administering and managing his participation in the Plan. Such personal data includes,
but is but not limited to, the Holder’s name, home address and telephone number, date of birth, social security or insurance
number or other identification number, salary, nationality, job title(s), shares of stock held in the Company or any of its Subsidiaries
and details of his Awards. Through acceptance of an Award, each Holder authorizes such recipients to receive, possess, use, retain
and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Holder’s
participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with
whom the Company or any of its Subsidiaries or the Holder may elect to deposit any Shares. A Holder shall have all rights with
respect to such information as are conferred by Applicable Law. The Company may disqualify a person who is otherwise an Eligible
Individual from participation in the Plan and, if the Administrator so determines, it may without liability to the Holder terminate
any or all of his Awards if he withdraws his consent as described herein.

    	 

    	 

    

ARTICLE
11. ADMINISTRATION 

11.1       Administrator.
The Committee shall administer the Plan (except as otherwise permitted herein). To the extent necessary to comply with
Rule 16b-3, the Committee shall take all action with respect to such Awards, and the individuals taking such action shall consist
solely of two or more Non-Employee Directors, each of whom shall be a “non-employee director” as defined by Rule 16b-3.
To the extent required by Applicable Law, each individual constituting the Committee shall be an “independent director”
under the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. Notwithstanding
the foregoing, (i) any action taken by the Committee shall be valid and effective, even if its members at the time of such
action are later determined not to have satisfied the requirements for membership set forth in this Section 11.1 or the Organizational
Documents and (ii)(A) the Board shall conduct the general administration of the Plan respecting Awards to Non-Employee Directors
and, with respect to such Awards, the term “Administrator” shall be deemed to refer to the Board and (B) the
Board or the Committee may delegate its authority hereunder to the extent permitted by Section 11.6.

11.2
       Duties and Powers of Administrator. The Administrator shall conduct the
general administration of the Plan and shall have power (i) to interpret the Plan, all Programs and Award Agreements, and to adopt
such rules for the administration, interpretation and application of the Plan and any Program as are not inconsistent with the
Plan, (ii) to interpret, amend or revoke any such rules and (iii) to amend the Plan or any Program or Award Agreement, provided
that the rights or obligations of the Holder of an Award that is the subject of any such Program or Award Agreement are not
materially and adversely affected thereby, unless his consent is obtained or such amendment is otherwise permitted. The Board
may at any time and from time to time exercise any and all powers and duties of the Committee in its capacity as the Administrator,
except with respect to matters which under Rule 16b-3 or the rules of any securities exchange or automated quotation system on
which the Shares are listed, quoted or traded are required to be determined by the Committee. The Company, the Board, the Committee
and the Administrator shall act or refrain from acting and make determinations in all matters relating to the Plan in their sole
discretion, except where the Plan or Applicable Law requires otherwise.

11.3
Action by the Administrator. Unless otherwise established by the Board, set forth in any Organizational Documents
or required by Applicable Law, a majority of the members of the Administrator shall constitute a quorum and the acts of a majority
of such members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Administrator
in lieu of a meeting, shall be the acts of the Administrator.

11.4
       Authority. Subject to the Organizational Documents, any specific designation
in the Plan and Applicable Law, the Administrator shall have exclusive power and authority to:

(a)
       Designate Eligible Individuals;

(b)
       Determine the kind or kinds of Awards to be granted to each Eligible Individual (including
any Awards granted in tandem with another Award);

(c)
       Determine the Awards to be granted and the number of Shares to which each relates;

(d)
       Determine the terms and conditions of any Award, including its exercise price, grant
price, purchase price, any Performance Criteria or other performance criteria, any restrictions or limitations on the Award, any
schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or
waivers thereof, and any provisions related to non-competition and claw-back and recapture of gain on an Award, based in each
case on such considerations as the Administrator determines;

(e)
       Determine whether, to what extent, and under what circumstances an Award may be settled
in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled,
forfeited, or surrendered;

(f)
       Prescribe the forms of each Award Agreements, which need not be identical;

(g)
       Decide all other matters to be determined in connection with an Award;

(h)
       Establish, adopt, or revise any Programs, rules and regulations as it may deem necessary
or advisable to administer the Plan;

(i)
       Interpret the terms of, and any matter arising pursuant to, the Plan, any Program or
any Award Agreement;

(j)
       Make all other decisions and determinations that may be required pursuant to the Plan
or as the Administrator deems necessary or advisable to administer the Plan; and

(k)
       Accelerate wholly or partially the vesting or lapse of restrictions of any Award or
portion thereof at any time, subject to such terms and conditions as it specifies and Section 12.2.

    	 

    	 

    

11.5
       Decisions Binding. The Administrator’s interpretation of the Plan,
any Awards granted pursuant to the Plan, any Program or any Award Agreement and all decisions and determinations by the Administrator
with respect to the Plan are final, binding and conclusive on all persons.

11.6
       Delegation of Authority. The Board or Committee may delegate to a committee
of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other
administrative actions pursuant to this Article 11; provided, however, that in no event shall an officer of the Company
be delegated the authority to grant Awards to, or amend Awards held by (a) individuals who are subject to Section 16 of the
Exchange Act or (b) officers of the Company or Directors to whom authority to grant or amend Awards has been delegated hereunder;
provided, further, that any such delegation shall be permitted only to the extent it is permissible under any Organizational
Documents and Applicable Law. Any delegation hereunder shall be subject to such restrictions and limitations as the Board or Committee
shall specify or that are otherwise included in the applicable Organizational Documents, and the Board or Committee may at any
time rescind the authority so delegated or appoint a new delegee. A delegee shall serve at the pleasure of the Board or the Committee
and the Board or the Committee may abolish any committee at any time and revest in itself any delegated authority.

ARTICLE
12. MISCELLANEOUS 

12.1
       Amendment, Suspension or Termination of the Plan. 

(a)
       Except as otherwise provided in Section 13.1(b), the Plan may be wholly or partially
amended or otherwise modified, suspended or terminated by the Board; provided that, except as provided in Section 10.7
and Section 12.10, no such amendment, suspension or termination shall, without the consent of the Holder of an Award, materially
and adversely affect any rights or obligations thereunder, unless the Award expressly so permits.

(b)
       Notwithstanding the provisions of Section 12.1(a) and except as provided in Section 12.2,
the Board may not increase the Share Limit without approval of the Shareholders given within 12 months before or after such action.

(c)
       No Award may be granted or awarded during any period of suspension or after termination
of the Plan, and notwithstanding anything herein, no Incentive Stock Option may be granted after the tenth anniversary of the
earlier of (i) the date on which the Plan was adopted by the Board or (ii) the date the Plan was approved by the Shareholders.

12.2
       Changes in Common Stock or Assets; Certain Corporate Events. 

(a)
       In the event of any stock dividend, stock split, combination or exchange of shares,
merger, consolidation or other distribution (other than normal cash dividends) of assets to the Shareholders, or any other change
affecting shares of the Company’s stock or the share price of the Company’s stock other than an Equity Restructuring,
the Administrator may make equitable adjustments, if any, to reflect such change with respect to: (i) the aggregate number
and kind of Shares that may be issued under the Plan (including adjustments of the Share Limit and kind of Shares which may be
issued under the Plan, and adjustments of the Director Limit); (ii) the number and kind of Shares (or other securities or property)
subject to outstanding Awards; (iii) the terms and conditions of any outstanding Awards (including any applicable performance
targets or criteria with respect thereto); (iv) the grant or exercise price per share for any outstanding Awards; and (v) the
number and kind of Shares (or other securities or property) for which automatic grants are subsequently to be made to new and
continuing Non-Employee Directors pursuant to Section 4.6.

(b)
       In the event of any transaction or event described in Section 12.2(a) or any unusual
or nonrecurring transactions or events affecting the Company or a Subsidiary or the financial statements of the Company or a Subsidiary,
or of changes in Applicable Law or Applicable Accounting Standards, the Administrator on such terms and conditions as it deems
appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event, may take
any one or more of the following actions whenever the Administrator determines that it is appropriate in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award,
to facilitate such transactions or events or to give effect to such changes in Applicable Law or Applicable Accounting Standards:

(i)
       Provide for the termination of any such Award in exchange for an amount of cash and/or
other property with a value equal to the amount that would have been attained upon the exercise of such Award or realization of
the Holder’s rights and if, as of the date of the occurrence of the transaction or event described in this Section 12.2,
the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization
of the Holder’s rights, terminate such Award without payment;

    	 

    	 

    

(ii)
       Provide that such Award shall be assumed by the successor or survivor corporation, or
a parent or subsidiary thereof, or be replaced by similar options, rights or awards covering the stock of the successor or survivor
corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and applicable
exercise or purchase price, in all cases, as determined by the Administrator;

(iii)       Make
adjustments in the number and type of Shares of the Company’s stock (or other securities or property) subject to outstanding
Awards, and/or in the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding
Awards and future Awards;

(iv)       Cause
such Award to be exercisable or payable or fully vested with respect to all Shares covered thereby, notwithstanding anything in
the Plan or the applicable Program or Award Agreement;

(v)
       Replace such Award with other rights or property selected by the Administrator; or

(vi)       Determine
that such Award cannot vest, be exercised or become payable after such event.

(c)
       In connection with the occurrence of any Equity Restructuring, and notwithstanding anything
in Sections 12.2(a) and 12.2(b):

(i)
       The number and type of securities subject to each outstanding Award and the exercise
price or grant price thereof, if applicable, shall be equitably adjusted and such shall be nondiscretionary and shall be final
and binding on the Holder; and/or

(ii)
       The Administrator shall make such equitable adjustments, if any, as the Administrator
may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of Shares that may be
issued under the Plan (including adjustments of the Share Limit and kind of Shares which may be issued under the Plan.

(d)
       Notwithstanding any other provision of the Plan, in the event of a Change in Control,
unless the Administrator elects to (i) terminate an Award in exchange for cash, rights or property, or (ii) cause an
Award to become fully exercisable and no longer subject to any forfeiture restrictions prior to the consummation of a Change in
Control, pursuant to Section 12.2, (A) such Award (other than any portion subject to performance-based vesting) shall continue
in effect or be assumed or an equivalent Award substituted by the successor corporation or a parent or subsidiary of the successor
corporation and (B) the portion of such Award subject to performance-based vesting shall be subject to the terms and conditions
of the related Award Agreement and, in the absence of applicable terms and conditions, the Administrator’s determination,
provided, that in the event a Holder experiences a Termination of Service by the Company for other than Cause or by the
Holder for Good Reason following such Change in Control, then the vesting and, if applicable, exercisability of 100% of the then-unvested
Shares (or other securities or property) subject to the Awards held by such Holder shall accelerate upon the date of such Termination
of Service.

(e)
       In the event that the successor corporation in a Change in Control refuses to assume
or substitute for an Award (other than any portion subject to performance-based vesting), the Administrator shall cause such Award
to become fully vested and, if applicable, exercisable immediately prior to the consummation of such transaction and all forfeiture
restrictions on such Award to lapse and, to the extent unexercised upon the consummation of such transaction, to terminate in
exchange for cash, rights or other property pursuant to Section 12.2(b)(i). The Administrator shall notify the Holder of
any Award that becomes exercisable pursuant to the preceding sentence that such Award shall be fully exercisable for a period
of 15 days from the date of such notice, contingent upon the occurrence of the Change in Control, and such Award shall terminate
upon the consummation of the Change in Control in accordance with the preceding sentence.

(f)
       For the purposes of this Section 12.2, an Award shall be considered assumed if,
following the Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately
prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change
in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered
a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided,
however, that if such consideration received in the Change in Control was not solely common stock of the successor corporation
or its parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received
upon the exercise of the Award, for each Share subject to an Award, to be solely common stock of the successor corporation or
its parent equal in fair market value to the per-share consideration received by holders of Common Stock in the Change in Control.

(g)
       The Administrator may include such further provisions and limitations in any Award,
agreement or certificate, as it may deem equitable and in the best interests of the Company that are not inconsistent with the
provisions of the Plan.

(h)
       Unless otherwise determined by the Administrator, no adjustment or action described
in this Section 12.2 or in any other provision of the Plan shall be authorized to the extent it would (i)  cause the
Plan to contravene Section 422(b)(1) of the Code or (ii) result in short-swing profits liability under Section 16
of the Exchange Act or violate the exemptive conditions of Rule 16b-3, or (iv) cause an Award to fail to be exempt from or
comply with Section 409A.

(i)
       The existence of the Plan, any Program, any Award Agreement and/or the Awards granted
hereunder shall not affect or restrict in any way the right or power of the Company or its Shareholders to make or authorize any
adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger
or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures,
preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are
convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of
all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

    	 

    	 

    

(j)
       In the event of any pending stock dividend, stock split, combination or exchange of
shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to its Shareholders,
or any other change affecting the Shares or the share price of the Common Stock including any Equity Restructuring, for reasons
of administrative convenience, the Company may refuse to permit the exercise of any Award during a period of up to thirty (30) days
prior to the consummation of any such transaction.

12.3
       Shareholder Approval. The Plan shall be submitted for the approval of
the Company’s Shareholders within 12 months after the date of the Board’s initial adoption of the Plan.

12.4
       No Shareholder Rights. Except as otherwise provided herein or in an applicable
Program or Award Agreement, a Holder shall have none of the rights of a Shareholder with respect to Shares covered by any Award
until the Holder becomes the record owner of such Shares.

12.5
       Paperless Administration. If the Company establishes , for itself or using
the services of a third party, an automated system for the documentation, grant or exercise of Awards, the paperless documentation,
grant or exercise of Awards by a Holder may be permitted through the use thereof.

12.6
       Effect of Plan upon Other Compensation Plans. Nothing in the Plan shall
be construed to limit the right of the Company or any Subsidiary: (a) to establish any other form of incentive or compensation
for Employees, Directors or Consultants of the Company or any Subsidiary, or (b) to grant or assume options or other rights
or awards otherwise than under the Plan.

12.7
       Compliance with Laws. The Plan, the grant and vesting of Awards and the
issuance and delivery of Shares and the payment of money under the Plan or under Awards are subject to compliance with all Applicable
Law, and to such approvals by any listing, regulatory or governmental authority as may be necessary or advisable in connection
therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities
shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary
or desirable to assure compliance with all Applicable Law. The Administrator may take whatever actions it deems necessary or appropriate
to effect compliance with Applicable Law. Notwithstanding anything herein, the Administrator may not take any actions hereunder,
and no Awards shall be granted, that violate Applicable Law. To the extent permitted by Applicable Law, the Plan and Awards hereunder
shall be deemed amended to the extent necessary to conform to Applicable Law.

12.8
       Titles and Headings, References to Sections of the Code or Exchange Act.
The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the
text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall
include any amendment or successor thereto.

12.9
       Governing Law. The Plan and any Programs and Award Agreements hereunder
shall be administered, interpreted and enforced under the internal laws of the State of Florida without regard to conflicts of
laws thereof or of any other jurisdiction.

12.10
       Section 409A. To the extent that the Administrator determines that an
Award is subject to Section 409A, the Plan, the Program pursuant to which such Award is granted and the Award Agreement respectin
such Award shall incorporate the terms and conditions required by Section 409A. In that regard, to the extent any Award or
any other compensatory plan or arrangement of the Company or any of its Subsidiaries is subject to Section 409A, and such
Award or other amount is payable on account of a Holder’s Termination of Service (or any similarly defined term), (a) such
Award or amount shall only be paid to the extent that such Termination of Service qualifies as a “separation from service”
as defined in Section 409A, and (b) if such Award or amount is payable to a “specified employee” as defined
in Section 409A, then, to the extent required in order to avoid a prohibited distribution under Section 409A, such Award
or other compensatory payment shall not be payable prior to the earlier of (i) the expiration of the 6-month period measured
from the date of the Holder’s Termination of Service, or (ii) the date of the Holder’s death. To the extent applicable,
the Plan, the Program and any Award Agreements shall be interpreted in accordance with Section 409A. In the event that the
Administrator determines that any Award may be subject to Section 409A, the Administrator may (but shall not be obligated
to), without a Holder’s consent, adopt such amendments to the Plan and the applicable Program and Award Agreement or adopt
other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions,
as the Administrator determines are necessary or appropriate to (A) exempt the Award from Section 409A and/or preserve
the intended tax treatment of the benefits provided with respect to the Award, or (B) comply with the requirements of Section 409A
and thereby avoid the application of any penalty taxes under Section 409A. The Company makes no representations or warranties
as to the tax treatment of any Award under Section 409A or otherwise. The Company shall have no obligation under this Section 12.10
or otherwise to take any action (whether or not described herein) to avoid the imposition of taxes, penalties or interest under
Section 409A with respect to any Award and shall have no liability to any Holder or any other person if any Award, compensation
or other benefits under the Plan is determined to constitute non-compliant, “nonqualified deferred compensation” subject
to the imposition of taxes, penalties and/or interest under Section 409A.

    	 

    	 

    

12.11
       Unfunded Status of Awards. The Plan is intended to be an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Holder pursuant to an Award, nothing contained
in the Plan or any Program or Award Agreement shall give the Holder any rights that are greater than those of a general creditor
of the Company or any Subsidiary.

12.12
       Relationship to other Benefits. No payment pursuant to the Plan shall
be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare
or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other
plan or an agreement thereunder.

12.13
       Expenses. The expenses of administering the Plan shall be borne by the
Company.

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