Document:

Exhibit 10.1

 

 

HD SUPPLY HOLDINGS, INC.

AMENDED AND RESTATED EMPLOYEE STOCK PURCHASE PLAN

 

ARTICLE I

PURPOSE

 

The purpose of the HD Supply Holdings, Inc. Amended and Restated Employee Stock Purchase Plan, as amended and restated herein, is to provide Employees of the Company and its Subsidiaries with an opportunity to purchase Common Stock of the Company through payroll deductions. The Plan is not intended to satisfy the requirements of Code Section 423.

 

ARTICLE II

DEFINITIONS

 

Whenever used herein, the following terms shall have the respective meanings set forth below:

 

(a)                                 “Acquisition Date” means the last day of each Offering Period at which time the Shares subject to a Share Purchase Right granted under the Plan may be purchased by or on behalf of the Participant.

 

(b)                                 “Administrator” means the Committee. If the Committee delegates administrative authority hereunder to any other person or group of persons pursuant to Section 10.2, such person or group of persons shall be deemed to be the Administrator hereunder to such extent and subject to the restrictions set forth in Section 10.2, and provided further that delegation by such persons shall not be permitted hereunder. The Committee has designated each of the following Company officers to serve as Administrator until such time as such delegation is changed pursuant to Section 10.2: Chief Administrative Officer and Chief People Officer.

 

(c)                                  “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the Securities Act.

 

(d)                                 “Board” means the Company’s board of directors.

 

(e)                                  “Change in Control” means the first to occur of any of the following events after the Effective Date, whether such event occurs as a single transaction or as a series of related transactions: (i) the acquisition, directly or indirectly, by any person, entity or “group” (as defined in Section 13(d) of the Exchange Act) of beneficial ownership of more than 50% of the combined voting power of the Company’s then outstanding voting securities, other than any such acquisition by the Company, any of its Subsidiaries, any employee benefit plan of the Company or any of its Subsidiaries, or any Affiliates of the 

 

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foregoing; (ii) the merger, consolidation or other similar transaction involving the Company, as a result of which persons who were holders of voting securities of the Company immediately prior to such merger, consolidation, or other similar transaction do not immediately thereafter, beneficially own, directly or indirectly, more than 50% of the combined voting power entitled to vote generally in the election of directors of the merged or consolidated company; (iii) within any 24-month period, the persons who were directors of the Company at the beginning of such period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board, provided that any director elected or nominated for election to the Board by a majority of the Incumbent Directors still in office shall be deemed to be an Incumbent Director for purpose of this clause (iii); (iv) the approval by the Company’s stockholders of the liquidation or dissolution of the Company other than a liquidation of the Company into any Subsidiary or a liquidation as a result of which persons who were holders of voting securities of the Company immediately prior to such liquidation, own, directly or indirectly, more than 50% of the combined voting power entitled to vote generally in the election of directors of the entity that holds substantially all of the assets of the Company following such event; or (v) the sale, transfer or other disposition of all or substantially all of the assets of the Company to one or more persons or entities that are not, immediately prior to such sale, transfer or other disposition, Affiliates of the Company; in each case, provided that, as to Share Purchase Rights that are subject to and not exempt from Code Section 409A, such event also constitutes a “change in control” within the meaning of Code Section 409A. In addition, notwithstanding the foregoing, a “Change in Control” shall not be deemed to occur if the Company files for bankruptcy, liquidation or reorganization under the United States Bankruptcy Code or as a result of any restructuring that occurs as a result of any such proceeding.

 

(f)                                   “Code” means the Internal Revenue Code of 1986, as amended.

 

(g)                                  “Committee” means the Compensation Committee of the Board.

 

(h)                                 “Common Stock” means the common stock, par value $0.01 per share, of the Company and such other stock or securities into which such common stock is hereafter converted or for which such common stock is exchanged.

 

(i)                                     “Company” means HD Supply Holdings, Inc., a Delaware corporation, and any successor thereto.

 

(j)                                    “Compensation” means an Employee’s base salary or wages, commissions, military, parental leave and overtime pay. Compensation shall be determined prior to the Employee’s pre-tax contributions pursuant to Code Sections 125 or 401(k). If determined by the Committee, other forms of compensation may be included in or excluded from the definition of Compensation.

 

(k)                                 “Contribution” means the amount of an after-tax payroll deduction an Employee has made, as set out in such Employee’s payroll deduction authorization form. If the Administrator so determines, a Contribution for Employees on a Company-approved leave of absence shall include a cash contribution equal to the amount of the after-tax payroll deduction an Employee would have made if such Employee had been

 

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receiving Compensation during the Company-approved leave of absence. Except as otherwise specified by the Administrator, payroll deductions made with respect to Employees paid in currencies other than U.S. dollars will be accumulated in local currency and converted to U.S. dollars as of the Acquisition Date.

 

(l)                                     “Designated Subsidiary” means, unless determined by the Administrator, the Company’s: (i) domestic Subsidiaries located in the United States or any United States territory, (ii) foreign Subsidiaries located in Canada, and (iii) any other Subsidiary that has been designated by the Administrator as eligible to participate in the Plan.

 

(m)                             “Effective Date” means the date of the first Offering Period beginning after the date the Plan is approved by the stockholders of the Company.

 

(n)                                 “Employee” means any person who performs services for, and who is classified as an employee on the payroll records of, the Company or a Designated Subsidiary.

 

(o)                                 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(p)                                 “Fair Market Value” of a Share as of any date of determination shall be: (i) if the Company Common Stock is listed on any established stock exchange or a national market system, the closing price for such date per share of Company Common Stock as reported on such stock exchange or system; (ii) if there are no transactions in the Company Common Stock that are available on any date of determination pursuant to clause (i), but transactions are available to the Company as of the immediately preceding trading date, then the Fair Market Value shall be determined as of the immediately preceding trading date; or (iii) if neither clause (i) nor clause (ii) apply on any date of determination, then the Fair Market Value shall be determined in good faith by the Committee with reference to (x) the most recent valuation of the Company Common Stock performed by an independent valuation consultant or appraiser of nationally recognized standing, if any, (y) sales prices of securities issued to investors in any recent arm’s length transactions, and (z) any other factors determined to be relevant by the Committee.

 

(q)                                 “Offer Date” means the first day of each Offering Period.

 

(r)                                    “Offering Period” means a period of time specified by the Administrator, beginning on the Offer Date and ending on the Acquisition Date.

 

(s)                                   “Participant” means an Employee who becomes a participant in the Plan pursuant to Article V.

 

(t)                                    “Person” means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or any other entity of whatever nature.

 

(u)                                 “Plan” means the HD Supply Holdings, Inc. Amended and Restated Employee Stock Purchase Plan, as amended and restated herein as of the Effective Date.

 

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(v)                                 “Purchase Price” means the purchase price per Share subject to the Share Purchase Right determined pursuant to Section 6.3.

 

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

 

(x)                                 “Share” means a share of Common Stock.

 

(y)                                 “Share Purchase Right” means a right that entitles the holder to purchase from the Company a stated number of Shares in accordance with, and subject to, the terms and conditions of the Plan.

 

(z)                                  “Subsidiary” means any entity, including a partnership or other flow-through entity, that is directly or indirectly controlled by the Company or any entity in which the Company directly or indirectly has at least a 50% equity interest, regardless of whether such entity is a corporate subsidiary within the meaning of Code Section 424.

 

ARTICLE III

AVAILABLE SHARES AND ADJUSTMENTS

 

Section 3.1  Available Shares. Subject to adjustments as provided in this Article III, the maximum number of Shares available for purchase under the Plan on or after the Effective Date is two million two hundred thousand (2,200,000) Shares. Shares issued under the Plan may be authorized but unissued, treasury, or reacquired Common Stock.

 

Section 3.2  Adjustments.

 

(a)  Changes in Capitalization.  In the event of any stock dividend, stock split, spinoff, rights offering, extraordinary dividend, combination or exchange of Shares, recapitalization or other change in the capital structure of the Company constituting an “equity restructuring” within the meaning of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 718 (“FASB ASC Topic 718”), the Administrator shall make or provide for equitable adjustments in (i) the number and type of Shares or other securities or property covered by outstanding Share Purchase Rights, (ii) the Purchase Price specified therein, (iii) the kind of Shares covered thereby (including shares of another issuer); and (iv) adjustment to the limitations in Section 3.1 on the maximum number and kind of Shares that may be issued under the Plan. The Administrator in its sole discretion and in good faith should determine the form of the adjustment required to prevent dilution or enlargement of the rights of Participants and shall, in furtherance thereof, take such other actions with respect to any outstanding Share Purchase Right as it determines to be equitable, which may include a cash payment to the Participant equivalent to the value of any dilution of the rights of such Participant. In the event of any merger, consolidation, or any other corporate transaction or event having a similar effect that is not an “equity restructuring” with the meaning of FASB ASC Topic 718, the Administrator in its sole discretion may, in addition to the actions permitted to be taken in respect of an equity restructuring, provide in substitution for any or all outstanding Share Purchase Rights under this Plan such alternative consideration as it may in good faith determine to be equitable under the circumstances and may require in connection with such alternative consideration the surrender of all Share Purchase Rights so replaced. After any adjustment made by the

 

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Administrator pursuant to this Section 3.2, the number of shares subject to each outstanding Share Purchase Right shall be rounded down to the nearest whole number. Any adjustment pursuant to this Section 3.2 shall be effected in compliance with Code Section 409A to the extent applicable. All determinations and adjustments made by the Administrator in good faith pursuant to this Section 3.2 shall be final and binding on the affected Participants and the Company.

 

(b)  Change in Control.  Notwithstanding any other provision of this Plan, in the event of a Change in Control, the Administrator, in its sole discretion, may take whatever action it deems necessary or appropriate in connection therewith, including, but not limited to (i) shortening any Offering Period then in progress and refunding any amounts accumulated in a Participant’s account for such Offering Period, (ii) cancelling all outstanding Share Purchase Rights as of the Change in Control date and paying each holder thereof an amount equal to the difference between the per Share Fair Market Value as of the Change in Control date and the Purchase Price determined in accordance with Section 6.3, or (iii) for each outstanding Share Purchase Right, granting a substitute right to purchase shares (in a manner consistent with Code Section 409A to the extent applicable). Nothing in this Section 3.2(b) shall affect in any way the Board or Committee’s right to terminate the Plan at any time pursuant to Section 10.7 or 10.8.

 

(c)  Insufficient Shares.  If the Administrator determines that, on a given Acquisition Date, the number of Shares that may be purchased under the outstanding Share Purchase Rights for the applicable Offering Period may exceed (i) the number of Shares that were available for issuance under the Plan on the Offer Date of the applicable Offering Period or (ii) the number of Shares available for sale under the Plan on such Acquisition Date, including but not limited to by reason of a limitation on the maximum number of Shares that may be purchased set by the Committee pursuant to Section 6.2(a) or (b), the Administrator shall make a pro rata allocation of the Shares available for issuance on such Acquisition Date in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants purchasing Shares on such Acquisition Date, and unless additional Shares are authorized for issuance under the Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 10.7 hereof. If the Plan is so terminated, then the balance of the amount credited to the Participant’s account which has not been applied to the purchase of Shares shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable without any interest thereon. The Company may make a pro rata allocation of the Shares available on the Offer Date of any applicable Offering Period pursuant to the first sentence of this section, notwithstanding any authorization of additional Shares for issuance under the Plan by the Company’s stockholders subsequent to such Offer Date.

 

ARTICLE IV

ELIGIBILITY

 

Section 4.1  Eligible Employees.  Any person who is an Employee of the Company or a Designated Subsidiary as of the Offer Date for a given Offering Period shall be eligible to participate in the Plan for such Offering Period, subject to the requirements of this Article IV. Notwithstanding the foregoing, the Committee may, on a prospective basis, (i) exclude from

 

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participation in the Plan, Employees (a) whose customary employment is for not more than 20 hours per week or five months per year, (b) who are citizens or residents of a non-U.S. jurisdiction, (c) who are classified as temporary Employees on the payroll records of the Company or a Designated Subsidiary, (d) who are on an unpaid leave of absence, (e) who are highly compensated employees within the meaning of Code Section 414(q), or (f) who are Employees subject to the disclosure requirements of Section 16(a) of the Exchange Act, and (ii) impose a generally applicable eligibility service requirement of up to two years of employment.

 

Section 4.2  Five Percent Stockholders.  Notwithstanding the foregoing, no Employee may participate in the Plan if such Employee, immediately after an option is granted under the Plan, owns, or would own, stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of its parent or subsidiary corporations as contemplated by Code Section 423. The rules of Code Section 424 shall apply in determining stock ownership and parent and subsidiary corporations. The stock which the Employee may purchase under outstanding options shall be treated as stock owned by the Employee.

 

Section 4.3  Participants Who Become Ineligible.  With respect to a Participant who becomes ineligible to participate in the Plan during an Offering Period other than due to employment termination, Contributions that have accumulated in the Participant’s account shall be used to purchase Common Stock on the Acquisition Date unless such Participant elects to withdraw in accordance with Article IX. Unless otherwise determined by the Administrator, in the event an Employee who again satisfies the eligibility conditions and has not withdrawn, payroll deductions shall resume automatically in accordance with his or her most recent payroll deduction authorization form in effect prior to becoming ineligible.

 

ARTICLE V

PARTICIPATION

 

Section 5.1  Enrollment Procedures.  An eligible Employee may become a Participant in the Plan by completing a payroll deduction authorization form and any other required enrollment documents provided by the Administrator or its designee and submitting them to the Administrator or its designee in accordance with the rules established by the Administrator. The enrollment documents, which may be in electronic form, shall set forth the portion of the Participant’s Compensation, in accordance with Section 6.2(a), including any minimum Contribution amount and any minimum Contribution increments, to be paid as Contributions pursuant to the Plan. An Employee’s payroll deduction authorization shall become effective on the Offer Date. Amounts deducted from a Participant’s Compensation pursuant to this Article V shall be credited to the Participant’s Plan account. No interest shall be payable on the amounts credited to the Participant’s Plan account.

 

Section 5.2  Changes to Enrollment.  A Participant’s election to participate in the Plan with respect to an Offering Period shall enroll such Participant in the Plan for each successive Offering period at the same payroll deduction election as in effect at the termination of the prior Offering Period, unless (i) such Participant delivers to the Company a different election with respect to the successive Offering Period by such time and in such manner as is designated by the Administrator for enrollment in the Plan for such successive Offering

 

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Period, (ii) such Participant withdraws from the Plan pursuant to Article IX or becomes ineligible for participation in the Plan or (iii) the Administrator determines that elections for all Participants shall cease at the end of an applicable Offering Period. Unless otherwise determined by the Administrator, a Participant may not increase or decrease the rate of payroll deductions during an Offering Period.

 

Section 5.3  Equal Rights and Privileges.  Each Employee who is granted a Share Purchase Right under the Plan for any Offering Period shall have the same rights and privileges as all other Employees granted Share Purchase Rights under the Plan for such Offering Period.

 

ARTICLE VI

SHARE PURCHASE RIGHTS

 

Section 6.1  Number of Shares.  Each eligible Employee who on the Offer Date is a Participant in such Offering Period shall be granted a Share Purchase Right to purchase Shares on the Acquisition Date for such Offering Period. Subject to the limitations set forth in Section 6.2, the number of Shares subject to such Share Purchase Right shall be the number of whole Shares determined by dividing the Purchase Price into the balance credited to the Participant’s account as of the Acquisition less any tax withholding amount deducted pursuant to Section 10.3.

 

Section 6.2  Limitation on Purchases.  Participant purchases are subject to adjustment as provided in Section 3.2(c) and to the following limitations:

 

(a)  Offering Period Limitation.  The maximum aggregate Fair Market Value of Shares that a Participant shall have the right to purchase in any Offering Period pursuant to a Share Purchase Right shall be equal to the lesser of 15% of the Participant’s Compensation earned during such Offering Period or $12,500, or such other percentage or fixed dollar amount as the Committee shall determine. The Committee may also set a maximum aggregate number of Shares that may be purchased pursuant to Share Purchase Rights with respect to any Offering Period or on any Acquisition Date.

 

(b)  Refunds.  As of the first date on which a Participant’s ability to purchase Shares is limited by this Section 6.2, the Participant’s payroll deductions shall terminate, and any excess payroll deductions credited to his or her account shall be paid to the Participant in a lump sum as soon as reasonably practicable without any interest thereon.

 

Section 6.3  Purchase Price.  The purchase price per Share with respect to an Offering Period shall be equal to eighty-five percent (85%) of the Fair Market Value of a Share on the date on which an Offering Period ends; provided, however, that the Committee may determine a different per share Purchase Price provided that: (i) such per share Purchase Price is communicated to Participants before the beginning of the Offering Period, and (ii) in no event shall such per share Purchase Price be less than 85% of the Fair Market Value of a Share on the date on which an Offering Period ends.

 

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Article VII

PURCHASE OF SHARES UNDER SHARE PURCHASE RIGHTS

 

Section 7.1  Purchase.  Unless a Participant withdraws from the Plan as provided in Article IX, each Participant shall automatically purchase and acquire as of the Acquisition Date the number of whole Shares subject to the Share Purchase Right that may be purchased at the Purchase Price for that Share Purchase Right with the Contributions in such Participant’s account. Any surplus in the account that is insufficient to purchase a whole Share shall be carried forward into the next Offering Period unless the Participant has elected to withdraw from the Plan pursuant to Article IX or the Administrator determines that surplus amounts for Participants shall not be carried forward, in which case such surplus amount shall be distributed to the Participant in a lump sum as soon as reasonably practicable without any interest thereon.

 

Section 7.2  Registration Compliance.

 

(a)                                 No Shares may be purchased under a Share Purchase Right unless the Shares to be issued or transferred upon purchase are covered by an effective registration statement pursuant to the Securities Act or are eligible for an exemption from the registration requirements, and the Plan is in material compliance with all applicable federal, state, foreign and other securities and other laws applicable to the Plan.

 

(b)                                 If, on an Acquisition Date of any Offering Period, the Shares are not registered or exempt or the Plan is not in such compliance, no Shares under the Share Purchase Rights granted under the Plan shall be purchased on the Acquisition Date. The Acquisition Date shall be delayed until the Shares are subject to such an effective registration statement or exempt, and the Plan is in such compliance. The Acquisition Date shall in no event be more than five years from the Offer Date.

 

(c)                                  If, on the Acquisition Date of any Offering Period, as delayed to the maximum extent permissible, the Shares are not registered or exempt and the Plan is not in such compliance, no Shares under the Share Purchase Rights shall be purchased, and all Contributions accumulated during the Offering Period (reduced to the extent, if any, such deductions have been used to acquire Shares) shall be distributed to the Participants in a lump sum as soon as reasonably practicable without any interest thereon.

 

Section 7.3  Delivery of Shares.  As soon as practicable after each Acquisition Date, the Company shall deliver the Shares acquired by each Participant during an Offering Period to the Participant or an account established in the Participant’s name at a stock brokerage or other financial services firm designated by the Company. The Shares purchased by each Participant shall be issued in book entry form; no certificates shall be delivered with respect to the Shares acquired by a Participant.

 

Section 7.4  Vesting.  A Participant’s interest in the Common Stock purchased upon the purchase of Shares under a Share Purchase Right shall be immediately vested and nonforfeitable.

 

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Section 7.5  Nontransferability.  Each Share Purchase Right granted under this Plan shall be nontransferable. During the lifetime of the Participant to whom the Share Purchase Right is granted, the Shares under a Share Purchase Right may be purchased only by the Participant. No right or interest of a Participant in any Share Purchase Right shall be liable for, or subject to, any lien, obligation, or liability of such Participant.

 

Article VIII

RESTRICTIONS ON SALE

 

Shares of Common Stock purchased under the Plan may be subject to any such holding restrictions that the Administrator shall determine to be appropriate with respect to any Offering Period.

 

Article IX

WITHDRAWAL FROM PARTICIPATION

AND TERMINATION OF EMPLOYMENT

 

A Participant shall be deemed to have elected to withdraw from the Plan with respect to an Offering Period in accordance with this Article IX if he or she ceases to be an Employee of the Company or any of its Subsidiaries for any reason, including death, before the Acquisition Date for that Offering Period. A Participant may also revoke his or her payroll deduction authorization form for an Offering Period and withdraw from participation in the Plan for that Offering Period by giving written or electronic notice to the Administrator at such time before the Acquisition Date as may be established by the Administrator. In the event of a Participant’s withdrawal or deemed withdrawal, all of the payroll deductions credited to his or her account shall be paid to the Participant, or to the Participant’s estate in the event of the Participant’s death, in a lump sum as soon as reasonably practicable after receipt of the notice of withdrawal or death, without any interest thereon, and no further payroll deductions shall be made from his or her Compensation for that Offering Period. Unless the Committee determines otherwise, a Participant’s withdrawal (other than due to a termination of employment) during an Offering Period shall not have any effect upon the Participant’s eligibility to participate in the Plan during a subsequent Offering Period.

 

Article X

GENERAL PROVISIONS

 

Section 10.1  Administration.  The Plan shall be administered by the Committee. The Committee may prescribe, amend and rescind rules and regulations relating to the administration of the Plan and make all other determinations necessary or advisable for the administration and interpretation of the Plan. Any authority exercised by the Committee under the Plan shall be exercised by the Committee in its sole discretion. Determinations, interpretations, or other actions made or taken by the Committee under the Plan shall be final, binding, and conclusive for all purposes and upon all persons.

 

Section 10.2  Delegation by the Committee.  Any or all of the powers, duties, and responsibilities of the Administrator hereunder may be delegated by the Committee to, and thereafter exercised by, one or more officers or other persons designated by the Administrator so long as such delegation complies with the requirements of the Delaware General

 

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Corporation Law (“DGCL”), including but not limited to DGCL Sections 152 and 157, and any determination, interpretation, or other action taken by such designee that complies with the requirements of the DGCL, including, but not limited to DGCL Sections 152 and 157, shall have the same effect hereunder as if made or taken by the Committee. Notwithstanding the foregoing, only the Committee shall have the power to determine the Purchase Price for any Offering Period and to determine any other matter required by the DGCL to be determined by the Board, in which case, any reference to “Administrator” shall mean only the Board or Committee.

 

Section 10.3  Tax Withholding.  The Company shall have the power to withhold from Contributions credited to the Participant’s account or from other compensation payable to the Participant, or to require the Participant to remit to the Company, an amount in cash sufficient to satisfy all U.S. federal, state, local, and any non-U.S. withholding tax or other governmental tax, charge or fee requirements in respect of any payment under the Plan.

 

Section 10.4  At-Will Employment.  Nothing in the Plan shall confer upon any Participant any right to continue in the employ of the Company or any of its Subsidiaries or shall interfere with or restrict in any way the rights of the Company and any of its Subsidiaries, which are hereby expressly reserved, to discharge any Participant at any time for any reason whatsoever, with or without cause.

 

Section 10.5  Unfunded Plan; Plan Not Subject to ERISA or Code Section 423.  The Plan is an unfunded plan and Participants shall have the status of unsecured creditors of the Company. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended or Code Section 423. All payroll deductions received or held by the Company under this Plan may be used by the Company for any corporate purpose and the Company shall not be obligated to segregate such payroll deductions.

 

Section 10.6  Freedom of Action.  Nothing in the Plan shall be construed as limiting or preventing the Company or any of its Affiliates from taking any action that it deems appropriate or in its best interest (as determined in its sole and absolute discretion) and no Participant (or person claiming by or through a Participant) shall have any right relating to the diminishment in the value of any account or any associated return as a result of any such action. The foregoing shall not constitute a waiver by a Participant of the terms and provisions of the Plan.

 

Section 10.7  Term of Plan.  The Plan shall be effective upon the Effective Date. The Plan shall terminate on the earlier of (i) the tenth anniversary of the Effective Date, (ii) the termination of the Plan pursuant to Section 10.8 or (iii) the date on which no more Shares are available for issuance under the Plan. Upon termination of the Plan, all funds accumulated in a Participant’s account shall be paid to such Participant in a lump sum as soon as reasonably practicable without any interest thereon, and all Share Purchase Rights shall automatically terminate.

 

Section 10.8  Amendment or Termination.  The Board or the Committee, in its sole discretion, may at any time amend, suspend, discontinue or terminate the Plan at any time, provided that neither the Board or the Committee may materially modify the plan in any way that would require stockholder approval under applicable law. Upon such termination, all

 

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funds accumulated in a Participant’s account at such time shall be paid to such Participant in a lump sum as soon as reasonably practicable without any interest thereon, and all Share Purchase Rights shall automatically terminate.

 

Section 10.9  Severability.  In the event any portion of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provisions had not been included, and the illegal or invalid action shall be null and void.

 

Section 10.10  Assignment.  Except as otherwise provided in this Section 10.10, this Plan shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, representatives, successors, and assigns. Neither this Plan nor any right or interest hereunder shall be assignable by the Participant, his beneficiaries, or legal representatives; provided that nothing in this Section 10.10 shall preclude the Participant from designating a beneficiary to receive any benefit payable hereunder upon his death, or the executors, administrators, or other legal representatives of the Participant or his estate from assigning any rights hereunder to the person or persons entitled thereunto. This Plan shall be assignable by the Company to a Subsidiary or Affiliate of the Company; to any corporation, partnership, or other entity that may be organized by the Company, its general partners, as a separate business unit in connection with the business activities of the Company; or to any corporation, partnership, or other entity resulting from the reorganization, merger, or consolidation of the Company with any other corporation, partnership, or other entity, or any corporation, partnership, or other entity to or with which all or any portion of the Company’s business or assets may be sold, exchanged, or transferred.

 

Section 10.11  Non-Transferability of Rights.  Unless otherwise agreed to in writing by the Administrator, no rights or interests hereunder or part thereof shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, 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), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that nothing in this Section 10.11 shall prevent transfers by will or by the applicable laws of descent and distribution.

 

Section 10.12  Headings.  The Section headings appearing in this Plan are used for convenience of reference only and shall not be considered a part of this Plan or in any way modify, amend, or affect the meaning of any of its provisions.

 

Section 10.13  Rules of Construction.  Whenever the context so requires, the use of the masculine gender shall be deemed to include the feminine and vice versa, and the use of the singular shall be deemed to include the plural and vice versa. The fact that this Plan was drafted by the Company shall not be taken into account in interpreting or construing any provision of this Plan.

 

Section 10.14  Governing Law and Venue.  To the extent not preempted by federal law, the Plan shall be construed in accordance with and governed by the laws of the State of

 

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Delaware regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction. Any and all claims and disputes of any kind whatsoever arising out of or relating to this Plan shall only be brought in the Delaware Chancery Court. By participating in the Plan, the Participant and all persons or entities claiming through the Participant hereby waive any objection which they may now have or may hereafter have to the foregoing choice of venue and further irrevocably submits to the exclusive jurisdiction of the Delaware Chancery Court in any such claim or dispute. In the event that the Delaware Chancery Court determines that it cannot or will not exercise subject matter jurisdiction over such dispute, then the Superior Court of Cobb County, State of Georgia, shall have exclusive jurisdiction and venue over any such claim or dispute.

 

Section 10.15  Conformity to Securities Laws.  The Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated under any of the foregoing, to the extent the Company, any of its Subsidiaries or any Participant is subject to the provisions thereof. Notwithstanding anything herein to the contrary, the Plan shall be administered only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

Section 10.16  Tax Reporting Information.  At the Company’s request, Participants will be required to provide the Company and any Affiliates with any information reasonably required for tax reporting purposes.

 

Section 10.17  Participant Acknowledgment.  By electing to participate in an Offering Period, Participants acknowledge and agree that (i) Participants may be required to hold Shares during any holding periods to which such Shares are subject; (ii) the Shares acquired under the Plan may lose some or all of their value in the future; and (iii) Participants are able to afford to bear the economic risk of holding the Shares for any holding period and of any loss in value of the Shares.

 

Section 10.18  Limitation Period For Claims.  Any Participant or Person who believes such Participant or Person is being denied any benefit or right under the Plan may file a written claim with the Committee. Any claim must be delivered to the Committee within forty-five (45) calendar days of the later of the date of purchase of the Shares or the specific event giving rise to the claim. The Committee will notify such Participant or Person of its decision in writing as soon as administratively practicable. Claims not responded to by the Committee in writing within one hundred twenty (120) calendar days of the date the written claim is delivered to the Committee shall be deemed denied. The Committee’s decision is final and conclusive and binding on all Participants and Persons. No lawsuit relating to the Plan may be filed before a written claim is filed with the Committee and is denied or deemed denied and any lawsuit must be filed, in accordance with the venue provisions of Section 10.14, within one year of such denial or deemed denial or be forever barred.

 

Section 10.19  Code Section 409A.  This Plan is intended to be administered in a manner that results in all payments being exempt from or paid in a manner consistent with the requirements of Code Section 409A. In no event shall the Company have any liability to any person in the event Code Section 409A applies to any payment in a manner that results in adverse tax consequences for a Participant.

 

*** *** *** *** ***

 

12Exhibit 10.1

 

TELEMYND, INC.

 

2019 OMNIBUS INCENTIVE COMPENSATION PLAN

 

    	 	1	 

     

    

 

ARTICLE
1

Effective Date, Objectives and Duration

 

1.1.          Effective
Date of the Plan. Telemynd, Inc., a Delaware corporation (the “Company”), adopted the 2019 Omnibus Incentive
Compensation Plan (the “Plan”) on March 19, 2019, (the “Effective Date”) subject to approval
by the Company’s stockholders. The terms of the Plan are set forth herein.

 

1.2.          Objectives
of the Plan. The Plan is intended (a) to allow selected employees of and consultants to the Company and its subsidiaries to
acquire or increase equity ownership in the Company, thereby strengthening their commitment to the success of the Company and stimulating
their efforts on behalf of the Company, and to assist the Company and its subsidiaries in attracting new employees, officers and
consultants and retaining existing employees and consultants, (b) to optimize the profitability and growth of the Company and its
subsidiaries through incentives which are consistent with the Company’s goals, (c) to provide Grantees with an incentive
for excellence in individual performance, (d) to promote teamwork among employees, consultants and Non-Employee Directors, and
(e) to attract and retain highly qualified persons to serve as Non-Employee Directors and to promote ownership by such Non-Employee
Directors of a greater proprietary interest in the Company, thereby aligning such Non-Employee Directors’ interests more
closely with the interests of the Company’s stockholders.

 

1.3.          Duration
of the Plan. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board to
amend or terminate the Plan at any time pursuant to Article 14 hereof, until the earlier of March 19, 2029, or the date all Shares
subject to the Plan shall have been purchased or acquired and the restrictions on all Restricted Shares granted under the Plan
shall have lapsed, according to the Plan’s provisions.

 

ARTICLE
2

Definitions

 

Whenever used in the
Plan, the following terms shall have the meanings set forth below:

 

2.1.          “Affiliate”
means any corporation or other entity, including but not limited to partnerships, limited liability companies and joint ventures,
with respect to which the Company, directly or indirectly, owns as applicable (a) stock possessing more than fifty percent (50%)
of the total combined voting power of all classes of stock entitled to vote, or more than fifty percent (50%) of the total value
of all shares of all classes of stock of such corporation, or (b) an aggregate of more than fifty percent (50%) of the profits
interest or capital interest of a non-corporate entity.

 

2.2.          “Award”
means Options (including non-qualified options and Incentive Stock Options), Restricted Shares, Performance Units (which may be
paid in cash), Performance Shares, Deferred Stock, Restricted Stock Units, Dividend Equivalents, Bonus Shares, or Other Stock-Based
Awards granted under the Plan.

 

2.3.          “Award
Agreement” means either (a) a written agreement entered into by the Company and a Grantee setting forth the terms and
provisions applicable to an Award granted under this Plan, or (b) a written statement issued by the Company to a Grantee describing
the terms and provisions of such Award, including any amendment or modification thereof. The Committee may provide for the use
of electronic, internet or other non-paper Award Agreements and the use of electronic, internet or other non-paper means for the
acceptance thereof and actions thereunder by the Grantee.

 

    	 	2	 

     

    

 

2.4.          “Board”
means the Board of Directors of the Company.

 

2.5.          “Bonus
Shares” means Shares that are awarded to a Grantee with or without cost and without restrictions either in recognition
of past performance (whether determined by reference to another employee benefit plan of the Company or otherwise) or as an incentive
to become an Eligible Person.

 

2.6.          “CEO”
means the Chief Executive Officer of the Company.

 

2.7.          “Code”
means the Internal Revenue Code of 1986, as amended from time to time. References to a particular section of the Code include references
to regulations and rulings thereunder and to successor provisions.

 

2.8.          “Committee”
or “Incentive Plan Committee” has the meaning set forth in Section 3.1(a).

 

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

 

2.10.         “Compensation
Committee” means the compensation committee of the Board.

 

2.11.         “Deferred
Stock” means a right, granted under Article 9, to receive Shares at the end of a specified deferral period.

 

2.12.         “Disability”
or “Disabled” means, unless otherwise defined in an Award Agreement, or as otherwise determined under procedures
established by the Committee for purposes of the Plan:

 

    (a)       Except
as provided in (b) below, a disability within the meaning of Section 22(e)(3) of the Code; and

 

    (b)       In
the case of any Award that constitutes deferred compensation within the meaning of Section 409A of the Code, a disability as defined
in regulations under Code Section 409A. For purpose of Code Section 409A, a Grantee will be considered Disabled if:

 

(i)          the
Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
or

 

(ii)         the
Grantee is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period
of not less than three (3) months under an accident and health plan covering employees of the Grantee’s employer.

 

    	 	3	 

     

    

 

2.13.         “Dividend
Equivalent” means a right to receive payments equal to dividends or property, if and when paid or distributed, on a specified
number of Shares.

 

2.14.         “Eligible
Person” means any employee (including any officer) of, or non-employee consultant to, or Non-Employee Director of, the
Company or any Affiliate, or potential employee (including a potential officer) of, or non-employee consultant to, the Company
or an Affiliate; provided, however, that solely with respect to the grant of an Incentive Stock Option, an Eligible Person shall
be any employee (including any officer) of the Company or any Subsidiary Corporation. Solely for purposes of Section 5.6(b), current
or former employees or non-employee directors of, or consultants to, of an Acquired Entity who receive Substitute Awards in substitution
for Acquired Entity Awards shall be considered Eligible Persons under this Plan with respect to such Substitute Awards.

 

2.15.         “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time. References to a particular section of the
Exchange Act include references to successor provisions.

 

2.16.         “Exercise
Price” means with respect to an Option, the price at which a Share may be purchased by a Grantee pursuant to such Option.

 

2.17.         “Fair
Market Value” means a price that is based on the opening, closing, actual, high, low, or the arithmetic mean of selling
prices of a Share reported on The Nasdaq Capital Market (“Nasdaq”), or if not the Nasdaq, on the established stock
exchange which is the principal exchange upon which the Shares are traded on the applicable date or the preceding trading day.
Unless the Committee determines otherwise, if the Shares are traded over the counter at the time a determination of its Fair Market
Value is required to be made hereunder, Fair Market Value shall be deemed to be equal to the arithmetic mean between the reported
high and low or closing bid and asked prices of a Share on the applicable date, or if no such trades were made that day then the
most recent date on which Shares were publicly traded. In the event Shares are not publicly traded at the time a determination
of their value is required to be made hereunder, the determination of their Fair Market Value shall be made by the Committee in
such manner as it deems appropriate provided such manner is consistent with Treasury Regulation 1.409A-1(b)(5)(iv)(B). Such definition(s)
of Fair Market Value shall be specified in each Award Agreement and may differ depending on whether Fair Market Value is in reference
to the grant, exercise, vesting, settlement, or payout of an Award; provided, however that in the absence of such determination,
Fair Market Value means the closing price for a Share as reported by the Nasdaq (or such other principal exchange) on the date
immediately preceding the Grant Date or other applicable date, or if no sales occurred that day, on the most recent date upon which
sales did occur.

 

2.18.         “Grant
Date” means the date on which an Award is granted or such later date as specified in advance by the Committee.

 

2.19.         “Grantee”
means a person who has been granted an Award.

 

    	 	4	 

     

    

 

2.20.         “Incentive
Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code.

 

2.21.         “including”
means “including, without limitation.”

 

2.22.         “Management
Committee” has the meaning set forth in Section 3.1(b).

 

2.23.         “Non-Employee
Director” means a member of the Board who is not an employee of the Company or any Affiliate.

 

2.24.         “Option”
means an option granted under Article 6 of the Plan.

 

2.25.         “Other
Stock-Based Award” means a right, granted under Article 12 hereof, that relates to or is valued by reference to Shares
or other Awards relating to Shares.

 

2.26.         “Performance
Period” means the time period during which performance goals must be met.

 

2.27.         “Performance
Share” and “Performance Unit” have the respective meanings set forth in Article 8.

 

2.28.         “Period
of Restriction” means the period during which Restricted Shares are subject to forfeiture if the conditions specified
in the Award Agreement are not satisfied.

 

2.29.         “Person”
means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, entity or government instrumentality, division, agency, body
or department.

 

2.30.         “Restricted
Shares” means Shares, granted under Article 7, that are both subject to forfeiture and are nontransferable if
the Grantee does not satisfy the conditions specified in the Award Agreement applicable to such Shares.

 

2.31.         “Restricted
Stock Units” are rights, granted under Article 9, to receive Shares if the Grantee satisfies the conditions specified
in the Award Agreement applicable to such rights.

 

2.32.         “Rule
16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, as amended from time to time, together with any
successor rule.

 

2.33.         “SEC”
means the United States Securities and Exchange Commission, or any successor thereto.

 

2.34.         “Section
16 Non-Employee Director” means a member of the Board who satisfies the requirements to qualify as a “non-employee
director” under Rule 16b-3.

 

2.35.         “Section
16 Person” means a person who is subject to potential liability under Section 16(b) of the Exchange Act with respect
to transactions involving equity securities of the Company.

 

    	 	5	 

     

    

 

2.36.         “Separation
from Service” means, with respect to any Award that constitutes deferred compensation within the meaning of Code Section
409A, a “separation from service” as defined in Treasury Regulation Section 1.409A-1(h). For this purpose, a “separation
from service” is deemed to occur on the date that the Company and the Grantee reasonably anticipate that the level of bona
fide services the Grantee would perform for the Company and/or any Affiliates after that date (whether as an employee, Non-Employee
Director or consultant or independent contractor) would permanently decrease to a level that, based on the facts and circumstances,
would constitute a separation from service; provided that a decrease to a level that is 50% or more of the average level of bona
fide services provided over the prior 36 months shall not be a separation from service, and a decrease to a level that is 20% or
less of the average level of such bona fide services shall be a separation from service. The Committee retains the right and discretion
to specify, and may specify, whether a separation from service occurs for individuals providing services to the Company or an Affiliate
immediately prior to an asset purchase transaction in which the Company or an Affiliate is the seller who provide services to a
buyer after and in connection with such asset purchase transaction; provided, such specification is made in accordance with the
requirements of Treasury Regulation Section 1.409A-1(h)(4).

 

2.37.         “Share”
means a share of Common Stock, and such other securities of the Company, as may be substituted or resubstituted for Shares pursuant
to Section 4.2 hereof.

 

2.38.         “Subsidiary
Corporation” means a corporation other than the Company in an unbroken chain of corporations beginning with the Company
if, at the time of granting the Option, each of the corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

2.39.         “Surviving
Company” means the surviving corporation in any merger or consolidation, involving the Company, including the Company
if the Company is the surviving corporation, or the direct or indirect parent company of the Company or such surviving corporation
following a sale of substantially all of the outstanding stock of the Company.

 

2.40.         “Term”
of any Option means the period beginning on the Grant Date of an Option and ending on the date such Option expires, terminates
or is cancelled. No Option under this Plan shall have a Term exceeding 10 years.

 

2.41.         “Termination
of Affiliation” occurs on the first day on which an individual is for any reason no longer providing services to the
Company or any Affiliate in the capacity of an employee, officer or consultant or with respect to an individual who is an employee
or officer of or a consultant to an Affiliate, the first day on which such entity ceases to be an Affiliate of the Company; provided,
however, that if an Award constitutes deferred compensation within the meaning of Code Section 409A, Termination of Affiliation
with respect to such Award shall mean the Grantee’s Separation from Service.

 

    	 	6	 

     

    

 

ARTICLE
3

Administration

 

3.1.          Committee.

 

(a)          Subject
to Section 3.2, the Plan shall be administered by a Committee (the “Incentive Plan Committee” or the
“Committee”) appointed by the Board from time to time. Notwithstanding the foregoing, either the Board or the
Compensation Committee may at any time and in one or more instances reserve administrative powers to itself as the Committee or
exercise any of the administrative powers of the Committee. To the extent the Board or Compensation Committee considers it desirable
to comply with Rule 16b-3, the Committee shall consist of two or more directors of the Company, all of whom qualify as Section
16 Non-Employee Directors. The number of members of the Committee shall from time to time be increased or decreased, and shall
be subject to such conditions, in each case if and to the extent the Board deems it appropriate to permit transactions in Shares
pursuant to the Plan to satisfy such conditions of Rule 16b-3 as then in effect.

 

(b)          The
Board or the Compensation Committee may appoint and delegate to another committee (“Management Committee”),
or to the CEO, any or all of the authority of the Board or the Committee, as applicable, with respect to Awards to Grantees other
than Grantees who are executive officers, Non-Employee Directors, or are Section 16 Persons at the time any such delegated authority
is exercised.

 

(c)          Unless
the context requires otherwise, any references herein to “Committee” include references to the Incentive Plan Committee,
the Board or the Compensation Committee to the extent any has assumed or exercises administrative powers itself as the Committee
pursuant to subsection (a), and to the Management Committee or the CEO to the extent either has been delegated authority pursuant
to subsection (b), as applicable; provided that (i) for purposes of Awards to Non-Employee Directors, “Committee” shall
include only the full Board, and (ii) for purposes of Awards intended to comply with Rule 16b-3, “Committee” shall
include only the Incentive Plan Committee or the Compensation Committee.

 

3.2.          Powers
of Committee. Subject to and consistent with the provisions of the Plan, the Committee has full and final authority and sole
discretion as follows; provided that any such authority or discretion exercised with respect to a specific Non-Employee Director
shall be approved by the affirmative vote of a majority of the members of the Board, even if not a quorum, but excluding the Non-Employee
Director with respect to whom such authority or discretion is exercised:

 

(a)           to
determine when, to whom and in what types and amounts Awards should be granted;

 

(b)           to
grant Awards to Eligible Persons in any number and to determine the terms and conditions applicable to each Award (including the
number of Shares or other property to which an Award will relate, any Exercise Price or purchase price, any limitation or restriction,
any schedule for or performance conditions relating to the earning of the Award or the lapse of limitations, forfeiture restrictions,
restrictions on exercisability or transferability, any performance goals including those relating to the Company and/or an Affiliate
and/or any division thereof and/or an individual, and/or vesting based on the passage of time, based in each case on such considerations
as the Committee shall determine);

 

    	 	7	 

     

    

 

(c)           to
determine the benefit payable under any Performance Unit, Performance Share, Dividend Equivalent, Other Stock-Based Award and to
determine whether any performance or vesting conditions have been satisfied;

 

(d)           to
determine whether or not specific Awards shall be granted in connection with other specific Awards, and if so, whether they shall
be exercisable cumulatively with, or alternatively to, such other specific Awards and all other matters to be determined in connection
with an Award;

 

(e)           to
determine the Term of any Option;

 

(f)            to
determine the amount, if any, that a Grantee shall pay for Restricted Shares, whether to permit or require the payment of cash
dividends thereon to be deferred and the terms related thereto, when Restricted Shares (including Restricted Shares acquired upon
the exercise of an Option) shall be forfeited and whether such shares shall be held in escrow;

 

(g)           to
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 accelerated, vested, canceled, forfeited or surrendered
or any terms of the Award may be waived, and to accelerate the exercisability of, and to accelerate or waive any or all of the
terms and conditions applicable to, any Award or any group of Awards for any reason and at any time;

 

(h)           to
determine with respect to Awards granted to Eligible Persons whether, to what extent and under what circumstances cash, Shares,
other Awards, other property and other amounts payable with respect to an Award will be deferred, either at the election of the
Grantee or if and to the extent specified in the Award Agreement automatically;

 

(i)            to
offer to exchange or buy out any previously granted Award for a payment in cash, Shares or other Award;

 

(j)            to
construe and interpret the Plan and to make all determinations, including factual determinations, necessary or advisable for the
administration of the Plan;

 

(k)           to
make, amend, suspend, waive and rescind rules and regulations relating to the Plan;

 

(l)            to
appoint such agents as the Committee may deem necessary or advisable to administer the Plan;

 

(m)          to
determine the terms and conditions of all Award Agreements applicable to Eligible Persons (which need not be identical) and, with
the consent of the Grantee, to amend any such Award Agreement at any time, among other things, to permit transfers of such Awards
to the extent permitted by the Plan; provided that the consent of the Grantee shall not be required for any amendment (i) which
does not adversely affect the rights of the Grantee, or (ii) which is necessary or advisable (as determined by the Committee) to
carry out the purpose of the Award as a result of any new applicable law or change in an existing applicable law, or (iii) to the
extent the Award Agreement specifically permits amendment without consent;

 

    	 	8	 

     

    

 

(n)           to
cancel, with the consent of the Grantee, outstanding Awards and to grant new Awards in substitution therefor;

 

(o)           to
impose such additional terms and conditions upon the grant, exercise or retention of Awards as the Committee may, before or concurrently
with the grant thereof, deem appropriate, including limiting the percentage of Awards which may from time to time be exercised
by a Grantee;

 

(p)           to
make adjustments in the terms and conditions of, and the criteria in, Awards in recognition of unusual or nonrecurring events (including
events described in Section 4.2) affecting the Company or an Affiliate or the financial statements of the Company or an Affiliate,
or in response to changes in applicable laws, regulations or accounting principles;

 

(q)           to
correct any defect or supply any omission or reconcile any inconsistency, and to construe and interpret the Plan, the rules and
regulations, and Award Agreement or any other instrument entered into or relating to an Award under the Plan; and

 

(r)            to
take any other action with respect to any matters relating to the Plan for which it is responsible and to make all other decisions
and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration
of the Plan.

 

Any action of the Committee
with respect to the Plan shall be final, conclusive and binding on all persons, including the Company, its Affiliates, any Grantee,
any person claiming any rights under the Plan from or through any Grantee, and stockholders, except to the extent the Committee
may subsequently modify, or take further action not consistent with, its prior action. If not specified in the Plan, the time at
which the Committee must or may make any determination shall be determined by the Committee, and any such determination may thereafter
be modified by the Committee. The express grant of any specific power to the Committee, and the taking of any action by the Committee,
shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers
of the Company or any Affiliate the authority, subject to such terms as the Committee shall determine, to perform specified functions
under the Plan (subject to Section 5.7(c)).

 

ARTICLE
4

Shares Subject to the Plan

 

4.1.          Number
of Shares Available for Grants. Subject to adjustment as provided in Section 4.2 and except as provided in Section
5.6(b), the maximum number of Shares hereby reserved for delivery under the Plan shall be:

 

(a)           2,250,000,
including Shares delivered pursuant to the exercise of Incentive Stock Options granted hereunder; plus

 

(b)           an
annual increase to be added as of January 1, beginning in 2020 and occurring each year thereafter through 2029, equal to the lesser
of: (i) 10% of the Shares authorized under the Plan as of the preceding December 31 and (ii) any number of Shares, or no Shares,
as determined by the Board, but in no event may the number of Shares authorized under the Plan exceed 2,950,000.

 

    	 	9	 

     

    

 

If any Shares subject
to an Award granted hereunder (other than a Substitute Award granted pursuant to Section 5.6.(b)) are forfeited or such
Award otherwise terminates without the delivery of such Shares, the Shares subject to such Award, to the extent of any such forfeiture
or termination, shall again be available for grant under the Plan. For avoidance of doubt, however, if any Shares subject to an
Award granted hereunder are withheld or applied as payment in connection with the exercise of an Award or the withholding or payment
of taxes related thereto (“Returned Shares”), such Returned Shares will be treated as having been delivered
for purposes of determining the maximum number of Shares available for grant under the Plan and shall not again be treated as available
for grant under the Plan. Shares delivered pursuant to the Plan may be, in whole or in part, authorized and unissued Shares, or
treasury Shares, including Shares repurchased by the Company for purposes of the Plan.

 

4.2.          Adjustments
in Authorized Shares and Awards; Liquidation, Dissolution or Change of Control.

 

(a)           Adjustment
in Authorized Shares and Awards. In the event that the Committee determines that any dividend or other distribution (whether in
the form of Shares, or other property), recapitalization, forward or reverse stock split, subdivision, consolidation or reduction
of capital, reorganization, merger, consolidation, scheme of arrangement, split-up, spin-off or combination involving the Company
or repurchase or exchange of Shares or other securities of the Company or other rights to purchase Shares or other securities of
the Company, or other similar corporate transaction or event affects the Shares such that any adjustment is determined by the Committee
to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type
of Shares (or other securities or property) with respect to which Awards may be granted, (ii) the number and type of Shares (or
other securities or property) subject to outstanding Awards, (iii) the Exercise Price with respect to any Award or, if deemed appropriate,
make provision for a cash payment to the holder of an outstanding Award, and (iv) the number and kind of Shares of outstanding
Restricted Shares, or the Shares underlying any Award of Restricted Stock Units, Deferred Stock or other outstanding Share-based
Award. Notwithstanding the foregoing, no such adjustment shall be authorized with respect to any Options to the extent that such
adjustment would cause the Option (determined as if such Option was an Incentive Stock Option) to violate Section 424(a) of the
Code or otherwise subject any Grantee to taxation under Section 409A of the Code; and provided further that the number of Shares
subject to any Award denominated in Shares shall always be a whole number.

 

    	 	10	 

     

    

 

(b)           Merger,
Consolidation or Similar Corporate Transaction. In the event of a merger or consolidation of the Company with or into another
corporation or a sale of substantially all of the stock of the Company (a “Corporate Transaction”), unless an
outstanding Award is assumed by the Surviving Company or replaced with an equivalent Award granted by the Surviving Company in
substitution for such outstanding Award, the Committee shall cancel any outstanding Awards that are not vested and nonforfeitable
as of the consummation of such Corporate Transaction (unless the Committee accelerates the vesting of any such Awards) and with
respect to any vested and nonforfeitable Awards, the Committee may either (i) allow all Grantees to exercise such Awards of Options
within a reasonable period prior to the consummation of the Corporate Transaction and cancel any outstanding Options that remain
unexercised upon consummation of the Corporate Transaction, or (ii) cancel any or all of such outstanding Awards in exchange for
a payment (in cash, or in securities or other property) in an amount equal to the amount that the Grantee would have received (net
of the Exercise Price with respect to any Options) if such vested Awards were settled or distributed or such vested Options were
exercised immediately prior to the consummation of the Corporate Transaction. Notwithstanding the foregoing, if an Option is not
assumed by the Surviving Company or replaced with an equivalent Award issued by the Surviving Company and the Exercise Price with
respect to any outstanding Option exceeds the Fair Market Value of the Shares immediately prior to the consummation of the Corporate
Transaction, such Awards shall be cancelled without any payment to the Grantee.

 

(c)          Liquidation
or Dissolution of the Company. In the event of the proposed dissolution or liquidation of the Company, each Award will terminate
immediately prior to the consummation of such proposed action, unless otherwise provided by the Committee. Additionally, the Committee
may, in the exercise of its sole discretion, cause Awards to be vested and non-forfeitable and cause any conditions on any such
Award to lapse, as to all or any part of such Award, including Shares as to which the Award would not otherwise be exercisable
or non-forfeitable and allow all Grantees to exercise such Awards of Options within a reasonable period prior to the consummation
of such proposed action. Any Awards that remain unexercised upon consummation of such proposed action shall be cancelled.

 

(d)          Deferred
Compensation. Notwithstanding the forgoing provisions of this Section 4.2, if an Award constitutes deferred compensation within
the meaning of Code Section 409A, no payment or settlement of such Award shall be made pursuant to Section 4.2(b) or (c), unless
the Corporate Transaction or the dissolution or liquidation of the Company, as applicable, constitutes a change in ownership or
effective control of the Company or a change in ownership of a substantial portion of the assets of the Company as described in
Treasury Regulation Section 1.409A-3(i)(5).

 

ARTICLE
5

Eligibility and General Conditions of Awards

 

5.1.          Eligibility.
The Committee may in its discretion grant Awards to any Eligible Person, whether or not he or she has previously received an Award;
provided, however, that all Awards made to Non-Employee Directors shall be determined by the Board in its sole discretion.

 

5.2.          Award
Agreement. To the extent not set forth in the Plan, the terms and conditions of each Award shall be set forth in an Award Agreement.

 

    	 	11	 

     

    

 

5.3.          General
Terms and Termination of Affiliation. The Committee may impose on any Award or the exercise or settlement thereof, at the date
of grant or, subject to the provisions of Section 14.2, thereafter, such additional terms and conditions not inconsistent with
the provisions of the Plan as the Committee shall determine, including terms requiring forfeiture, acceleration or pro-rata acceleration
of Awards in the event of a Termination of Affiliation by the Grantee. Except as may be required under the Delaware General Corporation
Law, Awards may be granted for no consideration other than prior and future services. Except as otherwise determined by the Committee
pursuant to this Section 5.3, all Options that have not been exercised, or any other Awards that remain subject to a risk of forfeiture
or which are not otherwise vested, or which have outstanding Performance Periods, at the time of a Termination of Affiliation shall
be forfeited to the Company.

 

5.4.          Nontransferability
of Awards.

 

(a)           Each
Award and each right under any Award shall be exercisable only by the Grantee during the Grantee’s lifetime, or, if permissible
under applicable law, by the Grantee’s guardian or legal representative or by a transferee receiving such Award pursuant
to a qualified domestic relations order (a “QDRO”) as defined in the Code or Title I of the Employee Retirement
Income Security Act of 1974, as amended, or the rules thereunder.

 

(b)           No
Award (prior to the time, if applicable, Shares are delivered in respect of such Award), and no right under any Award, may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a Grantee otherwise than by will or by the laws of
descent and distribution (or in the case of Restricted Shares, to the Company) or pursuant to a QDRO, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that the designation of a beneficiary to receive benefits in the event of the Grantee’s death shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

(c)           Notwithstanding
subsections (a) and (b) above, to the extent provided in the Award Agreement, Options (other than Incentive Stock Options) and
Restricted Shares, may be transferred, without consideration, to a Permitted Transferee. For this purpose, a “Permitted
Transferee” in respect of any Grantee means any member of the Immediate Family of such Grantee, any trust of which all
of the primary beneficiaries are such Grantee or members of his or her Immediate Family, or any partnership (including limited
liability companies and similar entities) of which all of the partners or members are such Grantee or members of his or her Immediate
Family; and the “Immediate Family” of a Grantee means the Grantee’s spouse, children, stepchildren, grandchildren,
parents, stepparents, siblings, grandparents, nieces and nephews. Such Option may be exercised by such transferee in accordance
with the terms of the Award Agreement. If so determined by the Committee, a Grantee may, in the manner established by the Committee,
designate a beneficiary or beneficiaries to exercise the rights of the Grantee, and to receive any distribution with respect to
any Award upon the death of the Grantee. A transferee, beneficiary, guardian, legal representative or other person claiming any
rights under the Plan from or through any Grantee shall be subject to and consistent with the provisions of the Plan and any applicable
Award Agreement, except to the extent the Plan and Award Agreement otherwise provide with respect to such persons, and to any additional
restrictions or limitations deemed necessary or appropriate by the Committee.

 

(d)           Nothing
herein shall be construed as requiring the Committee to honor a QDRO except to the extent required under applicable law.

 

    	 	12	 

     

    

 

5.5.          Cancellation
and Rescission of Awards. Unless the Award Agreement specifies otherwise, the Committee may cancel, rescind, suspend, withhold,
or otherwise limit or restrict any unexercised Award at any time if the Grantee is not in compliance with all applicable provisions
of the Award Agreement and the Plan or if the Grantee has a Termination of Affiliation.

 

5.6.          Stand-Alone,
Tandem and Substitute Awards.

 

(a)           Awards
granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in
substitution for, any other Award granted under the Plan unless such tandem or substitution Award would subject the Grantee to
tax penalties imposed under Section 409A of the Code. If an Award is granted in substitution for another Award or any non-Plan
award or benefit, the Committee shall require the surrender of such other Award or non-Plan award or benefit in consideration for
the grant of the new Award. Awards granted in addition to or in tandem with other Awards or non-Plan awards or benefits may be
granted either at the same time as or at a different time from the grant of such other Awards or non-Plan awards or benefits;

 

(b)           The
Committee may, in its discretion and on such terms and conditions as the Committee considers appropriate in the circumstances,
grant Awards under the Plan (“Substitute Awards”) in substitution for stock and stock-based awards (“Acquired
Entity Awards”) held by current or former employees or non-employee directors of, or consultants to, another corporation
or entity who become Eligible Persons as the result of a merger or consolidation of the employing corporation or other entity (the
“Acquired Entity”) with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property
or stock of the Acquired Entity immediately prior to such merger, consolidation or acquisition in order to preserve for the Grantee
the economic value of all or a portion of such Acquired Entity Award at such price as the Committee determines necessary to achieve
preservation of economic value. The limitations of Section 4.1 on the number of Shares reserved or available for grants shall not
apply to Substitute Awards granted under this Section 5.6(b).

 

5.7.          Compliance
with Rule 16b-3.

 

(a)           Six-Month
Holding Period Advice. Unless a Grantee could otherwise dispose of or exercise a derivative security or dispose of Shares delivered
under the Plan without incurring liability under Section 16(b) of the Exchange Act, the Committee may advise or require a Grantee
to comply with the following in order to avoid incurring liability under Section 16(b) of the Exchange Act: (i) at least six months
must elapse from the date of acquisition of a derivative security under the Plan to the date of disposition of the derivative security
(other than upon exercise or conversion) or its underlying equity security, and (ii) Shares granted or awarded under the Plan other
than upon exercise or conversion of a derivative security must be held for at least six months from the date of grant of an Award.

 

(b)           Reformation
to Comply with Exchange Act Rules. To the extent the Committee determines that a grant or other transaction by a Section 16
Person should comply with applicable provisions of Rule 16b-3 (except for transactions exempted under alternative Exchange Act
rules), the Committee shall take such actions as necessary to make such grant or other transaction so comply, and if any provision
of this Plan or any Award Agreement relating to a given Award does not comply with the requirements of Rule 16b-3 as then applicable
to any such grant or transaction, such provision will be construed or deemed amended, if the Committee so determines, to the extent
necessary to conform to the then applicable requirements of Rule 16b-3.

 

    	 	13	 

     

    

 

(c)           Rule
16b-3 Administration. Any function relating to a Section 16 Person shall be performed solely by the Committee or the Board
if necessary to ensure compliance with applicable requirements of Rule 16b-3, to the extent the Committee determines that such
compliance is desired. Each member of the Committee or person acting on behalf of the Committee shall be entitled to, in good faith,
rely or act upon any report or other information furnished to him by any officer, manager or other employee of the Company or any
Affiliate, the Company’s independent certified public accountants or any executive compensation consultant or attorney or
other professional retained by the Company to assist in the administration of the Plan.

 

5.8.          Deferral
of Award Payouts. The Committee may permit a Grantee to defer, or if and to the extent specified in an Award Agreement require
the Grantee to defer, receipt of the delivery of Shares that would otherwise be due by virtue of the lapse or waiver of restrictions
with respect to Restricted Stock Units, the satisfaction of any requirements or goals with respect to Performance Units or Performance
Shares, the lapse or waiver of the deferral period for Deferred Stock, or the lapse or waiver of restrictions with respect to Other
Stock-Based Awards. If the Committee permits such deferrals, the Committee shall establish rules and procedures for making such
deferral elections and for the payment of such deferrals, which shall conform in form and substance with applicable regulations
promulgated under Section 409A of the Code and Article 15 to ensure that the Grantee is not subjected to tax penalties under Section
409A of the Code with respect to such deferrals. Except as otherwise provided in an Award Agreement, any payment or any Shares
that are subject to such deferral shall be made or delivered to the Grantee as specified in the Award Agreement or pursuant to
the Grantee’s deferral election.

 

ARTICLE
6

Stock Options

 

6.1.          Grant
of Options. Subject to and consistent with the provisions of the Plan, Options may be granted to any Eligible Person in such
number, and upon such terms, and at any time and from time to time as shall be determined by the Committee.

 

6.2.          Award
Agreement. Each Option grant shall be evidenced by an Award Agreement that shall specify the Exercise Price, the Term of the
Option, the number of Shares to which the Option pertains, the time or times at which such Option shall be exercisable and such
other provisions as the Committee shall determine.

 

6.3.          Option
Exercise Price. The Exercise Price of an Option under this Plan shall be determined in the sole discretion of the Committee
but may not be less than 100% of the Fair Market Value of a Share on the Grant Date.

 

    	 	14	 

     

    

 

6.4.          Grant
of Incentive Stock Options. At the time of the grant of any Option, the Committee may in its discretion designate that such
Option shall be made subject to additional restrictions to permit it to qualify as an Incentive Stock Option. Any Option designated
as an Incentive Stock Option:

 

(a)           shall
be granted only to an employee of the Company or a Subsidiary Corporation;

 

(b)           shall
have an Exercise Price of not less than 100% of the Fair Market Value of a Share on the Grant Date, and, if granted to a person
who owns capital stock (including stock treated as owned under Section 424(d) of the Code) possessing more than 10% of the total
combined voting power of all classes of capital stock of the Company or any Subsidiary Corporation (a “More Than 10% Owner”),
have an Exercise Price not less than 110% of the Fair Market Value of a Share on its Grant Date;

 

(c)           shall
be for a period of not more than 10 years (five years if the Grantee is a More Than 10% Owner) from its Grant Date, and shall be
subject to earlier termination as provided herein or in the applicable Award Agreement;

 

(d)           shall
not have an aggregate Fair Market Value (as of the Grant Date) of the Shares with respect to which Incentive Stock Options (whether
granted under the Plan or any other stock option plan of the Grantee’s employer or any parent or Subsidiary Corporation (“Other
Plans”)) are exercisable for the first time by such Grantee during any calendar year (“Current Grant”),
determined in accordance with the provisions of Section 422 of the Code, which exceeds $100,000 (the “$100,000 Limit”);

 

(e)           shall,
if the aggregate Fair Market Value of the Shares (determined on the Grant Date) with respect to the Current Grant and all Incentive
Stock Options previously granted under the Plan and any Other Plans which are exercisable for the first time during a calendar
year would exceed the $100,000 Limit, be, as to the portion in excess of the $100,000 Limit, exercisable as a separate option that
is not an Incentive Stock Option at such date or dates as are provided in the Current Grant;

 

(f)           shall
require the Grantee to notify the Committee of any disposition of any Shares delivered pursuant to the exercise of the Incentive
Stock Option under the circumstances described in Section 421(b) of the Code (relating to holding periods and certain disqualifying
dispositions) (“Disqualifying Disposition”) within 10 days of such a Disqualifying Disposition;

 

(g)           shall
by its terms not be assignable or transferable other than by will or the laws of descent and distribution and may be exercised,
during the Grantee’s lifetime, only by the Grantee; provided, however, that the Grantee may, to the extent provided in the
Plan in any manner specified by the Committee, designate in writing a beneficiary to exercise his or her Incentive Stock Option
after the Grantee’s death; and

 

(h)           shall,
if such Option nevertheless fails to meet the foregoing requirements, or otherwise fails to meet the requirements of Section 422
of the Code for an Incentive Stock Option, be treated for all purposes of this Plan, except as otherwise provided in subsections
(d) and (e) above, as an Option that is not an Incentive Stock Option.

 

    	 	15	 

     

    

 

Notwithstanding the
foregoing and Section 3.2, the Committee may, without the consent of the Grantee, at any time before the exercise of an Option
(whether or not an Incentive Stock Option), take any action necessary to prevent such Option from being treated as an Incentive
Stock Option.

 

6.5.          Payment
of Exercise Price. Except as otherwise provided by the Committee in an Award Agreement, Options shall be exercised by the delivery
of a written notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised,
accompanied by full payment for the Shares made by any one or more of the following means:

 

(a)           cash,
personal check or wire transfer;

 

(b)           delivery
of Common Stock owned by the Grantee prior to exercise, valued at their Fair Market Value on the date of exercise;

 

(c)           with
the approval of the Committee, Shares acquired upon the exercise of such Option, such Shares valued at their Fair Market Value
on the date of exercise;

 

(d)           with
the approval of the Committee, Restricted Shares held by the Grantee prior to the exercise of the Option, each such share valued
at the Fair Market Value of a Share on the date of exercise; or

 

(e)           subject
to applicable law (including the prohibited loan provisions of Section 402 of the Sarbanes Oxley Act of 2002), through the sale
of the Shares acquired on exercise of the Option through a broker-dealer to whom the Grantee has submitted an irrevocable notice
of exercise and irrevocable instructions to deliver promptly to the Company the amount of sale or loan proceeds sufficient to pay
for such Shares, together with, if requested by the Company, the amount of federal, state, local or foreign withholding taxes payable
by Grantee by reason of such exercise.

 

The Committee may in
its discretion specify that, if any Restricted Shares (“Tendered Restricted Shares”) are used to pay the Exercise
Price, (x) all the Shares acquired on exercise of the Option shall be subject to the same restrictions as the Tendered Restricted
Shares, determined as of the date of exercise of the Option, or (y) a number of Shares acquired on exercise of the Option equal
to the number of Tendered Restricted Shares shall be subject to the same restrictions as the Tendered Restricted Shares, determined
as of the date of exercise of the Option.

 

ARTICLE
7

Restricted Shares

 

7.1.          Grant
of Restricted Shares. Subject to and consistent with the provisions of the Plan, the Committee, at any time and from time to
time, may grant Restricted Shares to any Eligible Person in such amounts as the Committee shall determine.

 

    	 	16	 

     

    

 

7.2.          Award
Agreement. Each grant of Restricted Shares shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction,
the number of Restricted Shares granted, and such other provisions as the Committee shall determine. The Committee may impose such
conditions and/or restrictions on any Restricted Shares granted pursuant to the Plan as it may deem advisable, including restrictions
based upon the achievement of specific performance goals, time-based restrictions on vesting following the attainment of the performance
goals, and/or restrictions under applicable securities laws; provided that such conditions and/or restrictions may lapse, if so
determined by the Committee, in the event of the Grantee’s Termination of Affiliation due to death, Disability, or involuntary
termination by the Company or an Affiliate without “cause.”

 

7.3.          Consideration
for Restricted Shares. The Committee shall determine the amount, if any, that a Grantee shall pay for Restricted Shares.

 

7.4.          Effect
of Forfeiture. If Restricted Shares are forfeited, and if the Grantee was required to pay for such shares or acquired such
Restricted Shares upon the exercise of an Option, the Grantee shall be deemed to have resold such Restricted Shares to the Company
at a price equal to the lesser of (x) the amount paid by the Grantee for such Restricted Shares, or (y) the Fair Market Value of
a Share on the date of such forfeiture. The Company shall pay to the Grantee the deemed sale price as soon as is administratively
practical. Such Restricted Shares shall cease to be outstanding and shall no longer confer on the Grantee thereof any rights as
a stockholder of the Company, from and after the date of the event causing the forfeiture, whether or not the Grantee accepts the
Company’s tender of payment for such Restricted Shares.

 

7.5.          Escrow;
Legends. The Committee may provide that the certificates for any Restricted Shares (x) shall be held (together with a stock
power executed in blank by the Grantee) in escrow by the Secretary of the Company until such Restricted Shares become nonforfeitable
or are forfeited and/or (y) shall bear an appropriate legend restricting the transfer of such Restricted Shares under the Plan.
If any Restricted Shares become nonforfeitable, the Company shall cause certificates for such shares to be delivered without such
legend.

 

ARTICLE
8

Performance Units and Performance Shares

 

8.1.          Grant
of Performance Units and Performance Shares. Subject to and consistent with the provisions of the Plan, Performance Units or
Performance Shares may be granted to any Eligible Person in such amounts and upon such terms, and at any time and from time to
time, as shall be determined by the Committee.

 

8.2.          Value/Performance
Goals. The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will
determine the number or value of Performance Units or Performance Shares that will be paid to the Grantee.

 

(a)           Performance
Unit. Each Performance Unit shall have an initial value that is established by the Committee at the time of grant.

 

(b)           Performance
Share. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the date of grant.

 

    	 	17	 

     

    

 

8.3.          Earning
of Performance Units and Performance Shares. After the applicable Performance Period has ended, the holder of Performance Units
or Performance Shares shall be entitled to payment based on the level of achievement of performance goals set by the Committee.

 

At the discretion of
the Committee, the settlement of Performance Units or Performance Shares may be in cash, Shares of equivalent value, or in some
combination thereof, as set forth in the Award Agreement.

 

If a Grantee is promoted,
demoted or transferred to a different business unit of the Company during a Performance Period, then, to the extent the Committee
determines that the Award, the performance goals, or the Performance Period are no longer appropriate, the Committee may adjust,
change, eliminate or cancel the Award, the performance goals, or the applicable Performance Period, as it deems appropriate in
order to make them appropriate and comparable to the initial Award, the performance goals, or the Performance Period.

 

At the discretion of
the Committee, a Grantee may be entitled to receive any dividends or Dividend Equivalents declared with respect to Shares deliverable
in connection with grants of Performance Units or Performance Shares which have been earned, but not yet delivered to the Grantee.

 

ARTICLE
9

Deferred Stock and Restricted Stock Units

 

9.1.          Grant
of Deferred Stock and Restricted Stock Units. Subject to and consistent with the provisions of the Plan, the Committee, at
any time and from time to time, may grant Deferred Stock and/or Restricted Stock Units to any Eligible Person, in such amount and
upon such terms as the Committee shall determine. Deferred Stock must conform in form and substance with applicable regulations
promulgated under Section 409A of the Code and with Article 15 to ensure that the Grantee is not subjected to tax penalties under
Section 409A of the Code with respect to such Deferred Stock.

 

9.2.          Vesting
and Delivery. Delivery of Shares subject to a Deferred Stock grant will occur upon expiration of the deferral period or upon
the occurrence of one or more of the distribution events described in Section 409A(a)(2) of the Code as specified by the Committee
in the Grantee’s Award Agreement for the Award of Deferred Stock. Delivery of Shares subject to a grant of Restricted Stock
Units occurs no later than the 15th day of the third month following the end of the taxable year of the Grantee or the fiscal year
of the Company in which the Grantee’s rights under such Restricted Stock Units are no longer subject to a substantial risk
of forfeiture as defined in final regulations under Section 409A of the Code. In addition, an Award of Deferred Stock may be subject
to such substantial risk of forfeiture conditions as the Committee may impose, which conditions may lapse at such times or upon
the achievement of such objectives as the Committee shall determine at the time of grant or thereafter. A Grantee awarded Deferred
Stock or Restricted Stock Units will have no voting rights with respect to such Deferred Stock or Restricted Stock Units prior
to the delivery of Shares in settlement of such Deferred Stock and/or Restricted Stock Units. Unless otherwise determined by the
Committee, a Grantee will have the rights to receive Dividend Equivalents in respect of Deferred Stock and/or Restricted Stock
Units, which Dividend Equivalents shall be deemed reinvested in additional Shares of Deferred Stock or Restricted Stock Units,
as applicable. Unless otherwise determined by the Committee, to the extent that the Grantee has a Termination of Affiliation while
the Deferred Stock or Restricted Stock Units remains subject to a substantial risk of forfeiture, such Deferred Stock or Restricted
Stock Units shall be forfeited, unless the Committee determines that such substantial risk of forfeiture shall lapse in the event
of the Grantee’s Termination of Affiliation due to death, Disability, or involuntary termination by the Company or an Affiliate
without “cause.”

 

    	 	18	 

     

    

 

ARTICLE
10

Dividend Equivalents

 

The Committee is authorized
to grant Awards of Dividend Equivalents alone or in conjunction with other Awards. The Committee may provide that Dividend Equivalents
shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Shares or additional Awards
or otherwise reinvested.

 

ARTICLE
11

Bonus Shares

 

Subject to the terms
of the Plan, the Committee may grant Bonus Shares to any Eligible Person, in such amount and upon such terms and at any time and
from time to time as shall be determined by the Committee.

 

ARTICLE
12

Other Stock-Based Awards

 

The Committee is authorized,
subject to limitations under applicable law, to grant such other Awards that are denominated or payable in, valued in whole or
in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes
of the Plan, including Shares awarded which are not subject to any restrictions or conditions, convertible or exchangeable debt
securities or other rights convertible or exchangeable into Shares, and Awards valued by reference to the value of securities of
or the performance of specified Affiliates. Subject to and consistent with the provisions of the Plan, the Committee shall determine
the terms and conditions of such Awards. Except as provided by the Committee, Shares delivered pursuant to a purchase right granted
under this Article 12 shall be purchased for such consideration, paid for by such methods and in such forms, including cash, Shares,
outstanding Awards or other property, as the Committee shall determine.

 

ARTICLE
13

Non-Employee Director Awards

 

Subject to the terms
of the Plan, the Board may grant Awards to any Non-Employee Director, in such amount and upon such terms and at any time and from
time to time as shall be determined by the full Board in its sole discretion.

 

    	 	19	 

     

    

 

ARTICLE
14

Amendment, Modification, and Termination

 

14.1.        Amendment,
Modification, and Termination. Subject to Section 14.2, the Board may, at any time and from time to time, alter, amend, suspend,
discontinue or terminate the Plan in whole or in part without the approval of the Company’s stockholders, except that (a)
any amendment or alteration shall be subject to the approval of the Company’s stockholders if such stockholder approval is
required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the
Shares may then be listed or quoted, and (b) the Board may otherwise, in its discretion, determine to submit other such amendments
or alterations to stockholders for approval.

 

14.2.        Awards
Previously Granted. Except as otherwise specifically permitted in the Plan or an Award Agreement, no termination, amendment,
or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the
written consent of the Grantee of such Award.

 

ARTICLE
15

Compliance with Code Section 409A

 

15.1.        Awards
Subject to Code Section 409A. The provisions of this Article 15 shall apply to any Award or portion thereof that is or becomes
deferred compensation subject to Code Section 409A (a “409A Award”), notwithstanding any provision to the contrary
contained in the Plan or the Award Agreement applicable to such Award.

 

15.2.         Deferral
and/or Distribution Elections. Except as otherwise permitted or required by Code Section 409A, the following rules shall apply
to any deferral and/or elections as to the form or timing of distributions (each, an “Election”) that may be
permitted or required by the Committee with respect to a 409A Award:

 

(a)           Any
Election must be in writing and specify the amount being deferred, and the time and form of distribution (i.e., lump sum or installments)
as permitted by this Plan. An Election may but need not specify whether payment will be made in Shares or other property.

 

(b)           Any
Election shall become irrevocable as of the deadline specified by the Committee, which shall not be later than December 31 of the
year preceding the year in which services relating to the Award commence; provided, however, that if the Award qualifies as “performance-based
compensation” for purposes of Code Section 409A and is based on services performed over a period of at least twelve (12)
months, then the deadline may be no later than six (6) months prior to the end of such Performance Period.

 

(c)           Unless
otherwise provided by the Committee, an Election shall continue in effect until a written election to revoke or change such Election
is received by the Committee, prior to the last day for making an Election for the subsequent year.

 

15.3.       
Subsequent Elections. Except as otherwise permitted or required by Code Section 409A, any 409A Award which permits a subsequent
Election to further defer the distribution or change the form of distribution shall comply with the following requirements:

 

(a)           No
subsequent Election may take effect until at least twelve (12) months after the date on which the subsequent Election is made;

 

    	 	20	 

     

    

 

(b)          Each
subsequent Election related to a distribution upon separation from service, a specified time, or a change in control as defined
in Section 15.4(e) must result in a delay of the distribution for a period of not less than five (5) years from the date such distribution
would otherwise have been made; and

 

(c)          No
subsequent Election related to a distribution to be made at a specified time or pursuant to a fixed schedule shall be made less
than twelve (12) months prior to the date the first scheduled payment would otherwise be made.

 

15.4.        Distributions
Pursuant to Deferral Elections. Except as otherwise permitted or required by Code Section 409A, no distribution in settlement
of a 409A Award may commence earlier than:

 

(a)           Separation
from Service;

 

(b)           The
date the Grantee becomes Disabled (as defined in Section 2.13(b));

 

(c)           The
Grantee’s death;

 

(d)           A
specified time (or pursuant to a fixed schedule) that is either (i) specified by the Committee upon the grant of the Award and
set forth in the Award Agreement or (ii) specified by the Grantee in an Election complying with the requirements of Section 15.2
and/or 15.3, as applicable; or

 

(e)           A
change in control of the Company within the meaning of Treasury Regulation Section 1.409A-3(h)(5).

 

15.5.        Six
Month Delay. Notwithstanding anything herein or in any Award Agreement or Election to the contrary, to the extent that distribution
of a 409A Award is triggered by a Grantee’s Separation from Service, if the Grantee is then a “specified employee”
(as defined in Treasury Regulation Section 1.409A-1(i)), no distribution may be made before the date which is six (6) months after
such Grantee’s Separation from Service, or, if earlier, the date of the Grantee’s death.

 

15.6.        Death
or Disability. Unless the Award Agreement otherwise provides, if a Grantee dies or becomes Disabled before complete distribution
of amounts payable upon settlement of a 409A Award, such undistributed amounts, to the extent vested, shall be distributed as provided
in the Grantee’s Election. If the Grantee has made no Election with respect to distributions upon death or Disability, all
such distributions shall be paid in a lump sum within 90 days following the date of the Grantee’s death or Disability.

 

15.7.        No
Acceleration of Distributions. This Plan does not permit the acceleration of the time or schedule of any distribution under
a 409A Award, except as provided by Code Section 409A and/or applicable regulations or rulings issued thereunder.

 

    	 	21	 

     

    

 

ARTICLE
16

Withholding

 

16.1.        Required
Withholding.

 

(a)           The
Committee in its sole discretion may provide that when taxes are to be withheld in connection with the exercise of an Option, or
upon the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, or upon payment of any other benefit or right
under this Plan (the date on which such exercise occurs or such restrictions lapse or such payment of any other benefit or right
occurs hereinafter referred to as the “Tax Date”), the Grantee may elect to make payment for the withholding
of federal, state and local taxes, including Social Security and Medicare (“FICA”) taxes by one or a combination
of the following methods:

 

(i)          payment
of an amount in cash equal to the amount to be withheld;

 

(ii)         delivering
part or all of the amount to be withheld in the form of Common Stock valued at its Fair Market Value on the Tax Date;

 

(iii)        requesting
the Company to withhold from those Shares that would otherwise be received upon exercise of the Option, upon the lapse of restrictions
on Restricted Shares, or upon the transfer of Shares, a number of Shares having a Fair Market Value on the Tax Date equal to the
amount to be withheld; or

 

(iv)        withholding
from any compensation otherwise due to the Grantee.

 

The Committee in its
sole discretion may provide that the maximum amount of tax withholding upon exercise of an Option, upon the lapse of restrictions
on Restricted Shares, or upon the transfer of Shares, to be satisfied by withholding Shares upon exercise of such Option, upon
the lapse of restrictions on Restricted Shares, or upon the transfer of Shares, pursuant to clause (iii) above shall not exceed
the minimum amount of taxes, including FICA taxes, required to be withheld under federal, state and local law. An election by Grantee
under this subsection is irrevocable. Any fractional share amount and any additional withholding not paid by the withholding or
surrender of Shares must be paid in cash. If no timely election is made, the Grantee must deliver cash to satisfy all tax withholding
requirements.

 

(b)          Any
Grantee who makes a Disqualifying Disposition (as defined in Section 6.4(f)) or an election under Section 83(b) of the Code shall
remit to the Company an amount sufficient to satisfy all resulting tax withholding requirements in the same manner as set forth
in subsection (a).

 

16.2.        Notification
under Code Section 83(b). If the Grantee, in connection with the exercise of any Option, or the grant of Restricted Shares,
makes the election permitted under Section 83(b) of the Code to include in such Grantee’s gross income in the year of transfer
the amounts specified in Section 83(b) of the Code, then such Grantee shall notify the Company of such election within 10 days
of filing the notice of the election with the Internal Revenue Service, in addition to any filing and notification required pursuant
to regulations issued under Section 83(b) of the Code. The Committee may, in connection with the grant of an Award or at any time
thereafter, prohibit a Grantee from making the election described above.

 

    	 	22	 

     

    

 

ARTICLE
17

Additional Provisions

 

17.1.        Successors.
All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise
of all or substantially all of the business and/or assets of the Company.

 

17.2.        Severability.
If any part of the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity
shall not invalidate any other part of the Plan. Any Section or part of a Section so declared to be unlawful or invalid shall,
if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent
possible while remaining lawful and valid.

 

17.3.        Requirements
of Law. The granting of Awards and the delivery of Shares under the Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding
any provision of the Plan or any Award, Grantees shall not be entitled to exercise, or receive benefits under, any Award, and the
Company (and any Affiliate) shall not be obligated to deliver any Shares or deliver benefits to a Grantee, if such exercise or
delivery would constitute a violation by the Grantee or the Company of any applicable law or regulation.

 

17.4.        Securities
Law Compliance.

 

(a)           If
the Committee deems it necessary to comply with any applicable securities law, or the requirements of any stock exchange upon which
Shares may be listed, the Committee may impose any restriction on Awards or Shares acquired pursuant to Awards under the Plan as
it may deem advisable. All certificates for Shares delivered under the Plan pursuant to any Award or the exercise thereof shall
be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations
and other requirements of the SEC, any stock exchange upon which Shares are then listed, any applicable securities law, and the
Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
If so requested by the Company, the Grantee shall make a written representation to the Company that he or she will not sell or
offer to sell any Shares unless a registration statement shall be in effect with respect to such Shares under the Securities Act
of 1993, as amended, and any applicable state securities law or unless he or she shall have furnished to the Company, in form and
substance satisfactory to the Company, that such registration is not required.

 

(b)           If
the Committee determines that the exercise or nonforfeitability of, or delivery of benefits pursuant to, any Award would violate
any applicable provision of securities laws or the listing requirements of any national securities exchange or national market
system on which are listed any of the Company’s equity securities, then the Committee may postpone any such exercise, nonforfeitability
or delivery, as applicable, but the Company shall use all reasonable efforts to cause such exercise, nonforfeitability or delivery
to comply with all such provisions at the earliest practicable date.

 

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17.5.        Awards
Subject to Claw-Back Policies. Notwithstanding any provisions herein to the contrary, all Awards granted hereunder shall be
subject to the terms of any recoupment policy currently in effect or subsequently adopted by the Board to implement Section 304
of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) or Section 10D of the Exchange Act (or with any amendment
or modification of such recoupment policy adopted by the Board) to the extent that such Award (whether or not previously exercised
or settled) or the value of such Award is required to be returned to the Company pursuant to the terms of such recoupment policy.

 

17.6.        No
Rights as a Stockholder. No Grantee shall have any rights as a stockholder of the Company with respect to the Shares (other
than Restricted Shares) which may be deliverable upon exercise or payment of such Award until such Shares have been delivered to
him or her. Restricted Shares, whether held by a Grantee or in escrow by the Secretary of the Company, shall confer on the Grantee
all rights of a stockholder of the Company, except as otherwise provided in the Plan or Award Agreement. At the time of a grant
of Restricted Shares, the Committee may require the payment of cash dividends thereon to be deferred and, if the Committee so determines,
reinvested in additional Restricted Shares. Stock dividends and deferred cash dividends issued with respect to Restricted Shares
shall be subject to the same restrictions and other terms as apply to the Restricted Shares with respect to which such dividends
are issued. The Committee may in its discretion provide for payment of interest on deferred cash dividends.

 

17.7.        Nature
of Payments. Unless otherwise specified in the Award Agreement, Awards shall be special incentive payments to the Grantee and
shall not be taken into account in computing the amount of salary or compensation of the Grantee for purposes of determining any
pension, retirement, death or other benefit under (a) any pension, retirement, profit sharing, bonus, insurance or other employee
benefit plan of the Company or any Affiliate, except as such plan shall otherwise expressly provide, or (b) any agreement between
(i) the Company or any Affiliate and (ii) the Grantee, except as such agreement shall otherwise expressly provide.

 

17.8.        Non-Exclusivity
of Plan. Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company for approval shall
be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements for employees
or Non-Employee Directors as it may deem desirable.

 

17.9.        Governing
Law. The Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of
Delaware, other than its laws respecting choice of law.

 

17.10.      Unfunded
Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for incentive and deferred
compensation. With respect to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the Plan or any
Award Agreement shall give any such Grantee any rights that are greater than those of a general creditor of the Company; provided,
however, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company’s obligations
under the Plan to deliver cash, Shares or other property pursuant to any Award which trusts or other arrangements shall be consistent
with the “unfunded” status of the Plan unless the Committee otherwise determines.

 

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17.11.      Affiliation.
Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to
terminate any Grantee’s employment or consulting contract at any time, nor confer upon any Grantee the right to continue
in the employ of or as an officer of or as a consultant to the Company or any Affiliate.

 

17.12.      Participation.
No employee or officer shall have the right to be selected to receive an Award under this Plan or, having been so selected, to
be selected to receive a future Award.

 

17.13.      Military
Service. Awards shall be administered in accordance with Section 414(u) of the Code and the Uniformed Services Employment and
Reemployment Rights Act of 1994.

 

17.14.      Construction.
The following rules of construction will apply to the Plan: (a) the word “or” is disjunctive but not necessarily exclusive,
and (b) words in the singular include the plural, words in the plural include the singular, and words in the neuter gender include
the masculine and feminine genders and words in the masculine or feminine gender include the other neuter genders.

 

17.15.      Headings.
The headings of articles and sections are included solely for convenience of reference, and if there is any conflict between such
headings and the text of this Plan, the text shall control.

 

17.16.      Obligations.
Unless otherwise specified in the Award Agreement, the obligation to deliver, pay or transfer any amount of money or other property
pursuant to Awards under this Plan shall be the sole obligation of a Grantee’s employer; provided that the obligation to
deliver or transfer any Shares pursuant to Awards under this Plan shall be the sole obligation of the Company.

 

17.17.      No
Right to Continue as Director. Nothing in the Plan or any Award Agreement shall confer upon any Non-Employee Director the right
to continue to serve as a director of the Company.

 

17.18.      Stockholder
Approval. All Awards granted on or after the Effective Date and prior to the date the Company’s stockholders approve
the Plan are expressly conditioned upon and subject to approval of the Plan by the Company’s stockholders.

 

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