Document:

EX-10.7

 Exhibit 10.7 

CYTODYN INC. 
 2012 EQUITY
INCENTIVE PLAN 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1
	  	ESTABLISHMENT AND PURPOSE	  	 	1	 
			
	 1.1
	  	Establishment	  	 	1	 
			
	 1.2
	  	Purpose	  	 	1	 
			
	 ARTICLE 2
	  	DEFINITIONS	  	 	1	 
			
	 2.1
	  	Defined Terms	  	 	1	 
			
	 2.2
	  	Gender and Number	  	 	5	 
			
	 ARTICLE 3
	  	ADMINISTRATION	  	 	5	 
			
	 3.1
	  	Administration by Board	  	 	5	 
			
	 3.2
	  	Delegation to Committee	  	 	5	 
			
	 3.3
	  	Authority of the Committee	  	 	5	 
			
	 3.4
	  	Action by the Committee	  	 	6	 
			
	 3.5
	  	Further Delegation	  	 	6	 
			
	 ARTICLE 4
	  	DURATION; SHARES SUBJECT TO THE PLAN; ELIGIBILITY	  	 	6	 
			
	 4.1
	  	Duration of the Plan	  	 	6	 
			
	 4.3
	  	Shares Subject to the Plan	  	 	6	 
			
	 4.5
	  	Eligibility	  	 	7	 
			
	 ARTICLE 5
	  	AWARDS	  	 	7	 
			
	 5.1
	  	Types of Awards	  	 	7	 
			
	 5.2
	  	General	  	 	7	 
			
	 5.3
	  	Nonuniform Determinations	  	 	7	 
			
	 5.4
	  	Award Agreements	  	 	7	 
			
	 5.5
	  	Provisions Governing All Awards	  	 	7	 
			
	 ARTICLE 6
	  	OPTIONS	  	 	11	 
			
	 6.1
	  	Types of Options	  	 	11	 
			
	 6.2
	  	General	  	 	11	 
			
	 6.3
	  	Option Price	  	 	11	 
			
	 6.4
	  	Option Term	  	 	11	 
			
	 6.5
	  	Time of Exercise	  	 	12	 
			
	 6.6
	  	Special Rules for Incentive Stock Options	  	 	12	 
			
	 6.7
	  	Restricted Shares	  	 	12	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 6.8
	  	Limitation on Number of Shares Subject to Options	  	 	12	 
			
	ARTICLE 7	  	STOCK APPRECIATION RIGHTS	  	 	12	 
			
	 7.1
	  	General	  	 	12	 
			
	 7.2
	  	Nature of Stock Appreciation Right	  	 	12	 
			
	 7.3
	  	Exercise	  	 	13	 
			
	 7.4
	  	Form of Payment	  	 	13	 
			
	 7.5
	  	Limitation on Number of Stock Appreciation Rights	  	 	13	 
			
	ARTICLE 8	  	RESTRICTED AWARDS	  	 	13	 
			
	 8.1
	  	Types of Restricted Awards	  	 	13	 
			
	 8.2
	  	General	  	 	14	 
			
	 8.3
	  	Restriction Period	  	 	14	 
			
	 8.4
	  	Forfeiture	  	 	14	 
			
	 8.5
	  	Settlement of Restricted Awards	  	 	14	 
			
	 8.6
	  	Rights as a Shareholder	  	 	15	 
			
	 8.7
	  	Limitation in Number of Restricted Awards	  	 	15	 
			
	ARTICLE 9	  	OTHER STOCK-BASED AND COMBINATION AWARDS	  	 	15	 
			
	 9.1
	  	Other Stock-Based Awards	  	 	15	 
			
	 9.2
	  	Combination Awards	  	 	15	 
			
	ARTICLE 11	  	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, ETC.	  	 	15	 
			
	 11.1
	  	Plan Does Not Restrict the Corporation	  	 	15	 
			
	 11.2
	  	Mandatory Adjustment	  	 	16	 
			
	 11.3
	  	Adjustments by the Committee	  	 	16	 
			
	ARTICLE 12	  	AMENDMENT AND TERMINATION	  	 	16	 
			
	ARTICLE 13	  	MISCELLANEOUS	  	 	16	 
			
	 13.1
	  	Tax Withholding	  	 	16	 
			
	 13.2
	  	Unfunded Plan	  	 	17	 
			
	 13.3
	  	Fractional Shares	  	 	17	 
			
	 13.4
	  	Annulment of Awards	  	 	17	 
			
	 13.5
	  	Engaging in Competition With the Corporation	  	 	17	 
			
	 13.6
	  	Other Corporation Benefit and Compensation Programs	  	 	17	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 13.7
	  	Securities Law Restrictions	  	 	18	 
			
	 13.8
	  	Continuing Restriction Agreement	  	 	18	 
			
	 13.9
	  	Governing Law	  	 	18	 

  
 -iii- 

 2012 EQUITY INCENTIVE PLAN 

ARTICLE 1 
 ESTABLISHMENT AND
PURPOSE 
 1.1 Establishment. CytoDyn Inc., a Colorado corporation (the “Corporation”), hereby establishes the CytoDyn Inc.
2012 Equity Incentive Plan (the “Plan”), effective as of December 12, 2012 (the “Effective Date”). 
 1.2
Purpose. The purpose of the Plan is to promote and advance the interests of the Corporation and its shareholders by enabling the Corporation to attract, retain, and reward employees, directors, and outside consultants of the Corporation and
its subsidiaries. It is also intended to strengthen the mutuality of interests between such employees, directors, and consultants and the Corporation’s shareholders. The Plan is designed to serve these purposes by offering stock options and
other equity-based incentive awards, thereby providing a proprietary interest in pursuing the long-term growth, profitability, and financial success of the Corporation.

 ARTICLE 2  

DEFINITIONS 
 2.1
Defined Terms. For purposes of the Plan, the following terms have the meanings set forth below: 

“Affiliate” means any parent corporation or subsidiary corporation of the Corporation, whether now or
hereafter existing, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 

“Award” means an award or grant made to a Participant of Options, Stock Appreciation Rights, Restricted
Awards, or Other Stock-Based Awards pursuant to the Plan. 
 “Award
Agreement” means an agreement as described in Section 5.4. 
 “Board” means the Board of
Directors of the Corporation. 
 “Change in Control” means: 

(i) Any one person or entity, or more than one person or entity acting as a group (as defined in Treasury Regulation Section 1.409A-3), acquires ownership of stock of the Corporation that, together with stock previously held by the acquiror, constitutes more than fifty (50%) percent of the total fair market value or
total voting power of the Corporation’s stock. If any one person or entity, or more than one person or entity acting as a group, is considered to own more than fifty (50%) percent of the total fair market value or total voting power of the
Corporation’s stock, the acquisition of additional stock by the same person or entity or persons or entities acting as a group does not cause a Change in Control. An increase in the percentage of stock owned by any one person or entity, or
persons or entities acting as a group, as a result of a transaction in which the Corporation acquires its stock in exchange for property, is treated as an acquisition of stock; or 

  
 2012 Equity Incentive Plan 

  
 - 1 - 

 (ii) A majority of the members of the Corporation’s board of directors is
replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the board of directors prior to the date of appointment or election; or 

(iii) Any one person or entity, or more than one person or entity acting as a group, acquires (or has acquired during the
twelve (12) month period ending on the date of the most recent acquisition by that person or entity or persons or entities acting as a group) assets from the Corporation that have a total gross fair market value equal to at least forty
(40%) percent of the total gross fair market value of all the Corporation’s assets immediately prior to the acquisition or acquisitions. Gross fair market value means the value of the Corporation’s assets, or the value of the assets
being disposed of, without regard to any liabilities associated with these assets. 
 In determining whether a Change in
Control occurs, the attribution rules of Code Section 318 apply to determine stock ownership. The stock underlying a vested option is treated as owned by the individual who holds the vested option, and the stock underlying an unvested option is
not treated as owned by the individual who holds the unvested option. 
 “Change in Control Date” means the
date a Change in Control actually occurs. 
 “Code” means the Internal Revenue Code of 1986, as amended and
in effect from time to time, or any successor statute, together with rules, regulations, and interpretations promulgated thereunder. 

“Committee” means the committee appointed by the Board, if any, to administer the Plan as provided in Article
3 of the Plan. If no separate committee has been appointed to administer the Plan, the term “Committee” will refer to the full Board as administrator of the Plan. 

“Common Stock” means the common stock of the Corporation. 

“Consultant” means any consultant or adviser to the Corporation or an Affiliate selected by the Committee, who
is not an employee of the Corporation or an Affiliate. 
 “Continuing Restriction” means a Restriction
contained in Sections 5.5(d), 5.5(g), 13.4, 13.5, 13.7 and 13.8 of the Plan and any other Restrictions expressly designated by the Committee in an Award Agreement as a Continuing Restriction. 

“Continuous Service” means that the Participant’s service with the Corporation, or an Affiliate whether
as an Employee, Non-Employee Director or Consultant, is not interrupted or terminated. The Committee may in its sole discretion determine whether Continuous Service shall be considered interrupted in the case
of (i) any leave of absence approved by the Corporation, including sick leave, maternity leave, military leave or any other personal leave, or (ii) a change in the capacity in which the Participant renders services to the Corporation or an
Affiliate. 

  
 2012 Equity Incentive Plan 

  
 - 2 - 

 “Corporation” means CytoDyn Inc., a Colorado corporation, or any
successor corporation. 
 “Disability” means the condition of being “disabled” within the meaning
of Section 22(e)(3) of the Code. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended and in effect from time to time, or any successor statute, together with rules and interpretations promulgated thereunder. 

“Fair Market Value” means, on any given day, the fair market value per share of the Common Stock determined as
follows: 
 (a) If the Common Stock is traded on an established securities exchange, including without limitation The Nasdaq
Stock Market or any successor market thereto, the closing sale price of Common Stock as reported for such day by the principal exchange on which the Common Stock is traded (as determined by the Committee) or, if Common Stock was not traded on such
day, on the next preceding day on which the Common Stock was traded; 
 (b) If trading activity in the Common Stock is
reported on an established over-the-counter market, including without limitation the OTC Markets or any successor market thereto, the closing sale price of Common Stock
as reported for such day by the principal market on which the Common Stock is traded (as determined by the Committee) or, if Common Stock was not traded on such day, on the next preceding day on which the Common Stock was traded; 

(c) If there is no market for the Common Stock or if trading activities for the Common Stock are not reported in one of the
manners described above, the Fair Market Value will be as determined by the Committee, including valuation by an independent appraisal that satisfies the requirements of Code Section 401(a)(28)(C) as of a date that is no more than twelve
(12) months before the date of the transaction for which the appraisal is used (e.g., the date of grant of an Award) or such other reasonable valuation method acceptable under Treasury Regulation Section 1.409A-1(b)(5)(iv). 

“Incentive Stock Option” or “ISO” means any Option intended to be an “incentive stock
option” within the meaning of Section 422 of the Code. 
 “Non-Employee Director” means a member
of the Board who is not an employee of the Corporation or any Affiliate. 
 “Nonqualified Option” or
“NQO” means any Option granted pursuant to the Plan that is not an Incentive Stock Option. 

“Option” means an ISO or an NQO. 

  
 2012 Equity Incentive Plan 

  
 - 3 - 

 “Other Stock-Based
Award” means an Award as defined in Section 9.1. 
 “Participant” means an employee of the
Corporation or an Affiliate, a Consultant or a Non-Employee Board Director who is granted an Award under the Plan. 

“Plan” means this CytoDyn Inc. 2012 Equity Incentive Plan, as set forth herein and as it may be amended from
time to time. 
 “Reporting Person” means a Participant who is subject to the reporting requirements of
Section 16(a) of the Exchange Act. 
 “Restricted Award” means a Restricted Share or a Restricted Unit
granted pursuant to Article 8 of the Plan. 
 “Restricted Share” means an Award described in
Section 8.1(a) of the Plan. 
 “Restricted Unit” means an Award of units representing Shares described
in Section 8.1(b) of the Plan. 
 “Restriction” means a provision in the Plan or in an Award Agreement
which limits the exercisability or transferability, or which governs the forfeiture or required sale, of an Award or Shares, cash, or other property payable pursuant to an Award. 

“Share” means a share of Common Stock. 

“Stock Appreciation Right” or “SAR” means an Award to benefit from the appreciation of Common
Stock granted pursuant to the provisions of Article 7 of the Plan. 
 “Vest,” “Vesting,” or
“Vested” means: 
 (a) In the case of an Award that requires exercise, to be or to become immediately and
fully exercisable and free of all Restrictions (other than Continuing Restrictions); 
 (b) In the case of an Award that is
subject to forfeiture, to be or to become nonforfeitable, freely transferable, and free of all Restrictions (other than Continuing Restrictions); 

(c) In the case of an Award that is required to be earned by attaining specified performance goals, to be or to become earned
and nonforfeitable, freely transferable, and free of all Restrictions (other than Continuing Restrictions); or 
 (d) In the
case of any other Award as to which payment is not dependent solely upon the exercise of a right, election, or option, to be or to become immediately payable and free of all Restrictions (except Continuing Restrictions). 

  
 2012 Equity Incentive Plan 

  
 - 4 - 

 2.2 Gender and Number. Except where otherwise indicated by the context, any masculine or
feminine terminology used in the Plan also includes the opposite gender; and the definition of any term in Section 2.1 in the singular also includes the plural, and vice versa. 

ARTICLE 3  

ADMINISTRATION 
 3.1
Administration by Board. The Board shall administer the Plan unless and until the Board delegates administration to a Committee, as provided in Section 3.2. The body administering the plan from time to time is referred to herein as the
“Committee.” 
 3.2 Delegation to Committee. The Board may delegate administration of the Plan to a Committee or Committees
of one (1) or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. If administration is delegated to a Committee, the Committee shall have, in connection
with the administration of the Plan, the powers theretofore possessed by the Board, including the power to further delegate administrative powers, subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be
adopted from time to time by the Board. The Board may abolish the Committee at any time and re-vest in the Board the administration of the Plan. 

3.3 Authority of the Committee. The Committee has full power and authority (subject to such orders or resolutions as may be issued or
adopted from time to time by the Board in the event of delegation to a board committee) to administer the Plan in its sole discretion, including the authority to: 

(a) Construe and interpret the Plan and any Award Agreement; 

(b) Promulgate, amend, and rescind rules and procedures relating to the implementation of the Plan; 

(c) Select the employees, Non-Employee Directors, and Consultants who will be granted
Awards; 
 (d) Determine the number and types of Awards to be granted to each Participant; 

(e) Determine the number of Shares, or Share equivalents, to be subject to each Award; 

(f) Determine the Fair Market Value of Shares if no public market exists for such Shares; 

(g) Determine the option price, purchase price, base price, or similar feature for any Award 

(h) Accelerate Vesting of Awards and waive any Restrictions; and 

  
 2012 Equity Incentive Plan 

  
 - 5 - 

 (i) Determine all the terms and conditions of all Award Agreements, consistent
with the requirements of the Plan. 
 Decisions of the Committee, or any delegate as permitted by the Plan, will be final, conclusive, and
binding on all Participants. 
 3.4 Action by the Committee. A majority of the members of the Committee will constitute a quorum for
the transaction of business. Action approved by a majority of the members present at any meeting at which a quorum is present, or action in writing by all of the members of the Committee, will be the valid acts of the Committee. 

3.5 Further Delegation. Notwithstanding the foregoing, the Committee may delegate to one or more officers of the Corporation the
authority to determine the recipients, types, amounts, and terms of Awards granted to Participants who are not Reporting Persons. 
 ARTICLE
4  
 DURATION; SHARES SUBJECT TO THE PLAN; ELIGIBILITY 

4.1 Duration of the Plan. The Plan is effective as of the Effective Date. The Plan will terminate ten years after the Effective Date
or, if earlier, when Awards have been granted covering all available Shares or the Plan is otherwise terminated by the Board. Termination of the Plan will not affect outstanding Awards. 

4.2 Prior Plans. The Plan is separate from the CytoDyn Inc. 2004 Stock Incentive Plan (the “Prior Plan”). The adoption of the
Plan neither affects nor is affected by the continued existence of the Prior Plan except that no further Awards will be granted under the Prior Plan after the Effective Date. 

4.3 Shares Subject to the Plan. The Shares which may be made subject to Awards under the Plan are Shares of Common Stock, which may be
either authorized and unissued Shares or reacquired Shares. Subject to adjustment pursuant to Article 11, the maximum number of Shares for which Awards may be granted under the Plan is 7,000,000, and the maximum aggregate number of Shares that
may be issued under the Plan through Incentive Stock Options is 6,500,000. If an Award under the Plan is canceled or expires for any reason prior to having been fully Vested or exercised by a Participant, is settled in cash in lieu of Shares or is
exchanged for other Awards, or is otherwise forfeited or terminated, all Shares covered by such Awards will be added back into the number of Shares available for future Awards under the Plan. In addition, if the exercise price of any Option granted
under the Plan is satisfied by tendering Shares to the Corporation, only the number of Shares issued net of Shares tendered to the Corporation shall be deemed delivered for purposes of determining the maximum number of Shares available under the
Plan. 
 4.4 Reservation of Shares. The Corporation, during the term of the Plan and outstanding Awards, will at all times reserve
and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 

  
 2012 Equity Incentive Plan 

  
 - 6 - 

 4.5 Eligibility. Employees of the Corporation and any subsidiary (including employees who
may also be directors of the Corporation or a subsidiary), Consultants, and Non-Employee Directors are eligible to receive Awards under the Plan. 

ARTICLE 5  
 AWARDS

 5.1 Types of Awards. The types of Awards that may be granted under the Plan are: 

(a) Options governed by Article 6 of the Plan; 

(b) Stock Appreciation Rights governed by Article 7 of the Plan; 

(c) Restricted Awards governed by Article 8 of the Plan; and 

(d) Other Stock-Based Awards or combination awards governed by Article 9 of the Plan.

 In the discretion of the Committee, any Award may be granted alone, in addition to, or in tandem with other Awards under the Plan. 

5.2 General. Subject to the limitations of the Plan, the Committee may cause the Corporation to grant Awards to such Participants, at
such times, of such types, in such amounts, for such periods, with such option prices, purchase prices, or base prices, and subject to such terms, conditions, limitations, and restrictions as the Committee, in its discretion, deems appropriate.
Awards may be granted as additional compensation to a Participant or in lieu of other compensation to such Participant. A Participant may receive more than one Award and more than one type of Award under the Plan. 

5.3 Nonuniform Determinations. The Committee’s determinations under the Plan or under one or more Award Agreements, including,
without limitation, (a) the selection of Participants to receive Awards, (b) the type, form, amount, and timing of Awards, (c) the terms of specific Award Agreements, and (d) elections and determinations made by the Committee
with respect to exercise or payments of Awards, need not be uniform and may be made by the Committee selectively among Participants and Awards, whether or not Participants are similarly situated. 

5.4 Award Agreements. Each Award will be evidenced by a written agreement (an “Award Agreement”) between the Corporation and
the Participant. Award Agreements may, subject to the provisions of the Plan, contain any provision approved by the Committee. 
 5.5
Provisions Governing All Awards. All Awards are subject to the following provisions: 
 (a) Alternative Awards.
If any Awards are designated in their Award Agreements as alternative to each other, the exercise of all or part of one Award will automatically cause an immediate equal (or pro rata) corresponding termination of the other alternative Award or
Awards. 

  
 2012 Equity Incentive Plan 

  
 - 7 - 

 (b) Rights as Shareholders. No Participant will have any rights of a
shareholder with respect to Shares subject to an Award until such Shares are issued in the name of the Participant. 
 (c)
Employment Rights. Neither the adoption of the Plan nor the granting of any Award confers on any person the right to continued employment with the Corporation or any Affiliate or the right to remain as a director of or a Consultant to the
Corporation or any Affiliate, as the case may be, nor does it interfere in any way with the right of the Corporation or an Affiliate to terminate such person’s employment or to remove such person as a Consultant or as a director at any time for
any reason, with or without cause. 
 (d) Restriction on Transfer. Unless otherwise expressly provided in an
individual Award Agreement, each Award (other than Restricted Shares after they Vest) will not be transferable other than by will or the laws of descent and distribution and will be exercisable (if exercise is required), during the lifetime of the
Participant, only by the Participant or, in the event the Participant becomes legally incompetent, by the Participant’s guardian or legal representative. Notwithstanding the foregoing, any Award may be surrendered to the Corporation pursuant to
Section 5.5(h) in connection with the payment of the purchase or option price of another Award or the payment of the Participant’s federal, state, or local tax withholding obligation with respect to the exercise or payment of another
Award. 
 (e) Termination of Employment. The terms and conditions under which an Award may be exercised, if at all,
after a Participant’s termination of employment or service as a Non-Employee Board Director or Consultant will be determined by the Committee and specified in the applicable Award Agreement. 

(f) Change in Control. In connection with a Change in Control, the Committee, in its sole discretion, may, unless
otherwise provided in an Award Agreement: 
 (i) Provide that, upon the occurrence of a Change in Control Date, each
outstanding Award will become immediately Vested to the full extent not previously Vested. Any such acceleration of Award Vesting must comply with applicable regulatory requirements and any Participant will be entitled to decline the accelerated
Vesting of all or any portion of his or her Award, if he or she determines that such acceleration may result in adverse tax consequences to him or her; and 

  
 2012 Equity Incentive Plan 

  
 - 8 - 

 (ii) In the event the Board approves a proposal that will result in a Change in
Control or a Change in Control Date occurs (each, a “Transaction”), the Committee may, in its sole discretion, and to the extent possible under the structure of the Transaction, select one of the following alternatives for treating
outstanding Awards under the Plan: 
 (A) The Committee may provide that outstanding Awards will be converted into or
replaced by Awards of a similar type in the stock of the surviving or acquiring corporation in the Transaction. The amount and type of securities subject to and the exercise price (if applicable) of the replacement or converted Awards will be
determined by the Committee based on the exchange ratio, if any, used in determining shares of the surviving corporation to be issued to holders of Shares of the Corporation. If there is no exchange ratio in the Transaction, the Committee will, in
making its determination, take into account the relative values of the companies involved in the Transaction and such other factors as the Committee deems relevant. Such replacement or converted Awards will continue to Vest over the period (and at
the same rate) as the Awards which the replacement or converted Awards replaced, unless determined otherwise by the Committee; or 

(B) The Committee may provide a 10-day period prior to the consummation of the
Transaction during which all outstanding Awards will tentatively become fully Vested, and upon consummation of such Transaction, all outstanding and unexercised Awards will immediately terminate. If the Committee elects to provide such 10-day period for the exercise of Awards, the Committee must provide written notice (a “Proposal Notice”) to all Participants at least 15 days prior to the commencement of such 10-day period and must so state its intention to terminate all unexercised Awards. Participants, by written notice to the Corporation, may exercise their Awards and, in so exercising the Awards, may condition such
exercise upon, and provide that such exercise will become effective immediately prior to, the consummation of the Transaction, in which event Participants need not make payment for any Common Stock to be purchased upon exercise of an Award until
five days after written notice by the Corporation to the Participants that the Transaction has been consummated. If the Transaction is consummated, each Award, to the extent not previously exercised prior to the consummation of the Transaction, will
terminate and cease being exercisable as of the effective date of such Transaction. If the Transaction is abandoned, (1) all outstanding Awards not exercised will continue to be Vested and exercisable, to the extent such Awards were Vested and
exercisable prior to the date of a Proposal Notice, and (2) to the extent that any Awards not exercised prior to such abandonment have become Vested and exercisable solely by operation of this Section 5.5(f)(ii), such Vesting and
exercisability will be deemed annulled, and the Vesting and exercisability provisions otherwise in effect will be reinstituted, as of the date of such abandonment; or 

  
 2012 Equity Incentive Plan 

  
 - 9 - 

 (C) The Committee may provide that outstanding Awards that are not fully Vested
will become fully Vested subject to the Corporation’s right to pay each Participant a cash amount (determined by the Committee and based on the amount, if any, being received by the Corporation’s shareholders in the Transaction) in
exchange for cancellation of the applicable Award. 
 Unless the Committee specifically provides otherwise in a Change in
Control provision for a specific Award Agreement, Awards will become Vested as of a Change in Control Date only if, or to the extent, such acceleration in the Vesting of the Awards does not result in an “excess parachute payment” within
the meaning of Section 280G(b) of the Code. The Committee, in its discretion, may include specific Change in Control provisions in some Award Agreements and not in others, may include different Change in Control provisions in different Award
Agreements, and may include Change in Control provisions for some Awards or some Participants and not for others. 
 (g)
Conditioning or Accelerated Benefits. The Committee, in its discretion, may include in any Award Agreement a provision conditioning or accelerating the Vesting of an Award or the receipt of benefits pursuant to an Award, either automatically
or in the discretion of the Committee, upon the occurrence of specified events, including without limitation, a Change in Control of the Corporation (subject to the foregoing), a sale of all or substantially all of the property and assets of
Corporation, or an event of the type described in Article 11 of this Plan. 
 (h) Payment of Purchase Price and
Withholding. The Committee, in its discretion, may include in any Award Agreement a provision permitting the Participant to pay the purchase or option price, if any, for Shares or other property issuable pursuant to the Award, in whole or in
part by any one or more of the following methods; provided, however, that the availability of any one or more methods of payment may be suspended from time to time if the Committee determines that the use of such payment method would result in
adverse financial accounting treatment for the Corporation or a violation of laws or regulations applicable to the Corporation: 

(i) By delivering cash or a check; 

(ii) By delivering previously owned Shares (including Restricted Shares, whether or not Vested); 

(iii) By reducing the number of Shares or other property otherwise Vested and issuable pursuant to the Award; 

(iv) Unless specifically prohibited by any applicable statute or rule, including, without limitation, the provisions of the
Sarbanes-Oxley Act of 2002, by delivering to the Corporation a promissory note on such terms and over such period as the Committee may determine; 

(v) In the event Shares are publicly traded, by delivery (in a form approved by the Committee) of an irrevocable direction to a
securities broker acceptable to the Committee (subject to the provisions of the Sarbanes-Oxley Act of 2002 and any other applicable statute or rule); or 

  
 2012 Equity Incentive Plan 

  
 - 10 - 

 (vi) In any combination of the foregoing or in any other form approved by the
Committee. 
 If Restricted Shares are surrendered in full or partial payment of the purchase or option price of Shares
issuable under an Award, a corresponding number of the Shares issued upon exercise of the Award will be Restricted Shares subject to the same Restrictions as the surrendered Restricted Shares. Shares withheld or surrendered as described above will
be valued based on their Fair Market Value on the date of the transaction. Any Shares withheld or surrendered with respect to a Reporting Person will be subject to such additional conditions and limitations as the Committee may impose to comply with
the requirements of the Exchange Act. 
 (i) Service Periods. At the time of granting an Award, the Committee may
specify, by resolution or in the Award Agreement, the period or periods of service performed or to be performed by the Participant in connection with the grant of the Award. 

ARTICLE 6  
 OPTIONS

 6.1 Types of Options. Options granted under the Plan may be in the form of Incentive Stock Options or Nonqualified Options. The
grant of each Option and the Award Agreement governing each Option will identify the Option as an ISO or an NQO. In the event the Code is amended to provide for tax-favored forms of stock options other than or
in addition to Incentive Stock Options, the Committee may grant Options under the Plan meeting the requirements of such forms of options. ISOs may not be awarded unless the Plan is approved by shareholders within 12 months of adoption of the Plan.

 6.2 General. All Options will be subject to the terms and conditions set forth in Article 5 and this Article 6 and Award
Agreements governing Options may contain such additional terms and conditions, not inconsistent with the express provisions of the Plan, as the Committee deems desirable. 

6.3 Option Price. Each Award Agreement for Options will state the option exercise price per Share of Common Stock purchasable under the
Option, which may not be less than 100 percent of the Fair Market Value of a Share on the date of grant for all Options. 
 6.4
Option Term. The Award Agreement for each Option will specify the term of each Option, which may be unlimited or may have a specified period during which the Option may be exercised, as determined by the Committee, provided, however, that no
ISO may be exercisable after the expiration of 10 years from the date such ISO is granted. 

  
 2012 Equity Incentive Plan 

  
 - 11 - 

 6.5 Time of Exercise. The Award Agreement for each Option will specify, as determined by
the Committee: 
 (a) The time or times when the Option becomes exercisable and whether the Option becomes exercisable in
full or in graduated amounts based on: (i) continuation of employment over a period specified in the Award Agreement, (ii) satisfaction of performance goals or criteria specified in the Award Agreement, or (iii) a combination of
continuation of employment and satisfaction of performance goals or criteria; and 
 (b) Such other terms, conditions, and
restrictions as to when the Option may be exercised as determined by the Committee. 
 (c) The extent, if any, to which the
Option will remain exercisable after the Participant ceases to be an employee, Consultant, or director of Corporation or an Affiliate. 
 An Award Agreement
for an Option may, in the discretion of the Committee, provide whether, and to what extent, the time when an Option becomes exercisable may be accelerated or otherwise modified (i) in the event of the death, Disability, or retirement of the
Participant or (ii) upon the occurrence of a Change in Control. The Committee may, at any time in its discretion, accelerate the time when all or any portion of an outstanding Option becomes exercisable. 

6.6 Special Rules for Incentive Stock Options. In the case of an Option designated as an Incentive Stock Option, the terms of the
Option and the Award Agreement will conform with the statutory and regulatory requirements specified pursuant to Section 422 of the Code, as in effect on the date such ISO is granted. ISOs may be granted only to employees of the Corporation or
an Affiliate. ISOs may not be granted under the Plan after ten years following the date specified in Section 1.1, unless the ten-year limitation of Section 422(b)(2) of the Code is removed or
extended. 
 6.7 Restricted Shares. In the discretion of the Committee, the Shares issuable upon exercise of an Option may be
Restricted Shares if so provided in the Award Agreement for the Option. 
 6.8 Limitation on Number of Shares Subject to Options. In
no event may Options for more than 1,000,000 Shares be granted to any individual under the Plan during any calendar year. To the extent required by Section 162(m) of the Code, if any Option is canceled, the canceled Option shall continue to be
counted against the maximum number of Shares for which Options may be granted to an individual under the Plan. 
 ARTICLE 7  

STOCK APPRECIATION RIGHTS 

7.1 General. Stock Appreciation Rights are subject to the terms and conditions set forth in Article 5 and this Article 7 and Award
Agreements governing Stock Appreciation Rights may contain such additional terms and conditions, not inconsistent with the express terms of the Plan, as the Committee deems desirable. 

7.2 Nature of Stock Appreciation Right. A Stock Appreciation Right is an Award entitling a Participant to receive an amount equal to
the excess (or, if the Committee 

  
 2012 Equity Incentive Plan 

  
 - 12 - 

 
determines at the time of grant, a portion of the excess) of the Fair Market Value of a Share of Common Stock on the date of exercise of the SAR over the base price, as described below, on the
date of grant of the SAR, multiplied by the number of Shares with respect to which the SAR is being exercised. The base price will be designated by the Committee in the Award Agreement for the SAR and may be the Fair Market Value of a Share on the
grant date of the SAR or such other higher price as the Committee determines. The base price may not be less than the Fair Market Value of a Share on the grant date of the SAR. 

7.3 Exercise. A Stock Appreciation Right may be exercised by a Participant in accordance with procedures established by the Committee.
The Committee may also provide that a SAR will be automatically exercised on one or more specified dates or upon the satisfaction of one or more specified conditions. 

7.4 Form of Payment. Payment upon exercise of a Stock Appreciation Right may be made in cash, in Shares, in other property, or in any
combination of the foregoing, or in any other form as the Committee may determine. 
 7.5 Limitation on Number of Stock Appreciation
Rights. The maximum number of Shares with respect to which Stock Appreciation Rights may be granted to any individual under the Plan during any calendar year is 1,000,000. To the extent required by Section 162(m) of the Code, if any SAR is
canceled, the canceled SAR shall continue to be counted against the maximum number of Shares for which SARs may be granted to an individual under the Plan. 

ARTICLE 8  
 RESTRICTED
AWARDS 
 8.1 Types of Restricted Awards. Restricted Awards granted under the Plan may be in the form of either Restricted Shares
or Restricted Units. 
 (a) Restricted Shares. A Restricted Share is an Award of Shares to a Participant subject to
such terms and conditions as the Committee deems appropriate, including, without limitation, a requirement that the Participant forfeit such Restricted Shares back to the Corporation upon termination of Participant’s employment (or service as a
Non-Employee Board Director or Consultant) for specified reasons within a specified period of time or upon other conditions, including failure to achieve performance goals, as set forth in the Award Agreement
for such Restricted Shares. Each Participant receiving a Restricted Share will be issued a stock certificate in respect of such Shares, registered in the name of such Participant, and will execute a stock power in blank with respect to the Shares
evidenced by such certificate. The certificate evidencing such Restricted Shares and the stock power will be held in custody by the Corporation until the Restrictions have lapsed. 

(b) Restricted Units. A Restricted Unit is an Award of units (with each unit having a value equivalent to one Share)
granted to a Participant subject to such terms and conditions as the Committee deems appropriate, and may include a requirement that the Participant forfeit such Restricted Units upon termination of Participant’s employment (or

  
 2012 Equity Incentive Plan 

  
 - 13 - 

 
service as a Non-Employee Board Director or Consultant) for specified reasons within a specified period of time or upon other conditions, as set forth in
the Award Agreement for such Restricted Units. The Committee will set the terms and conditions of the Award Agreement so that the Restricted Unit Award will comply with or be exempt from Code Section 409A. 

8.2 General. Restricted Awards are subject to the terms and conditions of Article 5 and this Article 8 and Award Agreements governing
Restricted Awards may contain such additional terms and conditions, not inconsistent with the express provisions of the Plan, as the Committee deems desirable. 

8.3 Restriction Period. Award Agreements for Restricted Awards will provide that Restricted Awards, and the Shares subject to
Restricted Awards, may not be transferred, and may provide that, in order for a Participant to Vest in such Restricted Awards, the Participant must remain in the employment (or remain as a Non-Employee Board
Director or Consultant) of the Corporation or its Affiliates, subject to relief for reasons specified in the Award Agreement, for a period commencing on the grant date of the Award and ending on such later date or dates as the Committee may
designate at the time of the Award (the “Restriction Period”). During the Restriction Period, a Participant may not sell, assign, transfer, pledge, encumber, or otherwise dispose of Shares received under or governed by a Restricted Award
grant. The Committee, in its sole discretion, may provide for the lapse of restrictions in installments during the Restriction Period. In addition, the Committee, in its discretion, may condition Vesting of Restricted Awards on continued employment
(or service as a Non-Employee Board Director or Consultant) or attainment of performance goals, or both. 

8.4 Forfeiture. If a Participant ceases to be an employee (or Consultant or Non-Employee
Director) of the Corporation or an Affiliate during the Restriction Period for any reason other than reasons which may be specified in an Award Agreement, the Award Agreement may require that all non-Vested
Restricted Awards previously granted to the Participant be forfeited and returned to the Corporation. 
 8.5 Settlement of Restricted
Awards. 
 (a) Restricted Shares. Upon Vesting of a Restricted Share Award, the restrictive stock legend on
certificates for such Shares covering applicable Restrictions will be removed, the Participant’s stock power will be returned, and the Shares will no longer be Restricted Shares. 

(b) Restricted Units. Upon Vesting of a Restricted Unit Award, a Participant is entitled to receive payment for
Restricted Units in an amount equal to the aggregate Fair Market Value of the Shares covered by such Restricted Units at the expiration of the Applicable Restriction Period. Payment in settlement of a Restricted Unit will be made as soon as
practicable following the conclusion of the applicable Restriction Period in cash, in installments, in Restricted Shares or unrestricted Shares equal to the number of Restricted Units or in any other manner or combination as the Committee, in its
sole discretion, determines. 

  
 2012 Equity Incentive Plan 

  
 - 14 - 

 8.6 Rights as a Shareholder. A Participant has, with respect to unforfeited Shares
received under a grant of Restricted Shares, all the rights of a shareholder of the Corporation, including the right to vote the shares and the right to receive any cash dividends. Stock dividends issued with respect to Restricted Shares will be
treated as additional Shares covered by the grant of Restricted Shares and will be subject to the same Restrictions. A Participant will have no rights as a shareholder with respect to a Restricted Unit Award until Shares are issued to the
Participant in settlement of the Award. 
 8.7 Limitation in Number of Restricted Awards. The aggregate number of Shares subject to
Restricted Share Awards and Restricted Unit Awards that may be granted under the Plan may not exceed 2,500,000 Shares. 
 ARTICLE 9 

 OTHER STOCK-BASED AND COMBINATION AWARDS 

9.1 Other Stock-Based Awards. The Committee may grant other Awards under the Plan pursuant to
which Shares are or may in the future be acquired, or Awards denominated in or measured by Share equivalent units, including Awards valued using measures other than the market value of Shares. Other Stock-Based Awards are not restricted to any
specific form or structure and may include, without limitation, Share purchase warrants, other rights to acquire Shares, and securities convertible into or redeemable for Shares. Such Other Stock-Based Awards
may be granted either alone, in addition to, or in tandem with, any other type of Award granted under the Plan. 
 9.2 Combination
Awards. The Committee may also grant Awards under the Plan in tandem or combination with other Awards or in exchange of Awards, or in tandem or combination with, or as alternatives to, grants or rights under any other employee plan of the
Corporation, including the plan of any acquired entity. No action authorized by this section will reduce the amount of any existing benefits or change the terms and conditions thereof without the Participant’s consent. 

ARTICLE 10 
 DIVIDEND
EQUIVALENTS 
 Any Awards may, at the discretion of the Committee, earn dividend equivalents. In respect of any such Award which is
outstanding on a dividend record date for Common Stock, the Participant may be credited with an amount equal to the amount of cash or stock dividends that would have been paid on the Shares covered by such Award, had such covered Shares been issued
and outstanding on such dividend record date. The Committee will establish such rules and procedures governing the crediting of dividend equivalents, including the timing, form of payment, and payment contingencies of such dividend equivalents, as
it deems appropriate or necessary. 
 ARTICLE 11  

ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, ETC. 

11.1 Plan Does Not Restrict the Corporation. The existence of the Plan and the Awards granted under the Plan will not affect or
restrict in any way the right or power of the 

  
 2012 Equity Incentive Plan 

  
 - 15 - 

 
Board or the shareholders of the Corporation to make or authorize any adjustment, recapitalization, reorganization, or other change in the Corporation’s capital structure or its business,
any merger or consolidation of the Corporation, any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Corporation’s capital stock or the rights thereof, the dissolution or liquidation of the Corporation
or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding. 
 11.2 Mandatory
Adjustment. In the event of any stock dividend, stock split, reverse stock split, recapitalization, reclassification, or other distribution of the Corporation’s securities without the receipt of consideration by the Corporation, of or on
the Common Stock, the Committee shall make proportionate adjustments or substitution to the aggregate number and type of Shares for which Awards may be granted under the Plan, the maximum number and type of Shares which may be sold or awarded to any
Participant, the number and type of Shares covered by each outstanding Award, and the base price or purchase price per Share in respect of outstanding Awards. 

11.3 Adjustments by the Committee. In the event of any change in capitalization affecting the Common Stock of the Corporation not
described in Section 11.2 above, such proportionate adjustments, if any, as the Committee, in its sole discretion, may deem appropriate to reflect such change, will be made with respect to the aggregate number of Shares for which Awards in
respect thereof may be granted under the Plan, the maximum number of Shares which may be sold or awarded to any Participant, the number of Shares covered by each outstanding Award, and the base price or purchase price per Share in respect of
outstanding Awards. The Committee may also make such adjustments in the number of Shares covered by, and price or other value of, any outstanding Awards in the event of a spin-off or other distribution (other
than normal cash dividends), of the Corporation assets to shareholders. 
 ARTICLE 12  

AMENDMENT AND TERMINATION 

The Board may amend, suspend, or terminate the Plan or any portion of the Plan at any time, provided that no amendment may be made without
shareholder approval if such approval is required by applicable law or the requirements of an applicable stock exchange or registered securities association. 

ARTICLE 13  

MISCELLANEOUS 
 13.1 Tax
Withholding. The Corporation has the right to deduct from any settlement of any Award under the Plan, including the delivery or Vesting of Shares or Awards, any federal, state, or local taxes of any kind required by law to be withheld with
respect to such payments or to take such other action as may be necessary in the opinion of the Corporation to satisfy all obligations for the payment of such taxes. The recipient of any payment or distribution under the Plan has the obligation to
make arrangements satisfactory to the Corporation for the satisfaction of any such tax withholding obligations. The Corporation will not be required to make any such payment or distribution under the Plan until such obligations are satisfied. 

  
 2012 Equity Incentive Plan 

  
 - 16 - 

 13.2 Unfunded Plan. The Plan will be unfunded and the Corporation will not be required to
segregate any assets that may at any time be represented by Awards under the Plan. Any liability of the Corporation to any person with respect to any Award under the Plan will be based solely upon any contractual obligations that may be effected
pursuant to the Plan. No such obligation of the Corporation will be deemed to be secured by any pledge of, or other encumbrance on, any property of the Corporation. 

13.3 Fractional Shares. No fractional Shares of Common Stock will be issued or delivered under the Plan or any Option, Options granted
under the Plan will not be exercisable with respect to fractional Shares. In lieu of such fractional Shares, the Corporation will pay an amount in cash equal to the same fraction using the current market value of a Share of Common Stock. 

13.4 Annulment of Awards. Any Award Agreement may provide that the grant of an Award payable in cash is revocable until cash is paid in
settlement thereof or that grant of an Award payable in Shares is revocable until the Participant becomes entitled to the certificate in settlement thereof. In the event Participant’s employment (or services as a
Non-Employee Director or Consultant) terminates for cause (as defined below), any Award which is revocable will be annulled as of the date of such termination for cause. For the purpose of this
Section 13.4, the term “for cause” has the meaning set forth in the Participant’s employment agreement, if any, or otherwise means any discharge (or removal) for material or flagrant violation of the policies and procedures of
the Corporation or for other performance or conduct which is materially detrimental to the best interests of the Corporation, as determined by the Committee. 

13.5 Engaging in Competition With the Corporation. Any Award Agreement may provide that, if a Participant terminates employment (or
service as a Non-Employee Board Director or Consultant) with the Corporation or an Affiliate for any reason whatsoever, and within a period of time (as specified in the Award Agreement) after the date thereof
accepts employment with any competitor of (or otherwise engages in competition with) the Corporation, the Committee, in its sole discretion, may require such Participant to return to the Corporation the economic value of any Award that is realized
or obtained (measured at the date of exercise, Vesting, or payment) by such Participant at any time during the period beginning on the date that is one year prior to the date of such Participant’s termination of employment (or service as a Non-Employee Board Director or Consultant) with the Corporation. 
 13.6 Other Corporation Benefit and
Compensation Programs. Payments and other benefits received by a Participant under an Award made pursuant to the Plan are not to be deemed a part of a Participant’s regular, recurring compensation for purposes of the termination indemnity
or severance pay law of any state or country and will not be included in, or have any effect on, the determination of benefits under any other employee benefit plan or similar arrangement provided by the Corporation or an Affiliate unless expressly
so provided by such other plan or arrangements, or except where the Committee expressly determines that an Award or portion of an Award should be included to accurately reflect competitive compensation practices or to recognize that an Award has
been made in lieu of a portion of cash compensation. Awards under the Plan may be made in combination with or in tandem with, or as alternatives to, grants, awards, or payments under any other Corporation or Affiliate plans, arrangements, or
programs. The Plan notwithstanding, the Corporation or any Affiliate may adopt such other 

  
 2012 Equity Incentive Plan 

  
 - 17 - 

 
compensation programs and additional compensation arrangements as it deems necessary to attract, retain, and reward employees and directors for their service with the Corporation and its
Affiliates. 
 13.7 Securities Law Restrictions. No Shares may be issued under the Plan unless counsel for the Corporation is
satisfied that such issuance will be in compliance with applicable federal and state securities laws. Certificates for Shares delivered under the Plan may 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 Securities and Exchange Commission, any stock exchange or registered securities association upon which the Common Stock is then listed or
quoted, and any applicable federal or state securities laws. The Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

13.8 Continuing Restriction Agreement. Each Participant will, if requested by the Corporation and as a condition to issuance of Shares
under the Plan upon an Award or exercise of an Award granted under the Plan that results in the issuance of Shares, become a party to and be bound by a stock restriction or other agreement with the Corporation containing restrictions on transfer of
Shares, including a right of first refusal for the benefit of the Corporation, a market stand-off provision, and such other terms as the Corporation may reasonably require. 

13.9 Governing Law. Except with respect to references to the Code or federal securities laws, the Plan and all actions taken thereunder
will be governed by and construed in accordance with the laws of the state of Oregon, without regard to principles of conflict of laws. 

As approved by the shareholders of CytoDyn Inc. on December 12, 2012; and amended upon approval of the shareholders of CytoDyn Inc. on
February 27, 2015; and further amended upon approval of the shareholders of CytoDyn Inc. on March 18, 2016 

  
 2012 Equity Incentive Plan 

  
 - 18 -EXHIBIT 4.1

 

 

ADOPTION AGREEMENT

 

DEFERRED COMPENSATION
PLAN

 

The undersigned Company acting on
behalf of itself and each Participating Employer, having been duly advised by its own counsel as to the legal and tax consequences
of adopting this Deferred Compensation Plan, and having determined that adoption of this Plan as an unfunded, nonqualified deferred
compensation plan (intending that the same comply with the applicable requirements of Section 409A of the Internal Revenue Code
of 1986, as amended) would better enable the Company to attract and retain key personnel, HEREBY ADOPTS the attached Deferred
Compensation Plan, subject to the following terms, conditions and elections, all of which are integral parts of the Plan adopted
hereby:

 

	Company Name:	Royal Gold, Inc.
	 	 
	Company Address:	1660 Wynkoop Street, Suite 1000, Denver, CO 80202
	 	 
	Plan Name:	Royal Gold Deferred Compensation Plan for Non-Employee Directors

 

Effective Date of the Plan:August
1, 2017

 

Additional Participating Employers:
 N/A

 

Capitalized terms used in this Adoption
Agreement that are defined in the Plan document attached hereto and not separately defined herein shall have the respective defined
meanings set forth in the attached Plan document.

 

     

     

    

 

The Company acting on behalf of itself
and each Participating Employer hereby elects, for purposes of this Plan, as follows (insert check mark or "X" for
each desired election and fill in appropriate blanks):

 

		I.	Pay Types from which Annual Deferral Amounts may be deferred by Participants are
as follows:

 

	Pay Type – U,S. Directors	 	Maximum

    Percentage	 
	x  Meeting
    Fees (cash)	 	 	100%	 
	x  Annual
    Retainer Fee (cash)	 	 	100%	 
	x  Annual
    Chairman Retainer Fee (cash)	 	 	100%	 
	x  Equity
    Dividends (deferred in cash)	 	 	0%
                                         or 100%	 
	x  Annual
    Equity Grant (deferred in stock)	 	 	0%
                                         or 100%	 

 

	Pay Type – Non U.S Directors	 	Maximum
 Percentage	 
	x
    Annual     Equity Grant (deferred in stock)	 	 	0%
                                         or 100%	 

 

 

		II.	Annual Company Matching Amounts: The Company may credit Annual Company Matching Amounts for selected Participants:

 

 ̈
Yes                     x
No

 

		a.	Matching Contribution Formula: (select (i) or (ii) below)

 

		(i)	 ̈Percent of Participant deferrals formula, subject to a specified
limit, as follows:

 

		(a)	 ̈ Matching Contribution Rate: _____% of (specify paytype names):

 

 

 

 

 

 

 

		(b)	 ̈ Matching Contribution Limit: ______% of each applicable Pay Type

 

		(ii)	 ̈ Other matching formula: ___________________________________

 

		III.	Discretionary Contributions. The Company may credit Annual Company Discretionary Amounts for selected Participants.
The amounts to be calculated in one of the following manners (select one):

		a.	x  No Discretionary Contributions

		b.	 ̈   Permissible
but amount discretionary

		c.	 ̈    Annual contribution amount or formula: _____________________________________________

 

		IV.	Vesting.

		a.	The following Vesting Schedule shall apply to all ANNUAL EQUITY GRANTS, as follows (select one):

		 ̈	Immediate vesting (100%) as amounts are credited

		 ̈	Cliff vesting: 100% at the end of ____ years (commencing as specified below)

		x	Incremental annual vesting, as follows (complete chart below):

 

    	 	-2-	 

     

    

 

	Years Completed	 	% of Contribution 

Vested	 
	Year 0	 	 	50	%
	Year 1	 	 	100	%
	Year 2	 	 		%
	Year 3	 	 		%
	Year 4	 	 		%

 

   EXAMPLE: 

 

	Vesting
 date	 	Date of Grant	 
	 	 	8/1/2017	 	 	8/1/2018	 	 	8/1/2019	 	 	8/1/2020	 	 	8/1/2021	 
	8/1/2017	 	 	50	%	 	 		 	 	 		 	 	 		 	 	 		 
	8/1/2018	 	 	100	%	 	 	50	%	 	 	 	 	 	 	 	 	 	 	 	 
	8/1/2019	 	 	 	 	 	 	100	%	 	 	50	%	 	 	 	 	 	 	 	 
	8/1/2020	 	 	 	 	 	 	 	 	 	 	100	%	 	 	50	%	 	 	 	 
	8/1/2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	100	%	 	 	50	%
	8/1/2022	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	100	%

  

		b.	The Vesting Commencement Date shall be determined as follows (select one):

		 ̈	Years of participation – based on plan participation date

		 ̈	Years of service – based on date of hire

		 ̈	Age – based on date of birth

		x	Contribution Date

 

		c.	The Vesting Increase timing shall be determined as follows (select one):

 ̈
 On the last day of the vesting year

x
On the first day of the vesting year (the anniversary of the Commencement Date)

 

		d.	The Vesting Acceleration events that will automatically vest 100% shall be determined as follows (select all that
apply):

x
Retirement eligibility

x
Disability

x
Death

x
Change in Control

 ̈
Other _____________________________________________________

 

		e.	Rehires: A former Participant who is rehired following a Termination of Employment, and who is selected for participation
in accordance with the terms of the Plan, shall be treated as a new employee and new participant for purposes of determining such
individual’s Vesting Commencement Date, without regard to earlier dates of hire or enrollment prior to such Termination of
Employment.

 

		V.	Retirement Eligibility Date (select all that apply):

 ̈
 Age _____

x
Age 0 plus 15 years of cumulative service

 ̈
 Age _____ plus ____ years of plan participation

 ̈
 Age _____ plus ____ years of cumulative service and _____ years of plan participation

 

    	 	-3-	 

     

    

 

		VI.	Distributions.

		a.	Specified Date (aka In-Service) Distributions x Yes    ̈
No

		(i)	May include employer contributions:

Company Match:  ̈
Yes    ̈ No   x
N/A

Annual Equity Grant x
Yes    ̈ No    ̈
N/A

 

		(ii)	Type of election is (select one):

x
Class year - each year’s balance may have a different distribution election

 ̈
User-created accounts (max number of accounts: _______ ) - each year’s balance is directed to one or more date-specific accounts.

 

		(iii)	Alternative forms of distribution (select all that apply):

x
Lump Sum

x
Annual installments for any whole number of years up to 5

 ̈
Other: ___________________________

 

		(iv)	The Minimum Deferral Period for vested balances, is 2 years* measured from the beginning of the Plan Year For example: when
enrolling for the 2017 plan year, the earliest allowable Distribution date is 1/1/2019

 

(*Recommend no earlier
than the time at which company contributions are 100% vested. Unvested portions at the time of the scheduled payments would be
paid out upon separation from service.)

 

		b.	Retirement Distribution – N/A

		(i)	Type of election applies as (select one):

 ̈
A single election

 ̈
Class year – each year’s balance may have a different distribution election (not recommended if user-created accounts
is selected for In-service distributions)

 

		(ii)	Alternative forms of distribution (select all that apply):

 ̈
Lump Sum

 ̈
Annual installments for any whole number of years up to 5

 ̈
Other: ___________________________

 

		c.	Separation (Termination) Distribution

		(i)	Type of election applies as (select one):

 ̈
Default only (recommended)

 ̈
A single election

x
Class year – each year’s balance may have a different distribution election (not recommended if user-created accounts
is selected for In-service distributions)

 

		(ii)	Alternative forms of distribution (select all that apply):

x
Lump Sum (recommended)

x
Annual installments for any whole number of years up to 5

 ̈
Other: __________________________

 

    	 	-4-	 

     

    

 

		d.	Disability Distribution

		(i)	x In accordance with the participant Separation election (recommended),

 

Or if different from participant’s
Retirement election:

 

		(ii)	Type of distribution election applies as (select one):

 ̈
Default only

 ̈
A single election

 ̈
Class year – each year’s balance may have a different distribution election (not recommended if user-created accounts
is selected for In-service distributions)

 

Alternative forms of distribution
(select all that apply):

 ̈
Lump Sum

 ̈
Annual installments for any whole number of years up to _____

 ̈
Other: ___________________________

 

		e.	Death Benefit Distribution (pre-commencement vs. post-commencement)

 

		(i)	Alternative forms of distribution pre-commencement of separation distribution

 ̈
In accordance with Participant’s separation elections, or

 

Or if different from Participant’s
separation elections (select all that apply):

 

x
Lump Sum (recommended)

 ̈
Annual installments for any whole number of years up to _____

 ̈
Other: ___________________________

 

		(ii)	Alternative forms of distribution post-commencement of separation distribution

 ̈
Continue in accordance with Participant’s elections (recommended)

 

Or if different from Participant’s
separation elections (select all that apply):

 

x
Lump Sum

 ̈
Annual installments for any whole number of years up to _____

 ̈
An amount to be determined by the Committee

 ̈
Other: ___________________________

 

		f.	Additional Supplemental Death Benefit (may require consent for life insurance)

x
None

 ̈
Discretionary amount to be determined by the Committee

 ̈
Specified amount: _______________________________

 

		g.	Change in Control Distribution  ̈ Yes   x
No

		(i)	Distribution is (select one):

 ̈
Mandatory

 ̈
Optional (declinable)

 

		(ii)	Alternative forms of distribution (select all that apply):

 ̈
Lump Sum

 ̈
Annual installments for any whole number of years up to _____

 ̈
Other: ___________________________

 

    	 	-5-	 

     

    

 

		h.	Separation within 12 months following a Change in Control x Yes    ̈
No

		(iii)	Distribution is (select one):

x
Mandatory

 ̈
Optional (declinable)

 

		(iv)	Alternative forms of distribution (select all that apply):

x
Lump Sum

 ̈
Annual installments for any whole number of years up to _____

 ̈
Other: ___________________________

 

		i.	Default Distribution (if none selected then the Default Distribution election for all events will be Lump Sum at
separation from service)

 

		(i)	Alternative forms of distribution (select one):

x
Lump Sum (recommended)

 ̈
Annual installments for _______ years

 ̈
Other: ___________________________

 

		(ii)	Time of Distribution:

x
Separation from service (recommended)

 ̈
Other: ___________________________

 

		j.	Small Accounts payment 

(NOTE: this is in addition
to the default deminimis provision in Section 6.10 that allows the Company to pay the Participant’s vested Account
Balance at any time if it does not exceed the then applicable limit of §402(g)(1)(B) of the Code and results in the
termination of the Participant’s entire interest in the Plan.)

 ̈
  None (recommended)

x
 Notwithstanding any payment election made by the Participant, if at the time any distribution becomes due and the vested balance
of all installments associated with that distribution does not exceed $50,000 then the balance will be paid in a single lump sum,
subject to compliance with Section 409A.

 

		k.	The Plan’s Identification Date for purposes of determining Specified Employee status is December 31 unless a different
date is specified: _____________________ (for public companies only)

 

		VII.	Cause: If the definition for "Cause" is different than that specified in the Plan, specify the alternative
definition that shall apply for purpose of this Plan: (if blank, Plan definition will apply):

 

 

 

 

 

 

 

		VIII.	Rabbi Trust: The Sponsor elects to establish a grantor
trust (rabbi trust) under the Plan:

 

 ̈
Yes x No

 

		IX.	Governing Law: The Plan will generally be governed by federal law but the governing state law, to the extent not preempted
by federal law, and in any case subject to the choice of law rules of any court before which any suit or proceeding affecting this
Plan may be heard, shall be the laws of the following state (specify state):

 

DELAWARE

(if none specified,
the state under which laws the Company was formed).

 

    	 	-6-	 

     

    

 

IN WITNESS WHEREOF, the Company,
on behalf of itself and each Participating Employer, has caused its duly authorized representative to execute this Adoption Agreement,
under seal, as of the Effective Date set forth above, intending that the Company shall be bound hereby, and that each Participant,
Committee Member and Record Keeper may rely hereon.

 

	 	COMPANY: Royal Gold, Inc.
	 	 	 
	 	By: 	 

 

	 	Print Name: 	 

 

	 	Title: 	 
	 	 	Duly authorized

 

	 	Date:	 

 

    	 	-7-	 

     

    

 

SPECIMEN
FORM: There are many possible forms that could be used to implement a nonqualified deferred compensation plan that is subject to
Section 409A. The advisability of using this form and the tax implications resulting from its adoption in its existing form should
be determined by each company's attorney and other tax advisers in light of circumstances, laws and regulations then applicable
to the adopting company. This specimen is NOT a qualified plan for ERISA nor income tax purposes.

 

DEFERRED COMPENSATION
PLAN

 

Preamble

 

This Plan is adopted as of the date
and by the Company, on behalf of itself and any Participating Employers, as set forth in the attached Adoption Agreement, which
is an integral part of this Plan. The Company, having been duly advised by its own counsel as to the legal and tax consequences
of adopting this Plan, intends that the Plan shall at all times be administered and interpreted in such a manner as to constitute
an unfunded plan maintained primarily for a select group of management or highly compensated employees who contribute materially
to the management of the Company or Participating Employer, so as to qualify for all available exemptions from the provisions of
Title I of ERISA and to fulfill the applicable requirements of Section 409A.

 

ARTICLE 1

DEFINITIONS

 

		1.1	DEFINED TERMS. Certain words and phrases are defined when first used in later paragraphs of this Plan or in the Adoption Agreement
pursuant to which this Plan was adopted. In addition, the following words and phrases when used herein, unless the context clearly
requires otherwise, shall have the following respective meanings:

 

"Account"
means, with respect to any Participant, a bookkeeping entry used as a measurement and determination of the amounts to be paid to
a Participant, or his or her designated Beneficiary, pursuant to this Plan and subject to such limits, rules and procedures as
the Committee from time to time may adopt under this Plan. The Committee and the Record Keeper may establish and use sub-accounts
and other record keeping entries with respect to any Participant's Account, including without limitation any Deferral Account,
Company Contribution Account and Company Discretionary Account applicable to such Participant.

 

“Account Balance”
means, with respect to any Participant at any particular time, the sum at such time of such Participant's (i) Deferral Account
balance, (ii) Company Matching Account balance and (iii) Company Discretionary Account balance. The Account Balance shall be a
bookkeeping entry only and shall be utilized solely as a measurement and determination of the amounts to be paid to a Participant,
or his or her designated Beneficiary, pursuant to this Plan.

 

“Adoption Agreement”
means the agreement pursuant to which the Company has adopted this Plan, which Adoption Agreement is incorporated herein by reference,
including without limitation any terms defined therein. Adoption Agreements may be completed and/or signed using such online systems
and other electronic means as the Committee or Record Keeper from time to time may designate for such purpose.

 

“Affiliate”
means a corporation, partnership, limited liability company or other entity that is required to be considered, together with the
Company, as a single employer under §414(b) of the Code (employees of controlled group of Companies) or §414(c) of the
Code (employees of partnerships or limited liability companies under common control). For purposes of determining a controlled
group of Companies under §414(b) of the Code, the language “at least 50 percent” shall be used instead of “at
least 80 percent” each place it appears in §1563(a)(1), (2), and (3) of the Code. For purposes of determining trades
or businesses that are under common control for purposes of §414(c) of the Code, “at least 50 percent” shall be
used instead of “at least 80 percent” each place it appears in Treasury Regulation §1.414(c)-2. An entity shall
not be considered an “Affiliate” for any period of time prior to satisfying the controlled group or common control
tests described above.

 

“Annual Company
Discretionary Amount” means the benefit amount, if any, for any one Plan Year that is determined for a Participant in
accordance with Section 3.5.

 

     

     

    

 

“Annual Company
Matching Amount” means the benefit amount, if any, for any one Plan Year that is determined for a Participant in accordance
with Section 3.4.

 

“Annual Deferral
Amount” means that portion of a Participant's Pay Type(s) that a Participant elects to have deferred, and is deferred,
in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability, death
or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount deferred
in such Plan Year prior to such event.

 

“Base Salary”
means base salary earned with respect to services performed and payable in cash, exclusive of any of the following: Bonuses, Commissions,
overtime, incentive payments and other performance-based forms of compensation, director and other special fees, expense allowances
and reimbursements, severance, and any other forms of compensation, earnings or payments that are not regular in frequency and
form (before reductions for, contributions to or deferrals under this Plan or any other profit sharing, 401(k), pension, deferred
compensation or benefit plan sponsored by the Company or any Affiliate).

 

“Beneficiary”
means one or more persons, trusts, estates, or other entities, designated in accordance with Article 8 that are entitled to
receive benefits under this Plan upon the death of a Participant.

 

“Beneficiary Designation
Form” means the form established from time to time by the Committee that a Participant completes, signs and returns to
the Company to designate one or more Beneficiaries. Beneficiary Designation Forms may be completed and/or signed using such online
systems and other electronic means as the Committee or Record Keeper from time to time may designate for such purpose.

 

“Board of Directors”
shall mean the Board of Directors, Managers, Trustees or other group having the legal authority to act as the governing body of
the Company.

 

“Bonus”
means any compensation relating to services performed that is granted or awarded apart from Base Salary and Commissions and that
is identified by the applicable Company or Affiliate as a “bonus” (before reductions for, contributions to or deferrals
under this Plan or any other profit sharing, 401(k), pension, deferred compensation or benefit plan sponsored by the Company or
any Affiliate).

 

“Calendar Year”
means the annual period measured from January 1 to December 31.

 

"Cause",
unless otherwise defined in the Adoption Agreement, means: (a) with respect to each Participant who has an employment agreement
containing a definition of "cause" or "for cause", said definition as set forth in his or her employment agreement;
and (b) with respect to all other Participants, and as determined in good faith by the Committee, willfully engaging in misconduct
which is demonstrably and materially injurious to the Company or any Affiliate, unless the act or omission giving rise to such
misconduct is done, or omitted to be done, by a Participant in good faith and with a sound reason to believe that such action or
omission was in the best interest of the Company and its Affiliates.

 

“Change in Control”
means, with respect to the applicable Participating Employer, a change in the ownership or effective control of the Participating
Employer, or in the ownership of a substantial portion of the assets of the Participating Employer. Unless otherwise specified
in the Adoption Agreement, a Change in Control shall be defined as follows:

 

		(a)	For purposes of this section, a change in the ownership of the Participating Employer occurs on the date on which any one person,
or more than one person acting as a group, acquires ownership of stock of the Participating Employer that, together with stock
held by such person or group constitutes more than 50% of the total fair market value or total voting power of the stock of the
Participating Employer.

 

		(b)	A change in the effective control of the Participating Employer occurs on the date on which either: (i) a person, or more than
one person acting as a group, acquires ownership of stock of the Participating Employer possessing 30% or more of the total voting
power of the stock of the Participating Employer, taking into account all such stock acquired during the 12-month period ending
on the date of the most recent acquisition, or (ii) a majority of the members of the Participating Employer’s Board of Directors
is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members
of such Board of Directors prior to the date of the appointment or election, but only if no other corporation is a majority shareholder
of the Participating Employer.

 

    	 	-2-	 

     

    

 

		(c)	A change in the ownership of a substantial portion of assets occurs on the date on which any one person, or more than one person
acting as a group, other than a person or group of persons that is related to the Participating Employer, acquires assets from
the Participating Employer that have a total gross fair market value equal to or more than 40% of the total gross fair market value
of all of the assets of the Participating Employer immediately prior to such acquisition or acquisitions, taking into account all
such assets acquired during the 12-month period ending on the date of the most recent acquisition.

 

An event constitutes a
Change in Control with respect to a Participant only if the Participant’s relationship to the affected Participating Employer
satisfies the requirements of Treasury Regulation §1.409A-3(i)(5)(ii).

 

To qualify as a Change
in Control event, the occurrence of the event must be objectively determinable and any requirement that any other person or group,
such as a plan administrator or compensation committee, certify the occurrence of a Change in Control must be strictly ministerial
and not involve any discretionary authority. If the Adoption Agreement provides for a payment on a Change in Control, such payment
shall only be made if the event specified in the Adoption Agreement also qualifies as a change in control event within the meaning
of Code Section 409A (Treasury Regulation §1.409A-3(i)(5)).

 

To the extent permitted
by the Internal Revenue Service, a Change of Control may also occur in the event of changes in ownership of a partnership and change
in the ownership of a substantial portion of the assets of a partnership and the provisions set forth above respecting such changes
relative to a corporation shall be applied by analogy. It is the Company's responsibility to determine whether a Change in Control
has occurred and to advise the Committee and the Record Keeper accordingly.

 

"Change in Control
Distribution" shall have the meaning set forth in Section 6.4

 

“Claimant”
shall have the same meaning set forth in Section 10.1.

 

“Code”
means the Internal Revenue Code of 1986, as the same may be amended from time to time.

 

“Commissions”

 

		(a)	Sales Commission Compensation. A Participant earning sales commission compensation (as defined in Treasury Regulation §1.409A-2(a)(12))
is treated as providing the services to which such compensation relates only in the Company’s taxable Year in which the customer
remits payment to the Company or, if applied consistently to all similarly situated Participants, the Company’s taxable Year
in which the sale occurs.

 

		(b)	Investment Commission Compensation. A Participant earning investment commission compensation (as defined Treasury Regulation
§1.409A-2(a)(12)) is treated as providing the services to which such compensation relates over the 12 months preceding the
date as of which the overall value of the assets or asset accounts is determined for purposes of the calculation of the investment
commission compensation.

 

It is the Company's responsibility
to determine whether a Pay Type qualifies as Commissions in accordance with the foregoing requirements with respect to any Participant
and to advise the Record Keeper accordingly.

 

"Committee"
means the person(s) designated as Committee members or such other persons as the Company's Board of Directors from time to time
may designate to serve as members of the Committee hereunder. In the absence of any Committee, or should the Committee be unable
or unwilling to serve, the Company shall perform the duties of the Committee under this Plan.

 

“Company”
means the entity identified as the “Company” in the Adoption Agreement pursuant to which this Plan has been adopted
and may include the applicable Participating Employer as the context requires.

 

“Company Discretionary
Account” means, with respect to any Participant (but subject in the case of each Participant to Section 3.7),
an Account consisting of the sum of (i) all of the Participant's Annual Company Discretionary Amounts, plus (ii) Notional Investment
Adjustments in value credited or debited thereon in accordance with Article 4 of this Plan, less (iii) all distributions
from such account.

 

    	 	-3-	 

     

    

 

“Company Matching
Account” means, with respect to any Participant (but subject in the case of each Participant to Section 3.7),
an Account consisting of the sum of (i) all of the Participant's Annual Company Matching Amounts, plus (ii) Notional Investment
Adjustments in value credited or debited thereon in accordance with Article 4 of this Plan, less (iii) all distributions
from such account.

 

“Day”
means a calendar day or any part thereof.

 

“Deferral Account”
means an Account consisting of the sum of (i) all of a Participant's Annual Deferral Amounts, plus (ii) Notional Investment Adjustments
in value credited or debited thereon in accordance with Article 4 of this Plan, less (iii) all distributions from such
account.

 

“Deferral Election
Form” means notice filed by a Participant with the Record Keeper specifying the amount of the Participant's Pay Type(s)
to be deferred, and the time and form of distribution payments as defined in the Adoption Agreement. Deferral Election Forms may
be completed and/or signed using such online systems and other electronic means as the Committee or Record Keeper from time to
time may designate for such purpose.

 

“Disability”
or “Disabled” shall mean the Participant is: (i) 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 12 months, or (ii) 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 12 months, receiving
income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the
Participant’s employer. The Adoption Agreement may also provide that a Participant will be deemed to be Disabled if determined
to be totally disabled by the Social Security Administration or Railroad Retirement Board. The determination of Disability shall
be made by the Committee in accordance with Section 409A Requirements. The Committee may require that the Participant submit to
an examination by the Company or its agent to determine the existence of a Disability.

 

“Disability Benefit”
means the benefit set forth in Section 6.3.

 

“Eligible Employee”
means any employee of the Company or other Participating Employer who is selected to participate herein in accordance with the
provisions of Article 2 hereof, and is one of a select group of management or highly compensated employees. Eligible
Employee may also include selected Independent Contractors as determined in the complete and sole discretion of the Committee.

 

“Employee”
means any individual who is employed by or providing services to the Employer. Employee means “service provider” as
used in Treasury Regulation §1.409A-1(f).

 

“Employer”
or “Participating Employer” means the Company or Affiliate who is the legal employer of the Employee or service
recipient in the case of an Independent Contractor.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time.

 

“First Plan Year”
means the period beginning on the Effective Date set forth in the Adoption Agreement and ending on December 31 immediately following
the Effective Date.

 

"Hardship Distribution"
means any distribution or waiver of deferral granted by the Committee pursuant to Article 7.

 

“Identification
Date” for the purpose of identifying Specified Employees means each December 31 or such other date as defined in the
Adoption Agreement.

 

“Independent Contractor”
means a non-employee director or an independent contractor for whom deferred amounts will be subject to Section 409A as provided
in Treasury Regulation §1.409A-1(f)(2).

 

"In-Service Distribution"
means a distribution made pursuant to Section 6.5.

 

"Matching Contribution
Limit" means, with respect to each Pay Type, the Maximum Contribution Limit set forth for such Pay Type in the Adoption
Agreement, to be used and calculated as a limit on Annual Company Matching Amounts pursuant to Section 3.4.

 

    	 	-4-	 

     

    

 

"Matching Contribution
Rate" means, with respect to each Pay Type, the respective percentage rate, if any, set forth in the Adoption Agreement
for such Pay Type, which rate shall be used to calculate Annual Company Matching Amounts pursuant to Section 3.4, subject
to the Matching Contribution Limit, if any, applicable to such Pay Type.

 

"Notional Investment"
means any security, fund, account, sub-account, index, formula or other instrument, asset, measure or method from time to time
designated by the Committee as a means to calculate the amount of any Notional Investment Adjustment.

 

"Notional Investment
Adjustment" means earnings, gains, losses and any other adjustments made with respect to any Annual Deferral Amount, Annual
Company Matching Amount or Annual Company Discretionary Amount, which adjustments are made based on the performance of a Notional
Investment pursuant to Article 4.

 

“Notional Investment
Election Form” means notice filed with the Record Keeper by or on behalf of a Participant (or his or her Beneficiaries,
as provided below) specifying the allocation of the Participant's Annual Deferral Amount and how the Participant's Annual Deferral
Amount, Annual Company Matching Amount and Annual Company Discretionary Amount, if any, are to be allocated under the Plan among
the Notional Investments provided under the Plan. Notional Investment Election Forms may be completed and/or signed using such
online systems and other electronic means as the Committee or Record Keeper from time to time may designate for such purpose. Upon
the death of a Participant, for so long as such Participant's Beneficiaries retain an interest in such Participant's Account hereunder,
such Beneficiaries may file Notional Investment Election Forms with respect to such Account in accordance with such policies and
procedures as the Committee from time to time may specify for such purpose.

 

“Participant”
means any Eligible Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who
signs a Participation Agreement, a Deferral Election Form, a Notional Investment Election Form, (iv) whose signed Participation
Agreement, Deferral Election Form, and Notional Investment Election Form are accepted by the Committee, and (v) who commences participation
in the Plan. A spouse or former spouse (or beneficiary) of a Participant shall not be treated as a Participant in the Plan, even
if he or she has an interest in the Participant's benefits under the Plan as a result of applicable law or property settlements
resulting from legal separation or divorce.

 

"Participation
Agreement" means the form established from time to time by the Committee that a Participant completes, signs and returns
to the Company to become a Participant in this Plan. Participation Agreements may be completed and/or signed using such online
systems and other electronic means as the Committee or Record Keeper from time to time may designate for such purpose.

 

“Pay Type”
means the forms of compensation selected in the Adoption Agreement as eligible for deferral and for inclusion in the calculation
of Annual Deferral Amounts under the Plan. References to one or more “Pay Types” with respect to any particular Calendar
Year means said forms of compensation relating to services performed during such Calendar Year, whether or not paid in such Calendar
Year or included on a Federal Income Tax Form W-2 for such Calendar Year (except and to the extent otherwise required under any
applicable Section 409A Requirements). The Committee from time to time may adopt and amend such rules and procedures as it deems
appropriate to more particularly define or classify any particular Pay Type for further clarification in the administration of
this Plan.

 

“Permissible Change
Election” means an election to change the time or form of payment of any benefit under the Plan that:

 

		a)	does not take effect until at least 12 months after the date on which such election to delay or change is made;

 

		b)	is made at least 12 months prior to the date previously scheduled for the payment affected thereby;

 

		c)	postpones the payment affected thereby for a period of not less than 5 years from the date when such payment otherwise would
have been made; provided, however, that this restriction shall not apply in the case of a payment on account of a Disability, death
or an Unforeseeable Emergency; and

 

		d)	does not accelerate the scheduled time for payment of any distribution, except as permitted under Section 409A Requirements.

 

    	 	-5-	 

     

    

 

For purposes of the foregoing,
unless otherwise provided in the Adoption Agreement or otherwise required under applicable Section 409A Requirements, any distribution
that a Participant elects to receive in a series of installments shall be treated as being a single payment on the date of the
first installment of such series. Additionally, any Participant in the Plan that is not a U.S. taxpayer shall have no right to
change the time or form of payment of any benefit under the Plan.

 

“Plan”
means this Plan, as evidenced by the Adoption Agreement and this document, each as amended and in effect from time to time.

 

“Plan Year”
means each Calendar Year except that the first Plan Year shall commence on the Effective Date of the Plan specified in the Adoption
Agreement and end on December 31 of the same Calendar Year.

 

"Pre-Commencement
Death Benefit" means the death benefit payable under Section 6.6.1.

 

"Post-Commencement
Death Benefit" means the death benefit payable under Section 6.6.2.

 

“Record Keeper”
means the party designated as the Record Keeper, as such designation may be amended from time to time in the discretion of the
Committee. In the absence of any such designation, or should the Record Keeper be unable or unwilling to serve, the Company shall
perform the duties of the Record Keeper under this Plan.

 

“Retirement”
means the Termination of Employment of a Participant on or after such Participant’s Retirement Eligibility Date.

 

“Retirement Benefit”
means the benefit set forth in Section 6.1.

 

“Retirement Eligibility
Date” means the date when the Participant satisfies the requirements of Retirement Eligibility Date as designated in
the Adoption Agreement.

 

“Section 409A”
means Section 409A of the Code, as the same may be amended from time to time, and any successor statute thereto. References to
Section 409A or any requirement under Section 409A, as the same may be interpreted, construed or applied to this Plan at any particular
time, shall be deemed to mean and include, to the extent then applicable and then in force and effect (but not to the extent overruled,
limited or superseded), published guidance, regulations, notices, rulings and similar announcements issued by the Internal Revenue
Service or by the Secretary of the Treasury under or interpreting Section 409A, decisions by any court of competent jurisdiction
involving a Participant or a beneficiary and any closing agreement made under §7121 of the Code that is approved by the Internal
Revenue Service and involves a Participant, all as determined by the Committee in good faith, which determination may (but shall
not be required to) be made in reliance on the advice of such tax counsel or other tax professional(s) with whom the Committee
from time to time may elect to consult with respect to any such matter.

 

“Section 409A
Discretionary Payment Period” means with respect to any designated payment date, the period during which payments will
be treated as having been made upon such designated payment date under Treasury Regulation §1.409A-3(d), providing for payments
to be treated as timely if made no earlier than thirty (30) days prior to such designated payment date and no later than the end
of the Calendar Year in which such designated payment date occurs, or if later, by the 15th day of the third calendar
month following such designated payment date.

 

“Section 409A
Requirement” means any requirement under Section 409A, the failure of which would result in the imposition or accrual
of interest or additional taxes under Section 409A on or with respect to any income intended to be deferred under the Plan.

 

    	 	-6-	 

     

    

 

“Specified Employee”
means, at any time when stock of the Company (or other Participating Employer as applicable) is publicly traded on an established
securities market or otherwise (as determined in accordance with Section 409A Requirements), those service providers who are “specified
employees” within the meaning of Section 409A. The determination shall be made consistent with all Section 409A Requirements
as follows: (a) a key employee of the Company (within the meaning of Code Section 409A(a)(2)(B)) any stock of which is publicly
traded on an established securities market or otherwise will be considered a key employee if the service provider meets the requirements
of Code §416(i)(1)(A)(i),(ii) or (iii) (applied in accordance with the regulations thereunder and disregarding Code §416(i)(5))
at any time during the 12-month period ending on an Identification Date specified in the Adoption Agreement; (b) if a person is
a key employee as of an Identification Date, the person is treated as a Specified Employee for the 12-month period beginning on
the first day of the fourth month following the Identification Date; (c) if no alternative Identification Date is designated in
the Adoption Agreement, the Identification Date shall be December 31. Whether any stock of the Company is publicly traded on an
established securities market or otherwise must be determined as of the date of the Participant’s Separation from Service.
The application of rules regarding “Specified Employees” to spinoffs and mergers and nonresident alien employees shall
be determined pursuant to applicable guidance. It is the Company’s responsibly to elect which rules under Section 409A shall
apply when determining who is a Specified Employee, to annually determine who are the Specified Employees, and to timely provide
a list of Specified Employees to the Record Keeper.

 

“Termination Benefit”
means the benefit set forth in Section 6.2.

 

“Termination”,
“Termination of Employment” or "Separation from Service" shall be interpreted consistently with
all Section 409A Requirements according to the following specifications:

 

		(a)	Employee. Any absence from service that ends the employment of an individual with the employer shall be deemed to be a Termination
of Employment. However, the employment relationship is treated as continuing intact while the individual is on military leave,
sick leave, or other bona fide leave of absence (such as temporary employment by the government) if the period of such leave does
not exceed six months, or if longer, so long as the individual’s right to reemployment with the Company is provided whether
by statute or by contract. If the period of leave exceeds six months and the individual’s right to reemployment is not provided
either by statue or by contract, the employment relationship is deemed to terminate on the first date immediately following such
six month period. The determination of whether an Employee has a Termination of Employment shall be determined pursuant to the
Adoption Agreement and Treasury Regulation §1.409A-1(h). If the Adoption Agreement does not specify the percentage of average
level of bona fide services to constitute a Termination of Employment, a Termination of Employment will occur once an Employee’s
services decrease to 20% or less of the average level of bona fide services compared to services performed over the preceding 36
month period.

 

		(b)	Independent Contractor. An Independent Contractor is considered to have a Termination or Separation from Service upon (i) retirement
as a director, or (ii) the expiration of the contract (or in the case of more than one contract, all contracts) under which services
are performed if the expiration constitutes a good-faith and complete termination of the contractual relationship.

 

It is the Company's responsibility
to determine whether there is a Termination of Employment/Separation from Service in accordance with Section 409A with respect
to any Participant and to advise the Record Keeper accordingly.

 

“Unforeseeable
Emergency” means, with respect to any particular Participant, (i) a severe financial hardship of such Participant resulting
from an illness or accident suffered by such Participant, by such Participant’s spouse or by a dependent (within the meaning
of §152 of the Code without regard to §152(b)(1), (b)(2) and (d)(1)(B) of the Code) of such Participant; (ii) a Participant's
loss of property due to casualty; or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant. It is the Company's responsibility to determine whether there is an Unforeseeable Emergency
in accordance with Section 409A with respect to any Participant and to advise the Record Keeper accordingly.

 

* *
* * * *

 

It is intended that the
Plan shall conform with all applicable Section 409A Requirements. Accordingly, in interpreting, construing or applying any of the
foregoing definitions or any of the terms, conditions or provisions of the Plan, the same shall be construed in such manner as
shall meet and comply with Section 409A Requirements then applicable thereto, and in the event of any inconsistency with any Section
409A Requirements, the same shall be reformed so as to meet such Section 409A Requirements to the fullest extent then permitted
without penalty (and without imposition or accrual of interest or additional taxes) under Section 409A.

 

    	 	-7-	 

     

    

 

ARTICLE 2

ELIGIBILITY AND
PARTICIPATION

 

		2.1	SELECTION. Participation in the Plan shall be limited to Eligible Employees, as determined by the Committee in its sole discretion.
Any action so taken with respect to any particular Participant or group of Participants shall not imply a right on the part of
any other Participant or group of Participants to enroll for or receive additional benefits or amounts of benefits. The Committee
may terminate the right of any existing Participant to file additional Deferral Election Forms under this Plan, and shall terminate
any such right for a Participant who ceases to be one of a select group of management or highly compensated employees, or otherwise
ceases to meet any of the requirements applicable to participation in this Plan.

 

		2.2	ENROLLMENT. As a condition to participate, each Eligible Employee shall complete, execute and return to the Record Keeper a
Participation Agreement, a Deferral Election Form and a Notional Investment Election Form within 30 days after he or she is selected
to participate in the Plan. The Committee may establish from time to time such other enrollment requirements as it determines in
its sole discretion are necessary, convenient or appropriate to carry out any of the purposes or intent of the Plan or to better
assure the Plan’s compliance with Section 409A Requirements. Eligible Employees also shall submit to the Record Keeper a
Beneficiary Designation Form, but receipt of the Beneficiary Designation Form within 30 days of eligibility shall not be a condition
to enrollment in this Plan.

 

		2.3	ELIGIBILITY. An Eligible Employee shall commence participation in the Plan as soon as practicable following the completion
of the applicable enrollment period, assuming all enrollment requirements have been completed, including timely submission of all
required enrollment documents to the Record Keeper; provided, however, that if an Eligible Employee is a former employee that has
been rehired following a Termination of Employment or is a participant in another nonqualified deferred compensation plan aggregated
with this Plan for purposes of Code Section 409A, such employee may not commence participation in the Plan until the first day
of the following Plan Year. If an Eligible Employee fails to meet all such requirements within the period required in accordance
with Section 2.2, that Eligible Employee shall not be eligible to participate in the Plan until the first day of the Plan
Year following the delivery to and acceptance by the Committee (or its designee) of the required documents.

 

		2.4	REHIRED EMPLOYEES. Except as otherwise required under Section 409A Requirements (or as otherwise approved by the Committee
if permitted under Section 409A Requirements), a Participant who is rehired following a Termination of Employment will be treated
as a new employee, without affecting or suspending any benefit payment resulting from any previous participation in this Plan or
previous Termination of Employment, and without implying any right to participate further in this Plan as a result of his or her
reemployment. Except as otherwise noted in the Adoption Agreement, if such former Participant is selected to become an Eligible
Employee under the Plan following his or her rehiring, such Participant may not commence participation in the Plan until the first
day of the Plan Year following his or her submission of all required enrollment documents to the Record Keeper, and for purposes
of any applicable vesting, he or she shall be treated as a new employee and new enrollee based on his or her most recent date of
hire and participation as a new Participant in this Plan.

 

ARTICLE 3

CONTRIBUTIONS
AND CREDITS

 

		3.1	DEFERRAL AMOUNT. For each Plan Year, a Participant may elect to defer amounts of those Pay Type(s) designated in the Adoption
Agreement, using a Deferral Election Form. Any deferral election shall be subject to such limits, rules and procedures from time
to time established by the Committee prior to the applicable Plan Year. In no event will the Annual Deferral Amount or the Matching
Contribution Amount (if any) for any Pay Type, or for all Pay Types combined, for any particular Participant exceed the maximum
amounts permitted under any applicable law.

 

    	 	-8-	 

     

    

 

		3.2	ELECTION TO DEFER.

 

		3.2.1	FIRST PLAN YEAR. When a Participant first enrolls to participate in the Plan, except as otherwise provided in Section 2.4
above, the Participant shall make an irrevocable deferral election by completing a Deferral Election Form for the remainder of
the Plan Year in which the Participant first enrolls, along with such other elections as the Committee deems necessary or desirable
under the Plan. For these elections to be valid, the Election Form must be completed and signed by the Participant, timely delivered
to the Record Keeper in accordance with Section 2.2 above and accepted by the Committee or its designee. Any election under
this paragraph shall apply only on a prospective basis, and only with respect to compensation for services to be performed after
the date when the election is made and final. To the extent that Bonus is included within the Pay Types available for deferrals
under this Plan, such elections may include a pro-rata portion of the then-current Plan Year's Bonus, based on the number of days
remaining in the applicable Bonus performance period after such election irrevocably takes effect, divided by the total number
of days in said performance period. Despite the foregoing, if a Participant already is a participant under any other nonqualified
account balance plan aggregated with this Plan under Code Section 409A, or if such Participant is subject to the terms of Section
2.4 above, then such Participant's first Deferral Election Form under this Plan shall contain elections only with respect to
Plan Years after the date when such Deferral Election Form is filed, in the same manner as contemplated for subsequent Plan Years
in Section 3.2.2 below.

 

		3.2.2	SUBSEQUENT PLAN YEARS. For each succeeding Plan Year, an irrevocable deferral election shall be made by completing a new Deferral
Election Form for that Plan Year, and such other elections as the Committee deems necessary or desirable under the Plan, which
elections shall be made by timely filing with the Committee or its designee, in accordance with its and the Committee's rules and
procedures, before the end of the Plan Year preceding the Plan Year for which the election is made.

 

		3.2.3	PERFORMANCE-BASED COMPENSATION. Despite the foregoing, in the case of any Performance-Based Compensation (defined below) based
on services performed over a period of at least 12 consecutive months, such election may be made no later than 6 months before
the end of such performance period. Amounts to be treated as “Performance-Based Compensation” under Section 3.2.3
of this Plan must meet the following criteria at the time the election is made:

 

		(i)	The performance period is at least 12 months in length

 

		(ii)	Such compensation has not become readily ascertainable. Compensation is readily ascertainable when the amount is first both
calculable and substantially certain to be paid. The performance-based compensation is bifurcated between the portion that is readily
ascertainable and the amount that is not readily ascertainable. Accordingly, in general any minimum amount that is both calculable
and substantially certain to be paid will be treated as readily ascertainable;

 

		(iii)	The compensation must be contingent on the satisfaction of pre-established organizational or individual performance criteria
(established no later than 90 days after the beginning of the service period);

 

The term Performance-Based
Compensation includes payments based upon subjective performance criteria, provided that the subjective performance criteria are
bona fide and relate to the performance of the Eligible Employee, a group of employees that includes the Eligible Employee, or
a business unit for which the Eligible Employee provides services (which may include the entire organization), and the determination
that any subjective performance criteria have been met is not made by the Eligible Employee or a family member of the Eligible
Employee (as defined in §267(c)(4) of the Code applied as if the family of an individual includes the spouse or any member
of the family), or a person under the effective control of the Eligible Employee or such a family member, and no amount of the
compensation of the person making such determination is effectively controlled in whole or in part by the Eligible Employee or
such a family member.

 

It is the Company's responsibility
to determine whether a Pay Type qualifies as Performance-Based Compensation in accordance with the foregoing requirements with
respect to any Participant and to advise the Record Keeper accordingly.

 

		3.2.4	CHANGES. Deferral Election Forms filed prior to their applicable filing deadline hereunder may be changed, until such filing
deadline occurs, by filing an updated or amended Deferral Election Form in accordance with the foregoing requirements.

 

    	 	-9-	 

     

    

 

		3.3	WITHHOLDING OF ANNUAL DEFERRAL AMOUNTS. For each Plan Year, the Base Salary portion of the Annual Deferral Amount shall be
withheld from each regularly scheduled Base Salary payroll in approximately equal amounts, as adjusted from time to time for increases
and decreases in Base Salary, unless otherwise determined in the complete and sole discretion of the Committee. Deferrals of all
other Pay Types that are included in the Annual Deferral Amount shall be withheld at the time each such Pay Type is or otherwise
would be paid to the Participant, as determined in the complete and sole discretion of the Committee, whether or not this occurs
during the Plan Year itself, subject to compliance with all applicable Section 409A Requirements.

 

		3.3.1	FINAL PAYROLL PERIOD. Compensation payable after the last day of the Plan Year solely for services performed during the payroll
period containing the last day of the Plan Year (the final payroll period) is treated as compensation for services performed in
the subsequent Plan Year in which the payment is made. This subsection does not apply to any Compensation paid during such period
for services performed during any period other than such final payroll period, such as a payment of an annual bonus.

 

		3.4	ANNUAL COMPANY MATCHING AMOUNT. If the Company shall elect in the Adoption Agreement to make Annual Company Matching Amounts,
then in each Plan Year, for so long as a Participant remains actively employed by the Company or other Participating Employer and
continues to be a Participant in this Plan, the Company shall credit to such Participant's Account an Annual Company Matching Amount,
such amount to be calculated in the manner and on the Match Crediting Dates set forth in the Adoption Agreement, up to (and not
exceeding) in each Plan Year the Matching Contribution Limit, if any, applicable thereto. Annual Company Matching Amounts shall
be credited in each instance as of the applicable Match Crediting Date designated in the Adoption Agreement, such amounts to be
determined by the Company as soon as practicable, but not later than 60 days after each applicable Match Crediting Date.

 

		3.5	ANNUAL COMPANY DISCRETIONARY AMOUNTS. The Company, in its discretion, may credit additional amounts to the Company Discretionary
Account of any Participant or group of Participants. No such contribution to a Participant or group of Participants shall imply
any right on the part of other Participants to receive a similar contribution, nor are such contributions required to be uniform
with respect to the Participants for whom they are made.

 

		3.6	FICA/FUTA AND OTHER TAXES. For each Plan Year in which a Participant elects an Annual Deferral Amount, the Participant's Employer
shall ratably withhold, from that portion of the Participant's wages, salary, bonus or other compensation that is not being deferred,
the Participant's share of taxes under the Federal Insurance Contributions Act and the Federal Unemployment Tax Act ("FICA/FUTA
Taxes") and any other taxes on deferred amounts which may be required or appropriate. If necessary, the Committee shall reduce
the Annual Deferral Amount in order to comply with this paragraph. In addition, as balances with Company Matching Accounts and
Company Discretionary Accounts, if any, become vested pursuant to Article 5, to the extent that such amounts are subject
to FICA/FUTA Taxes or any other taxes, the Participant’s Employer shall withhold from the Participant’s wages, salary,
bonus or other compensation for the year in which such vesting occurs the Participant’s share of FICA/FUTA taxes and such
other taxes on the amounts that have vested in such year, all to the extent necessary and appropriate to satisfy such tax obligations.
If necessary, the Committee shall reduce the Annual Deferral Amount for the year in which FICA/FUTA or other taxes are due or the
Participant’s Account, if other payments or deferrals are insufficient, in order to comply with this paragraph.

 

		3.7	FOR CAUSE TERMINATIONS. Despite anything to the contrary in this Plan, if the Committee in good faith determines that a Participant
has caused or incurred a Termination of Employment for Cause, then such Participant's Company Discretionary Account and such Participant's
Company Matching Account (including both vested and unvested balances thereof) automatically shall be forfeited in their entirety,
subject to compliance with all applicable laws.

 

ARTICLE 4

ALLOCATION OF
FUNDS

 

		4.1	CREDITING/DEBITING OF ACCOUNT BALANCES. In accordance with, and subject to, the rules and procedures that are established from
time to time by the Committee, in its sole discretion, amounts shall be credited or debited to a Participant's Account in accordance
with this Article 4.

 

    	 	-10-	 

     

    

 

		4.2	NOTIONAL INVESTMENT CALCULATIONS. The Committee shall designate in its sole discretion one or more Notional Investments to
be used to calculate Notional Investment Adjustments to be credited or debited to Participants' Accounts, as if each Participant
were making an actual investment in Notional Investments with his or her Account Balance. Notional Investments shall be used to
calculate bookkeeping entries in each Participant's respective Account, and shall be utilized solely as a means to calculate and
adjust Account Balances pursuant to this Plan. The Committee from time to time may delete, modify, substitute or otherwise change
any Notional Investment under the Plan for any reason with respect to any future Account Balance calculations, and the Committee
may impose such limits, rules and procedures governing the frequency, timing, methods and other matters pertaining to the calculation
of Notional Investment Adjustments, and the use, effectiveness and application thereof, as the Committee from time to time may
deem to be necessary, convenient or appropriate for purposes of administering the Plan.

 

		4.3	ELECTION OF NOTIONAL INVESTMENTS. If the Committee shall approve more than one Notional Investment to be used with respect
to any Plan Year, then each Participant shall elect, on a Notional Investment Election Form duly filed with the Record Keeper for
such Plan Year, one or more Notional Investment(s) to be used to calculate the Notional Investment Adjustments to be credited or
debited, as the case may be, to his or her Account under this Article 4. Each Participant shall specify, on each Notional
Investment Election Form, the portions of his or her Account to be allocated to one or more Notional Investments, as if the Participant
was making an actual investment in that Notional Investment with that portion of his or her Account Balance. The Committee may
impose such limits, rules and procedures governing the frequency of permitted changes, timing of effectiveness, minimum and maximum
amounts (if any) and other matters pertaining to Notional Investments, and the use, effectiveness and application thereof, as the
Committee from time to time may deem to be necessary, convenient or appropriate for purposes of administering the Plan, including
the designation of a default option in the event a Participant fails to make a valid election. Specifically, any deferral of an
Annual Equity Grant, as noted in the Adoption Agreement, shall be allocated to the company stock Notional Investment and the Participant
shall have no right to specify allocation to any other Notional Investment.

 

		4.4	CREDITING OR DEBITING METHOD. The Participant's Account will be credited or debited, as the case may be, with the increase
or decrease in the performance of each Notional Investment selected by the Participant, as though the portion of the Participant's
Account Balance then was actually invested in the Notional Investments selected by the Participant, in the percentages (if more
than one Notional Investment is available under this Plan) then applicable to each portion of the Participant's Account. The value
of each Notional Investment shall be calculated under the Plan as of the close of business on the business day when the published
or calculated value of such Notional Investment becomes effective generally, but not more frequently than once per business day.
The Committee from time to time may specify such times, frequencies, methods, rules and procedures for calculating the value of
any particular Notional Investment (for example, specifying that interest on money market funds shall be calculated and credited
on a monthly basis).

 

		4.5	NO ACTUAL INVESTMENT. Notwithstanding any other provision of this Plan that may be interpreted to the contrary, each Notional
Investment is to be used for measurement purposes only. A Participant's election of any Notional Investment(s), the allocation
of any portion of his or her Account thereto and the use of any Notional Investment(s) to calculate any Notional Investment Adjustment
in value to be credited or debited to his or her Account shall not be considered or construed in any manner as an actual investment
of his or her Account in any such Notional Investment. In the event that the Company, in its own discretion, decides to invest
funds in any or all of the Notional Investments, no Participant shall have any rights or interests in or to any such investment.
Without limiting the foregoing, a Participant's Account Balance shall at all times be a bookkeeping entry only, and shall not represent
any actual investment made on his or her behalf by the Company. The Participant at all times shall remain an unsecured creditor
of the Company.

 

ARTICLE 5

VESTING

 

		5.1	VESTING OF BENEFITS. The Participant's Account Balance attributable to his or her Deferral Accounts, and Notional Investment
Adjustments thereto, will always be 100% vested. Subject to Section 3.7, credits to each Participant's Company Matching
Accounts, and Notional Investment Adjustments thereto, and credits to each Participant's Company Discretionary Accounts, and Notional
Investment Adjustments thereto, will be vested in accordance with the provisions set forth in the Adoption Agreement.

 

    	 	-11-	 

     

    

 

ARTICLE 6

DISTRIBUTION
OF BENEFITS

 

		6.1	RETIREMENT BENEFIT. If a Participant shall remain (other than for intervening authorized leaves of absence) and active employee
of the Company or any Affiliate until such Participant’s Retirement Eligibility Date, then upon such Participant's Retirement,
the Company shall pay to such Participant a Retirement Benefit to be calculated and paid in accordance with the Adoption Agreement
and the terms and conditions of this Plan.

 

		6.2	TERMINATION BENEFIT. In the event of a Participant's Termination of Employment, either voluntarily or involuntarily the Company
shall pay to the Participant a Termination Benefit to be calculated and paid in accordance with the Adoption Agreement and the
terms and conditions of this Plan.

 

		6.3	DISABILITY BENEFIT. In the event of a Participant's Disability, then upon such Participant's Disability, the Company shall,
to the extent consistent with the Participant’s Deferral Election Form, pay to such Participant a Disability subject to the
terms and conditions of this Plan and the Adoption Agreement. In the event of a Participant's Disability, to the extent permitted
under applicable Section 409A Requirements, all deferrals following the date of Disability will cease. The Committee may require,
as a condition to any right or action under this paragraph, that the Participant be examined by a duly licensed physician selected
by the Company to determine or confirm the existence of such Participant's Disability.

 

		6.4	CHANGE IN CONTROL DISTRIBUTION. In the event of a Change in Control, the Company shall, to the extent consistent with the Participant’s
Deferral Election Form, pay to the Participant a Change in Control Distribution to be calculated and paid in accordance with the
terms and conditions of this Plan as specified in the Adoption Agreement.

 

		6.5	IN-SERVICE DISTRIBUTIONS. If the Adoption Agreement allows for In-Service Distributions under this Plan, then a Participant
may allocate in the Deferral Election Form a portion of his or her Account Balance to be paid as a scheduled In-Service Distribution,
such payment to be made at a date designated on the form in accordance with the limits defined in the Adoption Agreement. The In-Service
Distribution shall be calculated and paid in accordance with the Adoption Agreement and the terms and conditions of this Plan.
Despite the foregoing, if another distribution event occurs that would result in the payment of any benefit prior to an In-Service
Distribution, then such other form of benefit shall be paid in lieu of such In-Service Distribution. A Participant may elect to
delay the scheduled time for payment of an In-Service Distribution under this paragraph, but only if such election constitutes
a Permissible Change Election. If any amount of the Account Balance that has been designated for an In-Service Distribution shall
be unvested at the time an In-Service Distribution is scheduled to occur, such unvested amount instead shall remain in such Participant's
Account, to be included, when and if it vests, with other amounts payable by reason of the Participant's Separation from Service.

 

		6.6	DEATH BENEFIT

 

		6.6.1	PRE-COMMENCEMENT DEATH BENEFIT. If a Participant dies prior to the commencement of his or her Separation from Service payment
then the Company shall pay the Participant’s vested Account Balance as a Pre-Commencement Death Benefit to such Participant's
Beneficiary subject to the terms and conditions of this Plan and the Adoption Agreement.

 

		6.6.2	POST COMMENCEMENT DEATH BENEFIT. If a Participant dies after the commencement of his or her Separation from Service payment
then the Company shall pay the Participant’s vested Account Balance as a Post-Commencement Death Benefit to such Participant’s
Beneficiary subject to the terms and conditions of this Plan and the Adoption Agreement.

 

		6.7	SUPPLEMENTAL DEATH BENEFIT. If specified in the Adoption Agreement, in the event that a Participant dies while actively employed
by the Company or an Affiliate, in addition to the Participant’s vested Account Balance, the Company may pay an extra amount
(a “Supplemental Death Benefit”) to such Participant’s Beneficiary, provided, however, that (a) the Company subsequently
may elect to amend, revoke or eliminate any such Supplemental Death Benefit at any time in its discretion prior to the Participant’s
death, by giving notice of such subsequent election to such Participant, (b) the Company shall have no obligation to specify any
Supplemental Death Benefit with respect to any Participant, regardless of whether the Company has elected to specify any Supplemental
Death Benefit with respect to any other Participant or group of participants, and (c) no Supplemental Death Benefit shall be paid
with respect to a Participant if such Participant’s death occurs as a result of suicide during the twenty-four (24) calendar
months beginning with the calendar month following commencement of a Participant’s enrollment in this Plan or if such Participant
has made a material misrepresentation in any form or document provided by the Participant to or for the benefit of the Company
or in connection with the administration of this Plan. The Committee may impose such conditions on its approval of any Supplemental
Death Benefit as the Committee from time to time may elect, including without limitation requirements that the Participant consent
to the Company’s purchase and ownership of insurance on his or her life (and to the naming of the Company and/or its designees
as a beneficiary on any such policy), that the Participant complete an application for life insurance and submit to medical examinations
relating to the underwriting of any such insurance policy , and that any such policy be underwritten and issued on terms satisfactory
to the Committee. In the event that the service of the Participant is terminated by the applicable Employer for any reason other
than his or her death, any right to a Supplemental Death Benefit shall thereupon terminate, and neither the Company nor the Participating
Employer shall have any further obligation under this section.

 

    	 	-12-	 

     

    

 

		6.8	PAYMENTS. A Participant's vested Account Balance shall be distributed in one or more annual installments as set forth in the
Participant’s Deferral Election Form, in accordance with definitions and subject to limitations set forth in the Adoption
Agreement. The amount shall be calculated by taking the amount of the Participant's vested Account Balance divided by the total
number of installments (in the case of a lump sum distribution, divided by one). This amount to be valued as of the end of the
day (the "Valuation Date") that is the date of the event giving rise to the distribution or such other date as reasonably
determined by the Committee; provided, however, that in the case of a Specified Employee's Separation from Service,
to the extent required by Section 409A, the Valuation Date for payments that would have otherwise been paid during the first six
months after Separation from Service shall be delayed for a minimum of six months following Separation from Service. Payments shall
be made as soon as practicable, but, in any event, within 60 days after the Valuation Date (extended, in the case of Disability
or Death, by such reasonable period of time as the Committee may require to confirm the existence of such Disability or Death within
the Section 409A Discretionary Payment Period). If there shall be more than one installment to be paid, then each subsequent installment
shall be calculated on the anniversary of the Valuation Date (not including the six month delay for Specified Employees), by taking
the Participant's Account Balance as of the close of business on such anniversary, and dividing such amount by the number of installments
then remaining, with payment to be made as soon as practical, but in any event within 60 days of said anniversary. The final installment
payment shall be equal to the remaining Account Balance of the Participant. In no event shall the amount of any lump sum or installment
payment to a Participant exceed the remaining vested Account Balance of such Participant. For purposes of the foregoing, unless
otherwise provided in the Adoption Agreement or otherwise required under applicable Section 409A Requirements, any distribution
that a Participant elects to receive in a series of installments shall be treated as being a single payment on the date of the
first installment of such series.

 

6.8.1      To the extent that any amounts allocated to the Company Stock Notional Investment are to be distributed to a Participant from
the Plan, settlement of such Company Stock shall be in the form of newly issued shares of Company Stock at that time.

 

		6.9	NO ACCELERATION; CHANGES; CERTAIN DELAYS. The time or schedule for payment of any distribution under the Plan may not be accelerated,
except as set forth in this Plan and as permitted under applicable Section 409A Requirements. No election may be made to change
the time or form of payment of any distribution under this Plan, or any installment thereof, except for a Permissible Change Election.
Despite the foregoing, to the extent consistent with applicable Section 409A Requirements, the Committee may elect to delay payment
of any benefit hereunder if such benefit would be fully or partially non-deductible under §162(m) of the Code, would violate
securities laws, or if there is a bona fide payment dispute (but only if the applicable Participant or Beneficiary is diligently
attempting to collect the applicable benefit and does not control the Company or the Committee, or control the Company's or the
Committee's decisions with respect thereto); and to the extent permitted under Section 409A Requirements, the time or schedule
of payment of a benefit hereunder may be accelerated:

 

		6.9.1	to the extent that such benefit (or this Plan as it pertains thereto in the case of any particular Participant) fails to meet
Section 409A Requirements, but only in an amount equal to the amount required to be included in income as a result of the failure
to comply with Section 409A Requirements;

 

		6.9.2	for payment to an individual other than a Participant, to the extent necessary to fulfill a domestic relations order as provided
in Section 11.6;

 

		6.9.3	to pay Federal Insurance Contributions Act tax imposed under §3101, §3121(a) and §3121(v)(2) of the Code, where
applicable, on compensation deferred under this Plan (hereinafter, the "FICA Amount"), or to pay the income tax at source
on wages imposed under §3401 of the Code or the corresponding withholding provisions of applicable state, local or foreign
tax laws as a result of the payment of the FICA Amount, and to pay additional income tax at source on wages attributable to the
pyramiding §3401 wages and taxes, but not in excess of the FICA Amount and the income tax withholding related to such FICA
Amount; or

 

    	 	-13-	 

     

    

 

6.9.4       as
more particularly provided in Section 6.10, Article 7 or Section 11.8.

 

		6.10	DE MINIMIS AMOUNTS. Notwithstanding any other provisions of this Plan to the contrary, the Company may distribute a Participant’s
vested Account Balance in a lump sum at any time if the balance does not exceed the then current limit (as indexed) under §402(g)(1)(B)
of the Code and results in the termination of the Participant’s entire interest in this Plan and all other similar plans
in compliance with all Section 409A Requirements.

 

		6.11	NO DUPLICATION OF BENEFITS. This Plan is intended to provide benefits based on a Participant's Account Balance, subject to
the terms and conditions hereof. Nothing in this Plan shall be construed to express or imply the right of any Participant to receive,
or to have his or her Beneficiary(ies) receive, benefits in amounts exceeding in the aggregate his or her vested Account Balance,
except as may be provided in Section 6.7 as a Supplemental Death Benefit.

 

		6.12	DATE OF PAYMENT. The timing of payment hereunder shall in all events comply with all Code Section 409A Requirements. All designated
payment events shall be interpreted so as to be limited to permissible payment events under Code Section 409A. Any discretion exercised
by the Committee with respect to the timing of payments hereunder shall come within the Section 409A Discretionary Payment Period.

 

		6.13	TAX WITHHOLDING AND REPORTING. The Company shall have the right to deduct any required withholding taxes from any payment made
under this Plan.

 

ARTICLE 7

UNFORESEEABLE
EMERGENCIES

 

		7.1	APPLICATION FOR HARDSHIP DISTRIBUTION OR DEFERRAL ELECTION TERMINATION. In the event that any Participant incurs an Unforeseeable
Emergency, if consistent with applicable Section 409A Requirements, such Participant may apply to the Committee for a Hardship
Distribution in the form of (i) cancellation of existing Annual Deferral Amount elections for Pay Types not yet earned by such
Participant, and (ii) to the extent cancellation of all such elections is insufficient to satisfy the needs resulting from such
Unforeseeable Emergency, an accelerated payment (“Hardship Distribution”) of some or all of such Participant’s
vested Account Balance. The Committee shall consider the circumstances of each such case, and the best interests of the Participant
and his or her family, and shall have the right, in its sole discretion, to allow such application, in full or in part, or to refuse
to make a Hardship Distribution. In the event that any Participant receives a distribution from a plan due to an unforeseeable
emergency or a hardship pursuant to Treasury Regulation §1.401(k)-1(d)(3) (or successor regulation thereto, to the extent
recognized for these purposes under Section 409A Requirements), such Participant’s existing Annual Deferral Amount elections
for Pay Types not yet earned by such Participant shall be cancelled for the remainder of the Plan Year.

 

		7.2	AMOUNT OF DISTRIBUTION. In no event shall the amount of any Hardship Distribution payment exceed the lesser of: (a) the Participant's
vested Account Balance, or (b) the amount determined by the Committee to be necessary to alleviate the hardship, including
any taxes payable by the Participant as a result of receiving such Hardship Distribution, and which is not reasonably available
from other resources of the Participant, including reimbursement or compensation from insurance or otherwise, by liquidation of
the Participant's assets (unless liquidation of such assets would cause severe financial hardship) or by cessation of deferrals
under this Plan or other nonqualified plans in which such Participant participates, all in a manner consistent with any applicable
Section 409A Requirements.

 

		7.3	RULES ADOPTED BY COMMITTEE. The Committee shall have the authority to adopt additional rules and procedures relating to Hardship
Distributions. The request to take a Hardship Distribution shall be made by filing a form provided by and filed with the Committee
and shall be accompanied by appropriate documentation evidencing the existence and extent of the hardship consistent with Section
409A Requirements.

 

    	 	-14-	 

     

    

 

ARTICLE 8

BENEFICIARY DESIGNATION

 

		8.1	BENEFICIARY. Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as
well as contingent) to receive any benefit under this Plan after the Participant's death. The Beneficiary designated under this
Plan may be the same as or different from the beneficiary designation under any other plan of the Company in which the Participant
participates.

 

		8.2	BENEFICIARY DESIGNATION; CHANGE; SPOUSAL CONSENT. A Participant shall designate his or her Beneficiary by completing and signing
the Beneficiary Designation Form and returning it to the Record Keeper. A Participant shall have the right to change a Beneficiary
by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee's rules and
procedures, as in effect from time to time. If the Participant names someone other than his or her spouse as a Beneficiary, then
to the extent required by applicable law, a spousal consent, in the form designated by the Committee, must be signed by that Participant's
spouse and returned to the Record Keeper. The Committee and the Record Keeper shall be entitled to rely on the last Beneficiary
Designation Form filed by the Participant and accepted by the Committee prior to his or her death.

 

		8.3	ACKNOWLEDGEMENT. No designation or change in designation of a Beneficiary shall be effective until received and accepted by
the Committee.

 

		8.4	NO BENEFICIARY DESIGNATION. If a Participant fails to designate a Beneficiary as provided above, or if all designated Beneficiaries
predecease the Participant or die prior to complete distribution of the Participant's benefits, then the Participant's designated
Beneficiary shall be deemed to be his or her surviving spouse. If the Participant has no surviving spouse, the benefits remaining
under the Plan to be paid to a Beneficiary shall be payable to the Participant's estate.

 

		8.5	DOUBT AS TO BENEFICIARY. If the Record Keeper has any doubt as to the proper Beneficiary to receive payments pursuant to this
Plan, the Committee shall have the right, exercisable in its discretion, to cause the Company to withhold such payments until this
matter is resolved to the Committee's satisfaction.

 

		8.6	DISCHARGE OF OBLIGATION. The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge the Company
and the Committee from all further obligations under the Plan with respect to the Participant, and that Participant's Participation
Agreement shall terminate upon such full payment of benefits.

 

ARTICLE 9

MANAGEMENT AND
ADMINISTRATION OF THIS PLAN

 

		9.1	THE COMMITTEE. The Committee shall be responsible for the management, operation and administration of the Plan, and for processing
claims under Article 10 of this Plan. The Committee shall administer the Plan in accordance with its terms and shall have
the discretion, power and authority to determine all questions arising in connection with the administration, interpretation and
application of the Plan. Any such determination shall be conclusive and binding upon all persons. The Committee shall have all
powers necessary or appropriate to accomplish its duties under the Plan. The Committee from time to time may employ others to render
advice with regard to its responsibilities under this Plan and to perform services under this Plan, including the services contemplated
to be performed by the Record Keeper. The Committee may also allocate its responsibilities to others and may exercise any other
powers necessary for the discharge of its duties.

 

		9.2	INFORMATION FROM COMPANY. The Company and each Affiliate shall supply full and timely information to the Committee and the
Record Keeper on all matters as may be required properly to administer the Plan. The Committee and the Record Keeper may rely upon
the correctness of all such information as is so supplied and shall have no duty or responsibility to verify such information.
The Committee and the Record Keeper shall also be entitled to rely conclusively upon all tables, valuations, certifications, opinions
and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by or on behalf of the
Company or the Committee with respect to the Plan.

 

    	 	-15-	 

     

    

 

		9.3	INDEMNIFICATION. The Company, to the fullest extent permitted by applicable law, shall indemnify and hold harmless the members
of the Committee, the Record Keeper and their respective employees, officers, directors, partners, agents, affiliates and representatives,
from and against any and all claims, losses, liabilities, costs, damages and expenses (including without limitation reasonable
attorneys' fees) arising from any action or failure to act with respect to this Plan on account of such party's services hereunder,
except in the case of gross negligence or willful misconduct.

 

		9.4	SECTION 409A COMPLIANCE. The Company intends that this Plan will be established, construed, administered and applied in compliance
with all Section 409A Requirements, but in light of uncertainty with respect to such requirements and limits, the Company reserves
the right to unilaterally interpret or amend the Plan and/or any Participation Agreement or Deferral Election Form without the
consent of the Participants and to take any actions that may be appropriate to comply with the Section 409A Requirements.

 

ARTICLE 10

CLAIMS PROCEDURES

 

		10.1	PRESENTATION OF CLAIM. A Participant or a Participant’s Beneficiary after a Participant’s death (such Participant
or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for a determination
under this Article with respect to the amounts distributable to such Claimant. The claim must state with particularity the determination
desired by the Claimant.

 

		10.2	NOTIFICATION OF DECISION. The Committee shall consider a Claimant’s claim within a reasonable time, but no later than
ninety (90) days after receiving the claim. If the Committee determines that special circumstances require an extension of time
for processing the claim, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial
ninety (90) day period. In no event shall such extension exceed a period of ninety (90) days from the end of the initial period.
Notwithstanding the forgoing, if the claim relates to a Disability determination the decision shall be rendered within forty-five
(45) days which may be extended an additional thirty (30) days if special circumstance require. The extension notice shall indicate
the special circumstances requiring an extension of time and the date by which the Committee expects to render the benefit determination.
The Committee shall notify the Claimant in writing either that the Claimant’s request has been allowed in full or denied
in part or in full. If the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested
determination, and such notice must set forth in a manner calculated to be understood by the Claimant:

 

		(i)	the specific reason(s) for the denial of the claim, or any part of it;

 

		(ii)	specific reference(s) to pertinent provisions of this Plan upon which such denial was based;

 

		(iii)	a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation
of why such material or information is necessary;

 

		(iv)	an explanation of the claim review procedure set forth in Section 10.3 below; and

 

		(v)	a statement of the Claimant’s right to bring a civil action under ERISA §502(a) following an adverse benefit determination
on review.

 

		10.3	REVIEW OF A DENIED CLAIM. On or before sixty (60) days after receiving a notice from the Committee that a claim has been denied,
in whole or in part, (180 days in the case of a Disability claim) a Claimant (or the Claimant’s duly authorized representative)
may file with the Company a written request for a review of the denial of the claim. The Claimant (or the Claimant’s duly
authorized representative):

 

		10.3.1	may, upon request and free of charge, have reasonable access to, and copies of, all documents, records and other information
relevant to the claim for benefits;

 

		10.3.2	may submit written comments or other documents; and/or

 

		10.3.3	may request a hearing, which the Company, in its sole discretion, may grant.

 

		10.4	DECISION ON REVIEW. The review committee appointed by the Company shall render a decision on review promptly, and no later
than sixty (60) days after the Company receives the Claimant’s written request for a review of the denial of the claim (45
days in the case of a Disability claim). If the Company determines that special circumstances require an extension of time for
processing the claim, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial
sixty (60) day period. In no event shall such extension exceed a period of sixty (60) days from the end of the initial period (45
days in the case of a Disability claim). The extension notice shall indicate the special circumstances requiring an extension of
time and the date by which the Company expects to render the benefit determination. In rendering its decision, the Company shall
take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without
regard to whether such information was submitted or considered in the initial benefit determination. The decision must be written
in a manner calculated to be understood by the Claimant, and it must contain:

 

    	 	-16-	 

     

    

 

		10.4.1	specific reasons for the decision;

 

		10.4.2	specific reference(s) to the pertinent provisions of this Plan upon which the decision was based;

 

		10.4.3	a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of,
all documents, records and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim
for benefits; and

 

		10.4.4	a statement of the Claimant’s right to bring a civil action under ERISA §502(a).

 

ARTICLE 11

MISCELLANEOUS

 

		11.1	TRUST. Except as set forth below, nothing contained in this Plan, nor any action taken pursuant to its provisions by any person,
shall create, or be construed to create, a trust of any kind, or a fiduciary relationship between the Company and any other person.
Despite the foregoing, if the Company, pursuant to the Adoption Agreement or otherwise, elects to establish a grantor trust for
the purpose of holding any assets intended to fund the payment of any benefits under this Plan, the Company shall have no obligation
to make any contributions or deposits into such trust and all assets of such trust shall remain subject to the claims of the Company's
creditors generally in the event of any insolvency or bankruptcy of the Company, and except as permitted under applicable Section
409A Requirements, no such assets shall be located outside of the United States of America. No trust or restriction shall be imposed
on any assets intended to fund the payment of any benefits under this Plan as a result of any change in Company's financial health.
The creation of any trust shall not relieve the Company of its obligations under this Plan.

 

		11.2	NO RIGHT TO COMPANY ASSETS UNSECURED CLAIM. Payments to any Participant or Beneficiary hereunder shall be made from assets
which shall continue, for all purposes, to be part of the general, unrestricted assets of the Company. No person shall have any
interest in any such asset by virtue of any provision of this Plan. The Company's obligation hereunder shall be an unfunded and
unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Company
under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Company; no
such person shall have or acquire any legal or equitable right, interest or claim in or to any property or assets of the Company.

 

In the event that, in its
discretion, the Company purchases an insurance policy or policies insuring the life of a Participant or any other property, to
allow the Company to recover or meet the cost of providing benefits, in whole or in part, hereunder, no Participant or Beneficiary
shall have any rights whatsoever therein or in the proceeds therefrom. The Company shall be the sole owner and beneficiary of any
such insurance policy or property and shall possess and may exercise all incidents of ownership therein.

 

		11.3	CAPTIONS. The captions of the articles, sections and paragraphs of this Plan are for convenience only and shall not control
or affect the meaning or construction of any of its provisions.

 

		11.4	FURNISHING INFORMATION. Each Participant and his or her Beneficiary(ies) shall cooperate with the Committee and the Record
Keeper by furnishing any and all information requested by the Committee or the Record Keeper and take such other actions as may
be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited
to taking such physical examinations as the Committee may deem necessary.

 

		11.5	NO CONTRACT OF EMPLOYMENT. Nothing contained herein shall be construed to be a contract of employment for any term of years,
nor as conferring upon any Participant the right to continue to be employed by the Company or any Affiliate in his or her present
capacity or in any capacity. It is expressly understood that this Plan relates to the payment of deferred compensation for each
Participant's services, and is not intended to be an employment contract.

 

    	 	-17-	 

     

    

 

		11.6	BENEFITS NOT TRANSFERABLE. No Participant or beneficiary under this Plan shall have any power or right to transfer, assign,
anticipate, hypothecate or otherwise encumber any part or all of the amounts payable hereunder. No such amounts shall be subject
to seizure by any creditor of any such Participant or Beneficiary, by a proceeding at law or in equity, nor shall such amounts
be transferable by operation of law in the event of bankruptcy, insolvency or death of the Participant or Beneficiary. Any such
attempted assignment shall be void.

 

The interest in the benefits
hereunder of a spouse of a Participant who predeceases the Participant shall automatically pass to the Participant and shall not
be transferable by such spouse in any manner, including but not limited to such spouse's will, nor shall such interest pass under
the laws of intestate succession.

 

Notwithstanding the foregoing,
to the extent necessary to comply with the terms of a "domestic relations order" (as defined in §414(p)(1)(B) of
the Code) the Committee may cause all or a portion of a Participant's Account balance to be segregated into a sub-Account for the
benefit of the Participant's spouse, child or other dependent identified in such order as the alternative payee and give such alternative
payee (or their legal representative if such alternative payee is incompetent or a minor), as applicable (i) the same Notional
Investment alternatives as are available to the Participant under the Plan with respect to such sub-Account until distributed,
and (ii) the same distribution form and timing options as are available to the Participant under the Plan or an immediate lump
sum payment, all as directed by the domestic relations order and subject to compliance with Code Section 409A Requirements.

 

		11.7	SUCCESSORS. The provisions of this Plan shall bind and inure to the benefit of the Participant's employer and its successors
and assigns and the Participant and the Participant's designated Beneficiaries.

 

		11.8	AMENDMENT AND TERMINATION. To the extent consistent with Section 409A Requirements, this Plan may be amended or terminated
by the Company at any time, without notice to or consent of any person, pursuant to resolutions adopted by the Company. Any such
amendment or termination shall take effect as of the date specified therein and, to the extent permitted by law and Section 409A
Requirements, may have retroactive effect. However, no such amendment or termination shall reduce the vested balance then credited
to the Participant's Account Balance under Article 4.

 

The Company and each participating
Employer reserve the right to terminate its participation in this Plan. Except as otherwise provided below, the termination of
the Plan shall not affect the distribution provisions in effect for the Accounts maintained under the Plan, and all amounts deferred
prior to the date of any such Plan termination shall continue to become due and payable in accordance with the distribution provisions
in effect immediately prior to such Plan termination. Payment of the Account Balances may be accelerated upon Plan termination
and liquidation of the Plan only in compliance with all Section 409A Requirements as then in effect. Section 409A regulations currently
permits acceleration of distributions under the following circumstances:

 

		11.8.1	Dissolution/Bankruptcy. The Plan may be terminated and liquidated within 12 months of a corporate dissolution taxed under Code
§331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred
under the Plan are included in the Participants’ gross incomes in the latest of:

 

		(i)	The calendar year in which the plan termination and liquidation occurs

 

		(ii)	The calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or

 

		(iii)	The first calendar year in which the payment is administratively practicable.

 

		11.8.2	Change in Control. The Plan may be terminated and liquidated pursuant to irrevocable action taken by the Company within the
30 days preceding or the 12 months following a change in control event (as defined in Treasury Regulation §1.409A-3(i)(5)).
For purposes of this subsection, an arrangement will be treated
as terminated only if all substantially similar agreements, methods, programs, and other arrangements sponsored by the Company
immediately after the time of the change in control event with respect to which deferrals of compensation are treated as having
been deferred under a single plan under Treasury Regulation §1.409A-1(c)(2) are terminated and liquidated with respect to
each participant that experienced the change in control event, so that under the terms of the termination and liquidation all such
participants are required to receive all amounts of compensation deferred under the terminated agreements, methods, programs, and
other arrangements within 12 months of the date the Company irrevocably takes all necessary action to terminate and liquidate the
agreements, methods, programs, and other arrangements.

 

    	 	-18-	 

     

    

 

		11.8.3	Termination of All Plans. The Plan may be terminated and liquidated at any time provided that:

 

		(i)	The termination and liquidation does not occur proximate to a downturn in the financial health of the Company or applicable
Participating Employer.

 

		(ii)	All agreements, methods, programs, and other arrangements sponsored by the Company that would be aggregated with any terminated
and liquidated agreements, methods, programs, and other arrangement under Treasury Regulation §1.409A-1(c) if the same Participant
had deferrals of compensation under all of the agreements, methods, programs, and other arrangements that are terminated and liquidated;

 

		(iii)	No payments are made other than payments that would be payable under the terms of the plans if the termination and liquidation
had not occurred are made within 12 months of the termination date;

 

		(iv)	All payments are made within 24 months of the date the Company takes all necessary action to irrevocably terminate and liquidate
the plan; and

 

		(v)	The Company does not adopt a new arrangement that would be aggregated with the plan under Treasury Regulation §1.409A-1(c)
provision for the deferral of compensation at any time within 3 years following the date of termination of the Plan.

 

		11.9	NOTICE. Either the Committee or the Record Keeper may specify that any election, form, designation, agreement or communication
by a Participant under the Plan shall be made or submitted online at a site on the World Wide Web designated for such purpose,
or by other reasonable electronic means. Subject to the foregoing, any notice, consent or demand required or permitted to be
given under the provisions of this Plan shall be in writing, and shall be signed by the party giving or making the same. If such
notice, consent or demand is mailed, it shall be sent by United States certified mail, postage prepaid, addressed, if to the Company
or the Committee, to the Company Address set forth in the Adoption Agreement, and if to the Record Keeper, to the Record Keeper
Address set forth in the Adoption Agreement, and if to any Participant, to such Participant's address most recently submitted by
him or her to the Record Keeper (and in the absence of such submission, as most recently appearing on the records of the Company).
The date of such mailing shall be deemed the date of notice, consent or demand. Any person may change the address to which notice
is to be sent by giving notice of the change of address in the manner aforesaid.

 

		11.10	FACILITY OF PAYMENT. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Committee
may, in its discretion, make such distribution (i) to the legal guardian, or if none, to a parent of a minor payee with whom the
payee maintains his or her residence, or (ii) to the conservator or committee or, if none, to the person having custody of an incompetent
payee. Any such distribution shall fully discharge the Committee, the Record Keeper, the Company and the Plan from further liability
on account thereof.

 

		11.11	GOVERNING LAW. The Plan and the right and obligations of all persons hereunder shall be governed by and construed in accordance
with the laws of the state set forth in the Adoption Agreement, other than its laws regarding choice of law, to the extent that
such state law is not preempted by federal law.

 

    	 	-19-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]