Document:

EX-10.3

 Exhibit 10.3 

LIMITED WAIVER AND ELEVENTH AMENDMENT 

TO CREDIT AGREEMENT 
 THIS
LIMITED WAIVER AND ELEVENTH AMENDMENT TO CREDIT AGREEMENT (the “Amendment”), dated to be effective as of August 30, 2013 (the “Amendment Effective Date”), is entered into by and among BLACK ELK ENERGY OFFSHORE
OPERATIONS, LLC, a Texas limited liability company (the “Borrower”), the Guarantors party hereto (the “Guarantors”), WHITE ELK, LLC, as Administrative Agent for the Lenders (“Administrative Agent”)
and the Lenders signatory hereto (the “Lenders”). 
 RECITALS 

WHEREAS, the Borrower, the Lenders and the Administrative Agent entered into that certain Credit Agreement dated December 24, 2010 (as
amended by that First Amendment dated May 31, 2011, that Waiver and Second Amendment dated June 30, 2011, that Limited Waiver and Third Amendment dated November 8, 2012, that Fourth Amendment to Credit Agreement dated
December 21, 2012, that Fifth Amendment to Credit Agreement dated June     , 2013, that Sixth Amendment to Credit Agreement dated January 31, 2013, that Limited Waiver and Seventh Amendment to Credit
Agreement dated February 22, 2013, that Eighth Amendment to Credit Agreement dated March 26, 2013, that Limited Waiver and Ninth Amendment to Credit Agreement dated April 10, 2013, and that Limited Waiver and Tenth Amendment to
Credit Agreement dated July 31, 2013 and as further amended, restated, supplemented or modified from time to time, the “Credit Agreement”); 

WHEREAS, prior to the effectiveness of this Amendment, the previous lenders under the Credit Agreement assigned the Credit Agreement, the
Notes issued pursuant thereto, and all related agreements and documents to the Lenders and the Administrative Agent replaced Capital One, N.A. as administrative agent under the Credit Agreement (such assignment being hereunder referred to as the
“Loan Assignment”); 
 WHEREAS, the Lenders and the Administrative Agent have agreed to provide such waivers and amendments
as reflected in this Amendment, subject to the terms and conditions herein, and provided that the Borrower and the Guarantors ratify and confirm all of their respective obligations under the Credit Agreement and the Loan Documents. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth in this Amendment, the Borrower, the Guarantors, the
Lenders and the Administrative Agent agree as follows: 
 1. Defined Terms. Unless otherwise defined herein, capitalized terms used
herein have the meanings assigned to them in the Credit Agreement. 
 2. Limited Waiver. Subject to the terms and conditions set
forth herein, the Administrative Agent and the Lenders hereby agree that Section 9.01(a), (b), and (c), Section 8.01(o), (p) and (q), and Section 9.17, of the Credit Agreement shall not
be applicable as of and for the fiscal quarters ended September 30, 2013 and December 31, 2013 and Borrower shall not have any duty or obligation to perform or comply with such sections during such fiscal quarters and as of such
quarter-ends. The foregoing covenant compliance accommodations set forth in 

  
 -1- 

 
this Section 3 (the “Limited Compliance Accommodations”) are limited to the extent specifically set forth in the sentence above and no other terms, covenants or provisions
of the Credit Agreement or any other Loan Document are intended to be affected hereby. The Limited Compliance Accommodations are granted only with respect to the failure of the Borrower to comply with Section 9.01(a), (b) ,
and (c), Section 8.01(o), (p) and (q), and Section 9.17 and as of and for the fiscal quarters ended September 30, 2013 and December 31, 2013 and shall not apply to any violation of
Section 9.01(a), (b), and (c), Section 8.01(o), (p) and (q), and Section 9.17 with respect to any fiscal quarter other than the fiscal quarter ended September 30, 2013 and
December 31, 2013, or any actual or prospective default or violation of any other provision of the Credit Agreement or any other Loan Document. The Limited Compliance Accommodations shall not in any manner create a course of dealing or
otherwise impair the future ability of the Administrative Agent or the Lenders to declare a Default or Event of Default under or otherwise enforce the terms of the Credit Agreement or any other Loan Document with respect to any matter other than
those specifically and expressly modified in the Limited Compliance Accommodations. 
 3. Amendment to Credit Agreement. The Credit
Agreement is hereby amended as follows: 
 (a) The definition of “Maturity Date” in Section 1.02 of the Credit
Agreement is hereby amended to read “January 1, 2015”. 
 (b) The sentences added to the end of the definition of “Applicable
Margin” pursuant to the Eight Amendment to the Credit Agreement, dated March 26, 2013, is hereby amended and restated as following. 

“Notwithstanding the forgoing, the Applicable Margin with respect to each ABR Loan or Eurodollar Loan outstanding and all other amounts
due hereunder shall be increased by 2%.” 
 (c) Notwithstanding anything else contained in Section 2.07 or any other provision of
the Credit Agreement to the contrary, the parties hereto hereby acknowledge and agree that, as of the Amendment Effective Date, the Borrowing Base is $25,000,000. 

(d) Notwithstanding anything else contained herein or the Credit Agreement to the contrary, upon written request from Resource Value Group
LLC, Administrative Agent shall increase the Borrowing Base to the amount of such requested increase up to a maximum of $50,000,000. 
 (e)
Section 2.01 of the Credit Agreement is amended to add the following sentence to the end thereof: “Notwithstanding anything to the contrary contained in Article II of the Credit Agreement, that the Commitment and Maximum Credit Amount of
each of the Lenders shall be as set forth on Annex I hereto.” 
 (f) Annex I of the Credit Agreement is hereby amended and restated in
its entirety in accordance with the Revised Annex 1 attached hereto. Simultaneously with the execution of this Amendment, each Lender set forth on Revised Annex I is making a Loan to the Company in an amount equal to the difference between the
Maximum Credit Amount set forth Annex I and the 

  
 -2- 

 
payment made to Capital One N.A. pursuant to the Loan Assignment as a result of which such Lender’s Credit Exposure shall equal its Commitment and Maximum Credit Amount. No Lender shall be
obligated to make any further Loans beyond the Maximum Credit Amount set forth on Revised Annex I. 
 (g) Upon receipt of written notice
from Borrower or Resource Value Group LLC that one or more new Lenders have joined into the Credit Agreement and the other Loan Documents as a Lender with a Commitment and a Maximum Credit Amount as set forth in a joinder agreement (in a form
reasonable acceptable to the existing Lenders) and contemporaneously therewith has made additional Loans to the Borrower in an amount of its Commitment, Administrative Agent shall revise Annex I to reflect such new Lender (or its agent) and the
amount of its Commitment and Maximum Credit Amount and Borrower shall issued new or replacement Notes in the name of such Lender (or its agent). 

(h) Notwithstanding the provisions of Section 2.08 of the Credit Agreement, until such time as another bank pursuant to a subsequent
amendment to the Credit Agreement has become a Lender under this Credit Agreement and has agreed to serve as the Issuing Bank hereunder, Section 2.08 of the Agreement shall be of no force and effect and there shall be no obligation on the part
of any Lender to issue any Letters of Credit at the request of the Borrower. 
 (i) By execution hereof, Borrower and Lenders each waive any
rights provided in Section 2.07 to request or obtain a Borrowing Base redetermination prior to the first Scheduled Redetermination Date in 2014. 

(j) Notwithstanding anything contained in Section 3.04 of the Credit Agreement to the contrary, the Borrower shall not be
obligated to pay or prepay any principal of the Loans prior to December 3, 2013. Borrower shall continue to be obligated to make interest payments in accordance with the terms of the Credit Agreement. 

(k) Section 3.05(a) shall be deleted from the Credit Agreement and Borrower shall have no further obligation to make any payment
thereunder for any period prior to or after the date hereof. 
 4. Reservation of Rights. Nothing contained in this Amendment is
intended to limit, nor shall it be deemed to limit or in any way affect, any of the Administrative Agent’s or Lenders’ claims, rights or remedies under the Credit Agreement or any of the other Loan Documents, and nothing in this Amendment
shall in any way modify, change, impair, affect, diminish, or release any liability of Borrower and/or any Guarantor under or pursuant to the Credit Agreement or any of the other Loan Documents or entitle Borrower and/or any Guarantor to any other
or further notice or demand whatsoever. Nothing contained herein, nor any failure by the Administrative Agent or any Lender to exercise any of its rights or remedies under the Credit Agreement or any of the other Loan Documents, shall be deemed to
constitute, nor is it intended to constitute, any waiver whatsoever of any: (a) Default or Event of Default that may exist under the Credit Agreement or under any other Loan Document; (b) term, provision, condition, covenant or agreement
contained in the Credit Agreement or in any of the other Loan Documents; or (c) rights or remedies of the Administrative Agent or any Lender under the Credit Agreement or any of the other Loan Documents, at law or in equity or otherwise, or
prejudice or preclude any other or further exercise of any such right or remedy by the Administrative Agent or the Lenders, all of which are hereby reserved. 

  
 -3- 

 5. Ratification. The Borrower and Guarantors hereby ratify all of their respective
Obligations under the Credit Agreement and each of the Loan Documents to which it is a party, and agrees and acknowledges that the Credit Agreement and each of the Loan Documents to which it is a party are and shall continue to be in full force and
effect as amended and modified by this Amendment. Except as specifically set forth in this Amendment, nothing in this Amendment extinguishes, novates or releases any right, claim, lien, security interest or entitlement of any of the Lenders or the
Administrative Agent created by or contained in any of such documents, nor is the Borrower nor any Guarantor released from any covenant, warranty or obligation created by or contained herein or therein. 

6. Representations and Warranties. 

(a) The Borrower and Guarantors hereby represent and warrant to the Administrative Agent and the Lenders that (i) this Amendment has been
duly executed and delivered on behalf of the Borrower and Guarantors, (ii) this Amendment constitutes a valid and legally binding agreement enforceable against the Borrower and Guarantors in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law,
(iii) after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement and the Loan Documents are true and correct on and as of the date hereof in all material respects as though made as of the date
hereof, (iv) after giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement or under any Loan Document; (v) the Borrower has no defenses against the obligations to pay any amounts due under the
Credit Agreement; and (vi) the execution, delivery and performance of this Amendment has been duly authorized by the Borrower and Guarantors. 

(b) The Borrower hereby (i) represents and warrants to the Administrative Agent and the Lenders that the execution of this Amendment does
not violate the terms of (A) the Indenture, (B) the Second Lien Intercreditor Agreement, (C) the W&T Intercreditor Agreement or (D) the BP Intercreditor Agreement (collectively, the “Intercreditor
Agreements”) and (ii) covenants, represents and warrants that no consent is required under any Intercreditor Agreement for the Borrower, Administrative Agent or the Lenders to execute this Amendment. 

7. Conditions to Effectiveness. This Amendment shall be effective on the Amendment Effective Date only if the following are satisfied
on or before such Amendment Effective Date: 
 (a) the receipt by the Administrative Agent of this Amendment fully executed by all parties
hereto; 
 (b) the receipt by the Administrative Agent of a fully executed agreement, in form and substance acceptable to Administrative
Agent, reflecting Lenders’ right to require Platinum Partners Value Arbitrage Fund, L.P. (“PPVA”) or its designee to purchase all Commitments and Loans under the Credit Agreement in accordance with the terms of such agreement
(the “Put Agreement”); 

  
 -4- 

 (c) the receipt by the Administrative Agent of a fully executed Guaranty of Platinum Montaur Life
Sciences, LLC, Meserole Group LLC, and DMRJ Group LLC (collectively, the “Guarantors”) of the obligations of PPVA under the Put Agreement. 

(d) the payment by the Borrower of all the fees and expenses of the Administrative Agent and PPVA, including, but not limited to,
attorney’s fees and expenses incurred in connection with the Loan Assignment and this Amendment. 
 (e) the receipt by the
Administrative Agent of such other documents as the Administrative Agent or its special counsel may reasonably request. 
 8.
Counterparts. This Amendment may be signed in any number of counterparts, which may be delivered in original or facsimile form each of which shall be construed as an original, but all of which together shall constitute one and the same
instrument. 
 9. Governing Law. This Amendment and all other documents executed in connection herewith shall be deemed to be
contracts and agreements under the laws of the State of Texas and of the United States of America and for all purposes shall be construed in accordance with, and governed by, the laws of Texas and of the United States. 

10. Continuing Effect of the Credit Agreement. This Amendment shall not constitute a waiver of any provision not expressly referred to
herein and shall not be construed as a consent to any action on the part of the Borrowers or Guarantors that would require a waiver or consent of the Lenders or an amendment or modification to any term of the Loan Documents except as expressly
stated herein. Except as expressly modified hereby, the provisions of the Credit Agreement and the Loan Documents are and shall remain in full force and effect. 

11. References. The words “hereby,” “herein,” “hereinabove,” “hereinafter,”
“hereinbelow,” “hereof,” “hereunder” and words of similar import when used in this Amendment shall refer to this Amendment as a whole and not to any particular article, section or provision of this Amendment. References
in this Amendment to an article or section number are to such articles or sections of this Amendment unless otherwise specified. 
 12.
Headings Descriptive. The headings of the several sections and subsections of this Amendment are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Amendment. 

13. Release by Borrower and Guarantors. The Borrower and each Guarantor does hereby release and forever discharge the Administrative
Agent and each of the Lenders and each affiliate thereof and each of their respective employees, officers, directors, trustees, agents, attorneys, successors, assigns or other representatives from any and all claims, demands, damages, actions,
cross-actions, causes of action, costs and expenses (including legal expenses), of any kind or nature whatsoever, whether based on law or equity, which any of said parties has held or may now or in the future own or hold, whether known or unknown,
for or because of any matter or thing done, omitted or suffered to be done on or before the actual date upon which this 

  
 -5- 

 
Amendment is signed by any of such parties (a) arising directly or indirectly out of the Credit Agreement, Loan Documents, or any other documents, instruments or any other transactions
relating thereto and/or (b) relating directly or indirectly to all transactions by and between the Borrower or Guarantors or their representatives and the Administrative Agent and each Lender or any of their respective directors, officers,
agents, employees, attorneys or other representatives and, in either case, whether or not caused by the sole or partial negligence of any indemnified party. Such release, waiver, acquittal and discharge shall and does include, without limitation,
any claims of usury, fraud, duress, misrepresentation, lender liability, control, calling of the Credit Agreement into default, exercise of remedies and all similar items and claims, which may, or could be, asserted by any of the Borrower or
Guarantors. 
 14. Final Agreement of the Parties. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[Signature Pages Follow] 

  
 -6- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

			
	BORROWER:
	
	BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC, a Texas limited liability company
		
	By:	 	/s/ Bruce P. Koch
	Name:	 	Bruce P. Koch
	Title:	 	CFO

  

			
	GUARANTORS:
	
	BLACK ELK ENERGY FINANCE CORP., a Texas corporation
		
	By:	 	/s/ Bruce P. Koch
	Name:	 	Bruce P. Koch
	Title:	 	CFO

 
			
	
	BLACK ELK ENERGY LAND OPERATIONS, LLC, a Texas limited liability company
		
	By:	 	/s/ Bruce P. Koch
	Name:	 	Bruce P. Koch
	Title:	 	CFO

 
			
	
	ADMINISTRATIVE AGENT AND LENDER:
	
	WHITE ELK LLC
		
	By:	 	/s/ Daniel Saks
	Name:	 	Daniel Saks
	Title:	 	Managing Member

 
			
	
	LENDER:
	
	RESOURCE VALUE GROUP LLC, as agent for one or more beneficial holders of the Loans under the Credit Agreement
		
	By:	 	/s/ David Levy
	Name:	 	David Levy
	Title:	 	 

 [Signature page to Eleventh Amendment to Credit Agreement] 

 REVISED ANNEX I 

LIST OF MAXIMUM CREDIT AMOUNTS 
  

					
	 Name of Lender
	  	Maximum Credit Amount	 
	 White Elk
	  	$	21,000,000	  
	 RESOURCE VALUE GROUP LLC, on behalf of one or more beneficial holders of the Loans under the Credit Agreement
	  	$	2,000,000	  

 [Signature page to Eleventh Amendment to Credit Agreement]Exhibit 4.4

 Exhibit 4.4 
  

 
  

ADAP.TV, INC. 

2007 STOCK INCENTIVE PLAN 

Adopted by the Board on April 3, 2007 

Approved by the Stockholders on April 4, 2007 

As Amended on June 28, 2007, September 5, 2008, December 9, 2009,

December 15, 2010, March 14, 2011, March 15, 2012, January 29, 2013,

May 7, 2013, and August 4, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 SECTION 1.  
	  	PURPOSE	  	 	1	  
			
	 SECTION 2.  
	  	DEFINITIONS	  	 	1	  
	 2.1  
	  	“Board”	  	 	1	  
	 2.2  
	  	“Cause”	  	 	1	  
	 2.3  
	  	“Change in Control”	  	 	1	  
	 2.4  
	  	“Code”	  	 	2	  
	 2.5  
	  	“Committee”	  	 	2	  
	 2.6  
	  	“Company”	  	 	2	  
	 2.7  
	  	“Consultant”	  	 	2	  
	 2.8  
	  	“Disability”	  	 	2	  
	 2.9  
	  	“Employee”	  	 	2	  
	 2.10
	  	“Exchange Act”	  	 	2	  
	 2.11
	  	“Exercise Price”	  	 	3	  
	 2.12
	  	“Fair Market Value	  	 	3	  
	 2.13
	  	“Good Reason	  	 	3	  
	 2.14
	  	“ISO”	  	 	3	  
	 2.15
	  	“NSO”	  	 	3	  
	 2.16
	  	“Option”	  	 	3	  
	 2.17
	  	“Optionee”	  	 	3	  
	 2.18
	  	“Outside Director”	  	 	3	  
	 2.19
	  	“Parent”	  	 	3	  
	 2.20
	  	“Plan”	  	 	3	  
	 2.21
	  	“Purchase Price”	  	 	3	  
	 2.22
	  	“Purchaser”	  	 	3	  
	 2.23
	  	“Restricted Share Agreement”	  	 	3	  
	 2.24
	  	“Securities Act”	  	 	3	  
	 2.25
	  	“Service”	  	 	4	  
	 2.26
	  	“Share”	  	 	4	  
	 2.27
	  	“Stock”	  	 	4	  
	 2.28
	  	“Stock Option Agreement”	  	 	4	  
	 2.29
	  	“Subsidiary”	  	 	4	  
	 2.30
	  	“Ten-Percent Stockholder	  	 	4	  
			
	 SECTION 3.  
	  	ADMINISTRATION	  	 	4	  
	 3.1  
	  	General Rule	  	 	4	  
	 3.2  
	  	Board Authority and Responsibility	  	 	5	  
			
	 SECTION 4.  
	  	ELIGIBILITY	  	 	5	  
	 4.1  
	  	General Rule	  	 	5	  
			
	 SECTION 5.  
	  	STOCK SUBJECT TO PLAN	  	 	5	  
	 5.1  
	  	Share Limit	  	 	5	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 5.2  
	  	Additional Shares	  	 	5	  
			
	 SECTION 6.  
	  	 RESTRICTED SHARES
	  	 	5	  
	 6.1  
	  	 Restricted Share Agreement
	  	 	5	  
	 6.2  
	  	 Duration of Offers and Nontransferability of Purchase Rights
	  	 	5	  
	 6.3  
	  	 Purchase Price
	  	 	6	  
	 6.4  
	  	 Repurchase Rights and Transfer Restrictions
	  	 	6	  
			
	 SECTION 7.  
	  	STOCK OPTIONS	  	 	6	  
	 7.1  
	  	 Stock Option Agreement
	  	 	6	  
	 7.2  
	  	 Number of Shares; Kind of Option
	  	 	6	  
	 7.3  
	  	 Exercise Price
	  	 	6	  
	 7.4  
	  	 Term
	  	 	6	  
	 7.5  
	  	 Exercisability
	  	 	7	  
	 7.6  
	  	 Repurchase Rights and Transfer Restrictions
	  	 	7	  
	 7.7  
	  	 Transferability of Options
	  	 	7	  
	 7.8  
	  	 Exercise of Options on Termination of Service
	  	 	8	  
	 7.9  
	  	 No Rights as a Stockholder
	  	 	8	  
	 7.10
	  	 Modification, Extension and Renewal of Options
	  	 	8	  
			
	 SECTION 8.  
	  	PAYMENT FOR SHARES	  	 	8	  
	 8.1  
	  	 General
	  	 	8	  
	 8.2  
	  	 Surrender of Stock
	  	 	8	  
	 8.3  
	  	 Services Rendered
	  	 	9	  
	 8.4  
	  	 Promissory Notes
	  	 	9	  
	 8.5  
	  	 Exercise/Sale
	  	 	9	  
	 8.6  
	  	 Exercise/Pledge
	  	 	9	  
	 8.7  
	  	 Other Forms of Payment
	  	 	9	  
			
	 SECTION 9.  
	  	ADJUSTMENT OF SHARES	  	 	9	  
	 9.1  
	  	 General
	  	 	9	  
	 9.2  
	  	 Dissolution or Liquidation
	  	 	10	  
	 9.3  
	  	 Mergers and Consolidations
	  	 	10	  
	 9.4  
	  	 Reservation of Rights
	  	 	10	  
			
	 SECTION 10.  
	  	REPURCHASE RIGHTS	  	 	10	  
	 10.1  
	  	 Company’s Right To Repurchase Shares
	  	 	10	  
			
	 SECTION 11.  
	  	WITHHOLDING TAXES	  	 	11	  
	 11.1  
	  	 General
	  	 	11	  
	 11.2  
	  	 Share Withholding
	  	 	11	  
	 11.3  
	  	 Cashless Exercise/Pledge
	  	 	11	  
	 11.4  
	  	 Other Forms of Payment
	  	 	11	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 12.  
	  	SECURITIES LAW REQUIREMENTS	  	 	11	  
	 12.1  
	  	General	  	 	11	  
	 12.2  
	  	Voting and Dividend Rights	  	 	12	  
	 12.3  
	  	Financial Reports	  	 	12	  
			
	 SECTION 13.  
	  	NO RETENTION RIGHTS	  	 	12	  
			
	 SECTION 14.  
	  	DURATION AND AMENDMENTS	  	 	12	  
	 14.1  
	  	Term of the Plan	  	 	12	  
	 14.2  
	  	Right to Amend or Terminate the Plan	  	 	12	  
	 14.3  
	  	Effect of Amendment or Termination	  	 	12	  
			
	 SECTION 15.  
	  	EXECUTION.	  	 	13	  

  
 -iii- 

 ADAP.TV, INC. 

2007 STOCK INCENTIVE PLAN 
 SECTION 1.
PURPOSE. 
 The Plan was adopted by the Board of Directors effective April 3, 2007. The purpose of the Plan is to offer selected
service providers the opportunity to acquire equity in the Company through awards of Options (which may constitute incentive stock options or nonstatutory stock options) and the award or sale of Shares. 

The award of Options and the award or sale of Shares under the Plan is intended to be exempt from the securities qualification requirements of
the California Corporations Code by satisfying the exemption under section 25102(o) of the California Corporations Code. However, awards of Options and the award or sale of Shares may be made in reliance upon other state securities law exemptions.
To the extent that such other exemptions are relied upon, the terms of this Plan which are included only to comply with section 25102(o) shall be disregarded to the extent provided in the Stock Option Agreement or Restricted Share Agreement. 

SECTION 2. DEFINITIONS. 
  

	2.1	“Board” shall mean the Board of Directors of the Company, as constituted from time to time. 

  

	2.2	“Cause” means any one or more of the following: (i) Optionee’s continued failure to perform Optionee’s duties to the Company after there has been delivered to Optionee a written
demand for performance which describes the basis for the Company’s belief that Optionee have not substantially performed Optionee’s duties; (ii) Optionee engaging in an act of misconduct that the Company reasonably believes has had or
will have a material adverse effect on the Company’s reputation or business; (iii) Optionee being convicted of, or a plea of no contest to, a felony; (iv) Optionee committing an act of fraud against, or misappropriating property
belonging to, the Company; or (v) Optionee’s material breach of this agreement or the attached Proprietary Information Agreement. Under this definition, “willful” shall mean that Optionee acted without, or failed to act with, a
reasonable belief that Optionee’s action or failure to act was in the best interest of the Company. 

  

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

  

	 	(a)	The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger,
consolidation or other reorganization own immediately after such merger, consolidation or other reorganization fifty percent (50%) or more of the voting power of the outstanding securities of each of (A) the continuing or surviving entity
and (B) any direct or indirect parent corporation of such continuing or surviving entity; 

  

ADAP.TV 2007 STOCK INCENTIVE PLAN 

-1- 

	 	(b)	The consummation of the sale, transfer or other disposition of all or substantially all of the Company’s assets or the stockholders of the Company approve a plan of complete liquidation of the Company; or

  

	 	(c)	Any “person” (as defined below) who, by the acquisition or aggregation of securities, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to
vote at elections of directors (the “Base Capital Stock”); except that any change in the relative beneficial ownership of the Company’s securities by any person resulting solely from a reduction in the aggregate number of outstanding
shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded until such person increases in any manner, directly or indirectly, such person’s beneficial ownership of any
securities of the Company. 

 For purposes of Section 2.3(e), the term “person” shall have the same meaning as when used in
sections 13(d) and 14(d) of the Exchange Act but shall exclude (1) a trustee or other fiduciary holding securities under an employee benefit plan maintained by the Company or a Parent or Subsidiary and (2) a corporation owned directly or
indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the Stock. 
 Notwithstanding the foregoing, the
term “Change in Control” shall not include a transaction the sole purpose of which is (a) to change the state of the Company’s incorporation, (b) to form a holding company that will be owned in substantially the same
proportions by the persons who held the Company’s securities immediately before such transaction; or (c) to make an initial public offering of the Company’s Stock. 

 

	2.4	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

  

	2.5	“Committee” shall mean the committee designated by the Board, which is authorized to administer the Plan, as described in Section 3 hereof. 

 

	2.6	“Company” shall mean Adap.tv, Inc., a Delaware corporation. 

  

	2.7	“Consultant” shall mean a consultant or advisor who is not an Employee or Outside Director and who performs bona fide services for the Company, a Parent or Subsidiary. 

 

	2.8	“Disability” shall mean a condition that renders an individual unable to engage in substantial gainful activity by reason of any medically determinable physical or mental impairment. 

 

	2.9	“Employee” shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary and who is an “employee” within the meaning of section 3401(c) of the Code and
regulations issued thereunder. 

  

	2.10	“Exchange Act” shall mean the U.S. Securities and Exchange Act of 1934, as amended. 

  

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	2.11	“Exercise Price” shall mean the amount for which one Share may be purchased upon the exercise of an Option, as specified in a Stock Option Agreement. 

 

	2.12	“Fair Market Value” means, with respect to a Share, the market price of one Share of Stock, determined by the Board in good faith. Such determination shall be conclusive and binding on all persons.

  

	2.13	“Good Reason” means any one or more of the following: (i) any material reduction in Optionee’s duties and responsibilities not approved in writing by Optionee; (ii) any material reduction
in Optionee’s base salary from that set forth herein or material reduction in Optionee’s benefits, that is in either case materially disproportionate to a reduction in the salary and/or benefits offered to other executives of the Company;
or (iii) any requirement that Optionee’s principal place of business be relocated more than 50 miles from the current location of the Company’s principal place of business. 

 

	2.14	“ISO” shall mean an incentive stock option described in section 422(b) of the Code. 

  

	2.15	“NSO” shall mean a stock option that is not an ISO. 

  

	2.16	“Option” shall mean an ISO or NSO granted under the Plan and entitling the holder to purchase Shares. 

  

	2.17	“Optionee” shall mean an individual or estate that holds an Option. 

  

	2.18	“Outside Director” shall mean a member of the Board of the Company, a Parent or a Subsidiary who is not an Employee. 

 

	2.19	“Parent” shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered a
Parent commencing as of such date. 

  

	2.20	“Plan” shall mean the Adap.tv, Inc. 2007 Stock Incentive Plan. 

  

	2.21	“Purchase Price” shall mean the consideration for which one Share may be acquired under the Plan (other than upon exercise of an Option). 

 

	2.22	“Purchaser” shall mean a person to whom the Board has offered the right to acquire Shares under the Plan (other than upon exercise of an Option). 

 

	2.23	“Restricted Share Agreement” shall mean the agreement between the Company and a Purchaser who acquires Shares under the Plan that contains the terms, conditions and restrictions pertaining to the
acquisition of such Shares. 

  

	2.24	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

  

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	2.25	“Service” shall mean service as an Employee, a Consultant or an Outside Director, subject to such further limitations as may be set forth in the applicable Stock Option Agreement or Restricted Share
Agreement. Service shall be deemed to continue during a bona fide leave of absence approved by the Company in writing if and to the extent that continued crediting of Service for purposes of the Plan is expressly required by the terms of such leave
or by applicable law, as determined by the Company. However, for purposes of determining whether an Option is entitled to ISO status, and to the extent required under the Code, an Employee’s employment will be treated as terminating ninety
(90) days after such Employee went on leave, unless such Employee’s right to return to active work is guaranteed by law or by a contract or such Employee immediately returns to active work. The Company determines which leaves count toward
Service, and when Service terminates for all purposes under the Plan. 

  

	2.26	“Share” shall mean one share of Stock, as adjusted in accordance with Section 9 (if applicable). 

  

	2.27	“Stock” shall mean the common stock of the Company. 

  

	2.28	“Stock Option Agreement” shall mean the agreement between the Company and an Optionee which contains the terms, conditions and restrictions pertaining to the Optionee’s Option. 

 

	2.29	“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken
chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the
adoption of the Plan shall be considered a Subsidiary commencing as of such date. 

  

	2.30	“Ten-Percent Stockholder” means an individual who owns more than ten percent (10%) of the total combined voting power of all classes of outstanding stock of the Company, its Parent or any of its
Subsidiaries. In determining stock ownership for purposes of this Section 2.30, the attribution rules of section 424(d) of the Code shall be applied. 

SECTION 3. ADMINISTRATION. 
  

	3.1	General Rule. The Plan shall be administered by the Board. However, the Board may delegate any or all administrative functions under the Plan otherwise exercisable by the Board to one or more Committees. Each
Committee shall consist of at least one member of the Board who has been appointed by the Board. Each Committee shall have the authority and be responsible for such functions as the Board has assigned to it. If a Committee has been appointed, any
reference to the Board in the Plan shall be construed as a reference to the Committee to whom the Board has assigned a particular function. The Board may also authorize one or more officers of the Company to designate Employees, other than such
authorized officer or officers, to receive Awards and/or to determine the number of such Awards to be received by such persons; provided, however, that the Board shall specify the total number of Awards that such officer or officers may so award.

  

ADAP.TV 2007 STOCK INCENTIVE PLAN 

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	3.2	Board Authority and Responsibility. Subject to the provisions of the Plan, the Board shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the
Plan. All decisions, interpretations and any other actions of the Board with respect to the Plan shall be final and binding on all persons deriving rights under the Plan. 

SECTION 4. ELIGIBILITY. 
  

	4.1	General Rule. Only Employees shall be eligible for the grant of ISOs. Only Employees, Consultants and Outside Directors shall be eligible for the grant of NSOs or the award or sale of Shares. 

SECTION 5. STOCK SUBJECT TO PLAN. 
  

	5.1	Share Limit. Subject to Sections 5.2 and 9, the aggregate number of Shares which may be issued under the Plan shall not exceed eleven million six hundred sixty-two thousand three hundred seventy-seven
(11,662,377) Shares. The number of Shares which are subject to Options or other rights outstanding at any time shall not exceed the number of Shares which then remain available for issuance under the Plan. The Company, during the term of the
Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the Plan may be authorized but unissued Shares or treasury Shares. 

 

	5.2	Additional Shares. In the event that any outstanding Option or other right expires or is canceled for any reason, the Shares allocable to the unexercised portion of such Option or other right shall remain
available for issuance pursuant to the Plan. If a Share previously issued under the Plan is reacquired by the Company pursuant to a forfeiture provision, right of repurchase or right of first refusal, then such Share shall again become available for
issuance under the Plan. 

 SECTION 6. RESTRICTED SHARES. 
  

	6.1	Restricted Share Agreement. Each award or sale of Shares under the Plan (other than upon exercise of an Option) shall be evidenced by a Restricted Share Agreement between the Purchaser and the Company. Such award
or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions imposed by the Board, as set forth in the Restricted Share Agreement, that are not inconsistent with the Plan. The
provisions of the various Restricted Share Agreements entered into under the Plan need not be identical. 

  

	6.2	Duration of Offers and Nontransferability of Purchase Rights. Any right to acquire Shares (other than an Option) shall automatically expire if not exercised by the Purchaser within thirty (30) days after the
Company communicates the grant of such right to the Purchaser. Such right shall be nontransferable and shall be exercisable only by the Purchaser to whom the right was granted. 

  

ADAP.TV 2007 STOCK INCENTIVE PLAN 

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	6.3	Purchase Price. The Purchase Price of Shares offered under the Plan shall not be less than eighty-five percent (85%) of the Fair Market Value of such Shares; provided, however, if the Purchaser is a
Ten-Percent Stockholder, the Purchase Price shall not be less than one hundred percent (100%) of the Fair Market Value of such Shares. Subject to the foregoing in this Section 6.3, the Board shall determine the amount of the Purchase Price
in its sole discretion. The Purchase Price shall be payable in a form described in Section 8. 

  

	6.4	Repurchase Rights and Transfer Restrictions. Each award or sale of Shares shall be subject to such forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board
may determine, subject to the requirements of Section 10. Such restrictions shall be set forth in the applicable Restricted Share Agreement and shall apply in addition to any restrictions otherwise applicable to holders of Shares generally.

 SECTION 7. STOCK OPTIONS. 
  

	7.1	Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. The Option shall be subject to all applicable terms and
conditions of the Plan and may be subject to any other terms and conditions imposed by the Board, as set forth in the Stock Option Agreement, which are not inconsistent with the Plan. The provisions of the various Stock Option Agreements entered
into under the Plan need not be identical. 

  

	7.2	Number of Shares; Kind of Option. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall provide for the adjustment of such number in accordance with
Section 9. The Stock Option Agreement shall also specify whether the Option is intended to be an ISO or an NSO. 

  

	7.3	Exercise Price. Each Stock Option Agreement shall set forth the Exercise Price, which shall be payable in a form described in Section 8. Subject to the following requirements, the Exercise Price under any
Option shall be determined by the Board in its sole discretion: 

  

	 	(a)	Minimum Exercise Price for ISOs. The Exercise Price per Share of an ISO shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant; provided, however, that the
Exercise Price per Share of an ISO granted to a Ten-Percent Stockholder shall not be less than one hundred ten percent (110%) of the Fair Market Value of a Share on the date of grant. 

 

	 	(b)	Minimum Exercise Price for NSOs. The Exercise Price per Share of an NSO shall not be less than eighty five percent (85%) of the Fair Market Value of a Share on the date of grant; provided, however, that the
Exercise Price per Share of an NSO granted to a Ten-Percent Stockholder shall not be less than one hundred ten percent (110%) of the Fair Market Value of a Share on the date of grant. 

 

	7.4	 Term. Each Stock Option Agreement shall specify the term of the Option. The term of an Option shall in no event exceed ten (10) years from
the date of grant. The term of an 

  

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ISO granted to a Ten-Percent Stockholder shall not exceed five (5) years from the date of grant. Subject to the foregoing, the Board in its sole discretion shall determine when an Option
shall expire. 

  

	7.5	Exercisability. Each Stock Option Agreement shall specify the date when all or any installment of the Option is to become exercisable; provided, however, that no Option shall be exercisable unless the Optionee
has delivered to the Company an executed copy of the Stock Option Agreement. Subject to the following restrictions, the Board in its sole discretion shall determine when all or any installment of an Option is to become exercisable and may, in its
discretion, provide for accelerated exercisability in the event of a Change in Control or other events: 

  

	 	(a)	Options Granted to Employees. An Option granted to an Optionee who is not a director of the Company, a Parent or a Subsidiary shall be exercisable at the minimum rate of the first 25% of the Shares when the
Optionee completes 12 months of continuous Service after the Vesting Start Date, and with respect to an additional 1/48th of the Shares when the Optionee completes each full month of continuous Service thereafter; provided, a Stock Option Agreement
may provide for an automatic acceleration of the vesting provisions in the event of termination of Optionee by the Company without Cause or termination by Optionee for Good Reason, upon delivery to the Company of a signed settlement agreement and
general release, effective in accordance with its terms and in a form acceptable to the Company, in the event of a Change in Control. 

  

	 	(b)	Options Granted to Outside Directors, Consultants or Officers. An Option granted to an Optionee who is a Consultant or an officer or director of the Company, a Parent or a Subsidiary shall be exercisable at any
time or during any period established by the Board, subject to reasonable conditions such as continued Service; provided, however, that the exercisability of an Option granted to an Optionee (i) for service as an Outside Director shall be
automatically accelerated in full in the event of a Change in Control. 

  

	 	(c)	Early Exercise. A Stock Option Agreement may permit the Optionee to exercise the Option as to Shares that are subject to a right of repurchase by the Company in accordance with the requirements of
Section 10.1. 

  

	7.6	Repurchase Rights and Transfer Restrictions. Shares purchased on exercise of Options shall be subject to such forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions
as the Board may determine, subject to the requirements of Section 10. Such restrictions shall be set forth in the applicable Stock Option Agreement and shall apply in addition to any restrictions otherwise applicable to holders of Shares
generally. 

  

	7.7	 Transferability of Options. During an Optionee’s lifetime, his or her Options shall be exercisable only by the Optionee or by the
Optionee’s guardian or legal representatives, and shall not be transferable other than by beneficiary designation, will or the laws of descent and distribution. Notwithstanding the foregoing, however, to the extent

  

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permitted by the Board in its sole discretion, an NSO may be transferred by the Optionee to one or more family members or a trust established for the benefit of the Optionee and/or one or more
family members to the extent permitted by section 260.140.41(d) of Title 10 of the California Code of Regulations and Rule 701 of the Securities Act. 

  

	7.8	Exercise of Options on Termination of Service. Each Option shall set forth the extent to which the Optionee shall have the right to exercise the Option following termination of the Optionee’s Service. Each
Stock Option Agreement shall provide the Optionee with the right to exercise the Option following the Optionee’s termination of Service during the Option term, to the extent the Option was exercisable for vested Shares upon termination of
Service, for at least thirty (30) days if termination of Service is due to any reason other than cause, death or Disability, and for at least six (6) months after termination of Service if due to death or Disability (but in no event later
than the expiration of the Option term). If the Optionee’s Service is terminated for cause, the Stock Option Agreement may provide that the Optionee’s right to exercise the Option terminates immediately on the effective date of the
Optionee’s termination. To the extent the Option was not exercisable for vested Shares upon termination of Service, the Option shall terminate when the Optionee’s Service terminates. Subject to the foregoing, such provisions shall be
determined in the sole discretion of the Board, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. 

 

	7.9	No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with respect to any Shares covered by the Option until such person becomes entitled to receive such
Shares by filing a notice of exercise and paying the Exercise Price pursuant to the terms of the Option. No adjustments shall be made, except as provided in Section 9. 

 

	7.10	Modification, Extension and Renewal of Options. Within the limitations of the Plan, the Board may modify, extend or renew outstanding Options or may accept the cancellation of outstanding Options (to the extent
not previously exercised), whether or not granted hereunder, in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price. The foregoing notwithstanding, no modification of an
Option shall, without the consent of the Optionee, impair his or her rights or increase the Optionee’s obligations under such Option. 

SECTION 8. PAYMENT FOR SHARES. 
  

	8.1	General. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash, cash equivalents or one of the other forms provided in this Section 8. 

 

	8.2	Surrender of Stock. To the extent permitted by the Board in its sole discretion, payment may be made in whole or in part by surrendering, or attesting to ownership of, Shares which have already been owned by the
Optionee; provided, however, that payment may not be made in such form if such action would cause the Company to recognize any (or additional) compensation expense with respect to the Option for financial reporting purposes. Such Shares shall be
surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date of Option exercise. 

  

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	8.3	Services Rendered. As determined by the Board in its discretion, Shares may be awarded under the Plan in consideration of past services rendered to the Company, a Parent or Subsidiary. 

 

	8.4	Promissory Notes. To the extent permitted by the Board in its sole discretion, payment may be made in whole or in part with a full-recourse promissory note executed by the Optionee or Purchaser. The
interest rate payable under the promissory note shall not be less than the minimum rate required to avoid the imputation of income for U.S. federal income tax purposes. Shares shall be pledged as security for payment of the principal amount of the
promissory note, and interest thereon; provided that if the Optionee or Purchaser is a Consultant, such note must be collateralized with such additional security to the extent required by applicable laws. In no event shall the stock certificate(s)
representing such Shares be released to the Optionee or Purchaser until such note is paid in full. Subject to the foregoing, the Board shall determine the term, interest rate and other provisions of the note. 

 

	8.5	Exercise/Sale. To the extent permitted by the Board in its sole discretion, and if a public market for the Shares exists, payment may be made in whole or in part by delivery (on a form prescribed by the Company)
of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes. 

 

	8.6	Exercise/Pledge. To the extent permitted by the Board in its sole discretion, and if a public market for the Shares exists, payment may be made in whole or in part by delivery (on a form prescribed by the
Company) of an irrevocable direction to a securities broker or lender approved by the Company to pledge Shares, as security for a loan, and to deliver all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price
and any withholding taxes. 

  

	8.7	Other Forms of Payment. To the extent permitted by the Board in its sole discretion, payment may be made in any other form that is consistent with applicable laws, regulations and rules. 

SECTION 9. ADJUSTMENT OF SHARES. 
  

	9.1	General. In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a declaration of an extraordinary dividend payable in a form other than Shares in an amount that has
a material effect on the Fair Market Value of the Stock, a combination or consolidation of the outstanding Stock into a lesser number of Shares, a recapitalization, a spin-off, a reclassification, or a similar occurrence, the Board shall make
appropriate adjustments to one or more of the following: (i) the number of Shares available for future awards under Section 5; (ii) the number of Shares covered by each outstanding Option; (iii) the Exercise Price under each
outstanding Option; or (iv) the price of Shares subject to the Company’s right of repurchase. 

  

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	9.2	Dissolution or Liquidation. To the extent not previously exercised or settled, Options shall terminate immediately prior to the dissolution or liquidation of the Company. 

 

	9.3	Mergers and Consolidations. In the event that the Company is a party to a merger or other consolidation, or in the event of a transaction providing for the sale of all or substantially all of the Company’s
stock or assets, outstanding Options shall be subject to the agreement of merger, consolidation or sale. Such agreement may provide for one or more of the following: (i) the continuation of the outstanding Options by the Company, if the Company
is a surviving corporation; (ii) the assumption of the Plan and outstanding Options by the surviving corporation or its parent; (iii) the substitution by the surviving corporation or its parent of options with substantially the same terms
for such outstanding Options; (iv) immediate exercisability of such outstanding Options followed by the cancellation of such Options; or (v) settlement of the full value of the outstanding Options (whether or not then exercisable) in cash
or cash equivalents followed by the cancellation of such Options; in each case without the Optionee’s consent. 

  

	9.4	Reservation of Rights. Except as provided in this Section 9, an Optionee or offeree shall have no rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any
dividend or any other increase or decrease in the number of shares of stock of any class. Any issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment
by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Option. The grant of an Option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets. 

SECTION 10. REPURCHASE RIGHTS. 
  

	10.1	Company’s Right To Repurchase Shares. The Company shall have the right to repurchase Shares that have been acquired through an award or sale of Shares or exercise of an Option upon termination of the
Purchaser’s or Optionee’s Service if provided in the applicable Restricted Share Agreement or Stock Option Agreement. Subject to the following restrictions, the Board in its sole discretion shall determine when the right to repurchase
shall lapse as to all or any portion of the Shares, and may, in its discretion, provide for accelerated vesting in the event of a Change in Control or other events; provided, however, that the right to repurchase shall lapse as to all of the Shares
issued to an Outside Director for service as an Outside Director in the event of a Change in Control. The following restrictions shall apply in the case of a Purchaser or Optionee who is not a Consultant or an officer or director of the Company, a
Parent or Subsidiary: 

  

	 	(a)	 Repurchase Price. If the Company retains a right to repurchase the Shares at not less than the Fair Market Value of the Shares on the date that
the Purchaser’s Service terminates, then such repurchase right shall terminate when the Company’s Stock becomes publicly traded. If the Company retains a right to repurchase the Shares at the original Purchase Price or Exercise Price, then
such 

  

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repurchase right shall lapse at the minimum rate of twenty percent (20%) per year over the five (5) year period starting on the date of the award or sale of Shares or grant of the
Option. 

  

	 	(b)	Exercise of Repurchase Right. The Company’s right of repurchase under this Section 10.1 may be exercised only within ninety (90) days of the date on which the Purchaser’s or Optionee’s
Service terminates or, if the Optionee acquired the Shares upon exercise of an Option after the date of termination, within ninety (90) days from the date of exercise. 

 

	 	(c)	Payment of Repurchase Price. The Company shall pay the repurchase price in cash, cash equivalents or for cancellation of indebtedness incurred in purchasing the Shares. 

SECTION 11. WITHHOLDING TAXES. 
  

	11.1	General. An Optionee or Purchaser or his or her successor shall pay, or make arrangements satisfactory to the Board for the satisfaction of, any federal, state, local or foreign withholding tax obligations that
may arise in connection with the Plan. The Company shall not be required to issue any Shares or make any cash payment under the Plan until such obligations are satisfied. 

 

	11.2	Share Withholding. The Board may permit an Optionee or Purchaser to satisfy all or part of his or her withholding or income tax obligations by having the Company withhold all or a portion of any Shares that
otherwise would be issued to him or her or by surrendering all or a portion of any Shares that he or she previously acquired; provided, however, that in no event may an Optionee or Purchaser surrender Shares in excess of the legally required
withholding amount. Such Shares shall be valued at their Fair Market Value on the date when taxes otherwise would be withheld in cash. Any payment of taxes by assigning Shares to the Company may be subject to restrictions, including any restrictions
required by rules of any federal or state regulatory body or other authority. 

  

	11.3	Cashless Exercise/Pledge. The Board may provide that if Company Shares are publicly traded at the time of exercise, arrangements may be made to meet the Optionee’s or Purchaser’s withholding obligation
by cashless exercise or pledge. 

  

	11.4	Other Forms of Payment. The Board may permit such other means of tax withholding as it deems appropriate. 

SECTION 12. SECURITIES LAW REQUIREMENTS. 
  

	12.1	General. Shares shall not be issued under the Plan unless the issuance and delivery of such Shares complies with (or is exempt from) all applicable requirements of law, including (without limitation) the
Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be listed.

  

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	12.2	Voting and Dividend Rights. The holders of Shares acquired under the Plan shall have the same voting, dividend and other rights as the Company’s other stockholders. A Restricted Share Agreement, however, may
require that the holders of Shares invest any cash dividends received in additional Shares. Such additional Shares shall be subject to the same conditions and restrictions as the award with respect to which the dividends were paid.

  

	12.3	Financial Reports. At least annually, the Company shall furnish its financial statements, including a balance sheet regarding the Company’s financial condition and results of operations, to Optionees,
Purchasers and stockholders who have received Shares under the Plan, unless such persons are key employees whose duties at the Company assure them access to equivalent information. Financial statements need not be audited. 

SECTION 13. NO RETENTION RIGHTS. 
 No
provision of the Plan, or any right or Option granted under the Plan, shall be construed to give any Optionee or Purchaser any right to become an Employee, to be treated as an Employee, or to continue in Service for any period of time, or restrict
in any way the rights of the Company (or Parent or subsidiary to whom the Optionee or Purchaser provides Service), which rights are expressly reserved, to terminate the Service of such person at any time and for any reason, with or without cause,
without thereby incurring any liability to him or her. 
 SECTION 14. DURATION AND AMENDMENTS. 

 

	14.1	Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board, subject to the approval of the Company’s stockholders. In the event that the stockholders
fail to approve the Plan within twelve (12) months after its adoption by the Board, any grants, exercises or sales that have already occurred under the Plan shall be rescinded, and no additional grants, exercises or sales shall be made under
the Plan after such date. The Plan shall terminate automatically ten (10) years after its adoption by the Board. The Plan may be terminated on any earlier date pursuant to Section 14.2 below. 

 

	14.2	Right to Amend or Terminate the Plan. The Board may amend, suspend, or terminate the Plan at any time and for any reason. An amendment of the Plan shall not be subject to the approval of the Company’s
stockholders unless it (i) increases the number of Shares available for issuance under the Plan (except as provided in Section 9) or (ii) materially changes the class of persons who are eligible for the grant of Options or the award
or sale of Shares. At least two-thirds (2/3) of the Company’s Shares entitled to vote must affirmatively approve an increase in the number of Shares available for issuance if the total number of Shares that may be issued upon the exercise
of all outstanding Options and the total number of Shares provided under any stock bonus or similar plan of the Company exceed thirty percent (30%) of all outstanding Shares of the Company. 

 

	14.3	Effect of Amendment or Termination. No Shares shall be issued or sold under the Plan after the termination thereof, except upon exercise of an Option granted prior to such termination. The termination of the
Plan, or any amendment thereof, shall not adversely affect any Shares previously issued or any Option previously granted under the Plan without the holder’s consent. 

  

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 SECTION 15. EXECUTION. 

To record the adoption of the Plan by the Board on April 3, 2007, effective on such date, the Company has caused its authorized officer to
execute the same. 
  

			
	ADAP.TV, INC.
		
	 By
	 	  

	 Its
	 	  

  

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