Document:

Exhibit 10.1

 

CHINA JO-JO DRUGSTORES, INC.

SECOND AMENDED AND RESTATED 

2010 EQUITY INCENTIVE PLAN

 

 

	1.	ESTABLISHMENT OF PLAN; DEFINITIONS

 

1.1 Purpose. The purpose
of the China Jo-Jo Drugstores, Inc. Second Amended and Restated 2010 Equity Incentive Plan is to encourage certain officers, employees,
directors, and consultants of China Jo-Jo Drugstores, Inc., a Cayman Islands exempted company (the “Company”), to acquire
and hold shares in the Company as an added incentive to remain with the Company and increase their efforts in promoting the interests
of the Company, and to enable the Company to attract and retain capable individuals.

 

1.2 Definitions. Unless
the context clearly indicates otherwise, the following terms shall have the meanings set forth below:

 

1.2.1 “Award” shall
mean, individually or collectively, a grant under this Plan of Stock Options or Stock Awards.

 

1.2.2 “Award Agreement”
shall mean a written agreement containing the terms and conditions of an Award, not inconsistent with this Plan.

 

1.2.3 “Beneficiary”
and “Beneficial Ownership” shall mean the person, persons, trust, or trusts that have been designated by a Grantee in his
or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under this Plan upon such
Grantee’s death or to which Awards or other rights are transferred if and to the extent permitted under Section 7.2.4 hereof. If, upon
a Grantee’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary shall mean the person,
persons, trust, or trusts entitled by will or the laws of descent and distribution to receive such benefits.

 

1.2.4 “Beneficial Owner”
shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act and any successor to such Rule.

 

1.2.5 “Board” shall
mean the board of directors of the Company.

 

1.2.6 “Change in Control”
shall mean a Change in Control as defined in Section 7.1.1(b).

 

1.2.7 “Code” shall
mean the Internal Revenue Code of 1986, as it may be amended from time to time.

 

1.2.8 “Committee”
shall mean the Board or a committee of the Board appointed pursuant to Section 1.4 of this Plan.

 

1.2.9 “Ordinary Shares”
shall mean the Company’s Ordinary Shares, par value $0.012 per share.

 

1.2.10 “Company” shall
mean China Jo-Jo Drugstores, Inc., a Cayman Islands exempted company.

 

1.2.11 “Consultants”
shall mean individuals who provide services to the Company and any Subsidiary who are not also Employees or Directors and which services
are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote
or maintain a market for the Company’s securities.

 

1.2.12 Reserved.

 

1.2.13 “Designated Officer”
shall mean any executive officer of the Company to whom duties and powers of the Board or Committee hereunder have been delegated pursuant
to Section 1.4.3.

 

1.2.14 “Directors”
shall mean those members of the Board or the board of directors of any Subsidiary who are not also Employees.

 

1.2.15 “Disability”
shall mean a medically determinable physical or mental condition that causes an Employee, Director, or Consultant to be unable to engage
in any substantial gainful activity and that can be expected to result in death or to be of long-continued and indefinite duration.

 

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1.2.16 “Effective Date”
shall mean the effective date of this Plan, which shall be the Shareholder Approval Date.

 

1.2.17 “Employee”
shall mean any common law employee, including Officers, of the Company or any Subsidiary as determined under the Code and the Treasury
Regulations thereunder.

 

1.2.18 “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

 

1.2.19 “Fair Market Value”
shall mean (i) if the Ordinary Shares are listed on a national securities exchange or the NASDAQ system, the mean between the highest
and lowest sales prices for the Ordinary Shares on such date, or, if no such prices are reported for such day, then on the next preceding
day on which there were reported prices; (ii) if the Ordinary Shares are not listed on a national securities exchange or the NASDAQ system,
the mean between the bid and asked prices for the shares on such date, or if no such prices are reported for such day, then on the next
preceding day on which there were reported prices; or (iii) as determined in good faith by the Board.

 

1.2.20 “Grantee” shall
mean an Officer, Employee, Director, or Consultant granted an Award.

 

1.2.21 “Incentive Stock
Option” shall mean a Stock Option that meets the requirements of Code Section 422 and is granted pursuant to the Incentive Stock
Option provisions as set forth in Section 2.

 

1.2.22 “Incumbent Board”
shall mean the Incumbent Board as defined in Section 7.1.1(b)(ii).

 

1.2.23 “Non-Statutory Stock
Option” shall mean a Stock Option that does not meet the requirements of Code Section 422 and is granted pursuant to the Non-Statutory
Stock Option provisions as set forth in Section 3.

 

1.2.24 “Officer”
shall mean a person who is an officer of the Company or a Subsidiary within the meaning of Section 16 of the Exchange Act and the rules
and regulations promulgated thereunder.

 

1.2.25 “Performance Award”
shall mean an Award under Section 6 hereof.

 

1.2.26 “Performance Measure”
shall mean one or more of the following criteria, or such other operating objectives, selected by the Committee to measure performance
of the Company or any Subsidiary for a Performance Period, whether in absolute or relative terms: basic or diluted earnings per share
of Stock; earnings per share of Ordinary Shares growth; revenue; operating income; net income (either before or after taxes); earnings
and/or net income before interest and taxes; earnings and/or net income before interest, taxes, depreciation, and amortization; return
on capital; return on equity; return on assets; net cash provided by operations; free cash flow; Ordinary Shares’ price; economic
profit; economic value; total shareholder return; and gross margins and costs. Each such measure shall be determined in accordance with
generally accepted accounting principles as consistently applied and, as determined by the independent accountants of the Company in the
case of a Performance Award or as determined by the Committee for other Performance Awards, adjusted to omit the effects of extraordinary
items, gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions, and cumulative effects
of changes in accounting principles.

 

1.2.27 “Performance Period”
shall mean a period of not less than one (1) year over which the achievement of targets for Performance Measures is determined.

 

1.2.28 “Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, and
shall include a “group” as defined in Section 13(d) thereof.

 

1.2.29 “Plan” shall
mean the China Jo-Jo Drugstores, Inc. Second Amended and Restated 2010 Equity Incentive Plan as set forth herein and as amended from time
to time.

 

1.2.30 “Related Entity”
shall mean any Subsidiary, and any business, corporation, partnership, limited liability company, or other entity designated by the Board,
in which the Company or a Subsidiary holds a substantial ownership interest, directly or indirectly.

 

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1.2.31 “Restricted Stock”
shall mean Ordinary Shares that are issued pursuant to the Restricted Stock provisions as set forth in Section 4.

 

1.2.32 “Restricted Stock
Units” shall mean Ordinary Shares that are issued pursuant to the Restricted Stock Unit provisions as set forth in Section 5.

 

1.2.33 “Rule 16b-3”
shall mean Rule 16b-3 promulgated under the Exchange Act or any successor thereto.

 

1.2.34 “Shareholder Approval
Date” shall mean the date on which this Plan is approved by the shareholders of the Company eligible to vote in the election of
directors, by a vote sufficient to meet the requirements of Code Section 422, Rule 16b-3 under the Exchange Act (if applicable), applicable
requirements under the rules of any stock exchange or automated quotation system on which the Ordinary Shares may be listed on quoted,
and other laws, regulations, and obligations of the Company applicable to this Plan.

 

1.2.35 “Stock Award”
shall mean an award of Restricted Stock or Restricted Stock Units granted pursuant to this Plan.

 

1.2.36 “Stock Option”
shall mean an option granted pursuant to this Plan to purchase shares of Ordinary Shares.

 

1.2.37 “Subsidiary”
shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with and including 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.

 

1.3 Shares of Ordinary
Shares Subject to this Plan.

 

1.3.1 Subject to the provisions
of Section 7.1, Ordinary Shares that may be issued pursuant to Stock Options and Stock Awards granted under this Plan shall not exceed
Four Million Fifty Thousand Five Hundred Thirty Nine (4,050,539) shares in the aggregate. If a Stock Option shall expire and terminate
for any reason, in whole or in part, without being exercised or, if Stock Awards are forfeited because the restrictions with respect to
such Stock Awards shall not have been met or have lapsed, the number of shares of Ordinary Shares that are no longer outstanding as Stock
Awards or subject to Stock Options may again become available for the grant of Stock Awards or Stock Options. There shall be no terms
and conditions in a Stock Award or Stock Option that provide that the exercise of an Incentive Stock Option reduces the number of shares
of Ordinary Shares for which an outstanding Non-Statutory Stock Option may be exercised; and there shall be no terms and conditions in
a Stock Award or Stock Option that provide that the exercise of a Non-Statutory Stock Option reduces the number of shares of Ordinary
Shares for which an outstanding Incentive Stock Option may be exercised.

 

 

1.4 Administration of this
Plan.

 

1.4.1 The Plan shall be administered
by the Board. In the alternative, the Board may delegate authority to a Committee to administer this Plan on behalf of the Board, subject
to such terms and conditions as the Board may prescribe. Such Committee shall consist of not less than two (2) members of the Board each
of whom is a “non-employee director” within the meaning of Rule 16b-3, or any successor rule of similar import. Once appointed,
the Committee shall continue to serve until otherwise directed by the Board. From time to time, the Board may increase the size of the
Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor,
fill vacancies, however caused, and remove all members of the Committee and, thereafter, directly administer this Plan. In the event that
the Board is the administrator of this Plan in lieu of a Committee, the term “Committee” as used herein shall be deemed to
mean the Board.

 

1.4.2 The Committee shall meet
at such times and places and upon such notice as it may determine. A majority of the Committee shall constitute a quorum. Any acts by
the Committee may be taken at any meeting at which a quorum is present and shall be by majority vote of those members entitled to vote.
Additionally, any acts reduced to writing or approved in writing by all of the members of the Committee shall be valid acts of the Committee.

 

1.4.3 The Board may, in its
sole discretion, divide the duties and powers of the Committee by establishing one or more secondary Committees to which certain duties
and powers of the Board hereunder are delegated (each of which shall be regarded as a “Committee” under this Plan with respect
to such duties and powers), or delegate all of its duties and powers hereunder to a single Committee. Additionally, if permitted by applicable
law, the Board or Committee may delegate any or all of its duties and powers hereunder to a Designated Officer subject to such conditions
and limitations as the Board or Committee shall prescribe. However, only the Committee described under Section 1.4.1 may designate and
grant Awards to Grantees who are subject to Section 16 of the Exchange Act. The Committee shall also have the power to establish sub-plans
(which may be included as appendices to this Plan or the respective Award Agreement), which may constitute separate programs, for the
purpose of establishing programs that meet any special tax or regulatory requirements of jurisdictions other than the United States and
its subdivisions. Any such interpretations, rules, administration and sub-plans shall be consistent with the basic purposes of this Plan.

 

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1.4.4 Powers of the Committee.
The Committee shall have all the powers vested in it by the terms of this Plan, such powers to include authority, in its sole and absolute
discretion, to grant Awards under this Plan, prescribe Award Agreements and establish programs for granting Awards. The Committee shall
have full power and authority to take all other actions necessary to carry out the purpose and intent of this Plan, including, but not
limited to, the authority to:

 

(a) determine the Grantees
to whom, and the time or times at which, Awards shall be granted;

 

(b) determine the types of
Awards to be granted;

 

(c) determine the number of
shares of Ordinary Shares and/or amount of cash to be covered by or used for reference purposes for each Award;

 

(d) impose such terms, limitations,
vesting schedules, restrictions, and conditions upon any such Award as the Committee shall deem appropriate, including without limitation
establishing, in its discretion, Performance Measures that must be satisfied before an Award vests and/or becomes payable, the term during
which an Award is exercisable, the purchase price, if any, under an Award, and the period, if any, following a Grantee’s termination
of employment or service with the Company or any Subsidiary during which the Award shall remain exercisable;

 

(e) modify, extend, or renew
outstanding Awards, accept the surrender of outstanding Awards, and substitute new Awards, provided that no such action shall be taken
with respect to any outstanding Award that would materially and adversely affect the Grantee without the Grantee’s consent, or constitute
a repricing of stock options without the consent of the holders of the Company’s voting securities under Section 1.4.4(f) below;

 

(f) only with the approval
of the holders of the voting securities of the Company to the extent that such approval is required by applicable law, regulation, or
the rules of a national securities exchange or automated quotation system to which the Company is subject, reprice Incentive Stock Options
and Non-Statutory Stock Options either by amendment to lower the exercise price or by accepting such stock options for cancellation and
issuing replacement stock options with a lower exercise price or through any other mechanism;

 

(g) accelerate the time in
which an Award may be exercised or in which an Award becomes payable and waive or accelerate the lapse, in whole or in part, of any restriction
or condition with respect to an Award;

 

(h) establish objectives and
conditions, including targets for Performance Measures, if any, for earning Awards and determining whether Awards will be paid after the
end of a Performance Period; and

 

(i) permit the deferral of,
or require a Grantee to defer such Grantee’s receipt of or the delivery of Stock and/or cash under an Award that would otherwise
be due to such Grantee and establish rules and procedures for such payment deferrals, provided the requirements of Code Section 409A are
met with respect to any such deferral.

 

The Committee shall have full power and authority
to administer and interpret this Plan and to adopt such rules, regulations, agreements, guidelines, and instruments for the administration
of this Plan as the Committee deems necessary, desirable or appropriate in accordance with the Articles of Association of the Company.

 

1.4.5 To the maximum extent
permitted by law, no member of the Board or Committee or a Designated Officer shall be liable for any action taken or decision made in
good faith relating to this Plan or any Award thereunder.

 

1.4.6 The members of the Board
and Committee and any Designated Officer shall be indemnified by the Company in respect of all their activities under this Plan in accordance
with the procedures and terms and conditions set forth in the Memorandum of Association and Articles of Association of the Company as
in effect from time to time. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which
such persons may be entitled under the Company’s Memorandum of Association and Articles of Association, as a matter of law, or otherwise.

 

1.4.7 All actions taken and
decisions and determinations made by the Committee or a Designated Officer on all matters relating to this Plan pursuant to the powers
vested in it hereunder shall be in the Committee’s or Designated Officer’s sole and absolute discretion and shall be conclusive
and binding on all parties concerned, including the Company, its shareholders, any Grantees, and any other Employee, and their respective
successors in interest.

 

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1.5 Amendment or Termination.

 

1.5.1 The Committee, without
further approval of the Company’s shareholders, may amend or terminate this Plan or any portion thereof at any time, except that
no amendment shall become effective without prior approval of the shareholders of the Company to increase the number of shares of Ordinary
Shares subject to this Plan or if shareholder approval is necessary to comply with any tax or regulatory requirement or rule of any national
securities exchange or national automated quotation system upon which the Ordinary Shares is listed or quoted (including for this purpose
shareholder approval that is required for continued compliance with Rule 16b-3 or shareholder approval that is required to enable the
Committee to grant Incentive Stock Options pursuant to this Plan).

 

1.5.2 The Committee shall be
authorized to make minor or administrative amendments to this Plan as well as amendments to this Plan that may be dictated by the requirements
of U.S. federal or state laws applicable to the Company or that may be authorized or made desirable by such laws. The Committee may amend
any outstanding Award in any manner as provided in Section 1.4.4 and to the extent that the Committee would have had the authority to
make such Award as so amended.

 

1.5.3 No amendment to this Plan
or any Award may be made that would materially adversely affect any outstanding Award previously made under this Plan without the approval
of the Grantee. Further, no amendment to this Plan or an Award shall be made that would cause any Award to fail to either comply with
or meet an exception from Code Section 409A.

 

1.6 Effective Date and
Duration of this Plan. This Plan has been effective since September 20, 2010. The Committee (and the Board), subject to the approval
of the shareholders, has determined that this Plan shall terminate automatically on January 14, 2030, unless terminated earlier by the
Board, except with respect to Awards then outstanding. The Board may terminate this Plan or any portion thereof at any time pursuant to
Section 1.5 hereof, and no Awards may be granted under the Plan after it is terminated.

 

	2.	INCENTIVE STOCK OPTION PROVISIONS

 

2.1 Granting of Incentive
Stock Options.

 

2.1.1 Only Employees of the
Company shall be eligible to receive Incentive Stock Options under this Plan. Officers, Directors, and Consultants of the Company who
are not also Employees shall not be eligible to receive Incentive Stock Options.

 

2.1.2 The purchase price of
each share of Ordinary Shares subject to an Incentive Stock Option shall not be less than 100% of the Fair Market Value of a share of
the Ordinary Shares on the date the Incentive Stock Option is granted. If an Employee owns or is deemed to own (by reason of the attribution
rules applicable under Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of the Company (or
any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively)
and an Incentive Stock Option is granted to such Employee, the exercise price of such Incentive Stock Option (to the extent required by
the Code at the time of grant) shall be no less than 110% of the Fair Market Value of a Share on the date such Incentive Stock Option
is granted.

 

2.1.3 No Incentive Stock Option
shall be exercisable more than ten (10) years from the date the Incentive Stock Option was granted; provided however, that if a Grantee
owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the combined voting power
of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined
in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is granted to such Grantee, the term of the Incentive
Stock Option shall be (to the extent required by the Code at the time of the grant) for no more than five (5) years from the date of grant.

 

2.1.4 The Committee shall determine
and designate from time to time those Employees who are to be granted Incentive Stock Options and specify the number of shares subject
to each Incentive Stock Option.

 

2.1.5 The Committee, in its
sole discretion, shall determine whether any particular Incentive Stock Option shall become exercisable in one or more installments, specify
the installment dates, and, within the limitations herein provided, determine the total period during which the Incentive Stock Option
is exercisable. Further, the Committee may make such other provisions as may appear generally acceptable or desirable to the Committee
or necessary to qualify its grants under the provisions of Section 422 of the Code.

 

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2.1.6 The Committee may grant
at any time new Incentive Stock Options to an Employee who has previously received Incentive Stock Options or other options whether such
prior Incentive Stock Options or other options are still outstanding, have previously been exercised in whole or in part, or are cancelled
in connection with the issuance of new Incentive Stock Options. The purchase price of the new Incentive Stock Options may be established
by the Committee without regard to the existing Incentive Stock Options or other options.

 

2.1.7 Notwithstanding any other
provisions hereof, the aggregate Fair Market Value (determined at the time the option is granted) of the Ordinary Shares with respect
to which Incentive Stock Options are exercisable for the first time by the Employee during any calendar year (under all such plans of
the Grantee’s employer corporation and its parent corporation or subsidiary corporation as those terms are defined in Sections 424(e)
and (f) of the Code, respectively) shall not (to the extent required by the Code at the time of the grant) exceed One Hundred Thousand
Dollars ($100,000). To the extent that such aggregate Fair Market Value shall exceed One Hundred Thousand Dollars ($100,000), or other
applicable amount, such Stock Options to the extent of the Ordinary Shares in excess of such limit shall be treated as Non-Statutory Stock
Options. In such case, the Company may designate the shares of Ordinary Shares that are to be treated as Stock acquired pursuant to the
exercise of an Incentive Stock Option.

 

2.2 Exercise of Incentive
Stock Options. The exercise price of an Incentive Stock Option shall be payable on exercise of the option (i) in cash or by check,
bank draft, or postal or express money order, (ii) ) if provided in the written Award Agreement and permitted by applicable law, by the
surrender of Ordinary Shares then owned by the Grantee, which Ordinary Shares such Grantee has held for at least six (6) months, (iii)
the proceeds of a loan from an independent broker-dealer whereby the loan is secured by the option or the stock to be received upon exercise,
or (iv) any combination of the foregoing; provided, that each such method and time for payment and each such borrowing and
terms and conditions of repayment shall then be permitted by and be in compliance with applicable law. Shares of Ordinary Shares so surrendered
in accordance with clause (ii) or (iv) shall be valued at the Fair Market Value thereof on the date of exercise, surrender of such Ordinary
Shares to be evidenced by delivery of the certificate(s) representing such shares in such manner, and endorsed in such form, or accompanied
by stock powers endorsed in such form, as the Committee may determine.

 

2.3 Termination of Employment.

 

2.3.1 If a Grantee’s employment
with the Company is terminated other than by Disability or death, the terms of any then outstanding Incentive Stock Option held by the
Grantee shall extend for a period ending on the earlier of the date on which such Stock Option would otherwise expire or three (3) months
after such termination of employment, and such Stock Option shall be exercisable to the extent it was exercisable as of such last date
of employment.

 

2.3.2 If a Grantee’s employment
with the Company is terminated by reason of Disability, the term of any then outstanding Incentive Stock Option held by the Grantee shall
extend for a period ending on the earlier of the date on which such Stock Option would otherwise expire or twelve (12) months after such
termination of employment, and such Stock Option shall be exercisable to the extent it was exercisable as of such last date of employment.

 

2.3.3 If a Grantee’s employment
with the Company is terminated by reason of death, the representative of his estate or beneficiaries thereof to whom the Stock Option
has been transferred shall have the right during the period ending on the earlier of the date on which such Stock Option would otherwise
expire or twelve (12) months after such date of death, to exercise any then outstanding Incentive Stock Options in whole or in part. If
a Grantee dies without having fully exercised any then outstanding Incentive Stock Options, the representative of his estate or beneficiaries
thereof to whom the Stock Option has been transferred shall have the right to exercise such Stock Options in whole or in part.

 

	3.	NON-STATUTORY STOCK OPTION PROVISIONS

  

3.1 Granting of Stock Options.

 

3.1.1 Officers, Employees, Directors,
and Consultants shall be eligible to receive Non-Statutory Stock Options under this Plan.

 

3.1.2 The Committee shall determine
and designate from time to time those Officers, Employees, Directors, and Consultants who are to be granted Non-Statutory Stock Options
and the amount subject to each Non-Statutory Stock Option.

 

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3.1.3 The Committee may grant
at any time new Non-Statutory Stock Options to an Employee, Director, or Consultant who has previously received Non-Statutory Stock Options
or other Stock Options, whether such prior Non-Statutory Stock Options or other Stock Options are still outstanding, have previously been
exercised in whole or in part, or are cancelled in connection with the issuance of new Non-Statutory Stock Options.

 

3.1.4 The Committee shall determine
the purchase price of each share of Ordinary Shares subject to a Non-Statutory Stock Option. Such price shall not be less than 100% of
the Fair Market Value of such Ordinary Shares on the date the Non-Statutory Stock Option is granted.

 

3.1.5 The Committee, in its
sole discretion, shall determine whether any particular Non-Statutory Stock Option shall become exercisable in one or more installments,
specify the installment dates, and, within the limitations herein provided, determine the total period during which the Non-Statutory
Stock Option is exercisable. Further, the Committee may make such other provisions as may appear generally acceptable or desirable to
the Committee, including the extension of a Non-Statutory Stock Option, provided that such extension does not extend the option beyond
the period specified in Section 3.1.6 below.

 

3.1.6 No Non-Statutory Stock
Option shall be exercisable more than ten (10) years from the date such option is granted.

 

3.2 Exercise of Stock Options.
The exercise price of a Non-Statutory Stock Option shall be payable on exercise of the Stock Option (i) in cash or by check, bank draft,
or postal or express money order, (ii) if provided in the written Award Agreement and permitted by applicable law, by the surrender of
Ordinary Shares then owned by the Grantee, which Ordinary Shares such Grantee has held for at least six (6) months, (iii) the proceeds
of a loan from an independent broker-dealer whereby the loan is secured by the option or the stock to be received upon exercise, or (iv)
any combination of the foregoing; provided, that each such method and time for payment and each such borrowing and terms
and conditions of repayment shall then be permitted by and be in compliance with applicable law. Shares of Ordinary Shares so surrendered
in accordance with clause (ii) or (iv) shall be valued at the Fair Market Value thereof on the date of exercise, surrender of such Ordinary
Shares to be evidenced by delivery of the certificate(s) representing such shares in such manner, and endorsed in such form, or accompanied
by stock powers endorsed in such form, as the Committee may determine.

 

3.3 Termination of Relationship.

 

3.3.1 If a Grantee’s employment
with the Company is terminated, a Director Grantee ceases to be a Director, or a Consultant Grantee ceases to be a Consultant, other than
by reason of Disability or death, the terms of any then outstanding Non-Statutory Stock Option held by the Grantee shall extend for a
period ending on the earlier of the date established by the Committee at the time of grant or three (3) months after the Grantee’s last
date of employment or cessation of being a Director or Consultant, and such Stock Option shall be exercisable to the extent it was exercisable
as of the date of termination of employment or cessation of being a Director or Consultant.

 

3.3.2 If a Grantee’s employment
is terminated by reason of Disability, a Director Grantee ceases to be a Director by reason of Disability or a Consultant Grantee ceases
to be a Consultant by reason of Disability, the term of any then outstanding Non-Statutory Stock Option held by the Grantee shall extend
for a period ending on the earlier of the date on which such Stock Option would otherwise expire or twelve (12) months after the Grantee’s
last date of employment or cessation of being a Director or Consultant, and such Stock Option shall be exercisable to the extent it was
exercisable as of such last date of employment or cessation of being a Director or Consultant.

 

3.3.3 If a Grantee’s employment
is terminated by reason of death, a Director Grantee ceases to be a Director by reason of death or a Consultant Grantee ceases to be a
Consultant by reason of death, the representative of his estate or beneficiaries thereof to whom the Stock Option has been transferred
shall have the right during the period ending on the earlier of the date on which such Stock Option would otherwise expire or twelve (12)
months following his death to exercise any then outstanding Non-Statutory Stock Options in whole or in part. If a Grantee dies without
having fully exercised any then outstanding Non-Statutory Stock Options, the representative of his estate or beneficiaries thereof to
whom the Stock Option has been transferred shall have the right to exercise such Stock Options in whole or in part.

 

	4.	RESTRICTED STOCK AWARDS

 

4.1 Grant of Restricted
Stock.

 

4.1.1 Officers, Employees, Directors
and Consultants shall be eligible to receive grants of Restricted Stock under this Plan.

 

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4.1.2 The Committee shall determine
and designate from time to time those Officers, Employees, Directors and Consultants who are to be granted Restricted Stock and the number
of shares of Ordinary Shares subject to such Stock Award.

 

4.1.3 The Committee, in its
sole discretion, shall make such terms and conditions applicable to the grant of Restricted Stock as may appear generally acceptable or
desirable to the Committee.

 

4.2 Termination of Relationship.

 

4.2.1 If a Grantee’s employment
with the Company is terminated, a Director Grantee ceases to be a Director, or a Consultant Grantee ceases to be a Consultant, prior to
the lapse of any restrictions applicable to the Restricted Stock, then such Ordinary Shares shall be forfeited and the Grantee shall return
the certificates representing such Ordinary Shares to the Company.

 

4.2.2 If the restrictions applicable
to a grant of Restricted Stock shall lapse, then the Grantee shall hold such Ordinary Shares free and clear of all such restrictions except
as otherwise provided in this Plan.

 

	5.	RESTRICTED STOCK UNIT AWARDS

 

5.1 Grant of Restricted
Stock Units.

 

5.1.1 Officers, Employees, Directors,
and Consultants shall be eligible to receive grants of Restricted Stock Units under this Plan.

 

5.1.2 The Committee shall determine
and designate from time to time those Officers, Employees, Directors and Consultants who are to be granted Restricted Stock Units and
number of shares of Ordinary Shares subject to such Stock Award.

 

5.1.3 The Committee, in its
sole discretion, shall make such terms and conditions applicable to the grant of Restricted Stock Units as may appear generally acceptable
or desirable to the Committee.

 

5.2 Termination of Relationship.

 

5.2.1 If a Grantee’s employment
with the Company is terminated, a Director Grantee ceases to be a Director, or a Consultant Grantee ceases to be a Consultant, prior to
the lapse of any restrictions applicable to the Restricted Stock Units, then such Ordinary Shares shall be forfeited and the Grantee shall
return the certificates representing such Ordinary Shares to the Company.

 

5.2.2 If the restrictions applicable
to a grant of Restricted Stock Units shall lapse, then the Grantee shall hold such Ordinary Shares free and clear of all such restrictions
except as otherwise provided in this Plan.

 

	6.	PERFORMANCE AWARDS

 

6.1 The Committee, in its
discretion, may establish targets for Performance Measures for selected Grantees and authorize the granting, vesting, payment, and/or
delivery of Performance Awards in the form of Incentive Stock Options, Non-Statutory Stock Options, Restricted Stock, and Restricted Stock
Units to such Grantees upon achievement of such targets for Performance Measures during a Performance Period. The Committee, in its discretion,
shall determine the Grantees eligible for Performance Awards, the targets for Performance Measures to be achieved during each Performance
Period, and the type, amount, and terms and conditions of any Performance Awards. Performance Awards may be granted either alone or in
addition to other Awards made under this Plan.

 

    8

     

    

 

	7.	GENERAL PROVISIONS

 

7.1 Adjustment Provisions.

 

7.1.1 Change
of Control.

 

(a) Effect of “Change
in Control.” If and only to the extent provided in the Award Agreement, or to the extent otherwise determined by the Committee,
upon the occurrence of a “Change in Control,” as defined in Section 7.1.1(b):

 

(i) The Committee shall take
such action as it deems appropriate and equitable to effectuate the purposes of this Plan and to protect the grantees of Awards, which
action may include, without limitation, any one or more of the following, provided such action is in compliance with Code Section 409A
if applicable: (i) acceleration or change of the exercise and/or expiration dates of any Award to require that exercise be made, if at
all, prior to the Change in Control; and (ii) cancellation of any Award upon payment to the holder in cash of the Fair Market Value of
the Stock subject to such Award as of the date of (and, to the extent applicable, as established for purposes of) the Change in Control,
less the aggregate exercise price, if any, of the Award.

 

(ii) Notwithstanding the foregoing
or any provision in any Award Agreement to the contrary, if in the event of a Change in Control, the successor company assumes or substitutes
for a Stock Option or Stock Award, then each such outstanding Stock Option or Stock Award shall not be accelerated as described in Sections
7.1.1(a)(i). For the purposes of this Section 7.1.1(a)(ii), such Stock Option or Stock Award shall be considered assumed or substituted
for if following the Change in Control the Award confers the right to purchase or receive, for each share of Ordinary Shares subject to
the Stock Option or Stock Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities
or property) received in the transaction constituting a Change in Control by holders of Ordinary Shares for each share held on the effective
date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a
majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change in
Control is not solely Ordinary Shares of the successor company or its parent or subsidiary, the Committee may, with the consent of the
successor company or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of a Stock Option
or Stock Award, for each share subject thereto, will be solely Ordinary Shares of the successor company or its parent or subsidiary substantially
equal in fair market value to the per share consideration received by holders of Ordinary Shares in the transaction constituting a Change
in Control. The determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion
and its determination shall be conclusive and binding.

 

(b) Definition of “Change
in Control”. Unless otherwise specified in an Award Agreement, a “Change in Control” shall mean the occurrence of
any of the following:

 

(i) The acquisition by any Person
of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of either
(A) the value of then outstanding equity securities of the Company (the “Outstanding Company Stock”) or (B) the combined voting
power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”) (the foregoing Beneficial Ownership hereinafter being referred to as a “Controlling Interest”);
provided, however, that for purposes of this Section 7.1.1, the following acquisitions shall not constitute or result in a Change in Control:
(v) any acquisition directly from the Company; (w) any acquisition by the Company; (x) any acquisition by any Person that as of the Effective
Date owns Beneficial Ownership of a Controlling Interest; (y) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any Related Entity; or (z) any acquisition by any entity pursuant to a transaction that complies with
clauses (A), (B), and (C) of subsection 7.1.1(b)(iii) below; or

 

(ii) During any period of two
(2) consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board on the Effective Date
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual
becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was
approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as
a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 

    9

     

    

 

(iii) Consummation of a reorganization,
merger, statutory share exchange, or consolidation or similar transaction involving the Company or any of its Related Entities, a sale
or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or equity of another entity
by the Company or any of its Related Entities (each a “Business Combination”), in each case, unless, following such Business
Combination, (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the Outstanding
Company Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly,
more than fifty percent (50%) of the value of the then outstanding equity securities and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of members of the board of directors (or comparable governing body of an
entity that does not have such a board), as the case may be, of the entity resulting from such Business Combination (including, without
limitation, an entity that as a result of such transaction owns the Company or all or substantially all of the Company’s assets
either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such
Business Combination of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding
any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination or any Person that
as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent
(50%) or more of the value of the then outstanding equity securities of the entity resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to the Business
Combination, and (C) at least a majority of the members of the Board or other governing body of the entity resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

 

(iv) Approval by the shareholders
of the Company of a complete liquidation or dissolution of the Company.

 

7.1.2 Adjustments to Awards.
In the event that any extraordinary dividend or other distribution (whether in the form of cash, Ordinary Shares, or other property),
recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange,
liquidation, dissolution or other similar corporate transaction or event affects the Ordinary Shares and/or such other securities of the
Company or any other issuer such that a substitution, exchange, or adjustment is determined by the Committee to be appropriate, then the
Committee shall, in such manner as it may deem equitable, substitute, exchange, or adjust any or all of (A) the number and kind of Shares
that may be delivered in connection with Awards granted thereafter, (B) the number and kind of Shares by which annual per-person Award
limitations are measured under this Plan’s provisions, (C) the number and kind of Shares subject to or deliverable in respect of
outstanding Awards, (D) the exercise price, grant price or purchase price relating to any Award and/or make provision for payment of cash
or other property in respect of any outstanding Award, and (E) any other aspect of any Award that the Committee determines to be appropriate.

 

7.1.3 Adjustments in Case
of Certain Transactions. In the event of any merger, consolidation or other reorganization in which the Company does not survive,
or in the event of any Change in Control, any outstanding Awards may be dealt with in accordance with any of the following approaches,
as determined by the agreement effectuating the transaction or, if and to the extent not so determined, as determined by the Committee:
(a) the continuation of the outstanding Awards by the Company, if the Company is a surviving entity, (b) the assumption or substitution
for, as those terms are defined in Section 7.1.1(b)(iv), the outstanding Awards by the surviving entity or its parent or subsidiary, (c)
full exercisability or vesting and accelerated expiration of the outstanding Awards, or (d) settlement of the value of the outstanding
Awards in cash or cash equivalents or other property followed by cancellation of such Awards (which value, in the case of Stock Options,
shall be measured by the amount, if any, by which the Fair Market Value of a share of Ordinary Shares exceeds the exercise or grant price
of the Stock Option as of the effective date of the transaction). The Committee shall give written notice of any proposed transaction
referred to in this Section 7.1.3 a reasonable period of time prior to the closing date for such transaction (which notice may be given
either before or after the approval of such transaction), in order that Grantees may have a reasonable period of time prior to the closing
date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that may become exercisable
upon the closing date of such transaction). A Grantee may condition his exercise of any Awards upon the consummation of the transaction.

 

7.1.4 Other Adjustments.
The Committee (and the Board) is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards (including
Performance Awards, or performance goals relating thereto) in recognition of unusual or nonrecurring events (including, without limitation,
acquisitions and dispositions of businesses and assets) affecting the Company, any Related Entity or any business unit, or the financial
statements of the Company or any Related Entity, or in response to changes in applicable laws, regulations, accounting principles, tax
rates and regulations or business conditions or in view of the Committee’s assessment of the business strategy of the Company, any Related
Entity or business unit thereof, performance of comparable organizations, economic and business conditions, personal performance of a
Grantee, and any other circumstances deemed relevant.

 

7.1.5 Fractional Shares.
No adjustment or substitution provided for in this Section 7.1 shall require the Company to sell a fractional share, and the total substitution
or adjustment with respect to each outstanding Stock Option shall be limited accordingly.

 

7.1.6 Adjustment Certificates.
Upon any adjustment made pursuant to this Section 7.1 the Company will, upon request, deliver to the Grantee a certificate setting forth
the exercise price thereafter in effect and the number and kind of shares or other securities thereafter purchasable on the exercise of
such Stock Option.

 

    10

     

    

 

7.2 General.

 

7.2.1 Each Stock Option and
Stock Award shall be evidenced by an Award Agreement containing such terms and conditions, not inconsistent with this Plan, as the Committee
shall approve.

 

7.2.2 The granting of a Stock
Option or Stock Award in any year shall not give the Grantee any right to similar grants in future years or any right to be retained in
the employ of the Company, and all Employees shall remain subject to discharge to the same extent as if this Plan were not in effect.

 

7.2.3 No Officer, Employee,
Director, or Consultant and no beneficiary or other person claiming under or through him, shall have any right, title or interest by reason
of any Stock Option or any Stock Award to any particular assets of the Company, or any shares of Ordinary Shares allocated or reserved
for the purposes of this Plan or subject to any Stock Option or any Stock Award except as set forth herein. The Company shall not be required
to establish any fund or make any other segregation of assets to assure the payment of any Stock Option or Stock Award.

 

7.2.4 Limits on Transferability.

 

(a) Except to the extent otherwise
provided in the respective Award Agreement, no Award, other right, or interest granted under this Plan shall be pledged, hypothecated,
or otherwise encumbered or subject to any lien, obligation, or liability of such Grantee to any party, or assigned or transferred by such
Grantee otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Grantee. Unless otherwise
determined by the Committee in accordance with the provisions of the immediately preceding sentence, an Award may be exercised during
the lifetime of the Grantee only by the Grantee or, during the period the Grantee is under a Disability, by the Grantee’s guardian
or legal representative.

 

(b) Notwithstanding Section
7.2.4(a), an Award other than an Incentive Stock Option may, in the Committee’s sole discretion, be transferable by gift or domestic
relations order to (i) the Grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, daughter-in-law, son-in-law, brother-in-law, or sister-in-law, including adoptive relationships
(such persons, “Family Members”), (ii) a corporation, partnership, limited liability company, or other business entity whose
only shareholders, partners, or members, as applicable are the Grantee and/or Family Members, or (iii) a trust in which the Grantee and/or
Family Members have all of the beneficial interests, and subsequent to any such transfer any Award may be exercised by any such transferee,
provided, however, no Award may be transferred for value (as defined in the General Instructions to Form S-8 Registration Statement).

 

(c) Notwithstanding Sections
7.2.4(a) and 7.2.4(b), an Award may be transferred pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the
Code if such Section applied to an Award under this Plan, but only if the tax consequences flowing from the assignment or transfer are
specified in said order, the order is accompanied by signed agreement by both or all parties to the domestic relations order, and, if
requested by the Committee, an opinion is provided by qualified counsel for the Grantee that the order is enforceable by or against this
Plan under applicable law, and said opinion further specifies the tax consequences flowing from the order and the appropriate tax reporting
procedures for this Plan.

 

7.2.5 Notwithstanding any other
provision of this Plan or agreements made pursuant thereto, the Company’s obligation to issue or deliver any certificate or certificates
for shares of Ordinary Shares under a Stock Option or Stock Award, and the transferability of Ordinary Shares acquired by exercise of
a Stock Option or grant of a Stock Award, shall be subject to all of the following conditions:

 

(a) Any registration or other
qualification of such shares under any state or federal law or regulation, or the maintaining in effect of any such registration or other
qualification that the Board shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and

 

(b) The obtaining of any other
consent, approval, or permit from any state or federal governmental agency that the Board shall, in its absolute discretion upon the advice
of counsel, determine to be necessary or advisable.

 

The Company may, to the extent deemed necessary
or advisable by the Committee, postpone the issuance or delivery of Ordinary Shares or payment of other benefits under any Award until
completion of such registration or qualification of such Ordinary Shares (including, but not limited to, the conditions described in Sections
7.2.5(a) and 7.2.5(b) above) or other required action under any federal or state law, rule or regulation, listing, or other required action
with respect to any stock exchange or automated quotation system upon which the Shares or other Company securities are listed or quoted,
or compliance with any other obligation of the Company, as the Committee, may consider appropriate, and may require any Grantee to make
such representations, furnish such information and comply with or be subject to such other conditions as it may consider appropriate in
connection with the issuance or delivery of Shares or payment of other benefits in compliance with applicable laws, rules, and regulations,
listing requirements, or other obligations.

 

    11

     

    

 

7.2.6 All payments to Grantees
or to their legal representatives shall be subject to any applicable tax, community property, or other statutes or regulations of the
United States or of any state or country having jurisdiction over such payments. The Grantee may be required to pay to the Company the
amount of any withholding taxes that the Company is required to withhold with respect to a Stock Option or its exercise or a Stock Award.
In the event that such payment is not made when due, the Company shall have the right to deduct, to the extent permitted by law, from
any payment of any kind otherwise due to such person all or part of the amount required to be withheld.

 

7.2.7 In the case of a grant
of a Stock Option or Stock Award to any Employee of a Subsidiary, the Company may, if the Committee so directs, issue or transfer the
shares, if any, covered by the Stock Option or Stock Award to such Subsidiary, for such lawful consideration as the Committee may specify,
upon the condition or understanding that such Subsidiary will transfer the shares to the Employee in accordance with the terms of the
Stock Option or Stock Award specified by the Committee pursuant to the provisions of this Plan.

 

7.2.8 A Grantee entitled to
Ordinary Shares as a result of the exercise of a Stock Option or grant of a Stock Award shall not be deemed for any purpose to be, or
have rights as, a shareholder of the Company by virtue of such exercise, except to the extent that a stock certificate is issued therefor
and then only from the date such certificate is issued. No adjustments shall be made for dividends or distributions or other rights for
which the record date is prior to the date such stock certificate is issued. The Company shall issue any stock certificates required to
be issued in connection with the exercise of a Stock Option with reasonable promptness after such exercise.

 

7.2.9 The grant or exercise
of Stock Options granted under this Plan or the grant of a Stock Award under this Plan shall be subject to, and shall in all respects
comply with, applicable law relating to such grant or exercise, or to the number of shares of Ordinary Shares that may be beneficially
owned or held by any Grantee.

 

7.2.10 The Company intends that
this Plan shall comply with the requirements of Rule 16b-3 (the “Rule”) under the Securities Exchange Act of 1934, as amended,
during the term of this Plan. Should any additional provisions be necessary for this Plan to comply with the requirements of the Rule,
the Board may amend this Plan to add to or modify the provisions of this Plan accordingly.

 

7.2.11 Code Section 409A.

 

(a) If any Award constitutes
a “nonqualified deferred compensation plan” under Section 409A of the Code (a “Section 409A Plan”), then the Award
shall be subject to the following additional requirements, if and to the extent required to comply with Section 409A of the Code:

 

(i) Payments under the Section
409A Plan may not be made earlier than (u) the Grantee’s separation from service, (v) the date the Grantee becomes disabled, (w)
the Grantee’s death, (x) a specified time (or pursuant to a fixed schedule) specified in the Award Agreement at the date of the
deferral of such compensation, (y) a change in the ownership or effective control of the corporation, or in the ownership of a substantial
portion of the assets of the corporation, or (z) the occurrence of an unforeseeable emergency;

 

(ii) The time or schedule for
any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations or other
applicable guidance issued by the Internal Revenue Service;

 

(iii) Any elections with respect
to the deferral of such compensation or the time and form of distribution of such deferred compensation shall comply with the requirements
of Section 409A(a)(4) of the Code; and

 

(iv) In the case of any Grantee
who is specified employee, a distribution on account of a separation from service may not be made before the date that is six (6) months
after the date of the Grantee’s separation from service (or, if earlier, the date of the Grantee’s death).

 

For purposes of the foregoing, the terms “separation
from service”, “disabled,” and “specified employee”, all shall be defined in the same manner as those terms
are defined for purposes of Section 409A of the Code, and the limitations set forth herein shall be applied in such manner (and only to
the extent) as shall be necessary to comply with any requirements of Section 409A of the Code that are applicable to the Award.

 

    12

     

    

 

(b) The Award Agreement for
any Award that the Committee reasonably determines to constitute a Section 409A Plan, and the provisions of this Plan applicable to that
Award, shall be construed in a manner consistent with the applicable requirements of Section 409A, and the Committee, in its sole discretion
and without the consent of any Grantee, may amend any Award Agreement (and the provisions of this Plan applicable thereto) if and to the
extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of Section 409A of
the Code. No Section 409A Plan shall be adjusted, modified, or substituted for, pursuant to any provision of this Plan, without the consent
of the Grantee if any such adjustment, modification, or substitution would cause the Section 409A Plan to violate the requirements of
Section 409A of the Code.

 

(c) The Company intends that
this Plan shall comply with the requirements of Section 409A of the Code, to the extent applicable. Should any changes to this Plan be
necessary for this Plan to comply with the requirements of Section 409A, the Board may amend this Plan to add to or modify the provisions
of this Plan accordingly.

 

7.2.12 The validity, construction,
and effect of this Plan, any rules and regulations under this Plan, and any Award Agreement shall be determined in accordance with the
laws of the State of New York without giving effect to principles of conflict of laws, and applicable federal law. Unless otherwise provided
in the Award Agreement, recipients of an Award under this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal
or state courts whose jurisdiction covers New York to resolve any and all issues that may arise out of or relate to this Plan or any related
Award Agreement.

 

7.2.13 The Board shall have
the authority to adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the
laws of foreign countries in which the Company or its Related Entities may operate to assure the viability of the benefits from Awards
granted to Grantees performing services in such countries and to meet the objectives of this Plan.

 

7.2.14 The Company will seek
shareholder approval in the manner and to the degree required under applicable laws. If the Company fails to obtain any required shareholder
approval of this Plan within twelve (12) months after the date this Plan is adopted by the Board, pursuant to Section 422 of the Code,
any Option granted as an Incentive Stock Option at any time under this Plan will not qualify as an Incentive Stock Option within the meaning
of the Code and will be deemed to be a Non-Statutory Stock Option.

 

 

13Document

Exhibit 10.1

SEPARATION AGREEMENT AND FULL AND FINAL RELEASE

    This Separation Agreement and Full and Final Release (“Agreement”) is entered into by and between Robert Crisci (“Employee”) and Roper Technologies, Inc. (“Company”). Employee and the Company are both parties to this Agreement and are collectively referred to herein as the “Parties.”  The Parties desire to enter into this Agreement to fully resolve all questions of compensation, entitlement to benefits, and any and all other claims, whether known or unknown, which the Parties may have relating to Employee’s employment with, and separation from, the Company.

    Employee acknowledges, understands and agrees that Employee’s active employment as EVP, Chief Financial Officer of the Company will terminate on January 31, 2023 (“Separation Date”).    

NOW, THEREFORE, in exchange for the consideration described in this Agreement, and intending to be legally bound hereby, the Parties agree as follows:

1.Definitions.  As used in this Agreement, any reference to Employee shall include Employee’s attorneys, heirs, administrators, representatives, executors, successors, agents and assigns.  Any reference to the Company shall include itself, its predecessors, successors, controlling or related entities, affiliates, divisions, parents, subsidiaries, managing agents, and joint ventures, and, in their capacities as such, all of their past, present and future representatives, agents, assigns, attorneys, directors, officers, partners, shareholders and employees.
2.Full and Final Release.  Employee acknowledges and agrees that the consideration provided under this Agreement represents valuable consideration that the Company is not obligated to provide Employee and is greater than the consideration to which Employee would have been entitled from any source or agreement with the Company upon Employee’s termination from employment with the Company.  Except as to the promises made in this Agreement, and in consideration of the benefits provided by the Company, Employee hereby fully, forever, irrevocably and unconditionally releases, settles and discharges the Company from any and all manner of claims, charges, complaints, debts, liabilities, demands, actions, causes of action, suits, rights, covenants, contracts, controversies, agreements, promises, omissions, damages, obligations and expenses of any kind, whether known or unknown, which Employee has, had, or may have against the Company or any Company-sponsored employee benefit plans arising from, or relating in any way to, Employee's employment relationship with the Company occurring through the date Employee signs this Agreement.  Specifically included in this waiver and release are, among other things, any and all claims arising under Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Americans With Disabilities Act, the Family and Medical Leave Act, the Florida Civil Rights Act of 1992, as well as any other federal, state or local statutes, and any claims under common law including but not limited to claims in tort, for breach of contract, or for wrongful discharge. 

Employee agrees to release and discharge the Company not only from any and all claims or causes of action which Employee could make on Employee’s own behalf, but also those that may or could be brought by any person or organization on Employee’s behalf, and Employee specifically waives any right to become, and promises not to become, a member of any class in 
Page 1 of 10

any proceeding or case in which any such claim or cause of action against the Company may arise, in whole or in part, from any event which occurred on or before the date of this Agreement.
It is expressly agreed and understood that this is a GENERAL RELEASE.

Nothing in this Agreement is intended to release or waive: (i) rights or claims that may arise after the date of Employee’s execution of this Agreement; (ii) Employee’s entitlement to vested benefits under any retirement plan or other ERISA-covered benefit plan provided by the Company (including the Roper Industries, Inc. Non-Qualified Retirement Plan, amended and restated effective January 1, 2013); (iii) any rights Employee may have under state unemployment and/or workers’ compensation laws; (iv) claims which by law cannot be released by private agreement; (v) any rights to indemnification and advancement under the Company’s certificate of incorporation or bylaws (or any of its subsidiaries’ respective bylaws or similar governing or organizational documents); (vi) any rights or claims under the indemnification agreement, dated as of November 7, 2018, entered into by and between the Company and Employee (as an Indemnitee thereunder); and/or (vii) any rights to expense reimbursements to which Employee is entitled under applicable Company policies but which remain unpaid. 

Employee agrees, on or within ten (10) days following the expiration of the term of the Service Provider Agreement referenced below, to execute and deliver to the Company the Separation Date Affirmation attached hereto as Exhibit B.

3.Warranties.  Employee represents and warrants that: (a) Employee has been paid and/or has received all compensation and benefits of any kind (including wages, salary, vacation, paid time off, commissions, bonuses, incentive compensation and equity participation) that Employee earned and/or to which Employee may be entitled as a result of Employee’s employment by the Company, including pay for all hours worked, and the Company owes Employee, and shall owe Employee, no further compensation or benefits of any kind, except as described in this Agreement; (b) Employee has been properly provided any leave of absence because of Employee’s or a family member’s health condition or military service, and Employee has not been subjected to any improper treatment, conduct, or actions due to a request for or taking of such leave; (c) Employee has already reported to the Company and/or filed workers’ compensation claims for any and all on-the-job injuries Employee suffered while employed by the Company, and that Employee has not suffered any on-the-job injuries for which Employee has not already filed a workers’ compensation claim; (d) Employee has provided the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company; (e) Employee has reported any pending judicial or administrative complaints, claims, or actions filed against the Company or any other Released Parties; and (f) Employee has not raised a claim, including but not limited to, unlawful discrimination; harassment; sexual harassment, abuse, assault or other criminal conduct; or retaliation in a court or government agency proceeding, in an alternative dispute resolution forum, or through the Company’s internal complaint process, involving the Company.

4.Consideration. In consideration for this Agreement and Employee’s release and other promises set forth herein, the Company shall provide the following incentives to Employee:
Page 2 of 10

(a)Employee will continue to receive his current base salary through the Separation Date.
(b)Employee will continue to be eligible to receive all employee benefits generally available to Company employees through the Separation Date.
(c)Employee shall be eligible to receive a bonus only for 2022 at the same target percentage of base salary currently in place (subject to all required tax withholdings) dependent on Company performance payable when 2022 Company bonuses are paid which is anticipated to be the end of the first quarter of 2023, and if later than March 15, 2023, such bonus shall be paid during the 2023 calendar year (subject, in all cases, to Employee’s eligibility with respect thereto).  
(d)The Company will continue to pay the lease payment obligation on Employee’s vehicle through the earlier of: (i) the lease expiration; or (ii) end of the term of the Service Provider Agreement attached hereto as Exhibit A, and after January 31, 2023, Employee shall be solely responsible for all operating costs associated with the vehicle 
(e)As of the Separation Date, Employee shall no longer be eligible to participate in the Company’s group health and welfare plans as an active employee participant and the Separation Date shall be considered a “qualifying event” for purposes of triggering Employee’s right to continue his group health and dental insurance pursuant to federal law (commonly referred to as “COBRA”).  If Employee elects COBRA, the Company agrees that his COBRA premium shall be the amount that Employee would have paid under the Company’s group health and welfare plans had he remained an active employee of the Company.  Employee authorizes the Company to withhold such COBRA premium payments from payments made under the Service Provider Agreement referenced below, and the Company shall, on behalf of Employee, timely make such COBRA premium payments as and when required to maintain coverage.
(f)Company and Employee shall enter into the Service Provider Agreement attached hereto as Exhibit A.
(g)Employee shall be eligible to have applicable expenses reimbursed in accordance with applicable Company policies through the Separation Date, and thereafter, while providing services under the Service Provider Agreement, through the end of the term of the Service Provider Agreement. 
5.    The Parties’ Obligations.  In consideration for this Agreement, and in addition to the full and final release set forth in Paragraph 2 above, Employee and the Company agree to the following:

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(a)    Employee agrees to continue performing services for the Company through the Separation Date (the “Transition Period”) as an active employee working at least thirty (30) hours per week.  During the Transition Period, Employee agrees to use his best efforts to assist the Company in the successful transition of his responsibilities to the new Chief Financial Officer of the Company (including making himself available on request to, among other things, respond to questions and provide assistance), as well as other tasks and special projects that may be requested of him.

(b)    Employee will keep confidential the terms of this Agreement (including, without limitation, the Service Provider Agreement attached hereto as Exhibit A) and will not disclose or publish same to anyone with the exception of Employee’s spouse, immediate family members, financial advisor, or attorney.  Otherwise, Employee may only disclose the terms of this Agreement if legally required to do so. Notwithstanding the foregoing, if this Agreement (including the Service Provider Agreement attached hereto as Exhibit A) is publicly filed by the Company, the foregoing confidentiality obligation shall terminate upon such public filing. 
 
(c)    Except (i) to the extent provided in Paragraph 8 below, (ii) to the extent consistent with the Company’s press release, dated November 15, 2022 announcing Jason Conley’s succession as Executive Vice President and Chief Financial Officer, (iii) for cross-referencing the terms and conditions of this Agreement and the Service Provider Agreement attached hereto as Exhibit A that the Company publicly discloses, (iv) for discussions with Employee’s spouse, immediate family members, financial advisor, or attorney, and (v) for discussions with the “named executive officers” of the Company, Employee will not discuss with anyone, including but not limited to, current, former or prospective employees of the Company, third-party research companies and/or third-party researchers, the terms and conditions of Employee’s employment with or termination from the Company, unless otherwise required by law to do so.

(d)Employee will make no negative or disparaging comments of any kind about the Company and/or its products, services or employees to any person or entity, including any of the Company’s vendors, suppliers, customers or employees and the Company will direct and cause its “named executive officers” not to make any negative or disparaging comments of any kind about Employee. 

(e)Employee will return to the Company all of the Company’s property that is within Employee’s possession, custody, or control no later than the Separation Date, including, without limit, any Company-issued hardware (such as laptops, mobile phones, etc.), Company-provided software, keys and keycards, and electronic or paper documents and records containing confidential Company information and/or information regarding the Company’s practices, procedures, trade secrets, customer lists, products or 
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services.  In addition, Employee will not use the same for Employee’s own purpose or retain any copies of same.  Employee understands that, with respect to documents and other information, the language in this paragraph includes all originals and copies in electronic, hard and/or soft copy forms.  Further, Employee will not delete any Company-related information from any Company-issued hardware prior to returning such hardware to the Company.  In addition, no later than the Separation Date, Employee will deliver to the Company (i) all passwords in use at the time of the separation related to the Company, its systems and/or the work Employee performed for the Company and (ii) a list of any documents that Employee created or is otherwise aware that are pass-word protected, and the password(s) necessary to access such password-protected documents.  Employee will return to the Roper Technologies, Inc. Legal Department (“Roper Legal”) any and all hard copies of any documents which are the subject of a document preservation notice or other legal hold and to notify Roper Legal of the location of any electronic documents which are subject to a legal hold.

(f)Employee hereby resigns, effective as of January 31, 2023, from his officer position of EVP, Chief Financial Officer, and from any and all other officer, director, manager or similar positions with any and all of the Company’s subsidiaries, and from any and all committees or similar governing body positions with the Company and its subsidiaries. Employee will, upon request by the Company, execute and deliver to the Company a written resignation confirming such resignations, effective as of January 31, 2023. 

6.    Acknowledgment. Employee acknowledges that if Employee materially breaches any of the provisions of Paragraph 5 of this Agreement and fails to cure such material breach, if capable of cure, within 10 Business Days after receipt of notice of such breach from the Company, in addition to any other of the Company's rights and remedies, the Company shall immediately cease all payments or benefits described in Paragraph 4 above (including, without limitation, payments under the Service Provider Agreement attached hereto as Exhibit A).

7.    Covenant Not To Sue. Employee warrants that Employee has not filed any complaints, charges or claims for relief against the Company with any local, state or federal court or administrative agency that are currently outstanding.  Employee further agrees and covenants not to sue, or to bring any claims or charges against, the Company with respect to any matter arising at the time of Employee’s execution of this Agreement or covered by the release set forth in Paragraph 2 above, and not to assert against the Company in any action, suit, litigation or proceeding any matter arising before Employee’s execution of this Agreement or covered by the release set forth in Paragraph 2 above.

8.    No Interference With Rights; Participation in Litigation, Governmental Proceedings and Protected Activity.  Nothing in this Agreement, including but not limited to the acknowledgements, release of claims, proprietary information, confidentiality, non-disparagement and covenant not to sue provisions, (a) limits or affects Employee’s right to challenge the validity of this Agreement under the ADEA or the OWBPA; (b)  prevents Employee from communicating with, filing a charge or complaint with, providing documents or 
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information voluntarily or in response to a subpoena or other information request to, or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission, law enforcement, or any other any federal, state or local agency charged with the enforcement of any laws, or from responding to a subpoena or discovery request in court litigation or arbitration; or (c) limits Employee from exercising rights under Section 7 of the National Labor Relations Act or similar state law to engage in protected, concerted activity with other employees; although by signing this Agreement Employee is waiving rights to individual relief (including backpay, frontpay, reinstatement or other legal or equitable relief) in any charge, complaint, or lawsuit or other proceeding brought by Employee or on Employee’s behalf by any third party, except for any right Employee may have to receive a payment or award from a government agency (and not the Company) for information provided to the government agency or otherwise where prohibited. 

9.    No Admission of Liability. It is expressly understood and agreed that this Agreement, and any acts undertaken hereunder, shall not be construed as an admission of liability or wrongdoing by the Company.  Neither this Agreement nor anything in it shall be admissible in any proceeding as evidence of any unlawful or wrongful conduct by the Company.  

10.    Controlling Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida.   

11.    Jurisdiction.  Any action arising out of, or relating to, any of the provisions of this Agreement may, at the election of the Company, be brought and prosecuted only in the courts of, or located in, the State of Florida, and in the event of such election, the Parties consent to the jurisdiction and venue of said courts.

12.    Entire Agreement.  The Parties understand that no promise, inducement, or other agreement not expressly contained herein has been made conferring any benefit upon them; that the Agreement and Exhibits A and B contain the entire Agreement between them; and that the terms of the Agreement and Exhibits A and B are contractual and not recitals only.  All previous agreements related to Employee’s employment with the Company and/or any affiliate or subsidiary thereof shall be rendered null and void, except for (i) the award agreements (including, but not limited to, the non-compete and non-solicitation covenants contained therein) regarding Employee’s awards of equity in the Company, (ii) the indemnification agreement, dated as of November 7, 2018, entered into by and between the Company and Employee (as an Indemnitee thereunder), (iii) any Compensation Deferral Agreement previously entered into by Employee and the Company under the Roper Industries, Inc. Non-Qualified Retirement Plan, amended and restated effective January 1, 2013, and (iv) the indemnification and advancement provisions of the Company’s bylaws (which are contractual in nature, as stated therein).

13.    Severability.  If any provision of this Agreement is construed to be invalid, illegal or unenforceable, then the remaining provisions hereof shall not be affected thereby and shall be enforceable without regard thereto.

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14.    Section Headings. Section and subsection headings in this Agreement are for convenience of reference only and shall neither constitute a part of this Agreement nor affect its interpretation. 

15.    Amendment.  The Parties agree that this Agreement may not be altered, amended, or modified, in any respect, except by a writing duly executed by both Parties. 
 
16.    Knowing and Voluntary Release.  Employee acknowledges and agrees that:

(a)    Employee understands that this Agreement is releasing claims that may arise under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §§ 621-634) and the Older Workers Benefit Protection Act; Employee also understands that this release does not extend to claims that may arise after the date this Agreement is signed.

(b)    Employee has had a reasonable time within which to consider this Agreement before executing it. Employee has been provided with a period of 21 days within which to decide whether to accept the consideration set forth in Paragraph 4, and in return, provide the Company with a release of all claims.  Employee understands and acknowledges that Employee may voluntarily choose to sign and return this Agreement at any time during the 21-day period.  If Employee signs this Agreement before the end of the 21-day period, Employee acknowledges that Employee knowingly and voluntarily does so and waives the remainder of the 21-day period, and that Employee was not asked, threatened, coerced or otherwise pressured or hurried to execute the Agreement prior to the end of the 21-day period.

(c)    Employee understands that for a period of seven (7) calendar days after the date that Employee signs this Agreement, Employee may revoke Employee’s acceptance of the terms of this Agreement by delivering a written notice of revocation to John K. Stipancich, EVP, General Counsel at jstipancich@ropertech.com.

(d)    Employee has carefully read and fully understands all of the provisions of this Agreement, which is written in a manner that Employee clearly understands.

(e)    Employee knowingly and voluntarily agrees to all of the terms in this Agreement.

(f)    Employee knowingly and voluntarily intends to be legally bound by this Agreement.

(g)    The Company is advising Employee in writing to consult with an attorney of Employee’s choice prior to signing this Agreement.

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EMPLOYEE REPRESENTS THAT EMPLOYEE:  HAS READ THE TERMS OF THIS AGREEMENT, HAS HAD AN OPPORTUNITY TO FULLY DISCUSS AND REVIEW THE TERMS OF THIS AGREEMENT WITH AN ATTORNEY, UNDERSTANDS THE CONTENTS HEREOF, FREELY AND VOLUNTARILY ASSENTS TO ALL THE TERMS AND CONDITIONS HEREOF, AND SIGNS THIS AGREEMENT AS EMPLOYEE’S OWN FREE ACT, AND WITH THE INTENTION OF RELEASING THE COMPANY FROM EACH AND EVERY CLAIM RELATING IN ANY WAY TO EMPLOYEE’S EMPLOYMENT WITH THE COMPANY (EXCEPT FOR THE CLAIMS EXPRESSLY NOT RELEASED AS SPECIFIED HEREIN) IN EXCHANGE FOR THE CONSIDERATION AND OTHER PROMISES CONTAINED IN THIS AGREEMENT.  

IN WITNESS WHEREOF, and intending to be legally bound, the Parties agree to the terms of this Agreement, effective as of the eighth day after Employee signs the Agreement (“Effective Date”), provided that Employee has not revoked Employee’s acceptance during the time period provided in Paragraph 16(c).

Date:  12/13/2022            By: /s/ Robert Crisci_________________________
                            Robert Crisci
For the Company:

Date:  12/13/2022            By: /s/ John K. Stipancich_____________________
                            John K. Stipancich

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EXHIBIT B
SEPARATION DATE AFFIRMATION

(To be signed after the term of the Service Provider Agreement)

In exchange for the consideration and promises set forth in the Separation Agreement and Full and Final Release (the “Agreement”), Robert Crisci (“Employee”) hereby acknowledges and agrees that the General Release provided by Employee in Paragraph 2 of the Agreement shall apply fully and completely to waive and release any claims that Employee may have that arise out of or are in any way related to events, acts, conducts or omission occurring during the period of time from the date Employee first signed the Agreement to the date of Employee’s signature below (except, for avoidance of doubt, the claims that are expressly not waived by such Paragraph 2 of the Agreement).

By signing this Separation Date Affirmation (the “Affirmation” or the “Separation Date Affirmation”), Employee acknowledges and agrees that:

(a)    Employee understands that this Affirmation is releasing claims that may arise under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §§ 621-634) and the Older Workers Benefit Protection Act; Employee also understands that this release does not extend to claims that may arise after the date this Affirmation is signed.

(b)    Employee has had a reasonable time within which to consider this Affirmation before executing it. Employee has been provided with a period of 21 days within which to decide whether to provide the Company with a release of all claims.  Employee understands and acknowledges that Employee may voluntarily choose to sign and return this Affirmation at any time during the 21-day period.  If Employee signs this Affirmation before the end of the 21-day period, Employee acknowledges that Employee knowingly and voluntarily does so and waives the remainder of the 21-day period, and that Employee was not asked, threatened, coerced or otherwise pressured or hurried to execute the Affirmation prior to the end of the 21-day period.

(c)    Employee understands that for a period of seven (7) calendar days after the date that Employee signs this Affirmation, Employee may revoke Employee’s acceptance of the terms of this Affirmation by delivering a written notice of revocation to John K. Stipancich, EVP, General Counsel at jstipancich@ropertech.com.  The Affirmation shall be effective as of the eighth day after Employee signs the Affirmation (the “Effective Date of the Separation Date Affirmation”), provided that Employee has not revoked Employee’s acceptance during the time period provided in this paragraph.

(d)    Employee has carefully read and fully understands all of the provisions of this Affirmation which is written in a manner that Employee clearly understands.

(e)    Employee knowingly and voluntarily agrees to all of the terms in this Affirmation.

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(f)    Employee knowingly and voluntarily intends to be legally bound by this Affirmation.

(g)    The Company is advising Employee in writing to consult with an attorney of Employee’s choice prior to signing this Affirmation.

EMPLOYEE REPRESENTS THAT EMPLOYEE:  HAS READ THE TERMS OF THIS AFFIRMATION, HAS HAD AN OPPORTUNITY TO FULLY DISCUSS AND REVIEW THE TERMS OF THIS AFFIRMATION WITH AN ATTORNEY, UNDERSTANDS THE CONTENTS HEREOF, FREELY AND VOLUNTARILY ASSENTS TO ALL THE TERMS AND CONDITIONS HEREOF, AND SIGNS THIS AFFIRMATION AS EMPLOYEE’S OWN FREE ACT, AND WITH THE INTENTION OF RELEASING THE COMPANY FROM EACH AND EVERY CLAIM RELATING IN ANY WAY TO EMPLOYEE’S EMPLOYMENT WITH THE COMPANY (EXCEPT FOR THE CLAIMS EXPRESSLY NOT RELEASED AS SPECIFIED HEREIN) IN EXCHANGE FOR THE CONSIDERATION AND OTHER PROMISES CONTAINED IN THIS AGREEMENT.  

Accepted and Agreed:

                                _____________________________
Robert Crisci                            Date

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