Document:

Exhibit 10.1

 

AMCON DISTRIBUTING COMPANY

2022 OMNIBUS INCENTIVE PLAN

 

SECTION 1

INTRODUCTION

 

	1.1	Establishment. AMCON Distributing Company, a corporation organized and existing under the laws of the state of Delaware (the
 "Company"), hereby establishes the AMCON Distributing Company 2022 Omnibus Incentive Plan (the "Plan")
for certain employees and non-employee directors of the Company.

 

	1.2	Purpose. The purpose of the Plan is to encourage employees and non-employee directors of the Company and its affiliates and
subsidiaries to acquire or increase a proprietary and vested interest in the growth and performance of the Company. The Plan also is designed
to assist the Company in attracting and retaining employees and non-employee directors by providing them with the opportunity to participate
in the success and profitability of the Company.

 

	1.3	Duration. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board to amend
or terminate the Plan at any time pursuant to Section 15 hereof, until all Shares subject to the Plan shall have been issued, purchased
or acquired according to the Plan's provisions. Unless the Plan shall be reapproved by the stockholders of the Company and the Board renews
the continuation of the Plan, no Awards shall be issued pursuant to the Plan after the tenth (10th) anniversary of the Effective
Date.

 

	1.4	Plan Subject to Stockholder Approval. Although the Plan is effective on the Effective Date, the Plan's continued existence
is subject to the Plan being approved by the Company's stockholders within 12 months of the Effective Date. If the Company's stockholders
do not approve the Plan within such 12-month period, the Plan will become null and void. Any Awards granted under the Plan after the Effective
Date but before the approval of the Plan by the Company's stockholders will become null and void if the Company's stockholders do not
approve this Plan within 12 months of the Effective Date.

 

SECTION 2

DEFINITIONS

 

	2.1	The following terms shall have the meanings set forth below.

 

"1933 Act" means the Securities Act of 1933,
as it may be amended from time to time.

 

"1934 Act" means the Securities Exchange
Act of 1934, as it may be amended from time to time.

 

"Affiliate"
of the Company means any Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by, or is under
common Control with the Company.

 

     

     

    

 

"Award"
means a grant made under this Plan in any form which may include but is not limited to Stock Options, Restricted Stock, Restricted Stock
Units, Bonus Shares, Cash Awards, Deferred Shares, Performance Shares, Stock Appreciation Rights and Performance Units.

 

"Award
Agreement" means a written or electronic agreement or instrument between the Company and a Holder evidencing an Award
and setting forth such applicable terms, conditions and limitations as the Committee establishes for the Award.

 

"Beneficiary" means the person, persons,
trust or trusts which have been designated by a Holder in his or her most recent written beneficiary designation filed with the Company
to receive the benefits specified under this Plan upon the death of the Holder, or, if there is no designated beneficiary or surviving
designated beneficiary, then the Person or Persons entitled by will or the laws of descent and distribution to receive such benefits.

 

"Board"
means the Board of Directors of the Company.

 

"Bonus
Shares" means Shares that are awarded to a Participant without cost and without restriction in recognition of past performance
(whether determined by reference to another employee benefit plan of the Company or otherwise) or as an incentive to become an employee
of the Company or a Subsidiary.

 

"Cash
Award" means a discretionary cash payment elected to be made by the Committee to a Holder. Cash Awards can be paid on
a current basis, on a deferred basis in accordance with Code section 409A, at the time an another Award is vesting or being settled, or
any combination of the foregoing. Cash Awards need not be memorialized in an Award Agreement.

 

"Cause"
means, unless otherwise defined in an Award Agreement, any act or failure to act by a Participant that constitutes willful misconduct
or gross negligence.

 

"Change
in Control" means the first to occur of the following events:

 

		(i)	Any Person is or becomes the Beneficial Owner (within the meaning set forth in Rule 13d-3 under the 1934 Act), directly or indirectly,
of securities of the Company (not including for this purpose any securities acquired directly from the Company or its Affiliates or held
by an employee benefit plan of the Company) representing 50% or more of the combined voting power of the Company's then outstanding securities,
excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (x) of paragraph (iii) of
this definition; or

 

		(ii)	The following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who,
on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection
with an actual or threatened election contest, including a consent solicitation, relating to the election of directors of the Company)
whose appointment or election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination
for election was previously so approved or recommended; or

 

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		(iii)	There is consummated a merger or consolidation of the Company with any other corporation, OTHER THAN (x) a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof),
in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company at
least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately
after such merger or consolidation, or (y) a merger or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not
including for this purpose any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition
by the Company or its Affiliates of a business) representing 50% or more of the combined voting power of the Company's then outstanding
securities; or

 

		(iv)	The stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the Company's assets, other than a sale or disposition by the
Company of all or substantially all of the Company's assets to an entity, at least 50% of the combined voting power of the voting securities
of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately
prior to such sale.

 

Notwithstanding the foregoing, a "Change in Control"
shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately
following which the record holders of the Company's common stock immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in an entity which owns all or substantially all of the Company's assets immediately
following such transaction or series of transactions.

 

"Code"
means the Internal Revenue Code of 1986, as it may be amended from time to time, and the rules and regulations promulgated thereunder.

 

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"Committee"
means (i) the Board, or (ii) one or more committees of the Board to whom the Board has delegated all or part of its authority
under this Plan. Initially, the Committee shall be the Compensation Committee of the Board which is delegated all of the Board's authority
under this Plan, as contemplated by clause (ii) above.

 

"Company"
means AMCON Distributing Company, a Delaware corporation, as referred to in Section 1.1 and any successor thereto.

 

"Continuing
Director" means any person who was a member of the Board as of the Effective Date, and any person who subsequently becomes
a member of such Board if such person's appointment, election or nomination for election to such Board is recommended or approved by a
majority of the then Continuing Directors, unless the Continuing Directors designate such person as not a Continuing Director.

 

"Control"
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities, by contract or otherwise.

 

"Date
of Grant" or "Grant Date" means, with respect to any Award, the date as of which such Award is granted under
the Plan, which date shall be the later of (i) the date on which the Committee resolved to grant the Award or (ii) the first
day of the Service Provider's service to the Company.

 

"Deferred
Shares" means Shares that are awarded to a Participant on a deferred basis pursuant to Section 9.4.

 

"Disabled"
or "Disability" means an individual (i) is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months or (ii) is, by reason of any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income
replacement benefits for a period of not less than three (3) months under a Company-sponsored accident and health plan. Notwithstanding
the above, with respect to an Incentive Stock Option and the period of time following a separation from service in which a Holder may
exercise such Incentive Stock Option, "disabled" shall have the same meaning as defined in Code section 22(e)(3).

 

"Effective
Date" means January 1, 2022. "Eligible Employees" means key Employees (including officers and directors
who are also Employees) of the Company or an Affiliate upon whose judgment, initiative and efforts the Company depends, or will depend,
for the successful conduct of the Company's business.

 

"Employee"
means a common law employee of the Company or an Affiliate.

 

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"Executive
Officer" means (i) the president of the Company, any vice president of the Company, including any vice president
of the Company in charge of a principal business unit, division or function (such as sales, administration, or finance), any other officer
who performs a policy making function or any other person who performs similar policy making functions for the Company, (ii) Executive
Officers (as defined in part (i) of this definition) of subsidiaries of the Company who perform policy making functions for the Company,
and (iii) any Person designated or identified by the Board as being an Executive Officer for purposes of the 1933 Act or the 1934
Act, including any Person designated or identified by the Board as being a Section 16 Person.

 

"Fair
Market Value" means, as of any date, the value of the Stock determined in good faith by the Committee in its sole discretion.
Such determination shall be conclusive and binding on all persons. For this purpose the Committee may adopt such formulas as in its opinion
shall reflect the true fair market value of such Stock from time to time and may rely on such independent advice with respect to such
fair market value determination as the Committee shall deem appropriate. To the extent that the Stock is readily tradable on an established
securities market, the fair market value of the stock may be determined based upon the last sale before or the first sale after the grant,
the closing price on the trading day before or the trading day of the grant, the arithmetic mean of the high and low prices on the trading
day before or the trading day of the grant, or any other reasonable method using actual transactions in such stock as reported by such
market. To the extent that the Stock is not readily tradable on an established market, the fair market value of the stock as of a valuation
date means a value determined by the reasonable application of a reasonable valuation method. The determination whether a valuation method
is reasonable, or whether an application of a valuation method is reasonable, is made based on the facts and circumstances as of the valuation
date.

 

"Holder"
means a Participant, Beneficiary or Permitted Transferee who is in possession of an Award Agreement representing an Award that (i) 
in the case of a Participant has been granted to such individual, (ii) in the case of a Beneficiary has been transferred to such
person under the laws of descent and distribution or (iii) in the case of a Permitted Transferee, has been transferred to such person
as permitted by the Committee, and, with respect to all of the above clauses (i), (ii) and (iii), such Award Agreement has not expired,
been canceled or terminated.

 

"Incentive
Stock Option" means any Option designated as such and granted in accordance with the requirements of section 422
of the Code.

 

"Maximum Annual Participant Award" shall
have the meaning as set forth in Section 5.5.

 

"Nonqualified
Stock Option" means any Option to purchase Shares that is not an Incentive Stock Option.

 

"Option"
means a right to purchase Stock at a stated price for a specified period of time. Such definition includes both Nonqualified Stock Options
and Incentive Stock Options.

 

"Option
Agreement" or "Option Award Agreement" means a written or electronic agreement or instrument between the Company
and a Holder evidencing an Option.

 

"Option
Exercise Price" means the price at which Shares subject to an Option may be purchased, determined in accordance with Section 6.2(b).

 

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"Option Period" shall have the meaning as
set forth in Section 6.2(c).

 

"Optionee" shall have the meaning as set
forth in Section 6.2. For the avoidance of any doubt, in situations where the Option has been transferred to a Permitted Transferee
or passed to a Beneficiary in accordance with the laws of descent and distribution, the Optionee will not be the same person as the Holder
of the Option.

 

"Participant"
means a Service Provider of the Company designated by the Committee from time to time during the term of the Plan to receive one or more
Awards under the Plan.

 

"Performance
Award" means any Award that will be issued or granted, or become vested or payable, as the case may be, upon the achievement
of certain performance goals (as described in Section 10) to a Participant pursuant to Section 10.

 

"Performance
Period" means the period of time as specified by the Committee during which any performance goals are to be measured.

 

"Performance
Shares" means an Award made pursuant to Section 9 which entitles a Holder to receive Shares, their cash equivalent,
or a combination thereof based on the achievement of performance targets during a Performance Period.

 

"Performance
Units" means an Award made pursuant to Section 9 which entitles a Holder to receive cash, Stock or a combination
thereof based on the achievement of performance goals during a Performance Period.

 

"Permitted Transferee" shall have the meaning
as set forth in Section 12.3.

 

"Person"
shall have the meaning ascribed to such term in section 3(a)(9) of the 1934 Act and used in sections 13(d) and 14(d) thereof,
including "group" as defined in section 13(d) thereof.

 

"Plan"
means the AMCON Distributing Company 2022 Omnibus Incentive Plan, as referred to in Section 1.1 and set forth in this instrument
and as hereafter amended from time to time.

 

"Restricted
Stock" means Stock granted under Section 8 that is subject those restrictions set forth therein and the Award Agreement.

 

"Restricted
Stock Unit" means an Award granted under Section 8 evidencing the Holder's right to receive a Share (or, at the Committee's
discretion, a cash payment equal to the Fair Market Value of a Share) at some future date and that is subject those restrictions set forth
therein and the Award Agreement.

 

"Rule 16b-3" means Rule 16b-3
promulgated under the 1934 Act.

 

"SAR" or "Stock Appreciation Right"
means an Award that is designated as a SAR pursuant to Section 7.

 

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"SAR Holder" shall have the meaning as set
forth in Section 7.2.

 

"SAR Period" shall have the meaning as set
forth in Section 7.1(c).

 

"Section 16 Person" means a Person
who is subject to obligations under section 16 of the 1934 Act with respect to transactions involving equity securities of the Company.

 

"Service
Provider" means an Eligible Employee or a non-employee director of the Company. Solely for purposes of Substitute Awards,
the term Service Provider includes any current or former employee or non-employee director of an Acquired Entity (as defined in the definition
of Substitute Awards) who holds Acquired Entity Awards (as defined in the definition of Substitute Awards) immediately prior to the Acquisition
Date (as defined in the definition of Substitute Awards).

 

"Share"
means a share of Stock.

 

"Stock"
means authorized and issued or unissued common stock of the Company, at such par value as may be established from time to time.

 

"Subsidiary"
means (i) in the case of an Incentive Stock Option a "subsidiary corporation," whether now or hereafter existing, as defined
in section 424(f) of the Code, and (ii) in the case of any other type of Award, in addition to a subsidiary corporation as defined
in clause (i), a limited liability company, partnership or other entity in which the Company controls fifty percent (50%) or more of the
voting power or equity interests.

 

"Substitute Award" means an Award granted
under the Plan in substitution for stock or stock based awards ("Acquired Entity Awards") held by current and former
employees or former non-employee directors of another corporation or entity who become Service Providers as the result of a merger or
consolidation of the employing corporation or other entity (the "Acquired Entity") with the Company or an Affiliate,
or the acquisition by the Company or an Affiliate, of property or stock of, or other ownership interest in, the Acquired Entity immediately
prior to such merger, consolidation or acquisition ("Acquisition Date") as agreed to by the parties to such corporate
transaction and as may be set forth in the definitive purchase agreement. The limitations of Section 4.1 on the number of Shares
reserved or available for grants, and the limitations under Sections 6.2 and 7.1 with respect to the Option Exercise Prices and SAR exercise
prices, shall not apply to Substitute Awards. Any issuance of a Substitute Award which relates to an Option or a SAR shall be completed
in conformity with the rules under Code section 409A relating to the substitutions and assumptions of stock rights by reason of a
corporate transaction.

 

"Vested
Option" means any Option, or portion thereof, which is exercisable by the Holder. Vested Options remain exercisable only
for that period of time as provided for under this Plan and any applicable Option Award Agreement. Once a Vested Option is no longer exercisable
after otherwise having been exercisable, the Option shall become null and void.

 

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	2.2	General Interpretive Principles. (i) Words in the singular shall include the plural and vice versa, and words of one gender
shall include the other gender, in each case, as the context requires; (ii) the terms "hereof," "herein,"
and "herewith" and words of similar import shall, unless otherwise stated, be construed to refer to this Plan and not
to any particular provision of this Plan, and references to Sections are references to the Sections of this Plan unless otherwise specified;
(iii) the word "including" and words of similar import when used in this Plan shall mean "including, without
limitation," unless otherwise specified; and (iv) any reference to any U.S. federal, state, or local act, statute or law shall
be deemed to also refer to all amendments or successor provisions thereto, as well as all rules and regulations promulgated under
such act, statute or law, unless the context otherwise requires.

 

SECTION 3

PLAN ADMINISTRATION

 

	3.1	Composition of Committee. The Plan shall be administered by the Committee. To the extent the Board considers it desirable for
transactions relating to Awards to be eligible to qualify for an exemption under Rule 16b-3, the Committee shall consist of two or
more directors of the Company, all of whom qualify as "non-employee directors" within the meaning of Rule 16b-3.

 

	3.2	Authority of Committee. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations
conferred on the Committee by the Plan, the Committee shall have full power and authority to:

 

		(a)	select the Service Providers to whom Awards may from time to time be granted hereunder;

 

		(b)	determine the type or types of Awards to be granted to eligible Service Providers;

 

		(c)	determine the number of Shares to be covered by, or with respect to which payments, rights, or other matters are to be calculated
in connection with, Awards (and if a Cash Award, determine the amount of such Award and the timing and payment conditions associated with
such an Award);

 

		(d)	determine the terms and conditions of any Award;

 

		(e)	determine whether, and to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities,
other Awards or other property;

 

		(f)	determine whether, and to what extent, and under what circumstance Awards may be canceled, forfeited, or suspended and the method
or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended;

 

		(g)	correct any defect, supply an omission, reconcile any inconsistency and otherwise interpret and administer the Plan and any instrument
or Award Agreement relating to the Plan or any Award hereunder;

 

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		(h)	to grant Awards in replacement of Awards previously granted under this Plan or any other compensation plan of the Company, provided
that any such replacement grant that would be considered a repricing shall be subject to stockholder approval;

 

		(i)	with the consent of the Holder, to amend any Award Agreement at any time; provided that the consent of the Holder shall not be required
for any amendment (i) that, in the Committee's determination, does not materially adversely affect the rights of the Holder, or (ii) which
is necessary or advisable (as determined by the Committee) to carry out the purpose of the Award as a result of any new applicable law
or change in an existing applicable law, or (iii) to the extent the Award Agreement specifically permits amendment without consent;

 

		(j)	modify and amend the Plan, establish, amend, suspend, or waive such rules, regulations and procedures of the Plan, and appoint such
agents as it shall deem appropriate for the proper administration of the Plan; and

 

		(k)	make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the
Plan.

 

	3.3	Committee Delegation. The Committee may delegate to any member of the Board or committee of Board members such of its powers
as it deems appropriate, including the power to sub-delegate, except that, pursuant to such delegation or sub-delegation, only a member
of the Board (or a committee thereof) may grant Awards from time to time to specified categories of Service Providers in amounts and on
terms to be specified by the Board or the Committee; provided that no such grants shall be made other than by the Board or the Committee
to individuals who are then Section 16 Persons. A majority of the members of the Committee may determine its actions and fix the
time and place of its meetings.

 

	3.4	Determination Under the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, adjustments,
interpretations, and other decisions under or with respect to the Plan, any Award or Award Agreement shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive, and binding upon all persons, including the Company, any Participant,
any Holder, and any stockholder. No member of the Committee shall be liable for any action, determination or interpretation made in good
faith, and all members of the Committee shall, in addition to their rights as directors, be fully protected by the Company with respect
to any such action, determination or interpretation.

 

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SECTION 4

STOCK SUBJECT TO THE PLAN

 

	4.1	Number of Shares. Subject to adjustment as provided in Section 4.3 and subject to the maximum amount of Shares that may
be granted to an individual in a calendar year as set forth in Section 5.5, no more than a total of 60,000 Shares are authorized
for issuance under the Plan in accordance with the provisions of the Plan and subject to such restrictions or other provisions as the
Committee may from time to time deem necessary (the "Maximum Share Limit"). Any Shares required to satisfy Substitute
Awards shall not count against the Maximum Share Limit. Any Shares issued hereunder may consist, in whole or in part, of authorized and
unissued shares or treasury shares. The Shares may be divided among the various Plan components as the Committee shall determine; provided,
however, the maximum number of Shares that may be issued pursuant to Incentive Stock Options shall be the Maximum Share Limit. Shares
that are subject to an underlying Award and Shares that are issued pursuant to the exercise of an Award shall be applied to reduce the
maximum number of Shares remaining available for use under the Plan. The Company shall at all times during the term of the Plan and while
any Awards are outstanding retain as authorized and unissued Stock, or as treasury Stock, at least the number of Shares from time to time
required under the provisions of the Plan, or otherwise assure itself of its ability to perform its obligations hereunder.

 

	4.2	Unused and Forfeited Stock. Any Shares that are subject to an Award under this Plan that are not used because the terms and
conditions of the Award are not met, including any Shares that are subject to an Award that expires or is terminated for any reason, shall
again be available for grant under the Plan. If a SAR is settled in Shares, only the number of Shares delivered in settlement of a SAR
shall cease to be available for grant under the Plan, regardless of the number of Shares with respect to which the SAR was exercised.
If any Shares subject to an Award granted hereunder are withheld or applied as payment in connection with the exercise of an Award (including
the withholding of Shares on the exercise of an Option that is settled in Shares) or the withholding or payment of taxes related thereto,
such Shares shall again be available for grant under the Plan. Notwithstanding the foregoing, any Shares used for full or partial payment
of the purchase price of the Shares with respect to which an Option is exercised and any Shares retained by the Company pursuant to Section 16.2
that were originally Incentive Stock Option Shares must still be considered as having been granted for purposes of determining whether
the Share limitation provided for in Section 4.1 has been reached for purposes of Incentive Stock Option grants.

 

	4.3	Adjustments in Authorized Shares.  If, without the receipt of consideration therefore by the Company, the Company shall at
any time increase or decrease the number of its outstanding Shares or change in any way the rights and privileges of such Shares such
as, but not limited to, the payment of a stock dividend or any other distribution upon such Shares payable in Stock, or through a stock
split, spin-off, extraordinary cash dividend, subdivision, consolidation, combination, reclassification or recapitalization involving
the Stock, or any similar corporate event or transaction, such that an adjustment is necessary in order to prevent dilution or enlargement
of the benefits or potential benefits intended to be made available under the Plan then in relation to the Stock that is affected by one
or more of the above events, (i) the numbers, rights, privileges and kinds of Shares that may be issued under this Plan or under
particular forms of Awards, (ii) the number and kind of Shares subject to outstanding Awards, and (iii) the Option Exercise
Price or SAR exercise price applicable to outstanding Awards, shall be increased, decreased or changed in like manner as if they had been
issued and outstanding, fully paid and non-assessable at the time of such occurrence. The manner in which Awards are adjusted pursuant
to this Section 4.3 is to be determined by the Board or the Committee; provided that all adjustments must be determined by the Board
or Committee in good faith, and must be effectuated so as to preserve the value that any Participant has in outstanding Awards as of the
time of the event giving rise to any potential dilution or enlargement of rights.

 

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	4.4	General Adjustment Rules.

 

		(a)	If any adjustment or substitution provided for in this Section 4 shall result in the creation of a fractional Share under any
Award, such fractional Share shall be rounded up to the nearest whole Share and fractional Shares shall not be issued.

 

		(b)	In the case of any such substitution or adjustment affecting an Option (including a Nonqualified Stock Option) or a SAR such substitution
or adjustments shall be made in a manner that is in accordance with the substitution and assumption rules set forth in Treasury Regulations
1.424-1 and the applicable guidance relating to Code section 409A.

 

	4.5	Reservation of Rights. Except as provided in this Section 4, a Participant shall have no rights by reason of (i) any
subdivision or consolidation of shares of stock of any class, (ii) the payment of any dividend or (iii) 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 of
Shares subject to any Award (including the Option Exercise Price of Shares subject to an Option). The grant of an Award 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 5

PARTICIPATION

 

	5.1	Basis of Grant. Participants in the Plan shall be those Service Providers, who, in the judgment of the Committee, have performed,
are performing, or during the term of their incentive arrangement will perform, important services in the management, operation and development
of the Company, and significantly contribute, or are expected to significantly contribute, to the achievement of long-term corporate economic
objectives.

 

	5.2	Types of Grants; Limits. Participants may be granted from time to time one or more Awards; provided, however, that the grant
of each such Award shall be separately approved by the Committee or its designee, and receipt of one such Award shall not result in the
automatic receipt of any other Award. Written or electronic notice shall be given to such Participant, specifying the terms, conditions,
right and duties related to such Award. Under no circumstance shall Incentive Stock Options be granted to (i) non-employee directors
or (ii) any person not permitted to receive Incentive Stock Options under the Code.

 

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	5.3	Award Agreements. Each Participant shall enter into an Award Agreement(s) with the Company, in such form as the Committee
shall determine and which is consistent with the provisions of the Plan, specifying the applicable Award terms, conditions, rights and
duties. Unless otherwise explicitly stated in the Award Agreement, Awards shall be deemed to be granted as of the date specified in the
grant resolution of the Committee, which date shall be the date of any related agreement(s) with the Participant. Unless explicitly
provided for in a particular Award Agreement that the terms of the Plan are being superseded, in the event of any inconsistency between
the provisions of the Plan and any such Award Agreement(s) entered into hereunder, the provisions of the Plan shall govern. The payment
of any discretionary Cash Award made under the Plan need not have an Award Agreement.

 

	5.4	Restrictive Covenants. The Committee may, in its sole and absolute discretion, place certain restrictive covenants in an Award
Agreement requiring the Participant to agree to refrain from certain actions. Such restrictive covenants, if contained in the Award Agreement,
will be binding on the Participant.

 

	5.5	Maximum Annual Award. The maximum number of Shares with respect to which an Award or Awards may be granted to any Participant
in any one taxable year of the Company (the "Maximum Annual Participant Award") shall not exceed 20,000 Shares (subject
to adjustment pursuant to Sections 4.3 and 4.4); provided, however, any Shares required to satisfy Substitute Awards shall not count against
the Maximum Annual Participant Award.

 

SECTION 6

STOCK OPTIONS

 

	6.1	Grant of Options. A Participant may be granted one or more Options. The Committee in its sole discretion shall designate whether
an Option is an Incentive Stock Option or a Nonqualified Stock Option. The Committee may grant both an Incentive Stock Option and a Nonqualified
Stock Option to the same Participant at the same time or at different times. Incentive Stock Options and Nonqualified Stock Options, whether
granted at the same or different times, shall be deemed to have been awarded in separate grants, shall be clearly identified, and in no
event shall the exercise of one Option affect the right to exercise any other Option or affect the number of Shares for which any other
Option may be exercised.

 

	6.2	Option Agreements. Each Option granted under the Plan shall be evidenced by an Option Award Agreement which shall be entered
into by the Company and the Participant to whom the Option is granted (the "Optionee"), and which shall contain, or be
subject to, the following terms and conditions, as well as such other terms and conditions not inconsistent therewith, as the Committee
may consider appropriate in each case.

 

		(a)	Number of Shares. Each Option Award Agreement shall state that it covers a specified number of Shares, as determined by the
Committee. To the extent that the aggregate Fair Market Value of Shares with respect to which Options designated as Incentive Stock Options
are exercisable for the first time by any Optionee during any calendar year exceeds $100,000 or, if different, the maximum limitation
in effect at the time of grant under section 422(d) of the Code, such Options in excess of such limit shall be treated as Nonqualified
Stock Options. The foregoing shall be applied by taking Options into account in the order in which they were granted. For the purposes
of the foregoing, the Fair Market Value of any Share shall be determined as of the time the Option with respect to such Share is granted.

 

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		(b)	Price. Each Option Award Agreement shall state the Option Exercise Price at which each Share covered by an Option may be purchased.
Such Option Exercise Price shall be determined in each case by the Committee, but in no event other than with respect to the issuance
of a Substitute Award shall the Option Exercise Price for each Share covered by an Option be less than the Fair Market Value of the Stock
on the Option's Grant Date, as determined by the Committee; provided, however, that the Option Exercise Price for each Share covered by
an Incentive Stock Option granted to an Eligible Employee who then owns stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company or any parent or Subsidiary corporation of the Company must be at least 110% of the Fair Market
Value of the Stock subject to the Incentive Stock Option on the Option's Grant Date.

 

		(c)	Duration of Options. Each Option Award Agreement shall state the period of time, determined by the Committee, within which
the Option may be exercised by the Holder (the "Option Period"). The Option Period must expire, in all cases, not more
than ten years from the Option's Grant Date; provided, however, that the Option Period of an Incentive Stock Option granted to an Eligible
Employee who then owns Stock possessing more than 10% of the total combined voting power of all classes of Stock of the Company must expire
not more than five years from the Option's Grant Date. Each Option Award Agreement shall also state the periods of time, if any, as determined
by the Committee, when incremental portions of each Option shall become exercisable. If any Option or portion thereof is not exercised
during its Option Period, such unexercised portion shall be deemed to have been forfeited and have no further force or effect.

 

		(d)	Termination of Service, Death, Disability, etc.

 

		(i)	Each Option Agreement shall state the period of time, if any, determined by the Committee, within which the Vested Option may be exercised
after an Optionee ceases to be a Service Provider and may provide for different periods of time depending upon whether such cessation
as a Service Provider was on account of the Participant's death, Disability, voluntary resignation, retirement, cessation as a director,
or the Company having terminated such Optionee's employment with or without Cause.

 

		(ii)	In the case of a Participant that is an Employee, a termination of service shall not occur if the Participant is on military leave,
sick leave or other bona fide leave of absence (such as temporary employment by the government) if the period of such leave does not exceed
six (6) months, or if longer, as long as the Participant's right to reemployment with the Company is provided either by statute or
by contract.

 

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		(iii)	In the case of a Participant that is both an Employee and a director of the Company, the Participant's cessation as an Employee but
continuation as a director of the Company will not constitute a termination of service under the Plan. Unless an Option Agreement provides
otherwise, a Participant's change in status between serving as an employee and/or director will not be considered a termination of the
Participant serving as a Service Provider for purposes of any Option expiration period under the Plan.

 

		(iv)	If, within the period of time specified in the Option Award Agreement following the Option Holder's termination of employment, an
Option Holder is prohibited by law or a Company's insider trading policy from exercising any Nonqualified Stock Option, the period of
time during which such Option may be exercised will automatically be extended until the 30th day following the date the prohibition is
lifted. Notwithstanding the immediately preceding sentence, in no event shall the Option exercise period be extended beyond the tenth
anniversary of the Option's Grant Date.

 

		(e)	Transferability. Except as otherwise determined by the Committee, Options shall not be transferable by the Optionee except
by will or pursuant to the laws of descent and distribution. Each Vested Option shall be exercisable during the Optionee's lifetime only
by him or her, or in the event of Disability or incapacity, by his or her guardian or legal representative. Shares issuable pursuant to
any Option shall be delivered only to or for the account of the Optionee, or in the event of Disability or incapacity, to his or her guardian
or legal representative.

 

		(f)	Exercise, Payments, etc.

 

		(i)	Unless otherwise provided in the Option Award Agreement, each Vested Option may be exercised by delivery to the Corporate Secretary
or Chief Financial Officer of the Company or their designees a written or electronic notice specifying the number of Shares with respect
to which such Option is exercised and payment of the Option Exercise Price. Such notice shall be in a form satisfactory to the Committee
or its designee and shall specify the particular Vested Option that is being exercised and the number of Shares with respect to which
the Vested Option is being exercised. The exercise of the Vested Option shall be deemed effective upon receipt of such notice by the Corporate
Secretary or Chief Financial Officer of the Company or their designees and payment to the Company. The purchase of such Stock shall take
place at the principal offices of the Company upon delivery of such notice, at which time the purchase price of the Stock shall be paid
in full by any of the methods or any combination of the methods set forth in clause (ii) below.

 

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		(ii)	The Option Exercise Price may be paid by cash or certified bank check and, in the Committee's sole discretion by any of the following
additional methods:

 

		A.	By delivery to the Company Shares then owned by the Holder, the Fair Market Value of which equals the purchase price of the Stock
purchased pursuant to the Vested Option, properly endorsed for transfer to the Company; provided, however, that Shares used for this purpose
must have been held by the Holder for such minimum period of time as may be established from time to time by the Committee; and provided
further that the Fair Market Value of any Shares delivered in payment of the purchase price upon exercise of the Options shall be the
Fair Market Value as of the exercise date, which shall be the date of delivery of the Stock used as payment of the Option Exercise Price;

 

In lieu of actually surrendering to the Company the Shares
then owned by the Holder, the Committee may, in its discretion permit the Holder to submit to the Company a statement affirming ownership
by the Holder of such number of Shares and request that such Shares, although not actually surrendered, be deemed to have been surrendered
by the Holder as payment of the exercise price;

 

		B.	For any Holder other than an Executive Officer or except as otherwise prohibited by the Committee, by payment through a broker in
accordance with procedures permitted by Regulation T of the Federal Reserve Board;

 

		C.	For any Nonqualified Stock Option and, if permitted without disqualifying the qualified status thereof, an Incentive Stock Option,
by a "net exercise" arrangement pursuant to which the Company will not require a payment of the Option Exercise Price but will
reduce the number of shares of common stock issued upon the exercise by the largest number of whole shares that has a fair market value
on the date of exercise that does not exceed the aggregate Option Exercise Price. With respect to any remaining balance of the aggregate
option price, the Company will accept a cash payment from the Holder; or

 

		D.	Any combination of the methods of consideration payment provided in this clause (ii).

 

		(g)	Date of Grant. Unless otherwise specifically specified in the Option Award Agreement, an option shall be considered as having
been granted on the date specified in the grant resolution of the Committee.

 

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		(h)	Withholding.

 

		(A)	Nonqualified Stock Options. Upon any exercise of a Nonqualified Stock Option, the Optionee shall make appropriate arrangements
with the Company to satisfy any applicable withholding for federal and state income tax and payroll laws, including payment of such taxes
through delivery of Stock or by withholding Stock to be issued under the Option, as provided in Section 16 hereof.

 

		(B)	Incentive Stock Options. In the event that an Optionee makes a disposition (as defined in section 424(c) of the Code)
of any Stock acquired pursuant to the exercise of an Incentive Stock Option prior to the later of (i) the expiration of two years
from the date on which the Incentive Stock Option was granted or (ii) the expiration of one year from the date on which the Option
was exercised, the Participant shall send written or electronic notice to the Company at its principal office (Attention: Corporate Secretary)
of the date of such disposition, the number of shares disposed of, the amount of proceeds received from such disposition, and any other
information relating to such disposition as the Company may reasonably request. The Optionee shall, in the event of such a disposition,
make appropriate arrangements with the Company to provide for the amount of additional withholding under applicable Federal and state
income tax laws.

 

		(i)	Adjustment of Options. Subject to the limitations set forth below and those contained in Sections 6 and 15, the Committee may
make any adjustment in the Option Exercise Price, the number of Shares subject to, or the terms of, an outstanding Option and a subsequent
granting of an Option by amendment or by substitution of an outstanding Option. Such amendment, substitution, or re-grant may result in
terms and conditions (including Option Exercise Price, number of Shares covered, vesting schedule or exercise period) that differ from
the terms and conditions of the original Option; provided, however, except as permitted under Section 11, the Committee may not,
without stockholder approval (i) amend an Option to reduce its Option Exercise Price, (ii) cancel an Option and regrant an Option
with a lower Option Exercise Price than the original Option Exercise Price of the cancelled Option, (iii) cancel an option in exchange
for cash or another Award, or (iv) take any other action (whether in the form of an amendment, cancellation or replacement grant)
that has the effect of "repricing" an Option, as defined under applicable NYSE rules or the rules of the established
stock exchange or quotation system on which the Company Stock is then listed or traded if such Exchange's or quotation system's rules define
what constitutes a repricing. Other than with respect to a modification that a reasonable person would not find to be a material adverse
change in an Optionee's rights under an Option, the Committee also may not adversely affect the rights of any Optionee to previously granted
Options without the consent of such Optionee. If such action is affected by the amendment, the effective date of such amendment shall
be the date of the original grant. Any adjustment, modification, extension or renewal of an Option shall be effected such that the Option
is either exempt from, or is compliant with, Code section 409A.

 

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		(j)	Modification, Extension and Assumption of Options. Within the limitations of the Plan, the Committee may modify, extend or
assume outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company or another issuer) in
return for the grant of new Options or a different type of award for the same or a different number of Shares and at the same or a different
Option Exercise Price (if applicable). The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee,
impair the Optionee's rights or increase the Optionee's obligations under such Option.

 

	6.3	Stockholder Privileges. No Holder shall have any rights as a stockholder with respect to any Shares covered by an Option until
the Holder becomes the holder of record of such Stock, and no adjustments shall be made for dividends or other distributions or other
rights as to which there is a record date preceding the date such Holder becomes the holder of record of such Stock, except as provided
in Section 4.

 

SECTION 7 

STOCK APPRECIATION RIGHTS

 

	7.1	Grant of SARs. Subject to the terms and conditions of this Plan, a SAR may be granted to a Participant at any time and from
time to time as shall be determined by the Committee in its sole discretion.

 

		(a)	Number of Shares. The Committee shall have complete discretion to determine the number of SARs granted to any Participant,
subject to the limitations imposed in this Plan and by applicable law.

 

		(b)	Exercise Price and Other Terms. Except with respect to SARs issued in connection with a Substitute Award, all SARs shall be
granted with an exercise price no less than the Fair Market Value of the underlying Shares on the SARs' Date of Grant. The Committee,
subject to the provisions of this Plan, shall have complete discretion to determine the terms and conditions of SARs granted under this
Plan.

 

		(c)	Duration of SARs. Each SAR Award Agreement shall state the period of time, determined by the Committee, within which the SARs
may be exercised by the Holder (the "SAR Period"). The SAR Period must expire, in all cases, not more than ten years
from the SAR Grant Date.

 

	7.2	SAR Award Agreement. Each SAR granted under the Plan shall be evidenced by a written or electronic SAR Award Agreement which
shall be entered into by the Company and the Participant to whom the SAR is granted (the "SAR Holder"), and which shall
specify the exercise price per share, the terms of the SAR, the conditions of exercise, and such other terms and conditions as the Committee
in its sole discretion shall determine.

 

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	7.3	Exercise of SARs. SARs shall be exercisable on such terms and conditions as the Committee in its sole discretion shall determine;
provided, however, that no SAR granted to a Section 16 Person shall be exercisable until at least six (6) months after the Date
of Grant or such shorter period as may be permissible while maintaining compliance with Rule 16b-3.

 

	7.4	Expiration of SARs. Each SAR Award Agreement shall expire on the earlier of (i) the tenth anniversary of the SARs Date
of Grant or (ii) after the period of time, if any, determined by the Committee, within which the SAR may be exercised after a SAR
Holder ceases to be a Service Provider. The SAR Award Agreement may provide for different periods of time following a SAR Holder cessation
as a Service Provider during which the SAR may be exercised depending upon whether such cessation as a Service Provider was on account
of the Participant's death, Disability, voluntary resignation, cessation as a director, or the Company having terminated such SAR Holder's
employment with or without Cause.

 

	7.5	Adjustment of SARs. Subject to the limitations set forth below and those contained in Sections 7 and 15, the Committee may
make any adjustment in the SAR exercise price, the number of Shares subject to, or the terms of, an outstanding SAR and a subsequent granting
of an SAR by amendment or by substitution of an outstanding SAR. Such amendment, substitution, or re-grant may result in terms and conditions
(including SAR exercise price, number of Shares covered, vesting schedule or exercise period) that differ from the terms and conditions
of the original SAR; provided, however, except as permitted under Section 10, the Committee may not, without stockholder approval
(i) amend a SAR to reduce its exercise price, (ii) cancel a SAR and regrant a SAR with a lower exercise price than the original
SAR exercise price of the cancelled SAR, (iii) cancel a SAR in exchange for cash or another Award or (iv) take any other action
(whether in the form of an amendment, cancellation or replacement grant) that has the effect of "repricing" a SAR, as defined
under applicable NYSE rules or the rules of the established stock exchange or quotation system on which the Company Stock is
then listed or traded. The Committee also may not adversely affect the rights of any SAR Holder to previously granted SARs without the
consent of such SAR Holder. If such action is affected by the amendment, the effective date of such amendment shall be the date of the
original grant. Any adjustment, modification, extension or renewal of a SAR shall be effected such that the SAR is either exempt from,
or is compliant with, Code section 409A.

 

	7.6	Payment of SAR Amount. Upon exercise of a SAR, a Holder shall be entitled to receive payment from the Company in an amount
determined by multiplying (i) the positive difference between the Fair Market Value of a Share on the date of exercise over the exercise
price per Share by (ii) the number of Shares with respect to which the SAR is exercised. At the Committee's discretion, the payment
upon a SAR exercise may be in whole Shares of equivalent value, cash, or a combination of whole Shares and cash. Fractional Shares shall
be rounded up to the nearest whole Share.

 

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SECTION 8 

AWARDS OF RESTRICTED STOCK AND RESTRICTED STOCK
UNITS

 

	8.1	Restricted Stock Awards Granted by Committee. Coincident with or following designation for participation in the Plan and subject
to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Restricted Stock to any Service Provider
in such amounts as the Committee shall determine.

 

	8.2	Restricted Stock Unit Awards Granted by Committee. Coincident with or following designation for participation in the Plan and
subject to the terms and provisions of the Plan, the Committee may grant a Service Provider Restricted Stock Units in connection with
or separate from a grant of Restricted Stock. Upon the vesting of Restricted Stock Units, the Holder shall be entitled to receive the
full value of the Restricted Stock Units payable in Shares or, if determined by the Committee, cash.

 

	8.3	Restrictions. A Holder's right to retain Shares of Restricted Stock or be paid with respect to Restricted Stock Units shall
be subject to such restrictions, including him or her continuing to perform as a Service Provider for a restriction period specified by
the Committee, or the attainment of specified performance goals and objectives, as may be established by the Committee with respect to
such Award. The Committee may in its sole discretion require different periods of service or different performance goals and objectives
with respect to (i) different Holders, (ii) different Restricted Stock or Restricted Stock Unit Awards, or (iii) separate,
designated portions of the Shares constituting a Restricted Stock Award. Any grant of Restricted Stock or Restricted Stock Units shall
contain terms such that the Award is either exempt from Code section 409A or complies with such section.

 

	8.4	Privileges of a Stockholder, Transferability. Unless otherwise provided in the Award Agreement, a Participant shall have all
voting, dividend, liquidation and other rights with respect to Shares of Restricted Stock, provided however that any dividends paid on
Shares of Restricted Stock prior to such Shares becoming vested shall be held in escrow by the Company and subject to the same restrictions
on transferability and forfeitability as the underlying Shares of Restricted Stock. Any voting, dividend, liquidation or other rights
shall accrue to the benefit of a Holder only with respect to Shares of Restricted Stock held by, or for the benefit of, the Holder on
the record date of any such dividend or voting date. A Participant's right to sell, encumber or otherwise transfer such Restricted Stock
shall, in addition to the restrictions otherwise provided for in the Award Agreement, be subject to the limitations of Section 12.2
hereof. The Committee may determine that a Holder of Restricted Stock Units is entitled to receive dividend equivalent payments on such
units. If the Committee determines that Restricted Stock Units shall receive dividend equivalent payments, such feature will be specified
in the applicable Award Agreement. Restricted Stock Units shall not have any voting rights.

 

	8.5	Enforcement of Restrictions. The Committee may in its sole discretion require one or more of the following methods of enforcing
the restrictions referred to in Sections 8.2 and 8.3:

 

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		(a)	placing a legend on the stock certificates, or the Restricted Stock Unit Award Agreement, as applicable, referring to restrictions;

 

		(b)	requiring the Holder to keep the stock certificates, duly endorsed, in the custody of the Company while the restrictions remain in
effect;

 

		(c)	requiring that the stock certificates, duly endorsed, be held in the custody of a third party nominee selected by the Company who
will hold such Shares of Restricted Stock on behalf of the Holder while the restrictions remain in effect; or

 

		(d)	inserting a provision into the Restricted Stock Award Agreement prohibiting assignment of such Award Agreement until the terms and
conditions or restrictions contained therein have been satisfied or released, as applicable.

 

	8.6	Termination of Service, Death, Disability, etc. In the event of the death or Disability of a Participant, all service
period and other restrictions applicable to Restricted Stock Awards then held by him or her shall lapse, and such Awards shall become
fully nonforfeitable. Subject to Section 11, in the event a Participant ceases to be a Service Provider for any other reason, any
Restricted Stock Awards as to which the service period or other vesting conditions have not been satisfied shall be forfeited.

 

SECTION 9 

PERFORMANCE SHARES, PERFORMANCE UNITS,

BONUS SHARES, CASH AWARDS AND DEFERRED SHARES

 

	9.1	Awards Granted by Committee. Coincident with or following designation for participation in the Plan, a Participant may be granted
Performance Shares or Performance Units. A Participant may be paid or promised a Cash Award at any time as determined by the Committee.

 

	9.2	Terms of Performance Shares or Performance Units. The Committee shall establish maximum and minimum performance targets to
be achieved during the applicable Performance Period. Each grant of a Performance Share or Performance Unit Award shall be subject to
additional terms and conditions not inconsistent with the provisions of the Plan. The Committee shall determine what, if any, payment
is due with respect to an Award and whether such payment shall be made in cash, Stock or some combination.

 

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

 

	9.4	Deferred Shares. Subject to the terms and provisions of the Plan, Deferred Shares may be granted to any Participant in such
amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee. The Committee may impose
such conditions or restrictions on any Deferred Shares as it may deem advisable, including time-vesting restrictions and deferred payment
features. The Committee may cause the Company to establish a grantor trust to hold Shares subject to Deferred Share Awards. Without limiting
the generality of the foregoing, the Committee may grant to any Participant, or permit any Participant to elect to receive, Deferred Shares
in lieu of or in substitution for any other compensation (whether payable currently or on a deferred basis, and whether payable under
this Plan or otherwise) which such Participant may be eligible to receive from the Company or a Subsidiary. In no event shall any Deferred
Shares relate to the exercise of an Option. Any Award Agreement relating to the grant of Deferred Shares shall separately contain the
requisite terms and conditions such that the Deferred Shares Award complies with section 409A of the Code.

 

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SECTION 10 

Performance
Awards

 

	10.1	Terms of Performance Awards. Except as provided in Section 11, Performance Awards will be issued or granted, or become
vested or payable, only after the end of the relevant Performance Period. The performance goals to be achieved for each Performance Period
and the amount of the Award to be distributed upon satisfaction of those performance goals shall be conclusively determined by the Committee.
When the Committee determines whether a performance goal has been satisfied for any Performance Period, the Committee, where the Committee
deems appropriate, may make such determination using calculations which alternatively include and exclude one, or more than one, "extraordinary
items" as determined under U.S. generally accepted accounting principles, and the Committee may determine whether a performance goal
has been satisfied for any Performance Period taking into account the alternative which the Committee deems appropriate under the circumstances.
The Committee also may take into account any other unusual or non-recurring items, including the charges or costs associated with restructurings
of the Company, discontinued operations, and the cumulative effects of accounting changes and, further, may take into account any unusual
or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles or such other factors as the Committee
may determine reasonable and appropriate under the circumstances (including any factors that could result in the Company's paying non-deductible
compensation to an Employee or non-employee director).

 

		10.2	Performance Goals. If an Award is subject to this Section 10, then the lapsing of restrictions thereon, or the vesting
thereof, and the distribution of cash, Shares or other property pursuant thereto, as applicable, shall be subject to the achievement of
one or more objective performance goals established by the Committee, which shall be based on the attainment of one or any combination
of the following metrics, and which may be established on an absolute or relative basis for the Company as a whole or any of its subsidiaries,
operating divisions or other operating units:

 

		(a)	Earnings measures (either in the aggregate or on a per-Share basis), including or excluding one or more of interest, taxes, depreciation,
amortization or similar financial accounting measurements;

 

		(b)	Operating profit (either in the aggregate or on a per-Share basis);

 

		(c)	Operating income (either in the aggregate or on a per-Share basis);

 

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		(d)	Net earnings on either a LIFO or FIFO basis (either in the aggregate or on a per- Share basis);

 

		(e)	Net income or loss (either in the aggregate or on a per-Share basis);

 

		(f)	Cash flow provided by operations (either in the aggregate or on a per-Share basis);

 

		(g)	Cash flow returns, including cash flow returns on invested capital (cash flow from operating activities minus capital expenditures,
the difference of which is divided by the difference between total assets and non-interest bearing current liabilities);

 

		(h)	Ratio of debt to debt plus equity;

 

		(i)	Net borrowing;

 

		(j)	Credit quality or debt ratings;

 

		(k)	Inventory levels, inventory turn or shrinkage;

 

		(l)	Revenues;

 

		(m)	Free cash flow (either in the aggregate or on a per-Share basis);

 

		(n)	Reductions in expense levels, determined either on a Company-wide basis or with respect to any one or more business units;

 

		(o)	Operating and maintenance cost management and employee productivity;

 

		(p)	Gross margin;

 

		(q)	Return measures (including return on assets, investment, equity, or sales);

 

		(r)	Productivity increases;

 

		(s)	Share price (including attainment of a specified per-Share price during the Incentive Period; growth measures and total stockholder
return or attainment by the Shares of a specified price for a specified period of time);

 

		(t)	Growth or rate of growth of any of the above business criteria;

 

		(u)	Achievement of business criteria or operational goals, consisting of one or more objectives based on meeting specified revenue, market
share, market penetration, business development, geographic business expansion goals, objectively identified project milestones, production
volume levels, cost targets, customer satisfaction, and goals relating to acquisitions or divestitures; and/or

 

		(v)	Accomplishment of mergers, acquisitions, dispositions, public offerings, or similar extraordinary business transactions;

 

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provided that applicable incentive goals may be applied
on a pre- or post-tax basis; and provided further that the Committee may, when the applicable incentive goals are established, provide
that the formula for such goals may include or exclude items to measure specific objectives, such as losses from discontinued operations,
extraordinary gains or losses, the cumulative effect of accounting changes, acquisitions or divestitures, foreign exchange impacts and
any unusual, nonrecurring gain or loss. As established by the Committee, the incentive goals may include, without limitation, GAAP and
non-GAAP financial measures.

 

		10.3	Adjustments. The Committee may adjust upwards or downwards the amount payable pursuant to any Award, and may waive the achievement
of the applicable performance goals if determined appropriate by the Committee.

 

SECTION 11 

REORGANIZATION, CHANGE IN CONTROL OR LIQUIDATION

 

Except as otherwise provided in an Award Agreement or other agreement
approved by the Committee to which any Participant is a party, in the event that the Company undergoes a Change in Control, each Option,
share of Restricted Stock and/or other Award shall without regard to any vesting schedule, restriction or performance target, automatically
become fully exercisable, fully vested or fully payable, as the case may be, as of the date of such Change in Control. In addition to
the foregoing, in the event the Company undergoes a Change in Control or in the event of a corporate merger, consolidation, major acquisition
of property (or stock), separation, reorganization or liquidation in which the Company is a party and in which a Change in Control does
not occur, the Committee, or the board of directors of any corporation assuming the obligations of the Company, shall have the full power
and discretion to prescribe and amend the terms and conditions for the exercise, or settlement, of any outstanding Awards granted hereunder.
The Committee may remove restrictions on Restricted Stock and Restricted Stock Units and may modify the performance requirements for any
other Awards. The Committee may provide that Options or other Awards granted hereunder must be exercised in connection with the closing
of such transactions, and that if not so exercised such Awards will expire. Any such determinations by the Committee may be made generally
with respect to all Participants, or may be made on a case-by-case basis with respect to particular Participants. Notwithstanding the
foregoing, any transaction undertaken for the purpose of reincorporating the Company under the laws of another jurisdiction, if such transaction
does not materially affect the beneficial ownership of the Company's capital stock, such transaction shall not constitute a merger, consolidation,
major acquisition of property for stock, separation, reorganization, liquidation, or Change in Control.

 

SECTION 12 

RIGHTS OF EMPLOYEES; PARTICIPANTS

 

	12.1	Employment. Nothing contained in the Plan or in any Award granted under the Plan shall confer upon any Participant any right
with respect to the continuation of his or her services as a Service Provider or interfere in any way with the right of the Company, subject
to the terms of any separate employment or consulting agreement to the contrary, at any time to terminate such services or to increase
or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Award. Whether an authorized
leave of absence, or absence in military or government service, shall constitute a termination of Participant's services as a Service
Provider shall be determined by the Committee at the time.

 

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	12.2	Nontransferability. Except as provided in Section 12.3, no right or interest of any Holder in an Award granted pursuant
to the Plan shall be assignable or transferable during the lifetime of the Participant, either voluntarily or involuntarily, or be subjected
to any lien, directly or indirectly, by operation of law, or otherwise, including execution, levy, garnishment, attachment, pledge or
bankruptcy. In the event of a Participant's death, a Holder's rights and interests in all Awards shall, to the extent not otherwise prohibited
hereunder, be transferable by testamentary will or the laws of descent and distribution, and payment of any amounts due under the Plan
shall be made to, and exercise of any Options or SARs may be made by, the Holder's legal representatives, heirs or legatees. If, in the
opinion of the Committee, a person entitled to payments or to exercise rights with respect to the Plan is disabled from caring for his
or her affairs because of a mental condition, physical condition or age, payment due such person may be made to, and such rights shall
be exercised by, such person's guardian, conservator, or other legal personal representative upon furnishing the Committee with evidence
satisfactory to the Committee of such status. "Transfers" shall not be deemed to include transfers to the Company or "cashless
exercise" procedures with third parties who provide financing for the purpose of (or who otherwise facilitate) the exercise of Awards
consistent with applicable laws and the authorization of the Committee.

 

	12.3	Permitted Transfers. Pursuant to conditions and procedures established by the Committee from time to time, the Committee may
permit Awards to be transferred without consideration other than nominal consideration to, exercised by and paid to certain persons or
entities related to a Participant, including members of the Participant's immediate family, charitable institutions, or trusts or other
entities whose beneficiaries or beneficial owners are members of the Participant's immediate family and/or charitable institutions (a
 "Permitted Transferee"). In the case of initial Awards, at the request of the Participant, the Committee may permit the
naming of the related person or entity as the Award recipient. Any permitted transfer shall be subject to the condition that the Committee
receive evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes on a gratuitous or donative
basis and without consideration (other than nominal consideration). Notwithstanding the foregoing, Incentive Stock Options shall
only be transferable to the extent permitted in section 422 of the Code, or such successor provision thereto, and the treasury regulations
thereunder.

 

SECTION 13 

GENERAL RESTRICTIONS

 

		13.1	Investment Representations. The Company may require any person to whom an Option or other Award is granted, as a condition
of exercising such Option or receiving Stock under the Award, to give written assurances in substance and form satisfactory to the Company
and its counsel to the effect that such person is acquiring the Stock subject to the Option or the Award for his or her own account for
investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company
deems necessary or appropriate in order to comply with federal and applicable state securities laws. Legends evidencing such restrictions
may be placed on the certificates evidencing the Stock.

 

    24 

     

    

 

	13.2	Compliance with Securities Laws.

 

		(a)	Each Award shall be subject to the requirement that, if at any time counsel to the Company shall determine that the listing, registration
or qualification of the Shares subject to such Award upon any securities exchange or under any state or federal law, or the consent or
approval of any governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance or purchase of Shares
thereunder, such Award may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent
or approval shall have been effected or obtained on conditions acceptable to the Committee. Nothing herein shall be deemed to require
the Company to apply for or to obtain such listing, registration or qualification.

 

		(b)	Each Holder who is a director or an Executive Officer is restricted from taking any action with respect to any Award if such action
would result in a (i) violation of section 306 of the Sarbanes-Oxley Act of 2002, and the regulations promulgated thereunder, whether
or not such law and regulations are applicable to the Company, or (ii) any policies adopted by the Company restricting transactions
in the Stock.

 

	13.3	Stock Restriction Agreement. The Committee may provide that Shares issuable upon the exercise of an Option shall, under certain
conditions, be subject to restrictions whereby the Company has (i) a right of first refusal with respect to such Shares, (ii) specific
rights or limitations with respect to the Participant's ability to vote such Shares, or (iii) a right or obligation to repurchase
all or a portion of such Shares, which restrictions may survive a Participant's cessation or termination as a Service Provider.

 

SECTION 14 

OTHER EMPLOYEE BENEFITS

 

The amount of any compensation deemed to be received by a Participant
as a result of the exercise of an Option or the grant, payment or vesting of any other Award shall not constitute "earnings"
with respect to which any other benefits of such Participant are determined, including benefits under (a) any pension, profit sharing,
life insurance or salary continuation plan or other employee benefit plan of the Company or (b) any agreement between the Company
and the Participant, except as such plan or agreement shall otherwise expressly provide.

 

    25 

     

    

 

SECTION 15 

PLAN AMENDMENT, MODIFICATION AND TERMINATION

 

	15.1	Amendment, Modification, and Termination. The Board may at any time terminate, and from time to time may amend or modify, the
Plan; provided, however, that no amendment or modification may become effective without approval of the amendment or modification by the
stockholders if stockholder approval is required to enable the Plan to satisfy any applicable statutory or regulatory requirements, to
comply with the requirements for listing on any exchange where the Shares are listed, or if the Company, on the advice of counsel, determines
that stockholder approval is otherwise necessary or desirable.

 

	15.2	Adjustment Upon Certain Unusual or Nonrecurring Events. The Board may make adjustments in the terms and conditions of Awards
in recognition of unusual or nonrecurring events (including the events described in Section 4.3) affecting the Company or the financial
statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Board determines that
such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan.

 

	15.3	Awards Previously Granted. Notwithstanding any other provision of the Plan to the contrary (but subject to a Holder's employment
being terminated for Cause and Section 15.2), no termination, amendment or modification of the Plan shall adversely affect in any
material way any Award previously granted under the Plan, without the written consent of the Holder of such Award.

 

SECTION 16 

WITHHOLDING

 

	16.1	Withholding Requirement. The Company's obligations to deliver Shares upon the exercise of an Option, or upon the vesting of
any other Award, shall be subject to the Participant's satisfaction of all applicable federal, state and local income and other tax withholding
requirements.

 

	16.2	Withholding with Stock. The Committee may, in its sole discretion, permit the Holder to pay applicable amounts of tax withholding
by electing to transfer to the Company, or to have the Company withhold from the Shares otherwise issuable to the Holder, Shares having
a value not to exceed the amount being withheld under federal, state or local law or such lesser amount as may be elected by the Holder.
The Committee may require that any shares transferred to the Company have been held or owned by the Participant for a minimum period of
time. All elections shall be subject to the approval or disapproval of the Committee. The value of Shares to be withheld shall be based
on the Fair Market Value of the Stock on the date that the amount of tax to be withheld is to be determined (the "Tax Date"),
as determined by the Committee. Any such elections by Holder to have Shares withheld for this purpose will be subject to the following
restrictions:

 

		(a)	All elections must be made prior to the Tax Date;

 

		(b)	All elections shall be irrevocable; and

 

		(c)	If the Participant is an officer or director of the Company within the meaning of section 16 of the 1934 Act, the Participant must
satisfy the requirements of section 16 of the 1934 Act and any applicable rules thereunder with respect to the use of Stock to satisfy
such tax withholding obligation.

 

    26 

     

    

 

SECTION 17 

NONEXCLUSIVITY OF THE PLAN

 

Neither the adoption of the Plan nor the submission of the Plan to
stockholders of the Company for approval shall be construed as creating any limitations on the power or authority of the Board or of the
Committee to continue to maintain or adopt such other or additional incentive or other compensation arrangements of whatever nature as
the Board or the Committee, as the case may be, may deem necessary or desirable, or to preclude or limit the continuation of any other
plan, practice or arrangement for the payment of compensation or fringe benefits to employees, or non-employee directors generally, or
to any class or group of employees, or non-employee directors, which the Company now has lawfully put into effect, including any retirement,
pension, savings and stock purchase plan, insurance, death and disability benefits and executive short-term incentive plans.

 

SECTION 18 

REQUIREMENTS OF LAW

 

	18.1	Requirements of Law. The issuance of Stock and the payment of cash pursuant to the Plan shall be subject to all applicable
laws, rules and regulations, and to such approvals by any governmental agencies or stock exchanges as may be required. Notwithstanding
any provision of the Plan or any Award, Holders shall not be entitled to exercise, or receive benefits under any Award, and the Company
shall not be obligated to deliver any Shares or other benefits to a Holder, if such exercise, receipt of benefits or delivery would constitute
a violation by the Holder or the Company of any applicable law or regulation.

 

	18.2	Code Section 409A.

 

		(a)	This Plan is intended to meet or to be exempt from the requirements of Code section 409A, and shall be administered, construed and
interpreted in a manner that is in accordance with and in furtherance of such intent. Any provision of this Plan that would cause an Award
to fail to satisfy Code section 409A or, if applicable, an exemption from the requirements of that section, shall be amended (in a manner
that as closely as practicable achieves the original intent of this Plan) to comply with Code section 409A or any such exemption on a
timely basis, which may be made on a retroactive basis, in accordance with regulations and other guidance issued under Code section 409A.

 

		(b)	If an Award provides for payments or benefits that (i) constitute a "deferral of compensation" within the meaning of
Code section 409A and (ii) are triggered upon a termination of employment, then to the extent required to comply with Code section
409A, the phrase termination of employment, separation from service (or words and phrases of similar import) shall be interpreted to mean
a "separation from service" within the meaning of Code section 409A.

 

    27 

     

    

 

		(c)	If a Participant was a "specified employee," then to the extent required in order to comply with Code section 409A, all
payments, benefits or reimbursements paid or provided under any Award that constitute a "deferral of compensation" within the
meaning of Code section 409A, that are provided as a result of a "separation from service" within the meaning of Code section
409A and that would otherwise be paid or provided during the first six months following such separation from service shall be accumulated
through and paid or provided (together with interest at the applicable federal rate under section 7872(f)(2)(A) of the Code in effect
on the date of the separation from service) on the first business day that is more than six months after the date of the separation from
service (or, if the Participant dies during such six-month period, within 90 days after the Participant's death).

 

		(d)	If a Consultant is entitled under an Award to compensation for consulting services and the Award or payment constitutes a "deferral
of compensation" within the meaning of Code section 409A, the compensation must be paid no later than the earlier of (i) the
date specified for payment under the Award, or (ii) within 60 days following the end of the calendar month in which the Participant
performs the services to which the compensation relates, provided that all required documentation is timely submitted.

 

		(e)	To the extent that payment of an amount that constitutes a "deferral of compensation" within the meaning of Code section
409A is contingent upon the Participant executing a release of claims against the Company, the release must be executed by the Participant
and become effective and irrevocable in accordance with its terms no later than the earlier of (i) the date set forth in the Award,
or (ii) 55 days following separation from service.

 

		(f)	To the extent that any payment of an amount that constitutes a "deferral of compensation" within the meaning of Code section
409A and is scheduled to be paid in the form of installment payments, such payment form shall be deemed to be a right to a series of separate
payments as described in Treasury Regulations § 1.409A-2(b)(2)(iii).

 

		(g)	To the extent that any Award is subject to Code section 409A, any substitution of such Award may only be made if such substitution
is made in a manner permitted and compliant with Code section 409A.

 

		(h)	In no event will the Company or any Affiliate have any liability to any Participant with respect to any penalty or additional income
tax imposed under Code section 409A even if there is a failure on the part of the Company or Committee to avoid or minimize such section
penalty or additional income tax.

 

	18.3	Rule 16b-3. Each transaction under the Plan is intended to comply with all applicable conditions of Rule 16b-3, to
the extent Rule 16b-3 reasonably may be relevant or applicable to such transaction. To the extent any provision of the Plan or any
action by the Committee under the Plan fails to so comply, such provision or action shall, without further action by any person, be deemed
to be automatically amended to the extent necessary to effect compliance with Rule 16b-3; provided, however, that if such provision
or action cannot be amended to effect such compliance, such provision or action shall be deemed null and void to the extent permitted
by law and deemed advisable by the Committee.

 

    28 

     

    

 

	18.4	Governing Law. The Plan and all agreements hereunder shall be construed in accordance with and governed by the laws of the
state of Delaware without giving effect to the principles of the conflict of laws to the contrary.

 

SUBJECT TO THE STOCKHOLDER APPROVAL REQUIREMENT NOTED BELOW, THIS
AMCON DISTRIBUTING COMPANY 2022 OMNIBUS INCENTIVE PLAN HEREBY IS ADOPTED BY THE BOARD OF DIRECTORS OF AMCON DISTRIBUTING COMPANY THIS
21st DAY OF OCTOBER, 2021.

 

THIS AMCON DISTRIBUTING COMPANY 2022 OMNIBUS INCENTIVE PLAN SHALL
BECOME EFFECTIVE ONLY IF APPROVED BY THE STOCKHOLDERS OF THE COMPANY IN ACCORDANCE WITH SECTION 1.4 ABOVE.

 

	 	AMCON DISTRIBUTING COMPANY

 

 

		By:	/s/ Andrew C. Plummer
	 		President

 

    29EX-10.1

 Exhibit 10.1 

THIS AMENDED AND RESTATED PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE
AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 AMENDED AND RESTATED PROMISSORY NOTE 

 

			
	 Principal Amount: Up to $300,000
	  	 Dated as of November 16, 2021

New York, New York

 Kensington Capital Acquisition Corp. IV, a Cayman Islands exempted company and blank check company (the
“Maker”), promises to pay to the order of Kensington Capital Sponsor IV LLC or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars
($300,000) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such
account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. This Note amended and restates in full the Promissory Note dated March 24, 2021 issued by the Marker to the order of the
Payee. 
 1.    Principal. The principal balance of this Note shall be payable by the Maker on the earlier of:
(i) June 30, 2022 or (ii) the date on which Maker consummates an initial public offering of its securities (such date under (i) or (ii), as may be extended as contemplated by the following proviso, the “Maturity
Date”); provided, however, that Payee may, at its option, convert this Note into a working capital loan (on mutatis mutandis the same terms as this Note without any further action on the part of Maker or Payee)
that will mature on consummation of the Maker’s initial business combination unless converted into working capital warrants, as will be described in the registration statement that Maker files in connection with the initial public offering of
its securities. The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or
liabilities of the Maker hereunder. 
 2.    Interest. No interest shall accrue on the unpaid principal balance of this Note.

 3.    Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for
costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) December, 2021 or (ii) the date on which Maker consummates an
initial public offering of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars
($10,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this
Note is Three Hundred Thousand Dollars ($300,000). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or
as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable
attorneys’ fees, and then to the reduction of the unpaid principal balance of this Note. 
 4.    Application of Payments.
All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and
finally to the reduction of the unpaid principal balance of this Note. 

 5.    Conversion. 

(a)    Optional Conversion. If this Note has been converted into a working capital loan pursuant to Section 1,
at the option of the Payee, at any time on or prior to the Maturity Date, any amounts outstanding under this Note (or any portion thereof), may be converted into whole warrants to purchase shares of Class A ordinary shares of the Maker at a
conversion price (the “Conversion Price”) per warrant (“Warrants”) equal to $0.75. If the Payee elects such conversion, the terms of such Warrants issued in connection with such conversion shall be identical to the
warrants issued to the Payee in a private placement (the “Private Placement Warrants”) in connection with the Maker’s initial public offering, including that each Warrant will entitle the holder thereof to purchase one share of
Class A ordinary shares at a price of $11.50 per share, subject to adjustment. Before this Note may be converted under this Section 5(a), the Payee shall surrender this Note, duly endorsed, at the office of the Maker and shall state
therein the amount of the unpaid principal of this Note to be converted and the name or names in which the certificates for Warrants are to be issued (or the book-entries to be made to reflect ownership of such Warrants with the Maker’s
transfer agent). The conversion shall be deemed to have been made immediately prior to the close of business on the date of the surrender of this Note and the person or persons entitled to receive the Warrants upon such conversion shall be treated
for all purposes as the record holder or holders of such Warrants as of such date. Each such newly-issued Warrant shall include a restricted legend that contemplates the same restrictions as the Private Placement Warrants. 

(b)    Remaining Principal. All accrued and unpaid principal of this Note that is not then converted into Warrants,
shall continue to remain outstanding and to be subject to the conditions of this Note. 
 (c)    Fractional Warrants;
Effect of Conversion. No fractional Warrants shall be issued upon conversion of this Note. In lieu of any fractional Warrants to the Payee upon conversion of this Note, the Maker shall pay to the Payee an amount equal to the product obtained by
multiplying the Conversion Price by the fraction of a Warrant not issued pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any amounts specified in this Section 5(c), this Note shall be cancelled and
void without further action of the Maker or the Payee, and the Maker shall be forever released from all its obligations and liabilities under this Note. 

6.    Events of Default. The following shall constitute an event of default (“Event of Default”): 

(a)    Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note
within five (5) business days of the Maturity Date. 
 (b)    Voluntary Bankruptcy, Etc. The commencement by
Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the
taking of corporate action by Maker in furtherance of any of the foregoing. 
 (c)    Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 60 consecutive days. 
 7.    Remedies. 

(a)    Upon the occurrence of an Event of Default specified in Section 6(a) hereof, Payee may, by written notice to
Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

  
 2 

 (b)    Upon the occurrence of an Event of Default specified in Sections
6(b) and 6(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

8.    Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice
of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee. 
 9.    Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and
agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

10.    Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing
and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently
provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as
may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent
by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

11.    Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF. 
 12.    Severability. Any provision contained in this Note which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 13.    Trust Waiver. Notwithstanding anything
herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds of the initial public
offering (the “IPO”) to be conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur prior to the closing of the
IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the trust account for any reason whatsoever. 
 14.    Amendment; Waiver. Any amendment
hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee. 

  
 3 

 15.    Assignment. No assignment or transfer of this Note or any rights or
obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

[Signature page follows] 

  
 4 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note
to be duly executed by the undersigned as of the day and year first above written. 
  

			
	 KENSINGTON CAPITAL ACQUISITION CORP. IV

		
	 By:
	  	 /s/ Daniel Huber

		  	Name: Daniel Huber
		  	Title: Chief Financial Officer

  
 5

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