Document:

Exhibit 10.1

 

UNITED
THERAPEUTICS CORPORATION

AMENDED AND RESTATED

2015 STOCK INCENTIVE PLAN

 

(effective June 27, 2022)

 

1.            Purpose

 

The purpose of the United Therapeutics Corporation
Amended and Restated 2015 Stock Incentive Plan (this “Plan”) is to advance the interests of United Therapeutics Corporation
(the “Company”) by stimulating the efforts of employees, officers, non-employee directors and other service providers,
in each case who are selected to be participants, by heightening the desire of such persons to continue working toward and contributing
to the success and progress of the Company. This Plan amends and restates, effective June 27, 2022 (the “Effective Date”),
the Amended and Restated United Therapeutics Corporation 2015 Stock Incentive Plan, which was approved by stockholders on June 25,
2021. The United Therapeutics Corporation 2015 Stock Incentive Plan was first approved by shareholders on June 26, 2015 (the “Original
Effective Date”), and superseded the Company’s Amended and Restated Equity Incentive Plan (as amended effective as of September 24,
2004) (the “Prior Plan”). This Plan provides for the grant of Incentive and Nonqualified Stock Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units and Stock Awards, any of which may be performance-based, and for Incentive Bonuses, which
may be paid in cash or stock or a combination thereof, as determined by the Administrator. No new awards were to be issued under the Prior
Plan following the Original Effective Date, but outstanding awards under the Prior Plan as of the Original Effective Date shall continue
to be governed by the Prior Plan. The Plan is hereby amended and restated effective as of the Effective Date to increase the number of
Shares issuable pursuant to Awards.

 

2.            Definitions

 

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

 

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

 

(b)            “Administrator”
means the Administrator of the Plan in accordance with Section 19.

 

(c)            “Affiliate”
means, with respect to any entity, any other corporation, organization, association, partnership, sole proprietorship or other type of
entity, whether incorporated or unincorporated, directly or indirectly controlling or controlled by or under direct or indirect common
control with such entity.

 

(d)            “Award”
means an Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Award
or Incentive Bonus granted to a Participant pursuant to the provisions of the Plan, any of which the Administrator may structure to qualify
in whole or in part as a Performance Award.

 

     

     

    

 

(e)            “Award
Agreement” means a written agreement or other instrument as may be approved from time to time by the Administrator implementing
the grant of each Award. An Agreement may be in the form of an agreement to be executed by both the Participant and the Company (or an
authorized representative of the Company) or certificates, notices or similar instruments as approved by the Administrator.

 

(f)            “Board”
means the board of directors of the Company.

 

(g)            “Cause”
has the meaning specified in the Participant’s employment agreement (if any) or otherwise means (1) any act of personal dishonesty
taken by the Participant in connection with their responsibilities as an employee or other service provider and intended to result in
substantial personal enrichment of the Participant; (2) the Participant’s conviction of a felony; (3) an act by the Participant
which constitutes willful or gross misconduct and which is demonstrably and materially injurious to the Company; or (4) continued
substantial willful violations by the Participant of the Participant’s duties after there has been delivered to the Participant
a written demand for performance from the Company which specifically sets forth the factual basis for the Company's belief that the Participant
has not substantially performed their duties.

 

(h)            “Change
in Control” means, and shall be deemed to have occurred:

 

(1)            if
any person or group (as used in Section 13(d) of the Act) (other than the Company, any trustee or other fiduciary holding securities
under an employee benefit plan of the Company, or any company owned, directly or indirectly, by the shareholders of the Company in substantially
the same proportions as their ownership of stock of the Company) becomes the “beneficial owner” (as defined in Rule 13d-3
under the Act) of securities of the Company representing more than 30% of (a) the Shares then outstanding or (b) the combined
voting power (other than in the election of directors) of all voting securities of the Company then outstanding; or

 

(2)            if,
during any period of 24 consecutive months, individuals who at the beginning of such period constituted the Board, and any director whose
election or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously
so approved (the “Incumbent Board”), cease for any reason (other than death or disability) to constitute at least a majority
thereof; or

 

(3)            upon
the consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or
any of its subsidiaries unless, following such event, (A) all or substantially all of the individuals and entities that were the
beneficial owners of the Company’s common stock or the combined voting power of all voting securities of the Company immediately
prior to such transaction beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or,
for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to
vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity
resulting from such transaction (including, without limitation, an entity that, as a result of such transaction, owns the Company either
directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such transaction
of the Company’s common stock or voting securities, as the case may be, (B) no person (excluding any corporation resulting
from such transaction or any employee benefit plan (or related trust) of the Company or such corporation resulting from such transaction)
beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of the corporation
resulting from such transaction or the combined voting power of the then-outstanding voting securities of such corporation, except to
the extent that such ownership existed prior to the transaction, and (C) at least a majority of the members of the board of directors
(or, for a non-corporate entity, equivalent governing body) of the entity resulting from such transaction were members of the Incumbent
Board at the time of the execution of the initial agreement or of the action of the Board providing for such transaction; or

 

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(4)            upon
the complete liquidation of the Company or the sale or disposition by the Company of all or substantially all of the Company’s assets,
other than a liquidation of the Company into a wholly-owned subsidiary.

 

(i)            “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and regulations issued thereunder.

 

(j)            “Company”
means United Therapeutics Corporation.

 

(k)            “Disability”
means, in the Company’s reasonable judgment, either (a) the Participant has been unable to perform the Participant’s
duties because of a physical or mental impairment for 80% or more of the normal working days during six consecutive calendar months or
50% or more of the normal working days during twelve consecutive calendar months, or (b) the Participant has become totally and permanently
incapable of performing the usual duties of their employment with the Company on account of a physical or mental impairment.

 

(l)            “Fair
Market Value” means, as of any date, the closing price of a Share on the principal exchange on which Shares are then trading, if
any (or as reported on any composite index which includes such principal exchange). If Shares are not traded as of a particular date,
the Fair Market Value of a Share as of such date shall be the closing price on the preceding trading date. If Shares not publicly traded
on an exchange and not quoted on Nasdaq or a successor quotation system, the Fair Market Value of a Share shall be established by the
Administrator in good faith.

 

(m)            “Incentive
Bonus” means a bonus opportunity awarded under Section 10 pursuant to which a Participant may become entitled to receive an
amount based on satisfaction of such performance criteria as are specified in the Award Agreement or otherwise.

 

(n)            “Incentive
Stock Option” means a stock option that is intended to qualify as an “incentive stock option” within the meaning of
Section 422 of the Code.

 

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(o)            “Nonemployee
Director” means each person who is, or is elected to be, a member of the Board and who is not an employee of the Company or any
Subsidiary.

 

(p)            “Nonqualified
Stock Option” means a stock option that is not intended to qualify as an “incentive stock option” within the meaning
of Section 422 of the Code.

 

(q)            “Option”
means an Incentive Stock Option and/or a Nonqualified Stock Option granted pursuant to Section 6 of the Plan.

 

(r)            “Participant”
means any individual described in Section 3 to whom Awards have been granted from time to time by the Administrator and any authorized
transferee of such individual.

 

(s)            “Person”
has the same meaning as set forth in Sections 13(d) and 14(d)(2) of the Act.

 

(t)            “Performance
Award” means an Award, the grant, issuance, retention, vesting or settlement of which is subject to satisfaction of one or more
Qualifying Performance Criteria established pursuant to Section 14.

 

(u)            “Plan”
means the 2015 United Therapeutics Corporation Stock Incentive Plan as set forth herein and as amended from time to time.

 

(v)            “Qualifying
Performance Criteria” has the meaning set forth in Section 14(b).

 

(w)            “Restricted
Stock” means Shares granted pursuant to Section 8 of the Plan.

 

(x)            “Restricted
Stock Unit” means an Award granted to a Participant pursuant to Section 8 pursuant to which Shares or cash in lieu thereof
may be issued in the future.

 

(y)            “Share”
means a share of the Company’s par value common stock, subject to adjustment as provided in Section 13.

 

(z)            “Stock
Appreciation Right” means a right granted pursuant to Section 7 of the Plan that entitles the Participant to receive, in cash
or Shares or a combination thereof, as determined by the Administrator, value equal to or otherwise based on the excess of (i) the
Fair Market Value of a specified number of Shares at the time of exercise over (ii) the exercise price of the right, as established
by the Administrator on the date of grant.

 

(aa)          “Stock
Award” means an award of Shares to a Participant pursuant to Section 9 of the Plan.

 

(bb)          “Subsidiary”
means any corporation (other than the Company), limited liability company or other form of entity in an unbroken chain of entities
beginning with the Company where each of the entities in the unbroken chain other than the last entity owns stock possessing at least
50 percent or more of the total combined voting power of all classes of stock in one of the other entities in the chain, and if specifically
determined by the Administrator in the context other than with respect to Incentive Stock Options, may include an entity in which the
Company has a significant ownership interest or that is directly or indirectly controlled by the Company.

 

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(cc)           “Substitute
Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards previously
granted, or the right or obligation to make future awards, by a company acquired by the Company or any Subsidiary or with which the Company
or any Subsidiary combines.

 

(dd)          “Termination
of Employment” means ceasing to serve as an employee of the Company and its Subsidiaries or, with respect to a Nonemployee Director
or other non-employee service provider, ceasing to serve as such for the Company, except that with respect to all or any Awards held by
a Participant (i) the Administrator may determine that a transition of employment to service with a partnership, joint venture or
corporation not meeting the requirements of a Subsidiary in which the Company or a Subsidiary is a party is not considered a Termination
of Employment, (ii) unless otherwise determined by the Administrator, service as a member of the Board or other service provider
shall not be deemed to constitute continued employment with respect to Awards granted to a Participant while they served as an employee,
(iii) service as an employee of the Company or a Subsidiary shall constitute continued employment with respect to Awards granted
to a Participant while they served as a member of the Board or other service provider, and (iv) the Administrator may determine that
an approved leave of absence or approved employment on a less than full-time basis is considered a Termination of Employment. The Administrator
shall determine whether any corporate transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant,
shall be deemed to result in a Termination of Employment with the Company and its Subsidiaries for purposes of any affected Participant’s
Awards, and the Administrator’s decision shall be final and binding.

 

3.            Eligibility

 

Any person who is a current or prospective officer
or employee of the Company or of any Subsidiary shall be eligible for selection by the Administrator for the grant of Awards hereunder.
In addition, Nonemployee Directors and any other service providers who have been retained to provide consulting, advisory or other services
to the Company or to any Subsidiary shall be eligible for the grant of Awards hereunder as determined by the Administrator. Options intended
to qualify as Incentive Stock Options may only be granted to employees of the Company or any Subsidiary, as selected by the Administrator.

 

4.            Effective
Date and Termination of Plan

 

The United Therapeutics Corporation 2015 Stock
Incentive Plan was originally adopted by the Board as of April 29, 2015 and approved by shareholders on the Original Effective Date.
This Plan hereby amends and restates the Plan as previously amended and restated effective as of June 25, 2021 as of the Effective
Date. All Awards granted under this Plan in excess of the aggregate limitation approved by shareholders at the 2021 annual meeting of
shareholders are subject to, and may not be exercised before, the approval of this Plan by the shareholders prior to the first anniversary
of the date the Board adopts the Plan, by the affirmative vote of the holders of a majority of the outstanding Shares of the Company present,
or represented by proxy, and entitled to vote, at a meeting of the Company’s shareholders or by written consent in accordance with
the laws of the State of Delaware; provided that if such approval by the shareholders of the Company is not forthcoming, all Awards previously
granted under this Plan in excess of the aggregate limitation approved by shareholders at the 2021 annual meeting of shareholders shall
be void. The Plan shall remain available for the grant of Awards until April 25, 2032. Notwithstanding the foregoing, the Plan may
be terminated at such earlier time as the Board may determine. Termination of the Plan will not affect the rights and obligations of the
Participants and the Company arising under Awards theretofore granted and then in effect.

 

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5.            Shares
Subject to the Plan and to Awards

 

(a)            Aggregate
Limits. The aggregate number of Shares issuable pursuant to all Awards shall not exceed 11,500,000; provided that (i) any Shares
granted under Options or Stock Appreciation Rights shall be counted against this limit on a one-for-one basis, and (ii) any Shares
granted prior to March 17, 2020, as Awards other than Options or Stock Appreciation Rights shall be counted against this limit as
2.14 Shares for every one (1) Share subject to such Award and (iii) any Shares granted on or after March 17, 2020, as Awards
other than Options or Stock Appreciation Rights shall be counted against this limit as 1.35 Shares for every one (1) Share subject
to such Award. The aggregate number of Shares available for grant under this Plan and the number of Shares subject to outstanding Awards
shall be subject to adjustment as provided in Section 13. The Shares issued pursuant to Awards granted under this Plan may be shares
that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market.

 

(b)            Issuance
of Shares. For purposes of Section 5(a), the aggregate number of Shares issued under this Plan at any time shall equal only the
number of Shares actually issued upon exercise or settlement of an Award. Notwithstanding the foregoing, Shares subject to an Award under
the Plan may not again be made available for issuance under the Plan if such Shares are: (i) Shares that were subject to a stock-settled
Stock Appreciation Right and were not issued upon the net settlement or net exercise of such Stock Appreciation Right, (ii) Shares
used to pay the exercise price of an Option, (iii) Shares delivered to or withheld by the Company to pay the withholding taxes related
to an Award, or (iv) Shares repurchased on the open market with the proceeds of an Option exercise. Shares subject to Awards that
have been canceled, expired, forfeited or otherwise not issued under an Award and Shares subject to Awards settled in cash shall not count
as Shares issued under this Plan. Any Shares that were subject to Options or Stock Appreciation Rights and that again become available
for Awards under the Plan pursuant to this Section shall be added as one (1) Share for every one (1) Share subject to such
Options or Stock Appreciation Rights. Any Shares that were subject to Awards other than Options or Stock Appreciation Rights that again
become available for Awards under the Plan pursuant to this Section shall (i) prior to March 17, 2020 be added as 2.14
Shares for every one (1) Share subject to such Awards and (ii) from and after March 17, 2020, be added as 1.35 Shares for
every one (1) Share subject to such Awards.

 

(c)            Individual
and Tax Code Limits. The aggregate number of Shares subject to Awards granted under this Plan during any calendar year to any one
Participant shall not exceed 1,000,000, which number shall be calculated and adjusted pursuant to Section 13, but which number shall
not count any tandem SARs (as defined in Section 7). The aggregate number of Shares that may be issued pursuant to the exercise of
Incentive Stock Options granted under this Plan shall not exceed 11,500,000, which number shall be calculated and adjusted pursuant to
Section 13 only to the extent that such calculation or adjustment will not affect the status of any option intended to qualify as
an Incentive Stock Option under Section 422 of the Code. The maximum cash amount payable pursuant to that portion of an Incentive
Bonus granted in any calendar year to any Participant under this Plan shall not exceed $5,000,000.

 

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(d)            Director
Awards.

 

(1)            The
aggregate dollar value of Awards (based on the aggregate accounting value on the date of grant) granted pursuant to this Plan during any
calendar year to any Nonemployee Director shall not exceed $400,000 for annual equity grants (plus, for the year an individual first becomes
a Nonemployee Director (x) an initial equity grant valued at $400,000, plus (y) a pro-rata portion of the $400,000 annual equity-based
award value based on the number of months remaining in the Board service year at the date of grant), payable in Options, Restricted Stock
Units, or a split evenly between Options and Restricted Stock Units, based on an election by the Nonemployee Director. Such dollar limits
shall be converted into a number of Awards as follows:

 

(A)            Options:
The number of Options shall be calculated by dividing the equity value (e.g., $400,000) by the fair value of each Option, calculated in
accordance with the Black-Scholes methodology utilized by the Company in calculating share-based compensation for financial reporting
purposes. Black-Scholes inputs shall be the same as those used in the Company’s most recent quarterly report on Form 10-Q or
Annual Report on Form 10-K, except that the Share price input shall be the average closing price of the Shares over a recent time
period prior to the date of grant.

 

(B)            Restricted
Stock Units: The number of Restricted Stock Units shall be calculated by dividing the equity value (e.g., $400,000) by the average
closing price of the Shares over a recent time period prior to the date of grant.

 

(C)            Rounding:
The resulting number of Options and/or Restricted Stock Units, calculated as above, shall be rounded to the nearest 10 Shares.

 

(2)            In
addition, the amount of cash compensation paid or payable by the Company to a Nonemployee Director with respect to any calendar year shall
not exceed $60,000 (with additional cash compensation of $35,000 for the lead independent director, $25,000 for each committee chair,
and $15,000 for each other committee membership), plus a pro-rated portion of the aggregate cash compensation for the roles in which the
Nonemployee Director serves for the year an individual first becomes a Nonemployee Director, to reflect the number of months then remaining
in the Board service year as of the date the individual becomes a Nonemployee Director. For the avoidance of doubt, cash compensation
shall be counted towards the limit specified in this subclause in the year earned (regardless of whether deferred), and any interest or
other earnings on such compensation shall not count towards the limit.

 

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(e)            Substitute
Awards. Substitute Awards shall not reduce the Shares authorized for issuance under the Plan or authorized for grant to a Participant
in any calendar year. Additionally, in the event that a company acquired by the Company or any Subsidiary, or with which the Company or
any Subsidiary combines, has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such
acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine
the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards
under the Plan and shall not reduce the Shares authorized for issuance under the Plan; provided that Awards using such available shares
shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition
or combination, and shall only be made to individuals who were employees, directors or other service providers of such acquired or combined
company before such acquisition or combination.

 

6.            Options

 

(a)            Option
Awards. Options may be granted at any time and from time to time prior to the termination of the Plan to Participants as determined
by the Administrator. No Participant shall have any rights as a shareholder with respect to any Shares subject to Options hereunder until
said Shares have been issued, including, for avoidance of doubt, no voting rights and no rights to receive dividends, distributions or
dividend equivalents in respect of an Option or any Shares subject to an Option until the Participant has become the holder of record
of such Shares. Each Option shall be evidenced by an Award Agreement. Options granted pursuant to the Plan need not be identical but each
Option must contain and be subject to the terms and conditions set forth below.

 

(b)            Price.
The Administrator will establish the exercise price per Share under each Option, which, in no event will be less than the Fair Market
Value of the Shares on the date of grant; provided, however, that the exercise price per Share with respect to an Option that is granted
in connection with a merger or other acquisition as a substitute or replacement award for options held by optionees of the acquired entity
may be less than 100% of the Fair Market Value of the Shares on the date such Option is granted if such exercise price is based on a formula
set forth in the terms of the options held by such optionees or in the terms of the agreement providing for such merger or other acquisition.
The exercise price of any Option may be paid in Shares, cash or a combination thereof, as determined by the Administrator, including an
irrevocable commitment by a broker to pay over such amount from a sale of the Shares issuable under an Option, the delivery of previously
owned Shares and withholding of Shares deliverable upon exercise, or in such other form as is acceptable to the Administrator.

 

(c)            Provisions
Applicable to Options. The date on which Options become exercisable shall be determined at the sole and absolute discretion of the
Administrator and set forth in an Award Agreement. However, in no event shall any Option vest before the first anniversary of the date
of grant; provided that, if so determined by the Administrator, an Option may fully or partially vest before such anniversary in the event
of the Participant’s death or disability or a Change in Control. Unless otherwise determined by the Administrator, an approved leave
of absence or employment on a less than full-time basis shall not result in an adjustment to the vesting period and/or exercisability
of an Option to reflect the effects of any period during which the Participant is on an approved leave of absence or is employed on a
less than full-time basis. In no event may any Option include a reload feature.

 

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(d)            Term
of Options and Termination of Employment. The Administrator shall establish the term of each Option, which in no case shall exceed
a period of ten (10) years from the date of grant. Unless an Option earlier expires upon the expiration date established pursuant
to the foregoing sentence, upon the Participant’s Termination of Employment, their rights to exercise an Option then held shall
be only as follows, unless the Administrator specifies otherwise:

 

(1)            General.
If a Participant’s Termination of Employment is for any reason other than the Participant’s death, Disability, or termination
for Cause, Options granted to the Participant may continue to be exercised in accordance with their terms for a period of ninety (90)
days after such Termination of Employment, but only to the extent the Participant was entitled to exercise the Options on the date of
such termination.

 

(2)            Death.
If a Participant dies either while an employee or officer of the Company or a Subsidiary or member of the Board, or after the Termination
of Employment other than for Cause but during the time when the Participant could have exercised an Option, the Options issued to such
Participant shall become fully vested and exercisable by the personal representative of such Participant or other successor to the interest
of the Participant for one year after the Participant’s death.

 

(3)            Disability.
If a Participant’s Termination of Employment is due to Disability, then all of the Participant’s Options shall immediately
fully vest, and the Options held by the Participant at the time of such Termination of Employment shall be exercisable by the Participant
or the personal representative of such Participant for one year following such Termination of Employment.

 

(4)            Termination
for Cause. If a Participant is terminated for Cause, the Participant shall have no further right to exercise any Options previously
granted. The Administrator or one or more officers designated by the Administrator shall determine whether a termination is for Cause.

 

(e)            Incentive
Stock Options. Notwithstanding anything to the contrary in this Section 6, in the case of the grant of an Option intending to
qualify as an Incentive Stock Option: (i) if the Participant owns stock possessing more than 10 percent of the combined voting power
of all classes of stock of the Company, the exercise price of such Option must be at least 110 percent of the Fair Market Value of the
Shares on the date of grant and the Option must expire within a period of not more than five (5) years from the date of grant, and
(ii) Termination of Employment will occur when the person to whom an Award was granted ceases to be an employee (as determined in
accordance with Section 3401(c) of the Code and the regulations promulgated thereunder) of the Company and its corporate
Subsidiaries. Notwithstanding anything in this Section 6 to the contrary, options designated as Incentive Stock Options shall not
be eligible for treatment under the Code as Incentive Stock Options (and will be deemed to be Nonqualified Stock Options) to the
extent that either (a) the aggregate Fair Market Value of Shares (determined as of the time of grant) with respect to which
such Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any corporate
Subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, or (b) such Options otherwise
remain exercisable but are not exercised within three (3) months of Termination of Employment (or such other period of time provided
in Section 422 of the Code).

 

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7.            Stock
Appreciation Rights

 

Stock Appreciation Rights may be granted to Participants
from time to time either in tandem with or as a component of other Awards granted under the Plan (“tandem SARs”) or not
in conjunction with other Awards (“freestanding SARs”) and may, but need not, relate to a specific Option granted under
Section 6. The provisions of Stock Appreciation Rights need not be the same with respect to each grant or each recipient. Any Stock
Appreciation Right granted in tandem with an Award may be granted at the same time such Award is granted or at any time thereafter before
exercise or expiration of such Award. All freestanding SARs shall be granted subject to the same terms and conditions applicable to Options
as set forth in Section 6 (including, without limitation, the vesting provisions of Section 6(c)) and all tandem SARs shall
have the same exercise price, vesting, exercisability, forfeiture and termination provisions as the Award to which they relate. Subject
to the provisions of Section 6 and the immediately preceding sentence, the Administrator may impose such other conditions or restrictions
on any Stock Appreciation Right as it shall deem appropriate. Participants shall have no voting rights and will have no rights to receive
dividends, distributions or dividend equivalents in respect of Stock Appreciation Rights or any Shares subject to Stock Appreciation Rights
until the Participant has become the holder of record of such Shares. Stock Appreciation Rights may be settled in Shares, cash or a combination
thereof, as determined by the Administrator and set forth in the applicable Award Agreement.

 

8.            Restricted
Stock and Restricted Stock Units

 

(a)            Restricted
Stock and Restricted Stock Unit Awards. Restricted Stock and Restricted Stock Units may be granted at any time and from time to time
prior to the termination of the Plan to Participants as determined by the Administrator. Restricted Stock is an award or issuance of Shares
the grant, issuance, retention, vesting and/or transferability of which is subject during specified periods of time to such conditions
(including continued employment or performance conditions) and terms as the Administrator deems appropriate. Restricted Stock Units
are Awards denominated in units of Shares under which the issuance of Shares is subject to such conditions (including continued employment
or performance conditions) and terms as the Administrator deems appropriate. Each grant of Restricted Stock and Restricted Stock
Units shall be evidenced by an Award Agreement. Unless determined otherwise by the Administrator, each Restricted Stock Unit will be equal
to one Share and will entitle a Participant to either the issuance of Shares or payment of an amount of cash determined with reference
to the value of Shares. To the extent determined by the Administrator, Restricted Stock and Restricted Stock Units may be satisfied or
settled in Shares, cash or a combination thereof. Restricted Stock and Restricted Stock Units granted pursuant to the Plan need not be
identical but each grant of Restricted Stock and Restricted Stock Units must contain and be subject to the terms and conditions set forth
below.

 

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(b)            Contents
of Agreement. Each Award Agreement shall contain provisions regarding (i) the number of Shares or Restricted Stock Units subject
to such Award or a formula for determining such number, (ii) the purchase price of the Shares, if any, and the means of payment,
(iii) the performance criteria, if any, and level of achievement versus these criteria that shall determine the number of Shares
or Restricted Stock Units granted, issued, retainable and/or vested, (iv) such terms and conditions on the grant, issuance, vesting
and/or forfeiture of the Shares or Restricted Stock Units as may be determined from time to time by the Administrator, (v) the term
of the performance period, if any, as to which performance will be measured for determining the number of such Shares or Restricted Stock
Units, and (vi) restrictions on the transferability of the Shares or Restricted Stock Units. Shares issued under a Restricted Stock
Award may be issued in the name of the Participant and held by the Participant or held by the Company, in each case as the Administrator
may provide.

 

(c)            Vesting
and Performance Criteria. The grant, issuance, retention, vesting and/or settlement of shares of Restricted Stock and Restricted Stock
Units will occur when and in such installments as the Administrator determines or under criteria the Administrator establishes, which
may include Qualifying Performance Criteria. However, in no event shall any shares of Restricted Stock or Restricted Stock Units vest
before the first anniversary of the date of grant; provided that, if so determined by the Administrator, shares of Restricted Stock and
Restricted Stock Units may fully or partially vest before such anniversary in the event of the Participant’s death or disability
or a Change in Control.

 

(d)            Termination
of Employment. Unless the Administrator provides otherwise:

 

(i)            General.
In the event of Termination of Employment for any reason other than death or Disability, any Restricted Stock or Restricted Stock Units
still subject in full or in part to restrictions at the date of such Termination of Employment shall automatically be forfeited and returned
to the Company.

 

(ii)            Death
or Disability. In the event a Participant’s Termination of Employment is because of death or Disability, the restrictions remaining
on any or all Shares remaining subject to a Restricted Stock or Restricted Stock Unit Award shall lapse.

 

(e)            Voting
Rights. Unless otherwise determined by the Administrator, Participants holding shares of Restricted Stock granted hereunder may exercise
full voting rights with respect to those shares during the period of restriction. Participants shall have no voting rights with respect
to Shares underlying Restricted Stock Units unless and until such Shares are reflected as issued and outstanding shares on the Company’s
stock ledger.

 

(f)            Dividends
and Distributions. Participants in whose name Restricted Stock is granted shall be entitled to receive all dividends and other distributions
paid with respect to those Shares, unless determined otherwise by the Administrator. The Administrator will determine whether any such
dividends or distributions will be automatically reinvested in additional shares of Restricted Stock and subject to the same restrictions
on transferability as the Restricted Stock with respect to which they were distributed or whether such dividends or distributions will
be paid in cash. Shares underlying Restricted Stock Units shall be entitled to dividends or dividend equivalents only to the extent provided
by the Administrator. Notwithstanding anything herein to the contrary, in no event shall dividends, distributions or dividend equivalents
be currently payable with respect to unvested or unearned Restricted Stock and Restricted Stock Unit awards.

 

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(g)            Payment
of Restricted Stock Units. In all events, unless payment with respect to a Restricted Stock Unit is deferred in a manner consistent
with Section 409A of the Code, the Shares and/or cash underlying such Restricted Stock Unit shall be paid to the Participant no later
than two and one-half months following the end of the year in which the Restricted Stock Unit is no longer subject to a substantial risk
of forfeiture.

 

(h)            Legending
of Restricted Stock. The Administrator may also require that certificates representing shares of Restricted Stock be retained and
held in escrow by a designated employee or agent of the Company or any Subsidiary until any restrictions applicable to shares of Restricted
Stock so retained have been satisfied or lapsed. Any certificates evidencing shares of Restricted Stock awarded pursuant to the Plan shall
bear the following legend:

 

The shares represented by this certificate were issued subject
to certain restrictions under the United Therapeutics Corporation 2015 Stock Incentive Plan (the “Plan”). This certificate
is held subject to the terms and conditions contained in a restricted stock agreement that includes a prohibition against the sale or
transfer of the stock represented by this certificate except in compliance with that agreement and that provides for forfeiture upon certain
events. Copies of the Plan and the restricted stock agreement are on file in the office of the Secretary of the Company.

 

9.            Stock
Awards

 

(a)            Grant.
Stock Awards may be granted at any time and from time to time prior to the termination of the Plan to Participants as determined by the
Administrator. Stock Awards shall be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be
determined by the Administrator. However, in no event shall any Stock Award vest before the first anniversary of the date of grant; provided
that, if so determined by the Administrator, a Stock Award may fully or partially vest before such anniversary in the event of the Participant’s
death or disability or a Change in Control.

 

(b)            Rights
as a Shareholder. A Participant shall have all voting, dividend, liquidation and other rights with respect to Shares issued to the
Participant as a Stock Award under this Section 9 upon the Participant becoming the holder of record of the Shares granted pursuant
to such Stock Award; provided, that the Administrator may impose such restrictions on the assignment or transfer of Shares awarded pursuant
to a Stock Award as it considers appropriate. Notwithstanding anything herein to the contrary, in no event shall dividends, distributions
or dividend equivalents be currently payable with respect to unvested or unearned Stock Awards.

 

10.            Incentive
Bonuses

 

(a)            General.
Each Incentive Bonus Award will confer upon the Participant the opportunity to earn a future payment tied to the level of achievement
with respect to one or more performance criteria established for a performance period of not less than one year.

 

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(b)            Incentive
Bonus Document. Unless otherwise determined by the Administrator, the terms of any Incentive Bonus will be set forth in an Award Agreement.
Each Award Agreement evidencing an Incentive Bonus shall contain provisions regarding (i) the target and maximum amount payable to
the Participant as an Incentive Bonus, (ii) the performance criteria and level of achievement versus these criteria that shall determine
the amount of such payment, (iii) the term of the performance period as to which performance shall be measured for determining the
amount of any payment, (iv) the timing of any payment earned by virtue of performance, (v) restrictions on the alienation or
transfer of the Incentive Bonus prior to actual payment, (vi) forfeiture provisions and (vii) such further terms and conditions,
in each case not inconsistent with this Plan as may be determined from time to time by the Administrator.

 

(c)            Performance
Criteria. The Administrator shall establish the performance criteria and level of achievement versus these criteria that shall determine
the target and maximum amount payable under an Incentive Bonus, which criteria may be based on financial performance and/or personal performance
evaluations.

 

(d)            Timing
and Form of Payment. The Administrator shall determine the timing of payment of any Incentive Bonus. Payment of the amount due
under an Incentive Bonus may be made in cash or in Shares, as determined by the Administrator. No Participant shall have any rights as
a shareholder with respect to any Shares payable in respect of an Incentive Bonus until said Shares have been issued, including, for avoidance
of doubt, no voting rights and no rights to receive dividends, distributions or dividend equivalents in respect of an Incentive Bonus
or any Shares subject to an Incentive Bonus until the Participant has become the holder of record of such Shares. The Administrator may
provide for or, subject to such terms and conditions as the Administrator may specify, may permit a Participant to elect for the payment
of any Incentive Bonus to be deferred to a specified date or event. In all events, unless payment of an Incentive Bonus is deferred in
a manner consistent with Section 409A of the Code, any Incentive Bonus shall be paid to the Participant no later than two and one-half
months following the end of the year in which the Incentive Bonus is no longer subject to a substantial risk of forfeiture.

 

(e)            Discretionary
Adjustments. Notwithstanding satisfaction of any performance goals, the amount paid under an Incentive Bonus on account of either
financial performance or personal performance evaluations may, to the extent specified in the Award Agreement or other document evidencing
the Award, be adjusted by the Administrator on the basis of such further considerations as the Administrator shall determine.

 

11.            Deferral
of Awards

 

The Administrator may, in an Award Agreement or
otherwise, provide for the deferred delivery of Shares upon settlement, vesting or other events with respect to Restricted Stock or Restricted
Stock Units, or in payment or satisfaction of an Incentive Bonus. Notwithstanding anything herein to the contrary, in no event will any
deferral of the delivery of Shares or any other payment with respect to any Award be allowed if the Administrator determines, in its sole
and absolute discretion, that the deferral would result in the imposition of the additional tax under Section 409A(a)(1)(B) of
the Code. No award shall provide for deferral of compensation that does not comply with Section 409A of the Code, unless the Board,
at the time of grant, specifically provides that the Award is not intended to comply with Section 409A of the Code. The Company shall
have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A
of the Code is not so exempt or compliant or for any action taken by the Board.

 

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12.            Conditions
and Restrictions Upon Securities Subject to Awards

 

The Administrator may provide that the Shares issued
upon exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject to such further
agreements, restrictions, conditions or limitations as the Administrator in its sole and absolute discretion may specify prior to the
exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including without limitation, conditions
on vesting or transferability, forfeiture or repurchase provisions and method of payment for the Shares issued upon exercise, vesting
or settlement of such Award (including the actual or constructive surrender of Shares already owned by the Participant) or payment
of taxes arising in connection with an Award. Without limiting the foregoing, such restrictions may address the timing and manner of any
resales by the Participant or other subsequent transfers by the Participant of any Shares issued under an Award, including without limitation
(i) restrictions under an insider trading policy or pursuant to applicable law, (ii) restrictions designed to delay and/or coordinate
the timing and manner of sales by Participant and holders of other Company equity compensation arrangements, (iii) restrictions as
to the use of a specified brokerage firm for such resales or other transfers and (iv) provisions requiring Shares to be sold on the
open market or to the Company in order to satisfy tax withholding or other obligations.

 

13.            Adjustment
of and Changes in the Stock

 

(a)            General.
The number and kind of Shares available for issuance under this Plan (including under any Awards then outstanding), and the number and
kind of Shares subject to the limits set forth in Section 5 of this Plan, shall be equitably adjusted by the Administrator to reflect
any reorganization, reclassification, combination of shares, stock split, reverse stock split, spin-off, dividend or distribution of securities,
property or cash (other than regular, quarterly cash dividends), or any other event or transaction that affects the number or kind of
Shares outstanding. Such adjustment shall be designed to comply with Sections 409A and 424 of the Code as applicable, or, except as otherwise
expressly provided in Section 5(c) of this Plan, may be designed to treat the Shares available under the Plan and subject to
Awards as if they were all outstanding on the record date for such event or transaction or to increase the number of such Shares to reflect
a deemed reinvestment in Shares of the amount distributed to the Company’s securityholders. The terms of any outstanding Award shall
also be equitably adjusted by the Administrator as to price, number or kind of Shares subject to such Award, vesting, and other terms
to reflect the foregoing events, which adjustments need not be uniform as between different Awards or different types of Awards.

 

In the event there shall be any other change in
the number or kind of outstanding Shares, or any stock or other securities into which such Shares shall have been changed, or for which
it shall have been exchanged, by reason of a change of control, other merger, consolidation or otherwise, then the Administrator shall
determine the appropriate and equitable adjustment to be effected.

 

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No right to purchase fractional shares shall result
from any adjustment in Awards pursuant to this Section 13. In case of any such adjustment, the Shares subject to the Award shall
be rounded up to the nearest whole share for Awards other than Options and Stock Appreciation Rights, and shall be rounded down to the
nearest whole Share with respect to Options and Stock Appreciation Rights. The Company shall notify Participants holding Awards subject
to any adjustments pursuant to this Section 13 of such adjustment, but (whether or not notice is given) such adjustment shall be
effective and binding for all purposes of the Plan.

 

(b)            Change
in Control. The Administrator may determine the effect of a Change in Control on outstanding Awards in a manner that, in the Administrator’s
discretion, is fair and equitable to Participants. Such effects, which need not be the same for every Participant, may include, without
limitation: (x) the substitution for the Shares subject to any outstanding Award, or portion thereof, of stock or other securities
of the surviving corporation or any successor corporation to the Company, or a parent or subsidiary thereof, in which event the aggregate
purchase or exercise price, if any, of such Award, or portion thereof, shall remain the same, and/or (y) the conversion of any outstanding
Award, or portion thereof, into a right to receive cash or other property upon or following the consummation of the Change in Control
in an amount equal to the value of the consideration to be received by holders of Shares in connection with such transaction for one Share,
less the per share purchase or exercise price of such Award, if any, multiplied by the number of Shares subject to such Award, or a portion
thereof.

 

14.            Qualifying
Performance-Based Compensation

 

(a)            General.
The Administrator may establish performance criteria and level of achievement versus such criteria that shall determine the number of
Shares to be granted, retained, vested, issued or issuable under or in settlement of or the amount payable pursuant to an Award, which
criteria may be based on Qualifying Performance Criteria or other standards of financial performance and/or personal performance evaluations.

 

(b)            Qualifying
Performance Criteria. For purposes of this Plan, the term “Qualifying Performance Criteria” shall mean any one or more
of the following performance criteria, or derivations of such performance criteria, either individually, alternatively or in any combination,
applied to either the Company as a whole or to a business unit or Subsidiary, either individually, alternatively or in any combination,
and measured either annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to
previous years’ results or to a designated comparison group, in each case as specified by the Administrator: (i) net earnings
or earnings per share (including earnings before interest, taxes, depreciation, license fees, share-based compensation, and/or amortization,
or other non-GAAP profitability measures), (ii) income, net income or operating income, (iii) revenues, (iv) net sales,
(v) return on sales, (vi) return on equity, (vii) return on capital (including return on total capital or return on invested
capital), (viii) return on assets or net assets, (ix) economic value added measurements, (x) return on invested capital,
(xi) return on operating revenue, (xii) cash flow (before or after dividends), (xiii) stock price, (xiv) total shareholder
return, (xv) market capitalization, (xvi) economic value added, (xvii) debt leverage (debt to capital), (xviii) operating
profit or net operating profit, (xix) operating margin or profit margin, (xx) cash from operations, (xxi) market share,
(xxii) product development or release schedules, (xxiii) new product innovation, (xxiv) cost reductions, (xxv) customer
service, or (xxvi) customer satisfaction. The Administrator (A) shall appropriately adjust any evaluation of performance under
a Qualifying Performance Criterion to eliminate the effects of charges for restructurings, discontinued operations, extraordinary items
and all items of gain, loss or expense determined to be extraordinary or unusual in nature or related to the disposal of a segment of
a business or related to a change in accounting principle all as determined in accordance with applicable accounting provisions, as well
as the cumulative effect of accounting changes, in each case as determined in accordance with generally accepted accounting principles
or identified in the Company’s financial statements or notes to the financial statements, and (B) may appropriately adjust
any evaluation of performance under a Qualifying Performance Criterion to exclude any of the following events that occurs during a performance
period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax law
or other such laws or provisions affecting reported results, and (iv) accruals of any amounts for payment under this Plan or any
other compensation arrangement maintained by the Company.

 

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15.            Transferability

 

Unless the Administrator determines otherwise,
each Award may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by a Participant other than by will
or the laws of descent and distribution, and each Option or Stock Appreciation Right shall be exercisable only by the Participant during
their lifetime. To the extent permitted by the Administrator, the person to whom an Award is initially granted (the “Grantee”) may
transfer an Award to any “family member” of the Grantee (as such term is defined in Section 1(a)(5) of the General
Instructions to Form S-8 under the Securities Act of 1933, as amended (“Form S-8”)), to trusts solely for the benefit
of such family members and to partnerships in which such family members and/or trusts are the only partners; provided that, (i) as
a condition thereof, the transferor and the transferee must execute a written agreement containing such terms as specified by the Administrator,
and (ii) the transfer is pursuant to a gift or a domestic relations order to the extent permitted under the General Instructions
to Form S-8. Except to the extent specified otherwise in the agreement the Administrator provides for the Grantee and transferee
to execute, all vesting, exercisability and forfeiture provisions that are conditioned on the Grantee’s continued employment or
service shall continue to be determined with reference to the Grantee’s employment or service (and not to the status of the transferee) after
any transfer of an Award pursuant to this Section 15, and the responsibility to pay any taxes in connection with an Award shall remain
with the Grantee notwithstanding any transfer other than by will or intestate succession.

 

16.            Suspension
or Termination of Awards

 

Except as otherwise provided by the Administrator,
if at any time (including after a notice of exercise has been delivered or an award has vested) the Company’s chief executive
officer or any other person designated by the Administrator (each such person, an “Authorized Officer”) reasonably believes
that a Participant may have committed an Act of Misconduct as described in this Section 16, the Authorized Officer, Administrator
or the Board may suspend the Participant’s rights to exercise any Option, to vest in an Award, and/or to receive payment for or
receive Shares in settlement of an Award pending a determination of whether an Act of Misconduct has been committed.

 

    16

     

    

 

If the Administrator or an Authorized Officer determines
a Participant has committed an act of embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Company or any Subsidiary,
breach of fiduciary duty, violation of Company ethics policy or code of conduct, or deliberate disregard of the Company or Subsidiary
rules resulting in loss, damage or injury to the Company or any Subsidiary, or if a Participant makes an unauthorized disclosure
of any Company or Subsidiary trade secret or confidential information, solicits any employee or service provider to leave the employ or
cease providing services to the Company or any Subsidiary, breaches any intellectual property or assignment of inventions covenant, engages
in any conduct constituting unfair competition, breaches any non-competition agreement, induces any Company or Subsidiary customer to
breach a contract with the Company or any Subsidiary or to cease doing business with the Company or any Subsidiary, or induces any principal
for whom the Company or any Subsidiary acts as agent to terminate such agency relationship (any of the foregoing acts, an “Act of
Misconduct”), then except as otherwise provided by the Administrator, (i) neither the Participant nor their estate nor transferee
shall be entitled to exercise any Option or Stock Appreciation Right whatsoever, vest in or have the restrictions on an Award lapse, or
otherwise receive payment of an Award, (ii) the Participant will forfeit all outstanding Awards and (iii) the Participant may
be required, at the Administrator’s sole and absolute discretion, to return and/or repay to the Company any then unvested Shares
previously issued under the Plan. In making such determination, the Administrator or an Authorized Officer shall give the Participant
an opportunity to appear and present evidence on their behalf at a hearing before the Administrator or its designee or an opportunity
to submit written comments, documents, information and arguments to be considered by the Administrator.

 

17.            Compliance
with Laws and Regulations

 

This Plan, the grant, issuance, vesting, exercise
and settlement of Awards thereunder, and the obligation of the Company to sell, issue or deliver Shares under such Awards, shall be subject
to all applicable foreign, federal, state and local laws, rules and regulations, stock exchange rules and regulations, and to
such approvals by any governmental or regulatory agency as may be required. The Company shall not be required to register in a Participant’s
name or deliver any Shares prior to the completion of any registration or qualification of such shares under any foreign, federal, state
or local law or any ruling or regulation of any government body which the Administrator shall determine to be necessary or advisable.
To the extent the Company is unable to or the Administrator deems it infeasible to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, the
Company and its Subsidiaries shall be relieved of any liability with respect to the failure to issue or sell such Shares as to which such
requisite authority shall not have been obtained. No Option shall be exercisable and no Shares shall be issued and/or transferable under
any other Award unless a registration statement with respect to the Shares underlying such Option is effective and current or the Company
has determined that such registration is unnecessary.

 

In the event an Award is granted to or held by
a Participant who is employed or providing services outside the United States, the Administrator may, in its sole and absolute discretion,
modify the provisions of the Plan or of such Award as they pertain to such individual to comply with applicable foreign law or to recognize
differences in local law, currency or tax policy. The Administrator may also impose conditions on the grant, issuance, exercise, vesting,
settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s obligations with respect
to tax equalization for Participants employed outside their home country.

 

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18.            Withholding

 

To the extent required by applicable federal, state,
local or foreign law, a Participant shall be required to satisfy, in a manner satisfactory to the Company, any withholding tax obligations
that arise by reason of an Option exercise, disposition of Shares issued under an Incentive Stock Option, the vesting of or settlement
of an Award, an election pursuant to Section 83(b) of the Code or otherwise with respect to an Award. To the extent a Participant
makes an election under Section 83(b) of the Code, within ten days of filing such election with the Internal Revenue Service,
the Participant must notify the Company in writing of such election. The Company and its Subsidiaries shall not be required to issue Shares,
make any payment or to recognize the transfer or disposition of Shares until all such obligations are satisfied. The Administrator may
provide for or permit these obligations to be satisfied through the mandatory or elective sale of Shares and/or by having the Company
withhold a portion of the Shares that otherwise would be issued to him or her upon exercise of the Option or the vesting or settlement
of an Award, or by tendering Shares previously acquired.

 

19.            Administration
of the Plan

 

(a)            Administrator
of the Plan. The Plan shall be administered by the Administrator who shall be the Compensation Committee of the Board or, in the absence
of a Compensation Committee, the Board itself. Any power of the Administrator may also be exercised by the Board, except to the extent
that the grant or exercise of such authority would cause any Award or transaction to become subject to (or lose an exemption under) the
short-swing profit recovery provisions of Section 16 of the Act. To the extent that any permitted action taken by the Board conflicts
with action taken by the Administrator, the Board action shall control. The Compensation Committee may by resolution authorize one or
more officers of the Company to perform any or all things that the Administrator is authorized and empowered to do or perform under the
Plan, and for all purposes under this Plan, such officer or officers shall be treated as the Administrator; provided, however, that no
such officer shall designate himself or herself as a recipient of any Awards granted under authority delegated to such officer. The Compensation
Committee may delegate any or all aspects of the day-to-day administration of the Plan to one or more officers or employees of the Company
or any Subsidiary, and/or to one or more agents.

 

(b)            Powers
of Administrator. Subject to the express provisions of this Plan, the Administrator shall be authorized and empowered to do all things
that it determines to be necessary or appropriate in connection with the administration of this Plan, including, without limitation: (i) to
prescribe, amend and rescind rules and regulations relating to this Plan and to define terms not otherwise defined herein; (ii) to
determine which persons are Participants, to which of such Participants, if any, Awards shall be granted hereunder and the timing of any
such Awards; (iii) to grant Awards to Participants and determine the terms and conditions thereof, including the number of Shares
subject to Awards and the exercise or purchase price of such Shares and the circumstances under which Awards become exercisable or vested
or are forfeited or expire, which terms may but need not be conditioned upon the passage of time, continued employment, the satisfaction
of performance criteria, the occurrence of certain events (including a Change in Control), or other factors; (iv) to establish and
verify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, exercisability, vesting
and/or ability to retain any Award; (v) to prescribe and amend the terms of the agreements or other documents evidencing Awards made
under this Plan (which need not be identical) and the terms of or form of any document or notice required to be delivered to the
Company by Participants under this Plan; (vi) to determine the extent to which adjustments are required pursuant to Section 13;
(vii) to interpret and construe this Plan, any rules and regulations under this Plan and the terms and conditions of any Award
granted hereunder, and to make exceptions to any such provisions in if the Administrator, in good faith, determines that it is necessary
to do so in light of extraordinary circumstances and for the benefit of the Company (provided that nothing in this Section 19(b) permits
the Administrator to provide that any Award may vest before the first anniversary of the date of grant other than in connection with the
Participant’s death or disability or a Change in Control); (viii) to approve corrections in the documentation or administration
of any Award; and (ix) to make all other determinations deemed necessary or advisable for the administration of this Plan. The Administrator
may, in its sole and absolute discretion, without amendment to the Plan, waive or amend the operation of Plan provisions respecting exercise
after termination of employment or service to the Company or an Affiliate and, except as otherwise provided herein, adjust any of the
terms of any Award (subject to the proviso in item (vii) of the immediately preceding sentence). Except in connection with a corporate
transaction involving the Company (including, without limitation, any stock dividend, distribution (whether in the form of cash, Shares,
other securities or other property), stock split, extraordinary cash dividend, recapitalization, Change in Control, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities, or similar transaction(s)), the
Company may not, without obtaining shareholder approval: (w) amend the terms of outstanding Options or Stock Appreciation Rights
to reduce the exercise price of such outstanding Options or Stock Appreciation Rights; (x) cancel outstanding Options or Stock Appreciation
Rights in exchange for Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original
Options or Stock Appreciation Rights; (y) cancel outstanding Options or Stock Appreciation Rights with an exercise price above the
current stock price in exchange for cash or other securities; or (z) otherwise amend, exchange or reprice Options or Stock Appreciation
Rights.

 

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(c)            Determinations
by the Administrator. All decisions, determinations and interpretations by the Administrator regarding the Plan, any rules and
regulations under the Plan and the terms and conditions of or operation of any Award granted hereunder, shall be final and binding on
all Participants, beneficiaries, heirs, assigns or other persons holding or claiming rights under the Plan or any Award. The Administrator
shall consider such factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations
including, without limitation, the recommendations or advice of any officer or other employee of the Company and such attorneys, consultants
and accountants as it may select.

 

(d)            Subsidiary
Awards. In the case of a grant of an Award to any Participant employed by a Subsidiary, such grant may, if the Administrator so directs,
be implemented by the Company issuing any subject Shares to the Subsidiary, for such lawful consideration as the Administrator may determine,
upon the condition or understanding that the Subsidiary will transfer the Shares to the Participant in accordance with the terms of the
Award specified by the Administrator pursuant to the provisions of the Plan. Notwithstanding any other provision hereof, such Award may
be issued by and in the name of the Subsidiary and shall be deemed granted on such date as the Administrator shall determine.

 

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(e)            Indemnification
of Administrator. Neither any member nor former member of the Administrator nor any individual to whom authority is or has been delegated
shall be personally responsible or liable for any act or omission in connection with the performance of powers or duties or the exercise
of discretion or judgment in the administration and implementation of the Plan. Each person who is or shall have been a member of the
Administrator shall be indemnified and held harmless by the Company from and against any cost, liability or expense imposed or incurred
in connection with such person’s or the Administrator’s taking or failing to take any action under the Plan. Each such person
shall be justified in relying on information furnished in connection with the Plan’s administration by any employee, officer, agent
or expert employed or retained by the Administrator or the Company.

 

20.            Amendment
of the Plan or Awards

 

The Board may amend, alter or discontinue this
Plan and the Administrator may amend or alter any agreement or other document evidencing an Award made under this Plan but, except as
provided pursuant to the provisions of Section 13, no such amendment shall, without the approval of the shareholders of the Company:

 

(a)            increase
the maximum number of Shares for which Awards may be granted under this Plan;

 

(b)            reduce
the price at which Options or Stock Appreciation Rights may be granted below the price provided for in Section 6(a);

 

(c)            amend
the last sentence of Section 19(b) (relating to direct and indirect repricings of outstanding Options and Stock Appreciation
Rights);

 

(d)            amend
the proviso in Section 19(b)(vii);

 

(e)            extend
the term of this Plan;

 

(f)            change
the class of persons eligible to be Participants;

 

(g)            otherwise
amend the Plan in any manner requiring shareholder approval by law or under Nasdaq Global Select Market listing requirements (or the listing
requirements of any successor exchange or market that is the primary stock exchange or market for trading of Shares); or

 

(h)            increase
the individual maximum limits in Sections 5(c) and (d).

 

No amendment or alteration to the Plan or an Award
or Award Agreement shall be made which would impair the rights of the holder of an Award, without such holder’s consent, provided
that no such consent shall be required if the Administrator determines in its sole and absolute discretion and prior to the date of any
Change in Control that such amendment or alteration either is required or advisable in order for the Company, the Plan or the Award to
satisfy any law or regulation or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard.
In addition, the Plan may not be amended in any way that causes the Plan to fail to comply with or be exempt from Section 409A of
the Code, unless the Board expressly determines to amend the Plan to be subject to Section 409A of the Code.

 

    20

     

    

 

21.            No
Liability of Company

 

The Company and any Subsidiary or Affiliate which
is in existence or hereafter comes into existence shall not be liable to a Participant or any other person as to: (a) the non-issuance
or sale of Shares as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed
by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder; and (b) any tax consequence
expected, but not realized, by any Participant or other person due to the receipt, exercise or settlement of any Award granted hereunder.

 

22.            Non-Exclusivity
of Plan

 

Neither the adoption of this Plan by the Board
nor the submission of this Plan to the shareholders of the Company for approval shall be construed as creating any limitations on the
power of the Board or the Administrator to adopt such other incentive arrangements as either may deem desirable, including without limitation,
the granting of restricted stock or stock options otherwise than under this Plan, and such arrangements may be either generally applicable
or applicable only in specific cases.

 

23.            Governing
Law

 

This Plan and any agreements or other documents
hereunder shall be interpreted and construed in accordance with the laws of the Delaware and applicable federal law. Any reference in
this Plan or in the agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall be deemed
to include any successor law, rule or regulation of similar effect or applicability.

 

24.            No
Right to Employment, Reelection or Continued Service

 

Nothing in this Plan or an Award Agreement shall
interfere with or limit in any way the right of the Company, its Subsidiaries and/or its Affiliates to terminate any Participant’s
employment, service on the Board or service for the Company at any time or for any reason not prohibited by law, nor shall this Plan or
an Award itself confer upon any Participant any right to continue their employment or service for any specified period of time. Neither
an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company, any Subsidiary and/or its
Affiliates. Subject to Sections 4 and 20, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive
discretion of the Board without giving rise to any liability on the part of the Company, its Subsidiaries and/or its Affiliates.

 

    21

     

    

 

25.            Unfunded
Plan

 

The Plan is intended to be an unfunded plan. Participants
are and shall at all times be general creditors of the Company with respect to their Awards. If the Administrator or the Company chooses
to set aside funds in a trust or otherwise for the payment of Awards under the Plan, such funds shall at all times be subject to the claims
of the creditors of the Company in the event of its bankruptcy or insolvency.

 

    22EXHIBIT 10.2

  

  

  

  

    FORM OF

    

    

    RESTRICTED STOCK AWARD AGREEMENT

    

    

    Granted by

    

    

    MARATHON BANCORP, INC.

    

    

    under the

    

    

    MARATHON BANCORP, INC.

    2022 EQUITY INCENTIVE PLAN

    

    

    This restricted stock agreement (“Restricted Stock Award” or “Agreement”) is and will be subject in
      every respect to the provisions of the 2022 Equity Incentive Plan (the “Plan”) of Marathon Bancorp, Inc. (the “Company”) which are incorporated herein by reference and
      made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan and related prospectus have been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this Restricted
      Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the
      Plan and this Agreement by the committee appointed to administer the Plan (the “Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant’s heirs,
      legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the
      Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

     

    

    
      	
              1.

            	
              Name of Participant: _____________________________

                

            

    

    

       

        

    
      	
              2.

            	
              Date of Grant: _____________________________

                

            

      

       

        

    

        

    
      	
              3.

            	
              Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award:_______________

               

              

            

    

    
      	
              4.

            	
              Vesting Schedule.  Except as otherwise provided in the Plan and this Agreement, this Restricted Stock Award
                first becomes earned in accordance with the vesting schedule specified herein.

            

    

     

    

    The Restricted Stock granted under this Agreement shall vest in [number (#)] equal annual installments, with the first installment vesting on the first anniversary of the date of
      grant, or [date], and succeeding installments on each anniversary thereafter, through [date], subject to accelerated vesting under Sections 8 and 10 of this Agreement. 
      To the extent the Restricted Stock awarded are not equally divisible by the number of vesting periods, any excess Restricted Stock shall vest on [date].

    
      
        

    

    
    

    

    Vesting will automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan (in the event of death, Disability or Involuntary Termination at or following a Change in
      Control).

     

    
    	5.	
            Grant of Restricted Stock Award.

          

    

    

    The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either registered in the name of the Participant and held by the Company,
      together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered to, the Participant.  Notwithstanding the foregoing, the Company
      may, in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.

     

    

    If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the transferability of the Restricted Stock.  The Restricted Stock awarded
      to the Participant will not be sold, encumbered, hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

     

    

    	6.	
            Terms and Conditions.

             

            

          

    	

          	6.1	
            The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters that require shareholder vote.

             

            

          

    	

          	6.2	
            Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be retained and distributed to the Participant within thirty (30) days after the Restricted
              Stock vests.  If the Restricted Stock does not vest, the Participant will forfeit the dividends.  Any stock dividends declared and paid with respect to shares of Stock subject to this Restricted Stock Award will be issued to the same
              restrictions and the same vesting schedule as the underlying share of Restricted Stock on which the dividend was declared.

          

     

    

    
      	7.	
              Delivery of Shares.

            

    

     

    

    Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable
      requirements of any securities exchange or similar entity.

    

    

    
      	8.	
              Change in Control.

            

    

    

    

    	

          	8.1	
            In the event of the Participant’s Involuntary Termination on or following a Change in Control, all shares of Restricted Stock under this Agreement held by the Participant will become fully vested.

          

    

    

    	

          	8.2	
            A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

          

    

    

    
      2

      
        

    

    
      	9.	
              Adjustment Provisions.

            

    

     

      

    This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events
      specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

     

    

    
      	10.	
              Effect of Termination of Service on Restricted Stock Award.

            

    

    

      

    10.1 This
        Restricted Stock Award will vest as follows upon a Termination of Service:

     

      

    
      	
              (i)

            	
              Death.  In the event of the Participant’s Termination of Service by reason of the Participant’s death, any unvested shares of Restricted Stock subject
                to this Agreement will vest.

               

              

            

    

    
      	
              (ii)

            	
              Disability.  In the event of the Participant’s Termination of Service by reason of Disability, any unvested shares of
                  Restricted Stock subject to this Agreement will vest.

               

              

            

    

    
      	
              (iii)

            	
              Termination for Cause.  In the event of the Participant’s Termination of Service for Cause, all shares of
                Restricted Stock subject to this Agreement that have not vested will expire and be forfeited.

               

              

            

    

    
      	
              (iv)

            	
              Other Termination.  In the event of the Participant’s Termination of Service for any reason other than due to
                death, Disability, Cause or an Involuntary Termination on or following a Change in Control, all shares of Restricted Stock subject to this Agreement that have not vested as of the date of the Termination of Service will expire and be
                forfeited.

            

    

    

      	11.	
              Miscellaneous.

            

    

    

      

    	

          	11.1	
            This Restricted Stock Award will not confer upon the Participant any rights as a stockholder of the Company, other than those provided herein, prior to the date on which the individual fulfills all conditions for
              receipt of such rights.

             

            

          

    	

          	11.2	
            This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

             

            

          

    	

          	11.3	
            The shares of Restricted Stock subject to this Agreement are not transferable prior to the time the shares vest.

             

            

          

    	

          	11.4	
            This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of Wisconsin.

          

    
      3

      
        

    

    

    

    	

          	11.5	
            This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be
              obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

             

            

          

    	

          	11.6	
            This Restricted Stock Award is subject to any required federal, state and local tax withholding that may be effected in the manner determined by the Company.

             

            

          

    	

          	11.7	
            Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate the Participant’s employment or service at any time, nor confer upon the Participant any
              right to continue in the employ or service of the Company or any Affiliate.

             

            

          

    	

          	11.7	
            This Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan.

          

    

    

    [Signature page follows]

    

    

    
      4

      
        

    

    IN WITNESS WHEREOF, the Company has caused this document to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award set
      forth above.

    MARATHON BANCORP, INC.

    By:
        _________________________

    Its:
        _________________________

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the
      Plan.  The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

    

    

    PARTICIPANT

    

    

     ____________________________

    

  

  5

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