Document:

EX-10.2

 Exhibit 10.2 
  

					
	

	  		  	 SunCoke Energy, Inc.
 1011 Warrenville
Road
 Suite 600
 Lisle, IL 60532

 November 6, 2017 

Mr. Michael G. Rippey 
 1011 Warrenville Road 

Suite 600 
 Lisle, IL 60532 

Re: Offer to join SunCoke Energy, Inc. 

Dear Mike, 
 Contained herein are the specifics
of our offer for you to join SunCoke Energy, Inc. (the “Company”) as its Chief Executive Officer and President and to be elected to its Board of Directors effective December 1, 2017. The terms and conditions of this
offer are subject to approval by the Company’s Compensation Committee and Board of Directors. Upon joining the Company, you also will be appointed as Chairman, Chief Executive Officer and President of SunCoke Energy Partners GP LLC, the general
partner of SunCoke Energy Partners, L.P. (the “Partnership”), the Company’s publicly traded master limited partnership subsidiary. The executive officers of the Partnership’s general partner receive no compensation
from the Partnership or its general partner, but are instead compensated directly by the Company. The Partnership maintains no policies or programs relating to compensation of the executive officers of its general partner. 

This offer is contingent upon your successful completion of a background check, physical examination and substance screening. Your examination
and screening will be coordinated by the Company’s Human Resources Department. Your work location will be the Company’s corporate headquarters in Lisle, Illinois. 
  

	1.	Cash Compensation 

 Your annual rate of pay, i.e., your base salary, will
be $750,000 and your target bonus under the Company’s Annual Incentive Plan (“AIP”) will be 100% of your annual base salary or $750,000 for a total annualized targeted cash compensation of $1,500,000. Your compensation,
including base salary and target bonus, will be reviewed and adjusted by the Compensation Committee periodically. Payroll is processed on a bi-weekly basis, with 26 pay periods per year. 

 Mr. Michael G. Rippey 

November 6, 2017 
  Page
 2
 
  

 The actual annual bonus earned can range from 0% to 200% of the targeted amount, depending
upon how well the Company performs. Annual bonus awards also may be adjusted for individual performance from 0% to 150% of the calculated award. Payments of bonus awards, if any, are normally made in March of the following year, and you must be
actively employed on the bonus payment date to receive a bonus payment. Employees hired in the fourth quarter are not eligible for an AIP award for the year hired. The performance metrics for the 2017 AIP include Adjusted EBITDA, pre-tax Return on Invested Capital, Operating Cash Flow and Environmental and Safety Performance. These performance metrics were established by the Compensation Committee for the 2017 plan year, and are subject to
change in future years at the discretion of the Committee. The 2018 AIP metrics and targets will be determined at the December 6, 2017 Compensation Committee meeting; we do not anticipate any changes to the metrics at this time. 

The AIP works in conjunction with the Company’s Senior Executive Incentive Plan (“SEIP”), which acts as an
overlay to the AIP and sets a performance-based ceiling on the bonuses paid under the AIP, so that such bonuses meet the deductibility requirements of Section 162(m) of the Internal Revenue Code. With Adjusted EBITDA as the performance metric,
the Compensation Committee has established a bonus pool under the SEIP equal to 5% of Adjusted EBITDA, with each participant, including the Chief Executive Officer, being allocated a maximum allowable percent of the funded pool. Once the pool is
funded, the Committee utilizes the criteria in the AIP to determine the final payout. To the extent that an SEIP participant is awarded a bonus amount above the calculated bonus under the AIP, the incremental amount is paid under the SEIP. 

 

	2.	Equity Compensation 

 All long-term equity incentive awards granted to our
executive officers are made under the Company’s Long-Term Performance Enhancement Plan (“LTPEP”), and you will receive a separate award document related to equity awards at the grant date. 

Upon approval at the December 6, 2017 Compensation Committee meeting, you will receive equity grants equal in value to $2,000,000. The
grants will be split in value as 80% Performance Stock Units, 10% Market Stock Options and 10% Performance Stock Options: 

(i) Stock Options. the Company utilizes two forms of options for executive grants: 

(a) Market Stock Options, allowing the executive to purchase the Company’s common stock at a fixed price (typically
the closing price on the date of grant) within a specified period. The number of stock options granted is determined by dividing the value to be granted by the option’s value based on a Black-Scholes model. These options generally vest ratably
over three years on each anniversary of the grant date; and 

 Mr. Michael G. Rippey 

November 6, 2017 
  Page
 3
 
  

 (b) Performance Stock Options, which allow the executive to purchase
the Company’s common stock at a fixed price (typically the closing price on the date of grant), within a specified period. These options have a performance vesting requirement requiring the share price to achieve certain levels above the grant
price, in addition to a service vesting requirement of one-third in each anniversary subsequent to the grant date (3-year ratable vesting), and both requirements must be
met in order for the option to be exercisable; and 
 (ii) Performance Stock Units
(“PSUs”). PSUs represent rights to receive shares of Company common stock, with vesting conditioned upon the attainment of certain performance goals. The number of PSUs granted is determined by dividing the
value of the grant by the closing price of the Company’s common stock on the date of grant. Historically, the PSUs have measured the Company’s performance over the three calendar years following the grant date. Current PSU performance
metrics are a balance of cumulative three-year EBITDA and pre-tax Return on Invested Capital, with a modifier for Total Shareholder Return relative to the NASDAQ Iron and Steel index. The performance metrics
and mix are reviewed annually and are subject to change in future years at the discretion of the Compensation Committee of the Board. The PSU performance metrics generally have been approved at the Committee’s December meeting. 

 

	3.	Election to the Board of Directors 

 Effective December 1, 2017, the Board
will elect you as a Director. Our Board is divided into three classes, each serving staggered three-year terms. Directors for each class are elected at the annual meeting of stockholders held in the year in which the term for their class expires.
You will serve in the class of directors standing for election at the Company’s Annual Meeting of Stockholders in May 2020. 
  

	4.	Stock Ownership Guidelines 

 The Company’s senior executives are subject to
stock ownership guidelines, which you will be expected to meet within five (5) years of joining the Company. Each year of this five-year period you will be expected to accumulate at least an additional 20% of your required total amount. Senior
executives also are subject to holding requirements. We will send you a customized spreadsheet that includes your guideline ownership requirement, a timetable for meeting the requirement, and a calculator you can use to track your progress toward
meeting the requirement. Your progress will be reported to the Compensation Committee annually. 
 The ownership guidelines, expressed as a
multiple of base salary, vary by job level. As Chief Executive Officer, the guideline is currently five (5) times your annual base salary. Thus, you would be required to accumulate and hold a number of shares of the Company’s common stock
equal to five (5) times your base annual salary, divided by the greater of: (i) the closing price of the Company’s common stock on the date of your initial equity grant; and (ii) the weighted average trading price of the
Company’s common stock for the two-year period immediately preceding the date of your initial equity grant. For purposes of meeting your guideline ownership requirement, time-based restricted share units
and actual shares 

 Mr. Michael G. Rippey 

November 6, 2017 
  Page
 4
 
  

 
held directly or indirectly, including shares acquired upon the exercise of stock options, will count towards attainment of your applicable ownership guideline. However, outstanding stock options
(vested and unvested) as well as unearned PSUs will not count toward these guidelines. 
  

	5.	Relocation 

 Your work location is Lisle, IL, therefore you are not eligible for
relocation benefits. 
  

	6.	Perquisites 

 The Company has eliminated perquisites that do not serve a business
purpose. We do not provide our executive officers with perquisites or other personal benefits such as company vehicles, club memberships, financial planning assistance or tax preparation 

 

	7.	Vacation 

 You will be entitled to twenty (20) days of paid vacation
annually. In addition, you also will be allocated two paid floating holidays each year. These floating holidays are in addition to the normal company-designated holidays. In the year of hire, vacation time is prorated based on the quarter during
which employment with the Company commences. Thus, employees with a starting date in the first quarter would be entitled to 100% of the applicable annual vacation time, while employees with a starting date in the second quarter would be entitled to
75% of such vacation time, those employees starting employment with the Company in the third quarter would be entitled to 50% of such vacation time, and those starting employment in the fourth quarter would be entitled to only 25% of such vacation
time. Since 2017 will be a partial year, your vacation will be prorated and therefore you will be entitled to five (5) paid vacation days for the balance of 2017. 
  

	8.	Benefits 

 As Chief Executive Officer, you will be eligible to participate in the
full range of the Company’s benefits program for Corporate salaried employees. This comprehensive program provides employee and family medical, prescription, dental, vision, and employee life insurance and short and long-term disability
coverage. The Company regularly reviews the various benefits offered to its employees and reserves the right to modify or eliminate these and other benefits in the future. 
  

	9.	Retirement 

 The Company does not offer any defined benefit pension plan, or other
post-retirement benefits. The following plans are the only Company-sponsored retirement income vehicles available to employees, including the Chief Executive Officer: 

 Mr. Michael G. Rippey 

November 6, 2017 
  Page
 5
 
  

 (i) The SunCoke Energy, Inc. 401(k) Plan, which is a tax qualified
defined contribution plan with 401(k) and profit sharing features designed primarily to help participants accumulate funds for retirement. Employees may make elective contributions and the Company makes an employer contribution equal to 3% of
eligible compensation, and matching contributions equal to 100% of employee contributions up to 5% of eligible compensation. 

(ii) The SunCoke Energy, Inc. Savings Restoration Plan (“SRP”), which is an
unfunded, nonqualified deferred compensation plan that is made available to participants in the Company’s 401(k) Plan whose compensation exceeds applicable Internal Revenue Service limits on compensation that can be considered under that Plan.
Under the SRP, participants can make an advance election to defer on a pre-tax basis up to 50% of the portion of their salary and bonus that exceeds the compensation limit. Employer contributions will be
credited to the accounts of each participant who elects to defer compensation and they consist of: (a) a matching contribution equal to 100% of the first 5% of compensation deferred by the participant under the SRP; and (b) an additional
contribution equal to 3% of the compensation deferred by the participant under the SRP. Participants must make a deferral election prior to commencing participation in the Plan, and prior to December 31st each year thereafter. 

 

	10.	Severance 

 Every Company executive, including the Chief Executive Officer, is an
employee at will. You will be eligible to participate in: 
 (i) the SunCoke Energy, Inc. Executive Involuntary Severance
Plan, which provides severance payments in the event of an involuntary termination other than for just cause. The Executive Involuntary Severance Plan recognizes past service to the Company and is intended to alleviate financial hardship
experienced by eligible employees terminated for reasons other than just cause, retirement, death, or disability. Under this Plan, severance is calculated as a multiple of base salary and target incentive, and is paid in installments per pay period.
You will be eligible for severance benefits equal to one and one half times annual base salary and annual target bonus, and these benefits would be paid out in installments over a 78-week severance period.
Participants in this Plan also are entitled to: (a) earned vacation paid as a lump sum; (b) continuation of medical plan benefits, excluding dental, at active employee rates during the severance period (running concurrently with COBRA);
(c) continuation of life insurance coverage during the severance period equal to one times annual base salary; and (d) outplacement services. Severance benefits payable under this Plan are conditioned upon the execution of a release of claims
against the Company at the time of termination of the executive’s employment. 
 (ii) the SunCoke Energy, Inc.
Special Executive Severance Plan, which provides severance benefits in connection with a change in control of the Company to an executive: (a) whose employment is involuntarily terminated for reasons other than just cause, death, or
disability; or (b) who resigns for good 

 Mr. Michael G. Rippey 

November 6, 2017 
  Page
 6
 
  

 
reason, in each case within two (2) years following the change in control. Under the Special Executive Severance Plan, severance is calculated as a multiple of annual base salary and
targeted annual incentive compensation, and will be paid in a lump sum. As Chief Executive Officer, your lump sum severance benefits under this Plan would be equal to two times annual base salary plus the greater of target annual bonus or trailing
three-year average annual bonus. Participants in this Plan also are entitled to: (w) earned vacation pursuant to the Company’s vacation policy; (x) continuation of medical plan benefits, including dental, at active employee rates
during the applicable benefit extension period (i.e., currently three years in the case of the Chief Executive Officer), with COBRA eligibility beginning at the end of this period); (y) continuation of life insurance coverage during the
applicable benefit extension period, equal to one times annual base salary; and (z) outplacement services. 
 More complete
descriptions of the Company’s plans, including the Summary Plan Descriptions and plan documents, are available to you. The Board and/or the Company reserves the right to make changes to its employee policies, procedures and plans at any time.

 [COUNTERPART SIGNATURE PAGES FOLLOW] 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 Mr. Michael G. Rippey 

November 6, 2017 
  Page
 7
 
  

 Please review this offer letter carefully. If you elect to accept our offer, please sign both
signature pages and return a counterpart to us. This offer letter will be effective if signed in counterparts, and delivery of a signature page by facsimile, or scanned and sent via electronic mail, is effective to bind the parties hereto.
The effective date of this letter is the date first written above. 
 We are pleased to make this offer to you and look forward to hearing
from you, and to your joining the Company. 
         Sincerely, 

 

	
	 /s/ Robert A. Peiser

	Robert A. Peiser
	Compensation Committee Chair
	        SunCoke Energy, Inc.
	
	 /s/ Gary P. Yeaw

	Gary P. Yeaw
	Senior Vice President, Human Resources
	        SunCoke Energy, Inc.

  

			
		 	 I hereby accept this offer to be
 Chief
Executive Officer and President of SunCoke Energy, Inc.

		
		 	 /s/ Michael G. Rippey

		 	Michael G. Rippey

 [Counterpart signature page to SunCoke Energy, Inc. Offer Letter to Michael G. Rippey]Exhibit 10.1

 

GAMING PARTNERS INTERNATIONAL
CORPORATION

1994 DIRECTORS’
STOCK OPTION PLAN

 

Adopted by the Board
of Directors November 10, 2015

Approved by the Stockholders May 25,
2016

 

		1.	Purpose

 

The Gaming
Partners International Corporation 1994 Directors' Stock Option Plan (the “Plan”) is intended to promote the interests
of Gaming Partners International Corporation (the “Corporation”) and its subsidiaries by offering members of the Board
of Directors of the Corporation who are not employed as regular salaried officers or employees of the Corporation or any of its
subsidiaries (hereinafter referred to as “Non-Employee Directors” or “Optionees”) the opportunity to participate
in a stock option plan in order to encourage Non-Employee Directors to take a long term view of the affairs of the Corporation;
to attract and retain highly qualified Non- Employee Directors; and to aid in rewarding Non-Employee Directors for their services
to the Corporation.

 

		2.	Administration

 

The Plan
shall be administered by the Compensation Committee (the “Committee”), selected by and serving at the pleasure of the
Corporation's Board of Directors (the “Board”), or by the Board. The Committee or the Board shall not have any discretion
to determine or vary any matters which are fixed under the terms of the Plan including, without limitation, which individuals shall
receive option awards, how many shares of the Corporation's stock shall be subject to each such option award, what the exercise
price of stock covered by an option shall be, and what means of payment shall be acceptable; provided, however, that notwithstanding
the foregoing or any other provision of the Plan, the Board shall have the authority to make the grants and other related determinations
pursuant to Section 5.2 of the Plan.

 

The Committee
or the Board shall have the authority to otherwise interpret the Plan and make all determinations necessary or advisable for its
administration.

 

Any actions or decisions
by the Committee under the Plan (other than grants of Non-Discretionary Options pursuant to Section 5.1 below) shall be subject
to the approval of the Board.

 

		3.	Eligibility

 

Only Non-Employee
Directors, who are not participants in the Corporation's 1994 Long Term Incentive Plan, will be eligible to be granted awards.

 

		4.	Stock Subject to the Plan

 

The
stock from which awards may be granted shall be the Corporation's $.01 par value Common Stock (“Common Stock”). When
options are exercised, the Corporation may either issue authorized but unissued shares of Common Stock or transfer issued shares
of Common Stock held in its treasury. The total number of shares of Common Stock which may be granted as stock options shall not
exceed 450,000. If an option expires, or is otherwise terminated prior to its exercise, the Common Stock covered by such an option
immediately prior to such expiration or other termination shall continue to be available for grant under the Plan.

 

    	 	1	 

     

    

 

		5.	Grant and Amount of Options

 

		5.1	Non-Discretionary Options

 

The date of grant of
the initial option (“Initial Option”) for a Non-Employee Director commencing his or her term shall be the date that
he or she becomes a member of the Board of Directors (“Commencement Date”). The Initial Option grant shall be to purchase
6,000 shares of Common Stock (subject to vesting per Section 6.2 and to adjustment per Section 7).

 

Annual awards of options
(“Annual Options” or individually an “Annual Option”) shall be granted beginning on the anniversary of
the Commencement Date, and continuing each year thereafter. An Annual Option will be to purchase: (i) prior to the third anniversary
of the Commencement date, 1,500 shares of Common Stock for each of the following Board committees on which the Non-Employee Director
served for a period of at least six months during the twelve months prior to the date of grant: (A) Audit Committee; (B) Compliance
Committee; and (C) Compensation Committee; and (ii) on the third anniversary of the Commencement Date, and each year
thereafter, an additional 2,000 shares of Common Stock (all grant amounts subject to adjustment per section 7).  The Initial
Option and the Annual Options are collectively referred to herein as “Non-Discretionary Options.”

 

		5.2	Discretionary Options

 

Notwithstanding any
provision of the Plan to the contrary, in addition to the Non-Discretionary Options, the Board shall have the authority to grant
options from time to time in its sole and absolute discretion (“Discretionary Options”) to Non-Employee Directors pursuant
to this Section 5.2.  No Non-Employee Director shall have any right or claim to be granted a Discretionary Option. 
Subject to and consistent with the provisions of the Plan, the Board is authorized in its sole and absolute discretion to:

 

		(i)	Select the Non-Employee Directors, if any, to whom Discretionary
Options may be granted; and

 

		(ii)	Determine the number of shares of Common Stock which
are subject to a Discretionary Option.

 

Without in any manner limiting the authority
and discretion of the Board as provided herein, the Committee shall have the authority to make recommendations from time to time
to the Board for the grant of Discretionary Options.  The total number of shares of Common Stock which may be subject to Discretionary
Options shall not exceed 100,000; provided, however, that (i) if a Discretionary Option expires, or is otherwise terminated
prior to its exercise, the shares of Common Stock covered by such Discretionary Option immediately prior to such expiration or
other termination shall continue to be available for grant under this Section 5.2 as a Discretionary Option; and (ii) 
any shares of Common Stock not subject to Discretionary Options shall be available for grants as Non-Discretionary Options. 
The Non-Discretionary Options and the Discretionary Options are collectively referred to herein as “options.”

 

		6.	Terms and Conditions of Options

 

Options
shall be designated non-statutory options or not qualified as Incentive Stock Options under Section 422(a) of the Internal Revenue
Code of 1986, as amended (the “Code”), and shall be evidenced by written instruments approved by the Committee or the
Board. Such instruments shall conform to the following terms and conditions:

 

    	 	2	 

     

    

 

		6.1	Option price

 

The option price shall
be the fair market value of the shares of Common Stock under option on the date such option is granted. The fair market value per
share shall be the last reported sale price of the stock on such date on the Nasdaq National Market, or on such other stock exchange
that the Common Stock may be listed from time to time. The option price shall be paid (i) in cash or (ii) in shares of Common Stock,
including Common Stock underlying the option being exercised, having a fair market value equal to such option price or (iii) in
a combination of cash and shares of Common Stock, including Common Stock underlying the option being exercised. The fair market
value of shares of Common Stock delivered to the Corporation pursuant to the immediately preceding sentence shall be determined
on the basis of the last reported sale price of the Common Stock on the Nasdaq National Market on the day of exercise or, if there
was no such sale price on the day of exercise, on the day next preceding the day of exercise on which there was such a sale.

 

		6.2	Vesting, exercise and term of options

 

The Initial Option
shall be exercisable to the extent of vesting. The Initial Option shall vest over a three year period, with one-third of the Initial
Option (2,000 shares) vesting upon each anniversary of the Commencement Date. Annual Options and Discretionary Options shall be
fully vested upon grant, but shall only be exercisable six months and one day from the date of grant.

 

Except in special circumstances,
each option shall expire upon the tenth anniversary of the date of its grant or such earlier date as provided in Section 6.3 below.

 

After becoming exercisable,
each option shall remain exercisable until the expiration or termination of the option. After becoming exercisable an option may
be exercised by the Optionee from time to time, in whole or part, up to the total number of shares with respect to which it is
then exercisable. The Committee or the Board may provide that payment of the option exercise price may be made following delivery
of the certificate for the exercised shares.

 

Upon the exercise of
an option, the purchase price will be payable in full in cash or Common Stock as provided in Paragraph 6.1. Any shares of Common
Stock so assigned and delivered to the Corporation in payment or partial payment of the purchase price will be valued at Fair Market
Value on the exercise date. Upon the exercise of a non-qualified stock option, the Corporation shall withhold from the shares of
Common Stock to be issued to the eligible Optionee the number of shares necessary to satisfy the Corporation's obligation to withhold
Federal taxes, such determination to be based on the shares' Fair Market Value on the date of exercise.

 

		6.3	Termination of Directorship

 

If an Optionee ceases
for any reason including death or resignation to be a director: (A) all options granted to such Optionee and vested on the date
of termination of Directorship shall expire on the earliest of (i) the tenth anniversary after the date of grant, (ii) nine months
after the day such Optionee ceases to be a director for any reason other than death, or (iii) two years after the day such Optionee
ceases to be a director due to his death; and (B) all options granted to such Optionee which are unvested shall expire.

 

		6.4	Exercise upon death of Optionee

 

If an Optionee dies,
the option may be exercised, to the extent provided in Section 6.3, by the Optionee's estate, personal representative or beneficiary
who acquires the option by will or by the laws of descent and distribution. The Committee or the Board may approve all cash payments
to the estate of an Optionee if circumstances warrant such a decision.

 

		6.5	Assignability

 

No option shall be
assignable or transferable by the Optionee except by will or by the laws of descent and distribution and during the lifetime of
the Optionee the option shall be exercisable only by such Optionee.

 

    	 	3	 

     

    

 

		7.	Capital Adjustments

 

The
number and price of shares of Common Stock covered by each award of options and the total number of shares that may be granted
under the Plan shall be proportionally adjusted to reflect, subject to any required action by the stockholders, any stock dividend
or split, recapitalization, merger, consolidation, spin-off, reorganization, combination or exchange of shares or other similar
corporate change.

 

		8.	Change of Control

 

Notwithstanding
the provisions of Section 7, in the event of a change of control, all vesting on all unexercised stock options will accelerate
to the change of control date. For purposes of this Plan, a “Change of Control” of the Corporation shall be deemed
to have occurred at such time as (a) any “person” (as the term is used in Section 13(d) and 14(d) of the Securities
Exchange Act of 1934 (“Exchange Act”)), not including Paul S. Endy, or his heirs or assigns, or the Paul S. Endy, Jr.
Living Trust, or its beneficiaries, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Corporation representing 25.0% or more of the combined voting power of the Corporation's
outstanding securities ordinarily having the right to vote at the election of directors; or (b) individuals who constitute the
Board of Directors on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority
thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by at least a majority
of the directors comprising the Incumbent Board, or whose nomination for election was approved by a majority of the Board of Directors
of the Corporation serving under an Incumbent Board, shall be, for purposes of this clause (b), considered as if he or she were
a member of the Incumbent Board; or (c) merger, consolidation or sale of all or substantially all the assets of the Corporation
occurs, unless such merger or consolidation shall have been affirmatively recommended to the Corporation's stockholders by a majority
of the Incumbent Board; or (d) a proxy statement soliciting proxies from stockholders of the Corporation by someone other than
the current management of the Corporation seeking stockholder approval of a plan of reorganization, merger or consolidation of
the Corporation with one or more corporations as a result of which the outstanding shares of the Corporation's securities are actually
exchanged for or converted into cash or property or securities not issued by the Corporation unless the reorganization, merger
or consolidation shall have been affirmatively recommended to the Corporation's stockholders by a majority of the Incumbent Board.

 

		9.	Approvals

 

The issuance
of shares pursuant to this Plan is expressly conditioned upon obtaining all necessary approvals from all regulatory agencies from
which approval is required, including gaming regulatory agencies, and upon obtaining stockholder ratification of the Plan.

 

		10.	Effective Date of Plan

 

The effective date of the Plan is January 31, 1994.

 

    	 	4	 

     

    

 

		11.	Term; Amendment of Plan

 

This Plan
shall expire on January 31, 2019 (except to options outstanding on that date). The Board may terminate the Plan at any time. The
Board may amend the Plan at any time, provided however, the provisions of Section 5 pertaining to the amount of options to be granted
and the timing of such option grants and the provisions of Paragraph 6.1 pertaining to the option price of the Common Stock under
option shall not be amended more than once every six months, other than to comport with changes in the Internal Revenue Code or
the rules thereunder. Further provided however, that, without the approval of the holders of a majority of the outstanding shares
of Common Stock; the total number of shares that may be sold, issued or transferred under the Plan may not be increased (except
by adjustment pursuant to Section 7); the provisions of Section 3 regarding eligibility may not be modified; the purchase price
at which shares may be offered pursuant to options may not be reduced (except by adjustment pursuant to Section 7); and the expiration
date of the Plan may not be extended and no change may be made which would cause the Plan not to comply with Rule 16b-3 of the
Exchange Act, as amended from time to time. No action of the Board or stockholders, however, may, without the consent of an Optionee,
alter or impair such Optionee's rights under any option previously granted.

 

		12.	Withholding Taxes

 

The Corporation
shall have the right to deduct withholding taxes from any payments made pursuant to the Plan or to make such other provisions as
it deems necessary or appropriate to satisfy its obligations to withhold federal, state or local income or other taxes incurred
by reason of payments or the issuance of shares of Common Stock under the Plan. Whenever under the Plan, shares of Common Stock
are to be delivered upon exercise of an option, the Committee or the Board shall be entitled to require as a condition of delivery
that the grantee remit an amount sufficient to satisfy all federal, state and other government withholding tax requirements related
thereto.

 

		13.	Plan Not a Trust

 

Nothing
contained in the Plan and no action taken pursuant to the Plan shall create or be construed to create a trust of any kind, or a
fiduciary relationship, between the Corporation and any Optionee, the executor, administrator or other personal representative,
or designated beneficiary of such Optionee, or any other persons. If and to the extent that any Optionee or such Optionee's executor,
administrator or other personal representative, as the case may be, acquires a right to receive any payment from the Corporation
pursuant to the Plan, such right shall be no greater than the right of an unsecured general creditor of the Corporation.

 

		14.	Notices

 

Each Optionee
shall be responsible for furnishing the Committee with the current and proper address for the mailing of notices and delivery of
agreements, Common Stock and cash pursuant to the Plan. Any notices required or permitted to be given shall be deemed given if
directed to the person to whom addressed at such address and mailed by regular United States mail, first-class and prepaid. If
any item mailed to such address is returned as undeliverable to the addressee, mailing will be suspended until the Optionee furnishes
the proper address. This provision shall not be construed as requiring the mailing of any notice or notification if such notice
is not required under the terms of the Plan or any applicable law.

 

		15.	Severability of Provisions

 

If any
provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions
hereof, and this Plan shall be construed and enforced as if such provisions had not been included.

 

 

		16.	Payment to Minors, etc.

 

Any benefit
payable to or for the benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed
paid when paid to such person's guardian or to the party providing or reasonably appearing to provide for the care of such person,
and such payment shall fully discharge the Committee, the Board, the Corporation and other parties with respect thereto.

 

    	 	5	 

     

    

 

		17.	Headings and Captions

 

The headings
and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be
employed in the construction of the Plan.

 

		18.	Controlling Law

 

This Plan
shall be construed and enforced according to the laws of the State of Nevada to the extent not preempted by federal law, which
shall otherwise control.

 

    	 	6

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