Document:

Exhibit 10.2

 

Innovative
Payment Solutions, Inc. 

56B 5th Avenue,
Lot 1 #AT 

Carmel By
The Sea, California 93921 

 

December
30, 2022

 

Mercer Street Global Opportunity
Fund, LLC

Attention: Jonathan Juchno

 

 Re: Amendments

 

Dear Jonathan,

 

This letter agreement documents
our agreement to amend that certain Convertible Note, dated February 16, 2021, as amended (the “Note”), issued by Innovative
Payment Solutions, Inc. (the “Company”) to Mercer Street Global Opportunity Fund, LLC (the “Investor”) as provided
herein. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Note or the associated Securities
Purchase Agreement, dated February 16, 2021 (“SPA”) under which the Note and and associated warrants (the “Warrants”)
to purchase 2,486,957 shares of common stock of the Company (the “Common Stock”) were issued.

 

Therefore, in consideration
of the agreements and covenants contained herein, and for other for good and valuable consideration which is hereby recognized, the Company
and the Investor hereby agree as follows as of the date first written above (the “Effective Date”):

 

1.
The Note is hereby amended to:

 

		(i)	extend the Maturity Date of the Note for a period ending 12 months ending on December 30, 2023; and

 

		(ii)	to reduce the conversion price of the Note from $0.15 per share to $0.0115 per share.

 

As a result of the reduced
conversion price of the Note, the parties acknowledge that the amount of shares of Common Stock underlying the Note is 98,468,838 shares
(based on a principal and accrued interest of $1,132,392 as of December 28, 2022).

 

In connection
with the foregoing, the Investor hereby agrees:

 

		(i)	not to convert all or any portion of the the Note until after March 30, 2023; and

 

		(ii)	to waive all Events of Defaults under the Note and the SPA as of the date of this letter agreement.

 

2. In
addition, the Investor hereby irrevocably exchanges the Warrants for a 12-month nonconvertible promissory note in the principal amount
of $482,000 in the form attached as Exhibit A. As a result of such exchange, the Warrants will beed cancelled for all purposes.
Such exchange is understaken pursuant to an exemption from registration afforded by Section 3(a)(9) of the Securities Act of 1933, as
amended, and the rules, regulations and interprepations of the Securities and Exchange Commission thereunder.

 

3. The
parties further acknowledge that because of certain price and share-based ratchet provisions in the 3,000,000 Common Stock warrants issued
on August 30, 2022, the number of shares of Common Stock underlying such warrants has increased to 39,130,435 shares and the exercise
price per share for such warrants has been reduced from $0.15 per share to $0.0115 per share.

 

     

     

    

 

4. Certain
warrants held by the Investor contain mandatory exercise provisions (“Mandatory Exercise Provisions”). To the extent the Investor’s
warrants do not contain Mandatory Exercise Provisions, those Warrants are hereby amended to include the following Section 2(f):

 

“(f) Mandatory Exercise.
The Company shall have the option, subject to the Equity Conditions, to cause the Holder to exercise the Warrant (a “Mandatory Exercise”)
in whole or in part upon written notice (“Mandatory Exercise Notice”). For purposes of this Warrant, “Equity Conditions”
means: (i) no breach under any of the Transaction Documents shall have occurred, (ii) the last closing sale price of the Common Stock
has been equal to or greater than $0.04 per share (subject to adjustments for splits, dividends, recapitalizations and similar events)
for consecutive 10 Trading Days immediately prior to the date on which the Mandatory Exercise Notice is given to the Holder (the “10
Day Consecutive Period”), (iii) on each Trading Day during the 10 Day Consecutive Period, the total daily trading dollar volume
was at least $250,000, and (iv) during each day of the 10 Day Consecutive Period and through the date of the Mandatory Exercise shall
occur, the Company must have an effective registration statement with a current prospectus in compliance with Sections 5 and 10 of the
Securities Act on file with the SEC pursuant to which the Warrant Shares may be sold. The Mandatory Exercise Notice shall specify a date,
which shall not be less than 10 days from the date such Mandatory Exercise Notice is received by the Holder on which such Mandatory Exercise
shall occur. The Company’s right to require a Mandatory Exercise shall be subject to and may be limited by Section 2(e) above.”

 

To the extent any warrants
(including, without limitation, the Warrants) held by the Investor already include the Mandatory Exercise Provision, the definition of
Equity Conditions is amended to reduce the last closing sale price requirement under romanette (ii) to:

 

(ii) the last
closing sale price of the Common Stock has been equal to or greater than $0.04 per share (subject to adjustments for splits, dividends,
recapitalizations and similar events) for consecutive 10 Trading Days immediately prior to the date on which the Mandatory Exercise Notice
is given to the Holder (the “10 Day Consecutive Period”),

 

5. All
registration rights agreements entered into by the Company and the Investor related to the shares of Common Stock underlying the Notes
and warrants described on Schedule A (the “Securities”) are hereby amended to provide that the Company shall file a
registration statement registering the Securities for resale within 15 days of the Effective Date and shall use its commercially reasonable
efforts to cause such registration statement to be be effective (i) within 30 days of the Effective Date if such registration statement
is subject to no review by the Securities and Exchange Commission or (ii) within 90 days of the Effective Date if such registration statement
is subject to limited or full review by the Securities and Exchange Commission. Any failure to do so will be a breach of this letter agreement
and the related Transaction Documents.

 

6. At
the closing of the agreements provided hereunder, the Company shall pay the legal fees of the Investor in an amount not to exceed $7,500.

 

    2

     

    

 

7. All
other rights under the SPA shall continue to apply to the amended Note and Warrants and this letter agreement shall not operate as a modification
or waiver of any provision of the Note and/or Warrants except as expressly set forth herein.

 

8. All
questions concerning the construction, validity, enforcement and interpretation of this letter agreement and venue shall be governed by
and construed and enforced in accordance with Section 5.9 of the SPA.

 

9. This
letter agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Counterparts may be delivered via electronic mail and any counterpart so delivered shall be deemed to have
been duly and validly delivered and be valid and effective for all purposes.

 

If you agree,
please sign below.

 

		Sincerely, 
	 	 
	 	INNOVATIVE PAYMENT SOLUTIONS, INC.
	 	 
	 	By:	 /s/ William Corbett
	 	 	William Corbett, CEO

 

AGREED TO AS OF THE EFFECTIVE DATE:

 

MERCER STREET CAPITAL PARTNERS,
LLC on behalf of

MERCER STREET GLOBAL OPPPORTUNITY
FUND, LLC

 

	By:	/s/ Jonathan Juchno	 
	 	Jonathan Juchno, Managing Partner	 

 

    3

     

    

 

Schedule A

 

Outstanding Warrants
Subject to Registration Rights 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Original	 	 	 	 	 	Revised	 
	Warrant holder	 	Warrant
 Description	 	Grant Date	 	 	Expiry Date	 	 	Opening balance	 	 	Warrants
 Outstanding	 	 	Exercise
 Price	 	 	Revised
 Exercise Price	 	 	Warrants
 Outstanding	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	     	 	 	 	 
	Mercer Street Global Opportunity Fund LLC	 	Conversion to nonconvertible note	 	 	2/16/2021	 	 	 	2/16/2026	 	 	 	2,486,957	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	Mercer Street Global Opportunity Fund LLC	 	HC Wainwright deal - no Full Rachet terms and no repricing	 	 	3/17/2021	 	 	 	3/17/2026	 	 	 	5,000,000	 	 	 	5,000,000	 	 	 	0.15	 	 	 	0.15	 	 	 	5,000,000	 
	Mercer Street Global Opportunity Fund LLC	 	Full Rachet applicable	 	 	8/30/2022	 	 	 	8/30/2027	 	 	 	3,000,000	 	 	 	3,000,000	 	 	 	0.15	 	 	 	0.0115	 	 	 	39,130,435	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	10,486,957	 	 	 	8,000,000	 	 	 	 	 	 	 	 	 	 	 	44,130,435	 

 

     

     

    

 

Exhibit A

 

Form of
Non-Convertible Promissory Note 

 

PROMISSORY
NOTE

 

	U.S.$482,000	Issuance Date: December 30, 2022

 

The undersigned maker, Innovative
Payment Solutions, Inc, a Nevada corporation (“Borrower”) promises to pay to the order of Mercer Street Global Opportunity
Fund, LLC (“Lender”), the principal sum of U.S. $482,000), together with interest accruing thereon from the
date hereof at the rate and time hereinafter provided.

 

Interest (computed on the
basis of a 360-day year for the actual number of days elapsed) on the outstanding balance of principal evidenced by this Note shall accrue
at a rate per annum equal to 10%.

 

The maturity date of this
Note shall be 12 months from the Issuance Date (December 30, 2023) (the “Maturity Date”). All principal and accrued interest
shall be due in full on the Maturity Date.

 

The failure of Borrower to
pay to Lender promptly within five days after written notice from Lender that amounts are due and payable under this Note shall constitute
an event or default under this Note. At any time after the occurrence of any such event of default, the indebtedness evidenced by this
Note and/or any note(s) or other obligation(s) which may be taken in renewal, extension, substitution or modification of all or any part
of the indebtedness evidenced thereby and all other obligations of Borrower to Lender howsoever created and existing shall, at the option
of the Lender in its sole discretion, immediately become due and payable without demand upon or notice to Borrower, and Lender shall be
entitled to exercise all remedies as provided by law and/or equity.

 

Borrower shall have the right,
but not the obligation, in lieu of a cash payment due hereunder, to issue 51,901,711 shares of the Company’s common stock, as adjusted
for any stock splits, dividends or other similar corporate events, in full satisfaction of its obligations hereunder (or any pro rata
portion of such number of shares in partial satisfaction of such obligations). The Borrower shall be under no legal obligation to reserve
such number of shares for future issuance.

 

Borrower hereby waives presentment
for payment, demand, notice of dishonor and protest and agrees that (i) any collateral, lien or right of setoff securing any indebtedness
evidenced by this Note may, from time to time, in whole or in part, be exchanged or released, and any person liable on or with respect
to this Note may be released, all without notice to or further reservations of rights against Borrower, any endorser, surety or guarantor
and all without in any way affecting or releasing the liability of Borrower, any endorser, surety or guarantor, and (ii) none of the terms
or provisions hereof may be waived, altered, modified or amended except as Lender may consent thereto in writing.

 

Borrower hereby agrees to
pay all out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in the collection of the indebtedness
evidenced by this Note, in enforcing any of the rights, powers, remedies and privileges of Lender hereunder, or in connection with any
further negotiations, modifications, releases, or otherwise incurred by Lender in connection with this Note. As used in this Note, the
term “attorneys’ fees” shall mean reasonable charges and expenses for legal services rendered to or on behalf of Lender
in connection with the collection of the indebtedness evidenced by this Note at any time whether prior to the commencement of judicial
proceedings and/or thereafter at the trial and/or appellate level and/or in pre-judgment and post-judgment or bankruptcy proceedings.

 

    A-1

     

    

 

In no event shall the rate
of interest charged under this Note exceed the rate that may legally be charged to Borrower for obligations of this nature under the laws
of the State of New York, and any interest that may be paid in excess of the legal limit shall, at the option of Lender, be refunded to
Borrower or shall be applied towards payment of the principal obligation under this Note.

 

If any installment of interest,
principal or principal and interest shall become overdue for a period in excess of 10 days, in addition to such payment, a “late
charge” in the amount of 5% of such overdue payment shall be paid by Borrower to Lender on demand for the purpose of defraying the
expenses incident to handling such delinquent payments.

 

During the continuation of
any default by Borrower in the payment of any installment of interest, principal or principal and interest under this Note, the interest
rate provided herein shall be increased to a rate which shall be equal to the maximum rate of interest allowable under the laws of the
State of New York.

 

To the extent that Lender
receives any payment on account of any of Borrower’s obligations, and any such payment(s) or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside, subordinate and/or required to be repaid to a trustee, receiver or any other person
or entity under any bankruptcy act, state or federal law, common law or equitable cause, then, to the extent of such payment(s) received,
Borrower’s obligations or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such
payment(s) had not been received by Lender and applied on account of Borrower’s obligations.

 

All questions concerning
the construction, validity, enforcement and interpretation of this Note shall be governed by and construed and enforced in accordance
with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that
all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Note shall be commenced
exclusively in the state and federal courts sitting in the New York County, New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the New York County, New York for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein and hereby irrevocably waives, and agrees not to
assert in any action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such action
or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by law.

 

If any provisions of this
Note shall be deemed unenforceable under applicable law, such provision shall be ineffective, but only to the extent of such unenforceability,
without invalidating the remainder of such provision or the remaining Vprovisions of this Note. All of the terms and provisions of this
Note shall be applicable to and be binding upon each and every maker, endorser, surety, guarantor, all other persons who are or may become
liable for the payment hereof and their heirs, personal representatives, successors or assigns.

 

    A-2

     

    

 

BORROWER AND LENDER (BY ACCEPTING
THIS NOTE) HEREBY MUTUALLY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER BORROWER OR LENDER AGAINST
THE OTHER AND BASED UPON, ARISING OUT OF, OR IN CONNECTION WITH, THIS NOTE OR OTHER DOCUMENTS EXECUTED IN CONNECTION WITH THE LOAN EVIDENCED
BY THIS NOTE.

 

IN WITNESS WHEREOF, the Borrower
has caused this Note to be duly executed by its duly authorized officer as of the date first above indicated.

 

	 	INNOVATIVE PAYMENT SOLUTIONS, INC.
	 	 
	 	By:	 
	 	Name: 	 William Corbett
	 	Its:	 Chief Executive Officer

 

[Promissory
Note Signature Page]

 

 

A-3Exhibit 101 NEW Q2

		
			RESOURCES CONNECTION, INC.
		

		
			2020 PERFORMANCE INCENTIVE PLAN
		

		
			﻿
		

		
			NOTICE OF GRANT OF PERFORMANCE STOCK UNIT AWARD
		

		
			﻿
		

			
					
						Award Recipient:

					
					
						[________]

				
	
					
						Grant Date:

					
					
						[________]

				
	
					
						Target Number of Performance Stock Units Granted: 

					
					
						[_______]

				
	
					
						Vesting Schedule:

					
					
						The PSUs are subject to performance- and time-based vesting requirements as set forth in the attached Appendix A.

				

		
			﻿
		

		
			Congratulations!  Effective on the grant date set forth above (the “Grant Date”), you (the award recipient named above, the “Participant”) have been granted a target number of performance stock units (“PSUs,” such target number “Target PSUs”) of Resources Connection, Inc. (the “Corporation”) as set forth above.
		

		
			The PSUs  were granted under the Resources Connection, Inc. 2020 Performance Incentive Plan (the “Plan”).  Your award is subject to the terms and conditions set forth in this Notice of Grant of Performance Stock Unit Award (this “Notice”),  the attached Terms and Conditions of Performance Stock Unit Award (the “Terms”), and the Plan.  The Terms and the Plan are each incorporated into and made a part of this Notice by this reference.  This Notice, together with the Terms, is referred to as the “Award Agreement” applicable to your award.  By accepting the award, you are agreeing to the terms of the award as set forth in this Award Agreement and in the Plan.  You should read the Plan, the Prospectus for the Plan, and the Award Agreement (including the Terms).  
		

		
			A copy of the Plan, the Prospectus for the Plan, and the Terms have been provided to you.  If you need another copy of these documents, or if you would like to confirm that you have the most recent version, please contact the Corporation’s Stock Plan Administrator.
		

		
			RESOURCES CONNECTION, INC.ACCEPTED AND AGREED BY THE
		

		
			PARTICIPANT
		

		
			﻿
		

		
			By: _________________________________By: ________________________________
		

		
			Name:Name:
		

		
			Title:
		

		

		

		 

 

		RESOURCES CONNECTION, INC.
		

		
			2020 PERFORMANCE INCENTIVE PLAN
		

		
			TERMS AND CONDITIONS OF PERFORMANCE STOCK UNIT AWARD 
		

			
	
			
				 1.
			General.  These Terms and Conditions of Performance Stock Unit Award (these “Terms”) apply to a particular grant of a target number of performance stock units (the “Award”) under the Resources Connection, Inc. 2020 Performance Incentive Plan (the “Plan”) if incorporated by reference in the Notice of Grant of Performance Stock Unit Award (the “Notice”) corresponding to that particular award.  Capitalized terms used in these Terms are used as defined in the Notice or, if not defined in the Notice, as defined in the Plan.

		
			The Award has been granted to the Participant in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Participant.
		

		
			﻿
		

		
			As used in this Award Agreement, the term  “PSU” means a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Corporation’s Common Stock (subject to adjustment as provided in Section 7.1 of the Plan) solely for purposes of the Plan and this Award Agreement.  The PSUs shall be used solely as a device for the determination of the payment to eventually be made to the Participant if such PSUs vest pursuant to this Award Agreement.  The PSUs shall not be treated as property or as a trust fund of any kind.
		

			
	
			
				 2.
			Vesting; Continuance of Employment or Service Required; No Employment or Service Commitment.  Subject to Section 6 below, the PSUs subject to the Award shall vest and become nonforfeitable in accordance with the Vesting Schedule set forth in Appendix A.  Appendix A hereto is incorporated herein by this reference.  The Vesting Schedule requires continued employment or service through the applicable vesting date as a condition to the vesting of the applicable portion of the Award and the rights and benefits under this Award Agreement.  [Except as otherwise expressly provided in Section 6 in connection with certain terminations of the Participant’s employment or services,] [For C Suite and those with equity acceleration] employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 6 below.

		
			Nothing contained in this Award Agreement (including the Notice and Appendix A hereto) or the Plan constitutes an employment or service commitment by the Corporation or any of its Subsidiaries, affects the Participant’s status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by or in service to the Corporation or any of its Subsidiaries, interferes in any way with the right of the Corporation or any of its Subsidiaries at any time to terminate such employment or services, or affects the right of the Corporation or any of its Subsidiaries to increase or decrease the Participant’s other compensation or benefits.  Nothing in this Award Agreement (including the Notice and Appendix A), however, is intended to adversely affect any independent contractual right of the Participant without his or her consent thereto.
		

			
	
			
				 3.
			Dividend and Voting Rights.

		
			Limitations on Rights Associated with Units.  The Participant shall have no rights as a stockholder of the Corporation, no dividend rights (except as expressly provided 
		

		 

		

			-  1  -

		

		

			 

		

 

		in Section 3(b) with respect to dividend equivalent rights) and no voting rights, with respect to the PSUs and any shares of Common Stock underlying or issuable in respect of such PSUs until such shares of Common Stock are actually issued to and held of record by the Participant.  No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of such shares.
		

		
			Dividend Equivalent Rights Distributions.  As of any date that the Corporation pays a cash dividend on its Common Stock, the Corporation shall credit the Participant with an additional number of Target PSUs equal to (i) the per share cash dividend paid by the Corporation on its Common Stock on such date, multiplied by (ii) the total Target PSUs  subject to the Award (including any dividend equivalents previously credited hereunder,  with such total number adjusted pursuant to Section 7.1 of the Plan) as of the related dividend payment record date, divided by (iii) the fair market value of a share of Common Stock on the date of payment of such dividend, with such number rounded down to the nearest whole PSU.  Any additional Target PSUs credited pursuant to the foregoing provisions of this Section 3(b) shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Target PSUs to which they relate.  No crediting of Target PSUs shall be made pursuant to this Section 3(b) with respect to any Target PSUs which, as of such record date, have either been paid pursuant to Section 5 or terminated pursuant to Section 6 or Appendix A.
		

			
	
			
				 4.
			Restrictions on Transfer.  Neither the Award, nor any interest therein or amount or shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily, except as set forth in Section 5.6 of the Plan.

			
	
			
				 5.
			Timing and Manner of Payment of PSUs.  On or as soon as administratively practical following the vesting of the Award pursuant to this Award Agreement or Section 7.2 of the Plan (and in all events not later than two and one-half months after the applicable vesting date), the Corporation shall deliver to the Participant a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion) equal to the number of PSUs subject to this Award that vest on the applicable vesting date (as determined pursuant to this Award Agreement and Appendix A), unless such PSUs terminate prior to the given vesting date pursuant to Section 6 or Appendix A.   Fractional share interests will be disregarded.  The Corporation’s obligation to deliver shares of Common Stock or otherwise make payment with respect to vested PSUs is subject to the condition precedent that the Participant or other person entitled under the Plan to receive any shares with respect to the vested PSUs deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan.  The Participant shall have no further rights with respect to any PSUs that are paid or that terminate pursuant to Section 6 or Appendix A.

			
	
			
				 6.
			Effect of Termination of Employment or Service.    

			
	
			
				 (a)
			General.  [Except as otherwise expressly provided below in this Section 6,] [For  C Suite and those with Acceleration.] the Participant’s PSUs shall terminate to the extent such units have not become vested prior to the first date the Participant is no longer employed by or in service as a director or consultant to the Corporation or one of its Subsidiaries, regardless of the reason for the termination of the Participant’s employment or service with the Corporation or a Subsidiary, whether with or without cause, voluntarily or involuntarily (the last day that the Participant is employed by or provides services as a director or consultant to the Corporation or a Subsidiary is referred to as the Participant’s “Severance 
		

		 

		

			-  2  -

		

		

			 

		

 

			Date”).  If any unvested PSUs are terminated hereunder, such PSUs shall automatically terminate and be cancelled as of the applicable Severance Date without payment of any consideration by the Corporation and without any other action by the Participant, or the Participant’s beneficiary or personal representative, as the case may be.

		
			[Qualifying Termination.  Subject to the release requirement set forth below, in the event of the Participant’s Qualifying Termination (as defined in Appendix A), the unvested PSUs that are outstanding immediately prior to such Qualifying Termination (including any unvested dividend equivalents previously credited pursuant to this Award Agreement) shall vest as provided in Appendix A.  The benefits provided by this paragraph are subject to the condition precedent that the Participant (or, in the event of the Participant’s death or Permanent Disability (as such term is defined in the Employment Agreement between the Corporation and the Participant (the “Employment Agreement”)), the Participant’s beneficiary or personal representative, as the case may be) provide the Corporation with, and the Participant (or the Participant’s beneficiary or personal representative, as the case may be) does not revoke, a general release in the form provided by the Corporation.  Such general release shall be provided to the Participant (or the Participant’s beneficiary or personal representative, as the case may be) within seven days of the Qualifying Termination date and the Participant (or the Participant’s beneficiary or personal representative, as the case may be) shall execute and deliver to the Corporation the general release within twenty-one days after the Corporation provides the release to the Participant (or forty-five days if such longer period of time is required to make the release maximally enforceable under applicable law).  In the event this paragraph applies and the general release (and the expiration of any revocation rights provided therein or pursuant to applicable law) could become effective in one of two taxable years depending on when the Participant (or the Participant’s beneficiary or personal representative, as the case may be) executes and delivers the release, any payment conditioned on the release shall not be made earlier than the first business day of the later of such two tax years.] [For C Suite.]
		

		
			(b)[Qualifying Termination.  Subject to the release requirement set forth below, in the event of the Participant’s Qualifying Termination (as defined in Appendix A), the unvested PSUs that are outstanding immediately prior to such Qualifying Termination (including any unvested dividend equivalents previously credited pursuant to this Award Agreement) shall vest as provided in Appendix A.  The benefits provided by this paragraph are subject to the condition precedent that the Participant provide the Corporation with, and the Participant does not revoke, a general release in the form provided by the Corporation.  Such general release shall be provided to the Participant within seven days of the Qualifying Termination date and the Participant shall execute and deliver to the Corporation the general release within twenty-one days after the Corporation provides the release to the Participant (or forty-five days if such longer period of time is required to make the release maximally enforceable under applicable law).  In the event this paragraph applies and the general release (and the expiration of any revocation rights provided therein or pursuant to applicable law) could become effective in one of two taxable years depending on when the Participant executes and delivers the release, any payment conditioned on the release shall not be made earlier than the first business day of the later of such two tax years.] [For those other than C Suite with equity acceleration.]
		

		
			(b)[Reserved.]    [For any other recipients.]
		

			
	
			
				 7.
			Adjustments Upon Specified Events.  Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section 7.1 of the Plan, the Administrator shall make adjustments in accordance with such section in the number of PSUs  then outstanding and the number and kind of securities that may be issued in respect of the Award.    
		

		 

		

			-  3  -

		

		

			 

		

 

			No such adjustment shall be made with respect to any cash dividend for which dividend equivalents are credited pursuant to Section 3(b).    

			
	
			
				 8.
			Tax Withholding.  Subject to Section 8.1 of the Plan, upon any distribution of shares of Common Stock in respect of the PSUs, the Corporation shall automatically reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of whole shares, valued at their then fair market value, to satisfy any withholding obligations of the Corporation or its Subsidiaries with respect to such distribution of shares.  In the event that the Corporation cannot legally satisfy such withholding obligations by such reduction of shares, or in the event of a cash payment or any other withholding event in respect of the PSUs, the Corporation (or a  Subsidiary) shall be entitled to require a cash payment by or on behalf of the Participant and/or to deduct from other compensation payable to the Participant any sums required by federal, state or local tax law to be withheld with respect to such distribution or payment.

			
	
			
				 9.
			Notices.  Any notice to be given under the terms of this Award Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant’s last address reflected on the Corporation’s records, or at such other address as either party may hereafter designate in writing to the other.  Any such notice shall be given only when received, but if the Participant is no longer an employee of or in service to the Corporation, shall be deemed to have been duly given by the Corporation when enclosed in a properly sealed envelope addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government.

			
	
			
				 10.
			Plan.  The Award and all rights of the Participant under this Award Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference.  The Participant agrees to be bound by the terms of the Plan and this Award Agreement (including the Notice and Appendix A).  The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Award Agreement (including the Notice and Appendix A).  Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

			
	
			
				 11.
			Entire Agreement.  This Award Agreement (including the Notice and Appendix A)  and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof.  The Plan and this Award Agreement (including the Notice and Appendix A) may be amended pursuant to Section 8.6 of the Plan.  Such amendment must be in writing and signed by the Corporation.  The Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof.

			
	
			
				 12.
			Limitation on Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Award Agreement (including the Notice and Appendix A) creates only a contractual obligation on the part of the Corporation as to amounts payable and shall not be construed as creating a trust.  Neither the Plan nor any underlying 
		

		 

		

			-  4  -

		

		

			 

		

 

			program, in and of itself, has any assets.  The Participant shall have only the rights of a general unsecured creditor of the Corporation with respect to amounts credited and benefits payable, if any, with respect to the PSUs, and rights no greater than the right to receive the Common Stock as a general unsecured creditor with respect to PSUs, as and when payable hereunder.  

			
	
			
				 13.
			Counterparts; Electronic Signature.  This Award Agreement may be signed and/or transmitted in one or more counterparts by facsimile, e-mail of a .PDF, .TIF, .GIF, .JPG or similar attachment or using electronic signature technology (e.g., via DocuSign or similar electronic signature technology), all of which will be considered one and the same agreement and will become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties, it being understood that all parties need not sign the same counterpart, and that any such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party’s hand-written signature.  To the extent a party signs this Award Agreement using electronic signature technology, by clicking “sign,” “accept,” or similar acknowledgement of acceptance, such party is signing this Award Agreement electronically, and electronic signatures appearing on this Award Agreement (or entered as to this Award Agreement using electronic signature technology) shall be treated, for purposes of validity, enforceability and admissibility, the same as hand-written signatures.

			
	
			
				 14.
			Section Headings.  The section headings of this Award Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

			
	
			
				 15.
			Governing Law.  This Award Agreement (including the Notice and Appendix A) shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to conflict of law principles thereunder.  You do not have to accept your award and it is not a condition of employment to accept your award.  If you do not agree to the terms of your award, you should promptly return this Notice to the Corporation’s Stock Plans Administrator indicating that you do not wish to accept the award and your PSUs will be cancelled.

			
	
			
				 16.
			Construction.  It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code.  This Award Agreement (including the Notice and Appendix A)  shall be construed and interpreted consistent with that intent.

			
	
			
				 17.
			Clawback Policy.  The PSUs are subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of the PSUs or any shares of Common Stock or other cash or property received with respect to the PSUs (including any value received from a disposition of the shares acquired upon payment of the PSUs).

			
	
			
				 18.
			No Advice Regarding Grant.  The Participant is hereby advised to consult with his or her own tax, legal and/or investment advisors with respect to any advice the Participant may determine is needed or appropriate with respect to the PSUs (including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Award).  Neither the Corporation nor any of its officers, directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in this Award Agreement, including the Notice and Appendix A) or recommendation with respect to the Award.  
		

		 

		

			-  5  -

		

		

			 

		

 

			Except for the withholding rights set forth in Section 8 above, the Participant is solely responsible for any and all tax liability that may arise with respect to the Award. 

		
			* * *
		

		

		

		 

		

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		Appendix A
		

		
			Performance Vesting Requirements
		

		 

		

			-A-1-

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