Document:

Exhibit 10.8

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of April
29, 2019, by and between ConversionPoint Holdings, Inc., a Delaware corporation (the “Company”), and Raghunath Kilambi
(the “Executive”). This Agreement shall be effective, if at all, upon the effectiveness of the Form S-1 (File
No. 333-230862) filed by, with the U.S. Securities Exchange Commission (the “Effective Date”).

  

RECITALS:

 

WHEREAS,
the Company desires to employ Executive as of the Effective Date to provide personal services to the Company, and wishes to provide
Executive with certain compensation and benefits in return for his services; and

 

WHEREAS,
Executive wishes to be employed by the Company as of the Effective Date and to provide personal services to the Company in return
for certain compensation and benefits.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants contained herein, it is hereby agreed by and between the
parties hereto as follows:

 

1.             Definitions. As used in this Agreement, unless the context requires a different meaning,
the following terms shall have the meanings set forth herein:

 

(a)           “Base Amount” shall have the meaning set forth in attributable to such
term pursuant to the final regulations promulgated under Section 280G(b)(3)(A) of the Code.

 

(b)           “Board” shall mean the Board of Directors of the Company.

 

(c)           “Cause” shall mean any of the following, provided that the requirements
regarding advance notice and an opportunity to cure set forth below are satisfied, if applicable: (i) an unauthorized use or disclosure
of the Company’s confidential information or trade secrets by Executive that results in material harm to the Company or any
material breach by Executive of any applicable invention assignment or confidentiality agreement between the Company and Executive,
(ii) a material breach by Executive of any agreement between Executive and the Company that results in material harm to the Company,
(iii) Executive’s refusal to comply with the Company’s written policies or rules, (iv) Executive’s conviction
of, or plea of “guilty” or “no contest” to, a felony (other than a driving offense related solely to driving
in excess of the speed limit) under the laws of the United States or any state thereof or any crime involving moral turpitude,
(v) Executive’s repeated refusal to comply with a lawful material directive of the Board, (vi) Executive’s fraud, gross
negligence or willful misconduct in the performance of Executive’s duties that has had or could be reasonably expected to
have a material adverse effect on the Company or the Company’s reputation, business or financial condition; (vii) Executive’s
misappropriation or embezzlement of funds or property of the Company, or (viii) Executive’s breach of any fiduciary duties
owed to the Company; provided, however, that Cause shall not arise under this Section 1(c) unless (A) Executive has
been notified by the Company of the alleged act(s) that constitute “Cause” and has been given a period of ten (10)
days to resolve such allegations (if resolution is possible), and (B) Executive subsequently is given notice and an opportunity
to be heard before the Board. Executive shall not be deemed to have been terminated for Cause with respect to clauses (i), (ii),
(iii), (v) or (vi) above and only such clauses unless and until there shall have been delivered to Executive a Notice of Termination
and copy of a resolution duly adopted by the majority vote of those members of the Board (after reasonable notice to Executive
and an opportunity for Executive to cure any such failure), finding that, in the good faith opinion of the Board, Executive was
guilty of the conduct set forth in clauses (i), (ii), (iii), (v) or (vi) above. 

 

     

     

    

 

(d)           “Change in Control” shall have the meaning given to such term in the ConversionPoint
Holdings, Inc. 2018 Omnibus Incentive Plan, except that the prefatory language attributable to such term in such plan shall be
modified to delete the phrase “except as otherwise determined by the Committee and set forth in the applicable Agreement”.

 

(e)           “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended.

 

(f)            “COBRA Coverage” shall mean continuation coverage under the Company’s
medical, dental and/or vision benefit plans following a termination of employment pursuant to COBRA.

 

(g)           “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(h)           “Compensation Committee” means the Compensation Committee of the Board.

 

(i)            “Covered Termination” shall mean (i) an Involuntary Termination Without
Cause, or (ii) a voluntary termination of employment by Executive for Good Reason, provided that in either case, the termination
of employment constitutes a Separation from Service.

 

(j)            “Date of Termination” shall mean (i) if Executive’s employment is
terminated automatically due to Executive’s death, the date of Executive’s death; and (ii) if Executive’s employment
is terminated for any reason other than death, the date specified in the Notice of Termination.

 

(k)           “Disability” shall mean (i) that Executive has incurred a physical or mental
disability entitling Executive to long-term disability benefits under the Company’s long-term disability plan, if any, or
(ii) in the absence of a Company long-term disability plan, Executive’s inability, as determined by the independent members
of the Board (or any designated committee of the Board comprised solely of independent directors), to perform the essential functions
of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical
or mental illness which has lasted (or can reasonably be expected to last) for a period of six (6) consecutive months.

 

(l)            “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(m)          “Good Reason” shall mean Executive’s resignation due to any of the
following events, which occurs without Executive’s written consent, provided that the requirements regarding advance notice
and an opportunity to cure set forth below are satisfied: (i) a material diminution of Executive’s annual base salary or
target bonus by more than ten percent (10%); provided, however, that, a reduction of annual base salary or target bonus
of no more than fifteen percent (15%) that applies to all other similarly situated employees of the Company will not constitute
“Good Reason;” (ii) a material diminution of Executive’s title, authority, duties or responsibilities; or (iii)
the relocation of the Company’s corporate office at which Executive works, which relocation increases Executive’s one-way
commute by at least thirty (30) miles; or (iv) a breach by the Company of any material agreement between the Company and Executive
(each of (i), (ii), (iii) and (iv), a “Good Reason Condition”). In order for Executive to resign for Good Reason,
Executive must provide written notice to the Company of the existence of the Good Reason Condition within ninety (90) days of the
existence of such Good Reason Condition. Upon receipt of such notice of the Good Reason Condition as detailed in a Notice of Termination,
the Company will be provided with a period of thirty (30) days during which it may remedy the Good Reason Condition and not be
required to provide for the payments and benefits described herein as a result of such proposed resignation due to the Good Reason
Condition as specified in the Notice of Termination (the “Company Cure Period”). If the Good Reason Condition
is not remedied within the period specified in the preceding sentence, Executive must resign within ninety (90) days of the earlier
of the expiration of the Company Cure Period or written notice from the Company that it will not undertake to cure the condition
for the resignation to qualify as a resignation for Good Reason (and Executive’s compliance with this notice provision shall
not be deemed to violate the provisions of Section 2(a)). 

 

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(n)           “Involuntary Termination Without Cause” shall mean termination of Executive’s
employment by the Company other than for Cause and other than on Executive’s death or Disability. 

 

(o)           “Notice of Termination” shall mean a notice from Executive or the Company
to the other party regarding the intent to terminate Executive’s employment. To the extent applicable, the Notice of Termination
shall indicate the specific termination provision in this Agreement (if any) relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated.

 

(p)           “Release” shall mean a release by Executive of all claims arising out of
Executive’s employment with the Company or the termination thereof, in the form attached as hereto as Exhibit A.

 

(q)           “Separation from Service” means Executive’s termination of employment
or service which constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h).

 

2.             Notice. 

 

(a)           Notice of Termination. Any termination of Executive’s employment by the Company
or by Executive (other than termination due to Executive’s death, which shall terminate Executive’s employment automatically)
shall be communicated by a written Notice of Termination to the other party hereto in accordance with Section 2(b) and shall
set forth the Date of Termination, which shall not be earlier than the date on which the Notice of Termination is provided. In
the event of a voluntary termination of employment by Executive (whether with or without Good Reason), the Date of Termination
shall be no less than fourteen (14) days following the date on which the Notice of Termination is submitted; provided, however,
that the Company may elect to waive all or any part of such 14-day notice period.

 

(b)           Manner of Notice. For purposes of this Agreement, a Notice of Termination, as well
as other notices and communications provided for in this Agreement, shall be in writing and shall be deemed to have been duly given
when delivered in person, or by overnight courier (e.g., FEDEX) or mailed by United States certified or registered mail, return
receipt requested, postage prepaid, addressed to the Company at its principal office or to Executive at the address in the Company’s
payroll records, provided that all notices to the Company shall be directed to the attention of the Board, or to such other address
as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall
be effective only upon receipt.

 

3.             Duties and Scope of Employment. 

 

(a)           Positions and Duties. Subject to the terms and conditions of this Agreement, the Company hereby agrees to employ Executive,
and Executive agrees to serve, as the Company’s Chief Financial Officer. Executive will report to the President and Executive
Officer. Executive shall have all the responsibilities and powers normally associated with such position. Executive will render
such business and professional services in the performance of his duties, consistent with Executive’s position within the
Company, as will reasonably be assigned to him by the President and Executive Officer. Executive will also perform other such duties
and services commensurate with Executive’s position for other operations of affiliates of the Company, as may be reasonably
designated from time to time by the President and Executive Officer. Executive will serve the Company faithfully and perform his
duties to the best of his business ability, applying his best levels of skill, judgement, professionalism, knowledge, and diligence
commensurate with his experience and level of position.

 

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(b)           Exclusive Services. Except during vacation periods and reasonable periods of absence
due to sickness, personal injury or disability, Executive shall devote substantially all of his full working time throughout the
Employment Term (as defined in Section 3(c)) to the services required of him hereunder. Executive shall render his services
exclusively to the Company during the Employment Term (other than as provided below) and shall use his best business efforts, judgment
and energy to improve and advance the business and interests of the Company in a manner consistent with the duties of his position.
Notwithstanding the foregoing, Executive may engage in civic and not-for-profit activities, and serve on the boards of directors
or serve as a consultant to non-competitive private or public companies; provided, in each case that such activities do not materially
interfere with the performance of Executive’s duties to the Company. 

 

(c)           Term
of Employment. The period of Executive’s employment pursuant to this Agreement is referred to herein as the Employment
Term (“Employment Term”), which Employment Term shall commence as of the Effective Date and shall end on the
date Executive resigns or is otherwise terminated pursuant to the provisions of this Agreement.

 

4.             Confidential and Proprietary Information. 

 

(a)           During
the term of this Agreement, the Company will provide to Executive certain confidential and proprietary information owned by the
Company as more fully described below. Executive acknowledges that he occupies or will occupy a position of trust and confidence
with the Company, and that the Company would be irreparably damaged if Executive were to breach the covenants set forth in this
Section 4(a). Accordingly, Executive agrees that he will not, without the prior written consent of the Company, at any time
during the term of this Agreement or any time thereafter, except as may be required by competent legal authority or as required
by the Company to be disclosed in the course of performing Executive’s duties under this Agreement for the Company, use or
disclose to any person, firm or other legal entity, any confidential records, secrets or information obtained by Executive during
his employment hereunder related to the Company or any parent, subsidiary or affiliated person or entity (collectively, “Confidential
Information”). Confidential Information shall include, without limitation, information about the Company’s Inventions
(as defined in Section 5(a)), customer lists and product pricing, data, know-how, formulae, processes, ideas, past, current
and planned product development, market studies, computer software and programs, database and network technologies, strategic planning
and risk management. Executive acknowledges and agrees that all Confidential Information of the Company and/or its affiliates will
be received in confidence and as a fiduciary of the Company. Executive will exercise utmost diligence to protect and guard the
Confidential Information.

 

(b)           Executive
agrees that he will not, without the express written consent of the Board, take with him upon the termination of this Agreement,
any document or paper, or any photocopy or reproduction or duplication thereof, relating to any Confidential Information.

 

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(c)           Executive
agrees that he will, upon the termination of his employment, return all the Company’s property including but not limited
to vehicles leased or owned by the Company, mobile telephone, fuel card, personal computer, all documents, working papers, information
whether stored on computer disc or otherwise, and all other records relating to the Company and its business. Executive agrees
that he will confirm in writing that he has complied with this clause, if requested to do so by the Company, within seven (7) days
of receipt of such a request.

 

(d)           Executive
agrees that, while Executive is employed with the Company, he will not, either directly or indirectly, have an interest in any
business (whether as manager, operator, licensor, licensee, partner, 5% or greater equity holder, employee, consultant, director,
advisor or otherwise) competitive with the Company or any of its business activities or solicit individuals or other entities that
are customers or competitors of the Company. Executive further agrees that, for a period of twenty-four (24) months after the date
of termination of this Agreement (the “Restricted Period”), Executive shall not use the Company’s trade
secrets, either directly or indirectly, to compete in any way with the business of the Company and will not solicit individuals
or other entities that are customers or competitors of the Company during the six-month period immediately prior to the date of
termination of this Agreement, to terminate or change their contracts or business relations with the Company. Executive also agrees
that, for the Restricted Period, he will not, either directly or indirectly, solicit any employee of the Company to terminate such
employee’s employment with the Company.

 

(e)           For
purposes of this Section 4, “the Company” shall include any of its parents, subsidiaries or any other
entity in which it holds a 50% or greater equity interest.

 

5.             Inventions.

 

(a)           Any
and all inventions, product, discoveries, improvements, processes, formulae, manufacturing methods or techniques, designs or styles,
software applications or programs (collectively, “Inventions”) made, developed or created by Executive, alone
or in conjunction with others, during regular hours of work or otherwise, during the term of Executive’s employment with
the Company and for a period of two (2) years thereafter that may be directly or indirectly related to the business of, or tests
being carried out by, the Company, or any of its parents, subsidiaries, shall be promptly disclosed by Executive to the Company
and shall be the Company’s exclusive property. The following provisions of the California Labor Code shall supplement this
Section 5(a):

 

SECTION 2870 OF THE CALIFORNIA
LABOR CODE

 

Application
of Provisions Providing that Employee Shall Assign or Offer to Assign Rights in Inventions to the Company.

 

(a)       Any
provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights
in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time
without using employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:

 

(1)       Relate
at the time of conception or reduction to practice of the invention to employer’s business, or actual or demonstrably anticipated
research or development of employer; or

 

(2)       Result
from any work performed by the employee for employer.

 

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(b)       To the extent a provision in an employment agreement purports
to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the
provision is against the public policy of this state and is unenforceable.

  

(b)           Executive
will, upon the Company’s request and without additional compensation, execute any documents necessary or advisable in the
opinion of the Company’s legal counsel to direct the issuance of patents to the Company with respect to Inventions that are
to be the Company’s exclusive property under this Section 5 or to vest in the Company title to the Inventions; the
expense of securing any patent, however, shall be borne by the Company.

 

(c)           Executive
will hold for the Company’s sole benefit any Invention that is to be the Company’s exclusive property under this Section
5 for which no patent is issued.

 

6.             Cash
Compensation.

 

(a)           Base
Salary. During the Employment Term, the Company will pay Executive an annual base salary of $300,000 as compensation for services
(the “Base Salary”). The Base Salary will be paid in accordance with the Company’s normal payroll practices
and be subject to any required withholding. The Compensation Committee will review annually Executive’s performance and
determine an amount of increase, if any.

 

(b)           Annual
Bonus. Executive will be eligible for an annual discretionary bonus (the “Annual Bonus”). Whether any Annual
Bonus will be awarded, and the amount of the Annual Bonus awarded to Executive, shall be determined by the Compensation Committee
in its sole discretion based upon its consideration of the Company’s performance, Executive’s performance and any other
matters as determined by the Compensation Committee. Because the Annual Bonus is intended both to reward past Company and Executive’s
performance and to provide an incentive for Executive to remain with the Company, Executive must remain an active employee through
the last day of a performance period in order to earn any such bonus. Any Annual Bonus awarded by the Board shall be paid upon
the earlier of (i) ninety (90) days after the end of the calendar year and (ii) within ten (10) days after the completion of the
audit of the Company’s fiscal year financial statements.

 

7.             Equity-Based Awards. Executive shall be eligible for grants of restricted stock, stock
options, stock appreciation rights, restricted stock units, incentive awards, other stock-based awards and dividend equivalents
(collectively, “Equity-Based Awards”) from time to time as shall be determined by the Compensation Committee
in its sole discretion, and shall be subject to such vesting, exercisability, and other provisions as the Compensation Committee
may determine in its discretion, after reviewing the performance of both Executive and the Company. All Equity-Based Awards shall
be governed in all respects by the terms of the applicable agreements executed in connection with any grant and the plan documents
governing such Equity-Based Awards.

 

8.             Benefit Plans. During the Employment Term, Executive and/or Executive’s family,
as the case may be, shall be eligible for participation in and shall receive all benefits under benefit plans, practices, policies
and programs provided by the Company (including, without limitation, medical, prescription, dental, disability, employee life,
group life, accidental death and travel accident insurance plans and programs) in accordance with, and subject to, the terms of
such plans and programs. 

 

9.             Vacation. Executive will be entitled to paid vacation each year as provided for by
the Company’s vacation policy for senior management as such policy may be in effect from time to time with the timing and
duration of specific vacations mutually and reasonably agreed to by the parties hereto. In addition, Executive will be entitled
to certain paid holidays in accordance with any holiday schedule as may be adopted by the Company. 

 

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10.           Expenses. During the Employment Term, Executive shall be entitled to receive prompt
reimbursement for all reasonable and necessary business expenses incurred by Executive in the fulfillment of his duties hereunder;
including reasonable travel and lodging expenses, upon presentation by Executive of an itemized account of such expenditures, including
receipts as appropriate. 

 

11.           Compensation upon Certain Terminations. 

 

(a)           Termination for Any Reason. Upon Executive’s termination of employment with the
Company for any reason, Executive shall be paid (i) all accrued but unpaid base salary, (ii) reimbursement for reasonable and necessary
expenses incurred by Executive on behalf of the Company during the period ending on the date of termination, (iii) pay for accrued,
unused vacation time to the extent payable pursuant to the Company’s vacation pay policy, and (iv) any earned but unpaid
bonus prior to the date of termination. All such amounts will be paid in the ordinary course in accordance with the terms set forth
in this Agreement.

 

(b)           Covered Termination. If Executive’s employment with the Company is terminated
due to a Covered Termination, and Executive no later than twenty-one (21) days (forty-five (45) days in case of a group termination)
executes and delivers to the Company, and does not revoke within the seven (7) days after execution, a Release as described in
Section 11(c) and continues to remain in material compliance with the obligations set forth in Section 16 (provided
that if the Company finds that Executive is not in material compliance with Section 16, then Executive shall have thirty
(30) days to remedy such noncompliance upon receiving written notice thereof from the Company), then Executive shall be entitled
to the following severance benefits, subject to Section 11:

 

(i)             
Severance Payment. A termination payment equal to (A) 150% of Executive’s Base
Salary and (B) 150% of the total target annual cash bonus contemplated under any target cash bonus plan adopted by the Compensation
Committee and applicable to Executive, which amounts shall be paid to Executive on the first payroll date following sixty (60)
days after termination of employment;

 

(ii)             Continued Benefits. For the period beginning on the Date of Termination and extending
through the earlier of either (A) eighteen (18) months from the Date of Termination, or (B) the first day of Executive’s active
date of coverage in a group health plan maintained by a subsequent employer, if Executive timely elects COBRA, the Company shall
reimburse Executive, on a monthly basis, for the same percentage of the cost of COBRA Coverage Executive incurs that the Company
pays towards such coverage for active employees; all such reimbursements will be treated as fully taxable reimbursements to the
extent necessary to avoid any adverse effect on the tax status of the Company’s plans under which such COBRA Coverage is
provided; and

 

(iii)            Effect on Equity-Based Awards. The vesting and exercisability of any and all Equity-Based
Awards granted to Executive shall be governed in all respects by the terms of the applicable agreements executed in connection
with any grant and the plan documents governing such Equity-Based Awards.

 

(c)           Release/Continued Compliance. As a condition to Executive’s receipt of any benefits
described in this Section 11 (other than in Section 11(a)), Executive shall be required to (i) execute a Release
(substantially in the form attached hereto as Exhibit A) within thirty (30) days following the Date of Termination and not
revoke such Release within any period permitted under applicable law, and (ii) remain in material compliance with the obligations
set forth in Section 16 (provided that if the Company finds that Executive is not in material compliance, then Executive
shall have thirty (30) days to remedy such noncompliance upon receiving written notice thereof from the Company). 

 

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12.           Section 409A. Notwithstanding any other provision of this Agreement, it is intended
that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred
compensation subject to Section 409A of the Code shall be provided and paid in a manner, and at such time, including without limitation
payment and provision of benefits only in connection with the occurrence of a permissible payment event contained in Section 409A
(e.g., separation from service from the Company and its affiliates as defined for purposes of Section 409A of the Code), and in
such form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided
therein for non-compliance. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed by the Company
at the time of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of
the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement
is required in order a failure to comply with section 409A of the Code, such portion of Executive’s benefits shall not be
provided to Executive prior to the earlier of (a) the expiration of the six-month period measured from the date of Executive’s
Separation from Service or (b) the date of Executive’s death. Upon the first business day following the expiration of the
applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 12 shall be paid in a lump
sum to Executive, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. For purposes of
Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s
right to receive any installment payments payable hereunder shall be treated as a right to receive a series of separate payments
and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment. Notwithstanding
anything herein to the contrary, all taxable reimbursements and in-kind benefits provided by the Company under this Agreement shall
be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement
that (i) any reimbursement shall be for expenses incurred by Executive during the period of time specified in the Agreement; (ii)
any in-kind benefits must be provided by the Company during the period of time specified in the Agreement; (iii) the amount of
expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other calendar year; and (iv) the right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, in no event will the Company
or any of its officers, directors or employees be liable to Executive or any other person if any payment or benefit which is provided
pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the
Code fails to be exempt from or comply with Section 409A of the Code.

 

13.           Section 280G. In the event that it is determined that any payment or distribution in
the nature of compensation made or to be made of any type to or for the benefit of Executive made by the Company, by any of its
affiliates, by any person who acquires ownership or effective control of the Company or ownership of a substantial portion of the
Company’s assets (within the meaning of section 280G of the Code, and the regulations thereunder or by any affiliate of such
person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or under any other agreement
with or plan of the Company otherwise (the “Total Payments”), would be subject Executive to the excise tax imposed
by section 4999 of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such
interest or penalties, are collectively referred to as the “Excise Tax”), then either clauses (a) or (b) below
shall apply or occur, as applicable:

 

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(a)           If
the aggregate present value of the Total Payments (as calculated pursuant to the Code Section 280G final regulations) is less than
325% of Executive’s Base Amount, then such Total Payments shall be reduced, as necessary, to the smaller amount that is equal
to $1.00 less than 300% of Executive’s Base Amount so as to eliminate imposition of the Excise Tax.

 

(b)           If
the aggregate present value of the Total Payments (as calculated pursuant to the Code Section 280G final regulations) is equal
to or greater than 325% of Executive’s Base Amount, then, the Company shall pay Executive a cash amount equal to the sum
of: (i) any excise taxes that may be imposed on Executive under Code Sections 280G and 4999 (the “Excise Tax Restoration”)
and (ii) for any taxes (including excise taxes) that may be imposed on the Excise Tax Restoration payment, and for any interest
or penalties related to such excise tax with all such computations performed applying the then highest marginal tax rates (excluding
Federal social security taxes given Executive’s compensation will likely exceed the social security limit for such year and
net of the maximum reduction in federal taxes that may be obtained from the deduction of state and local taxes). Such payment shall
be made to Executive contemporaneously with the withholding of the Excise Tax from Executive within thirty days of the determination
that there are excise taxes owed and will be in an amount so that Executive will be in the same position on an after-tax basis
that he would have been if no excise taxes, interest and/or penalties had been imposed.

 

(c)           All
mathematical determinations and all determinations of whether any of the Total Payments are “parachute payments” and/or
are potentially subject to the Excise Tax (within the meaning of section 280G of the Code) that are required to be made under this
Section 13, shall be made by an independent nationally recognized independent registered public accounting firm not currently
retained by the Company and reasonably acceptable by Executive immediately prior to the Change in Control (the “Accountants”),
who shall provide their determination, together with detailed supporting calculations regarding the amount of any relevant matters,
both to the Company and to Executive within seven (7) business days of the Change in Control or Termination Date, as applicable,
or such earlier time as is requested by the Company. Such determination shall be made by the Accountants using reasonable good
faith interpretations of the Code. Any determination by the Accountants shall be binding upon the Company and Executive, absent
manifest error. The Company shall pay the fees and costs of the Accountants that are incurred in connection with this Section
13.

 

14.           Successors; Binding Agreement.

 

(a)           The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. Unless expressly provided otherwise, “Company” as used herein shall mean the Company as
defined in this Agreement and any successor to its business and/or assets as aforesaid. 

 

(b)           This Agreement shall inure to the benefit of and be enforceable by Executive and Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive
should die while any amount would still be payable to Executive hereunder had Executive continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee or
other designee or, if there is no such designee, to Executive’s estate. Executive may not assign or transfer this Agreement
or any rights or obligations hereunder.

 

15.           Third Party Agreements and Information. Executive represents and warrants that Executive’s
employment by the Company will not conflict with any prior employment or consulting agreement or other agreement with any third
party, and that Executive will perform Executive’s duties to the Company without violating any such agreement. Executive
represents and warrants that Executive does not possess confidential information arising out of prior employment, consulting, or
other third party relationships, which would be used in connection with Executive’s employment by the Company, except as
expressly authorized by that third party. During Executive’s employment by the Company, Executive will use in the performance
of Executive’s duties only information which is generally known and used by persons with training and experience comparable
to Executive’s own, common knowledge in the industry, otherwise legally in the public domain, or obtained or developed by
the Company or by Executive in the course of Executive’s work for the Company.

 

    9

     

    

 

16.           Non-Competition. Executive agrees that, while Executive is employed with the Company,
Executive will not, either directly or indirectly, have an interest in any business (whether as manager, operator, licensor, licensee,
partner, 5% or greater equity holder, employee, consultant, director, advisor or otherwise) competitive with the Company or any
of its business activities.

 

17.           Miscellaneous. 

 

(a)           Modification or Amendment. No provision of this Agreement may be modified or amended
unless such modification or amendment is agreed to in a writing that specifically states the intent of both parties hereto to supplement
the terms herein and is signed by Executive and an authorized officer of the Company as may be specifically designated by the Board
or a committee thereof. 

 

(b)           Waiver. No waiver by either party hereto at any time of any breach by the other party
hereto of or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

 

(c)           Governing Law. The validity, interpretation, construction and performance of this Agreement
shall be governed by the laws of the State of California without regard to its conflicts of law principles. 

 

(d)           Statutory References. All references to sections of the Exchange Act or the Code shall
be deemed also to refer to any successor provisions to such sections. 

 

(e)           Tax Withholding. Any payments provided for hereunder shall be paid net of any applicable
withholding required under federal, state or local law. 

 

(f)            Section Headings. The section headings contained in this Agreement are for convenience
only and shall not affect the interpretation of this Agreement.

 

(g)           Severability. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and
effect.

 

(h)           Mutual Drafting. This Agreement shall be deemed to be the joint work product of the
parties hereto and any rule of construction that a document shall be interpreted or construed against a drafter of such document
shall not be applicable. 

 

    10

     

    

 

(i)            Arbitration. To ensure the timely and economical resolution of disputes that may arise
in connection with Executive’s employment with the Company, Executive and the Company agree that any and all disputes, claims,
or causes of action arising from or relating to the enforcement, breach, performance, negotiation, execution, or interpretation
of this Agreement, Executive’s employment, or the termination of Executive’s employment, shall be resolved to the fullest
extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, in Orange County, California, conducted
by JAMS under the then-applicable JAMS rules for employment disputes. By agreeing to this arbitration procedure, both Executive
and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding.
The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief
as would otherwise be permitted by law; and (b) issue a written arbitration decision, to include the arbitrator’s essential
findings and conclusions and a statement of the award. The arbitrator shall be authorized to award any or all remedies that Executive
or the Company would be entitled to seek in a court of law. Each of the Company and Executive shall pay fifty percent (50%) of
any and all arbitration fees. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive
relief in court to prevent irreparable harm pending the conclusion of any such arbitration.

 

(j)            Counterparts. This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one and the same instrument.

 

18.           At-Will Employment. Nothing contained in this Agreement shall (a) confer upon Executive
any right to continue in the employ of the Company, (b) constitute any contract or agreement of employment, or (c) interfere in
any way with the at-will nature of Executive’s employment with the Company.

 

[signature page follows]

 

    11

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first above written.

 

	 	EXECUTIVE	 
	 	 	 
	 	 	 
	 	Raghunath Kilambi	 
	 	 	 
	 	CONVERSIONPOINT HOLDINGS, INC.	 
	 	 	 
	 	 	 
	 	Robert Tallack, President and CEO	 

 

ConversionPoint Holdings,
Inc. -- Employment Agreement – Raghunath Kilambi

 

    12

     

    

 

EXHIBIT A

 

FORM OF
RELEASE OF CLAIMS BY EMPLOYEE

 

FOR AND IN CONSIDERATION
OF the severance pay and benefits to be provided to me under the Employment Agreement (“Employment Agreement”)
between me and ConversionPoint Holdings, Inc. (the “Company”) dated April 29, 2019, which are conditioned on
my signing this Release of Claims, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
I, on my own behalf and on behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns, and all others
connected with or claiming through me, hereby release and forever discharge the Company and its current and past parents, subsidiaries
and other affiliates and all of their respective past, present and future officers, directors, trustees, shareholders, employees,
agents, employee benefit plans, general and limited partners, members, managers, investors, joint venturers, representatives, successors
and assigns, and all others connected with any of them, both individually and in their official capacities (collectively, the “Released
Parties”), from any and all causes of action, rights and claims of any type or description, known or unknown, which I
have had in the past, now have, or might now have, through the date of my signing of this Release of Claims, in any way related
to, connected with or arising out of my employment or its termination or the Employment Agreement or pursuant to any federal, state
or local law, regulation or other requirement (including without limitation Title VII of the Civil Rights Act of 1964, the Age
Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, the Employee Retirement Income Security
Act, the Americans with Disabilities Act, and/or the fair employment practices statute of the state or states in which I was previously
employed by the Company or otherwise had a relationship with the Company or any of its subsidiaries or other affiliates, each as
amended from time to time) (collectively, the “Released Claims”). This Release of Claims shall not apply to
(a) any claim that arises after I sign this Release of Claims, (b) any rights to indemnification that I may have under the Company’s
Articles of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have
to indemnify me or hold me harmless, (c) any claim that may not be waived pursuant to applicable law, (d) my rights to severance
pay and benefits under the Employment Agreement, (e) my rights following the date hereof with respect to any equity interests I
hold in the Company or any of its affiliates or (f) my rights to any vested benefits to which I am entitled under the terms of
any of the Company’s benefit plans, programs, or policies, or that of the Company’s affiliates.

 

By signing this Release,
I expressly waive and relinquish all rights and benefits afforded by Section 1542 of the Civil Code of the State of California,
and do so understanding and acknowledging the significance of such specific waiver of Section 1542, which Section states as follows:

 

A general release
does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the
release, which if known by him or her must have materially affected his or her settlement with the debtor.

 

Thus, notwithstanding
the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of the Released Parties,
I expressly acknowledge that this Release is intended to include in its effect, without limitation, all Released Claims which I
do not know or suspect to exist in my favor at the time of execution hereof, and that this Release contemplates the extinguishment
of such Released Claim or Released Claims.

 

To the fullest extent
permitted by law, at no time subsequent to the execution of this Agreement will I pursue, or cause or knowingly permit the prosecution,
in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal,
of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which I may now have, have ever
had, or may in the future have against the Released Parties, which is based in whole or in part on any matter released by this
Release.

 

    A-1

     

    

 

I understand that nothing
in this Release, limits my ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National
Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal,
state or local government agency or commission (“Government Agencies”). I further understand that this Release
does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding
that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.
This Release does not limit my right to receive an award for information provided to any Government Agencies.

 

By signing this Release
of Claims, I acknowledge my understanding that I hereby knowingly and voluntarily enter into this Release of Claims with the purpose
of waiving and releasing any claims under the Age Discrimination in Employment Act of 1967 and the Older Workers Benefit Protection
Act (OWBPA). I understand and acknowledge that I may consider the terms of this Release of Claims for up to twenty-one (21) days
(or forty-five (45) days in case of a group termination) from the date I receive it and that I may not sign this Release of Claims
until after the date my employment with the Company terminates. I also acknowledge that I am hereby advised by the Company to seek
the advice of an attorney prior to signing this Release of Claims; that I have had sufficient time to consider this Release of
Claims and to consult with an attorney, if I wished to do so, or to consult with any other person of my choosing before signing;
and that I am signing this Release of Claims voluntarily and with a full understanding of its terms.

 

I further acknowledge
that, in signing this Release of Claims, I have not relied on any promises or representations, express or implied, that are not
set forth expressly in the Release of Claims. Any changes made to this agreement, whether material or immaterial, will not restart
the running of the twenty-one (21) day (or forty-five (45) day in case of a group termination) period. I understand that I may
revoke this Release of Claims at any time within seven (7) days of the date of my signing by written notice to the Chairman of
the Company’s Board of Directors and that this Release of Claims will take effect only upon the expiration of such seven-day
revocation period and only if I have not timely revoked it.

 

Intending to be legally
bound, I have signed this Release of Claims as of the date written below.

 

	Signature:	 	 

 

	Name:	 	 

 

	Date Signed:	 	 

 

    A-2Exhibit

Short Term Incentive Compensation Plan

TABLE OF CONTENTS
	
					
	ARTICLE I ESTABLISHMENT AND PURPOSE
	 
	 

	1.1
	 
	Establishment
	 
	 

	1.2
	 
	Purposes
	 
	 

	ARTICLE II DEFINITIONS
	 
	 

	ARTICLE III ADMINISTRATION
	 
	 

	3.1
	 
	Committee Structure and Actions
	 
	 

	3.2
	 
	Committee Authority
	 
	 

	2ARTICLE IV ELIGIBILITY
	 
	 

	4.1
	 
	Eligibility
	 
	 

	ARTICLE V AWARDS
	 
	 

	5.1
	 
	General
	 
	 

	5.2
	 
	Award Amounts
	 
	 

	5.3
	 
	Performance Goals
	 
	 

	5.4
	 
	Payments
	 
	 

	5.5
	 
	Termination of Employment Due to Death, Disability or Other Reason
	 
	 

	5.6
	 
	Election to Defer
	 
	 

	5.7
	 
	Compensation Recovery
	 
	 

	ARTICLE VI MISCELLANEOUS
	 
	 

	6.1
	 
	Amendment and Termination
	 
	 

	6.2
	 
	Unfunded Status of Plan
	 
	 

	6.3
	 
	No Additional Obligation
	 
	 

	6.4
	 
	Withholding
	 
	 

	6.5
	 
	Controlling Law
	 
	 

	6.6
	 
	Offset
	 
	 

	6.7
	 
	Nontransferability; Beneficiaries
	 
	 

	6.8
	 
	No Rights with Respect to Continuance of Employment
	 
	 

	6.9
	 
	Headings
	 
	 

	6.10
	 
	Severability
	 
	 

	6.11
	 
	Successors and Assigns
	 
	 

	6.12
	 
	Entire Agreement
	 
	 

REGIS CORPORATION
AMENDED AND RESTATED SHORT TERM INCENTIVE COMPENSATION PLAN
ARTICLE I
ESTABLISHMENT AND PURPOSE
1.1 Establishment. The Regis Corporation Short Term Incentive Compensation Plan (“Plan”), shall be amended and restated as set forth herein effective as of February 27, 2019 (the “Effective Date”). The Plan shall remain in effect until it has been terminated pursuant to Section 6.1.
1.2 Purposes. The purposes of the Plan are to enhance the value of the Company by providing incentives for the achievement of one or more of the performance goals selected by the Committee for the applicable performance period; to link a significant portion of a Participant’s compensation to the achievement of one or more of the performance goals; and to attract, motivate and retain employees on a competitive basis by making awards based on achievement of performance goals.
ARTICLE II
DEFINITIONS
For purposes of the Plan, the following terms are defined as set forth below:
2.1 “Affiliate” means any individual, corporation, partnership, association, limited liability company, joint-stock company, trust, unincorporated association or other entity (other than the Company) that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company.
2.2 “Appendix” means any schedule, chart or other description of the specific awards prepared each Performance Period by the Committee with respect to the applicable Performance Period. Each Appendix shall be a part of this Plan as if originally set forth herein.
2.3 “Award” means an incentive award granted to a Participant under the Plan. Awards shall be subject to the terms and conditions of the Plan, and such other terms and conditions as the Committee shall deem desirable (as set out in an Appendix).
2.4 “Beneficiary” means any person or other entity, which has been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the compensation, specified under the Plan to the extent permitted. If there is no designated beneficiary, then the term means any person or other entity entitled by will or the laws of descent and distribution to receive such compensation.
2.5 “Board of Directors” or “Board” means the Board of Directors of the Company.
2.6 “Cause” means, for purposes of determining whether and when a Participant has incurred a Termination of Employment for Cause, any act or omission which permits the Company to terminate the written agreement or arrangement, such as an employment or severance agreement or plan, between the Participant and the Company or an Affiliate for “cause” as defined in such agreement or arrangement, or in the event there is no such agreement or arrangement or the agreement or arrangement does not define the term “Cause,” then “Cause” means (1) (a) a felony conviction under any Federal or state statute which is materially detrimental to the financial interests of the Company, or (b) willful non-performance by the Participant of his or her material employment duties other than by reason of his or her physical or mental incapacity after reasonable written notice to the Participant and reasonable opportunity (not less than thirty (30) days) to cease such non-performance; or (2) the Participant willfully engaging in fraud or gross misconduct which is materially detrimental to the financial interests of the Company.
2.7 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor, along with related rules, regulations and interpretations.
2.8 “Committee” means the committee of the Board responsible for granting Awards under the Plan, which initially shall be the Compensation Committee of the Board, until such time as the Board may designate a different committee. 

2.9 “Company” means Regis Corporation, a Minnesota corporation, and includes any successor or assignee corporation or corporations into which the Company may be merged, changed or consolidated; any corporation for whose securities the securities of the Company shall be exchanged; and any assignee of or successor to substantially all of the assets of the Company.
2.10 “Disability” means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.
2.11 “Participant” means a person who satisfies the eligibility conditions of Article IV and to whom an Award has been granted by the Committee under the Plan for the applicable Performance Period. In the event that a Representative is appointed for a Participant, then the term “Participant” shall mean such appointed Representative. Notwithstanding the appointment of a Representative, the term “Termination of Employment” shall mean the Termination of Employment of the Participant.
2.12 “Performance Goals” mean one or more of the performance goals set out in Section 5.3(b) and chosen by the Committee for the applicable Performance Period, the achievement of which is a condition to the payment of any Award.
2.13 Performance Period” means the Company’s fiscal year, or such other shorter or longer period designated by the Committee, performance during all or part of which a Participant’s entitlement to receive payment of an Award is based.
2.14 “Plan” means the Regis Corporation Short Term Incentive Compensation Plan, as herein set forth and as may be amended from time to time.
2.15 “Representative” means (a) the person or entity acting as the executor or administrator of a Participant’s estate pursuant to the last will and testament of a Participant or pursuant to the laws of the jurisdiction in which the Participant had the Participant’s primary residence at the date of the Participant’s death; (b) the person or entity acting as the guardian or temporary guardian of a Participant; (c) the person or entity which is the beneficiary of the Participant upon or following the Participant’s death; or (d) the person to whom an Award has been permissibly transferred; provided that only one of the foregoing shall be the Representative at any point in time as determined under applicable law and recognized by the Committee.
2.16 “Termination of Employment” means the occurrence of any act or event whether pursuant to an employment agreement or otherwise that actually or effectively causes or results in the person’s ceasing, for whatever reason, to be any and all of an officer or employee of the Company or of any Affiliate, including, without limitation, death, Disability, dismissal, severance at the election of the Participant, retirement, or severance as a result of the discontinuance, liquidation, sale or transfer by the Company or its Affiliates of a business owned or operated by the Company or its Affiliates.
In addition, certain other terms used herein have definitions given to them in the first place in which they are used.

ARTICLE III
ADMINISTRATION
3.1 Committee Structure and Actions. The Plan shall be administered by the Committee in accordance with the rules and responsibilities of the Committee.
3.2 Committee Authority. Subject to the terms of the Plan, the Committee shall have the authority:
(1) to select those persons to whom Awards may be granted from time to time;
(2) to determine, whether through the use of an Appendix or otherwise, such other terms and conditions regarding any Award granted hereunder, any time or from time to time, of any Award, subject to the limitations of Section 6.1;
(3) to determine to what extent and under what circumstances amounts payable with respect to an Award may be deferred;
(4) to determine what legal requirements are applicable to the Plan and Awards and to require of a Participant that appropriate action be taken with respect to such requirements;
(5) to cancel, with the consent of the Participant or as otherwise provided in the Plan, outstanding Awards;
(6) to determine whether and with what effect an individual has incurred a Termination of Employment;
(7) to determine whether an Award is to be adjusted, modified or prorated under the Plan;
(8) to adopt, amend and rescind such rules and regulations as, in its opinion, may be advisable in the administration of this Plan; and
(9) to appoint and compensate agents, counsel, auditors or other specialists to aid it in the discharge of its duties.
The Committee shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable, to interpret the terms and provisions of the Plan and any Award issued under the Plan and to otherwise supervise the administration of the Plan. The Committee’s policies and procedures may differ with respect to Awards granted at different times and may differ with respect to a Participant from time to time, or with respect to different Participants at the same or different times.
Any determination made by the Committee pursuant to the provisions of the Plan shall be made in its sole discretion, and in the case of any determination relating to an Award may be made at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any time thereafter. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and Participants. Any determination shall not be subject to de novo review if challenged in court.
ARTICLE IV
ELIGIBILITY
4.1 Eligibility. The Participants for each Performance Period shall consist of any employees of the Company or any Affiliate selected by the Committee.

ARTICLE V
AWARDS
5.1 General. The Committee shall have authority to grant Awards under the Plan at any time or from time to time. Awards consist of the right to receive cash upon achievement of certain Performance Goals. The Committee shall have complete discretion to determine the Awards granted to each Participant and the relevant Performance Period.
5.2 Award Amounts.
(a) Target Pay-out. The target amount that may be paid with respect to an Award (the “Target Pay-out”) shall be determined by the Committee at the time of grant (“Participation Factor”), within the range established by this Section and any Appendix to the Plan. Any such amount shall be subject to adjustment as provided below in this Section 5. The Participation Factors are intended to reflect a Participant’s level of responsibility and other factors deemed appropriate by the Committee. Accordingly, the Participation Factors may vary among Participants. The Committee may establish curves, matrices or other measurements for prorating the amount of pay-outs for achievement of Performance Goals at less than the Target Pay-out.
(b) Maximum Pay-out. The Committee may also establish a maximum potential pay-out amount (the “Maximum Pay-out”) with respect to an Award in the event that Performance Goal targets are exceeded by an amount established by the Committee at the time Performance Goals are established. The Committee may establish curves, matrices or other measurements for prorating the amount of pay-outs for achievement of Performance Goals at greater than the Target Pay-out but less than the Maximum Pay-out.
(c) Threshold Pay-out. The Committee may also establish a minimum potential pay-out amount (the “Threshold Pay-out”) with respect to an Award of a fraction of the Target Pay-out in the event that at least a minimum percentage (established by the Committee at the time Performance Goals are established) of the Performance Goal targets are achieved. The Committee may establish curves, matrices or other measurements for prorating the amount of pay-outs for achievement of Performance Goals at greater than the Threshold Pay-out but less than the Target Pay-out.
5.3 Performance Goals.
(a) Establishment. Payment under an Award shall be made to a Participant based on the extent to which the Company achieves the Performance Goals established by the Committee. 
(b) Criteria for Performance Goals. Performance Goals may be based on any of the following performance criteria, either alone or in any combination, and on either a consolidated or business unit level, and on an absolute or relative basis compared to other companies or indexes or other external measures, on a per share basis (basic or diluted), as a growth rate or change from prior periods, or relative to one or more other performance criteria, as the Committee may determine: earnings per share (“EPS”); sales; cash flow; cash flow from operations; operating profit or income; net income; operating margin; net income margin; gross margin; service margin; product margin; return on net assets; economic value added; return on total assets; return on common equity; return on total capital; return on invested capital; total shareholder return; revenue; revenue growth; earnings before interest, taxes, depreciation and amortization (“EBITDA”); EBITDA growth; funds from operations per share and per share growth; cash available for distribution; cash available for distribution per share and per share growth; share price performance; improvements in the Company’s attainment of income or expense levels; implementing or completion of critical projects; or such other performance criteria as the Committee may determine. The foregoing criteria shall have any reasonable definitions that the Committee may specify, which may include or exclude any or all of the following items as the Committee may specify: extraordinary, unusual or non-recurring items, as defined by GAAP; effects of accounting changes; effects of financing activities (e.g., effect on EPS of issuance of convertible debt securities); expenses for restructuring or productivity initiatives; other non-operating items; spending for acquisitions; effects of divestitures; and effects of litigation activities and settlements. Any such performance criterion or combination of such criteria may apply to a Participant’s Award opportunity in its entirety or to any designated portion or portions of the Award opportunity, as the Committee may specify. Unless the Committee determines otherwise for any Performance Period, extraordinary items, such as capital gains and losses, which affect any performance criterion applicable to the Award (including but not limited to the criterion of net income) shall be excluded or included in determining the extent to which the corresponding performance goal has been achieved, whichever will produce the higher pay-out.

5.4 Payments. After the close of the applicable Performance Period, the Committee shall determine the extent to which the established Performance Goals have been achieved. Before any payment is made under the Plan, the Committee must certify that the Performance Goals established with respect to an Award have been achieved. The Committee may, in its discretion, adjust the amount of payment with respect to an Award based on such factors as it determines appropriate. In the event of a Participant’s Termination of Employment prior to the end of the Performance Period for any reason, the amount payable with respect to such Award will be governed by the provisions of Section 5.5. Payments shall be made as soon as practicable after the Committee’s certification of achievement of the Performance Goals, provided that payment shall be made no more than two and a half months after the end of the calendar year in which the Performance Period ended.
5.5 Termination of Employment Due to Death, Disability or Other Reason. In the event of a Termination of Employment due to death or Disability during a Performance Period, the Participant shall receive a pro rata share of the Award relating to such Performance Period. Unless otherwise determined by the Committee, in the event that a Participant’s employment terminates for any other reason (whether or not the Termination of Employment is for Cause), all Awards not yet paid to the Participant shall be forfeited by the Participant to the Company. Distribution of amounts with respect to earned Awards may be made at the same time payments are made to Participants who did not incur a Termination of Employment during the applicable Performance Period.
5.6 Election to Defer. If so provided in an Appendix, a Participant may elect to defer receipt of the payout of an Award for a specified period or until a specified event, subject to the Committee’s approval, on such terms as are determined by the Committee, and subject to compliance with Section 409A of the Code.
5.7 Compensation Recovery.  Awards are subject to forfeiture, recovery by the Company or other action pursuant to any compensation recovery (“clawback”) policy adopted by the Board or the Committee at any time, including in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder, or as otherwise required by law.  Any Award may be unilaterally amended by the Committee to comply with any such compensation recovery policy.
ARTICLE VI
MISCELLANEOUS
6.1 Amendment and Termination. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any time, with or without advance notice to Participants. No amendment, modification or termination of the Plan may adversely affect in a material manner any right of any Participant with respect to any Award theretofore granted without such Participant’s written consent, except an amendment (a) made to cause the Plan to comply with applicable law or (b) made to permit the Company or an Affiliate a tax deduction under applicable law.
6.2 Unfunded Status of Plan. It is intended that the Plan be an “unfunded” plan for incentive compensation. The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to make payments; provided, however, that, unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the Plan.
6.3 No Additional Obligation. Nothing contained in the Plan shall prevent the Company or an Affiliate from adopting other or additional compensation or benefit arrangements for its employees.
6.4 Withholding. Awards are subject to withholding for certain federal, state, or local taxes required by law to be withheld with respect to such income. The Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant.
6.5 Controlling Law. The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of Minnesota (other than its law respecting choice of law). The Plan shall be construed to comply with all applicable law and to avoid liability to the Company, an Affiliate or a Participant.
6.6 Offset. Any amounts owed to the Company or an Affiliate by a Participant of whatever nature may be offset by the Company from the payment of any Award to the Participant. No cash shall be transferred unless and until all disputes between the Company and the Participant have been fully and finally resolved and the Participant has waived all claims to such against the Company or an Affiliate.

6.7 Nontransferability; Beneficiaries. No Award shall be assignable or transferable by the Participant, otherwise than by will or the laws of descent and distribution or pursuant to a beneficiary designation. Each Participant may designate a Beneficiary to receive the proceeds of any Award held by the Participant at the time of the Participant’s death. If a deceased Participant has named no Beneficiary, the proceeds of any Award held by the Participant at the time of death shall be transferred as provided in his or her will or by the laws of descent and distribution.
6.8 No Rights with Respect to Continuance of Employment. Nothing contained herein shall be deemed to alter the relationship between the Company or an Affiliate and a Participant, or the contractual relationship between a Participant and the Company or an Affiliate if there is a written contract regarding such relationship. Nothing contained herein shall be construed to constitute a contract of employment between the Company or an Affiliate and a Participant. The Company or an Affiliate and each of the Participants continue to have the right to terminate the employment or service relationship at any time for any reason, except as provided in a written contract. The Company or an Affiliate shall have no obligation to retain the Participant in its employ or service as a result of this Plan. There shall be no inference as to the length of employment or service hereby, and the Company or an Affiliate reserves the same rights to terminate the Participant’s employment or service as existed prior to the individual becoming a Participant in this Plan.
6.9 Headings. The headings contained in this Plan are for reference purposes only and shall not affect the meaning or interpretation of this Plan.
6.10 Severability. If any provision of this Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not effect any other provision hereby, and this Plan shall be construed as if such invalid or unenforceable provision were omitted.
6.11 Successors and Assigns. This Plan shall inure to the benefit of and be binding upon each successor and assign of the Company. All obligations imposed upon a Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and successors.
6.12 Entire Agreement. This Plan (including any Appendix thereto) constitutes the entire agreement with respect to the subject matter hereof and thereof.

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