Document:

Exhibit 4.3

 

SEALAND NATURAL RESOURCES INC.

2014 EQUITY INCENTIVE AWARD PLAN

 

Table of Contents

 

	ARTICLE 1 PURPOSE	 	4
	ARTICLE 2 DEFINITIONS AND CONSTRUCTION	 	4
	ARTICLE 3 SHARES SUBJECT TO THE PLAN	 	8
	3.1. Number of Shares	 	8
	3.2. Stock Distributed	 	8
	3.3. Limitation on Number of Shares Subject to Awards	 	8
	ARTICLE 4 ELIGIBILITY AND PARTICIPATION	 	9
	4.1.Eligibility	 	9
	4.2. Participation	 	9
	4.3. Foreign Participants	 	9
	ARTICLE 5 STOCK OPTIONS	 	9
	5.1.General	 	9
	5.2. Incentive Stock Options	 	10
	5.3. Substitution of Stock Appreciation Rights	 	11
	5.4. Paperless Exercise	 	11
	5.5. Granting of Options to Independent Directors	 	11
	ARTICLE 6 RESTRICTED STOCK AWARDS	 	11
	6.1. Grant of Restricted Stock	 	11
	6.2.Issuance and Restrictions	 	11
	6.3. Forfeiture	 	12
	6.4.Certificates for Restricted Stock	 	12
	ARTICLE 7 STOCK APPRECIATION RIGHTS	 	12
	7.1. Grant of Stock Appreciation Rights	 	12
	7.2. No Coupled Stock Appreciation Rights	 	12
	7.3. Independent Stock Appreciation Rights	 	12
	7.4. Payment and Limitations on Exercise	 	13

 

    	 

    	 

    

 

	ARTICLE 8 OTHER TYPES OF AWARDS	 	13
	8.1. Performance Share Awards	 	13
	8.2. Stock Payments	 	13
	8.3. Deferred Stock	 	14
	8.4. Restricted Stock Units	 	14
	8.5. Other Stock-Based Awards	 	14
	8.6. Term	 	14
	8.7. Exercise or Purchase Price	 	14
	8.8. Exercise Upon Termination of Employment or Service	 	15
	8.9. Form of Payment	 	15
	8.10. Award Agreement	 	15
	ARTICLE 9 PERFORMANCE-BASED AWARDS	 	15
	9.1. Purpose	 	15
	9.2. Applicability	 	15
	9.3. Procedures with Respect to Performance-Based Awards	 	15
	9.4. Payment of Performance-Based Awards	 	16
	9.5. Additional Limitations	 	16
	ARTICLE 10 PROVISIONS APPLICABLE TO AWARDS	 	16
	10.1. Stand-Alone and Tandem Awards	 	16
	10.2. Award Agreement	 	16
	10.3. Limits on Transfer	 	16
	10.4. Death of Optionee	 	17
	10.5. Retirement or Disability	 	17
	10.6. Forfeiture for Other Reasons	 	17
	10.7. Leaves of Absence and Performance Targets	 	18
	10.8. Newly Eligible Employees	 	18
	10.9. Stock Certificates; Book Entry Procedures	 	18
	ARTICLE 11 CHANGES IN CAPITAL STRUCTURE	 	19
	11.1. Adjustments	 	19
	11.2. Outstanding Awards—Other Changes	 	20
	11.3. No Other Rights	 	20

 

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	ARTICLE 12 ADMINISTRATION	 	20
	12.1. Committee	 	20
	12.2. Committee Membership	 	20
	12.3. Certain Actions	 	20
	12.4. Action by the Committee	 	21
	12.5. Authority of Committee	 	21
	12.6. Decisions Binding	 	22
	12.7. Delegation of Authority	 	22
	12.8. Committee Administration	 	22
	12.9. Liability	 	22
	ARTICLE 13 EFFECTIVE AND EXPIRATION DATE	 	22
	13.1. Effective Date	 	22
	13.2. Expiration Date	 	22
	ARTICLE 14 AMENDMENT, MODIFICATION, AND TERMINATION	 	22
	14.1. Amendment, Modification, And Termination	 	22
	14.2. Awards Previously Granted	 	23
	ARTICLE 15 COMPLIANCE WITH SECTION 409A OF THE CODE	 	23
	15.1. Awards subject to Code Section 409A	 	23
	15.2. Distributions under a Section 409A Award	 	23
	15.3. Prohibition on Acceleration of Benefits	 	24
	15.4. Elections under Section 409A Awards	 	24
	15.5. Compliance in Form and Operation	 	25
	ARTICLE 16 GENERAL PROVISIONS	 	25
	16.1. No Rights to Awards	 	25
	16.2. No Stockholders Rights	 	25
	16.3. Withholding	 	26
	16.4. No Right to Employment or Services	 	26
	16.5. Unfunded Status of Awards	 	26
	16.6. Indemnification	 	26
	16.7. Relationship to other Benefits	 	26
	16.8. Expenses	 	26
	16.9. Titles and Headings	 	26
	16.10. Fractional Shares	 	27
	16.11. Limitations Applicable to Section 16 Persons	 	27
	16.12. Government and Other Regulations	 	27
	16.13. Governing Law	 	27

 

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ARTICLE 1

PURPOSE

 

The purposes of the Sealand Natural Resources Inc. 2014 Equity
Incentive Award Plan (the “Plan”) are to:

 

		1.	Closely associate the interests of management, employees, directors and consultants of Sealand Natural Resources Inc., a Nevada
corporation (the “Company”), with the shareholders of the Company by reinforcing the relationship between participants’
rewards and shareholder gains;

		2.	Provide management and employees with an equity ownership in the Company commensurate with Company performance, as reflected
in increased shareholder value;

		3.	Maintain competitive compensation levels; and

		4.	Provide an incentive to management and employees to remain in continuing employment with the Company and to put forth maximum
efforts for the success of its business.

 

The Plan is further intended to provide flexibility to the Company
in its ability to attract, motivate and retain the services of members of the Board, Employees and Consultants upon whose judgment,
interest, and special effort the successful conduct of the Company’s operation is largely dependent.

 

ARTICLE 2

DEFINITIONS AND CONSTRUCTION

 

Wherever the following terms are used in the Plan they shall
have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural
where the context so indicates.

 

2.1 “Award” means an
Option, a Restricted Stock award, a Stock Appreciation Right award, a Performance Share award, a Stock Payment award, a Deferred
Stock award, a Restricted Stock Unit award, an Other Stock-Based Award, or a Performance-Based Award granted to a Participant pursuant
to the Plan.

 

2.2 “Award Agreement”
means any written agreement, contract, or other instrument or document evidencing an Award.

 

2.3.“Board” means the
Board of Directors of the Company.

 

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2.4.“Change in Control”
means the occurrence of any of the following in one or a series of related transactions: (i) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) under the Exchange Act) of more than
thirty percent (30%) of the voting rights or equity interests in the Company; (ii) a replacement, during a 24-month period, of
more than one-half (1/2) of the members of the Board that is not approved by those individuals who are members of the Board on
the date hereof (or other directors previously approved by such individuals); (iii) consummation of a merger or consolidation of
the Company or any Subsidiary or a sale of more than one-half (1/2) of the assets of the Company in one or a series of related
transactions, unless following such transaction or series of transactions, the holders of the Company’s securities prior
to the first such transaction continue to hold at least one-half (1/2) of the voting rights and equity interests of the surviving
entity or acquirer of such assets; (iv) a recapitalization, reorganization or other transaction involving the Company or any Subsidiary
that constitutes or results in a transfer of more than one-half (1/2) of the voting rights or equity interests in the Company;
or (v) consummation of a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act with respect to the
Company.

 

2.5.“Code” means the
Internal Revenue Code of 1986, as amended.

 

2.6.“Committee” means
the committee of the Board described in Article 12.

 

2.7.“Consultant” means
any consultant or adviser if:

 

(a)    The
consultant or adviser renders bona fide services to the Company;

 

(b)    The
services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising
transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and

 

(c)    The
consultant or adviser is a natural person who has contracted directly with the Company to render such services.

 

2.8. “Covered Employee”
means an Employee who is, or may be, as determined by the Committee, a “covered employee” within the meaning of Section
162(m) of the Code.

 

2.9.“Deferred Stock”
means a right to receive a specified number of shares of Stock during specified time periods pursuant to Article 8.

 

2.10. “Disability” means
that the Participant qualifies to receive long-term disability payments under the Company’s long-term disability insurance
program, as it may be amended from time to time.

 

2.11. “Effective Date” shall
have the meaning set forth in Section 13.1.

 

2.12. “Eligible Individual”
means any person who is an Employee, a Consultant or a member of the Board, as determined by the Committee.

 

2.13. “Employee” means
any officer or other employee (as defined in accordance with Section 3401(c) of the Code) of the Company or any Subsidiary.

 

2.14. “Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

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2.15. “Fair Market Value”
means, as of any given date, the fair market value of a share of Stock on the date determined by such methods or procedures as
may be established from time to time by the Committee. Unless otherwise determined by the Committee, the Fair Market Value of a
share of Stock as of any date shall be (i) the closing price of a share of Common Stock on the principal exchange on which shares
of Common Stock are then trading, if any, on such date, or if shares were not traded on such date, then on the closest preceding
date on which a trade occurred; or (ii) if Common Stock is not traded on an exchange, the mean between the closing representative
bid and asked prices for the Common Stock on such date as reported by the OTC Bulletin Board or the OTC Markets Group, Inc., or
if not then in existence, by their successor quotation system; or (iii) if Common Stock is not publicly traded, the Fair Market
Value of a share of Common Stock as established by the Committee acting in good faith.

 

2.16. “Incentive Stock Option”
means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto.

 

2.17. “Independent Director”
means a member of the Board who is not an Employee of the Company.

 

2.18. “ISAR” shall have
the meaning set forth in Section 7.3(a).

 

2.19. “Non-Employee Director”
means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange
Act, or any successor definition adopted by the Board.

 

2.20. “Non-Qualified Stock Option”
means an Option that is not intended to be an Incentive Stock Option.

 

2.21. “Option” means
a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of shares of Stock at a specified
price during specified time periods. An Option may be either an Incentive Stock Option or a Non-Qualified Stock Option.

 

2.22. “Other Stock-Based Award”
means an Award granted or denominated in Stock or units of Stock pursuant to Section 8.5 of the Plan.

 

2.23. “Option Term” shall
have the meaning set forth in Section 5.1(b).

 

2.24. “Participant” means
any Eligible Individual who, as a member of the Board or Employee or Consultant, has been granted an Award pursuant to the Plan.

 

2.25. “Performance-Based Award”
means an Award granted to selected Covered Employees pursuant to Articles 6 and 8, but which is subject to the terms and conditions
set forth in Article 9. All Performance-Based Awards are intended to qualify as Qualified Performance-Based Compensation.

 

2.26. “Performance Criteria”
means the criteria that the Committee selects for purposes of establishing the Performance Goal or Performance Goals for a Participant
for a Performance Period. The Performance Criteria that will be used to establish Performance Goals are limited to the following:
net earnings (either before or after interest, taxes, depreciation and amortization or non-operating charges as determined by the
Committee), other non-operating charges (as determined by the Committee), economic value-added (as determined by the Committee),
sales or revenue, net income (either before or after taxes), operating earnings, cash flow (including, but not limited to, operating
cash flow and free cash flow), cash flow return on capital, return on net assets, return on stockholders’ equity, return
on assets, return on capital, stockholder returns, return on sales, gross or net profit margin, productivity, expense, margins,
operating efficiency, customer satisfaction, working capital, earnings per share, price per share of Stock, and market share, any
of which may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer
group. The Committee shall, within the time prescribed by Section 162(m) of the Code, define in an objective fashion the manner
of calculating the Performance Criteria it selects to use for such Performance Period for such Participant.

 

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2.27. “Performance Goals”
means, for a Performance Period, the goals established in writing by the Committee for the Performance Period based upon the Performance
Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed
in terms of overall Company performance or the performance of a division, business unit, or an individual. The Committee, in its
discretion, may adjust or modify the calculation of Performance Goals for such Performance Period in order to prevent the dilution
or enlargement of the rights of Participants (a) in the event of, or in anticipation of, any unusual or extraordinary corporate
item, transaction, event, or development, or (b) in recognition of, or in anticipation of, any other unusual or nonrecurring events
affecting the Company, or the financial statements of the Company, or in response to, or in anticipation of, changes in applicable
laws, regulations, accounting principles, or business conditions.

 

2.28. “Performance Period”
means the one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which
the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to,
and the payment of, a Performance-Based Award.

 

2.29. “Performance Share”
means a right granted to a Participant pursuant to Article 8, to receive Stock, the payment of which is contingent upon achieving
certain Performance Goals or other performance-based targets established by the Committee.

 

2.30. “Plan” means this Sealand
Natural Resources Inc. 2014 Equity Incentive Award Plan, as it may be amended from time to time.

 

2.31. “Qualified Performance-Based
Compensation” means any compensation that is intended to qualify as “qualified performance-based compensation”
as described in Section 162(m)(4)(C) of the Code.

 

2.32. “Restricted Stock”
means Stock awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be subject to risk of
forfeiture.

 

2.33. “Restricted Stock Unit”
means an Award granted pursuant to Section 8.4.

 

2.34. “Section 409A Award”
shall have the meaning set forth in Section 15.1. 2.35. “Securities Act” shall mean the Securities Act of 1933,
as amended.

 

2.36. “Stock” means the
common stock of the Company, par value $0.001 per share, and such other securities of the Company that may be substituted for Stock
pursuant to Article 11.

 

2.37. “Stock Appreciation Right”
or “SAR” means a right granted pursuant to Article 7 to receive a payment equal to the excess of the Fair Market
Value of a specified number of shares of Stock on the date the SAR is exercised over the Fair Market Value on the date the SAR
was granted as set forth in the applicable Award Agreement.

 

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2.38. “Stock Payment” means
(a) a payment in the form of shares of Stock, or (b) an option or other right to purchase shares of Stock, as part of any bonus,
deferred compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Article
8.

 

2.39. “Subsidiary” means
any “subsidiary corporation” as defined in Section 424(f) of the Code and any applicable regulations promulgated thereunder
or any other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly
by the Company.

 

ARTICLE 3

SHARES SUBJECT TO THE PLAN

 

3.1. Number of Shares.

 

(a)    Subject
to Article 11 and Section 3.1(b), the aggregate number of shares of Stock which may be issued, transferred or reserved for issuance
pursuant to Awards under the Plan shall be four hundred thousand (400,000) shares. In order that the applicable regulations under
the Code relating to Incentive Stock Options be satisfied, the maximum number of shares of Stock that may be delivered upon exercise
of Incentive Stock Options shall be the number specified in this Section 3.1(a). Shares of stock that may be issued upon exercise
of Options under the Plan shall be authorized and unissued shares of Common Stock, par value $0.001 per share, of the Company (“Common
Stock”). In the absence of an effective registration statement under the Securities Act of 1933 (the “Act”),
all Options granted and shares of Common Stock subject to their exercise will be restricted as to subsequent resale or transfer,
pursuant to the provisions of Rule 144 promulgated under the Act.

 

(b)    To
the extent that an Award terminates, expires, or lapses for any reason, any shares of Stock subject to the Award shall again be
available for the grant of an Award pursuant to the Plan. Additionally, any shares of Stock tendered or withheld to satisfy the
grant or exercise price or tax withholding obligation pursuant to any Award shall again be available for the grant of an Award
pursuant to the Plan. To the extent permitted by applicable law or any exchange rule, shares of Stock issued in assumption of,
or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company or any Subsidiary
shall not be counted against shares of Stock available for grant pursuant to this Plan.

 

3.2. Stock Distributed. Any Stock
distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased
on the open market.

 

3.3. Limitation on Number of Shares Subject
to Awards. Notwithstanding any provision in the Plan to the contrary, and subject to Article 11, the maximum number of shares
of Stock with respect to one or more Awards that may be granted to any one Participant during a one-year period (measured from
the date of any grant) shall be 60,000.

 

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ARTICLE 4

ELIGIBILITY AND PARTICIPATION

 

4.1.Eligibility. Each Eligible Individual
shall be eligible to be granted one or more Awards pursuant to the Plan.

 

4.2. Participation. Subject to the
provisions of the Plan, the Committee may, from time to time, select from among all Eligible Individuals, those to whom Awards
shall be granted and shall determine the nature and amount of each Award. No Eligible Individual shall have any right to be granted
an Award pursuant to this Plan.

 

4.3. Foreign Participants. In order
to assure the viability of Awards granted to Participants employed in foreign countries, the Committee may provide for such special
terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom. Moreover, the
Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider
necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any other purpose;
provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share
limitations contained in Sections 3.1 and 3.3 of the Plan.

 

ARTICLE 5

STOCK OPTIONS

5.1.General. The Committee is authorized
to grant Options to Participants on the following terms and conditions:

 

(a)    Exercise
Price. The exercise price per share of Stock subject to an Option shall be not less than the lesser of: a)100% of the Fair
Market Value of a share of Stock on the date of the grant, or; b) if awarded to a contractor, the current fund raising price for
PIPE’s.

 

(b)    Time
and Conditions of Exercise. Each Option shall be fully exercisable at any time within the period beginning not earlier than
twelve (12) months after the date of the option grant and ending not later than ten (10) years after the date of such grant (the
“Option Term”), unless the Committee specifies otherwise. In no event, however, shall the Option Term extend
beyond ten (10) years after the date of the grant. No Option shall be exercisable after the expiration of the Option Term. The
Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option
may be exercised.

 

(c)    Payment
The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including,
without limitation: (i) cash, (ii) shares of Stock having a Fair Market Value on the date of delivery equal to the aggregate exercise
price of the Option or exercised portion thereof, or (iii) other property acceptable to the Committee (including through the delivery
of a notice that the Participant has placed a market sell order with a broker with respect to shares of Stock then issuable upon
exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the
Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company
upon settlement of such sale), and the methods by which shares of Stock shall be delivered or deemed to be delivered to Participants.
Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive
officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price
of an Option by means of a personal loan or other credit extended by the Company or in any other method which would violate Section
13(k) of the Exchange Act.

 

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(d)    Evidence
of Grant. All Options shall be evidenced by a written Award Agreement between the Company and the Participant. The Award Agreement
shall include the number of shares of Common Stock subject to the Option, the exercise date, the Option Term, and such additional
provisions as may be specified by the Committee.

 

5.2. Incentive Stock Options. The terms of
any Incentive Stock Options granted pursuant to the Plan must comply with the conditions and limitations contained in Section 13.2
and this Section 5.2.

 

(a)    Eligibility.
The Committee may grant one or more Incentive Stock Options to employees of the Company or any “subsidiary corporation”
thereof (within the meaning of Section 424(f) of the Code and the applicable regulations promulgated thereunder). The date an Incentive
Stock Option is granted shall mean the date selected by the Committee as of which the Committee shall allot a specific number of
shares to a participant pursuant to the Plan.

 

(b)    Individual
Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all shares of Stock
with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed limitations
imposed by Section 422(d) of the Code, or any successor provision. Multiple Incentive Stock Options may be granted to an Optionee
in any calendar year.

 

(c)    Ten
Percent Owners. The Committee may determine to grant an Incentive Stock Option to an employee who is also an individual who
owns, at the date of grant, directly or indirectly according to the stock ownership attribution rules of Section 424(d) of the
Code, stock possessing more than ten percent (10%) of the total combined voting power of all classes of Stock of the Company. However,
the exercise price of such Option granted shall not be less than one hundred ten percent (110%) of Fair Market Value on the date
of grant. Furthermore, the Option may be exercisable for no more than five (5) years from the date of grant.

 

(d)    Notice
of Disposition. The Participant shall give the Company prompt notice of any disposition of shares of Stock acquired by exercise
of an Incentive Stock Option within (i) two (2) years from the date of grant of such Incentive Stock Option or (ii) one (1) year
after the transfer of such shares of Stock to the Participant. In order to obtain the favorable tax treatment available for Incentive
Stock Options under Section 422 of the Code, the Optionee is prohibited from the sale, exchange, transfer, pledge, hypothecation,
gift or other disposition of the shares of Common Stock underlying the Incentive Stock Options until the later of either two (2)
years after the date of grant of the Incentive Stock Option, or one (1) year after the transfer to the Optionee of such underlying
Common Stock after the Optionee’s exercise of such Incentive Stock Option. Should Optionee choose to make a premature disposition
of such underlying Common Stock contrary to such restrictions, the Options related to such Common Stock shall be treated as Non-qualified
Stock Options pursuant to the terms of the Plan.

 

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(e)    Right
to Exercise. During a Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant.

 

5.3. Substitution of Stock Appreciation
Rights. The Committee may provide in the Award Agreement evidencing the grant of an Option that the Committee, in its sole
discretion, shall have the right to substitute a Stock Appreciation Right for such Option at any time prior to or upon exercise
of such Option, subject to the provisions of Section 7.2 hereof; provided that such Stock Appreciation Right shall be exercisable
with respect to the same number of shares of Stock for which such substituted Option would have been exercisable.

 

5.4. Paperless Exercise. In the event
that the Company establishes, for itself or using the services of a third party, an automated system for the exercise of Options,
such as a system using an internet website or interactive voice response, then the paperless exercise of Options by a Participant
may be permitted through the use of such an automated system.

 

5.5. Granting of Options to Independent
Directors. The Board may from time to time, in its sole discretion, and subject to the limitations of the Plan:

 

(a) Select from among the Independent
Directors (including Independent Directors who have previously been granted Options under the Plan) such of them as in its opinion
should be granted Options;

 

(b) Subject to Section 3.3, determine
the number of shares of Stock that may be purchased upon exercise of the Options granted to such selected Independent Directors;
and

 

(c) Subject to the provisions
of this Article 5, determine the terms and conditions of such Options, consistent with the Plan. Options granted to Independent
Directors shall be Non-Qualified Stock Options.

 

ARTICLE 6

RESTRICTED STOCK AWARDS

 

6.1. Grant of Restricted Stock. The
Committee is authorized to make Awards of Restricted Stock to any Participant selected by the Committee in such amounts and subject
to such terms and conditions as determined by the Committee. All Awards of Restricted Stock shall be evidenced by a written Restricted
Stock Award Agreement.

 

6.2. Issuance and Restrictions. Restricted
Stock shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without
limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These
restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise,
as the Committee determines at the time of the grant of the Award or thereafter. Any restrictions will be designated in the form
of Award Agreement between the Company and the Participant.

 

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6.3. Forfeiture. Except as otherwise
determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment or service during
the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited; provided,
however , that the Committee may (a) provide in any Restricted Stock Award Agreement that restrictions or forfeiture conditions
relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and
(b) in other cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Stock.

 

6.4.Certificates for Restricted Stock.
Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates
representing shares of Restricted Stock are registered in the name of the Participant, certificates must bear an appropriate legend
referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, at its discretion,
retain physical possession of the certificate until such time as all applicable restrictions lapse.

 

ARTICLE 7

STOCK APPRECIATION RIGHTS

 

7.1. Grant of Stock Appreciation Rights.
A Stock Appreciation Right may be granted to any Participant selected by the Committee. A Stock Appreciation Right may be granted
(a) in connection and simultaneously with the grant of an Option, (b) with respect to a previously granted Option, or (c) independent
of an Option. A Stock Appreciation Right shall be subject to such terms and conditions not inconsistent with the Plan as the Committee
shall impose and shall be evidenced by an Award Agreement.

 

7.2. No Coupled Stock Appreciation Rights.
No Coupled Stock Appreciation Rights shall be granted pursuant to this Plan.

 

7.3. Independent Stock Appreciation Rights.

 

(a)An Independent Stock Appreciation
Right (“ISAR”) shall be unrelated to any Option and shall have a term set by the Committee. An ISAR shall be
exercisable in such installments as the Committee may determine. An ISAR shall cover such number of shares of Stock as the Committee
may determine. The exercise price per share of Stock subject to each ISAR shall be set by the Committee; provided, however,
that the exercise price for any ISAR shall not be less than 100% of the Fair Market Value on the date of grant; and provided,
further, that, the Committee in its sole and absolute discretion may provide that the ISAR may be exercised subsequent to a
termination of employment or service, as applicable, or following a Change in Control of the Company, or because of the Participant’s
retirement, death or disability, or otherwise.

 

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(b)An ISAR shall entitle the Participant
(or other person entitled to exercise the ISAR pursuant to the Plan) to exercise all or a specified portion of the ISAR (to the
extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference
obtained by subtracting the exercise price per share of the ISAR from the Fair Market Value of a share of Stock on the date of
exercise of the ISAR by the number of shares of Stock with respect to which the ISAR shall have been exercised, subject to any
limitations the Committee may impose.

 

7.4. Payment and Limitations on Exercise.

 

(a) Subject to Section 7.4(b)
and (c), payment of the amounts determined under Sections 7.2(c) and 7.3(b) above shall be in cash, in Stock (based on its Fair
Market Value as of the date the Stock Appreciation Right is exercised) or a combination of both, as determined by the Committee.

 

(b) To the extent payment for
a Stock Appreciation Right is to be made in cash, the Award Agreement shall, to the extent necessary to comply with the requirements
of Section 409A of the Code, specify the date of payment, which may be different than the date of exercise of the Stock Appreciation
Right. If the date of payment for a Stock Appreciation Right is later than the date of exercise, the Award Agreement may specify
that the Participant be entitled to earnings on such amount until paid.

 

(c) To the extent any payment
under Section 7.2(c) or 7.3(b) is effected in Stock it shall be made subject to satisfaction of any applicable provisions of Article
5 above pertaining to Options.

 

ARTICLE 8

OTHER TYPES OF AWARDS

 

8.1. Performance Share Awards. Any
Participant selected by the Committee may be granted one or more Performance Share awards which shall be denominated in a number
of shares of Stock and which may be linked to any one or more of the Performance Criteria or other specific performance criteria
determined appropriate by the Committee, in each case on a specified date or dates or over any period or periods determined by
the Committee. In making such determinations, the Committee shall consider (among such other factors as it deems relevant in light
of the specific type of award) the contributions, responsibilities and other compensation of the particular Participant.

 

8.2. Stock Payments. Any Participant
selected by the Committee may receive Stock Payments in the manner determined from time to time by the Committee. The number of
shares shall be determined by the Committee and may be based upon the Performance Criteria or other specific performance criteria
determined appropriate by the Committee, determined on the date such Stock Payment is made or on any date thereafter.

 

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8.3. Deferred Stock. Any Participant
selected by the Committee may be granted an award of Deferred Stock in the manner determined from time to time by the Committee.
The number of shares of Deferred Stock shall be determined by the Committee and may be linked to the Performance Criteria or other
specific performance criteria determined to be appropriate by the Committee, in each case on a specified date or dates or over
any period or periods determined by the Committee. Stock underlying a Deferred Stock award will not be issued until the Deferred
Stock award has vested, pursuant to a vesting schedule or performance criteria set by the Committee. Unless otherwise provided
by the Committee, a Participant awarded Deferred Stock shall have no rights as a Company stockholder with respect to such Deferred
Stock until such time as the Deferred Stock Award has vested and the Stock underlying the Deferred Stock Award has been issued.

 

8.4. Restricted Stock Units. The
Committee is authorized to make Awards of Restricted Stock Units to any Participant selected by the Committee in such amounts and
subject to such terms and conditions as determined by the Committee. At the time of grant, the Committee shall specify the date
or dates on which the Restricted Stock Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting
as it deems appropriate. At the time of grant, the Committee shall specify the maturity date applicable to each grant of Restricted
Stock Units which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the
grantee. On the maturity date, the Company shall, subject to Section 10.9, transfer to the Participant one (1) share of Stock,
subject to any applicable transfer restrictions, for each Restricted Stock Unit scheduled to be paid out on such date and not previously
forfeited. The Committee shall specify the purchase price, if any, to be paid by the grantee to the Company for such shares of
Stock.

 

8.5. Other Stock-Based Awards. Any
Participant selected by the Committee may be granted one or more Awards that provide Participants with shares of Stock or the right
to purchase shares of Stock or that have a value derived from the value of, or an exercise or conversion privilege at a price related
to, or that are otherwise payable in shares of Stock and which may be linked to any one or more of the Performance Criteria or
other specific performance criteria determined appropriate by the Committee, in each case on a specified date or dates or over
any period or periods determined by the Committee. In making such determinations, the Committee shall consider (among such other
factors as it deems relevant in light of the specific type of Award) the contributions, responsibilities and other compensation
of the particular Participant.

 

8.6. Term. Except as otherwise provided
herein, the term of any Award of Performance Shares, Stock Payments, Deferred Stock, Restricted Stock Units or Other Stock-Based
Award shall be set by the Committee in its discretion and designated in the form of Award Agreement between the Company and the
Participant.

 

8.7. Exercise or Purchase Price. The
Committee may establish the exercise or purchase price, if any, of any Award of Performance Shares, Deferred Stock, Stock Payments,
Restricted Stock Units or Other Stock-Based Award; provided, however, that such price shall not be less than the par value
of a share of Stock on the date of grant, unless otherwise permitted by applicable state law. The exercise or purchase price, if
any, will be designated in the form of Award Agreement between the Company and the Participant.

 

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8.8. Exercise Upon Termination of Employment
or Service. An Award of Performance Shares, Deferred Stock, Stock Payments, Restricted Stock Units and Other Stock-Based
Award shall only be exercisable or payable while the Participant is an Employee, a Consultant, or a member of the Board, as applicable;
provided, however, that the Committee in its sole and absolute discretion may provide that an Award of Performance Shares,
Stock Payments, Deferred Stock, Restricted Stock Units or Other Stock-Based Award may be exercised or paid subsequent to a termination
of employment or service, as applicable, or following a Change in Control of the Company, or because of the Participant’s
retirement, death or disability, or otherwise; provided, however, that any such provision with respect to Performance Shares
shall be subject to the requirements of Section 162(m) of the Code that apply to Qualified Performance-Based Compensation.

 

8.9. Form of Payment. Payments with
respect to any Awards granted under this Article 8 shall be made in cash, in Stock or a combination of both, as determined by the
Committee, and as specifically designated in the form of Award Agreement between the Company and the Participant.

 

8.10. Award Agreement. All Awards
under this Article 8 shall be subject to such additional terms and conditions as determined by the Committee and shall be evidenced
by a written Award Agreement.

 

ARTICLE 9

PERFORMANCE-BASED AWARDS

 

9.1. Purpose. The purpose of this
Article 9 is to provide the Committee the ability to qualify Awards other than Options and SARs and that are granted pursuant to
Articles 6 and 8 as Qualified Performance-Based Compensation. If the Committee, in its discretion, decides to grant a Performance-Based
Award to a Covered Employee, the provisions of this Article 9 shall control over any contrary provision contained in Articles 6
or 8; provided, however, that the Committee may in its discretion grant Awards to Covered Employees that are based on Performance
Criteria or Performance Goals but that do not satisfy the requirements of this Article 9.

 

9.2. Applicability. This Article
9 shall apply only to those Covered Employees selected by the Committee to receive Performance-Based Awards. The designation of
a Covered Employee as a Participant for a Performance Period shall not in any manner entitle the Participant to receive an Award
for the period. Moreover, designation of a Covered Employee as a Participant for a particular Performance Period shall not require
designation of such Covered Employee as a Participant in any subsequent Performance Period and designation of one (1) Covered Employee
as a Participant shall not require designation of any other Covered Employees as a Participant in such period or in any other period.

 

9.3. Procedures with Respect to Performance-Based
Awards. To the extent necessary to comply with the Qualified Performance-Based Compensation requirements of Section 162(m)(4)(C)
of the Code, with respect to any Award granted under Articles 6 and 8 which may be granted to one or more Covered Employees, no
later than ninety (90) days following the commencement of any fiscal year in question or any other designated fiscal period or
period of service (or such other time as may be required or permitted by Section 162(m) of the Code), the Committee shall, in writing,
(a) designate one or more Covered Employees, (b) select the Performance Criteria applicable to the Performance Period, (c) establish
the Performance Goals, and amounts of such Awards, as applicable, which may be earned for such Performance Period, and (d) specify
the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned
by each Covered Employee for such Performance Period. Following the completion of each Performance Period, the Committee shall
certify in writing whether the applicable Performance Goals have been achieved for such Performance Period. In determining the
amount earned by a Covered Employee, the Committee shall have the right to reduce or eliminate (but not to increase) the amount
payable at a given level of performance to take into account additional factors that the Committee may deem relevant to the assessment
of individual or corporate performance for the Performance Period.

 

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9.4. Payment of Performance-Based Awards.
Unless otherwise provided in the applicable Award Agreement, a Participant must be employed by the Company or a Subsidiary
on the day a Performance-Based Award for such Performance Period is paid to the Participant. Furthermore, a Participant shall be
eligible to receive payment pursuant to a Performance-Based Award for a Performance Period only if the Performance Goals for such
period are achieved.

 

9.5. Additional Limitations. Notwithstanding
any other provision of the Plan, any Award which is granted to a Covered Employee and is intended to constitute Qualified Performance-Based
Compensation shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to
Section 162(m) of the Code) or any regulations or rulings issued thereunder that are requirements for qualification as qualified
performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent
necessary to conform to such requirements.

 

ARTICLE 10

PROVISIONS APPLICABLE TO AWARDS

 

10.1. Stand-Alone and Tandem Awards.
Awards granted pursuant to the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in
tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be
granted either at the same time as or at a different time from the grant of such other Awards.

 

10.2. Award Agreement. Awards under
the Plan shall be evidenced by written Award Agreements that shall set forth the terms, conditions, limitations and award type
for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment
or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind
an Award. Each Award Agreement shall specify whether payments with respect to such Award may be made in cash, solely in Stock,
or a combination of both, as determined by the Committee, and such statement of means of payment shall govern any question relating
to whether such payments may be made in cash or Stock.

 

10.3. Limits on Transfer. Except
as otherwise provided by the Committee, no right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated
to or in favor of any party other than the Company or a Subsidiary, or shall be subject to any lien, obligation, or liability of
such Participant to any other party other than the Company or a Subsidiary. Except as otherwise provided by the Committee, during
the life of the recipient, such award shall be exercisable only by such person or by such person’s guardian or legal representative.

 

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10.4. Death of Optionee.

 

(a) Options. Notwithstanding
Section 10.3, upon the death of the Optionee while either in the Company’s employ or within six (6) months after termination
of Optionee’s employment, any rights to the extent exercisable on the date of death may be exercised by the Optionee’s
estate, or by a person who acquires the right to exercise such Option by bequest or inheritance or by reason of the death of the
Optionee, provided that such exercise occurs within both the remaining effective term of the Option and one (1) year after
the Optionee’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to
the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the
extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the
Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto
pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation
may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Committee.

 

(b) Incentive Stock
Options. Upon the death of the Optionee while in the Company’s employ or within not more than ninety (90) days after
termination of Optionee’s employment, any Incentive Stock Option exercisable on the date of death may be exercised by the
Optionee’s estate or by a person who acquires the right to exercise such Incentive Stock Option by bequest or inheritance
or by reason of the death of the Optionee, provided that such exercise occurs within both the remaining Option Term of the
Incentive Stock Option and one (1) year after the Optionee’s death.

 

10.5. Retirement or Disability.

 

(a) Options. Upon
termination of the Optionee’s employment by reason of retirement or permanent disability, the Optionee may, within thirty-six
(36) months from the date of termination, exercise any Options to the extent such Options are exercisable during such 36- month
period.

 

(b) Incentive Stock
Options. Upon termination of the Optionee’s employment by reason of retirement or permanent disability, the Optionee
may, within thirty-six (36) months from the date of termination, exercise any Incentive Stock Options to the extent such Incentive
Stock Options are exercisable during such 36-month period. However, the tax treatment available pursuant to Section 422 of the
Code will not be available to an Optionee who exercises any Incentive Stock Option more than (i) twelve (12) months after the date
of termination of employment due to permanent disability, or (ii) three (3) months after the date of termination of employment
due to retirement.

 

10.6. Forfeiture for Other Reasons.
Except as provided herein or except as otherwise determined by the Committee, all Options shall forfeit ninety (90) days after
the termination of the Optionee’s employment with the Company.

 

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10.7. Leaves of Absence and Performance
Targets. The Committee shall be entitled to make such rules, regulations and determinations as it deems appropriate under
the Plan in respect of any leave of absence taken by the recipient of any award. Without limiting the generality of the foregoing,
the Committee shall be entitled to determine (i) whether or not any such leave of absence shall constitute a termination of employment
within the meaning of the Plan and (ii) the impact, if any, of such leave of absence on awards under the Plan theretofore made
to any recipient who takes such leave of absence. The Committee shall also be entitled to make such determination of performance
targets, if any, as it deems appropriate.

 

10.8. Newly Eligible Employees.
The Committee shall be entitled to make such rules, regulations, determinations and awards as it deems appropriate in respect
of any employee who becomes eligible to participate in the Plan or any portion thereof, after the commencement of an award or incentive
period.

 

10.9. Stock Certificates; Book
Entry Procedures. As soon as practicable after receipt of payment, the Company shall deliver to the Optionee a certificate(s)
for such shares of Stock. Upon receipt of such certificate(s), the Optionee shall become a shareholder of the Company with respect
to Stock represented by share certificates so issued and as such shall be fully entitled to receive dividends, to vote and to exercise
all other rights of a shareholder. All Stock certificates delivered pursuant to the Plan are subject to any stop-transfer orders
and other restrictions as the Committee deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities
or other laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the
Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate to reference restrictions applicable
to the Stock. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable
covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws,
regulations, or requirements. The Committee shall have the right to require any Participant to comply with any timing or other
restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in
the discretion of the Committee. Notwithstanding any other provision of the Plan, unless otherwise determined by the Committee
or required by any applicable law, rule or regulation, the Company shall not deliver to any Participant certificates evidencing
shares of Stock issued in connection with any Award and instead such shares of Stock shall be recorded in the books of the Company
(or, as applicable, its transfer agent or stock plan administrator).

 

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ARTICLE 11

CHANGES IN CAPITAL STRUCTURE

 

11.1. Adjustments.

 

(a) In the event of any stock
dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off, recapitalization, distribution of Company
assets to stockholders (other than normal cash dividends), or any other corporate event affecting the Stock or the share price
of the Stock, the Committee may make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate
to reflect such changes with respect to (i) the aggregate number and type of shares that may be issued under the Plan (including,
but not limited to, adjustments of the limitations in Sections 3.1 and 3.3); (ii) the terms and conditions of any outstanding Awards
(including, without limitation, any applicable performance targets or criteria with respect thereto); and (iii) the grant or exercise
price per share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as Qualified Performance-Based
Compensation shall be made consistent with the requirements of Section 162(m) of the Code.

 

(b) In the event of any transaction
or event described in Section 11.1(a) or any unusual or nonrecurring transactions or events affecting the Company, any affiliate
of the Company, or the financial statements of the Company or any affiliate (including without limitation any Change in Control),
or of changes in applicable laws, regulations or accounting principles, and whenever the Committee determines that action is appropriate
in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan
or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws,
regulations or principles, the Committee, in its sole discretion and on such terms and conditions as it deems appropriate, either
by amendment of the terms of any outstanding Awards or by action taken prior to the occurrence of such transaction or event and
either automatically or upon the Participant’s request, is hereby authorized to take any one or more of the following actions:

 

(i) To provide for either (A)
termination of any such Award in exchange for an amount of cash and/or other property, if any, equal to the amount that would have
been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt,
if as of the date of the occurrence of the transaction or event described in this Section 11.1(b) the Committee determines in good
faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights,
then such Award may be terminated by the Company without payment) or (B) the replacement of such Award with other rights or property
selected by the Committee in its sole discretion;

 

(ii) To provide that such Award
be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar
options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices; and

 

(iii) To make adjustments in the
number and type of shares of Stock (or other securities or property) subject to outstanding Awards, and in the number and kind
of outstanding Restricted Stock or Deferred Stock and/or in the terms and conditions of (including the grant or exercise price),
and the criteria included in, outstanding options, rights and awards and options, rights and awards which may be granted in the
future;

 

(iv) To provide that such Award
shall be exercisable or payable or fully vested with respect to all shares covered thereby, notwithstanding anything to the contrary
in the Plan or the applicable Award Agreement; and

 

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(v) To provide that the Award
cannot vest, be exercised or become payable after such event.

 

11.2. Outstanding Awards—Other Changes.
In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred
to in this Article 11, the Committee may, in its absolute discretion, make such adjustments in the number and kind of shares or
other securities subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price
of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights.

 

11.3. No Other Rights. Except as
expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of
stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any
dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the
Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to,
the number of shares of Stock subject to an Award or the grant or exercise price of any Award.

 

ARTICLE 12

ADMINISTRATION

 

12.1. Committee. The Board of Directors
may delegate the administration of the Plan to a Compensation Committee (the "Committee") in the event that such
a committee is established by the Board of Directors and is comprised of persons appointed by the Board of Directors of the Company
in accordance with the provisions of Section 12.2; provided , however, that the Board shall delegate administration of the
Plan to a Committee as necessary to comply with the requirements of Section 162(m) of the Code, Rule 16b-3 promulgated under the
Exchange Act or to the extent required by any other applicable rule or regulation. The Board shall exercise full power and authority
regarding the administration of the Plan until such administration is delegated to the Committee. Unless the context otherwise
requires, references herein to the Committee shall be deemed to refer to the Board of Directors until the administration of the
Plan has been delegated to the Committee.

 

12.2. Committee Membership. The Committee
shall be composed of one or more members of the Board. The Board shall have the power to determine the number of members which
the Committee shall have and to change the number of membership positions on the Committee from time to time. The Board shall appoint
all members of the Committee. The Board may from time to time appoint members to the Committee in substitution for, or in addition
to, members previously appointed and may fill vacancies, however caused, on the Committee. Any member of the Committee may be removed
from the Committee by the Board at any time with or without cause.

 

12.3. Certain Actions. Notwithstanding
the foregoing: (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the
Plan with respect to all Awards granted to Independent Directors and, for purposes of such Awards, the term Committee as used in
this Plan shall be deemed to refer to the Board and (b) the Committee may delegate its authority hereunder to the extent permitted
by Section 12.8.

 

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12.4. Action by the Committee. A
majority of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum
is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee.
Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that
member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public accountants,
or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

 

12.5. Authority of Committee. Subject
to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion to:

 

(a)    Designate
Participants to receive Awards;

 

(b)    Determine
the type or types of Awards to be granted to each Participant;

 

(c)    Determine
the number of Awards to be granted and the number of shares of Stock to which an Award will relate;

 

(d)    Determine
the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price,
or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions
on the exercisability of an Award, and accelerations or waivers thereof, any provisions related to non-competition and recapture
of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines;

 

(e)    Determine
whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be
paid in, cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

 

(f)    Prescribe
the form of each Award Agreement, which need not be identical for each Participant;

 

(g)    Decide
all other matters that must be determined in connection with an Award;

 

(h)    Establish,
adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

 

(i)    Interpret
the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; and

 

(j)    Make
all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable
to administer the Plan. The Committee may delegate to one or more of its members or to one or more agents such administrative duties
as it may deem advisable.

 

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12.6. Decisions Binding. The Committee’s
interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by
the Committee with respect to the Plan are final, binding, and conclusive on all parties.

 

12.7. Delegation of Authority. To
the extent permitted by applicable law, the Committee may from time to time delegate to a committee of one or more members of the
Committee or the Board or one or more officers of the Company the authority to grant or amend Awards to Participants other than
(a) senior executives of the Company who are subject to Section 16 of the Exchange Act, (b) Covered Employees, or (c) officers
of the Company (or members of the Board) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation
hereunder shall be subject to the restrictions and limits that the Committee specifies at the time of such delegation, and the
Committee may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed
under this Section 112.5 shall serve in such capacity at the pleasure of the Committee.

 

12.8. Committee Administration. One
(1) member of the Committee shall be elected by the Board as chairman. The Committee shall hold its meetings at such times and
places as it shall deem advisable. The Committee may appoint a secretary and make such rules and regulations for the conduct of
its business as it shall deem advisable, and shall keep minutes of its meetings.

 

12.9. Liability. No member of the
Board or Committee shall be liable for any action taken or decision or determination made in good faith with respect to any Option,
the Plan, or any award thereunder.

 

ARTICLE 13

EFFECTIVE AND EXPIRATION DATE

 

13.1. Effective Date. The Plan is
effective as of the date the Plan is approved by a majority of the Board (the “Effective Date”). The Plan, however,
shall be subject to approval by the stockholders. The Plan will be deemed to be approved by the stockholders if it receives the
affirmative vote of the holders of a majority of the shares of stock of the Company present or represented and entitled to vote
at a meeting duly held in accordance with the applicable provisions of the Company’s Bylaws, but, in any event, held no later
than twelve (12) months after adoption on the Effective Date.

 

13.2. Expiration Date. The Plan will
expire on, and no Incentive Stock Option or other Award may be granted pursuant to the Plan after, the tenth (10th) anniversary
of the Effective Date. Any Awards that are outstanding on the tenth (10th) anniversary of the Effective Date shall remain in force
according to the terms of the Plan and the applicable Award Agreement.

 

ARTICLE 14

AMENDMENT, MODIFICATION, AND TERMINATION

 

14.1. Amendment, Modification, And Termination.
The Committee may at any time and from time to time terminate or modify or amend the Plan in any respect, except that (a) to
the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain
shareholder approval of any Plan amendment or any modification of any Options that would be deemed a re-pricing under applicable
rules, in such a manner and to such a degree as required, and (b) without shareholder approval the Committee may not

 

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(i) increase the maximum number of shares
of Stock which may be issued under the Plan,

 

(ii) extend the period during which any
Award may be granted or exercised, (iii) amend to the

 

Plan to permit the Committee to grant Options with an exercise
price that is below Fair Market Value on the date of grant, or (iv) extend the term of the Plan. The termination or any modification
or amendment of the Plan, except as provided in subsection (a), shall not without the consent of a Participant, affect his or her
other rights under an Award previously granted to him or her.

 

14.2. Awards Previously Granted. No
termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant
to the Plan without the prior written consent of the Participant.

 

ARTICLE 15

COMPLIANCE WITH SECTION 409A OF THE CODE

 

15.1. Awards subject to Code Section 409A.
Any Award that constitutes, or provides for, a deferral of compensation subject to Section 409A of the Code (a “Section
409A Award”) shall satisfy the requirements of Section 409A of the Code and this Article 15, to the extent applicable.
The Award Agreement with respect to a Section 409A Award shall incorporate the terms and conditions required by Section 409A of
the Code and this Article 15.

 

15.2. Distributions under a Section 409A
Award.

 

(a)Subject to subsection (b),
any shares of Stock or other property or amounts to be paid or distributed upon the grant, issuance, vesting, exercise or payment
of a Section 409A Award shall be distributed in accordance with the requirements of Section 409A(a)(2) of the Code, and shall not
be distributed earlier than:

 

(i)    the Participant’s
separation from service, as determined by the Secretary of the Treasury;

 

(ii)    the
date the Participant becomes disabled;

 

(iii)    the
Participant’s death;

 

(iv)    a specified
time (or pursuant to a fixed schedule) specified under the Award Agreement at the date of the deferral compensation;

 

(v)    to the
extent provided by the Secretary of the Treasury, a change in the ownership or effective control of the Company or a Parent or
Subsidiary, or in the ownership of a substantial portion of the assets of the Company or a Parent or Subsidiary; or

 

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(vi)    the
occurrence of an unforeseeable emergency with respect to the Participant.

 

(b)    In
the case of a Participant who is a “specified employee,” the requirement of paragraph (a)(i) shall be met only if the
distributions with respect to the Section 409A Award may not be made before the date which is six months after the Participant’s
separation from service (or, if earlier, the date of the Participant’s death). For purposes of this subsection (b), a Participant
shall be a “specified employee” if such Participant is a key employee (as defined in Section 416(i) of the Code without
regard to paragraph (5) thereof) of a corporation any stock of which is publicly traded on an established securities market or
otherwise, as determined under Section 409A(a)(2)(B)(i) of the Code and the Treasury Regulations thereunder.

 

(c)    The
requirement of paragraph (a)(vi) shall be met only if, as determined under Treasury Regulations under Section 409A(a)(2)(B)(ii)
of the Code, the amounts distributed with respect to the unforeseeable emergency do not exceed the amounts necessary to satisfy
such unforeseeable emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after
taking into account the extent to which such unforeseeable emergency is or may be relieved through reimbursement or compensation
by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would
not itself cause severe financial hardship).

 

(d)    For
purposes of this Section, the terms specified therein shall have the respective meanings ascribed thereto under Section 409A of
the Code and the Treasury Regulations thereunder.

 

15.3. Prohibition on Acceleration of Benefits.
The time or schedule of any distribution or payment of any shares of Stock or other property or amounts under a Section 409A
Award shall not be accelerated, except as otherwise permitted under Section 409A(a)(3) of the Code and the Treasury Regulations
thereunder.

 

15.4. Elections under Section 409A Awards.

 

(a)Any deferral election provided
under or with respect to an Award to any Eligible Individual, or to the Participant holding a Section 409A Award, shall satisfy
the requirements of Section 409A(a)(4)(B) of the Code, to the extent applicable, and, except as otherwise permitted under paragraph
(i) or (ii) below, any such deferral election with respect to compensation for services performed during a taxable year, or at
such other time as provided in Treasury Regulations.

 

(i)In the case of the first year
in which an Eligible Individual or a Participant holding a Section 409A Award, becomes eligible to participate in the Plan, any
such deferral election may be made with respect to services to be performed subsequent to the election with thirty days after the
date the Eligible Individual, or the Participant holding a Section 409A Award, becomes eligible to participate in the Plan, as
provided under Section 409A(a)(4)(B)(ii) of the Code.

 

    	24

    	 

    

 

(ii)In the case of any performance-based
compensation based on services performed by an Eligible Individual, or the Participant holding a Section 409A Award, over a period
of at least twelve months, any such deferral election may be made no later than six months before the end of the period, as provided
under Section 409A(a)(4)(B)(iii) of the Code.

 

(b)In the event that a Section
409A Award permits, under a subsequent election by the Participant holding such Section 409A Award, a delay in a distribution or
payment of any shares of Stock or other property or amounts under such Section 409A Award, or a change in the form of distribution
or payment, such subsequent election shall satisfy the requirements of Section 409A(a)(4)(C) of the Code, and:

 

(i) such subsequent election may
not take effect until at least twelve months after the date on which the election is made,

 

(ii) in the case such subsequent
election relates to a distribution or payment not described in Section 10.2(a)(ii), (iii) or (vi), the first payment with respect
to such election may be deferred for a period of not less than five years from the date such distribution or payment otherwise
would have been made, and

 

(iii) in the case such subsequent
election relates to a distribution or payment described in Section 10.2(a)(iv), such election may not be made less than twelve
months prior to the date of the first scheduled distribution or payment under Section 10.2(a)(iv).

 

15.5. Compliance in Form and Operation.
A Section 409A Award, and any election under or with respect to such Section 409A Award, shall comply in form and operation
with the requirements of Section 409A of the Code and the Treasury Regulations thereunder.

 

ARTICLE 16

GENERAL PROVISIONS

 

16.1. No Rights to Awards. No Eligible
Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee
is obligated to treat Eligible Individuals, Participants or any other persons uniformly.

 

16.2. No Stockholders Rights. The
recipient of any Award shall have no rights as a shareholder with respect thereto unless and until certificates for shares of Stock
are issued to him or her.

 

    	25

    	 

    

 

16.3. Withholding. The Company or
any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company,
an amount sufficient to satisfy minimum federal, state, local and foreign taxes (including the Participant’s FICA obligation)
required by law to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The
Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company
withhold shares of Stock otherwise issuable under an Award (or allow the return of shares of Stock) having a Fair Market Value
equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of shares of Stock which
may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant
of such Award within six (6) months (or such other period as may be determined by the Committee) after such shares of Stock were
acquired by the Participant from the Company) in order to satisfy the Participant’s minimum federal, state, local and foreign
income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award shall be limited to
the number of shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such
minimum liabilities based on the statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes
that are applicable to such supplemental taxable income.

 

16.4. No Right to Employment or Services.
Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Company or any Subsidiary
to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue
in the employ or service of the Company or any Subsidiary.

 

16.5. Unfunded Status of Awards. The
Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments not yet made to
a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights
that are greater than those of a general creditor of the Company or any Subsidiary.

 

16.6. Indemnification. To the extent
allowable pursuant to applicable law, each member of the Committee or of the Board shall be indemnified and held harmless by the
Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection
with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved
by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction
of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity,
at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf.
The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may
be entitled pursuant to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power
that the Company may have to indemnify them or hold them harmless.

 

16.7. Relationship to other Benefits.
No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise
expressly provided in writing in such other plan or an agreement thereunder.

 

16.8. Expenses. The expenses of administering
the Plan shall be borne by the Company and its Subsidiaries.

 

16.9. Titles and Headings. The titles
and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the
Plan, rather than such titles or headings, shall control.

 

    	26

    	 

    

 

16.10. Fractional Shares. No fractional
shares of Stock shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional
shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate.

 

16.11. Limitations Applicable to Section
16 Persons. Notwithstanding any other provision of the Plan, the Plan and any Award granted or awarded to any Participant
who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements
for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder
shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

16.12.
Government and Other Regulations. The obligation of the Company to make payment of awards in Stock or otherwise shall
be subject to all applicable laws, rules, and regulations, and to such approvals by government agencies as may be required. The
Company shall be under no obligation to register pursuant to the Securities Act of 1933, as amended, any of the shares of Stock
paid pursuant to the Plan. If the shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant
to the Securities Act of 1933, as amended, the Company may restrict the transfer of such shares in such manner as it deems advisable
to ensure the availability of any such exemption.

 

16.13. Governing Law. The Plan and
all Award Agreements shall be construed in accordance with and governed by the laws of the State of Nevada.

 

I hereby certify that the foregoing Plan was duly adopted by
the Board of Directors of Sealand Natural Resources Inc. on March 31, 2014.

 

	 	By:	/s/ Lars Poulsen
	 	 	Lars Poulsen
	 	 	Chair Sealand Natural Resources, Inc. Board of Directors

  

    	27Exhibit 4.8

	 	 	FMRS-HR-RT.1.3-1

 

OFFER LETTER

 

RENESOLA (HQ-SG)No. 201401001

 

Mr.Wu
Chin Cheng

 

We are pleased
to confirm with you on the offer terms of employment with Renesola Singapore Inc (hereinafter referred to as “Renesola”
or “the company”). This offer is further contingent upon successful completion of Reference checks which should be
conducted after your authorization, and will be invalid before the signature of both parties.

 

		1.	Position: You shall be entitled a full time
position as Global Sales&Marketing VP , report to CEO, Mr Li Xian Shou or any person designated by the
company in the future.

 

		2.	Location

 

You will be based at Shanghai
Office and Renesola reserves the right to transfer or relocate employees as needed, subject to the company’s HR Policy.

 

		3.	Compensation and Benefits

 

		3.1	Basic salary

 

You shall
be entitled to annual base salary of US dollar $[intentionally left blank]  and allowance package $[intentionally
left blank]  per calendar year.

 

Above will
be paid as monthly package of US dollar $[intentionally left blank] which including social insurance, gasoline,
meal, accommodation allowance etc according to company’s C&B policy, will be reviewed yearly based on corporate profitability
and personal performance.

 

		3.2	Incentive Bonus

 

You shall
be entitled to an annually bonus plan defined for Global Sales & Marketing VP position which based on your personal
performance and corporate profitability within the scheme of corporate business incentive policy. For employees who work less than
a full year, the bonus amount will be prorated based on the actual months worked in any given year.

 

		3.3	Stock options

 

The stock
option entitled to you is total [intentionally left blank] ordinary shares with a vesting period of 5 years. Strike
price is the close price of the open market on the date of the option agreement to be entered by grantee and the company according
to the Incentive Share Option Plan. The ratio of the company is currently running 1 ADS = 2 ordinary shares.

 

		3.4	Insurance and Benefit

 

You shall
be entitled to Renesola Singapore’s employee benefit plans and programs. According to Singapore tax law, if you stay in Singapore
less than 30 days within 1 year, there is no income tax contribution .Any other insurance acquired by applicable laws and regulations
is already contained in the monthly salary and should be declared to applicable government on your own.

 

Company will
equip you a car for daily commute and short-haul travel, cover the maintenance and repair. Company will sponsor your
mobile telecom bills for business.

 

    	 

    	 

    

 

		•	ReneSola(HQ-SG)No. 201401001 OFFER LETTER
ANHANG

 

		3.5	Individual income tax and other deductions

 

All compensation,
allowance and benefits defined above are amounts before tax, contain all insurance, individual income tax and other charges which
the employee are required by applicable laws and regulations to pay, subject to normal federal, state and local (as applicable)
deductions and tax withholdings.

 

		4.	Business trip expenses

 

To the extent
you are asked to travel by the Company, the Company will reimburse your reasonable transportation, accommodation and meal expenses
according to company’s related policy.

 

		5.	Terms of employment 

 

		5.1	The contract period is 3 years from commencement date. You shall be granted with 6
months probation, 15 days fully paid vocation as Annual Leave per year. The termination notice period will be set into effective
according to Singapore applicable law.

 

		5.2	Your employment with ReneSola is contingent upon applicable laws of Singapore and the successful
completion of satisfactory reference check report. You will be required to provide documents verifying your identity and eligibility
to work and travel upon hire and first day of employment.

 

		5.3	Your conducts should and must comply with the corresponding requirements set forth in Contract
and corporate regulations. During the term of service, without prior written approval of the company, you cannot and shall not
work for or provide service to the third party.

 

		5.4	In the event of resignation or termination of your current position with Renesola, we reserve the
right to direct you to not taking certain roles with certain companies in compliance with company’s confidentiality policies.
The reservation will be limited to a time frame which will be stated in the final agreement between you and Renesola.

 

		5.5	This position should be subjected to flexible working hour system. You shall make coordination
on the working time which should be subjected to the necessity of business and management and no additional compensation will be
granted for overtime.

 

		5.6	The content of this Offer Letter is confidential. Please don’t share with other employees
except your immediate supervisor and Compensation & Benefits specialists. Your employment with ReneSola is contingent upon
satisfactory reports on reference check and subject to passing the pre-employment physical examination.

 

		5.7	Representations

 

You hereby
represent and undertake that you are not bound by any restrictions for accepting this offer letter. Such restrictions shall include
but not limited to any non-compete agreement, non-disclosure agreement, or other agreements of a similar nature or covering relevant
restrictions, with any third party. Such representation and undertaking is the pre condition and base for us to provide you with
this offer and establish the employment or engagement relationship with you.

 

		6	On boarding list

 

Please provide documents as
below when on board:

 

a) Four passport photos;

 

b) The original and hard copy
of education certificate;

 

c) The original copy of Passport;

 

d) Reference documents of your
current salary package and Labor contract termination;

 

e) Applicable personal bank
account;

 

f) Reports of Physical examination
in latest 3 months(conditional)

 

    	Page 2

    	 

    

 

		•	ReneSola(HQ-SG)No. 201401001 OFFER LETTER
ANHANG

 

Hereby we
are sincerely looking forward you to join us and expecting the brilliant prospect of Renesola with your intelligence, execution
and determination. We anticipate your first day of employment on 17th of Feb, 2014 and would like to confirm
with you personally on your availability to start. If you accepted all the terms and conditions as above, please sign below and
return to the recruiter before 14th of Jan, 2014, otherwise this offer will be invalid. If you have any further
question on this Offer Letter and terms related, please feel free to contact us.

 

 

 

Renesola
Ltd

 

	/s/ Lian Xiahe	/s/ Li Xianshou

 

	Lian Xiahe 	Li Xianshou

 

	HR VP 	CEO

 

 

Hereby, I, WU
CHIH-CHENG of Passport No._______________________ Accept this offer of employment under the terms and conditions
specified above.

 

I shall report
to work on Feb. 17, 2014 with required papers.

 

 

 

	Signature: /s/ WU CHIH CHENG	Date: Feb 17, 2014

 

    	Page 3

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