Document:

Exhibit 10.11

 

 

 

Notice of Grant of Incentive
Stock Option

and

Terms and Conditions of Incentive
Stock Option

 

 

 

	Grantee:	[Name]	Option Number:	[_________]
	 	[Address]	Plan:	2020 Plan
	 	[Address]	ID:	[_________]

 

 

Effective [___________] (the “Award Date”),
you (the “Grantee”) have been granted an incentive stock option (the “Option”) to buy [________] shares1
of Common Stock of Lantronix, Inc. (the “Corporation”) at a price of $[_______] per share1
(the “Exercise Price”).

 

The aggregate Exercise Price of the shares subject to the Option is
$[__________].1

 

[The Option will become vested as to 25% of the total number
of shares of Common Stock subject to the Option on the first anniversary of the Award Date. The remaining 75% of the total number of shares
of Common Stock subject to the Option shall become vested in 36 substantially equal monthly installments, with the first installment vesting
on the last day of the month following the month in which the first anniversary of the Award Date occurs and an additional installment
vesting on the last day of each of the 35 months thereafter.1, 2]

 

The Option will expire on [_________] (the “Expiration
Date”).1, 2

 

By your signature and the Corporation’s signature below, you
and the Corporation agree that the Option is granted under and governed by the terms and conditions of the Corporation's 2020 Performance
Incentive Plan (the “Plan”) and the Terms and Conditions of Incentive Stock Option (the “Terms”), which are attached
and incorporated herein by this reference. This Notice of Grant of Incentive Stock Option, together with the Terms, will be referred
to as your Option Agreement. The Option has been granted to you in addition to, and not in lieu of, any other form of compensation otherwise
payable or to be paid to you. Capitalized terms are defined in the Plan if not defined herein or in the Terms. You acknowledge receipt
of a copy of the Terms, the Plan and the Prospectus for the Plan.

 

 

 

 

	___________________________________________________	 	_______________________________
	Lantronix, Inc.	 	Date
	 	 	 
	 	 	 
	___________________________________________________	 	_______________________________
	[Grantee Name]	 	Date

 

 

____________________

 

1 Subject to adjustment under Section 7.1 of the Plan.

2 Subject to early termination under Section 5 of the Terms
and Section 7.2 of the Plan.

 

 

 

    	 	1	 

     

    

 

LANTRONIX, INC.

2020 PERFORMANCE INCENTIVE PLAN

TERMS AND CONDITIONS OF INCENTIVE STOCK OPTION

 

		1.	General.

 

These Terms and Conditions of Incentive Stock Option
(these “Terms”) apply to a particular stock option (the “Option”) if incorporated by reference in
the Notice of Grant of Stock Option (the “Grant Notice”) corresponding to that particular grant. The recipient of the
Option identified in the Grant Notice is referred to as the “Grantee.” The per share exercise price of the Option as
set forth in the Grant Notice is referred to as the “Exercise Price.” The effective date of grant of the Option as
set forth in the Grant Notice is referred to as the “Award Date.” The exercise price and the number of shares covered
by the Option are subject to adjustment under Section 7.1 of the Plan.

 

The Option was granted under and subject to the
Lantronix, Inc. 2020 Performance Incentive Plan (the “Plan”). Capitalized terms are defined in the Plan if not defined
herein. The Option has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation otherwise payable
or to be paid to the Grantee. The Grant Notice and these Terms are collectively referred to as the “Option Agreement”
applicable to the Option.

 

		2.	Vesting; Limits on Exercise; Incentive Stock Option Status.

 

The Option shall vest and become exercisable in
percentage installments of the aggregate number of shares subject to the Option as set forth on the Grant Notice. The Option may be exercised
only to the extent the Option is vested and exercisable.

 

		·	Cumulative Exercisability. To the extent that the Option is vested and exercisable, the Grantee has the right to exercise the
Option (to the extent not previously exercised), and such right shall continue, until the expiration or earlier termination of the Option.

 

		·	No Fractional Shares. Fractional share interests shall be disregarded, but may be cumulated.

 

		·	Minimum Exercise. No fewer than 100 shares of Common Stock (subject to adjustment under Section 7.1 of the Plan) may be purchased
at any one time, unless the number purchased is the total number at the time exercisable under the Option.

 

		·	ISO Status. The Option is intended as an incentive stock option within the meaning of Section 422 of the Code (an “ISO”).

 

		·	ISO Value Limit. If the aggregate fair market value of the shares with respect to which ISOs (whether granted under the Option
or otherwise) first become exercisable by the Grantee in any calendar year exceeds $100,000, as measured on the applicable Award Dates,
the limitations of Section 5.1.2 of the Plan shall apply and to such extent the Option will be rendered a nonqualified stock option.

 

		3.	Continuance of Employment/Service Required; No Employment/Service Commitment.

 

The vesting schedule applicable to the Option requires
continued employment or service through each applicable vesting date as a condition to the vesting of the applicable installment of the
Option and the rights and benefits under this Option Agreement. Employment or service for only a portion of the vesting period, even if
a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits
upon or following a termination of employment or services as provided in Section 5 below or under the Plan.

 

Nothing contained in this Option Agreement or the
Plan constitutes a continued employment or service commitment by the Corporation or any of its Subsidiaries, affects the Grantee’s
status, if he or she is an employee, as an employee at will who is subject to termination without cause, confers upon the Grantee any
right to remain employed by or in service to the Corporation or any Subsidiary, interferes in any way with the right of the Corporation
or any Subsidiary at any time to terminate such employment or service, or affects the right of the Corporation or any Subsidiary to increase
or decrease the Grantee’s other compensation. Nothing in this Option Agreement, however, is intended to adversely affect any independent
contractual right of the Grantee without his/her consent thereto.

 

 

 

    	 	2	 

     

    

 

		4.	Method of Exercise of Option.

 

The Option shall be exercisable by the delivery
to the Secretary of the Corporation (or such other person as the Administrator may require pursuant to such administrative exercise procedures
as the Administrator may implement from time to time) of:

 

		·	a written notice stating the number of shares of Common Stock to be purchased pursuant to the Option or by the completion of such
other administrative exercise procedures as the Administrator may require from time to time,

 

		·	payment in full for the Exercise Price of the shares to be purchased in cash, check or by electronic funds transfer to the Corporation;

 

		·	any written statements or agreements required pursuant to Section 8.1 of the Plan; and

 

		·	satisfaction of the tax withholding provisions of Section 8.5 of the Plan.

 

The Administrator also may, but is not required
to, authorize a non-cash payment alternative by one or more of the following methods (subject in each case to compliance with all applicable
laws, rules, regulations and listing requirements and further subject to such rules as the Administrator may adopt as to any such payment
method):

 

		·	notice and third party payment in such manner as may be authorized by the Administrator;

 

		·	in shares of Common Stock already owned by the Grantee, valued at their fair market value (as determined under the Plan) on the exercise
date;

 

		·	a reduction in the number of shares of Common Stock otherwise deliverable to the Grantee (valued at their fair market value on the
exercise date, as determined under the Plan) pursuant to the exercise of the Option; or

 

		·	a “cashless exercise” with a third party who provides simultaneous financing for the purposes of (or who otherwise facilitates)
the exercise of the Option.

 

The Option will qualify as an ISO only if it meets
all of the applicable requirements of the Code. The Option may be rendered a nonqualified stock option if the Administrator permits the
use of one or more of the non-cash payment alternatives referenced above.

 

		5.	Early Termination of Option.

 

5.1             
Expiration Date. Subject to earlier termination as provided below in this Section 5, the Option will terminate on the “Expiration
Date” set forth in the Grant Notice (the “Expiration Date”).

 

5.2             
Possible Termination of Option upon Certain Corporate Events. The Option is subject to termination in connection with certain
corporate events as provided in Section 7.2 of the Plan.

 

 

 

    	 	3	 

     

    

 

5.3             
Termination of Option upon a Termination of Grantee’s Employment or Services. Subject to earlier termination on the Expiration
Date of the Option or pursuant to Section 5.2 above, if the Grantee ceases to be employed by or ceases to provide services to the Corporation
or a Subsidiary, the following rules shall apply (the last day that the Grantee is employed by or provides services to the Corporation
or a Subsidiary is referred to as the Grantee’s “Severance Date”):

 

		·	other than as expressly provided below in this Section 5.3, (a) the Grantee will have until the date that is 3 months after his or
her Severance Date to exercise the Option (or portion thereof) to the extent that it was vested on the Severance Date, (b) the Option,
to the extent not vested on the Severance Date, shall terminate on the Severance Date, and (c) the Option, to the extent exercisable for
the 3-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on the
last day of the 3-month period;

 

		·	if the termination of the Grantee’s employment or services is the result of the Grantee’s death or Total Disability (as
defined below), (a) the Grantee (or his beneficiary or personal representative, as the case may be) will have until the date that is 12
months after the Grantee’s Severance Date to exercise the Option (or portion thereof) to the extent that it was vested on the Severance
Date, (b) the Option, to the extent not vested on the Severance Date, shall terminate on the Severance Date, and (c) the Option, to the
extent exercisable for the 12-month period following the Severance Date and not exercised during such period, shall terminate at the close
of business on the last day of the 12-month period.

 

For purposes of the Option, “Total Disability”
means a “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by
the Administrator).

 

In all events the Option is subject to earlier
termination on the Expiration Date of the Option or as contemplated by Section 5.2. The Administrator shall be the sole judge of whether
the Grantee continues to render employment or services for purposes of this Option Agreement.

 

Notwithstanding any post-termination exercise period
provided for herein or in the Plan, the Option will qualify as an ISO only if it is exercised within the applicable exercise periods for
ISOs under, and meets all of the other requirements of, the Code. If the Option is not exercised within the applicable exercise periods
for ISOs or does not meet such other requirements, the Option will be rendered a nonqualified stock option.

 

		6.	Non-Transferability.

 

The Option and any other rights of the Grantee
under this Option Agreement or the Plan are nontransferable and exercisable only by the Grantee, except as set forth in Section 5.7 of
the Plan.

 

		7.	Notices.

 

Any notice to be given under the terms of this
Option Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to
the Grantee at the address last reflected on the Corporation’s payroll records, or at such other address as either party may hereafter
designate in writing to the other. Any such notice shall be delivered in person or shall be enclosed in a properly sealed envelope addressed
as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post
office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Grantee is
no longer employed by the Corporation or a Subsidiary, shall be deemed to have been duly given five business days after the date mailed
in accordance with the foregoing provisions of this Section 7.

 

 

 

    	 	4	 

     

    

 

		8.	Plan.

 

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

 

		9.	Entire Agreement.

 

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

 

		10.	Governing Law.

 

This Option Agreement (including the Notice) shall
be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to conflict of law principles
thereunder. The Grantee does not have to accept the Option, and it is not a condition of employment that the Grantee accept the Option.
If the Grantee does not agree to the terms of the Award, the Grantee should promptly return this Option Agreement to the Corporation’s
Stock Plan Administrator indicating that the Grantee does not wish to accept the Option, and the Option will be cancelled.

 

		11.	Effect of this Agreement.

 

Subject to the Corporation’s right to terminate
the Option pursuant to Section 7.2 of the Plan, this Option Agreement shall be assumed by, be binding upon and inure to the benefit of
any successor or successors to the Corporation.

 

		12.	Counterparts; Electronic Signature.

 

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

 

		13.	Section Headings.

 

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

 

 

 

    	 	5	 

     

    

 

		14.	Clawback Policy.

 

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

 

		15.	No Advice Regarding Grant. 

 

The Grantee is hereby advised to consult with his
or her own tax, legal and/or investment advisors with respect to any advice the Grantee may determine is needed or appropriate with respect
to the Option (including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect
to the Option and any shares that may be acquired upon exercise of the Option). Neither the Corporation nor any of its officers, directors,
affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in this Option Agreement) or
recommendation with respect to the Option. Except for the withholding rights contemplated by Section 4 above and Section 8.5 of the Plan,
the Grantee is solely responsible for any and all tax liability that may arise with respect to the Option and any shares that may be acquired
upon exercise of the Option.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	6Exhibit 10.12

 

NOTICE OF GRANT OF PERFORMANCE STOCK UNIT AWARD

UNDER TERMS AND CONDITIONS OF 2020 PERFORMANCE
INCENTIVE PLAN

 

 

Name of Grantee:                                             ______________________________________

 

Total Target Number of Stock Units Subject to this Grant1:   ________________________________

 

Target Number of [Non-GAAP EPS] Stock Units Subject to
this Grant1:    _________________

 

Target Number of [Revenue] Stock Units Subject to this
Grant1:    ________________________

 

Date of Grant:                                                   ______________________________________

 

This Notice evidences that you have been granted
an award of restricted stock units (the “Stock Units”) of Lantronix, Inc. (the “Company”) as to
the “total target” number set forth above. Between zero percent (0%) and one hundred fifty percent (150%) of the “total
target” number of Stock Units will vest and become nonforfeitable in accordance with the performance-based vesting requirements
set forth in the Terms (as defined below).

 

By your acceptance of the award, you agree that
the award of Stock Units is granted under and governed by the terms and conditions of the Company's 2020 Performance Incentive Plan (as
amended from time to time, the “Plan”) and the Terms and Conditions of Performance Stock Unit Award (the “Terms”),
which are attached and incorporated herein by this reference. This Notice of Grant of Performance Stock Unit Award, together with the
Terms, is referred to as the “Agreement” applicable to your award. The award has been granted to you in addition to,
and not in lieu of, any other form of compensation otherwise payable or to be paid to you. Capitalized terms are defined in the Plan if
not defined herein or in the Terms. The Plan, the Terms, and the Prospectus for the Plan are available by calling the Company at (949)
453-3990.

 

By accepting this award, you agree to execute any
documents and take such further actions that the Company may reasonably request in order to establish and/or maintain a brokerage account
to hold the shares subject to this grant.

 

	LANTRONIX, INC.	ACCEPTED AND AGREED BY GRANTEE
	 	 
	By:        ____________________________	By:         ____________________________
	Name:	Name:
	Title:	 

 

 

 

 

________________________________

 

1 Subject to adjustment under Section 7.1 of the Plan.

 

 

 

    	 	1	 

     

    

 

LANTRONIX, INC.

2020 PERFORMANCE INCENTIVE PLAN

TERMS AND CONDITIONS OF PERFORMANCE STOCK UNIT
AWARD

		1.	General.

 

These Terms and Conditions of Performance Stock
Unit Award (these “Terms”) apply to a particular grant of stock units under the Plan (the “Award”)
if incorporated by reference in the Notice of Grant of Performance Stock Unit Award (the “Grant Notice”) corresponding
to that particular grant. The recipient of the Award identified in the Grant Notice is referred to as the “Grantee.”
The effective date of grant of the Award as set forth in the Grant Notice is referred to as the “Award Date.” The number
of stock units covered by the Award is subject to adjustment under Section 7.1 of the Plan.

 

The Award was granted under and subject to the
Lantronix, Inc. 2020 Performance Incentive Plan (the “Plan”). Capitalized terms are defined in the Plan if not defined
herein. The Award has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation otherwise payable
or to be paid to the Grantee. The Grant Notice and these Terms are collectively referred to as the “Agreement” applicable
to the Award.

 

As used in the Agreement, the term “stock
unit” means a non-voting unit of measurement which is deemed for bookkeeping purposes to be the equivalent to one outstanding
share of the Company’s Common Stock solely for purposes of the Plan and this Agreement. The Stock Units shall be used solely as
a device for the determination of the payment to eventually be made to the Grantee if such Stock Units vest pursuant to Section 2 of the
Terms. The Stock Units shall not be treated as property or as a trust fund of any kind.

 

		2.	Vesting.

 

The Award is subject to the vesting terms and conditions
set forth in Exhibit A hereto, incorporated herein by this reference. References to this Section 2 include Exhibit A. For
clarity, except as expressly provided herein, the vesting date for any Stock Units allocated to a particular Performance Period shall
be the date on which the Administrator determines the vesting of such Stock Units for that Performance Period in accordance with Exhibit
A.

 

		3.	Effect of Termination of Employment or Services.

 

3.1       In
General. Except as otherwise expressly provided below in this Section 3, if the Grantee ceases to be employed by or ceases to provide
services to the Company or one of its Subsidiaries (the last day that the Grantee is employed by or provides services as a consultant
or director to the Company or one of its Subsidiaries prior to a period in which the Grantee is not employed by, and does not have any
such service relationship with, any such entity is referred to as the Grantee’s “Severance Date”), the Grantee’s
Stock Units shall terminate to the extent such units have not become vested pursuant to Section 2 or Section 8.2 hereof as of the Severance
Date (regardless of the reason for such termination of employment or services, whether with or without cause, voluntarily or involuntarily).

 

If any unvested Stock Units are terminated pursuant
to this Agreement, such Stock Units shall automatically terminate and be cancelled as of the applicable termination date without payment
of any consideration by the Company and without any other action by the Grantee, or the Grantee’s beneficiary or personal representative,
as the case may be.

 

In the event of any conflict or inconsistency between
this Agreement, on the one hand, and any employment, severance or similar agreement between the Grantee and the Company entered into before
the Award Date, on the other hand, regarding the treatment of the Award in connection with a termination of the Grantee’s employment
or services or a change in control or similar event (including, without limitation, whether and the extent to which there is any accelerated
vesting of the Award in any such circumstances), this Agreement shall control.

 

 

 

    	 	2	 

     

    

 

3.2       Termination
Due to Death or Disability. If the Grantee’s Severance Date occurs prior to the last day of the FY23 Performance Period as a
result of the Grantee’s death or Disability, and (other than in the case of a termination due to the Grantee’s death) if the
Grantee satisfies the Release Requirement set forth below, the portion of the Award allocated to the Performance Period in which the Severance
Date occurs shall remain outstanding and shall vest as to the number of Stock Units for that Performance Period as determined in accordance
with Exhibit A hereto as though the Grantee’s Severance Date did not occur on or before the date of such determination (with
any such vested Stock Units to be paid within two and one-half months after the end of that Performance Period). Any remaining Stock Units
allocated to that Performance Period and any Stock Units allocated to any subsequent Performance Period shall terminate as of the Grantee’s
Severance Date.

 

In addition, if the Grantee’s Severance Date
occurs as a result of the Grantee’s death or Disability, any Stock Units subject to the Award credited to the Grantee pursuant to
Exhibit A for a Performance Period that ended on or before the Severance Date (to the extent such credited Stock Units are outstanding
and have not previously vested) will vest as of the Severance Date (subject, however, other than in the case of a termination due to the
Grantee’s death, to the Grantee’s satisfying the Release Requirement set forth below).

 

3.3       Termination
In Connection with a Change in Control. If the Grantee’s Severance Date occurs within sixty (60) days prior to, or upon or after,
a Change in Control, as a result of a termination of the Grantee’s employment by the Company without Cause or a termination by the
Grantee for Good Reason, or due to the Grantee’s death or Disability upon or after a Change in Control, and in any such case (other
than in the case of a termination due to the Grantee’s death) if the Grantee satisfies the Release Requirement set forth below,
any Stock Units that remain outstanding and eligible to vest following a Change in Control pursuant to Section 8.2 (to the extent not
theretofore vested or terminated and after giving effect to the Change in Control Vesting Percentage determined under Section 8.2) shall
accelerate and vest as of the Grantee’s Severance Date (or, if later, the date of the Change in Control) and any Stock Units subject
to the Award credited to the Grantee pursuant to Exhibit A for a Performance Period that ended on or before the Change in Control
(to the extent such credited Stock Units are outstanding and have not previously vested) will vest as of the Severance Date (or, if later,
the date of the Change in Control). If both Section 3.2 and this paragraph of Section 3.3 would apply in the circumstances, this paragraph
of Section 3.3 controls. In addition, if the Grantee’s Severance Date occurs within sixty (60) days prior to a Change in Control
as a result of a termination of the Grantee’s employment by the Company without Cause or a termination by the Grantee for Good Reason,
the timing requirements set forth in the Release Requirement shall be measured from the date of the Change in Control and not from the
Severance Date.

 

3.4       Defined
Terms; Release Requirement. For the purposes of the Award, the following definitions will apply:

 

“Cause” shall have the meaning
ascribed to such term (or a similar term) in any written employment, severance or similar agreement between the Grantee and the Company
in effect on the Grantee’s Severance Date or, if there is no such agreement or such agreement does not include a definition of such
term, shall mean: (i) gross negligence or willful misconduct in the performance of the Grantee’s duties to the Company; (ii) intentional
and continual failure to substantially perform the Grantee’s reasonably assigned duties for the Company; (iii) the Grantee’s
intentional conduct that is demonstrably and materially injurious to the Company, including but not limited to committing or cooperating
in an act of fraud, theft, or dishonesty against the Company; (iv) the Grantee’s breach of a fiduciary duty to the Company or its
shareholders; (v) the Grantee’s conviction for, or plea of guilty or nolo contendre to, the commission of any felony or any crime
involving deceit, material dishonesty, fraud, embezzlement, theft, any crime that results in or is intended to result in personal enrichment
at the expense of the Company, any crime that involves the use or sale of a controlled substance, or any other offense that will adversely
affect in any material respect the Company’s reputation or the Grantee’s ability to perform the Grantee’s obligations
or duties to the Company; or (vi) the Grantee’s violation of a material written policy of the Company or breach of a written agreement
with Company, including but not limited to a breach of any written employment, confidentiality or similar agreement between the Grantee
and the Company. Notwithstanding the foregoing, Cause shall not exist under (i), (ii), (iii), (iv) or (vi) unless the Company provides
the Grantee with written notice of the existence of one or more of the actions, conditions or events set forth above in such definition
of Cause, and if such action, event or condition is curable, the Grantee fails to cure such action, event or condition within thirty (30)
days after receipt of such notice.

 

 

 

    	 	3	 

     

    

 

“Change in Control” means the
occurrence of any of the following events:

 

(i)       A change in
the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group, (“Person”)
acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total
voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional stock
by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered
a Change in Control; or

 

(ii)       A change
in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any
twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior
to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to effectively control the
Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or

 

(iii)       A change in
the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired
during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company
that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company
immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will
not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled
by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of
the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or
more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or
indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50%
of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For
purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being
disposed of, determined without regard to any liabilities associated with such assets.

 

For purposes of this definition of Change in Control,
persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar business transaction with the Company. Notwithstanding the foregoing, a transaction
shall not be deemed a Change in Control unless the transaction qualifies as a change in the ownership of the Company, change in the
effective control of the Company or a change in the ownership of a substantial portion of the Company’s assets, each within
the meaning of Section 409A of the Code and any proposed or final Treasury Regulations and Internal Revenue Service guidance that
has been promulgated or may be promulgated thereunder from time to time (“Section 409A”).

 

“Disability” means total and
permanent disability of the Grantee as defined in Section 22(e)(3) of the Code.

 

“Good Reason” shall have the
meaning ascribed to such term (or a similar term) in any written employment, severance or similar agreement between the Grantee and the
Company in effect on the Grantee’s Severance Date or, if there is no such agreement or such agreement does not include a definition
of such term, shall mean the Grantee’s resignation within one hundred and twenty (120) days after the Company has taken any of the
following actions without the Grantee’s express written consent: (i) a material reduction in the Grantee’s base salary, the
Grantee’s target annual bonus opportunity or benefits (unless, outside of a Change in Control context, such reduction is in connection
with a salary or benefit reduction program of general application at the senior level executives of the Company); (ii) a material breach
by the Company of any written agreement with the Grantee, including the Company’s failure to obtain an agreement from any successor
to the Company to assume and agree to perform the obligations under this Agreement in the same manner and to the same extent that the
Company would be required to perform, except where such assumption occurs by operation of law; (iii) a material adverse change in the
Grantee’s title, duties or responsibilities (other than temporarily while the Grantee is disabled or as otherwise permitted by applicable
law); or (iv) relocation of the Grantee’s principal workplace by more than 45 miles, which change results in a material increase
in the Grantee’s one-way commute. Notwithstanding the foregoing, Good Reason shall not exist unless the Grantee provides the Company
written notice of the existence of the one or more of the actions, conditions or events set forth above in this definition of Good Reason
within ninety (90) days after the initial existence or occurrence of such action, condition or event, and if such action, event or condition
is curable, the Company fails to cure such action, event or condition within thirty (30) days after its receipt of such notice.

 

 

 

    	 	4	 

     

    

 

The “Release Requirement” means
that the Grantee timely executes and delivers to the Company a release of claims in a form acceptable to the Company (a “Release”)
and the Grantee does not revoke such Release within any revocation period provided by applicable law. In any circumstances where the Release
Requirement is applicable pursuant to this Agreement, the Company shall provide the final form of Release to the Grantee not later than
seven (7) days following the Grantee’s Severance Date, and the Grantee shall be required to execute and return the Release to the
Company within twenty-one (21) days (or forty-five (45) days if such longer period of time is required to make the Release maximally enforceable
under applicable law) after the Company provides the form of Release to the Grantee.

 

		4.	Continuance of Employment/Service Required; No Employment Commitment.

 

Except as expressly provided in Section 3 above,
the vesting schedule requires continued employment or service through each applicable vesting date as a condition to the vesting of the
applicable installment of the Award and the rights and benefits under this Agreement. Except as expressly provided in Section 3 above,
employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportionate
vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided
in Section 3 above or under the Plan.

 

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

 

		5.	Timing and Manner of Payment of Stock Units.

 

On or as soon as administratively practical (and
in all events not later than two and one-half months) following the date on which any Stock Units vest pursuant to any provision of this
Agreement, the Company shall deliver to the Grantee a number of shares of Common Stock (either by delivering one or more certificates
for such shares or by entering such shares in book entry form, as determined by the Company in its discretion) equal (subject to adjustment
pursuant to Section 7.1 of the Plan) to the number of Stock Units subject to this Award that vested on such date. The Company’s
obligation to deliver shares of Common Stock or otherwise make payment with respect to vested Stock Units is subject to the condition
precedent that the Grantee or other person entitled under the Plan to receive any shares with respect to the vested Stock Units deliver
to the Company any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. The Grantee shall have
no further rights with respect to any Stock Units that are so paid or that terminate pursuant to the terms hereof.

 

		6.	Dividend and Voting Rights.

 

6.1       Limitations
on Rights Associated with Units. The Grantee shall have no rights as a stockholder of the Company, no dividend rights (except as expressly
provided in Section 6.2 with respect to Dividend Equivalent Rights) and no voting rights, with respect to the Stock Units and any shares
of Common Stock underlying or issuable in respect of such Stock Units until such shares of Common Stock are actually issued to and held
of record by the Grantee. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to
the date of issuance of the stock certificate.

 

6.2       Dividend
Equivalent Rights Distributions. As of any date that the Company pays an ordinary cash dividend on its Common Stock, the Company shall
credit the Grantee with an additional number of Stock Units equal to (i) the per share cash dividend paid by the Company on its Common
Stock on such date, multiplied by (ii) the Total Target Number of Stock Units (including any dividend equivalents previously credited
hereunder) (with such Target Number adjusted pursuant to Section 7.1 of the Plan) outstanding and subject to the Award as of the related
dividend payment record date, divided by (iii) the fair market value of a share of Common Stock (as determined under Section 5.5 of the
Plan) on the date of payment of such dividend. Any Stock Units credited pursuant to the foregoing provisions of this Section 6.2 shall
be subject to the same vesting, payment and other terms, conditions and restrictions as the original Stock Units to which they relate.
No crediting of Stock Units shall be made pursuant to this Section 6.2 with respect to any Stock Units which, as of such record date,
have either been paid pursuant to Section 5 or terminated pursuant to the terms hereof.

 

 

 

    	 	5	 

     

    

 

		7.	Non-Transferability.

 

Neither the Award, nor any interest therein or
amount or shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered,
either voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Company,
or (b) transfers by will or the laws of descent and distribution.

 

		8.	Adjustments; Change in Control.

 

8.1       Adjustments.
Upon the occurrence of certain events relating to the Company’s stock contemplated by Section 7.1 of the Plan (including, without
limitation, an extraordinary cash dividend on such stock), the Administrator shall make adjustments in accordance with such section in
the number of Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Award. No such adjustment
shall be made with respect to any ordinary cash dividend for which dividend equivalents are credited pursuant to Section 6.2. For purposes
of clarity, Exhibit A controls as to any adjustment of the performance goals, criteria or metrics.

 

8.2       Change
in Control. If, at any time after the Award Date and before the last day of the FY23 Performance Period, a Change in Control occurs,
the performance-based vesting terms and conditions set forth in Exhibit A hereto shall no longer apply to the portion of the Award
allocated to the Performance Period in which the Change in Control occurs and each subsequent Performance Period (if any), and the following
rules shall apply with respect to such portion:

 

		·	With respect to the Performance Period in which the Change in Control occurs,
the Award shall remain outstanding with respect to a percentage of the Total Target Number of Stock Units allocated to that Performance
Period (as provided in the Grant Notice and Exhibit A hereto), such percentage referred to as the “Change in Control Vesting
Percentage.” The Change in Control Vesting Percentage shall equal a vesting percentage for the Performance Period in which the
Change in Control occurs, such percentage to be determined in accordance with Exhibit A hereto as though such Performance Period
ended as of the last day of the fiscal quarter of the Company coinciding with or last preceding the date on which such Change in Control
occurs (the “Short Period End Date”) and with the performance levels set forth in Exhibit A hereto pro-rated
(except as expressly otherwise set forth in Exhibit A hereto) for the portion of such Performance Period occurring through the
Short Period End Date (for example, if the Change in Control occurred during the second fiscal quarter during the Performance Period and
before the last day of that quarter, such performance levels would be pro-rated for the 25% of the Performance Period coinciding with
the first quarter of the Performance Period, and performance against those goals would be assessed based on actual performance for such
first quarter and after taking into account any adjustments pursuant to Exhibit A); provided that if the Change in Control occurs
in the first quarter of the Performance Period, the vesting percentage pursuant to this clause shall be deemed to be one hundred percent
(100%).

 

The number of Stock Units allocated to the Performance Period
in which the Change in Control occurs that remain outstanding, determined as set forth above in this clause, shall vest on the last day
of such Performance Period, subject to (except as otherwise expressly provided below) the Grantee’s continued employment or service
with the Company or any of its Subsidiaries through such vesting date.

 

		·	With respect to any Performance Period that has not commenced as of the date
of the Change in Control, the Award shall remain outstanding with respect to a percentage of the Total Target Number of Stock Units allocated
to that Performance Period (as provided in the Grant Notice and Exhibit A hereto), such percentage to equal the Change in Control
Vesting Percentage determined as set forth above. The number of Stock Units allocated to any such Performance Period, determined as set
forth in the preceding sentence, shall vest on the last day of such Performance Period, subject to (except as otherwise expressly provided
below) the Grantee’s continued employment or service with the Company or any of its Subsidiaries through such vesting date.

 

		·	In the event that Section 7.2(a) of the Plan applies and the Administrator
has not made a provision for the substitution, assumption, exchange or other continuation or settlement of the Award, the Award shall
vest on the Change in Control as to the number of Stock Units provided above in this Section 8.2. The second sentence of Section 7.2(a)
of the Plan is hereby superseded by the provisions hereof and shall not apply to the Award.

 

For purposes of clarity, the provisions of this Section 8.2 shall not
apply as to any Stock Units that relate to a Performance Period that ended prior to the date of the Change in Control or any Stock Units
that have terminated or were accelerated pursuant to Section 3 (except as otherwise expressly provided in Section 3.3) prior to the occurrence
of such Change in Control.

 

 

 

    	 	6	 

     

    

 

		9.	Tax Withholding.

 

The Company shall reasonably determine the amount
of any federal, state, local or other income, employment, or other taxes which the Company or any of its Subsidiaries may reasonably be
obligated to withhold with respect to the grant, vesting or other event with respect to the Stock Units. The Grantee shall be solely responsible
for the satisfaction of such withholding requirements. If such withholding event occurs in connection with the distribution of shares
of Common Stock in respect of the Stock Units and subject to compliance with all applicable laws, the Company shall automatically withhold
and reacquire the appropriate number of whole shares, valued at their then Fair Market Value, to satisfy any withholding obligations of
the Company or its Subsidiaries with respect to such distribution. If, however, any withholding event occurs with respect to the Stock
Units other than in connection with the distribution of shares of Common Stock in respect of the Stock Units, or if the Company cannot
legally satisfy such withholding obligations by such withholding and reacquisition of shares as described above, the Company shall be
entitled to require a cash payment by or on behalf of the Grantee and/or to deduct from other compensation payable to the Grantee the
amount of any such withholding obligations.

 

		10.	Notices.

 

Any notice to be given under the terms of this
Agreement shall be in writing and addressed to the Company at its principal office to the attention of the Secretary, and to the Grantee
at the Grantee’s last address reflected on the Company’s employment records. Any notice shall be delivered in person or shall
be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification
fee prepaid) in a post office or branch post office regularly maintained by the United States Government or a courier of internationally
recognized prominence. Any such notice shall be given only when received, but if the Grantee is no longer a Service Provider, shall be
deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section 10.

 

		11.	Plan.

 

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

 

		12.	Entire Agreement.

 

This Agreement and the Plan together constitute
the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the
subject matter hereof.

 

The Plan and this Agreement may be amended pursuant
to Section 8.6 of the Plan. Any such amendment must be in writing and signed by the Company. The Company may, however, unilaterally
waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Grantee hereunder, but
no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof.

 

The Administrator will have the exclusive discretion
and authority to establish administrative rules, forms and procedures for the administration of the Plan, to construe and interpret the
Plan and awards granted pursuant to the Plan (including the Award and this Agreement) and to decide any and all questions of fact, interpretation,
definition, computation or administration arising in connection with the operation of the Plan, including, but not limited to, the eligibility
to participate in the Plan and amount of benefits paid under the Plan. The rules, interpretations, computations and other actions of the
Administrator will be binding and conclusive on all persons.

 

 

 

    	 	7	 

     

    

 

		13.	Limitation on Grantee’s Rights.

 

Participation in the Plan confers no rights or
interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts
payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets.
The Grantee shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable,
if any, with respect to the Stock Units, and rights no greater than the right to receive the Common Stock as a general unsecured creditor
with respect to Stock Units, as and when payable hereunder.

 

		14.	Counterparts.

 

This Agreement may be executed simultaneously in
any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

		15.	Section Headings.

 

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

 

		16.	Governing Law.

 

This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Delaware without regard to conflict of law principles thereunder.

 

		17.	Construction.

 

It is intended that the terms of the Award will
not result in the imposition of any tax liability pursuant to Section 409A of the Code. This Agreement shall be construed and interpreted
consistent with the foregoing intents.

 

		18.	Clawback Policy.

 

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

 

		19.	Section 280G.

 

Notwithstanding anything contained in this Agreement
to the contrary, to the extent that any payments and benefits provided under this Agreement to or for the benefit of the Grantee, together
with any payments and benefits provided to or for the benefit of the Grantee under any other plan or agreement of the Company or any of
its Subsidiaries or affiliates (such payments or benefits are collectively referred to as the “Benefits”), would be
subject to the excise tax (the “Excise Tax”) imposed under Section 4999 of the Code, the Grantee’s Benefits shall
be reduced (but not below zero) if and to the extent that a reduction in the Benefits would result in the Grantee retaining a larger amount,
on an after-tax basis (taking into account federal, state and local income taxes and the Excise Tax), than if the Grantee received all
of the Benefits (such reduced amount is referred to hereinafter as the “Limited Benefit Amount”). If a reduction in
the Grantee’s Benefits is required pursuant to the preceding sentence, in order to effectuate the Limited Benefit Amount, the Company
shall reduce or eliminate (if and to the extent necessary) the Grantee’s Benefits by first reducing or eliminating amounts which
are payable from any cash severance, then from any payment or benefit in respect of any equity award that is treated as contingent on
the change in ownership or control but is not covered by Treas. Reg. Section 1.280G-1 Q/A 24(b) or (c), then from any payment or benefit
in respect of an equity award that is covered by Treas. Reg. Section 1.280G-1 Q/A 24(c), in each case in reverse order beginning with
payments or benefits which are to be paid the farthest in time from the Determination (as hereinafter defined). A determination as to
whether a reduction in the Grantee’s Benefits to the Limited Benefit Amount pursuant to this Section 19, and the amount of such
Limited Benefit Amount (the “Determination”), shall be made by the Company’s independent public accountants or
another certified public accounting firm or executive compensation consulting firm of national reputation designated by the Company at
the Company’s expense.

 

 

 

    	 	8	 

     

    

 

EXHIBIT A

 

VESTING TERMS AND CONDITIONS

 

[To be determined at the time of grant]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9

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