Document:

As of
September 18, 2012

 

NEVADA GOLD &
CASINOS, INC.

50 Briar Hollow Lane, Suite 500w

Houston, TX 77027

Attn: Jim Kohn, CFO

Fax No.: (713) 621-6919

 

NEVADA GOLD &
CASINOS, INC.

50 Briar Hollow Lane, Suite 500w

Houston, TX 77027

Attn: Branko Milosevic, Associate General Counsel

Fax No.: (713) 296-5070

 

		Re:	Amendment Number Three to Credit Agreement (this “Amendment”)

 

Ladies and Gentlemen:

 

Reference is made hereby
to that certain Credit Agreement, dated as of October 7, 2011 (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among Nevada Gold & Casinos, Inc., a Nevada corporation (“Parent”),
NG Washington, LLC, a Washington limited liability company (“NGWI”), NG Washington II, LLC, a Washington limited
liability company (“NGWII”), and NG Washington III, LLC, a Washington limited liability company (“NGWIII,”
and together with NGWI and NGWII, are referred to hereinafter each individually as a “Borrower” and, individually
and collectively, jointly and severally, as the “Borrowers”), the lenders party to the Credit Agreement as “Lenders”
(each of such Lenders, together with their successors and permitted assigns, are referred to hereinafter as a “Lender”),
and Wells Fargo Gaming Capital, LLC, a Delaware limited liability company, in its capacity as administrative agent for the Lenders
and Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”).
Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

Subject to the terms
and conditions contained herein, Borrowers, Agent and Lenders have agreed to amend the Credit Agreement as set forth herein.

 

Effective as of the
date set forth above, Parent, Borrowers, Agent, and Lenders hereby agree to amend and restate Section 7.2 of the Credit
Agreement by replacing the reference to “1.33” with “1.25”.

 

    	 

    	 	 

    

 

Each Borrower hereby
acknowledges and agrees that as of September 18, 2012, the outstanding principal amount of the Term Loan is $10,250,000. For the
avoidance of doubt, the foregoing does not include any interest that is accrued and unpaid. Effective on the date hereof, each
Loan Party, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and
any Person acting for or on behalf of, or claiming through it, hereby waives, releases, remises and forever discharges Agent and
Lender, each of their respective Affiliates, and each of their respective successors in title, past, present and future officers,
directors, employees, limited partners, general partners, investors, attorneys, assigns, subsidiaries, shareholders, trustees,
agents and other professionals and all other persons and entities to whom any Agent or Lender would be liable if such persons or
entities were found to be liable to such Loan Party (each a “Releasee” and collectively, the “Releasees”),
from any and all claims, suits, liens, lawsuits, adverse consequences, amounts paid in settlement, debts, deficiencies, diminution
in value, disbursements, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses of any kind or
character, whether based in equity, law, contract, tort, implied or express warranty, strict liability, criminal or civil statute
or common law (each a “Claim” and collectively, the “Claims”), whether known or unknown,
fixed or contingent, direct, indirect, or derivative, asserted or unasserted, matured or unmatured, foreseen or unforseen, past
or present, liquidated or unliquidated, suspected or unsuspected, which such Loan Party ever had from the beginning of the world
to the date hereof, now has, or might hereafter claim to have had against any such Releasee which relates, directly or indirectly
to the Credit Agreement, any other Loan Document, or to any acts or omissions of any such Releasee with respect to the Credit Agreement
or any other Loan Document, or to the lender-borrower relationship evidenced by the Loan Documents. As to each and every claim
released hereunder, each of each Loan Party hereby represents that it has received the advice of legal counsel with regard to the
releases contained herein, and having been so advised, specifically waives the benefit of the provisions of Section 1542 of the
Civil Code of California which provides as follows:

 

“A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

As to each and every
claim released hereunder, each Loan Party also waives the benefit of each other similar provision of applicable federal or state
law, if any, pertaining to general releases after having been advised by its legal counsel with respect thereto.

 

Each Loan Party acknowledges
that it may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such
claims, demands, or causes of action and agrees that this instrument shall be and remain effective in all respects notwithstanding
any such differences or additional facts. Each Loan Party understands, acknowledges and agrees that the release set forth above
may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding
which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

Each Loan Party, for
itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and any Person acting
for or on behalf of, or claiming through it, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and
in favor of each Releasee above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee
on the basis of any claim released, remised and discharged by such Person pursuant to the above release. Each of Loan Party further
agrees that it shall not dispute the validity or enforceability of the Credit Agreement or any of the other Loan Documents or any
of its obligations thereunder, or the validity, priority, enforceability or the extent of Agent’s Lien on any item of Collateral
under the Credit Agreement or the other Loan Documents. If any Loan Party or any of its successors, assigns, or officers, directors,
employees, agents or attorneys, or any Person acting for or on behalf of, or claiming through them violate the foregoing covenant,
such Person, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages
as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by such Releasee as a result
of such violation.

 

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Each Borrower hereby
reconfirms its obligations pursuant to Section 2.5 of the Credit Agreement to pay and reimburse Agent for all costs and
expenses (including, without limitation, reasonable documented fees of counsel) incurred in connection with the negotiation, preparation,
execution and delivery of this Amendment and all other documents and instruments delivered in connection herewith, in each case
subject to the terms and conditions of the Credit Agreement.

 

The Credit Agreement,
as amended hereby, and each of the other Loan Documents, as amended as of the date hereof, shall be and remain in full force and
effect in accordance with their respective terms and hereby are restated, ratified and confirmed in all respects. The execution,
delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a consent to, or a modification
or amendment of, any right, power, or remedy of Agent or any Lender under the Credit Agreement or any other Loan Document. Except
for the amendments to the Credit Agreement expressly set forth herein, the Credit Agreement and the other Loan Documents shall
remain unchanged and in full force and effect. The modifications and amendments set forth herein are limited to those specified
herein, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall neither excuse
future non-compliance with the Loan Documents, shall not operate as a consent to any further or other matter under the Loan Documents
and shall not be construed as an indication that any future modification or amendment of covenants or any other provision of the
Credit Agreement will be agreed to, it being understood that the granting or denying of any modification or amendment which may
hereafter be requested by Borrower remains in the sole and absolute discretion of Agent and Lenders in accordance with Section
14.1 of the Credit Agreement.

 

Each Loan Party hereby
represents and warrants that (a) the execution, delivery, and performance of this Amendment are within its limited liability company,
corporate or similar powers, have been duly authorized by all necessary limited liability, corporate or other action of such Loan
Party, and are not in contravention of any material provision of federal, state, or local law or regulation applicable to it, or
any order, judgment or decree of any court or other Governmental Authority binding on it, or of the terms of its charter or bylaws,
or of any material contract of such Loan Party (except as would not reasonably be expected to have a Material Adverse Effect),
(b) after giving effect to this Amendment, as of the date hereof, no Default or Event of Default shall have occurred and be continuing,
and (c) after giving effect to this Amendment, the representations and warranties in the Credit Agreement and the other Loan Documents
shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though
made on such date (except to the extent that such representations and warranties relate solely to an earlier date).

 

Each Loan party hereby
(a) acknowledges and reaffirms its obligations owing to Agent and Lenders under each Loan Document to which it is a party, and
(b) agrees that each of the Loan Documents to which it is a party is and shall remain in full force and effect as modified hereby.
Each Loan Party hereby further ratifies and reaffirms the validity and enforceability of all of the liens and security interests
heretofore granted, pursuant to and in connection with the Guaranty and Security Agreement or any other Loan Document, to Agent,
as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and acknowledges
that all of such Liens and security interests, and all Collateral heretofore pledged as security for such obligations, continue
to be and remain collateral for such obligations from and after the date hereof. All obligations owing by each Loan Party to Agent
and Lenders are unconditionally owing by such Loan Party to Agent and Lenders, without offset, defense, withholding, counterclaim
or deduction of any kind, nature or description whatsoever.

 

THIS AMENDMENT SHALL
BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION
12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

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This Amendment may
be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered,
shall be deemed to be an original, and all of which, taken together, shall constitute but one and the same Amendment. Delivery
of an executed counterpart of this Amendment by telefacsimile or other electronic image scan transmission (e.g., “PDF”
or “tif” via email) shall be equally effective as delivery of an original executed counterpart of this Amendment. Any
party delivering an executed counterpart of this Amendment by telefacsimile or other electronic image scan transmission also shall
deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not
affect the validity, enforceability, and binding effect of this Amendment.

 

Each of the
undersigned Guarantors consent to the amendments to the Credit Agreement and waiver contained herein. Although the undersigned
Guarantors have been informed of the matters set forth herein and have consented to same, each Guarantor understands that the Lender
Group has no obligations to inform it of such matters in the future or to seek its acknowledgement or agreement to future consents
or amendments, and nothing herein shall create such a duty.

 

This Amendment is a
Loan Document. This Amendment, together with the other Loan Documents, reflects the entire understanding of the parties with respect
to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before
the date hereof.

 

 

[Signature pages to follow.]

 

    	4

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above. 

 

	 	Very
Truly Yours,
	 	 
	 	
        WELLS FARGO GAMING
        CAPITAL, LLC,

        a Delaware limited liability company, as Agent and a Lender

	 	 
	 	 
	 	By:	/s/ Suzanne Fuller
	 	Name:	Suzanne Fuller
	 	Title:	Managing Director
	 	 

 

 

  Accepted, acknowledged, and agreed:

  

	
        NEVADA GOLD & CASINOS, INC.,

        a Nevada corporation

	 
	 
	By:	/s/ Ernest E. East
	Name:	Ernest E. East
	Title:	President
	 
	NG WASHINGTON, LLC,

a Washington limited liability company
	 
	 
	By:	/s/ Ernest E. East
	Name:	Ernest E. East
	Title:	Manager
	 
	NG WASHINGTON II, LLC,

a Washington limited liability company
	 
	 
	By:	/s/ Ernest E. East
	Name:	Ernest E. East
	Title:	Manager
	 	 
	 
	NG WASHINGTON III, LLC,

a Washington limited liability company
	 
	 
	By:	/s/ Ernest E. East
	Name:	Ernest E. East
	Title:	Manager

 

    	5

    	 

    
 

  

	NG WASHINGTON II HOLDINGS, LLC,

    a Delaware limited liability company
	 
	 
	By:	/s/ Ernest E. East
	Name:	Ernest E. East
	Title:	Manager
	 
	NG SOUTH DAKOTA, LLC,

a South Dakota limited liability company
	 
	 
	By:	/s/ Ernest E. East
	Name:	Ernest E. East
	Title:	Manager
	 
	NEVADA GOLD SPEEDWAY, LLC,
    

    a Nevada  limited liability company
	 
	 
	By:	/s/ Ernest E. East
	Name:	Ernest E. East
	Title:	Manager
	 	 
	 
	A.G. TRUCANO, SON & GRANDSONS, INC.,
    

    a South Dakota corporation
	 
	 
	By:	/s/ Ernest E. East
	Name:	Ernest E. East
	Title:	President

 

 

    	6Exhibit 4.1

 

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR,
S.A. 

 

(FORMERLY BANCO LATINOAMERICANO DE EXPORTACIONES,
S.A. (BLADEX)

 

2008 STOCK INCENTIVE PLAN

(as amended and restated April 15, 2012)

 

1.Purposes of the Plan.
The purposes of this Plan are to attract and retain the best available personnel, to provide additional incentives to Employees
and Directors and to promote the success of the Company’s business.

 

2.Definitions. The following
definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual Award
Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall supercede the definition
contained in this Section 2.

 

(a)“Administrator”
means the Board or any of the Committees appointed to administer the Plan.

 

(b)“Applicable Laws”
means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities and other
laws of Panama, U.S. federal securities laws, U.S. state corporate and securities laws, the rules of any applicable stock
exchange or national market system, and the rules of any other jurisdiction applicable to Awards granted to residents therein.

 

(c)“Assumed”
means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed by the Company or (ii) the
contractual obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity
or its Parent in connection with the Corporate Transaction with appropriate adjustments to the number and type of securities of
the successor entity or its Parent subject to the Award and the exercise or purchase price thereof which at least preserves the
compensation element of the Award existing at the time of the Corporate Transaction as determined in accordance with the instruments
evidencing the agreement to assume the Award.

 

(d)“Award” means
the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Restricted Stock Unit or other right or benefit under
the Plan.

 

(e)“Award Agreement”
means the written agreement evidencing the grant of an Award executed by the Company and the Grantee, including any amendments
thereto.

 

(f)“Board” means
the Board of Directors of the Company.

 

(g)“Committee”
means any committee composed of members of the Board appointed by the Board to administer the Plan.

 

(h)“Common Stock”
means the Class E common stock of the Company.

 

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(i)“Company”
means Banco Latinoamericano de Exportaciones, S.A. (BLADEX), a Panamanian corporation, or any successor entity that adopts the
Plan in connection with a Corporate Transaction.

 

(j)“Continuous Service”
means that the provision of services to the Company or a Related Entity in any capacity of Employee or Director is not interrupted
or terminated. In jurisdictions requiring notice in advance of an effective termination as an Employee or Director, Continuous
Service shall be deemed terminated upon the actual cessation of providing services to the Company or a Related Entity notwithstanding
any required notice period that must be fulfilled before a termination as an Employee or Director can be effective under Applicable
Laws. A Grantee’s Continuous Service shall be deemed to have terminated either upon an actual termination of Continuous Service
or upon the entity for which the Grantee provides services ceasing to be a Related Entity. Continuous Service shall not be considered
interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entity, or
any successor, in any capacity of Employee or Director, or (iii) any change in status as long as the individual remains in
the service of the Company or a Related Entity in any capacity of Employee or Director (except as otherwise provided in the Award
Agreement). An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave.

 

(k)“Corporate Transaction”
means any of the following transactions, provided, however, that the Administrator shall determine under parts (iv) and (v) whether
multiple transactions are related, and its determination shall be final, binding and conclusive:

 

(i)a merger or consolidation
in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state
in which the Company is incorporated;

 

(ii)the sale, transfer or other
disposition of all or substantially all of the assets of the Company;

 

(iii)the complete liquidation
or dissolution of the Company;

 

(iv)any reverse merger or series
of related transactions culminating in a reverse merger (including, but not limited to, a tender offer followed by a reverse merger)
in which the Company is the surviving entity but (A) the shares of Common Stock outstanding immediately prior to such merger
are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or
(B) in which securities possessing more than forty percent (40%) of the total combined voting power of the Company’s
outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to
such merger or the initial transaction culminating in such merger; or

 

(v)acquisition in a single or
series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee
benefit plan) of beneficial ownership of securities possessing more than fifty percent (50%) of the total combined voting power
of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Administrator
determines shall not be a Corporate Transaction.

 

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(l)“Director”
means a member of the Board or the board of directors of any Related Entity.

 

(m)“Disability”
means as defined under the long-term disability policy of the Company or the Related Entity to which the Grantee provides services
regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides
service does not have a long-term disability plan in place, “Disability” means that a Grantee is unable to carry out
the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental
impairment for a period of not less than ninety (90) consecutive days. A Grantee will not be considered to have incurred a Disability
unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

 

(n)“Dividend Equivalent
Right” means a right entitling the Grantee to compensation measured by dividends paid with respect to Common Stock.

 

(o)“Employee”
means any person, including an Officer or Director, who is in the employ of the Company or any Related Entity, subject to the control
and direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance.
The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment”
by the Company.

 

(p)“Fair Market Value”
means, as of any date, the value of Common Stock determined as follows:

 

(i)If the Common Stock is listed
on one or more established stock exchanges or national market systems, including without limitation The New York Stock Exchange,
its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted
on the principal exchange or system on which the Common Stock is listed (as determined by the Administrator) on the date of determination
(or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales
price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 

(ii)If the Common Stock is regularly
quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market
Value shall be the closing sales price for such stock as quoted on such system or by such securities dealer on the date of determination,
but if selling prices are not reported, the Fair Market Value of a share of Common Stock shall be the mean between the high bid
and low asked prices for the Common Stock on the date of determination (or, if no such prices were reported on that date, on the
last date such prices were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
or

 

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(iii)In the absence of an established
market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value thereof shall be determined by
the Administrator in good faith.

 

(q)“Grantee”
means an Employee or Director who receives an Award under the Plan.

 

(r)“Officer”
means a person who is an officer of the Company or a Related Entity.

 

(s)“Option”
means an option to purchase Shares pursuant to an Award Agreement granted under the Plan.

 

(t)“Parent”
means any entity (other than the employer entity) in an unbroken chain of entities ending with the employer entity if, at the time
of the granting of an Award, each of the entities other than the employer entity owns securities possessing 50% or more of the
total combined voting power of all classes of securities in one of the other entities in such chain.

 

(u)“Plan” means
this 2008 Stock Incentive Plan.

 

(v)“Related Entity”
means any Parent or Subsidiary of the Company.

 

(w)“Replaced”
means that pursuant to a Corporate Transaction the Award is replaced with a comparable stock award or a cash incentive program
of the Company, the successor entity (if applicable) or Parent of either of them which preserves the compensation element of such
Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same (or a more
favorable) vesting schedule applicable to such Award. The determination of Award comparability shall be made by the Administrator
and its determination shall be final, binding and conclusive.

 

(x)“Restricted Stock”
means Shares issued under the Plan to the Grantee for such consideration, if any, and subject to such restrictions on transfer,
rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established by the Administrator.

 

(y)“Restricted Stock Units”
means an Award which may be earned in whole or in part upon the passage of time or the attainment of performance criteria established
by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities
as established by the Administrator.

 

(z)“SAR” means
a stock appreciation right entitling the Grantee to Shares or cash compensation, as established by the Administrator, measured
by appreciation in the value of Common Stock.

 

(aa)“Share”
means a share of the Common Stock.

 

(bb)“Subsidiary”
means any entity (other than the employer entity) in an unbroken chain of entities beginning with the employer entity if, at the
time of the granting of an Award, each of the entities other than the last entity in the unbroken chain owns securities possessing
50% or more of the total combined voting power of all classes of securities in one of the other entities in such chain.

 

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3.Stock Subject to the Plan.

 

(a)Subject to the provisions of
Section 10, below, the maximum aggregate number of Shares which may be issued pursuant to all Awards is 3,000,000 (Three
million) Shares. This maximum may be increased by Board action as provided in Section 13(a). The Shares to be issued pursuant
to Awards may be authorized, but unissued, or reacquired Common Stock.

 

(b)Any Shares covered by an Award
(or portion of an Award) which is forfeited, canceled or expires (whether voluntarily or involuntarily) shall be deemed not to
have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under the Plan. Shares
that actually have been issued under the Plan pursuant to an Award shall not be returned to the Plan and shall not become available
for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the Company at the lower of
their original purchase price or their Fair Market Value at the time of repurchase, such Shares shall become available for future
grant under the Plan. To the extent not prohibited by Applicable Law, any Shares covered by an Award
which are surrendered (i) in payment of the Award exercise or purchase price (including pursuant to the “net exercise”
of an option pursuant to Section 7(b)(v)) or (ii) in satisfaction of tax withholding obligations incident to the exercise
of an Award shall be deemed not to have been issued for purposes of determining the maximum number of Shares which may be
issued pursuant to all Awards under the Plan, unless otherwise determined by the Administrator.

 

4.Administration of the Plan.

 

(a)Plan Administrator. The
Plan shall be administered by (A) the Board or (B) a Committee designated by the Board, which Committee shall be
constituted in such a manner as to satisfy the Applicable Laws.

 

(b)Powers of the Administrator.
Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the Administrator hereunder), and
except as otherwise provided by the Board, the Administrator shall have the authority, in its discretion:

 

(i)to select the Employees and
Directors to whom Awards may be granted from time to time hereunder;

 

(ii)to determine whether and
to what extent Awards are granted hereunder;

 

(iii)to determine the number
of Shares or the amount of other consideration to be covered by each Award granted hereunder;

 

(iv)to approve forms of Award
Agreements for use under the Plan;

 

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(v)to determine the terms and
conditions of any Award granted hereunder;

 

(vi)to
amend the terms of any outstanding Award granted under the Plan, provided that (A) any amendment that would adversely affect
the Grantee’s rights under an outstanding Award shall not be made without the Grantee’s written consent, (B) the
reduction of the exercise price of any Option awarded under the Plan and the base appreciation amount of any SAR awarded under
the Plan shall not be subject to stockholder approval and (C) canceling an Option or SAR at a time when its exercise price
or base appreciation amount (as applicable) exceeds the Fair Market Value of the underlying Shares, in exchange for another Option,
SAR, Restricted Stock, or other Award shall not be subject to stockholder approval;

 

(vii)to construe and interpret
the terms of the Plan and Awards, including without limitation, any notice of award or Award Agreement, granted pursuant to the
Plan;

 

(viii)to take such other action,
not inconsistent with the terms of the Plan, as the Administrator deems appropriate.

 

The express grant in the Plan of any
specific power to the Administrator shall not be construed as limiting any power or authority of the Administrator; provided that
the Administrator may not exercise any right or power reserved to the Board. Any decision made, or action taken, by the Administrator
or in connection with the administration of this Plan shall be final, conclusive and binding on all persons having an interest
in the Plan.

 

(c)Indemnification. In addition
to such other rights of indemnification as they may have as members of the Board or as Officers or Employees of the Company or
a Related Entity, members of the Board and any Officers or Employees of the Company or a Related Entity to whom authority to act
for the Board, the Administrator or the Company is delegated shall be defended and indemnified by the Company to the extent permitted
by law on an after-tax basis against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred
in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal therein,
to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan,
or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved
by the Company) or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit or proceeding, except
in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or proceeding that such person
is liable for gross negligence, bad faith or intentional misconduct; provided, however, that within thirty (30) days after the
institution of such claim, investigation, action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity
at the Company’s expense to defend the same.

 

5.Eligibility. Awards
may be granted to Employees and Directors. An Employee or Director who has been granted an Award may, if otherwise eligible, be
granted additional Awards.

 

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6.Terms and Conditions of
Awards.

 

(a)Types of Awards. The
Administrator is authorized under the Plan to award any type of arrangement to an Employee or Director that is not inconsistent
with the provisions of the Plan and that by its terms involves or might involve the issuance of (i) Shares, (ii) cash
or (iii) an Option, a SAR, or similar right with a fixed or variable price related to the Fair Market Value of the Shares
and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction
of performance criteria or other conditions. Such awards include, without limitation, Options, SARs, sales or bonuses of Restricted
Stock, Restricted Stock Units or Dividend Equivalent Rights, and an Award may consist of one such security or benefit, or two (2) or
more of them in any combination or alternative.

 

(b)Conditions of Award.
Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions of each Award including,
but not limited to, the Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form of
payment (cash, Shares, or other consideration) upon settlement of the Award, payment contingencies, and satisfaction of any performance
criteria.

 

(c)Acquisitions and Other Transactions.
The Administrator may issue Awards under the Plan in settlement, assumption or substitution for, outstanding awards or obligations
to grant future awards in connection with the Company or a Related Entity acquiring another entity, an interest in another entity
or an additional interest in a Related Entity whether by merger, stock purchase, asset purchase or other form of transaction.

 

(d)Deferral of Award Payment.
The Administrator may establish one or more programs under the Plan to permit selected Grantees the opportunity to elect to defer
receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election
would entitle the Grantee to payment or receipt of Shares or other consideration under an Award. The Administrator may establish
the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings,
if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the
Administrator deems advisable for the administration of any such deferral program.

 

(e)Separate Programs. The
Administrator may establish one or more separate programs under the Plan for the purpose of issuing particular forms of Awards
to one or more classes of Grantees on such terms and conditions as determined by the Administrator from time to time. 

 

(f)Early Exercise. The Award
Agreement may, but need not, include a provision whereby the Grantee may elect at any time while an Employee or Director to exercise
any part or all of the Award prior to full vesting of the Award. Any unvested Shares received pursuant to such exercise may be
subject to a repurchase right in favor of the Company or a Related Entity or to any other restriction the Administrator determines
to be appropriate.

 

    	7

    	 

    
 

(g)Term of Award. The term
of each Award shall be the term stated in the Award Agreement, provided, however, that the specified term of any Award shall not
include any period for which the Grantee has elected to defer the receipt of the Shares or cash issuable pursuant to the Award.

 

(h)Transferability of Awards.
Awards shall be transferable (i) by will and by the laws of descent and distribution and (ii) during the lifetime of
the Grantee, to the extent and in the manner authorized by the Administrator. Notwithstanding the foregoing, the Grantee may designate
one or more beneficiaries of the Grantee’s Award in the event of the Grantee’s death on a beneficiary designation form
provided by the Administrator.

 

(i)Time of Granting Awards.
The date of grant of an Award shall for all purposes be the date on which the Administrator makes the determination to grant such
Award, or such other later date as is determined by the Administrator.

 

7.Award Exercise or Purchase
Price, Consideration and Taxes.

 

(a)Exercise or Purchase Price.
The exercise or purchase price, if any, for an Award shall be determined by the Administrator.

 

(b)Consideration. Subject
to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase of an Award including the
method of payment, shall be determined by the Administrator. In addition to any other types of consideration the Administrator
may determine, the Administrator is authorized to accept as consideration for Shares issued under the Plan the following:

 

(i)cash;

 

(ii)check;

 

(iii)surrender of Shares or delivery
of a properly executed form of attestation of ownership of Shares as the Administrator may require which have a Fair Market Value
on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which said Award shall be exercised;

 

(iv)with respect to Options,
payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (A) shall provide written instructions
to a Company designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company
sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (B) shall provide written directives
to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to complete the sale
transaction;

 

(v)with respect to Options, payment
through a “net exercise” such that, without the payment of any funds, the Grantee may exercise the Option and receive
the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised, multiplied by (ii) a
fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined by the Administrator) less the
Exercise Price per Share, and the denominator of which is such Fair Market Value per Share (the number of net Shares to be received
shall be rounded down to the nearest whole number of Shares); or

 

    	8

    	 

    
 

(vi)any combination of the foregoing
methods of payment.

 

The Administrator may at any time or
from time to time, by adoption of or by amendment to the standard forms of Award Agreement described in Section 4(b)(iv),
or by other means, grant Awards which do not permit all of the foregoing forms of consideration to be used in payment for the Shares
or which otherwise restrict one or more forms of consideration.

 

(c)Taxes. No Shares shall
be delivered under the Plan to any Grantee or other person until such Grantee or other person has made arrangements acceptable
to the Administrator for the satisfaction of any Panama, U.S. federal, U.S. state, local, or other applicable jurisdiction’s
income and employment tax withholding obligations, including, without limitation, obligations incident to the receipt of Shares.
Upon exercise or vesting of an Award the Company shall withhold or collect from the Grantee an amount sufficient to satisfy such
tax obligations, including, but not limited to, by surrender of the whole number of Shares covered by
the Award sufficient to satisfy the minimum applicable tax withholding obligations incident to the exercise or vesting of an Award
(reduced to the lowest whole number of Shares if such number of Shares withheld would result in withholding a fractional Share
with any remaining tax withholding settled in cash).

 

8.Exercise of Award.

 

(a)Procedure for Exercise; Rights
as a Stockholder.

 

(i)Any Award granted hereunder
shall be exercisable at such times and under such conditions as determined by the Administrator under the terms of the Plan and
specified in the Award Agreement.

 

(ii)An Award shall be deemed
to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Award by
the person entitled to exercise the Award and full payment for the Shares with respect to which the Award is exercised has been
made, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the purchase price as provided
in Section 7(b)(iv) or a net-exercise as provided in Section 7(b)(v).

 

(b)Exercise of Award Following
Termination of Continuous Service.

 

(i)An Award may not be exercised
after the termination date of such Award set forth in the Award Agreement and may be exercised following the termination of a Grantee’s
Continuous Service only to the extent provided in the Award Agreement.

 

(ii)Where the Award Agreement
permits a Grantee to exercise an Award following the termination of the Grantee’s Continuous Service for a specified period,
the Award shall terminate to the extent not exercised on the last day of the specified period or the last day of the original term
of the Award, whichever occurs first.

 

    	9

    	 

    
 

9.Conditions Upon Issuance
of Shares.

 

(a)If at any time the Administrator
determines that the delivery of Shares pursuant to the exercise, vesting or any other provision of an Award is or may be unlawful
under Applicable Laws, the vesting or right to exercise an Award or to otherwise receive Shares pursuant to the terms of an Award
shall be suspended until the Administrator determines that such delivery is lawful and shall be further subject to the approval
of counsel for the Company with respect to such compliance. The Company shall have no obligation to effect any registration or
qualification of the Shares under federal or state laws.

 

(b)As a condition to the exercise
of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise
that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if,
in the opinion of counsel for the Company, such a representation is required by any Applicable Laws.

 

10.Adjustments Upon Changes
in Capitalization. Subject to Section 11 hereof, the number of Shares covered by each outstanding Award, and the number of
Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been
returned to the Plan, the exercise or purchase price of each such outstanding Award, the maximum number of Shares with respect
to which Awards may be granted to any Grantee in any calendar year, as well as any other terms that the Administrator determines
require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting
from a stock split, reverse stock split, stock dividend, combination or reclassification of the Shares, or similar transaction
affecting the Shares, (ii) any other increase or decrease in the number of issued Shares effected without receipt of consideration
by the Company, or (iii) any other transaction with respect to Common Stock including a corporate merger, consolidation, acquisition
of property or stock, separation (including a spin-off or other distribution of stock or property), reorganization, liquidation
(whether partial or complete) or any similar transaction; provided, however that conversion of any convertible securities of the
Company shall not be deemed to have been “effected without receipt of consideration.” In the event of any distribution
of cash or other assets to stockholders other than a normal cash dividend, the Administrator shall also make such adjustments as
provided in this Section 10 or substitute, exchange or grant Awards to effect such adjustments (collectively “adjustments”).
Any such adjustments to outstanding Awards will be effected in a manner that precludes the enlargement of rights and benefits under
such Awards. In connection with the foregoing adjustments, the Administrator may, in its discretion, prohibit the exercise of Awards
or other issuance of Shares, cash or other consideration pursuant to Awards during certain periods of time. Except as the Administrator
determines, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect,
and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Award.

 

11.Corporate Transactions.

 

(a)Termination of Award to Extent Not
Assumed in Corporate Transaction. Effective upon the consummation of a Corporate Transaction, all outstanding Awards under
the Plan shall terminate. However, all such Awards shall not terminate to the extent they are Assumed in connection with the Corporate
Transaction.

 

    	10

    	 

    
 

(b)Acceleration of Award Upon Corporate
Transaction. The Administrator shall have the authority, exercisable either in advance of any actual or anticipated Corporate
Transaction or at the time of an actual Corporate Transaction and exercisable at the time of the grant of an Award under the Plan
or any time while an Award remains outstanding, to provide for the full or partial automatic vesting and exercisability of one
or more outstanding unvested Awards under the Plan and the release from restrictions on transfer and repurchase or forfeiture rights
of such Awards in connection with a Corporate Transaction, on such terms and conditions as the Administrator may specify. The Administrator
also shall have the authority to condition any such Award vesting and exercisability or release from such limitations upon the
subsequent termination of the Continuous Service of the Grantee within a specified period following the effective date of the Corporate
Transaction.

 

12.Effective Date and Term
of Plan. The Plan shall become effective upon its adoption by the Board. It shall continue in effect indefinitely until terminated
by the Board. Subject to Applicable Laws, Awards may be granted under the Plan upon its becoming effective.

 

13.Amendment, Suspension or
Termination of the Plan.

 

(a)The Board may at any time amend,
suspend or terminate the Plan.

 

(b)No Award may be granted during
any suspension of the Plan or after termination of the Plan.

 

(c)No suspension or termination
of the Plan (including termination of the Plan under Section 11, above) shall adversely affect any rights under Awards already
granted to a Grantee.

 

14.Reservation of Shares.

 

(a)The Company, during the term
of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements
of the Plan.

 

(b)The inability of the Company
to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the
failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

 

15.No Effect on Terms of Employment
Relationship. The Plan shall not confer upon any Grantee any right with respect to the Grantee’s Continuous Service,
nor shall it interfere in any way with his or her right or the right of the Company or any Related Entity to terminate the Grantee’s
Continuous Service at any time, with or without cause, and with or without notice.

 

    	11

    	 

    
 

16.No Effect on Retirement
and Other Benefit Plans. Except as specifically provided in a retirement or other benefit plan of the Company or a Related
Entity, Awards shall not be deemed compensation for purposes of computing benefits or contributions under any retirement plan of
the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind or any benefit plan
subsequently instituted under which the availability or amount of benefits is related to level of compensation.

 

17.Unfunded Obligation.
Grantees shall have the status of general unsecured creditors of the Company. Any amounts payable to Grantees pursuant to the Plan
shall be unfunded and unsecured obligations for all purposes. Neither the Company nor any Related Entity shall be required to segregate
any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations.
The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may
make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Grantee account
shall not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any Related Entity and
a Grantee, or otherwise create any vested or beneficial interest in any Grantee or the Grantee’s creditors in any assets
of the Company or a Related Entity. The Grantees shall have no claim against the Company or any Related Entity for any changes
in the value of any assets that may be invested or reinvested by the Company with respect to the Plan.

 

18.Construction. Captions
and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the
Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.
Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

    	12

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