Document:

Exhibit 10.1

 

PERSHING GOLD CORPORATION

AMENDED AND RESTATED 2013 EQUITY INCENTIVE
PLAN

 

 

PERSHING GOLD CORPORATION

2013 EQUITY INCENTIVE PLAN

 

(as amended on April 29, 2018)

 

	1.	PURPOSE OF PLAN

 

1.1           The
purpose of this 2013 Equity Incentive Plan (this “Plan”) of Pershing Gold Corporation, a Nevada corporation
(the “Corporation”), is to promote the success of the Corporation and to increase stockholder value by providing
an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons.

 

	2.	ELIGIBILITY

 

2.1           The
Administrator (as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator
determines to be Eligible Persons. An “Eligible Person” is any person who is either: (a) an officer (whether
or not a director) or employee of the Corporation or one of its Subsidiaries; (b) a director of the Corporation or one of
its Subsidiaries; or (c) an individual consultant who renders bona fide services (other than services in connection with the
offering or sale of securities of the Corporation or one of its Subsidiaries in a capital-raising transaction or as a market maker
or promoter of securities of the Corporation or one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who
is selected to participate in this Plan by the Administrator; provided, however, that a person who is otherwise an Eligible
Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the
Corporation’s eligibility to use Form S-8 to register under the Securities Act of 1933, as amended (the “Securities
Act”), the offering and sale of shares issuable under this Plan by the Corporation, or the Corporation’s compliance
with any other applicable laws.  An Eligible Person who has been granted an award (a “participant”)
may, if otherwise eligible, be granted additional awards if the Administrator shall so determine. As used herein, “Subsidiary”
means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly
or indirectly by the Corporation; and “Board” means the Board of Directors of the Corporation.

 

	3.	PLAN ADMINISTRATION

 

3.1 The
Administrator.  This Plan shall be administered by and all awards under this Plan shall be authorized by the
Administrator. The “Administrator” means the Board or one or more committees appointed by the Board or another
committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall be comprised
solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some
or all of its authority to another committee so constituted. The Board or a committee comprised solely of directors may also delegate,
to the extent permitted by Section 78.200 of the Nevada Revised Statutes and any other applicable law, to one or more officers
of the Corporation, its powers under this Plan (a) to determine the Eligible Persons who will receive grants of awards under
this Plan, and (b) to determine the number of shares subject to, and the other terms and conditions of, such awards. The Board
may delegate different levels of authority to different committees with administrative and grant authority under this Plan. Unless
otherwise provided in the bylaws of the Corporation or the applicable charter of any Administrator: (a) a majority of the
members of the acting Administrator shall constitute a quorum, and (b) the affirmative vote of a majority of the members present
assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute due authorization
of an action by the acting Administrator.

 

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With respect to awards
intended to satisfy the requirements for performance-based compensation under Section 162(m) of the Internal Revenue Code
of 1986, as amended (the “Code”), this Plan shall be administered by a committee consisting solely of two or
more outside directors (as this requirement is applied under Section 162(m) of the Code); provided, however, that the
failure to satisfy such requirement shall not affect the validity of the action of any committee otherwise duly authorized and
acting in the matter. Award grants, and transactions in or involving awards, intended to be exempt under Rule 16b-3 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), must be duly and timely authorized by
the Board or a committee consisting solely of two or more non-employee directors (as this requirement is applied under Rule 16b-3
promulgated under the Exchange Act). To the extent required by any applicable stock exchange, this Plan shall be administered by
a committee composed entirely of independent directors (within the meaning of the applicable stock exchange). Awards granted to
non-employee directors shall not be subject to the discretion of any officer or employee of the Corporation and shall be administered
exclusively by a committee consisting solely of independent directors.

 

3.2 Powers
of the Administrator.  Subject to the express provisions of this Plan, the Administrator is authorized and empowered
to do all things necessary or desirable in connection with the authorization of awards and the administration of this Plan (in
the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)),
including, without limitation, the authority to:

 

(a)           determine
eligibility and, from among those persons determined to be eligible, the particular Eligible Persons who will receive awards under
this Plan;

 

(b)           grant
awards to Eligible Persons, determine the price at which securities will be offered or awarded and the number of securities to
be offered or awarded to any of such persons, determine the other specific terms and conditions of such awards consistent with
the express limits of this Plan, establish the installments (if any) in which such awards shall become exercisable or shall vest
(which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or
vesting is required, establish any applicable performance targets, and establish the events of termination or reversion of such
awards;

 

(c)           approve
the forms of award agreements (which need not be identical either as to type of award or among participants);

 

(d)           construe
and interpret this Plan and any agreements defining the rights and obligations of the Corporation, its Subsidiaries, and participants
under this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to
the administration of this Plan or the awards granted under this Plan;

  

(e)           cancel,
modify, or waive the Corporation’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding
awards, subject to any required consent under Section 8.6.5;

 

(f)           accelerate
or extend the vesting or exercisability or extend the term of any or all such outstanding awards (in the case of options or stock
appreciation rights, within the maximum ten-year term of such awards) in such circumstances as the Administrator may deem appropriate
(including, without limitation, in connection with a termination of employment or services or other events of a personal nature)
subject to any required consent under Section 8.6.5;

 

(g)           adjust
the number of shares of Common Stock subject to any award, adjust the price of any or all outstanding awards or otherwise change
previously imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject
to compliance with applicable stock exchange requirements, Sections 4 and 8.6 and the applicable requirements of Code Section
162(m) and treasury regulations thereunder with respect to awards that are intended to satisfy the requirements for performance-based
compensation under Section 162(m), and provided that in no case (except due to an adjustment contemplated by Section 7
or any repricing that may be approved by shareholders) shall such an adjustment constitute a repricing (by amendment, cancellation
and regrant, exchange or other means) of the per share exercise or base price of any stock option or stock appreciation right or
other award granted under this Plan, and further provided that any adjustment or change in terms made pursuant to this Section
3.2(g) shall be made in a manner that, in the good faith determination of the Administrator will not likely result in the imposition
of additional taxes or interest under Section 409A of the Code;

 

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(h)           determine
the date of grant of an award, which may be a designated date after but not before the date of the Administrator’s action
(unless otherwise designated by the Administrator, the date of grant of an award shall be the date upon which the Administrator
took the action granting an award);

 

(i)           determine
whether, and the extent to which, adjustments are required pursuant to Section 7 hereof and authorize the termination, conversion,
substitution, acceleration or succession of awards upon the occurrence of an event of the type described in Section 7;

 

(j)           acquire
or settle (subject to Sections 7 and 8.6) rights under awards in cash, stock of equivalent value, or other consideration;
and

 

(k)           determine
the Fair Market Value (as defined in Section 5.6) of the Common Stock or awards under this Plan from time to time and/or the
manner in which such value will be determined.

 

3.3 Binding
Determinations.  Any action taken by, or inaction of, the Corporation, any Subsidiary, or the Administrator relating
or pursuant to this Plan and within its authority hereunder or under applicable law shall be within the absolute discretion of
that entity or body and shall be conclusive and binding upon all persons. Neither the Board, the Administrator, nor any Board committee,
nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction
or determination made in good faith in connection with this Plan (or any award made under this Plan), and all such persons shall
be entitled to indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including,
without limitation, legal fees) arising or resulting therefrom to the fullest extent permitted by law, the Corporation’s
certificate of incorporation and bylaws, as same may be amended from time to time, and/or under any directors and officers liability
insurance coverage or written indemnification agreement with the Corporation that may be in effect from time to time.

 

3.4 Reliance
on Experts.  In making any determination or in taking or not taking any action under this Plan, the Administrator
may obtain and may rely upon the advice of experts, including professional advisors to the Corporation. The Administrator shall
not be liable for any such action or determination taken or made or omitted in good faith based upon such advice.

 

3.5 Delegation
of Non-Discretionary Functions.  In addition to the ability to delegate certain grant authority to officers of
the Corporation as set forth in Section 3.1, the Administrator may also delegate ministerial, non-discretionary functions to individuals
who are officers or employees of the Corporation or any of its Subsidiaries or to third parties.

 

	4.	SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMIT

 

4.1 Shares
Available.  Subject to the provisions of Section 7.1, the capital stock available for issuance under this
Plan shall be shares of the Corporation’s authorized but unissued Common Stock.  For purposes of this Plan, “Common
Stock” shall mean the common stock of the Corporation and such other securities or property as may become the subject
of awards under this Plan, or may become subject to such awards, pursuant to an adjustment made under Section 7.1.

 

4.2 Share
Limit.  The maximum number of shares of Common Stock that may be delivered pursuant to awards granted to Eligible
Persons under this Plan may not exceed 4,575,000 shares of Common Stock (the “Share Limit”).

 

The foregoing Share
Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10.

 

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4.3 Awards
Settled in Cash, Reissue of Awards and Shares.  The Administrator may adopt reasonable counting procedures to
ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments
in accordance with this Section 4.3. Shares shall be counted against those reserved to the extent such shares have been delivered
and are no longer subject to a substantial risk of forfeiture. Accordingly, (i) to the extent that an award under the Plan,
in whole or in part, is canceled, expired, forfeited, settled in cash, settled by delivery of fewer shares than the number of shares
underlying the award, or otherwise terminated without delivery of shares to the participant, the shares retained by or returned
to the Corporation will not be deemed to have been delivered under the Plan and will be deemed to remain or to become available
under this Plan; and (ii) shares that are withheld from such an award or separately surrendered by the participant in payment
of the exercise price or taxes relating to such an award shall be deemed to constitute shares not delivered and will be deemed
to remain or to become available under the Plan. The foregoing adjustments to the Share Limit of this Plan are subject to any applicable
limitations under Section 162(m) of the Code with respect to awards intended as performance-based compensation thereunder.

 

4.4 Reservation
of Shares; No Fractional Shares.  The Corporation shall at all times reserve a number of shares of Common Stock
sufficient to cover the Corporation’s obligations and contingent obligations to deliver shares with respect to awards then
outstanding under this Plan (exclusive of any dividend equivalent obligations to the extent the Corporation has the right to settle
such rights in cash). No fractional shares shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional
shares in settlements of awards under this Plan.

 

	5.	AWARDS

 

5.1 Type
and Form of Awards.  The Administrator shall determine the type or types of award(s) to be made to each selected
Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem
with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation
plan of the Corporation or one of its Subsidiaries. The types of awards that may be granted under this Plan are:

 

5.1.1 Stock
Options.  A stock option is the grant of a right to purchase a specified number of shares of Common Stock during
a specified period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning
of Section 422 of the Code (an “ISO”) or a nonqualified stock option (an option not intended to be an ISO).
The award agreement for an option will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified
stock option. The maximum term of each option (ISO or nonqualified) shall be ten (10) years. The per share exercise price
for each option shall be not less than 100% of the Fair Market Value of a share of Common Stock on the date of grant of the option.
When an option is exercised, the exercise price for the shares to be purchased shall be paid in full in cash or such other method
permitted by the Administrator consistent with Section 5.5. Options may only be granted to Eligible Persons for whom the Corporation
would be deemed to be an “eligible issuer of service recipient stock,” as defined in Treasury Regulation 1.409A-1(b)(5)(iii)(E).

 

5.1.2 Additional
Rules Applicable to ISOs.  To the extent that the aggregate Fair Market Value (determined at the time of grant
of the applicable option) of stock with respect to which ISOs first become exercisable by a participant in any calendar year exceeds
$100,000, taking into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs under all other plans
of the Corporation or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the
meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified
stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options
shall be reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the
Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as
shares acquired pursuant to the exercise of an ISO. ISOs may only be granted to employees of the Corporation or one of its subsidiaries
(for this purpose, the term “subsidiary” is used as defined in Section 424(f) of the Code, which generally requires
an unbroken chain of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in
the chain beginning with the Corporation and ending with the subsidiary in question). There shall be imposed in any award agreement
relating to ISOs such other terms and conditions as from time to time are required in order that the option be an “incentive
stock option” as that term is defined in Section 422 of the Code. No ISO may be granted to any person who, at the time
the option is granted, owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding Common Stock possessing
more than 10% of the total combined voting power of all classes of stock of the Corporation, unless the exercise price of such
option is at least 110% of the Fair Market Value of the stock subject to the option and such option by its terms is not exercisable
after the expiration of five years from the date such option is granted.

 

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5.1.3 Stock
Appreciation Rights.  A stock appreciation right or “SAR” is a right to receive a payment,
in cash and/or Common Stock, equal to the number of shares of Common Stock being exercised multiplied by the excess of (i) the
Fair Market Value of a share of Common Stock on the date the SAR is exercised, over (ii) the Fair Market Value of a share of Common
Stock on the date the SAR was granted as specified in the applicable award agreement (the “base price”). The
maximum term of a SAR shall be ten (10) years. SARs may only be granted to Eligible Persons for whom the Corporation would
be deemed to be an “eligible issuer of service recipient stock,” as defined in Treasury Regulation 1.409A-1(b)(5)(iii)(E).

 

5.1.4  Restricted
Shares.

 

(a)           Restrictions.
Restricted shares are shares of Common Stock subject to such restrictions on transferability, risk of forfeiture and other restrictions,
if any, as the Administrator may impose, which restrictions may lapse separately or in combination at such times, under such circumstances
(including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as
the Administrator may determine at the date of grant or thereafter.  Except to the extent restricted under the terms
of this Plan and the applicable award agreement relating to the restricted stock, a participant granted restricted stock shall
have all of the rights of a shareholder, including the right to vote the restricted stock and the right to receive dividends thereon
(subject to any mandatory reinvestment or other requirement imposed by the Administrator); provided, however, that for grants issued
after April 29, 2018, the participant shall agree as part of the award agreement not to vote any shares of restricted stock
unless and until such shares become vested.

 

(b)           Certificates
for Shares. Restricted shares granted under this Plan may be evidenced in such manner as the Administrator shall determine.
If certificates representing restricted stock are registered in the name of the participant, the Administrator may require that
such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such restricted
stock, that the Corporation retain physical possession of the certificates, and that the participant deliver a stock power to the
Corporation, endorsed in blank, relating to the restricted stock.  The Administrator may require that restricted shares
are held in escrow until all restrictions lapse

 

(c)           Dividends
and Splits. As a condition to the grant of an award of restricted stock, subject to applicable law, the Administrator may require
or permit a participant to elect that any cash dividends paid on a share of restricted stock be automatically reinvested in additional
shares of restricted stock or applied to the purchase of additional awards under this Plan or held in escrow by the Corporation
unless and until the related shares of restricted stock become vested. Unless otherwise determined by the Administrator, stock
distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject
to restrictions and a risk of forfeiture to the same extent as the restricted stock with respect to which such stock or other property
has been distributed. With respect to restricted shares granted after April 29, 2018, any dividends paid on such restricted
shares shall be accrued and shall be subject to the same vesting schedule as the restricted shares to which they relate, such that
they shall be forfeited if the related restricted shares are forfeited, and shall be paid only if, and when, the restricted shares
to which they relate become vested.

 

5.1.5           Restricted
Share Units.

 

(a)           Grant
of Restricted Share Units. A restricted share unit, or “RSU”, represents the right to receive
from the Corporation on the respective scheduled vesting or payment date for such RSU, one Common Share. An award of RSUs may be
subject to the attainment of specified performance goals or targets, forfeitability provisions and such other terms and conditions
as the Administrator may determine, subject to the provisions of this Plan.  At the time an award of RSUs is made, the
Administrator shall establish a period of time during which the restricted share units shall vest.

 

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(b)           Dividend
Equivalent Accounts. Subject to the terms and conditions of the Plan and the applicable award agreement, as well as any procedures
established by the Administrator, prior to the expiration of the applicable vesting period of an RSU, the Administrator may determine
to pay dividend equivalent rights with respect to RSUs, in which case, the Corporation shall establish an account for the participant
and reflect in that account any securities, cash or other property comprising any dividend or property distribution with respect
to the shares of Common Stock underlying each RSU.  Each amount or other property credited to any such account shall
be subject to the same vesting conditions as the RSU to which it relates.  The participant shall have the right to be
paid the amounts or other property credited to such account upon vesting of the RSU.

 

(c)           Rights
as a Shareholder. Subject to the restrictions imposed under the terms and conditions of this Plan and the applicable
award agreement, each participant receiving RSUs shall have no rights as a shareholder with respect to such RSUs until such time
as shares of Common Stock are issued to the participant.  No shares of Common Stock shall be issued at the time a RSU
is granted, and the Company will not be required to set aside a fund for the payment of any such award.   Except
as otherwise provided in the applicable award agreement, shares of Common Stock issuable under an RSU shall be treated as issued
on the first date that the holder of the RSU is no longer subject to a substantial risk of forfeiture as determined for purposes
of Section 409A of the Code, and the holder shall be the owner of such shares of Common Stock on such date.  An award
agreement may provide that issuance of shares of Common Stock under an RSU may be deferred beyond the first date that the RSU is
no longer subject to a substantial risk of forfeiture, provided that such deferral is structured in a manner that is intended to
comply with the requirements of Section 409A of the Code.

 

5.1.6           Cash
Awards.  The Administrator may, from time to time, subject to the provisions of the Plan and such other terms
and conditions as it may determine, grant cash bonuses (including without limitation, discretionary awards, awards based on objective
or subjective performance criteria, awards subject to other vesting criteria or awards granted consistent with Section 5.2 below).  Cash
awards shall be awarded in such amount and at such times during the term of the Plan as the Administrator shall determine.  

 

5.1.7 Other
Awards.  The other types of awards that may be granted under this Plan include: (a) stock bonuses, performance
stock, performance units, dividend equivalents (payable only if the related awards become vested), or similar rights to purchase
or acquire shares, whether at a fixed or variable price or ratio related to the Common Stock (subject to the requirements of Section 5.1.1
and in compliance with applicable laws), upon the passage of time, the occurrence of one or more events, or the satisfaction of
performance criteria or other conditions, or any combination thereof; or (b) any similar securities with a value derived from
the value of or related to the Common Stock and/or returns thereon.

 

5.2 Section 162(m)
Performance-Based Awards.  Without limiting the generality of the foregoing, prior to the effective date
of the changes to Code Section 162(m) implemented by the bill commonly known as the “Tax Cuts and Jobs Act of 2017,”
any of the types of awards listed in Sections 5.1.4 through 5.1.7 above may be, and options and SARs granted with an exercise
or base price not less than the Fair Market Value of a share of Common Stock at the date of grant (“Qualifying Options”
and “Qualifying SARs,” respectively) typically will be, granted as awards intended to satisfy the requirements
for “performance-based compensation” within the meaning of Section 162(m) of the Code (“Performance-Based
Awards”). The grant, vesting, exercisability or payment of Performance-Based Awards may depend (or, in the case of Qualifying
Options or Qualifying SARs, may also depend) on the degree of achievement of one or more performance goals relative to a pre-established
targeted level or levels using the Business Criteria provided for below for the Corporation on a consolidated basis or for one
or more of the Corporation’s subsidiaries, segments, divisions or business units, or any combination of the foregoing. Such
criteria may be evaluated on an absolute basis or relative to prior periods, industry peers, or stock market indices. Any Qualifying
Option or Qualifying SAR shall be subject to the requirements of Section 5.2.1 and 5.2.3 in order for such award to satisfy
the requirements for “performance-based compensation” under Section 162(m) of the Code. Any other Performance-Based
Award shall be subject to all of the following provisions of this Section 5.2.

 

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5.2.1 Class;
Administrator.  The eligible class of persons for Performance-Based Awards under this Section 5.2 shall
be officers and employees of the Corporation or one of its Subsidiaries. The Administrator approving Performance-Based Awards or
making any certification required pursuant to Section 5.2.4 must be constituted as provided in Section 3.1 for awards
that are intended as performance-based compensation under Section 162(m) of the Code.

 

5.2.2 Performance
Goals.  The specific performance goals for Performance-Based Awards (other than Qualifying Options and Qualifying
SARs) shall be, on an absolute or relative basis, established based on such business criteria as selected by the Administrator
in its sole discretion (“Business Criteria”), including the following: (1) earnings per share, (2) cash flow
(which means cash and cash equivalents derived from either (i) net cash flow from operations or (ii) net cash flow from operations,
financing and investing activities), (3) total stockholder return, (4) price per share of Common Stock, (5) gross revenue, (6)
revenue growth, (7) operating income (before or after taxes), (8) net earnings (before or after interest, taxes, depreciation and/or
amortization), (9) return on equity, (10) capital employed, or on assets or on net investment, (11) cost containment or reduction,
(12) cash cost per ounce of production, (13) operating margin, (14) debt reduction, (15) resource amounts, (16) production or production
growth, (17) resource replacement or resource growth, (18) successful completion of financings, or (19) any combination of the
foregoing.  To qualify awards as performance-based under Section 162(m), the applicable Business Criterion (or Business
Criteria, as the case may be) and specific performance goal or goals (“targets”) must be established and approved by
the Administrator during the first 90 days of the performance period (and, in the case of performance periods of less than
one year, in no event after 25% or more of the performance period has elapsed) and while performance relating to such target(s)
remains substantially uncertain within the meaning of Section 162(m) of the Code. Performance targets shall be adjusted to
mitigate the unbudgeted impact of material, unusual or nonrecurring gains and losses, accounting changes or other extraordinary
events not foreseen at the time the targets were set unless the Administrator provides otherwise at the time of establishing the
targets; provided that the Administrator may not make any adjustment to the extent it would adversely affect the qualification
of any compensation payable under such performance targets as “performance-based compensation” under Section 162(m)
of Code. The applicable performance measurement period may not be less than 3 months nor more than 10 years.

 

5.2.3 Form
of Payment. Grants or awards intended to qualify under this Section 5.2 may be paid in cash or shares of Common Stock
or any combination thereof.

 

5.2.4 Certification
of Payment.  Before any Performance-Based Award under this Section 5.2 (other than Qualifying Options and
Qualifying SARs) is paid and to the extent required to qualify the award as performance-based compensation within the meaning of
Section 162(m) of the Code, the Administrator must certify in writing that the performance target(s) and any other material
terms of the Performance-Based Award were in fact timely satisfied.

 

5.2.5 Reservation
of Discretion.  The Administrator will have the discretion to determine the restrictions or other limitations
of the individual awards granted under this Section 5.2 including the authority to reduce awards, payouts or vesting or to
pay no awards, in its sole discretion, if the Administrator preserves such authority at the time of grant by language to this effect
in its authorizing resolutions or otherwise.

 

5.2.6 Expiration
of Grant Authority.  As required pursuant to Section 162(m) of the Code and the regulations promulgated
thereunder, the Administrator’s authority to grant new awards that are intended to qualify as performance-based compensation
within the meaning of Section 162(m) of the Code (other than Qualifying Options and Qualifying SARs) shall terminate upon
the first meeting of the Corporation’s stockholders that occurs in the fifth year following the year in which the Corporation’s
stockholders first approve this Plan (the “162(m) Term”).

 

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5.2.7 Compensation
Limitations.  The maximum aggregate number of shares of Common Stock that may be issued to any Eligible Person
during the term of this Plan pursuant to Qualifying Options and Qualifying SARs may not exceed 2,222,222 shares of Common Stock.  The
maximum aggregate number of shares of Common Stock that may be issued to any Eligible Person pursuant to Performance-Based Awards
granted during the 162(m) Term (other than cash awards granted pursuant to Section 5.1.6 and Qualifying Options or Qualifying SARs)
may not exceed 555,555 shares of Common Stock.  The maximum amount that may be paid to any Eligible Person pursuant to
Performance-Based Awards granted pursuant to Sections 5.1.6 (cash awards) during the 162(m) Term may not exceed $7.5 million.

 

5.3 Award
Agreements.  Each award (other than cash awards described in Section 5.1.6) shall be evidenced by a written or
electronic award agreement in the form approved by the Administrator and, if required by the Administrator, executed by the recipient
of the award. The Administrator may authorize any officer of the Corporation (other than the particular award recipient) to execute
any or all award agreements on behalf of the Corporation (electronically or otherwise). The award agreement shall set forth the
material terms and conditions of the award as established by the Administrator consistent with the express limitations of this
Plan.

 

5.4 Deferrals
and Settlements.  Payment of awards may be in the form of cash, Common Stock, other awards or combinations thereof
as the Administrator shall determine, and with such restrictions as it may impose. The Administrator may also require or permit
participants to elect to defer the issuance of shares of Common Stock or the settlement of awards in cash under such rules and
procedures as it may establish under this Plan. The Administrator may also provide that deferred settlements include the payment
or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the
deferred amounts are denominated in shares.  All mandatory or elective deferrals of the issuance of shares of Common
Stock or the settlement of cash awards shall be structured in a manner that is intended to comply with the requirements of Section
409A of the Code.

 

5.5 Consideration
for Common Stock or Awards.  The purchase price for any award granted under this Plan or the Common Stock to
be delivered pursuant to an award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator
and subject to compliance with applicable laws, including, without limitation, one or a combination of the following methods:

 

	 	•	services rendered by the recipient of such award;

 

	 	•	cash, check payable to the order of the Corporation, or electronic funds transfer;

 

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

 

	 	•	the delivery of previously owned shares of Common Stock that are fully vested and unencumbered;

 

	 	•	by a reduction in the number of shares otherwise deliverable pursuant to the award; or

 

	 	•	subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise” with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.

 

In the event that the
Administrator allows a participant to exercise an award by delivering shares of Common Stock previously owned by such participant
and unless otherwise expressly provided by the Administrator, any shares delivered which were initially acquired by the participant
from the Corporation (upon exercise of a stock option or otherwise) must have been owned by the participant at least six months
as of the date of delivery (or such other period as may be required by the Administrator in order to avoid adverse accounting treatment).
Shares of Common Stock used to satisfy the exercise price of an option shall be valued at their Fair Market Value on the date of
exercise. The Corporation will not be obligated to deliver any shares unless and until it receives full payment of the exercise
or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise
or purchase, as established from time to time by the Administrator, have been satisfied. Unless otherwise expressly provided in
the applicable award agreement, the Administrator may at any time eliminate or limit a participant’s ability to pay the purchase
or exercise price of any award by any method other than cash payment to the Corporation.

 

    	 	8	 

     

    

 

5.6 Definition
of Fair Market Value.  For purposes of this Plan “Fair Market Value” shall mean, unless otherwise
determined or provided by the Administrator in the circumstances, the closing price for a share of Common Stock on the trading
day immediately before the date on which Fair Market Value is being determined, as furnished by the OTC Markets (the “OTC
Markets”) or on the principal stock exchange on which the Common Stock is then listed for the date in question. If the Common
Stock is no longer listed or is no longer actively traded on the OTC Markets or listed on a principal stock exchange as of the
applicable date, the Fair Market Value of the Common Stock shall be the value as reasonably determined by the Administrator for
purposes of the award in the circumstances.

 

5.7 Transfer
Restrictions.

 

5.7.1 Limitations
on Exercise and Transfer.  Unless otherwise expressly provided in (or pursuant to) this Section 5.7, by
applicable law and by the award agreement, as the same may be amended, (a) all awards are non-transferable and shall not be
subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) awards shall
be exercised only by the participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered
only to (or for the account of) the participant.

 

5.7.2 Exceptions.  The
Administrator may permit awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant
to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion,
establish in writing (provided that any such transfers of ISOs shall be limited to the extent permitted under the federal tax laws
governing ISOs). Any permitted transfer shall be subject to compliance with applicable federal and state securities laws.

 

5.7.3 Further
Exceptions to Limits on Transfer.  The exercise and transfer restrictions in Section 5.7.1 shall not apply
to:

 

(a)           transfers
to the Corporation,

 

(b)           the
designation of a beneficiary to receive benefits in the event of the participant’s death or, if the participant has died,
transfers to or exercise by the participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers
by will or the laws of descent and distribution,

 

(c)           subject
to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a domestic relations
order if approved or ratified by the Administrator,

 

(d)           subject
to any applicable limitations on ISOs, if the participant has suffered a disability, permitted transfers or exercises on behalf
of the participant by his or her legal representative, or

 

(e)           the
authorization by the Administrator of “cashless exercise” procedures with third parties who provide financing for the
purpose of (or who otherwise facilitate) the exercise of awards consistent with applicable laws and the express authorization of
the Administrator.

 

5.8 International
Awards.  One or more awards may be granted to Eligible Persons who provide services to the Corporation or one
of its Subsidiaries outside of the United States. Any awards granted to such persons may, if deemed necessary or advisable by the
Administrator, be granted pursuant to the terms and conditions of any applicable sub-plans, if any, appended to this Plan and approved
by the Administrator.

 

    	 	9	 

     

    

 

5.9 Vesting.  Subject
to Section 5.1.2  hereof, awards shall vest at such time or times and subject to such terms and conditions as shall be
determined by the Administrator at the time of grant; provided, however, that in the absence of any award vesting periods
designated by the Administrator at the time of grant in the applicable award agreement, awards shall vest as to one-third of the
total number of shares subject to the award on each of the first, second and third anniversaries of the date of grant.

 

	6.	EFFECT OF TERMINATION OF SERVICE ON AWARDS

 

6.1 Termination
of Employment.

 

6.1.1           The
Administrator shall establish the effect of a termination of employment or service on the rights and benefits under each award
under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award. If the
participant is not an employee of the Corporation or one of its Subsidiaries and provides other services to the Corporation or
one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the award agreement
otherwise provides) of whether the participant continues to render services to the Corporation or one of its Subsidiaries and the
date, if any, upon which such services shall be deemed to have terminated.

 

6.1.2           For
awards of stock options or SARs, unless the award agreement provides otherwise, the exercise period of such options or SARs shall
expire: (1) three months after the last day that the participant is employed by or provides services to the Corporation
or a Subsidiary (provided; however, that in the event of the participant’s death during this period, those persons entitled
to exercise the option or SAR pursuant to the laws of descent and distribution shall have one year following the date of death
within which to exercise such option or SAR); (2) in the case of a participant whose termination of employment is due to death
or disability (as defined in the applicable award agreement), 12 months after the last day that the participant is employed
by or provides services to the Corporation or a Subsidiary; and (3) immediately upon a participant’s termination for
 “cause”. The Administrator will, in its absolute discretion, determine the effect of all matters and questions relating
to a termination of employment, including, but not by way of limitation, the question of whether a leave of absence constitutes
a termination of employment and whether a participant’s termination is for “cause.”

 

 If not defined
in the applicable award agreement, “Cause” shall mean:

 

(i)           conviction
of a felony or a crime involving fraud or moral turpitude; or

 

(ii)           theft,
material act of dishonesty or fraud, intentional falsification of any employment or Company records, or commission of any criminal
act which impairs participant’s ability to perform appropriate employment duties for the Corporation; or

 

(iii)           intentional
or reckless conduct or gross negligence materially harmful to the Company or the successor to the Corporation after a Change in
Control , including violation of a non-competition or confidentiality agreement; or

 

(iv)           willful
failure to follow lawful instructions of the person or body to which participant reports; or

 

(v)           gross
negligence or willful misconduct in the performance of participant’s assigned duties.  Cause shall not include
mere unsatisfactory performance in the achievement of participant’s job objectives.

 

    	 	10	 

     

    

 

6.1.3           For
awards of restricted shares, unless the award agreement provides otherwise, restricted shares that are subject to restrictions
at the time that a participant whose employment or service is terminated shall be forfeited and reacquired by the Corporation;
provided that, the Administrator may provide, by rule or regulation or in any award agreement, or may determine in any individual
case, that restrictions or forfeiture conditions relating to restricted shares shall be waived in whole or in part in the event
of terminations resulting from specified causes, and the Administrator may in other cases waive in whole or in part the forfeiture
of restricted shares.  Similar rules shall apply in respect of RSUs.

 

6.2 Events
Not Deemed Terminations of Service.  Unless the express policy of the Corporation or one of its Subsidiaries,
or the Administrator, otherwise provides, the employment relationship shall not be considered terminated in the case of (a) sick
leave, (b) military leave, or (c) any other leave of absence authorized by the Corporation or one of its Subsidiaries,
or the Administrator; provided that unless reemployment upon the expiration of such leave is guaranteed by contract or law, such
leave is for a period of not more than 3 months. In the case of any employee of the Corporation or one of its Subsidiaries
on an approved leave of absence, continued vesting of the award while on leave from the employ of the Corporation or one of its
Subsidiaries may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable
law otherwise requires. In no event shall an award be exercised after the expiration of the term set forth in the award agreement.

 

6.3 Effect
of Change of Subsidiary Status.  For purposes of this Plan and any award, if an entity ceases to be a Subsidiary
of the Corporation, a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person
in respect of such Subsidiary who does not continue as an Eligible Person in respect of the Corporation or another Subsidiary that
continues as such after giving effect to the transaction or other event giving rise to the change in status.

 

7.           ADJUSTMENTS;
ACCELERATION

 

7.1           Adjustments.  Upon
or in contemplation of any of the following events described in this Section 7.1,: any reclassification, recapitalization,
stock split (including a stock split in the form of a stock dividend) or reverse stock split (“stock split”);
any merger, arrangement, combination, consolidation, or other reorganization; any spin-off, split-up, or similar extraordinary
dividend distribution in respect of the Common Stock (whether in the form of securities or property); any exchange of Common Stock
or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction in respect of the Common
Stock; then the Administrator shall in such manner, to such extent  and at such time as it deems appropriate and equitable
in the circumstances (but subject to compliance with applicable laws and stock exchange requirements) proportionately adjust any
or all of (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject
of awards (including the number of shares provided for in this Plan), (2) the number, amount and type of shares of Common
Stock (or other securities or property) subject to any or all outstanding awards, (3) the grant, purchase, or exercise price
(which term includes the base price of any SAR or similar right) of any or all outstanding awards, (4) the securities, cash
or other property deliverable upon exercise or payment of any outstanding awards, and (5) the 162(m) compensation limitations
set forth in Section 5.2.7 and (subject to Section 8.8.3(a)) the performance standards applicable to any outstanding awards (provided
that no adjustment shall be allowed to the extent inconsistent with the requirements of Code section 162(m)), and (6) the
non-employee director compensation limitations set forth in Section 9, below. Any adjustment made pursuant to this Section 7.1
shall be made in a manner that, in the good faith determination of the Administrator, will not likely result in the imposition
of additional taxes or interest under Section 409A of the Code.  With respect to any award of an ISO, the Administrator
may make such an adjustment that causes the option to cease to qualify as an ISO without the consent of the affected participant.

 

7.2           Change
in Control.  Upon a Change in Control, each then-outstanding option and SAR shall automatically become fully
vested, all restricted shares then outstanding shall automatically fully vest free of restrictions, and each other award granted
under this Plan that is then outstanding shall automatically become vested and payable to the holder of such award unless
the Administrator has made appropriate provision for the substitution, assumption, exchange or other continuation of the award
pursuant to the Change in Control.  Notwithstanding the foregoing, the Administrator, in its sole and absolute discretion,
may choose (in an award agreement or otherwise) to provide for full or partial accelerated vesting of any award upon a Change In
Control (or upon any other event or other circumstance related to the Change in Control, such as an involuntary termination of
employment occurring after such Change in Control, as the Administrator may determine), irrespective of whether such any such award
has been substituted, assumed, exchanged or otherwise continued pursuant to the Change in Control.

 

    	 	11	 

     

    

 

For purposes of this
Plan, “Change in Control” shall be deemed to have occurred if:

 

(i)           a
tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the outstanding voting
securities of the Corporation, unless as a result of such tender offer more than 50% of the outstanding voting securities of the
surviving or resulting corporation shall be owned in the aggregate by the stockholders of the Corporation (as of the time immediately
prior to the commencement of such offer), any employee benefit plan of the Corporation or its Subsidiaries, and their affiliates;

 

(ii)           the
Corporation shall be merged or consolidated with another entity, unless as a result of such merger or consolidation more than 50%
of the outstanding voting securities of the surviving or resulting entity shall be owned in the aggregate by the stockholders of
the Corporation (as of the time immediately prior to such transaction), any employee benefit plan of the Corporation or its Subsidiaries,
and their affiliates;

 

(iii)           the
Corporation shall sell substantially all of its assets to another entity that is not wholly owned by the Corporation, unless as
a result of such sale more than 50% of such assets shall be owned in the aggregate by the stockholders of the Corporation (as of
the time immediately prior to such transaction), any employee benefit plan of the Corporation or its Subsidiaries and their affiliates;
or

 

(iv)           a
Person (as defined below) shall acquire 50% or more of the outstanding voting securities of the Corporation (whether directly,
indirectly, beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities
of the surviving or resulting corporation shall be owned in the aggregate by the stockholders of the Corporation (as of the time
immediately prior to the first acquisition of such securities by such Person), any employee benefit plan of the Corporation or
its Subsidiaries, and their affiliates.

 

For purposes of this
Section 5(c), ownership of voting securities shall take into account and shall include ownership as determined by applying the
provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Exchange Act.  In addition, for such purposes,
 “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)
and 14(d) thereof; provided, however, that a Person shall not include (A) the Company or any of its Subsidiaries;
(B) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries; (C)
an underwriter temporarily holding securities pursuant to an offering of such securities; or (D) a corporation owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company.

 

Notwithstanding the
foregoing, (1) the Administrator may waive the requirement described in paragraph (iv) above that a Person must acquire more
than 50% of the outstanding voting securities of the Corporation for a Change in Control to have occurred if the Administrator
determines that the percentage acquired by a person is significant (as determined by the Administrator in its discretion) and that
waiving such condition is appropriate in light of all facts and circumstances, and (2) no compensation that has been deferred for
purposes of Section 409A of the Code shall be payable as a result of a Change in Control unless the Change in Control qualifies
as a change in ownership or effective control of the Corporation within the meaning of Section 409A of the Code.

 

7.3           Early
Termination of Awards.  Any award that has been accelerated as required or permitted by Section 7.2 upon
a Change in Control (or would have been so accelerated but for Section 7.4 or 7.5) shall terminate upon such event, subject
to any provision that has been expressly made by the Administrator, through a plan of reorganization or otherwise, for the survival,
substitution, assumption, exchange or other continuation of such award and provided that, in the case of options and SARs that
will not survive, be substituted for, assumed, exchanged, or otherwise continued in the transaction, the holder of such award shall
be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding
options and SARs in accordance with their terms before the termination of such awards (except that in no case shall more than ten
days’ notice of accelerated vesting and the impending termination be required and any acceleration may be made contingent
upon the actual occurrence of the event).

 

    	 	12	 

     

    

 

The Administrator may
make provision for payment in cash or property (or both) in respect of awards terminated pursuant to this section as a result of
the Change in Control and may adopt such valuation methodologies for outstanding awards as it deems reasonable and, in the case
of options, SARs or similar rights, and without limiting other methodologies, may base such settlement solely upon the excess if
any of the per share amount payable upon or in respect of such event over the exercise or base price of the award.

 

7.4           Other
Acceleration Rules.  Any acceleration of awards pursuant to this Section 7 shall comply with applicable
legal and stock exchange requirements and, if necessary to accomplish the purposes of the acceleration or if the circumstances
require, may be deemed by the Administrator to occur a limited period of time not greater than 30 days before the event. Without
limiting the generality of the foregoing, the Administrator may deem an acceleration to occur immediately prior to the applicable
event and/or reinstate the original terms of an award if an event giving rise to the acceleration does not occur. Notwithstanding
any other provision of the Plan to the contrary, the Administrator may override the provisions of Section 7.2, 7.3, and/or
7.5 by express provision in the award agreement or otherwise. The portion of any ISO accelerated pursuant to Section 7.2 or
any other action permitted hereunder shall remain exercisable as an ISO only to the extent the applicable $100,000 limitation on
ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option shall be exercisable as a nonqualified stock
option under the Code.

 

7.5           Possible
Rescission of Acceleration.  If the vesting of an award has been accelerated expressly in anticipation of an
event and the Administrator later determines that the event will not occur, the Administrator may rescind the effect of the acceleration
as to any then outstanding and unexercised or otherwise unvested awards; provided, that, in the case of any compensation
that has been deferred for purposes of Section 409A of the Code,  the Administrator determines that such rescission will
not likely result in the imposition of additional tax or interest under Code Section 409A.

 

	8.	OTHER PROVISIONS

 

8.1 Compliance
with Laws.  This Plan, the granting and vesting of awards under this Plan, the offer, issuance and delivery of
shares of Common Stock, the acceptance of promissory notes and/or the payment of money under this Plan or under awards are subject
to compliance with all applicable federal and state laws, rules and regulations (including but not limited to state and federal
securities law, federal margin requirements) and to such approvals by any applicable stock exchange listing, regulatory or governmental
authority as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith. The person
acquiring any securities under this Plan will, if requested by the Corporation or one of its Subsidiaries, provide such assurances
and representations to the Corporation or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure
compliance with all applicable legal and accounting requirements.

 

8.2 Future
Awards/Other Rights.  No person shall have any claim or rights to be granted an award (or additional awards,
as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to
the contrary.

 

8.3 No
Employment/Service Contract.  Nothing contained in this Plan (or in any other documents under this Plan or in
any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the
Corporation or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee’s
status as an employee at will, nor shall interfere in any way with the right of the Corporation or one of its Subsidiaries to change
a person’s compensation or other benefits, or to terminate his or her employment or other service, with or without cause.  Nothing
in this Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate
employment or service contract other than an award agreement.

 

    	 	13	 

     

    

 

8.4 Plan
Not Funded.  Awards payable under this Plan shall be payable in shares or from the general assets of the Corporation,
and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary
or other person shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock,
except as expressly otherwise provided) of the Corporation or one of its Subsidiaries by reason of any award hereunder. Neither
the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant
to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between
the Corporation or one of its Subsidiaries and any participant, beneficiary or other person. To the extent that a participant,
beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater
than the right of any unsecured general creditor of the Corporation.

 

8.5 Tax
Withholding.  Upon any exercise, vesting, or payment of any award, the Corporation or one of its Subsidiaries
shall have the right at its option to:

 

(a)           require
the participant (or the participant’s personal representative or beneficiary, as the case may be) to pay or provide for payment
of at least the minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect
to such award event or payment; or

 

(b)           deduct
from any amount otherwise payable in cash to the participant (or the participant’s personal representative or beneficiary,
as the case may be) the minimum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold
with respect to such cash payment.

 

In any case where a
tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may
in its sole discretion (subject to Section 8.1) grant (either at the time of the award or thereafter) to the participant the
right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, to have the Corporation
reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent
manner at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary
to satisfy the applicable withholding obligation on exercise, vesting or payment, not in excess of the maximum statutory rates
in the Participant’s applicable jurisdictions.

 

8.6 Effective
Date, Termination and Suspension, Amendments.

 

8.6.1 Effective
Date and Termination.  This Plan was originally approved by the Board and became effective on February 12,
2013.  The Plan was subsequently amended to reflect the 1-for-18 reverse split of the Company’s Common Stock
that took place on June 18, 2015. The Plan was then amended and restated on April 29, 2018 and was reapproved by the
stockholders on June 22, 2018. Unless earlier terminated by the Board, this Plan shall terminate at the close of business on April
28, 2028. After the termination of this Plan either upon such stated expiration date or its earlier termination by the Board,
no additional awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator
with respect thereto, including the authority to amend such awards) shall remain outstanding in accordance with their
applicable terms and conditions and the terms and conditions of this Plan.

 

8.6.2 Board
Authorization.  The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan,
in whole or in part. No awards may be granted during any period that the Board suspends this Plan.

 

8.6.3 Stockholder
Approval.  To the extent then required by applicable law or any applicable stock exchange or required under Sections 162,
422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, this
Plan and any amendment to this Plan shall be subject to stockholder approval.

 

    	 	14	 

     

    

 

8.6.4 Amendments
to Awards.  Without limiting any other express authority of the Administrator under (but subject to) the express
limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on awards to participants
that the Administrator in the prior exercise of its discretion has imposed, without the consent of a participant, and (subject
to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards. Any amendment
or other action that would constitute a repricing of an award is subject to the limitations set forth in Section 3.2(g).

 

8.6.5 Limitations
on Amendments to Plan and Awards.  No amendment, suspension or termination of this Plan or change of or affecting
any outstanding award shall, without written consent of the participant, affect in any manner materially adverse to the participant
any rights or benefits of the participant or obligations of the Corporation under any award granted under this Plan prior to the
effective date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed to constitute
changes or amendments for purposes of this Section 8.6.

 

8.7 Privileges
of Stock Ownership.  Except as otherwise expressly authorized by the Administrator or this Plan, a participant
shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of
record by the participant. No adjustment will be made for dividends or other rights as a stockholder for which a record date is
prior to such date of delivery.

 

8.8 Governing
Law; Construction; Severability.

 

8.8.1 Choice
of Law.  This Plan, the awards, all documents evidencing awards and all other related documents shall be governed
by, and construed in accordance with the laws of the State of Nevada.

 

8.8.2 Severability.  If
a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue
in effect.

 

8.8.3 Plan
Construction.

 

(a)  Rule 16b-3.  It
is the intent of the Corporation that the awards and transactions permitted by awards be interpreted in a manner that, in the case
of participants who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent compatible with
the express terms of the award, for exemption from matching liability under Rule 16b-3 promulgated under the Exchange Act.
Notwithstanding the foregoing, the Corporation shall have no liability to any participant for Section 16 consequences of awards
or events under awards if an award or event does not so qualify.

 

(b)  Section 162(m).  Awards
under Sections 5.1.4 through 5.1.7 to persons described in Section 5.2 that are either granted or become vested, exercisable
or payable based on attainment of one or more performance goals related to the Business Criteria, as well as Qualifying Options
and Qualifying SARs granted to persons described in Section 5.2, that are approved by a committee composed solely of two or
more outside directors (as this requirement is applied under Section 162(m) of the Code) shall be deemed to be intended as
performance-based compensation within the meaning of Section 162(m) of the Code unless such committee provides otherwise at
the time of grant of the award. It is the further intent of the Corporation that (to the extent the Corporation or one of its Subsidiaries
or awards under this Plan may be or become subject to limitations on deductibility under Section 162(m) of the Code) any such
awards and any other Performance-Based Awards under Section 5.2 that are granted to or held by a person subject to Section 162(m)
will qualify as performance-based compensation or otherwise be exempt from deductibility limitations under Section 162(m),
including pursuant to the transition rules set forth in the bill commonly known as the “Tax Cuts and Jobs Act of 2017.”

 

    	 	15	 

     

    

 

(c)  Code
Section 409A Compliance.  The Board intends that, except as may be otherwise determined by the Administrator,
any awards under the Plan are either exempt from or satisfy the requirements of Section 409A of the Code and related regulations
and Treasury pronouncements (“Section 409A”) to avoid the imposition of any taxes, including additional
income or penalty taxes, thereunder. If the Administrator determines that an award, award agreement, acceleration, adjustment to
the terms of an award, payment, distribution, deferral election, transaction or any other action or arrangement contemplated by
the provisions of the Plan would, if undertaken, cause a participant’s award to become subject to Section 409A, unless
the Administrator expressly determines otherwise, such award, award agreement, payment, acceleration, adjustment, distribution,
deferral election, transaction or other action or arrangement shall not be undertaken and the related provisions of the Plan and/or
award agreement will be deemed modified or, if necessary, rescinded in order to comply with the requirements of Section 409A
to the extent determined by the Administrator without the content or notice to the participant. Notwithstanding the foregoing,
neither the Corporation nor the Administrator shall have any obligation to take any action to prevent the assessment of any excise
tax or penalty on any participant under Section 409A and neither the Corporation nor the Administrator will have any liability
to any participant for such tax or penalty.

 

(d)           No
Guarantee of Favorable Tax Treatment.  Although the Corporation intends that awards under the Plan will be exempt
from, or will comply with, the requirements of Section 409A of the Code, the Corporation does not warrant that any award under
the Plan will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal, state,
local or foreign law. The Corporation shall not be liable to any participant for any tax, interest or penalties the participant
might owe as a result of the grant, holding, vesting, exercise or payment of any award under the Plan

 

8.9 Captions.  Captions
and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings
shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.

 

8.10 Stock-Based
Awards in Substitution for Stock Options or Awards Granted by Other Corporation.  Awards may be granted to Eligible
Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or other stock-based
awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Corporation or one of
its Subsidiaries, in connection with a distribution, arrangement, business combination, merger or other reorganization by or with
the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries, directly or indirectly,
of all or a substantial part of the stock or assets of the employing entity. The awards so granted need not comply with other specific
terms of this Plan, provided the awards reflect only adjustments giving effect to the assumption or substitution consistent with
the conversion applicable to the Common Stock in the transaction and any change in the issuer of the security. Any shares that
are delivered and any awards that are granted by, or become obligations of, the Corporation, as a result of the assumption by the
Corporation of, or in substitution for, outstanding awards previously granted by an acquired company (or previously granted by
a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or
one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against
the Share Limit or other limits on the number of shares available for issuance under this Plan, except as may otherwise be provided
by the Administrator at the time of such assumption or substitution or as may be required to comply with the requirements of any
applicable stock exchange.

 

8.11 Non-Exclusivity
of Plan.  Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator
to grant awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority.

 

8.12 No
Corporate Action Restriction.  The existence of this Plan, the award agreements and the awards granted hereunder
shall not limit, affect or restrict in any way the right or power of the Board or the stockholders of the Corporation to make or
authorize: (a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the
Corporation or any Subsidiary, (b) any merger, arrangement, business combination, amalgamation, consolidation or change in
the ownership of the Corporation or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference
stock ahead of or affecting the capital stock (or the rights thereof) of the Corporation or any Subsidiary, (d) any dissolution
or liquidation of the Corporation or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business
of the Corporation or any Subsidiary, or (f) any other corporate act or proceeding by the Corporation or any Subsidiary. No
participant, beneficiary or any other person shall have any claim under any award or award agreement against any member of the
Board or the Administrator, or the Corporation or any employees, officers or agents of the Corporation or any Subsidiary, as a
result of any such action.

 

    	 	16	 

     

    

 

8.13 Other
Corporation Benefit and Compensation Programs.  Payments and other benefits received by a participant under an
award made pursuant to this Plan shall not be deemed a part of a participant’s compensation for purposes of the determination
of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Corporation or any Subsidiary,
except where the Administrator expressly otherwise provides or authorizes in writing or except as otherwise specifically set forth
in the terms and conditions of such other employee welfare or benefit plan or arrangement. Awards under this Plan may be made in
addition to, in combination with, as alternatives to or in payment of grants, awards or commitments under any other plans or arrangements
of the Corporation or its Subsidiaries.

 

8.14 Prohibition
on Repricing.  Subject to Section 4, the Administrator shall not, without the approval of the stockholders
of the Corporation (i) reduce the exercise price, or cancel and reissue options so as to in effect reduce the exercise price or
(ii) change the manner of determining the exercise price so that the exercise price is less than the fair market value per share
of Common Stock.

 

9.       DIRECTOR COMPENSATION
PROVISIONS

 

9.1 Plan Exclusive
Vehicle for Non-Employee Director Cash and Equity Compensation. All cash and equity compensation paid or provided to the
Corporation’s non-employee directors shall be awarded under the terms and conditions of this Plan.

 

9.2 Non-Employee
Director Compensation. Non-employee directors may be awarded any of the types of awards described in Section 5 above for
which they are eligible under the terms and conditions of Section 5, above.

 

9.2.1 Cash Awards.
Cash awards (as described in Section 5.1.6) may take any form determined by the Administrator in its sole and absolute discretion,
including, but not limited to, retainers, committee fees, chairperson fees, per meeting fees, and special fees for committee service.
In no event shall cash awards paid to any non-employee director exceed $300,000 in any fiscal year.

 

9.2.2 Equity Awards.
Equity awards (described in Sections 5.1.1, 5.1.3, 5.14. 5.1.5, and 5.1.7) may take any form determined by the Administrator in
its sole and absolute discretion, provided, however, that in no event shall equity awards granted to a non-employee director in
any fiscal year have a grant date fair value in excess of $300,000.

 

As adopted by the Board of Directors of
Pershing Gold Corporation on April 29, 2018. 

  

    	 	17Exhibit

 
Exhibit 10.1

RESTRICTED STOCK UNIT AWARD AGREEMENT 
PURSUANT TO THE 
AVAYA HOLDINGS CORP. 2017 EQUITY INCENTIVE PLAN
*    *    *
Participant:        [Participant Name]        
Grant Date:        [Grant Date]        
Grant Number:     [Client Grant ID]    
Number of Restricted Stock Units (“RSUs”) Granted:    [RSUs Granted]    
*    *    *
This RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between Avaya Holdings Corp., a corporation organized in the State of Delaware (the “Company”), and the Participant specified above, pursuant to the Avaya Holdings Corp. 2017 Equity Incentive Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and
WHEREAS, the Committee has determined under the Plan that it would be in the best interests of the Company to grant the Participant an Other Stock-Based Award in the form of the RSUs provided herein, each of which represents the right to receive one share of Common Stock upon vesting of such RSU, subject to the terms and conditions contained herein and in the Plan.
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:
1.Incorporation by Reference; Plan Document Receipt.  This Agreement is subject in all respects to the terms, conditions and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Award provided hereunder), all of which terms, conditions and provisions are made a part of and incorporated into this Agreement as if they were each expressly set forth herein.  Except as provided otherwise herein, any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan.  The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content and agrees to be bound thereby and hereby.  In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.
2.    Grant of RSUs.  The Company hereby grants to the Participant, as of the Grant Date specified above, the number of RSUs specified above, subject to adjustment as provided for in the Plan, on the terms and conditions set forth in this Agreement, including, without limitation, in Appendix I attached hereto, and otherwise provided for in the Plan.  Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement 

provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of the shares of Common Stock underlying the RSUs, except as otherwise specifically provided for in the Plan or this Agreement.  The RSUs shall be credited to a separate book-entry account maintained for the Participant on the books of the Company.  The Participant’s interest in the book-entry account shall be that of a general, unsecured creditor of the Company.
3.    Vesting.
(a)    General.  Except as set forth in Section 3(b) or Section 3(c), as applicable, the RSUs subject to this Award shall vest as follows, provided that the Participant has not incurred a Termination of Employment prior to each such vesting date, and provided, further, that there shall be no proportionate or partial vesting in the periods prior to each such vesting date.
	
		
	Vesting Dates
	Percentage of RSUs

	On the date listed below which is closest to the one year anniversary of the grant date (whether before or after such anniversary date):
o    February 15
o    May 15
o    August 15
o    November 15
	

33.34%

	Quarterly thereafter on each February 15, May 15, August 15 and November 15
	8.33%

Notwithstanding the foregoing, if the number of RSUs is not evenly divisible, then no fractional RSUs shall vest and the smaller installments shall vest first, and upon vesting of the last installment in accordance with the terms and conditions hereof, 100% of the RSUs subject to this Award shall be fully vested.
(b)    Accelerated Vesting Upon a Qualifying Termination (Change in Control). In the event the Participant incurs a Termination of Employment prior to the last vesting date provided for in Section 3(a) as a result of the Participant’s Termination of Employment by the Company or the Company Entity that is the Participant’s actual employing entity without Cause, by the Participant for Good Reason, or due to the Participant’s death or Disability (any such Termination of Employment, a “Qualifying Termination”), and such Qualifying Termination occurs (i) only to the extent the Participant is also a participant in the Avaya Inc. Change in Control Severance Plan, during a Potential Change in Control Period, as such term is defined in the Avaya Inc. Change in Control Severance Plan or (ii) within the twenty-four (24) month period immediately following a Change in Control, subject to the Participant’s (or the Participant’s estate’s, if applicable) execution, delivery and non-revocation of a customary release of claims in favor of the Company and its subsidiaries and affiliates within sixty (60) days of such Termination of Employment and, except in the event of a Termination of Employment due to death, continued compliance with Appendix I to this Agreement, all outstanding and unvested RSUs shall fully vest effective as of the date of such Termination of Employment.

     2

(c)    Forfeiture. Except as otherwise expressly provided for in Section 3(b) or as otherwise determined by the Committee or its designee, all outstanding and unvested RSUs shall be immediately forfeited upon the Participant’s Termination of Employment for any reason.  For the avoidance of doubt, in the event that the Participant fails to execute, deliver and not revoke the release of claims provided for in Section 3(b), any RSUs that remain outstanding and unvested as of the sixtieth (60th) day following the date on which the Qualifying Termination occurs shall be forfeited and cancelled as of such sixtieth (60th) day without consideration therefor.  Additionally, in the event of the Participant’s Termination of Employment by the Company or the Company Entity that is the Participant’s actual employing entity for Cause, all of the Participant’s outstanding RSUs, whether or not vested, shall be forfeited and cancelled without consideration therefor effective as of the date of such Termination of Employment.
4.    Delivery of Shares.  Except as otherwise expressly provided for in Section 23, promptly following the vesting of the RSUs (but in no event more than sixty (60) days thereafter) (or, in the event of a Qualifying Termination pursuant to Section 3(b) above, on the sixtieth (60th) day following the date on which the Participant’s Termination of Employment occurs, provided the conditions set forth in Section 3(b) above have been met), the Participant shall receive the number of shares of Common Stock (or any consideration paid in respect of such Common Stock in connection with a Change in Control) that correspond to the number of RSUs that have become vested on the applicable vesting date, less any shares of Common Stock withheld by the Company pursuant to Section 13.4 of the Plan, and such vested RSUs shall be cancelled upon receipt of the shares of Common Stock (or any consideration paid in respect of such Common Stock in connection with a Change in Control).
5.    Non-Transferability.  No portion of the RSUs may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the RSUs as provided herein.
6.    Governing Law.  All questions concerning the construction, validity and interpretation of this Agreement, including but not limited to Appendix I hereto, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.  Any suit, action or proceeding with respect to this Agreement shall be governed by Section 13.9 of the Plan.
7.    Legend.  The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates, if any, representing shares of Common Stock issued pursuant to this Agreement.  The Participant shall, at the request of the Company, promptly present to the Company any and all certificates, if any, representing shares of Common Stock acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 7.
8.    Securities Representations. This Agreement is being entered into by the Company in reliance upon the following express representations and warranties of the Participant. The Participant hereby acknowledges, represents and warrants that:

     3

(a)    The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this Section 8.
(b)    If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the shares of Common Stock issuable hereunder must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such shares of Common Stock and the Company is under no obligation to register such shares of Common Stock (or to file a “re-offer prospectus”).
(c)    If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands that (i) the exemption from registration under Rule 144 shall not be available unless (A) a public trading market then exists for the Common Stock, (B) adequate information concerning the Company is then available to the public, and (C) other terms and conditions of Rule 144 or any exemption therefrom are complied with, and (ii) any sale of the shares of Common Stock issuable hereunder may be made only in limited amounts in accordance with the terms and conditions of Rule 144 or any exemption therefrom.
9.    Entire Agreement; Amendment.  This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter; provided however, that the restrictive covenants contained in Appendix I hereto are in addition to and not in lieu of any other restrictive covenants by which the Participant may be bound.  The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan.  The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.
10.    Notices; Electronic Delivery and Acceptance. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel of the Company.  Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.  The Company may, in its sole discretion, decide to deliver any documents related to RSUs awarded under the Plan or future RSUs that may be awarded under the Plan by electronic means or request the Participant’s consent to participate in the Plan by electronic means. By accepting this RSU Award, the Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
11.    No Right to Employment or Service.  Any questions as to whether and when there has been a Termination of Employment and the cause of such Termination of Employment shall be determined in the sole discretion of the Committee.  Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause.

     4

12.    Transfer of Personal Data.  The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the RSUs awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan).  This authorization and consent is freely given by the Participant.
13.    Compliance with Laws.  The grant of RSUs and the issuance of shares of Common Stock hereunder shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule regulation or exchange requirement applicable thereto.  The Company shall not be obligated to issue the RSUs or any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements.  As a condition to the settlement of the RSUs, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.
14.    Binding Agreement.  This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns.  
15.    Headings.  The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.
16.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.
17.    Further Assurances.  Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.
18.    Severability.  The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
19.    Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time; (b) the award of RSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the RSUs awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits 

     5

granted under this Agreement are not part of the Participant’s ordinary compensation and shall not be considered as part of such compensation in the event of severance, redundancy or resignation.
20.    Acceptance of Agreement. Notwithstanding anything herein to the contrary, in order for this Award to become effective, the Participant must acknowledge acceptance of this Agreement no later than the sixtieth (60th) day following the Grant Date (the “Final Acceptance Date”).  If the Participant’s acceptance of this Agreement does not occur by the Final Acceptance Date, then the entire Award will be forfeited and cancelled without any consideration therefor, except as otherwise determined in the Committee’s sole and absolute discretion. 
21.    No Waiver.  No waiver or non-action by either party hereto with respect to any breach by the other party of any provision of this Agreement shall be deemed or construed to be a waiver of any succeeding breach of such provision or as a waiver of the provision itself.
22.    No Rights as a Stockholder.  The Participant’s interest in the RSUs shall not entitle the Participant to any rights as a stockholder of the Company.  The Participant shall not be deemed to be the holder of, or have any of the rights and privileges of a stockholder of the Company in respect of, the shares of Common Stock unless and until such shares have been issued to the Participant in accordance with this Agreement and the Plan.
23.    Withholding.  Notwithstanding the withholding provision in the Plan or anything else in this Agreement: 
(a)    If in the tax jurisdiction in which the Participant resides, a tax withholding obligation arises upon vesting of the RSUs (regardless of when the Common Stock underlying the RSUs are delivered to the Participant), on each date that all or a portion of the RSUs actually vests, if (1) the Company does not have in place an effective registration statement under the Securities Act and there is not a Securities Act exemption available under which the Participant may sell Common Stock or (2) the Participant is subject to a Company-imposed trading blackout, then unless the Participant has made other arrangements satisfactory to the Company, the Company will withhold from the shares of Common Stock to be delivered to the Participant such number of shares of Common Stock as are sufficient in value (as determined by the Company in its sole discretion) to cover the amount of the tax withholding obligation.
(b)    If in the tax jurisdiction in which the Participant resides, a tax withholding obligation arises upon delivery of the Common Stock underlying the RSUs (regardless of when vesting occurs), then following each date that all or a portion of the RSUs actually vests, the Company will defer the delivery of the Common Stock otherwise deliverable to the Participant until the earliest of: (1) the date of the Participant’s Termination of Employment, (2) the date that the short-term deferral period under Section 409A of the Code expires with respect to such vested RSUs, or (3) the date on which the Company has in place an effective registration statement under the Securities Act or there is a Securities Act exemption available under which the Participant may sell Common Stock and on which the Participant is not subject to a Company-imposed trading blackout (the earliest of such dates, the “Delivery Date”). If on the Delivery Date (x) the Company does not have in place an effective registration statement under the Securities Act and there is not a Securities Act exemption available under which the Participant may sell shares of Common Stock or (y) the 

     6

Participant is subject to a Company-imposed trading blackout, then unless the Participant has made other arrangements satisfactory to the Company, the Company will withhold from the shares of Common Stock to be delivered to the Participant such number of shares of Common Stock as are sufficient in value (as determined by the Company in its sole discretion) to cover the amount of the tax withholding obligation.
24.    Section 409A.  Notwithstanding anything herein or in the Plan to the contrary, the RSUs are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.
[Remainder of Page Intentionally Left Blank]

     7

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of [●].
AVAYA HOLDINGS CORP. 

By: /s/ Patrick J. O’Malley, III
Name: Patrick J. O’Malley, III
Title: Senior Vice President and Chief Financial Officer

PARTICIPANT
[To be executed electronically.]

     8

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