Document:

Grant
No.: _____

    

    THE
KEYW CORPORATION

    2008
STOCK INCENTIVE PLAN

     

    RESTRICTED
STOCK AGREEMENT

     

    The KEYW
Corporation, a Maryland corporation (the “Company”), hereby grants shares of its
common stock (the “Stock”), to the Grantee named below, subject to the vesting
conditions set forth in the attachment.  Additional terms and
conditions of the grant are set forth in this cover sheet and in the attachment
(collectively, the “Agreement”) and in the Company’s 2008 Stock Incentive Plan
(the “Plan”).

     

    Grant
Date:  _____________

     

    Name of
Grantee: _____________

     

    Grantee's
Identification Number:  ______________

     

    Number of
Shares of Stock Covered by Grant:  ________

     

    Purchase
Price per Share of Stock:  $____________

     

    Vesting
Schedule:

     

    By
signing this cover sheet, you agree to all of the terms and conditions described
in this Agreement and in the Plan, a copy of which is also
attached.  You acknowledge that you have carefully reviewed the Plan,
and agree that the Plan will control in the event any provision of this
Agreement should appear to be inconsistent  Certain capitalized terms
used in this Agreement are defined in the Plan, and have the meaning set forth
in the Plan.

     

    
      	
              Grantee:

            	_____________________________________________________________	 
      
	 
      	
                                                                     
       (Signature)

            	 
      
	 
      	 
      	 
      
	
              Company:

            	_____________________________________________________________	 
      
	 
      	
                                                                      
      (Signature)

            	 
      
	 
      	 
      	 
      
	 
      	
              Title:
      _________________________________________________________

            	 
      

    

    

    Attachment

     

    This is not a stock certificate or a
negotiable instrument.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THE
KEYW CORPORATION

    2008
STOCK INCENTIVE PLAN

     

    RESTRICTED
STOCK AGREEMENT

     

    
      
        
          
            
              
                
                  	
                          Restricted
      Stock/ Nontransferability

                        	 	
                          This
      grant is an award of Stock in the number of shares set forth on the cover
      sheet, at the purchase price set forth on the cover sheet, and subject to
      the vesting conditions described below ("Restricted Stock").  To
      the extent not yet vested, your Restricted Stock may not be transferred,
      assigned, pledged or hypothecated, whether by operation of law or
      otherwise, nor may the Restricted Stock be made subject to execution,
      attachment or similar process.

                        
	 	 	 
	
                          Vesting

                        	 	
                          The
      Company will issue your Restricted Stock in your name as of the Grant
      Date.

                           

                          Your
      right to the Stock under this Restricted Stock Agreement vests per the
      vesting schedule as shown on the cover sheet provided you then continue in
      Service.  The resulting aggregate number of vested shares of
      Stock will be rounded to the nearest whole number, and you cannot vest in
      more than the number of shares covered by this grant.

                           

                          No
      additional shares of Stock will vest after your Service has terminated for
      any reason, provided, however, that
      if your Service is terminated on account of your death or Disability, any
      unvested shares of Stock will become fully vested.

                        
	 	 	 
	
                          Forfeiture
      of Unvested Stock

                           

                        	 	
                          Except
      as provided in this Agreement, in the event that your Service terminates
      for any reason, you will forfeit to the Company all of the shares of Stock
      subject to this grant that have not yet vested.

                        
	 	 	 
	
                          Issuance

                        	 	
                          The
      issuance of the Stock under this grant shall be evidenced in such a manner
      as the Company, in its discretion, will deem appropriate, including,
      without limitation, book-entry, registration or issuance of one or more
      Stock certificates, with any unvested Restricted Stock bearing the
      appropriate restrictions imposed by this Agreement.  As your
      interest in the Stock vests as described above, the recordation of the
      number of shares of Restricted Stock attributable to you will be
      appropriately modified.  To the extent certificates are issued
      with regard to unvested Stock, such certificates will be held in escrow
      with the Secretary of the Company while the Stock remains
      unvested.

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    Withholding
      Taxes

                  	 	
                    You
      agree, as a condition of this grant, that you will make acceptable
      arrangements, as determined by the Company in its sole discretion, to pay
      any withholding or other taxes that may be due as a result of the payment
      of dividends or the vesting of Stock acquired under this
      grant.  In the event that the Company determines that any
      federal, state, local or foreign tax or withholding payment is required
      relating to the payment of dividends or the vesting of shares arising from
      this grant, the Company shall have the right to require such payments from
      you, or withhold such amounts from other payments due to you from the
      Company or any Affiliate (including by repurchasing vested shares of Stock
      under this Agreement).

                  
	 	 	 
	
                    Section
      83(b)

                    Election

                  	 	
                    Under
      Section 83 of the Internal Revenue Code of 1986, as amended (the "Code"),
      the difference between the purchase price paid for the shares of Stock and
      their fair market value on the date any forfeiture restrictions applicable
      to such shares lapse will be reportable as ordinary income at that
      time.  For this purpose, "forfeiture restrictions" include the
      forfeiture as to unvested Stock described above.  You may elect
      to be taxed at the time the shares are acquired, rather than when such
      shares cease to be subject to such forfeiture restrictions, by filing an
      election under Section 83(b) of the Code with the Internal Revenue Service
      within thirty (30) days after the Grant Date.  You will have to
      make a tax payment to the extent the purchase price is less than the fair
      market value of the shares on the Grant Date.  No tax payment
      will have to be made to the extent the purchase price is at least equal to
      the fair market value of the shares on the Grant Date.  The form
      for making this election is attached as Exhibit A
      hereto.  Failure to make this filing within the thirty (30) day
      period will result in the recognition of ordinary income by you (in the
      event the fair market value of the shares as of the vesting date exceeds
      the purchase price) as the forfeiture restrictions lapse.

                     

                    YOU
      ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY'S, TO
      FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE
      COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR
      BEHALF.  YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH
      RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY 83(b)
      ELECTION.

                  

          

        

      

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Market
      Stand-off Agreement

                	 	
                  In
      connection with any underwritten public offering by the Company of its
      equity securities pursuant to an effective registration statement filed
      under the Securities Act of 1933 (the "Securities Act"), including the
      Company’s initial public offering, you agree not to sell, make any short
      sale of, loan, hypothecate, pledge, grant any option for the purchase of,
      or otherwise dispose or transfer for value or agree to engage in any of
      the foregoing transactions with respect to any shares of vested Stock
      without the prior written consent of the Company or its underwriters, for
      such period of time after the effective date of such registration
      statement as may be requested by the Company or the underwriters (not to
      exceed 180 days in length).

                
	 	 	 
	
                  Investment
      Representation

                	 	
                  You
      hereby agree and represent, as a condition of this grant of Restricted
      Stock, that (i) you are acquiring the shares of Restricted Stock for
      investment for your own account and not with a view to, or intention of,
      or otherwise for resale in connection with, any distribution to any person
      or entity, (ii) neither the offer nor sale of the shares of
      Restricted Stock hereunder, or the shares of Restricted Stock themselves,
      have been registered under the Securities Act or registered or qualified
      under any applicable state securities laws and that the shares of
      Restricted Stock are being offered and sold to you by reason of and in
      reliance upon a specific exemption from the registration provisions of the
      Securities Act and exemptions from registration or qualification
      provisions of such applicable state or other jurisdiction's securities
      laws which depend upon, among other things, the bona fide nature of the
      investment intent as expressed herein and the truth and accuracy of your
      representations, warranties, agreements, acknowledgments and
      understandings as set forth herein, (iii) no public market now exists for
      any of the securities issued by the Company and that there can be no
      assurance that a public market will ever exist for the shares of
      Restricted Stock, (iv) you must, and are able to, bear the economic risk
      of your investment in the shares of Restricted Stock for an indefinite
      period of time and can afford a complete loss of your investment in the
      shares of Restricted Stock, (v) you are sophisticated in financial matters
      and have such knowledge and experience in financial and business matters
      as to be capable of evaluating the risks and benefits of your investment
      in the shares of Restricted Stock, (vi) your principal place of residence
      is in the State of ___________, (vii) you are as of the date hereof
      an "accredited investor" as such term is defined under Rule 501 of the
      Securities Act, and (viii) the Company has made available to you all
      documents that you have requested relating to the Company, the shares of
      Restricted Stock and your purchase of the shares of Restricted Stock, and
      you have had an opportunity to ask questions and receive answers
      concerning the Company and the terms and conditions of the offering and
      sale of the shares of Restricted Stock pursuant to this Restricted Stock
      Agreement and have had full access to such other information concerning
      the Company and the shares of Restricted Stock as you deemed necessary or
      desirable.

                

        

      

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      
        	
                The
      Company's Right of First Refusal

              	 	
                In
      the event that you propose to sell, pledge or otherwise transfer to a
      third party any vested Stock acquired under this Agreement, or any
      interest in such Stock, the Company shall have the “Right of First
      Refusal” with respect to all (and not less than all) of such shares of
      Stock.  If you desire to transfer vested Stock acquired under
      this Agreement, you must give a written “Transfer Notice” to the Company
      describing fully the proposed transfer, including the number of shares
      proposed to be transferred, the proposed transfer price and the name and
      address of the proposed transferee.

                 

                The
      Transfer Notice shall be signed both by you and by the proposed new
      transferee and must constitute a binding commitment of both parties to the
      transfer of the shares.  The Company shall have the right to
      purchase all, and not less than all, of the shares of Stock on the terms
      of the proposal described in the Transfer Notice (subject, however, to any
      change in such terms permitted in the next paragraph) by delivery of a
      notice of exercise of the Right of First Refusal within thirty (30) days
      after the date when the Transfer Notice was received by the
      Company.

                 

                If
      the Company fails to exercise its Right of First Refusal within thirty
      (30) days after the date when it received the Transfer Notice, you may,
      not later than ninety (90) days following receipt of the Transfer Notice
      by the Company, conclude a transfer of the Stock subject to the Transfer
      Notice on the terms and conditions described in the Transfer
      Notice.  Any proposed transfer on terms and conditions different
      from those described in the Transfer Notice, as well as any subsequent
      proposed transfer by you, shall again be subject to the Right of First
      Refusal and shall require compliance with the procedure described in the
      paragraph above.  If the Company exercises its Right of First
      Refusal, the parties shall consummate the sale of the Stock on the terms
      set forth in the Transfer Notice within sixty (60) days after the date
      when the Company received the Transfer Notice (or within such longer
      period as may have been specified in the Transfer Notice); provided,
      however, that in the event the Transfer Notice provided that payment for
      the Stock was to be made in a form other than lawful money paid at the
      time of transfer, the Company shall have the option of paying for the
      Stock with lawful money equal to the present value of the consideration
      described in the Transfer
Notice.

              

      

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      
        
          
            	 
      	 	
                    In
      the case of any purchase of Stock under this Right of First Refusal, at
      the option of the Company, the Company may pay you the purchase price in
      three or fewer annual installments.  Interest shall be credited
      on the installments at the applicable federal rate (as determined for
      purposes of Section 1274 of the Code) in effect on the date on which
      the purchase is made.  The Company shall pay at least one-third
      of the total purchase price each year, plus interest on the unpaid
      balance, with the first payment being made on or before the 60th
      day after the purchase.

                     

                    The
      Company’s rights under this subsection shall be freely assignable, in
      whole or in part, shall inure to the benefit of its successors and assigns
      and shall be binding upon any transferee of the shares of
      Stock.

                     

                    The
      Company’s Right of First Refusal shall terminate if the Stock is listed on
      an established national or regional stock exchange, is admitted for
      quotation on The Nasdaq Stock Market, Inc., or is publicly traded in an
      established securities market.

                  
	 	 	 
	
                    Repurchase
      Option for Vested Stock

                  	 	
                    In
      the event that your Service terminates for any reason, the Company shall
      have the option to purchase all of those shares of vested Stock that you
      have.  The Company will notify you of its intention to purchase
      such shares, and will consummate the purchase within one year (or ninety
      (90) days to the extent required by applicable law) of your termination of
      Service. If the Company exercises its option to purchase such shares, the
      purchase price shall be the Fair Market Value of those shares on the date
      the Company gives you notice of its intent to exercise its repurchase
      option (or in the event the Company repurchases your Stock within ninety
      (90) days of your termination of Service, the purchase price shall be the
      Fair Market Value of those shares on the date of your termination of
      Service).  The Company's option to repurchase vested Stock shall
      terminate in the event that the Stock is listed on an established national
      or regional stock exchange, is admitted for quotation on The Nasdaq Stock
      Market, Inc., or is publicly traded in an established securities
      market.

                  
	 	 	 
	
                    Retention
      Rights

                  	 	
                    This
      Agreement does not give you the right to be retained or employed by the
      Company (or any of its Affiliates) in any capacity.  The Company
      (and any Affiliates) reserve the right to terminate your Service at any
      time and for any
reason.

                  

          

        

      

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    Shareholder
      Rights

                  	 	
                    You
      have the right to vote the Restricted Stock and to receive any dividends
      declared or paid on such stock.  Any distributions you receive
      as a result of any stock split, stock dividend, combination of shares or
      other similar transaction shall be deemed to be a part of the Restricted
      Stock and subject to the same conditions and restrictions applicable
      thereto.  The
      Company may in its sole discretion require any dividends paid on the
      Restricted Stock to be reinvested in shares of Stock, which the Company
      may in its sole discretion deem to be a part of the shares of Restricted
      Stock and subject to the same conditions and restrictions applicable
      thereto.  Except as described in the Plan, no adjustments are
      made for dividends or other rights if the applicable record date occurs
      before your stock certificate is issued.

                  
	 	 	 
	
                    Forfeiture
      of Rights

                  	 	
                    If
      you should take actions in competition with the Company, the Company shall
      have the right to cause a forfeiture of your unvested Restricted Stock,
      and with respect to those shares of Restricted Stock vesting during the
      period commencing twelve (12) months prior to your termination of Service
      with the Company due to taking actions in competition with the Company,
      the right to cause a forfeiture of those vested shares of
      Stock.

                     

                    Unless
      otherwise specified in an employment or other agreement between the
      Company and you, you take actions in competition with the Company if you
      directly or indirectly, own, manage, operate, join or control, or
      participate in the ownership, management, operation or control of, or are
      a proprietor, director, officer, stockholder, member, partner or an
      employee or agent of, or a consultant to any business, firm, corporation,
      partnership or other entity which competes with any business in which the
      Company or any of its Affiliates is engaged during your employment or
      other relationship with the Company or its Affiliates or at the time of
      your termination of Service.

                  
	 	 	 
	
                    Adjustments

                  	 	
                    In
      the event of a stock split, a stock dividend or a similar change in the
      Company stock, the number of shares covered by this grant may be adjusted
      (and rounded down to the nearest whole number) pursuant to the
      Plan.  Your Restricted Stock shall be subject to the terms of
      the agreement of merger, liquidation or reorganization in the event the
      Company is subject to such corporate activity in accordance with the terms
      of the Plan.

                  

          

        

      

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                	
                        Legends

                      	 	
                        All
      certificates representing the Stock issued in connection with this grant
      shall, where applicable, have endorsed thereon the following
      legends:

                         

                        “THE
      SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS
      ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT
      BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR
      IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE
      OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY
      OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS
      CERTIFICATE.”

                      
	 	 	 
	 
      	 	
                        “THE
      SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR ANY SECURITIES LAWS OF ANY STATE OR
      OTHER JURISDICTION, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED
      WITHOUT AN EFFECTIVE REGISTRATION OR QUALIFICATION THEREOF UNDER SUCH ACT
      AND SUCH APPLICABLE STATE OR OTHER JURISDICTION'S SECURITIES LAWS OR AN
      OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
      REGISTRATION AND QUALIFICATION IS NOT REQUIRED.”

                      
	 	 	 
	
                        Applicable
      Law

                      	 	
                        This
      Agreement will be interpreted and enforced under the laws of the State of
      Maryland, other than any conflicts or choice of law rule or principle that
      might otherwise refer construction or interpretation of this Agreement to
      the substantive law of another jurisdiction.

                      
	 	 	 
	
                        The
      Plan

                         

                      	 	
                        The
      text of the Plan is incorporated in this Agreement by
      reference.

                         

                        This
      Agreement and the Plan constitute the entire understanding between you and
      the Company regarding this grant of Restricted Stock.  Any prior
      agreements, commitments or negotiations concerning this grant are
      superseded.

                      
	 	 	 
	
                        Other
      Agreements

                         

                      	 	
                        You
      agree, as a condition of this grant of Restricted Stock, that you will
      execute such document(s) as necessary to become a party to any shareholder
      agreement or voting trust as the Company may
  require.

                      

              

            

          

        

      

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Data
      Privacy

                	 	
                  In
      order to administer the Plan, the Company may process personal data about
      you.  Such data includes but is not limited to the information
      provided in this Agreement and any changes thereto, other appropriate
      personal and financial data about you such as home address and business
      addresses and other contact information, payroll information and any other
      information that might be deemed appropriate by the Company to facilitate
      the administration of the Plan.

                   

                  By
      accepting this grant, you give explicit consent to the Company to process
      any such personal data.  You also give explicit consent to the
      Company to transfer any such personal data outside the country in which
      you work or are employed, including, with respect to non-U.S. resident
      Grantees, to the United States, to transferees who shall include the
      Company and other persons who are designated by the Company to administer
      the Plan.

                
	 	 	 
	
                  Consent
      to Electronic Delivery

                	 	
                  The
      Company may choose to deliver certain statutory materials relating to the
      Plan in electronic form.  By accepting this grant you agree that
      the Company may deliver the Plan prospectus and the Company’s annual
      report (to the extent required) to you in an electronic
      format.  If at any time you would prefer to receive paper copies
      of these documents, as you are entitled to, the Company would be pleased
      to provide copies.  Please contact Kim DeChello to request paper
      copies of these
documents.

                

        

      

    

     

    By
signing the cover sheet of this Agreement, you agree to all of the terms and
conditions
described above and in the Plan.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    ELECTION
UNDER SECTION 83(b) OF

    THE
INTERNAL REVENUE CODE

     

    The
undersigned hereby makes an election pursuant to Section 83(b) of the Internal
Revenue Code with respect to the property described below and supplies the
following information in accordance with the regulations promulgated
thereunder:

     

    1.           The
name, address and social security number of the undersigned:

     

    Name:
_____________________________________________

     

    Address:
___________________________________________

     

    __________________________________________________

     

    Social
Security No. :___________________________________

     

    2.           Description
of property with respect to which the election is being made:

     

    ____________
shares of common stock, par value $.001 per share, of The KEYW Corporation, a
Maryland corporation, (the “Company”).

     

    3.           The
date on which the property was transferred is ___________.

     

    4.           The
taxable year to which this election relates is calendar year _____.

     

    5.           Nature
of restrictions to which the property is subject:

     

    The
shares of stock are subject to the provisions of a Restricted Stock Agreement
between the undersigned and the Company.  The shares of stock are
subject to forfeiture under the terms of the Agreement.

     

    6.           The
fair market value of the property at the time of transfer (determined without
regard to any lapse restriction) was $__________ per share, for a total of
$__________.

     

    7.           The
amount paid by taxpayer for the property was $__________.

     

    8.           A
copy of this statement has been furnished to the Company.

     

    Dated:  _____________

     

    
      
        
          
            	 
      	 
      
	 
      	
                    Taxpayer’s
      Signature

                  
	 	 
	 
      	 
      
	 
      	
                    Taxpayer’s
      Printed Name

                  

          

        

      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    PROCEDURES
FOR MAKING ELECTION

    UNDER INTERNAL REVENUE CODE SECTION 83(b)

    

    The following procedures must be followed with respect
to the attached form for making an election under Internal Revenue Code section
83(b) in order for the election to be effective:1

    

    1.        You
must file one copy of the completed election form with the IRS Service Center
where you file your federal income tax returns within 30 days after the
Grant Date of your Restricted Stock.

    

    2.        At
the same time you file the election form with the IRS, you must also give a copy
of the election form to the Secretary of the Company.

    

    3.        You
must file another copy of the election form with your federal income tax return
(generally, Form 1040) for the taxable year in which the stock is transferred to
you.

    

      
        

    

    
      1           Whether
or not to make the election is your decision and may create tax consequences for
you.  You are advised to consult your tax advisor if you are unsure
whether or not to make the election.Effective

    December
29, 2009

    

    THE
KEYW HOLDING CORPORATION

    

    2009
STOCK INCENTIVE PLAN

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    

    
      
        
          
            
              
                	 
      	 
      	
                        Page

                      
	 
      	 
      	 	 
      
	
                        1.

                      	
                        PURPOSE

                      	 	
                        1

                      
	
                        2.

                      	
                        DEFINITIONS

                      	 	
                        1

                      
	
                        3.

                      	
                        ADMINISTRATION
      OF THE PLAN

                      	 	
                        4

                      
	 
      	
                        3.1

                      	
                        Board

                      	 	
                        4

                      
	 
      	
                        3.2

                      	
                        Committee

                      	 	
                        4

                      
	 
      	
                        3.3

                      	
                        Terms
      of Awards

                      	 	
                        5

                      
	 
      	
                        3.4

                      	
                        Deferral
      Arrangement

                      	 	
                        6

                      
	 
      	
                        3.5

                      	
                        No
      Liability

                      	 	
                        6

                      
	 
      	
                        3.6

                      	
                        Share
      Issuance/Book Entry

                      	 	
                        6

                      
	
                        4.

                      	
                        STOCK
      SUBJECT TO THE PLAN

                      	 	
                        6

                      
	 
      	
                        4.1

                      	
                        Number
      of Shares Available for Awards

                      	 	
                        6

                      
	 
      	
                        4.2

                      	
                        Adjustments
      in Authorized Shares

                      	 	
                        6

                      
	 
      	
                        4.3

                      	
                        Share
      Usage

                      	 	
                        6

                      
	
                        5.

                      	
                        EFFECTIVE
      DATE, DURATION AND AMENDMENTS

                      	 	
                        7

                      
	 
      	
                        5.1

                      	
                        Effective
      Date

                      	 	
                        7

                      
	 
      	
                        5.2

                      	
                        Term

                      	 	
                        7

                      
	 
      	
                        5.3

                      	
                        Amendment
      and Termination of the Plan

                      	 	
                        7

                      
	 
      	
                        5.4

                      	
                        Amendments
      of Awards

                      	 	
                        7

                      
	
                        6.

                      	
                        AWARD
      ELIGIBILITY

                      	 	
                        8

                      
	 
      	
                        6.1

                      	
                        Employees
      and Other Service Providers

                      	 	
                        8

                      
	 
      	
                        6.2

                      	
                        Limitations
      on Incentive Stock Options

                      	 	
                        8

                      
	
                        7.

                      	
                        AWARD
      AGREEMENT

                      	 	
                        8

                      
	
                        8.

                      	
                        TERMS
      AND CONDITIONS OF OPTIONS

                      	 	
                        8

                      
	 
      	
                        8.1

                      	
                        Option
      Price

                      	 	
                        8

                      
	 
      	
                        8.2

                      	
                        Vesting

                      	 	
                        9

                      
	 
      	
                        8.3

                      	
                        Term

                      	 	
                        9

                      
	 
      	
                        8.4

                      	
                        Exercise
      of Options on Termination of Service

                      	 	
                        9

                      
	 
      	
                        8.5

                      	
                        Limitations
      on Exercise of Option

                      	 	
                        9

                      
	 
      	
                        8.6

                      	
                        Exercise
      Procedure

                      	 	
                        9

                      
	 
      	
                        8.7

                      	
                        Right
      of Holders of Options

                      	 	
                        10

                      
	 
      	
                        8.8

                      	
                        Delivery
      of Stock Certificates

                      	 	
                        10

                      
	 
      	
                        8.9

                      	
                        Transferability
      of Options

                      	 	
                        10

                      
	 
      	
                        8.10

                      	
                        Family
      Transfers

                      	 	
                        10

                      
	 
      	
                        8.11

                      	
                        Notice
      of Disqualifying Disposition

                      	 	
                        11

                      
	
                        9.

                      	
                        TERMS
      AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS

                      	 	
                        11

                      
	 
      	
                        9.1

                      	
                        Award
      of Restricted Stock

                      	 	
                        11

                      
	 
      	
                        9.2

                      	
                        Restrictions

                      	 	
                        11

                      
	 
      	
                        9.3

                      	
                        Restricted
      Stock Certificates

                      	 	
                        11

                      
	 
      	
                        9.4

                      	
                        Rights
      of Holders of Restricted Stock

                      	 	
                        11

                      

              

            

          

        

      

    

     

    
      
         

      

      
        - i
-

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              	 
      	
                      9.5

                    	
                      Rights
      of Holders of Stock Units

                    	 	
                      12

                    
	 
      	
                       

                    	
                      

                        9.5.1
           Voting and Dividend
      Rights

                      

                    	 	
                      12

                    
	 
      	
                       

                    	
                      

                        9.5.2
           Creditor’s
    Rights

                      

                    	 	
                      12

                    
	 
      	
                      9.6

                    	
                      Termination
      of Service

                    	 	
                      12

                    
	 
      	
                      9.7

                    	
                      Purchase
      and Delivery of Stock

                    	 	
                      12

                    
	
                      10.

                    	
                      FORM
      OF PAYMENT

                    	 	
                      13

                    
	
                      11.

                    	
                      WITHHOLDING
      TAXES

                    	 	
                      13

                    
	
                      12.

                    	
                      RESTRICTIONS
      ON TRANSFER OF SHARES OF STOCK

                    	 	
                      13

                    
	 
      	
                      12.1

                    	
                      Right
      of First Refusal

                    	 	
                      13

                    
	 
      	
                      12.2

                    	
                      Repurchase
      and Other Rights

                    	 	
                      14

                    
	 
      	
                      12.3

                    	
                      Installment
      Payments

                    	 	
                      14

                    
	 
      	
                      12.4

                    	
                      Publicly
      Traded Stock

                    	 	
                      14

                    
	 
      	
                      12.5

                    	
                      Legend

                    	 	
                      14

                    
	
                      13.

                    	
                      PARACHUTE
      LIMITATIONS

                    	 	
                      15

                    
	
                      14.

                    	
                      REQUIREMENTS
      OF LAW

                    	 	
                      15

                    
	 
      	
                      14.1

                    	
                      General

                    	 	
                      15

                    
	 
      	
                      14.2

                    	
                      Rule
      16b-3

                    	 	
                      16

                    
	
                      15.

                    	
                      EFFECT
      OF CHANGES IN CAPITALIZATION

                    	 	
                      16

                    
	 
      	
                      15.1

                    	
                      Changes
      in Stock

                    	 	
                      16

                    
	 
      	
                      15.2

                    	
                      Reorganization
      in Which the Company Is the Surviving Entity and in Which No Change of
      Control Occurs

                    	 	
                      17

                    
	 
      	
                      15.3

                    	
                      Change
      of Control

                    	 	
                      17

                    
	 
      	
                      15.4

                    	
                      Adjustments

                    	 	
                      18

                    
	 
      	
                      15.5

                    	
                      No
      Limitations on Company

                    	 	
                      18

                    
	
                      16.

                    	
                      GENERAL
      PROVISIONS

                    	 	
                      18

                    
	 
      	
                      16.1

                    	
                      Disclaimer
      of Rights

                    	 	
                      18

                    
	 
      	
                      16.2

                    	
                      Nonexclusivity
      of the Plan

                    	 	
                      18

                    
	 
      	
                      16.3

                    	
                      Captions

                    	 	
                      19

                    
	 
      	
                      16.4

                    	
                      Other
      Award Agreement Provisions

                    	 	
                      19

                    
	 
      	
                      16.5

                    	
                      Number
      and Gender

                    	 	
                      19

                    
	 
      	
                      16.6

                    	
                      Severability

                    	 	
                      19

                    
	 
      	
                      16.7

                    	
                      Governing
      Law

                    	 	
                      19

                    
	 
      	
                      16.8

                    	
                      Code
      Section 409A

                    	 	
                      19

                    

            

          

        

      

    

     

    
      
         

      

      
        -ii-

        
          

        

      

      
         

      

    

    

    THE
KEYW HOLDING CORPORATION

    

    2009
STOCK INCENTIVE PLAN

    

    The KEYW
Holding Corporation, a Maryland corporation
(the “Company”), sets
forth herein the terms of its 2009 Stock Incentive Plan (the “Plan”) as
follows:

     

    
      
        	
                1.

              	
                PURPOSE

              

      

    

     

    The Plan
is intended to enhance the Company’s and its Affiliates’ (as defined herein)
ability to attract and retain highly qualified officers, directors, key
employees, and other persons, and to motivate such persons to serve the Company
and its Affiliates and to expend maximum effort to improve the business results
and earnings of the Company, by providing to such persons an opportunity to
acquire or increase a direct proprietary interest in the operations and future
success of the Company.  To this end, the Plan provides for the grant
of stock options, restricted stock and stock units in accordance with the terms
hereof.  Stock options granted under the Plan may be nonqualified
stock options or incentive stock options, as provided herein.

     

    
      
        	
                2.

              	
                DEFINITIONS

              

      

    

     

    For
purposes of interpreting the Plan and related documents (including Award
Agreements), the following definitions shall apply:

     

    2.1           “Affiliate” means, with respect
to a Person, any company or other trade or business that controls, is controlled
by or is under common control with such Person within the meaning of Rule 405 of
Regulation C under the Securities Act, including, without limitation, any
Subsidiary, provided that an entity may not be considered an Affiliate if it
results in noncompliance with Code Section 409A.

     

    2.2           “Award” means
a grant of an Option, Restricted Stock or Stock Unit under the
Plan.

     

    2.2           “Award Agreement” means the
written agreement between the Company and a Grantee that evidences and sets out
the terms and conditions of an Award.

     

    2.3           “Benefit Arrangement” shall have the
meaning set forth in Section 13 hereof.

     

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

     

    2.5           “Cause” means, as determined by
the Board and unless otherwise provided in an applicable agreement with the
Company or an Affiliate thereof, (i) gross negligence or willful misconduct in
connection with the performance of duties; (ii) conviction of a criminal
offense (other than minor traffic offenses); or (iii) material breach of
any term of any employment, consulting or other services, confidentiality,
intellectual property or non-competition agreements, if any, between the Service
Provider and the Company or an Affiliate thereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.6           “Change of Control” means (i)
the dissolution or liquidation of the Company or a merger, consolidation, or
reorganization of the Company with one or more other entities in which the
Company is not the surviving entity or (ii) a sale of substantially all of the
assets of the Company to another person or entity.

     

    2.7           “Code” means the Internal
Revenue Code of 1986, as now in effect or as hereafter amended.

     

    2.8           “Committee” means a committee
of, and designated from time to time by resolution of, the Board, pursuant to
Section 3.2
hereof, which shall consist of one (1) or more members of the
Board.

     

    2.9           “Company” has the meaning set
forth in the Preamble.

     

    2.10         “Disability” means the Grantee
is unable to perform each of the essential duties of such Grantee’s position by
reason of a medically determinable physical or mental impairment which is
potentially permanent in character or which can be expected to last for a
continuous period of not less than twelve (12) months; provided, however, that with
respect to rules regarding expiration of an Incentive Stock Option following
termination of the Grantee’s Service, Disability shall mean the Grantee is
unable to engage in any substantial gainful activity by reason of a medically
determinable physical or mental impairment which can be expected to result in
death or which has lasted or can be expected to last for a continuous period of
not less than 12 months.

     

    2.11         “Effective Date” means December
29, 2009, the date the Plan is approved by the Board.

     

    2.12         “Exchange Act” means the
Securities Exchange Act of 1934, as now in effect or as hereafter
amended.

     

    2.13         “Fair Market Value” means the
value of a share of Stock, determined as follows:  if on the Grant
Date or other determination date the Stock is listed on an established national
or regional stock exchange, or is publicly traded on an established securities
market, the Fair Market Value of a share of Stock shall be the closing price of
the Stock on such exchange or in such market (if there is more than one such
exchange or market the Board shall determine the appropriate exchange or market)
on the Grant Date or such other determination date (or if there is no such
reported closing price, the Fair Market Value shall be the mean between the
highest bid and lowest asked prices or between the high and low sale prices on
such trading day) or, if no sale of Stock is reported for such trading day, on
the next preceding day on which any sale shall have been reported.  If
the Stock is not listed on such an exchange, quoted on such system or traded on
such a market, Fair Market Value shall be the value of the Stock as determined
by the Board in good faith in a manner consistent with Code Section
409A.

     

    2.14         “Family Member” means a person
who is a spouse, former spouse, child, stepchild, grandchild, parent,
stepparent, grandparent, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law,
including adoptive relationships, of the Grantee, any person sharing the
Grantee’s household (other than a tenant or employee), a trust in which any one
or more of these persons have more than fifty percent (50%) of the beneficial
interest, a foundation in which any one or more of these persons (or the
Grantee) controls the management of assets, and any other entity in which one or
more these persons (or the Grantee) own more than fifty percent (50%) of the
voting interests in such entity.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    2.15         “Grant Date” means, as
determined by the Board, the latest to occur of (i) the date as of which
the Board approves an Award, (ii) the date on which the recipient of an Award
first becomes eligible to receive an Award under Section 6
hereof, or (iii) such other date as may be specified by the Board.

     

    2.16         “Grant Share” shall have the
meaning set forth in Section 15.3
hereof.

     

    2.17         “Grantee” means a person who
receives or holds an Award under the Plan.

     

    2.18         “Incentive Stock Option” means
an “incentive stock option” within the meaning of Section 422 of the Code, or
the corresponding provision of any subsequently enacted tax statute, as amended
from time to time.

     

    2.19         “Nonqualified Stock Option”
means an Option that is not an Incentive Stock Option.

     

    2.20         “Option” means an option to
purchase one or more shares of Stock pursuant to the Plan.

     

    2.21         “Option Price” means the
purchase price for each share of Stock subject to an Option.

     

    2.22         “Other Agreement” shall have
the meaning set forth in Section 13 hereof.

     

    2.23         “Parachute Payment” shall have
the meaning set forth in Section 13 hereof.

     

    2.24         “Person” means a natural
person, partnership, corporation, limited liability company, business trust,
joint stock company, trust, unincorporated association, joint venture or other
entity or organization.

     

    2.25         “Plan” has the meaning set
forth in the Preamble.

     

    2.26         “Purchase Price” means the purchase
price for each share of Stock issued pursuant to an Award of Restricted Stock or
Stock Units.

     

    2.27         “Reporting Person” means a
person who is required to file reports under Section 16(a) of the Exchange
Act.

     

    2.28         “Restricted Stock” means shares
of Stock, awarded to a Grantee pursuant to Section 9 hereof,
that are subject to restrictions and to a risk of forfeiture.

     

    2.29         “Securities Act” means the
Securities Act of 1933, as now in effect or as hereafter amended.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    2.30         “Service” means service as an
employee, officer, director or other Service Provider of the Company or an
Affiliate thereof.  Unless otherwise stated in the applicable Award
Agreement, a Grantee’s change in position or duties shall not result in
interrupted or terminated Service, so long as such Grantee continues to be an
employee, officer, director or other Service Provider of the Company or an
Affiliate thereof.  Subject to the preceding sentence, whether a
termination of Service shall have occurred for purposes of the Plan shall be
determined by the Board, which determination shall be final, binding and
conclusive.

     

    2.31         “Service Provider” means an employee,
officer or director of the Company or an Affiliate thereof, or a consultant or
adviser currently providing services to the Company or an Affiliate
thereof.

     

    2.32         “Stock” means the common stock,
$0.001 par value per share, of the Company.

     

    2.33         “Stock Unit” means a
bookkeeping entry representing the equivalent of one share of Stock awarded to a
Grantee pursuant to Section 9 hereof.

     

    2.34         “Subsidiary” means any
“subsidiary corporation” of the Company within the meaning of Section 424(f) of
the Code.

     

    2.35         “Ten-Percent Stockholder” means
an individual who owns more than ten percent (10%) of the total combined voting
power of all classes of outstanding stock of the Company, its parent or any of
its Subsidiaries.  In determining stock ownership, the attribution
rules of Section 424(d) of the Code shall be applied.

     

    
      
        	
                3.

              	
                ADMINISTRATION
      OF THE PLAN

              

      

    

     

    3.1           Board.

     

    The Board
shall have such powers and authorities related to the administration of the Plan
as are consistent with the Company’s certificate of incorporation and bylaws and
applicable law.  The Board shall have full power and authority to take
all actions and to make all determinations required or provided for under the
Plan, any Award or any Award Agreement, and shall have full power and authority
to take all such other actions and make all such other determinations not
inconsistent with the specific terms and provisions of the Plan that the Board
deems to be necessary or appropriate to the administration of the Plan, any
Award or any Award Agreement.  All such actions and determinations
shall be by the affirmative vote of a majority of the members of the Board
present at a meeting or by consent of the Board executed in writing in
accordance with the Company’s certificate of incorporation and bylaws and
applicable law.  The interpretation and construction by the Board of
any provision of the Plan, any Award or any Award Agreement shall be final,
binding and conclusive.

     

    3.2           Committee.

     

    The Board
from time to time may delegate to one or more Committees such powers and
authorities related to the administration and implementation of the Plan, as set
forth in Section 3.1 above and in other
applicable provisions, as the Board shall determine, consistent with the
certificate of incorporation and bylaws of the Company and applicable
law.  In the event that the Plan, any Award or any Award Agreement
entered into hereunder provides for any action to be taken by or determination
to be made by the Board, such action may be taken by or such determination may
be made by the applicable Committee if the power and authority to do so has been
delegated to the Committee by the Board as provided for in Section 3.1 and all references
herein to the Board shall be deemed to be the Committee.  Unless
otherwise expressly determined by the Board, any such action or determination by
the Committee shall be final, binding and conclusive.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    3.3         Terms
of Awards.

     

    Subject
to the other terms and conditions of the Plan, the Board shall have full and
final authority to:

     

    
      	
            	
              (i)

            	
              designate
      Grantees;

            

    

     

    
      	
            	
              (ii)

            	
              determine
      the type or types of Awards to be made to a
  Grantee;

            

    

     

    
      	
            	
              (iii)

            	
              determine
      the number of shares of Stock to be subject to an
  Award;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              establish
      the terms and conditions of each Award (including, but not limited to, the
      Option Price of any Option, the nature and duration of any restriction or
      condition (or provision for lapse thereof) relating to the vesting,
      exercise, transfer, or forfeiture of an Award or the shares of Stock
      subject thereto, and any terms or conditions that may be necessary to
      qualify Options as Incentive Stock
Options);

            

    

     

    
      	
            	
              (v)

            	
              prescribe
      the form of each Award Agreement evidencing an Award;
  and

            

    

     

    
      	
               
      

            	
              (vi)

            	
              amend,
      modify, or supplement the terms of any outstanding Award (provided, that,
      no amendment, modification or supplement of any Award shall, without the
      consent of the Grantee, impair the Grantee’s rights under such
      Award).

            

    

     

    The
Board’s authority hereunder specifically includes the authority, in order to
effectuate the purposes of the Plan but without amending the Plan, to modify
Awards to eligible individuals who are foreign nationals or are individuals who
are employed outside the United States to recognize differences in local law,
tax policy, or custom.  Notwithstanding the foregoing, no amendment,
modification or supplement of any Award shall, without the consent of the
Grantee, impair the Grantee’s rights under such Award.

     

    The
Company may retain the right in an Award Agreement to cause a forfeiture of the
gain realized by a Grantee on account of actions taken by the Grantee in
violation or breach of or in conflict with any employment agreement,
non-competition agreement, any agreement prohibiting solicitation of employees
or clients of the Company or any Affiliate thereof or any
confidentiality obligation with respect to the Company or any Affiliate thereof or otherwise in
competition with the Company or any Affiliate thereof, to the extent specified
in such Award Agreement applicable to the Grantee.  In addition, the
Company may annul an Award if the Grantee is an employee of the Company or an
Affiliate thereof and is terminated for Cause as defined in the applicable Award
Agreement or the Plan, as applicable.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    3.4           Deferral
Arrangement.

     

    The Board
may permit or require the deferral of any award payment into a deferred
compensation arrangement, subject to such rules and procedures as it may
establish, which may include provisions for the payment or crediting of interest
or dividend equivalents, including converting such credits into deferred Stock
equivalents.  Any such deferrals shall be made in a manner that
complies with Code Section 409A.

     

    3.5           No
Liability.

     

    No member
of the Board or of a Committee shall be liable for any action or determination
made in good faith with respect to the Plan or any Award or Award
Agreement.

     

    3.6           Share
Issuance/Book Entry.

     

    Notwithstanding any provision of this
Plan to the contrary, the issuance of the Stock under the Plan may be evidenced
in such a manner as the Board, in its discretion, deems appropriate, including,
without limitation, book-entry registration or issuance of one or more Stock
certificates.

     

    
      
        	
                4.

              	
                STOCK
      SUBJECT TO THE PLAN

              

      

    

     

    4.1           Number
of Shares Available for Awards.

     

    Subject
to adjustment as provided in Section 15 hereof, the number of
shares of Stock available for issuance under the Plan shall be 12,000,000, provided further,
however, that
Awards will not be granted in excess of twelve percent (12%) of the total issued
and outstanding Stock of the Company at any given time.  All shares of
Stock issuable under the Plan may be issued as Incentive Stock
Options.  Stock issued or to be issued under the Plan shall be
authorized but unissued shares or, to the extent permitted by applicable law,
issued shares that have been reacquired by the Company.

     

    4.2           Adjustments
in Authorized Shares.

     

    The Board shall have the right to
substitute or assume Awards in connection with mergers, reorganizations,
separations, or other transactions to which Section 424(a) of the Code applies.
The number of shares of Stock reserved pursuant to Section 4 shall be
increased by the corresponding number of Awards assumed and, in the case of a
substitution, by the net increase in the number of shares of Stock subject to
Awards before and after the substitution.

     

    4.3           Share
Usage.

     

    Shares covered by an Award shall be
counted as of the Grant Date for purposes of calculating the number of shares
available for issuance under Section
4.1.  If any shares covered by an Award are not purchased or
are forfeited or expire, or if an Award otherwise terminates without delivery of
any Stock subject thereto or is settled in cash in lieu of shares, then the
number of shares of Stock counted against the aggregate number of shares
available under the Plan with respect to such Award shall, to the extent of any
such forfeiture, termination, or expiration again be available for making Awards
under the Plan. If the exercise price of any Option granted under the Plan is
satisfied by tendering shares of Stock to the Company (by either actual delivery
or by attestation), only the number of shares of Stock issued net of the shares
of Stock tendered shall be deemed delivered for purposes of determining the
maximum number of shares of Stock available for delivery under the
Plan.

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    
      
        	
                5.

              	
                EFFECTIVE
      DATE, DURATION AND AMENDMENTS

              

      

    

     

    5.1           Effective
Date.

     

    The Plan shall be effective as of the
Effective Date, subject to approval of the Plan by the Company’s stockholders
entitled to vote thereon within one year of the Effective Date.  Upon
approval of the Plan by the stockholders of the Company entitled to vote thereon
as set forth above, all Awards made under the Plan on or after the Effective
Date shall be fully effective as if the stockholders of the Company entitled to
vote thereon had approved the Plan on the Effective Date.  If the
stockholders fail to approve the Plan within one year of the Effective Date, any
Awards made hereunder shall be null and void and of no effect, and no additional
Awards shall be made after such date.

     

    5.2           Term.

     

    The Plan shall terminate
automatically ten (10) years after the Effective Date and may be terminated on
any earlier date as provided in Sections 5.3 or
15.3.  No
Awards shall be made after termination of the Plan.

     

    5.3           Amendment
and Termination of the Plan

     

    The Board may, at any time and from
time to time, amend, suspend, or terminate, in whole or in part, any or all of
the provisions of this Plan (including any amendment deemed necessary to ensure
that the Company may comply with any regulatory requirement referred to herein),
or suspend or terminate it entirely, retroactively or otherwise; provided, however, that if the
Board, in its sole discretion, determines that the rights of a Grantee with
respect to an Award granted prior to such amendment, suspension or termination,
may be adversely impaired, the consent of such Grantee shall be required or the
terms of such Grantee’s Award shall continue to be governed by the Plan without
giving effect to any such amendment.  An amendment to the Plan shall
be contingent on approval of the Company’s stockholders entitled to vote thereon
only to the extent required by applicable law, regulations or
rules.  For the avoidance of doubt, nothing in this Section 5.3 shall be
deemed to limit the discretion of the Board under Section
15.3.

     

    5.4           Amendments
of Awards.

     

    The Board may, at any time and from
time to time, amend the terms of any Award, prospectively or retroactively;
provided, however, that if the
Board, in its sole discretion, determines that the rights of a Grantee with
respect to an Award may be adversely impaired by any such amendment, the consent
of such Grantee shall be required.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    
      
        	
                6.

              	
                AWARD
      ELIGIBILITY

              

      

    

     

    6.1           Employees
and Other Service Providers.

     

    Awards
(including Awards of Incentive Stock Options, subject to Section 6.2) may
be made under the Plan to any employee, officer or director of, or other
Service Provider providing services to, the Company or any Affiliate
thereof.  To the extent required by applicable state law, Awards
within certain states may be limited to employees and officers or employees,
officers and directors.  An eligible person may receive more than one
Award, subject to such restrictions as are provided herein.

     

    6.2           Limitations
on Incentive Stock Options.

     

    An Option
shall constitute an Incentive Stock Option only (i) if the Grantee of such
Option is an employee of the Company or any Subsidiary of the Company, (ii) to
the extent specifically provided in the related Award Agreement and (iii) to the
extent that the aggregate Fair Market Value (determined at the time the Option
is granted) of the shares of Stock with respect to which all Incentive Stock
Options held by such Grantee become exercisable for the first time during any
calendar year (under the Plan and all other plans of the Grantee’s employer and
its Affiliates) does not exceed $100,000.  This limitation shall be
applied by taking options into account in the order in which they were
granted.

     

    
      
        	
                7.

              	
                AWARD
      AGREEMENT

              

      

    

     

    Each
Award pursuant to the Plan shall be evidenced by an Award Agreement, in such
form or forms as the Board shall from time to time determine, which specifies
the number of shares subject to the Award (subject to adjustment in accordance
with Section 15).  Award
Agreements granted from time to time or at the same time need not contain
similar provisions but shall be consistent with the terms of the
Plan.  Each Award Agreement evidencing an Award of Options shall
specify whether such Options are intended to be Nonqualified Stock Options or
Incentive Stock Options, and in the absence of such specification such options
shall be deemed Nonqualified Stock Options.

     

    
      
        	
                8.

              	
                TERMS
      AND CONDITIONS OF OPTIONS

              

      

    

     

    8.1           Option
Price.

     

    The Option Price of each Option shall
be fixed by the Board and stated in the Award Agreement evidencing such
Option.  The Option Price shall not be less than the Fair Market Value
on the Grant Date of a share of Stock; provided, however, that in the
event that a Grantee is a Ten-Percent Stockholder, the Option Price of an
Incentive Stock Option granted to such Grantee shall be not less than one
hundred ten percent (110%) of the Fair Market Value of a share of Stock on the
Grant Date.  In no case shall the Option Price of any Option be less
than the par value of a share of Stock.

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    8.2           Vesting.

     

    Subject
to Sections 8.3 and 15.3 hereof, each Option
granted under the Plan shall become exercisable at such times and under such
conditions as shall be determined by the Board and stated in the Award
Agreement.  For purposes of this Section 8.2,
fractional numbers of shares of Stock subject to an Option shall be rounded down
to the next nearest whole number.  The Board may provide, for example,
in the Award Agreement for (i) accelerated exercisability of the Option in
the event the Grantee’s Service terminates on account of death, Disability or
another event, (ii) expiration of the Option prior to its term in the event
of the termination of the Grantee’s Service, (iii) immediate forfeiture of
the Option in the event the Grantee’s Service is terminated for Cause or
(iv) unvested Options to be exercised subject to the Company’s right of
repurchase with respect to unvested shares of Stock.

     

    8.3           Term.

     

    Each
Option granted under the Plan shall terminate, and all rights to purchase shares
of Stock thereunder shall cease, upon the expiration of ten (10) years from the
Grant Date, or under such circumstances and on such date prior thereto as is set
forth in the Plan or as may be fixed by the Board and stated in the Award
Agreement relating to such Option; provided, however, that in the
event that the Grantee is a Ten-Percent Stockholder, an Option granted to such
Grantee that is intended to be an Incentive Stock Option shall not be
exercisable after the expiration of five (5) years from its Grant
Date.

     

    8.4           Exercise
of Options on Termination of Service.

     

    Each
Award Agreement shall set forth the extent to which the Grantee shall have the
right to exercise the Option following termination of the Grantee’s
Service.  Such provisions shall be determined in the sole discretion
of the Board, need not be uniform among all Options issued pursuant to the Plan,
and may reflect distinctions based on the reasons for termination of
Service.

     

    8.5           Limitations
on Exercise of Option.

     

    Notwithstanding
any other provision of the Plan, in no event may any Option be exercised, in
whole or in part, prior to the date the Plan is approved by the stockholders of
the Company entitled to vote thereon, or after ten (10) years following the
Grant Date, or after the occurrence of an event referred to in Section 15
hereof which results in termination of the Option.

     

    8.6           Exercise
Procedure.

     

    An Option
that is exercisable may be exercised by the Grantee’s delivery to the Company of
written notice of exercise on any business day, at the Company’s principal
office, in the form
specified by the Company.  Such notice shall specify the number of
shares of Stock with respect to which the Option is being exercised and shall be
accompanied by payment in full of the Option Price of the shares for which the
Option is being exercised.  The minimum number of shares of Stock with
respect to which an Option may be exercised, in whole or in part, at any time
shall be the lesser of (i) one hundred (100) shares or such lesser number set
forth in the applicable Award Agreement and (ii) the maximum number of shares
available for purchase under the Option at the time of exercise.  The
Option Price shall be payable in a form described in Section 10.

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    8.7           Right
of Holders of Options.

     

    Unless
otherwise stated in the applicable Award Agreement, an individual holding or
exercising an Option shall have none of the rights of a stockholder of the
Company (for example, the right to cash or dividend payments or distributions
attributable to the subject shares of Stock) until the shares of Stock covered
thereby are fully paid and issued to such individual.

     

    8.8           Delivery
of Stock Certificates.

     

    Promptly
after the exercise of an Option by a Grantee and the payment in full of the
Option Price, such Grantee shall be entitled to the issuance of a stock
certificate or certificates evidencing such Grantee’s ownership of the shares of
Stock purchased upon such exercise of the Option.  Notwithstanding any
other provision of this Plan to the contrary, the Company may elect to satisfy
any requirement under this Plan for the delivery of stock certificates through
the use of book-entry.

     

    8.9           Transferability
of Options.

     

    Except as
provided in Section 8.10,
during the lifetime of a Grantee, only the Grantee (or, in the event of legal
incapacity or incompetency, the Grantee’s guardian or legal representative) may
exercise an Option.  Except as provided in Section 8.10, no
Option shall be assignable or transferable by the Grantee to whom it is granted,
other than by will or the laws of descent and distribution.

     

    8.10           Family
Transfers.

     

    If
authorized in the applicable Award Agreement, a Grantee may transfer, not for
value, all or part of an Option that is not an Incentive Stock Option to any
Family Member.  For the purpose of this Section 8.10, a
“not for value” transfer is a transfer which is (i) a gift, (ii) a transfer
under a domestic relations order in settlement of marital property rights, or
(iii) unless applicable law does not permit such transfers, a transfer to an
entity in which more than fifty percent (50%) of the voting interests are owned
by Family Members (or the Grantee) in exchange for an interest in that
entity.  Following a transfer under this Section 8.10,
any such Option shall continue to be subject to the same terms and conditions as
were applicable immediately prior to transfer, and shares of Stock acquired
pursuant to the Option shall be subject to the same restrictions on transfer of
shares as would have applied to the Grantee.  Subsequent transfers of
transferred Options are prohibited except to Family Members of the original
Grantee in accordance with this Section 8.10 or by will or the laws
of descent and distribution.  The events of termination of Service
under an Option shall continue to be applied with respect to the original
Grantee, following which the Option shall be exercisable by the transferee only
to the extent, and for the periods specified in the applicable Award Agreement,
and the shares may be subject to repurchase by the Company or its
assignee.

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    8.11           Notice
of Disqualifying Disposition.

     

    If any Grantee shall make any
disposition of shares of Stock issued pursuant to the exercise of an Incentive
Stock Option under the circumstances described in Code Section 421(b) (relating
to certain disqualifying dispositions), such Grantee shall notify the Company of
such disposition within ten (10) days thereof.

     

    
      
        	
                9.

              	
                TERMS
      AND CONDITIONS OF RESTRICTED STOCK AND STOCK
  UNITS

              

      

    

     

    9.1           Award
of Restricted Stock and Stock Units.

     

    The Board
may from time to time grant Restricted Stock or Stock Units to persons eligible
to receive Awards under Section 6
hereof, subject to such restrictions, conditions and other terms as the Board
may determine.

     

    9.2           Restrictions.

     

    At the
time an Award of Restricted Stock or Stock Units is made, the Board shall
establish a restriction period applicable to such Restricted Stock or Stock
Units.  Each Award of Restricted Stock or Stock Units may be subject
to a different restriction period.  The Board may, in its sole
discretion, at the time an Award of Restricted Stock or Stock Units is made,
prescribe conditions that must be satisfied prior to the expiration of the
restriction period, including the satisfaction of corporate or individual
performance objectives or continued Service, in order that all or any portion of
the Restricted Stock or Stock Units shall vest.

     

    The Board
also may, in its sole discretion, shorten or terminate the restriction period or
waive any of the conditions applicable to all or a portion of the Restricted
Stock or Stock Units.  The Restricted Stock or Stock Units may not be
sold, transferred, assigned, pledged or otherwise encumbered or disposed of
during the restriction period or prior to the satisfaction of any other
conditions prescribed by the Board with respect to such Restricted Stock or
Stock Units.

     

    9.3           Restricted
Stock Certificates.

     

    The
Company shall issue, in the name of each Grantee to whom Restricted Stock has
been granted, stock certificates representing the total number of shares of
Restricted Stock granted to such Grantee, as soon as reasonably practicable
after the applicable Grant Date.  The Board may provide in an Award
Agreement that either (i) the Secretary of the Company shall hold such
certificates for the Grantee’s benefit until such time as the Restricted Stock
is forfeited to the Company, or the restrictions lapse, or (ii) such
certificates shall be delivered to the Grantee; provided, however, that such
certificates shall bear a legend or legends that complies with the applicable
securities laws and regulations and makes appropriate reference to the
restrictions imposed under the Plan and the Award Agreement.

     

    9.4           Rights
of Holders of Restricted Stock.

     

    Holders
of Restricted Stock shall have the right to vote such Stock and, unless the
Board otherwise provides in an Award Agreement, to receive any dividends
declared or paid with respect to such Stock.  The Board may provide
that any dividends paid on Restricted Stock must be reinvested in shares of
Stock, which may or may not be subject to the same or other vesting conditions
and restrictions applicable to such Restricted Stock.  All
distributions, if any, received by a Grantee with respect to Restricted Stock as
a result of any stock split, stock dividend, combination of shares, or other
similar transaction shall be subject to the restrictions applicable to the
original Award.

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    9.5         Rights
of Holders of Stock Units.

     

    
      	
               
      

            	
              9.5.1

            	
              Voting
      and Dividend Rights.

            

    

     

    Holders
of Stock Units shall have no rights as stockholders of the
Company.  The Board may provide in an Award Agreement evidencing a
grant of Stock Units that the holder of such Stock Units shall be entitled to
receive, upon the Company’s payment of a cash dividend on its outstanding Stock,
a cash payment for each Stock Unit held equal to the per-share dividend paid on
the Stock.  Such Award Agreement may also provide that such cash
payment will be deemed reinvested in additional Stock Units at a price per unit
equal to the Fair Market Value of a share of Stock on the date that such
dividend is paid.

     

    
      	
               
      

            	
              9.5.2

            	
              Creditor’s
      Rights.

            

    

     

    A holder
of Stock Units shall have no rights other than those of a general creditor of
the Company.  Stock Units represent an unfunded and unsecured
obligation of the Company, subject to the terms and conditions of the applicable
Award Agreement.

     

    9.6         Termination
of Service.

     

    Unless
otherwise provided by the Board in the applicable Award Agreement, upon the
termination of a Grantee’s Service with the Company or an Affiliate thereof, any
shares of Restricted Stock or Stock Units held by such Grantee that have not
vested, or with respect to which all applicable restrictions and conditions have
not lapsed, shall immediately be deemed forfeited.  Upon forfeiture of
Restricted Stock or Stock Units, the Grantee shall have no further rights with
respect to such Award, including, but not limited to, the right to vote
Restricted Stock and any right to receive dividends with respect to shares of
Restricted Stock or Stock Units.

     

    9.7         Purchase
and Delivery of Stock.

     

    The
Grantee shall be required to purchase the Restricted Stock or Stock Units from
the Company at a Purchase Price equal to the greater of (i) the aggregate par
value of the shares of Stock represented by such Restricted Stock or Stock Units
or (ii) the Purchase Price, if any, specified in the Award Agreement relating to
such Restricted Stock or Stock Units.  The Purchase Price shall be
payable in a form described in Section 10 or, in the discretion of
the Board, in consideration for past Services rendered to the Company or an
Affiliate thereof.

     

    Upon the
expiration or termination of the restriction period and the satisfaction of any
other conditions prescribed by the Board, having properly paid the Purchase
Price, the restrictions applicable to shares of Restricted Stock or Stock Units
settled in Stock shall lapse, and, unless otherwise provided in the Award
Agreement, a stock certificate for such shares shall be delivered, free of all
such restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the
case may be, upon the surrender of any stock certificate(s) previously issued to
such Grantee in respect of such shares.  Neither the Grantee, nor the
Grantee’s beneficiary or estate, shall have any further rights with regard to a
Stock Unit once the share of Stock represented by the Stock Unit has been
delivered.

     

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    
      	
              10.

            	
              FORM
      OF PAYMENT

            

    

     

    Payment
of the Option Price for the shares purchased pursuant to the exercise of an
Option or the Purchase Price for Restricted Stock or Stock Units shall be made
in cash or in cash equivalents acceptable to the Company.  In
addition, to the extent the Award Agreement so provides, payment of the Option
Price for shares purchased pursuant to exercise of an Option may be made in any
other form that is consistent with applicable laws, regulations and
rules.

     

    
      	
              11.

            	
              WITHHOLDING
      TAXES

            

    

     

    The
Company or an Affiliate thereof, as the case may be, shall have the right to
deduct from payments of any kind otherwise due to a Grantee any federal, state,
or local taxes of any kind required by law to be withheld with respect to the
vesting of or other lapse of restrictions applicable to an Award or upon the
issuance of any shares of Stock or payment of any kind upon the exercise of an
Option.  At the time of such vesting, lapse, or exercise, the Grantee
shall pay to the Company or the Affiliate thereof, as the case may be, any
amount that the Company or the Affiliate thereof may reasonably determine to be
necessary to satisfy such withholding obligation.  Subject to the
prior approval of the Company or the Affiliate thereof, which may be withheld by
the Company or the Affiliate thereof, as the case may be, in its sole
discretion, the Grantee may elect to satisfy such obligations, in whole or in
part, (i) by causing the Company or the Affiliate thereof to withhold
shares of Stock otherwise issuable to the Grantee or (ii) by delivering to
the Company or the Affiliate shares of Stock already owned by the
Grantee.  The shares of Stock so delivered or withheld shall have an
aggregate Fair Market Value equal to such withholding
obligations.  The Fair Market Value of the shares of Stock used to
satisfy such withholding obligation shall be determined by the Board as of the
date that the amount of tax to be withheld is to be determined.  A
Grantee who has made an election pursuant to this Section 11 may
satisfy his or her withholding obligation only with shares of Stock that are not
subject to any repurchase, forfeiture, unfulfilled vesting, or other similar
requirements.  The maximum number of shares of Stock that may be
withheld from any Award to satisfy any federal, state or local tax withholding
requirements upon the exercise, vesting, lapse of restrictions applicable to
such Award or payment of shares pursuant to such Award, as applicable, cannot
exceed such number of shares having a Fair Market Value equal to the minimum
statutory amount required by the Company to be withheld and paid to any such
federal, state or local taxing authority with respect to such exercise, vesting,
lapse of restrictions or payment of shares.

     

    
      	
              12.

            	
              RESTRICTIONS
      ON TRANSFER OF SHARES OF STOCK

            

    

     

    12.1         Right
of First Refusal.

     

    Any
shares of Stock acquired by, or delivered or issued to, the Grantee under the
Plan shall be subject to any right of first refusal of the Company that is
included in the Amended and Restated Stockholders Agreement that the Company has
entered into with certain of its stockholders on May 29, 2009, as may be amended
and restated from time to time (the “Stockholders
Agreement”).

     

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    12.2         Repurchase
and Other Rights.

     

    Stock
issued upon exercise of an Option or pursuant to an Award of Restricted Stock or
Stock Units may be subject to such right of repurchase upon termination of
Service or other transfer restrictions as the Board may determine, consistent
with applicable law.  Any additional restrictions shall be set forth
in the Award Agreement; provided, however, that no such
restrictions shall be inconsistent with the terms of the Plan and the
Stockholders Agreement.

     

    12.3         Installment
Payments.

     

    In the
case of any repurchase of shares of Stock acquired by the Grantee pursuant to
the exercise of an Option or under an Award of Restricted Stock or Stock Units,
the Company or its permitted assignee may pay the Grantee, transferee, or other
registered owner of the Stock the purchase price in three (3) or fewer annual
installments.  Interest shall be credited on the installments at the
applicable federal rate (as determined for purposes of Section 1274 of the Code)
in effect on the date on which the purchase is made.  The Company or
its permitted assignee shall pay at least one-third of the total purchase price
each year, plus interest on the unpaid balance, with the first payment being
made on or before the 60th day after the purchase.

     

    12.4         Publicly
Traded Stock.

     

    If the
Stock is listed on an established national or regional stock exchange or is
publicly traded in an established securities market, the foregoing transfer
restrictions of Section 12.2 shall
terminate as of the first date that the Stock is so listed, quoted or publicly
traded.

     

    12.5         Legend.

     

    In order
to enforce the restrictions imposed upon shares of Stock under this Plan or as
provided in an Award Agreement, the Board may cause a legend or legends to be
placed on any certificate representing shares issued pursuant to this Plan that
complies with the applicable securities laws and regulations and makes
appropriate reference to the restrictions imposed under it.

     

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    
      	
              13.

            	
              PARACHUTE
      LIMITATIONS

            

    

     

    Notwithstanding
any other provision of this Plan or of any other agreement, contract or
understanding heretofore or hereafter entered into by a Grantee with the Company
or any Affiliate thereof, except an agreement, contract or understanding that
expressly addresses Section 280G or Section 4999 of the Code (an “Other Agreement”), and
notwithstanding any formal or informal plan or other arrangement for the direct
or indirect provision of compensation to the Grantee (including groups or
classes of participants or beneficiaries of which the Grantee is a member),
whether or not such compensation is deferred, is in cash, or is in the form of a
benefit to or for the Grantee (a “Benefit Arrangement”), if the
Grantee is a “disqualified individual,” as defined in Section 280G(c) of the
Code, any Awards held by that Grantee and any right to receive any payment or
other benefit under this Plan shall not become exercisable or vested (i) to the
extent that such right to exercise, vesting, payment, or benefit, taking into
account all other rights, payments, or benefits to or for the Grantee under this
Plan, all Other Agreements, and all Benefit Arrangements, would cause any
payment or benefit to the Grantee under this Plan to be considered a “parachute
payment” within the meaning of Section 280G(b)(2) of the Code as then in effect
(a “Parachute Payment”)
and (ii) if, as a result of receiving a Parachute Payment, the aggregate
after-tax amounts received by the Grantee from the Company under this Plan, all
Other Agreements, and all Benefit Arrangements would be less than the maximum
after-tax amount that could be received by the Grantee without causing any such
payment or benefit to be considered a Parachute Payment.  In the event
that the receipt of any such right to exercise, vesting, payment, or benefit
under this Plan, in conjunction with all other rights, payments, or benefits to
or for the Grantee under any Other Agreement or any Benefit Arrangement would
cause the Grantee to be considered to have received a Parachute Payment under
this Plan that would have the effect of decreasing the after-tax amount received
by the Grantee as described in clause (ii) of the preceding sentence, then those
rights, payments, or benefits under this Plan, any Other Agreements, and any
Benefit Arrangements shall be reduced or eliminated so as to avoid having the
payment or benefit to the Grantee be deemed to be a Parachute
Payment.  The Company shall reduce or eliminate the Parachute Payments
by first reducing or eliminating any cash payments benefits (with the payments
to be made furthest in the future being reduced first), then by reducing or
eliminating any accelerated vesting of Options, then by reducing or eliminating
any accelerated vesting of Restricted Stock, then by reducing or eliminating any
other remaining Parachute Payments.

     

    
      	
              14.

            	
              REQUIREMENTS
      OF LAW

            

    

     

    14.1         General.

     

    The
Company shall not be required to sell or issue any shares of Stock under any
Award if the sale or issuance of such shares would constitute a violation by the
Grantee, any other individual exercising a right emanating from such Award, or
the Company of any provision of any law or regulation of any governmental
authority, including without limitation any federal or state securities laws or
regulations.  If at any time the Company shall determine, in its
discretion, that the listing, registration or qualification of any shares
subject to an Award upon any securities exchange or under any governmental
regulatory body is necessary or desirable as a condition of, or in connection
with, the issuance or purchase of shares hereunder, no shares of Stock may be
issued or sold to the Grantee or any other individual exercising an Option
pursuant to such Award unless such listing, registration, qualification, consent
or approval shall have been effected or obtained free of any conditions not
acceptable to the Company, and any delay caused thereby shall in no way affect
the date of termination of the Award.  Without limiting the generality
of the foregoing, in connection with the Securities Act, upon the exercise of
any right emanating from such Award or the delivery of any shares of Restricted
Stock, unless a registration statement under the Securities Act is in effect
with respect to the shares of Stock covered by such Award, the Company shall not
be required to sell or issue such shares unless the Board has received evidence
satisfactory to it that the Grantee or any other individual exercising an Option
may acquire such shares pursuant to an exemption from registration under the
Securities Act.  Any determination in this connection by the Board
shall be final, binding, and conclusive.  The Company may, but shall
in no event be obligated to, register any securities covered hereby pursuant to
the Securities Act.  The Company shall not be obligated to take any
affirmative action in order to cause the exercise of an Option or the issuance
of shares of Stock pursuant to the Plan to comply with any law or regulation of
any governmental authority.  As to any jurisdiction that expressly
imposes the requirement that an Option shall not be exercisable until the shares
of Stock covered by such Option are registered or are exempt from registration,
the exercise of such Option (under circumstances in which the laws of such
jurisdiction apply) shall be deemed conditioned upon the effectiveness of such
registration or the availability of such an exemption.

     

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

    14.2         Rule
16b-3.

     

    During
any time when the Company has a class of equity security registered under
Section 12 of the Exchange Act, it is the intent of the Company that Awards
pursuant to the Plan and the exercise of Options granted hereunder will qualify
for the exemption provided by Rule 16b-3 under the Exchange Act.  To
the extent that any provision of the Plan or action by the Board does not comply
with the requirements of Rule 16b-3, it shall be deemed inoperative to the
extent permitted by law and deemed advisable by the Board, and shall not affect
the validity of the Plan.  In the event that Rule 16b-3 is revised or
replaced, the Board may exercise its discretion to modify this Plan in any
respect necessary to satisfy the requirements of, or to take advantage of any
features of, the revised exemption or its replacement.

     

    
      	
              15.

            	
              EFFECT
      OF CHANGES IN CAPITALIZATION

            

    

     

    15.1         Changes
in Stock.

     

    If the number of outstanding shares of
Stock is increased or decreased or the shares of Stock are changed into or
exchanged for a different number or kind of shares or other securities of the
Company on account of any recapitalization, reclassification, stock split,
reverse split, combination of shares, exchange of shares, stock dividend or
other distribution payable in capital stock, or other increase or decrease in
such shares effected without receipt of consideration by the Company occurring
after the Effective Date, the number and kinds of shares for which Awards may be
made under the Plan shall be adjusted proportionately and accordingly by the
Board.  In addition, the number and kind of shares for which Awards
are outstanding shall be adjusted proportionately and accordingly so that the
proportionate interest of the Grantee immediately following such event shall, to
the extent practicable, be the same as immediately before such
event.  Any such adjustment in outstanding Options shall not change
the aggregate Option Price payable with respect to shares that are subject to
the unexercised portion of an outstanding Option, but shall include a
corresponding proportionate adjustment in the Option Price  per
share.  The conversion of any convertible securities of the Company
shall not be treated as an increase in shares effected without receipt of
consideration.   Notwithstanding the foregoing, in the event of
any distribution to the Company’s stockholders of securities of any other entity
or other assets (including an extraordinary dividend but excluding a
non-extraordinary dividend of the Company) without receipt of consideration by
the Company, the Company shall, in such manner as the Company deems appropriate,
adjust (i) the number and kind of shares subject to outstanding Awards and/or
(ii) the exercise price of outstanding Options to reflect such
distribution.

     

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    15.2         Reorganization
in Which the Company Is the Surviving Entity and in Which No Change of Control
Occurs.

     

    Subject
to the exception set forth in the last sentence of Section 15.4, if the
Company shall be the surviving entity in any reorganization, merger, or
consolidation of the Company with one or more other entities and in which no
Change of Control occurs, any Award theretofore made pursuant to the Plan shall
pertain to and apply to the securities to which a holder of the number of shares
of Stock subject to such Award would have been entitled immediately following
such reorganization, merger, or consolidation, and with a corresponding
proportionate adjustment of the Option Price per share so that the aggregate
Option Price thereafter shall be the same as the aggregate Option Price of the
shares remaining subject to the Option immediately prior to such reorganization,
merger, or consolidation.  In the event of a transaction described in
this Section
15.2, Stock Units shall be adjusted so as to apply to the securities that
a holder of the number of shares of Stock subject to the Stock Units would have
been entitled to receive immediately following such transaction.

     

    15.3         Change
of Control.

     

    Subject
to the exceptions set forth in the last sentence of this Section 15.3 and the
last sentence of Section 15.4, upon the occurrence of a Change of Control either
of the following two actions shall be taken:

     

    (i) fifteen days prior to the scheduled
consummation of a Change of Control, all shares of Restricted Stock and Stock
Units shall become immediately vested and all Options outstanding hereunder
shall become immediately exercisable and shall remain exercisable for a period
of fifteen days, or

     

    (B) the Board may elect, in its sole
discretion, to cancel any outstanding Awards and pay or deliver, or cause to be
paid or delivered, to the holder thereof an amount in cash or securities having
a value (as determined by the Board acting in good faith) equal to the product
of the number of shares of Stock subject to the Award (the “Grant Shares”)
multiplied by the amount, if any, by which (I) the formula or fixed price per
share paid to holders of shares of Stock pursuant to such transaction exceeds
(II) the Option Price applicable to such Grant Shares.

     

    With
respect to the Company’s establishment of an exercise window, (i) any exercise
of an Option during such period shall be conditioned upon the consummation of
the event and shall be effective only immediately before the consummation of the
event, and (ii) upon consummation of any Change of Control, the Plan and all
outstanding but unexercised Options shall terminate.  The Board shall
send written notice of an event that will result in such a termination to all
individuals who hold Options not later than the time at which the Company gives
notice thereof to its stockholders.

     

    This
Section
15.3 shall
not apply to any Change of Control to the extent that provision is made in
writing in connection with such Change of Control for the assumption or
continuation of the Options, Stock Units or shares of Restricted Stock
theretofore granted, or for the substitution for such Awards for new common
stock options, stock units or new shares of restricted stock relating to the
stock of a successor entity, or a parent or subsidiary thereof, with appropriate
adjustments as to the number of shares (disregarding any consideration that is
not common stock) and option prices, in which event the Awards theretofore
granted shall continue in the manner and under the terms so
provided.  In the event a Grantee’s Award is assumed, continued or
substituted upon the consummation of any Change of Control and his employment is
terminated without Cause within one year following the consummation of such
Change of Control, the Grantee’s Award will be fully vested and may be exercised
in full, to the extent applicable, for the period set forth in the Grantee’s
Award Agreement or for such longer period as the Committee may
determine.

     

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

    15.4         Adjustments.

     

    Adjustments
under Section 15
related to shares of Stock or securities of the Company shall be made by the
Board, whose determination in that respect shall be final, binding and
conclusive.  No fractional shares or other securities shall be issued
pursuant to any such adjustment, and any fractions resulting from any such
adjustment shall be eliminated in each case by rounding downward to the nearest
whole share.  The Board may provide in Award Agreements at the time of
grant, or any time thereafter with the consent of the Grantee, for different
provisions to apply to an Award in place of those described in Sections 15.1-15.3.

     

    15.5         No
Limitations on Company.

     

    The
making of Awards pursuant to the Plan shall not affect or limit in any way the
right or power of the Company to make adjustments, reclassifications,
reorganizations, or changes of its capital or business structure or to merge,
consolidate, dissolve, or liquidate, or to sell or transfer all or any part of
its business or assets.

     

    
      	
              16.

            	
              GENERAL
      PROVISIONS

            

    

     

    16.1         Disclaimer
of Rights.

     

    No
provision in the Plan or in any Award or Award Agreement shall be construed to
confer upon any individual the right to remain in the employ or service of the
Company or any Affiliate thereof, or to interfere in any way with any
contractual or other right or authority of the Company either to increase or
decrease the compensation or other payments to any individual at any time, or to
terminate any employment or other relationship between any individual and the
Company or any Affiliate thereof.  The obligation of the Company to
pay any benefits pursuant to this Plan shall be interpreted as a contractual
obligation to pay only those amounts described herein, in the manner and under
the conditions prescribed herein.  The Plan shall in no way be
interpreted to require the Company to transfer any amounts to a third party
trustee or otherwise hold any amounts in trust or escrow for payment to any
participant or beneficiary under the terms of the Plan.

     

    16.2         Nonexclusivity
of the Plan.

     

    Neither
the adoption of the Plan nor the submission of the Plan to the stockholders of
the Company entitled to vote thereon for approval shall be construed as creating
any limitations upon the right and authority of the Board to adopt such other
incentive compensation arrangements (which arrangements may be applicable either
generally to a class or classes of individuals or specifically to a particular
individual or particular individuals) as the Board in its discretion determines
desirable, including, without limitation, the granting of stock options
otherwise than under the Plan.

     

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

    16.3         Captions.

     

    The use
of captions in this Plan or any Award Agreement is for the convenience of
reference only and shall not affect the meaning of any provision hereof or
thereof.

     

    16.4         Other
Award Agreement Provisions.

     

    Each
Award under the Plan may contain such other terms and conditions not
inconsistent with the Plan as may be determined by the Board, in its sole
discretion.

     

    16.5         Number
and Gender.

     

    With
respect to words used in this Plan, the singular form shall include the plural
form, the masculine gender shall include the feminine gender, etc., as the
context requires.

     

    16.6         Severability.

     

    If any
provision of the Plan or any Award Agreement shall be determined to be illegal
or unenforceable by any court of law in any jurisdiction, the remaining
provisions hereof and thereof shall be severable and enforceable in accordance
with their terms, and all provisions shall remain enforceable in any other
jurisdiction.

     

    16.7         Governing
Law.

     

    The
validity and construction of this Plan and the instruments evidencing the Awards
awarded hereunder shall be governed by the laws of the State of Maryland other
than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Plan and the instruments evidencing the
Awards awarded hereunder to the substantive laws of any other
jurisdiction.

     

    16.8         Code
Section 409A.

     

    The Board
intends to comply with Section 409A of the Code, or an exemption to Section 409A
of the Code, with regard to Awards hereunder that constitute nonqualified
deferred compensation within the meaning of Section 409A of the
Code.  To the extent that the Board determines that a Grantee would be
subject to the additional twenty percent (20%) tax imposed on certain
nonqualified deferred compensation plans pursuant to Section 409A of the Code as
a result of any provision of any Award granted under this Plan, such provision
shall be deemed amended to the minimum extent necessary to avoid application of
such additional tax.  The nature of any such amendment shall be
determined by the Board.

     

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

    To record
adoption of the Plan by the Board as of December 29, 2009, and approval of the
Plan by the stockholders entitled to vote thereon on December 29, 2009, the
Company has caused its authorized officer to execute the Plan.  This
Plan is executed and adopted as of the 29th day of
December 2009.

     

    
      
        	
                THE
      KEYW HOLDING CORPORATION

              
	 
      	 
      
	
                By:

              	
                   /s/ Leonard E.
      Moodispaw

              
	 
      	
                Name:
      Leonard E. Moodispaw

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