Document:

Exhibit
10.1

 

SIXTH
AMENDMENT TO THE

INSPIREMD,
INC. 2013 LONG-TERM INCENTIVE PLAN

 

This
SIXTH AMENDMENT TO THE INSPIREMD, INC. 2013 LONG-TERM INCENTIVE PLAN (this “Amendment”), dated as of
August 31, 2020 (the “Effective Date”) is made and entered into by InspireMD, Inc., a Delaware corporation
(the “Company”). Terms used in this Amendment with initial capital letters that are not otherwise defined
herein shall have the meanings ascribed to such terms in the InspireMD, Inc. 2013 Long-Term Incentive Plan, as amended (the “Plan”).

 

RECITALS

 

WHEREAS,
Article 9 of the Plan provides that the Company’s Board of Directors (the “Board”) may amend the
Plan at any time and from time to time;

 

WHEREAS,
the Company previously reserved a total of nine million seven hundred thousand (9,700,000) shares of common stock of the Company,
par value $0.0001 (“Common Stock”), to be delivered pursuant to awards under the Plan;

 

WHEREAS,
on October 1, 2015, the Company effected a one-for-ten reverse stock split such that, after giving effect to the reverse stock
split, there were nine hundred seventy thousand (970,000) shares of Common Stock reserved for issuance under the Plan;

 

WHEREAS,
on April 18, 2016, the Board and, on May 24, 2016, at the Company’s 2016 annual meeting of stockholders, the stockholders,
approved an amendment to the Plan to increase the number of shares of Common Stock available for issuance pursuant to awards under
the Plan by ten million (10,000,000) shares, to a total of ten million nine hundred seventy thousand (10,970,000) shares of Common
Stock;

 

WHEREAS,
on August 4, 2016, the Board and, on September 28, 2016, at the Company’s special meeting of stockholders, the stockholders,
approved an amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by six
million three hundred thousand (6,300,000) shares, to a total of seventeen million two hundred seventy thousand (17,270,000) shares
of Common Stock;

 

WHEREAS,
on October 7, 2016, the Company effected a 1-for-25 reverse stock split such that, after giving effect to the reverse stock split,
there were six hundred ninety thousand eight hundred (690,800) shares of Common Stock reserved for issuance pursuant to awards
under the Plan;

 

WHEREAS,
on February 7, 2018, the Company effected a 1-for-35 reverse stock split such that, after giving effect to the reverse stock split,
there were nineteen thousand seven hundred thirty-seven (19,737) shares of Common Stock reserved for issuance pursuant to awards
under the Plan;

 

    	 

     

    

 

WHEREAS,
on May 23, 2018, the Board and, on October 24, 2018, at the Company’s 2018 annual meeting of stockholders, the stockholders,
approved an amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by eight
million nine hundred thousand (8,900,000) shares, to a total of eight million nine hundred nineteen thousand seven hundred thirty-seven
(8,919,737) shares of Common Stock;

 

WHEREAS,
on February 4, 2019, the Board and, on March 21, 2019, at the Company’s 2019 annual meeting of stockholders, the stockholders,
approved an amendment to the Plan to increase the number of shares of Common Stock available for issuance under the Plan by twenty
five million (25,000,000) shares, to a total of thirty three million, nine hundred and nineteen thousand, seven hundred and fifty
(33,919,750) shares of Common Stock;

 

WHEREAS,
on March 27, 2019, the Company effected a 1-for-50 reverse stock split such that, after giving effect to the reverse stock split,
there were six hundred and seventy eight thousand, three hundred and ninety five (678,395) shares of Common Stock reserved for
issuance pursuant to awards under the Plan;

 

WHEREAS,
the Board desires to amend the Plan to increase the number of shares of Common Stock that may be delivered pursuant to awards
under the Plan by an additional 6,500,000 shares, for an aggregate maximum total of 7,178,395 shares of Common Stock available
for issuance under the Plan; and

 

WHEREAS,
the Board intends to submit this Amendment to the Company’s stockholders for their approval.

 

NOW,
THEREFORE, in accordance with Article 9 of the Plan and subject to stockholder approval, the Plan is hereby amended, effective
as of the date hereof, as follows:

 

1.
Section 5.1 of the Plan is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following
new Section 5.1:

 

5.1
Number Available for Awards. Subject to adjustment as provided in Articles 11 and 12, the maximum number of shares
of Common Stock that may be delivered pursuant to Awards granted under the Plan is 7,178,395 shares, of which one hundred percent
(100%) may be delivered pursuant to Incentive Stock Options. Shares to be issued may be made available from authorized but unissued
Common Stock, Common Stock held by the Company in its treasury, or Common Stock purchased by the Company on the open market or
otherwise. During the term of this Plan, the Company will at all times reserve and keep available the number of shares of Common
Stock that shall be sufficient to satisfy the requirements of this Plan.

 

2.
Except as expressly amended by this Amendment, the Plan shall continue in full force and effect in accordance with the provisions
thereof, and all awards granted under the Plan prior to the Effective Date shall continue to be governed pursuant to the terms
of the Plan as in effect immediately prior to the Effective Date.

 

[Remainder
of Page Intentionally Left Blank;

Signature
Page Follows.]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Amendment to be duly executed as of the date first written above.

 

	 	INSPIREMD,
    INC.
	 	 	 
	 	By:	 /s/
    Craig Shore
	 	Name:
    	Craig
    Shore
	 	Title:	Chief
    Financial Officer, Chief Administrative Officer, Treasurer and Secretary

 

    	 

     

    

 

INSPIREMD,
INC.

2013
LONG-TERM INCENTIVE PLAN

[in
the form originally adopted, excluding any amendments to date]

 

The
InspireMD, Inc. 2013 Long-Term Incentive Plan (the “Plan”) was adopted by the Board of Directors of
InspireMD, Inc., a Delaware corporation (the “Company”), effective as of October 25, 2013, subject to
approval by the Company’s stockholders.

 

ARTICLE
1

PURPOSE

 

The
purpose of the Plan is to attract and retain the services of key Employees, key Contractors, and Outside Directors of the Company
and its Subsidiaries (together, the “Group”) and to provide such persons with a proprietary interest
in the Company through the granting of Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Performance Awards, Dividend Equivalent Rights, and Other Awards, whether granted singly, or in
combination, or in tandem, that will:

 

(a)
increase the interest of such persons in the Group’s welfare;

 

(b)
furnish an incentive to such persons to continue their services for the Company or its Subsidiaries; and

 

(c)
provide a means through which the Group may attract able persons as Employees, Contractors, and Outside Directors.

 

This
Plan is intended serve as an “umbrella” plan for the Company and the entire Group worldwide. Therefore, if so required,
appendices may be added to the Plan for the various international Subsidiaries in order to accommodate local regulations that
do not correspond to the scope of the Plan, at the discretion of the Board. Any such appendices that the Company approves for
purposes of using this Plan for an international Subsidiary will not affect the terms of this Plan for any other country.

 

Attached
hereto as Appendix A is the InspireMD, Inc. 2013 Employee Stock Incentive Plan (the “Israeli Plan”),
designated for the purpose of making grants pursuant to Sections 102 and 3(i) of the Israeli Income Tax Ordinance (New Version),
1961 to Israeli employees and officers of the Group and any other service providers or control holders of the Company who are
subject to Israeli Income Tax.

 

With
respect to Reporting Participants, the Plan and all transactions under the Plan are intended to comply with all applicable conditions
of Rule 16b-3 promulgated under the Exchange Act. To the extent any provision of the Plan or action by the Committee fails to
so comply, such provision or action shall be deemed null and void ab initio, to the extent permitted by law and deemed
advisable by the Committee.

 

ARTICLE
2

DEFINITIONS

 

For
the purpose of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated:

 

2.1
“Applicable Law” means all legal requirements relating to the administration of equity incentive plans
and the issuance and distribution of shares of Common Stock, if any, under applicable corporate laws, applicable securities laws,
the rules of any exchange or inter-dealer quotation system upon which the Company’s securities are listed or quoted, the
rules of any foreign jurisdiction applicable to Incentives granted to residents therein, and any other applicable law, rule or
restriction.

 

2.2
“Award” means the grant of any Incentive Stock Option, Nonqualified Stock Option, Restricted Stock,
SAR, Restricted Stock Units, Performance Award, Dividend Equivalent Right or Other Award, whether granted singly or in combination
or in tandem (each individually referred to herein as an “Incentive”).

 

2.3
“Award Agreement” means a written agreement between a Participant and the Company which sets out the
terms of the grant of an Award.

 

    	 

     

    

 

 

2.4
“Award Period” means the period set forth in the Award Agreement during which one or more Incentives
granted under an Award may be exercised.

 

2.5
“Board” means the board of directors of the Company.

 

2.6
“Change in Control” means any of the following, except as otherwise provided herein: (i) any consolidation,
merger or share exchange of the Company in which the Company is not the continuing or surviving corporation or pursuant to which
shares of the Company’s Common Stock would be converted into cash, securities or other property, other than a consolidation,
merger or share exchange of the Company in which the holders of the Company’s Common Stock immediately prior to such transaction
have the same proportionate ownership of Common Stock of the surviving corporation immediately after such transaction; (ii) any
sale, lease, exchange or other transfer (excluding transfer by way of pledge or hypothecation) in one transaction or a series
of related transactions, of all or substantially all of the assets of the Company; (iii) the stockholders of the Company approve
any plan or proposal for the liquidation or dissolution of the Company; (iv) the cessation of control (by virtue of their not
constituting a majority of directors) of the Board by the individuals (the “Continuing Directors”) who
(x) at the date of this Plan were directors or (y) become directors after the date of this Plan and whose election or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3rds) of the directors
then in office who were directors at the date of this Plan or whose election or nomination for election was previously so approved;
(v) the acquisition of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of an aggregate of fifty
percent (50%) or more of the voting power of the Company’s outstanding voting securities by any person or group (as such
term is used in Rule 13d-5 under the Exchange Act) who beneficially owned less than fifty percent (50%) of the voting power of
the Company’s outstanding voting securities on the date of this Plan; provided, however, that notwithstanding
the foregoing, an acquisition shall not constitute a Change in Control hereunder if the acquirer is (x) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company and acting in such capacity, (y) a Subsidiary of the Company
or a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of voting securities of the Company or (z) any other person whose acquisition of shares of voting securities is approved
in advance by a majority of the Continuing Directors; or (vi) in a Title 11 bankruptcy proceeding, the appointment of a trustee
or the conversion of a case involving the Company to a case under Chapter 7.

 

Notwithstanding
the foregoing provisions of this Section 2.6, if an Award issued under the Plan is subject to Section 409A of the Code,
then an event shall not constitute a Change in Control for purposes of such Award under the Plan unless such event also constitutes
a change in the Company’s ownership, its effective control or the ownership of a substantial portion of its assets within
the meaning of Section 409A of the Code.

 

2.7
“Code” means the United States Internal Revenue Code of 1986, as amended.

 

2.8
“Committee” means the committee appointed or designated by the Board to administer the Plan in accordance
with Article 3 of this Plan.

 

2.9
“Common Stock” means the common stock, par value $0.0001 per share, which the Company is currently authorized
to issue or may in the future be authorized to issue, or any securities into which or for which the common stock of the Company
may be converted or exchanged, as the case may be, pursuant to the terms of this Plan.

 

2.10
“Company” means InspireMD, Inc., a Delaware corporation, and any successor entity.

 

2.11
“Contractor” means any natural person, who is not an Employee, rendering bona fide services to
the Company or a Subsidiary, with compensation, pursuant to a written independent contractor agreement between such person (or
any entity employing such person) and the Company or a Subsidiary, provided that such services are not rendered in connection
with the offer or sale of securities in a capital raising transaction and do not directly or indirectly promote or maintain a
market for the Company’s securities.

 

2.12
“Corporation” means any entity that (i) is defined as a corporation under Section 7701 of the Code and
(ii) is the Company or is in an unbroken chain of corporations (other than the Company) beginning with the Company, if each of
the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total combined
voting power of all classes of stock in one of the other corporations in the chain. For purposes of clause (ii) hereof, an entity
shall be treated as a “corporation” if it satisfies the definition of a corporation under Section 7701 of the Code.

 

    	 

     

    

 

 

2.13
“Date of Grant” means the effective date on which an Award is made to a Participant as set forth in
the applicable Award Agreement; provided, however, that solely for purposes of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder, the Date of Grant of an Award shall be the date of stockholder approval of the Plan if such
date is later than the effective date of such Award as set forth in the Award Agreement.

 

2.14
“Dividend Equivalent Right” means the right of the holder thereof to receive credits based on the cash
dividends that would have been paid on the shares of Common Stock specified in the Award if such shares were held by the Participant
to whom the Award is made.

 

2.15
“Employee” means a common law employee (as defined in accordance with the Regulations and Revenue Rulings
then applicable under Section 3401(c) of the Code) of the Company or any Subsidiary of the Company; provided, however,
in the case of individuals whose employment status, by virtue of their employer or residence, is not determined under Section
3401(c) of the Code, “Employee” shall mean an individual treated as an employee for local payroll tax or employment
purposes by the applicable employer under Applicable Law for the relevant period.

 

2.16
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 

2.17
“Executive Officer” means an officer of the Company or a Subsidiary subject to Section 16 of the Exchange
Act or a “covered employee” as defined in Section 162(m)(3) of the Code.

 

2.18
“Fair Market Value” means, as of a particular date, (a) if the shares of Common Stock are listed on
any established national securities exchange, the closing sales price per share of Common Stock on the consolidated transaction
reporting system for the principal securities exchange for the Common Stock on that date, or, if there shall have been no such
sale so reported on that date, on the last preceding date on which such a sale was so reported; (b) if the shares of Common Stock
are not so listed, but are quoted on an automated quotation system, the closing sales price per share of Common Stock reported
on the automated quotation system on that date, or, if there shall have been no such sale so reported on that date, on the last
preceding date on which such a sale was so reported; (c) if the Common Stock is not so listed or quoted, the mean between the
closing bid and asked price on that date, or, if there are no quotations available for such date, on the last preceding date on
which such quotations shall be available, as reported by the OTC Bulletin Board operated by the Financial Industry Regulation
Authority, Inc. or the OTC Markets Group Inc., formerly known as Pink OTC Markets Inc.; or (d) if none of the above is applicable,
such amount as may be determined by the Committee (acting on the advice of an Independent Third Party, should the Committee elect
in its sole discretion to utilize an Independent Third Party for this purpose), in good faith, to be the fair market value per
share of Common Stock. The determination of Fair Market Value shall, where applicable, be in compliance with Section 409A of the
Code.

 

2.19
“Incentive” is defined in Section 2.2 hereof.

 

2.20
“Incentive Stock Option” means an incentive stock option within the meaning of Section 422 of the Code,
granted pursuant to this Plan.

 

2.21
“Independent Third Party” means an individual or entity independent of the Company having experience
in providing investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities
or other property for purposes of this Plan. The Committee may utilize one or more Independent Third Parties.

 

2.22
“Nonqualified Stock Option” means a nonqualified stock option, granted pursuant to this Plan, which
is not an Incentive Stock Option.

 

2.23
“Option Price” means the price which must be paid by a Participant upon exercise of a Stock Option to
purchase a share of Common Stock.

 

2.24
“Other Award” means an Award issued pursuant to Section 6.9 hereof.

 

2.25
“Outside Director” means a director of the Company who is not an Employee or a Contractor.

 

2.26
“Participant” means an Employee or Contractor of the Company or a Subsidiary or an Outside Director
to whom an Award is granted under this Plan.

 

    	 

     

    

 

2.27
“Performance Award” means an Award hereunder of cash, shares of Common Stock, units or rights based
upon, payable in, or otherwise related to, Common Stock pursuant to Section 6.7 hereof.

 

2.28
“Performance Goal” means any of the goals set forth in Section 6.10 hereof.

 

2.29
“Plan” means this InspireMD, Inc. 2013 Long-Term Incentive Plan, as amended from time to time.

 

2.30
“Reporting Participant” means a Participant who is subject to the reporting requirements of Section
16 of the Exchange Act.

 

2.31
“Restricted Stock” means shares of Common Stock issued or transferred to a Participant pursuant to Section
6.4 of this Plan which are subject to restrictions or limitations set forth in this Plan and in the related Award Agreement.

 

2.32
“Restricted Stock Units” means units awarded to Participants pursuant to Section 6.6 hereof,
which are convertible into Common Stock at such time as such units are no longer subject to restrictions as established by the
Committee.

 

2.33
“Retirement” means any Termination of Service solely due to retirement upon or after attainment of age
sixty-five (65), or permitted early retirement as determined by the Committee; provided, however, in the case of
Participants who reside in the European Economic Area, “Retirement” shall mean any Termination of Service as of a
date they are eligible for mandatory retirement benefits under local law, without regard to age.

 

2.34
“SAR” or “Stock Appreciation Right” means the right to receive an amount,
in cash and/or Common Stock, equal to the excess of the Fair Market Value of a specified number of shares of Common Stock as of
the date the SAR is exercised (or, as provided in the Award Agreement, converted) over the SAR Price for such shares.

 

2.35
“SAR Price” means the exercise price or conversion price of each share of Common Stock covered by a
SAR, determined on the Date of Grant of the SAR.

 

2.36
“Stock Option” means a Nonqualified Stock Option or an Incentive Stock Option.

 

2.37
“Subsidiary” means (i) any corporation in an unbroken chain of corporations beginning with the Company,
if each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total
combined voting power of all classes of stock in one of the other corporations in the chain, (ii) any limited partnership, if
the Company or any corporation described in item (i) above owns a majority of the general partnership interest and a majority
of the limited partnership interests entitled to vote on the removal and replacement of the general partner, and (iii) any partnership
or limited liability company, if the partners or members thereof are composed only of the Company, any corporation listed in item
(i) above or any limited partnership listed in item (ii) above. “Subsidiaries” means more than one of
any such corporations, limited partnerships, partnerships or limited liability companies.

 

2.38
“Termination of Service” occurs when a Participant who is (i) an Employee of the Company or any Subsidiary
ceases to serve as an Employee of the Company and its Subsidiaries, for any reason; (ii) an Outside Director of the Company or
a Subsidiary ceases to serve as a director of the Company and its Subsidiaries for any reason; or (iii) a Contractor of the Company
or a Subsidiary ceases to serve as a Contractor of the Company and its Subsidiaries for any reason. Except as may be necessary
or desirable to comply with applicable federal or state law, a “Termination of Service” shall not be deemed to have
occurred when a Participant who is an Employee becomes an Outside Director or Contractor or vice versa. If, however, a Participant
who is an Employee and who has an Incentive Stock Option ceases to be an Employee but does not suffer a Termination of Service,
and if that Participant does not exercise the Incentive Stock Option within the time required under Section 422 of the Code upon
ceasing to be an Employee, the Incentive Stock Option shall thereafter become a Nonqualified Stock Option. Notwithstanding the
foregoing provisions of this Section 2.38, in the event an Award issued under the Plan is subject to Section 409A of the
Code, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of
the Code, the definition of “Termination of Service” for purposes of such Award shall be the definition of “separation
from service” provided for under Section 409A of the Code and the regulations or other guidance issued thereunder.

 

    	 

     

    

 

2.39
“Total and Permanent Disability” means a Participant is qualified for long-term disability benefits
under the Company’s or Subsidiary’s disability plan or insurance policy; or, if no such plan or policy is then in
existence or if the Participant is not eligible to participate in such plan or policy, that the Participant, because of a physical
or mental condition resulting from bodily injury, disease, or mental disorder, is unable to perform his or her duties of employment
for a period of six (6) continuous months, as determined in good faith by the Committee, based upon medical reports or other evidence
satisfactory to the Committee; provided that, with respect to any Incentive Stock Option, Total and Permanent Disability
shall have the meaning given it under the rules governing Incentive Stock Options under the Code. Notwithstanding the foregoing
provisions of this Section 2.39, in the event an Award issued under the Plan is subject to Section 409A of the Code, then,
in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of the Code, the
definition of “Total and Permanent Disability” for purposes of such Award shall be the definition of “disability”
provided for under Section 409A of the Code and the regulations or other guidance issued thereunder.

 

ARTICLE
3

ADMINISTRATION

 

3.1
General Administration; Establishment of Committee. Subject to the terms of this Article 3, the Plan shall be administered
by the Board or such committee of the Board as is designated by the Board to administer the Plan (the “Committee”).
The Committee shall consist of not fewer than two persons. Any member of the Committee may be removed at any time, with or without
cause, by resolution of the Board. Any vacancy occurring in the membership of the Committee may be filled by appointment by the
Board. At any time there is no Committee to administer the Plan, any references in this Plan to the Committee shall be deemed
to refer to the Board.

 

Membership
on the Committee shall be limited to those members of the Board who are “outside directors” under Section 162(m) of
the Code and “non-employee directors” as defined in Rule 16b-3 promulgated under the Exchange Act. The Committee shall
select one of its members to act as its Chairman. A majority of the Committee shall constitute a quorum, and the act of a majority
of the members of the Committee present at a meeting at which a quorum is present shall be the act of the Committee.

 

3.2
Designation of Participants and Awards.

 

(a)
The Committee or the Board shall determine and designate from time to time the eligible persons to whom Awards will be granted
and shall set forth in each related Award Agreement, where applicable, the Award Period, the Date of Grant, and such other terms,
provisions, limitations, and performance requirements, as are approved by the Committee, but not inconsistent with the Plan. The
Committee shall determine whether an Award shall include one type of Incentive or two or more Incentives granted in combination
or two or more Incentives granted in tandem (that is, a joint grant where exercise of one Incentive results in cancellation of
all or a portion of the other Incentive). Although the members of the Committee shall be eligible to receive Awards, all decisions
with respect to any Award, and the terms and conditions thereof, to be granted under the Plan to any member of the Committee shall
be made solely and exclusively by the other members of the Committee, or if such member is the only member of the Committee, by
the Board.

 

(b)
Notwithstanding Section 3.2(a), to the extent permitted by Applicable Law, the Board may, in its discretion and by a resolution
adopted by the Board, authorize one or more officers of the Company (an “Authorized Officer”) to (i)
designate one or more Employees as eligible persons to whom Awards will be granted under the Plan, and (ii) determine the number
of shares of Common Stock that will be subject to such Awards; provided, however, that the resolution of the Board
granting such authority shall (x) specify the total number of shares of Common Stock that may be made subject to the Awards, (y)
set forth the price or prices (or a formula by which such price or prices may be determined) to be paid for the purchase of the
Common Stock subject to such Awards, and (z) not authorize an officer to designate himself as a recipient of any Award.

 

3.3
Authority of the Committee. The Committee, in its discretion, shall (i) interpret the Plan and Award Agreements, (ii) prescribe,
amend, and rescind any rules and regulations and sub-plans (including sub-plans for Awards made to Participants who are not resident
in the United States), as necessary or appropriate for the administration of the Plan, (iii) establish performance goals for an
Award and certify the extent of their achievement, and (iv) make such other determinations or certifications and take such other
action as it deems necessary or advisable in the administration of the Plan. Any interpretation, determination, or other action
made or taken by the Committee shall be final, binding, and conclusive on all interested parties. The Committee’s discretion
set forth herein shall not be limited by any provision of the Plan, including any provision which by its terms is applicable notwithstanding
any other provision of the Plan to the contrary.

 

    	 

     

    

 

The
Committee may delegate to officers of the Company, pursuant to a written delegation, the authority to perform specified functions
under the Plan. Any actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed
to have been taken by the Committee.

 

With
respect to restrictions in the Plan that are based on the requirements of Rule 16b-3 promulgated under the Exchange Act, Section
422 of the Code, Section 162(m) of the Code, the rules of any exchange or inter-dealer quotation system upon which the Company’s
securities are listed or quoted, or any other Applicable Law, to the extent that any such restrictions are no longer required
by Applicable Law, the Committee shall have the sole discretion and authority to grant Awards that are not subject to such mandated
restrictions and/or to waive any such mandated restrictions with respect to outstanding Awards.

 

ARTICLE
4

ELIGIBILITY

 

Any
Employee (including an Employee who is also a director or an officer), Contractor or Outside Director of the Company whose judgment,
initiative, and efforts contributed or may be expected to contribute to the successful performance of the Company is eligible
to participate in the Plan; provided that only Employees of a Corporation shall be eligible to receive Incentive Stock Options.
The Committee, upon its own action, may grant, but shall not be required to grant, an Award to any Employee, Contractor or Outside
Director. Awards may be granted by the Committee at any time and from time to time to new Participants, or to then Participants,
or to a greater or lesser number of Participants, and may include or exclude previous Participants, as the Committee shall determine.
Except as required by this Plan, Awards need not contain similar provisions. The Committee’s determinations under the Plan
(including without limitation determinations of which Employees, Contractors or Outside Directors, if any, are to receive Awards,
the form, amount and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not
be uniform and may be made by it selectively among Participants who receive, or are eligible to receive, Awards under the Plan.

 

ARTICLE
5

SHARES
SUBJECT TO PLAN

 

5.1
Number Available for Awards. Subject to adjustment as provided in Articles 11 and 12, the maximum number of shares
of Common Stock that may be delivered pursuant to Awards granted under the Plan is five million (5,000,000) shares, of which one
hundred percent (100%) may be delivered pursuant to Incentive Stock Options. Subject to adjustment pursuant to Articles 11
and 12, the maximum number of shares of Common Stock with respect to which Stock Options or SARs may be granted to an Executive
Officer during any calendar year is one million (1,000,000) shares of Common Stock. Shares to be issued may be made available
from authorized but unissued Common Stock, Common Stock held by the Company in its treasury, or Common Stock purchased by the
Company on the open market or otherwise. During the term of this Plan, the Company will at all times reserve and keep available
the number of shares of Common Stock that shall be sufficient to satisfy the requirements of this Plan.

 

5.2
Reuse of Shares. To the extent that any Award under this Plan shall be forfeited, shall expire or be canceled, in whole
or in part, then the number of shares of Common Stock covered by the Award or stock option so forfeited, expired or canceled may
again be awarded pursuant to the provisions of this Plan. In the event that previously acquired shares of Common Stock are delivered
to the Company in full or partial payment of the exercise price for the exercise of a Stock Option granted under this Plan, the
number of shares of Common Stock available for future Awards under this Plan shall be reduced only by the net number of shares
of Common Stock issued upon the exercise of the Stock Option. Awards that may be satisfied either by the issuance of shares of
Common Stock or by cash or other consideration shall be counted against the maximum number of shares of Common Stock that may
be issued under this Plan only during the period that the Award is outstanding or to the extent the Award is ultimately satisfied
by the issuance of shares of Common Stock. Awards will not reduce the number of shares of Common Stock that may be issued pursuant
to this Plan if the settlement of the Award will not require the issuance of shares of Common Stock, as, for example, a SAR that
can be satisfied only by the payment of cash. Notwithstanding any provisions of the Plan to the contrary, only shares forfeited
back to the Company, shares canceled on account of termination, expiration or lapse of an Award, shares surrendered in payment
of the exercise price of an option or shares withheld for payment of applicable employment taxes and/or withholding obligations
resulting from the exercise of an option shall again be available for grant of Incentive Stock Options under the Plan, but shall
not increase the maximum number of shares described in Section 5.1 above as the maximum number of shares of Common Stock
that may be delivered pursuant to Incentive Stock Options.

 

    	 

     

    

 

ARTICLE
6

GRANT
OF AWARDS

 

6.1
In General.

 

(a)
The grant of an Award shall be authorized by the Committee and shall be evidenced by an Award Agreement setting forth the Incentive
or Incentives being granted, the total number of shares of Common Stock subject to the Incentive(s), the Option Price (if applicable),
the Award Period, the Date of Grant, and such other terms, provisions, limitations, and performance objectives, as are approved
by the Committee, but (i) not inconsistent with the Plan, (ii) to the extent an Award issued under the Plan is subject to Section
409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance
issued thereunder, and (iii) to the extent the Committee determines that an Award shall comply with the requirements of Section
162(m) of the Code, in compliance with the applicable requirements of Section 162(m) of the Code and the regulations and other
guidance issued thereunder. The Company shall execute an Award Agreement with a Participant after the Committee approves the issuance
of an Award. Any Award granted pursuant to this Plan must be granted within ten (10) years of the date of adoption of this Plan
by the Board. The Plan shall be submitted to the Company’s stockholders for approval; however, the Committee may grant Awards
under the Plan prior to the time of stockholder approval. Any such Award granted prior to such stockholder approval shall be made
subject to such stockholder approval. The grant of an Award to a Participant shall not be deemed either to entitle the Participant
to, or to disqualify the Participant from, receipt of any other Award under the Plan.

 

(b)
If the Committee establishes a purchase price for an Award, the Participant must accept such Award within a period of thirty (30)
days (or such shorter period as the Committee may specify) after the Date of Grant by executing the applicable Award Agreement
and paying such purchase price.

 

(c)
Any Award under this Plan that is settled in whole or in part in cash on a deferred basis may provide for interest equivalents
to be credited with respect to such cash payment. Interest equivalents may be compounded and shall be paid upon such terms and
conditions as may be specified by the grant.

 

6.2
Option Price. The Option Price for any share of Common Stock which may be purchased under a Nonqualified Stock Option for
any share of Common Stock may be equal to or greater than the Fair Market Value of the share on the Date of Grant. The Option
Price for any share of Common Stock which may be purchased under an Incentive Stock Option must be at least equal to the Fair
Market Value of the share on the Date of Grant; if an Incentive Stock Option is granted to an Employee who owns or is deemed to
own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power
of all classes of stock of the Company (or any parent or Subsidiary), the Option Price shall be at least one hundred ten percent
(110%) of the Fair Market Value of the Common Stock on the Date of Grant.

 

6.3
Maximum ISO Grants. The Committee may not grant Incentive Stock Options under the Plan to any Employee which would permit
the aggregate Fair Market Value (determined on the Date of Grant) of the Common Stock with respect to which Incentive Stock Options
(under this and any other plan of the Company and its Subsidiaries) are exercisable for the first time by such Employee during
any calendar year to exceed $100,000. To the extent any Stock Option granted under this Plan which is designated as an Incentive
Stock Option exceeds this limit or otherwise fails to qualify as an Incentive Stock Option, such Stock Option (or any such portion
thereof) shall be a Nonqualified Stock Option. In such case, the Committee shall designate which stock will be treated as Incentive
Stock Option stock by causing the issuance of a separate stock certificate and identifying such stock as Incentive Stock Option
stock on the Company’s stock transfer records.

 

6.4
Restricted Stock. If Restricted Stock is granted to or received by a Participant under an Award (including a Stock Option),
the Committee shall set forth in the related Award Agreement: (i) the number of shares of Common Stock awarded, (ii) the price,
if any, to be paid by the Participant for such Restricted Stock and the method of payment of the price, (iii) the time or times
within which such Award may be subject to forfeiture, (iv) specified Performance Goals of the Company, a Subsidiary, any division
thereof or any group of Employees of the Company, or other criteria, which the Committee determines must be met in order to remove
any restrictions (including vesting) on such Award, and (v) all other terms, limitations, restrictions, and conditions of the
Restricted Stock, which shall be consistent with this Plan, to the extent applicable and in the event the Committee determines
that an Award shall comply with the requirements of Section 162(m) of the Code, in compliance with the requirements of Section
162(m) of the Code and the regulations and other guidance issued thereunder and, to the extent Restricted Stock granted under
the Plan is subject to Section 409A of the Code, in compliance with the applicable requirements of Section 409A of the Code and
the regulations or other guidance issued thereunder. The provisions of Restricted Stock need not be the same with respect to each
Participant.

 

    	 

     

    

 

(a)
Legend on Shares. The Company shall electronically register the Restricted Stock awarded to a Participant in the name of
such Participant, which shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such
Restricted Stock, substantially as provided in Section 15.10 of the Plan. No stock certificate or certificates shall be
issued with respect to such shares of Common Stock, unless, following the expiration of the Restriction Period (as defined in
Section 6.4(b)(i)(a)(i)) without forfeiture in respect of such shares of Common Stock, the Participant requests delivery
of the certificate or certificates by submitting a written request to the Committee (or such party designated by the Company)
requesting delivery of the certificates. The Company shall deliver the certificates requested by the Participant to the Participant
as soon as administratively practicable following the Company’s receipt of such request.

 

(b)
Restrictions and Conditions. Shares of Restricted Stock shall be subject to the following restrictions and conditions:

 

(i)
Subject to the other provisions of this Plan and the terms of the particular Award Agreements, during such period as may be determined
by the Committee commencing on the Date of Grant or the date of exercise of an Award (the “Restriction Period”),
the Participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Stock. Except for these limitations,
the Committee may in its sole discretion, remove any or all of the restrictions on such Restricted Stock whenever it may determine
that, by reason of changes in Applicable Laws or other changes in circumstances arising after the date of the Award, such action
is appropriate.

 

(ii)
Except as provided in sub-paragraph (i) above or in the applicable Award Agreement, the Participant shall have, with respect to
his or her Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the shares, and the
right to receive any dividends thereon. Certificates for shares of Common Stock free of restriction under this Plan shall be delivered
to the Participant promptly after, and only after, the Restriction Period shall expire without forfeiture in respect of such shares
of Common Stock or after any other restrictions imposed on such shares of Common Stock by the applicable Award Agreement or other
agreement have expired. Certificates for the shares of Common Stock forfeited under the provisions of the Plan and the applicable
Award Agreement shall be promptly returned to the Company by the forfeiting Participant. Each Award Agreement shall require that
each Participant, in connection with the issuance of a certificate for Restricted Stock, shall endorse such certificate in blank
or execute a stock power in form satisfactory to the Company in blank and deliver such certificate and executed stock power to
the Company.

 

(iii)
The Restriction Period of Restricted Stock shall commence on the Date of Grant or the date of exercise of an Award, as specified
in the Award Agreement, and, subject to Article 12 of the Plan, unless otherwise established by the Committee in the Award
Agreement setting forth the terms of the Restricted Stock, shall expire upon satisfaction of the conditions set forth in the Award
Agreement; such conditions may provide for vesting based on such Performance Goals, as may be determined by the Committee in its
sole discretion.

 

(iv)
Except as otherwise provided in the particular Award Agreement, upon Termination of Service for any reason during the Restriction
Period, the nonvested shares of Restricted Stock shall be forfeited by the Participant. In the event a Participant has paid any
consideration to the Company for such forfeited Restricted Stock, the Committee shall specify in the Award Agreement that either
(i) the Company shall be obligated to, or (ii) the Company may, in its sole discretion, elect to, pay to the Participant, as soon
as practicable after the event causing forfeiture, in cash, an amount equal to the lesser of the total consideration paid by the
Participant for such forfeited shares or the Fair Market Value of such forfeited shares as of the date of Termination of Service,
as the Committee, in its sole discretion shall select. Upon any forfeiture, all rights of a Participant with respect to the forfeited
shares of the Restricted Stock shall cease and terminate, without any further obligation on the part of the Company.

 

6.5
SARs. The Committee may grant SARs to any Participant, either as a separate Award or in connection with a Stock Option.
SARs shall be subject to such terms and conditions as the Committee shall impose, provided that such terms and conditions are
(i) not inconsistent with the Plan, (ii) to the extent a SAR issued under the Plan is subject to Section 409A of the Code, in
compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder,
and (iii) to the extent the Committee determines that a SAR shall comply with the requirements of Section 162(m) of the Code,
in compliance with the applicable requirements of Section 162(m) and the regulations and other guidance issued thereunder. The
grant of the SAR may provide that the holder may be paid for the value of the SAR either in cash or in shares of Common Stock,
or a combination thereof. In the event of the exercise of a SAR payable in shares of Common Stock, the holder of the SAR shall
receive that number of whole shares of Common Stock having an aggregate Fair Market Value on the date of exercise equal to the
value obtained by multiplying (i) the difference between the Fair Market Value of a share of Common Stock on the date of exercise
over the SAR Price as set forth in such SAR (or other value specified in the agreement granting the SAR), by (ii) the number of
shares of Common Stock as to which the SAR is exercised, with a cash settlement to be made for any fractional shares of Common
Stock. The SAR Price for any share of Common Stock subject to a SAR may be equal to or greater than the Fair Market Value of the
share on the Date of Grant. The Committee, in its sole discretion, may place a ceiling on the amount payable upon exercise of
a SAR, but any such limitation shall be specified at the time that the SAR is granted.

 

    	 

     

    

 

6.6
Restricted Stock Units. Restricted Stock Units may be awarded or sold to any Participant under such terms and conditions
as shall be established by the Committee, provided, however, that such terms and conditions are (i) not inconsistent with the
Plan, (ii) to the extent a Restricted Stock Unit issued under the Plan is subject to Section 409A of the Code, in compliance with
the applicable requirements of Section 409A of the Code and the regulations or other guidance issued thereunder, and (iii) to
the extent the Committee determines that a Restricted Stock Unit award shall comply with the requirements of Section 162(m) of
the Code, in compliance with the applicable requirements of Section 162(m) and the regulations and other guidance issued thereunder.
Restricted Stock Units shall be subject to such restrictions as the Committee determines, including, without limitation, (a) a
prohibition against sale, assignment, transfer, pledge, hypothecation or other encumbrance for a specified period; or (b) a requirement
that the holder forfeit (or in the case of shares of Common Stock or units sold to the Participant, resell to the Company at cost)
such shares or units in the event of Termination of Service during the period of restriction.

 

6.7
Performance Awards.

 

(a)
The Committee may grant Performance Awards to one or more Participants. The terms and conditions of Performance Awards shall be
specified at the time of the grant and may include provisions establishing the performance period, the Performance Goals to be
achieved during a performance period, and the maximum or minimum settlement values, provided that such terms and conditions are
(i) not inconsistent with the Plan and (ii) to the extent a Performance Award issued under the Plan is subject to Section 409A
of the Code, in compliance with the applicable requirements of Section 409A of the Code and the regulations or other guidance
issued thereunder. If the Performance Award is to be in shares of Common Stock, the Performance Awards may provide for the issuance
of the shares of Common Stock at the time of the grant of the Performance Award or at the time of the certification by the Committee
that the Performance Goals for the performance period have been met; provided, however, if shares of Common Stock
are issued at the time of the grant of the Performance Award and if, at the end of the performance period, the Performance Goals
are not certified by the Committee to have been fully satisfied, then, notwithstanding any other provisions of this Plan to the
contrary, the Common Stock shall be forfeited in accordance with the terms of the grant to the extent the Committee determines
that the Performance Goals were not met. The forfeiture of shares of Common Stock issued at the time of the grant of the Performance
Award due to failure to achieve the established Performance Goals shall be separate from and in addition to any other restrictions
provided for in this Plan that may be applicable to such shares of Common Stock. Each Performance Award granted to one or more
Participants shall have its own terms and conditions.

 

To
the extent the Committee determines that a Performance Award shall comply with the requirements of Section 162(m) of the Code
and the regulations and other guidance issued thereunder, and if it is determined to be necessary in order to satisfy Section
162(m) of the Code, at the time of the grant of a Performance Award (other than a Stock Option) and to the extent permitted under
Section 162(m) of the Code and the regulations issued thereunder, the Committee shall provide for the manner in which the Performance
Goals shall be reduced to take into account the negative effect on the achievement of specified levels of the Performance Goals
which may result from enumerated corporate transactions, extraordinary events, accounting changes and other similar occurrences
which were unanticipated at the time the Performance Goal was initially established. In no event, however, may the Committee increase
the amount earned under such a Performance Award, unless the reduction in the Performance Goals would reduce or eliminate the
amount to be earned under the Performance Award and the Committee determines not to make such reduction or elimination.

 

With
respect to a Performance Award that is not intended to satisfy the requirements of Code Section 162(m), if the Committee determines,
in its sole discretion, that the established performance measures or objectives are no longer suitable because of a change in
the Company’s business, operations, corporate structure, or for other reasons that the Committee deemed satisfactory, the
Committee may modify the performance measures or objectives and/or the performance period.

 

(b)
Performance Awards may be valued by reference to the Fair Market Value of a share of Common Stock or according to any formula
or method deemed appropriate by the Committee, in its sole discretion, including, but not limited to, achievement of Performance
Goals or other specific financial, production, sales or cost performance objectives that the Committee believes to be relevant
to the Company’s business and/or remaining in the employ of the Company or a Subsidiary for a specified period of time.
Performance Awards may be paid in cash, shares of Common Stock, or other consideration, or any combination thereof. If payable
in shares of Common Stock, the consideration for the issuance of such shares may be the achievement of the performance objective
established at the time of the grant of the Performance Award. Performance Awards may be payable in a single payment or in installments
and may be payable at a specified date or dates or upon attaining the performance objective. The extent to which any applicable
performance objective has been achieved shall be conclusively determined by the Committee.

 

    	 

     

    

 

(c)
Notwithstanding the foregoing, in order to comply with the requirements of Section 162(m) of the Code, if applicable, no Participant
may receive in any calendar year Performance Awards intended to comply with the requirements of Section 162(m) of the Code which
have an aggregate value of more than $5,000,000, and if such Performance Awards involve the issuance of shares of Common Stock,
said aggregate value shall be based on the Fair Market Value of such shares on the time of the grant of the Performance Award.
In no event, however, shall any Performance Awards not intended to comply with the requirements of Section 162(m) of the Code
be issued contingent upon the failure to attain the Performance Goals applicable to any Performance Awards granted hereunder that
the Committee intends to comply with the requirements of Section 162(m) of the Code.

 

6.8
Dividend Equivalent Rights. The Committee may grant a Dividend Equivalent Right to any Participant, either as a component
of another Award or as a separate Award. The terms and conditions of the Dividend Equivalent Right shall be specified by the grant.
Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested
in additional shares of Common Stock (which may thereafter accrue additional dividend equivalents). Any such reinvestment shall
be at the Fair Market Value at the time thereof. Dividend Equivalent Rights may be settled in cash or shares of Common Stock,
or a combination thereof, in a single payment or in installments. A Dividend Equivalent Right granted as a component of another
Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions
on, such other Award, and that such Dividend Equivalent Right granted as a component of another Award may also contain terms and
conditions different from such other Award.

 

6.9
Other Awards. The Committee may grant to any Participant other forms of Awards, based upon, payable in, or otherwise related
to, in whole or in part, shares of Common Stock, if the Committee determines that such other form of Award is consistent with
the purpose and restrictions of this Plan. The terms and conditions of such other form of Award shall be specified by the grant.
Such Other Awards may be granted for no cash consideration, for such minimum consideration as may be required by Applicable Law,
or for such other consideration as may be specified by the grant.

 

6.10
Performance Goals. Awards of Restricted Stock, Restricted Stock Units, Performance Award and Other Awards (whether relating
to cash or shares of Common Stock) under the Plan may be made subject to the attainment of Performance Goals relating to one or
more business criteria which, where applicable, shall be within the meaning of Section 162(m) of the Code and consist of one or
more or any combination of the following criteria: cash flow; cost; revenues; sales; ratio of debt to debt plus equity; net borrowing,
credit quality or debt ratings; profit before tax; economic profit; earnings before interest and taxes; earnings before interest,
taxes, depreciation and amortization; gross margin; earnings per share (whether on a pre-tax, after-tax, operational or other
basis); operating earnings; capital expenditures; expenses or expense levels; economic value added; ratio of operating earnings
to capital spending or any other operating ratios; free cash flow; net profit; net sales; net asset value per share; the accomplishment
of mergers, acquisitions, dispositions, public offerings or similar extraordinary business transactions; sales growth; price of
the Company’s Common Stock; return on assets, equity or stockholders’ equity; market share; inventory levels, inventory
turn or shrinkage; or total return to stockholders (“Performance Criteria”). Any Performance Criteria
may be used to measure the performance of the Company as a whole or any business unit of the Company and may be measured relative
to a peer group or index. Any Performance Criteria may include or exclude (i) extraordinary, unusual and/or non-recurring items
of gain or loss, (ii) gains or losses on the disposition of a business, (iii) changes in tax or accounting regulations or laws,
(iv) the effect of a merger or acquisition, as identified in the Company’s quarterly and annual earnings releases, or (v)
other similar occurrences. In all other respects, Performance Criteria shall be calculated in accordance with the Company’s
financial statements, under generally accepted accounting principles, or under a methodology established by the Committee prior
to the issuance of an Award which is consistently applied and identified in the audited financial statements, including footnotes,
or the Compensation Discussion and Analysis section of the Company’s annual report. However, to the extent Section 162(m)
of the Code is applicable, the Committee may not in any event increase the amount of compensation payable to an individual upon
the attainment of a Performance Goal.

 

6.11
Tandem Awards. The Committee may grant two or more Incentives in one Award in the form of a “tandem Award,”
so that the right of the Participant to exercise one Incentive shall be canceled if, and to the extent, the other Incentive is
exercised. For example, if a Stock Option and a SAR are issued in a tandem Award, and the Participant exercises the SAR with respect
to one hundred (100) shares of Common Stock, the right of the Participant to exercise the related Stock Option shall be canceled
to the extent of one hundred (100) shares of Common Stock.

    	 

     

    

 

ARTICLE
7

AWARD
PERIOD; VESTING

 

7.1
Award Period. Subject to the other provisions of this Plan, the Committee may, in its discretion, provide that an Incentive
may not be exercised in whole or in part for any period or periods of time or beyond any date specified in the Award Agreement.
Except as provided in the Award Agreement, an Incentive may be exercised in whole or in part at any time during its term. The
Award Period for an Incentive shall be reduced or terminated upon Termination of Service. No Incentive granted under the Plan
may be exercised at any time after the end of its Award Period. No portion of any Incentive may be exercised after the expiration
of ten (10) years from its Date of Grant. However, if an Employee owns or is deemed to own (by reason of the attribution rules
of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company
(or any parent or Subsidiary) and an Incentive Stock Option is granted to such Employee, the term of such Incentive Stock Option
(to the extent required by the Code at the time of grant) shall be no more than five (5) years from the Date of Grant.

 

7.2
Vesting. The Committee, in its sole discretion, may determine that an Incentive will be immediately vested in whole or
in part, or that all or any portion may not be vested until a date, or dates, subsequent to its Date of Grant, or until the occurrence
of one or more specified events, subject in any case to the terms of the Plan. If the Committee imposes conditions upon vesting,
then, subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion
of the Incentive may be vested.

 

ARTICLE
8

EXERCISE
OR CONVERSION OF INCENTIVE

 

8.1
In General. A vested Incentive may be exercised or converted, during its Award Period, subject to limitations and restrictions
set forth in the Award Agreement.

 

8.2
Securities Law and Exchange Restrictions. In no event may an Incentive be exercised or shares of Common Stock issued pursuant
to an Award if a necessary listing or quotation of the shares of Common Stock on a stock exchange or inter-dealer quotation system
or any registration under state or federal securities laws required under the circumstances has not been accomplished.

 

8.3
Exercise of Stock Option.

 

(a)
In General. If a Stock Option is exercisable prior to the time it is vested, the Common Stock obtained on the exercise
of the Stock Option shall be Restricted Stock which is subject to the applicable provisions of the Plan and the Award Agreement.
If the Committee imposes conditions upon exercise, then subsequent to the Date of Grant, the Committee may, in its sole discretion,
accelerate the date on which all or any portion of the Stock Option may be exercised. No Stock Option may be exercised for a fractional
share of Common Stock. The granting of a Stock Option shall impose no obligation upon the Participant to exercise that Stock Option.

 

(b)
Notice and Payment. Subject to such administrative regulations as the Committee may from time to time adopt, a Stock Option
may be exercised by the delivery of written notice to the Committee setting forth the number of shares of Common Stock with respect
to which the Stock Option is to be exercised and the date of exercise thereof (the “Exercise Date”)
which shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually agreed upon. On
the Exercise Date, the Participant shall deliver to the Company consideration with a value equal to the total Option Price of
the shares to be purchased, payable as provided in the Award Agreement, which may provide for payment in any one or more of the
following ways: (a) cash or check, bank draft, or money order payable to the order of the Company, (b) Common Stock (including
Restricted Stock) owned by the Participant on the Exercise Date, valued at its Fair Market Value on the Exercise Date, and which
the Participant has not acquired from the Company within six (6) months prior to the Exercise Date, (c) by delivery (including
by FAX) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions
from the Participant to a broker or dealer, reasonably acceptable to the Company, to sell certain of the shares of Common Stock
purchased upon exercise of the Stock Option or to pledge such shares as collateral for a loan and promptly deliver to the Company
the amount of sale or loan proceeds necessary to pay such purchase price, and/or (d) in any other form of valid consideration
that is acceptable to the Committee in its sole discretion. In the event that shares of Restricted Stock are tendered as consideration
for the exercise of a Stock Option, a number of shares of Common Stock issued upon the exercise of the Stock Option equal to the
number of shares of Restricted Stock used as consideration therefor shall be subject to the same restrictions and provisions as
the Restricted Stock so tendered.

 

    	 

     

    

 

(c)
Issuance of Certificate. Except as otherwise provided in Section 6.4 hereof (with respect to shares of Restricted
Stock) or in the applicable Award Agreement, upon payment of all amounts due from the Participant, the Company shall cause the
Common Stock then being purchased to be registered in the Participant’s name (or the person exercising the Participant’s
Stock Option in the event of his or her death), but shall not issue certificates for the Common Stock unless the Participant or
such other person requests delivery of the certificates for the Common Stock, in writing in accordance with the procedures established
by the Committee. The Company shall deliver certificates to the Participant (or the person exercising the Participant’s
Stock Option in the event of his or her death) as soon as administratively practicable following the Company’s receipt of
a written request from the Participant or such other person for delivery of the certificates. Notwithstanding the forgoing, if
the Participant has exercised an Incentive Stock Option, the Company may at its option retain physical possession of the certificate
evidencing the shares acquired upon exercise until the expiration of the holding periods described in Section 422(a)(1) of the
Code. Any obligation of the Company to deliver shares of Common Stock shall, however, be subject to the condition that, if at
any time the Committee shall determine in its discretion that the listing, registration, or qualification of the Stock Option
or the Common Stock upon any securities exchange or inter-dealer quotation system or under any state or federal law, or the consent
or approval of any governmental regulatory body, is necessary as a condition of, or in connection with, the Stock Option or the
issuance or purchase of shares of Common Stock thereunder, the Stock Option may not be exercised in whole or in part unless such
listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not reasonably
acceptable to the Committee.

 

(d)
Failure to Pay. Except as may otherwise be provided in an Award Agreement, if the Participant fails to pay for any of the
Common Stock specified in such notice or fails to accept delivery thereof, that portion of the Participant’s Stock Option
and right to purchase such Common Stock may be forfeited by the Participant.

 

8.4
SARs. Subject to the conditions of this Section 8.4 and such administrative regulations as the Committee may from
time to time adopt, a SAR may be exercised by the delivery (including by FAX) of written notice to the Committee setting forth
the number of shares of Common Stock with respect to which the SAR is to be exercised and the date of exercise thereof (the “Exercise
Date”) which shall be at least three (3) days after giving such notice unless an earlier time shall have been mutually
agreed upon. Subject to the terms of the Award Agreement and only if permissible under Section 409A of the Code and the regulations
or other guidance issued thereunder (or, if not so permissible, at such time as permitted by Section 409A of the Code and the
regulations or other guidance issued thereunder), the Participant shall receive from the Company in exchange therefor in the discretion
of the Committee, and subject to the terms of the Award Agreement:

 

(a)
cash in an amount equal to the excess (if any) of the Fair Market Value (as of the Exercise Date, or if provided in the Award
Agreement, conversion, of the SAR) per share of Common Stock over the SAR Price per share specified in such SAR, multiplied by
the total number of shares of Common Stock of the SAR being surrendered;

 

(b)
that number of shares of Common Stock having an aggregate Fair Market Value (as of the Exercise Date, or if provided in the Award
Agreement, conversion, of the SAR) equal to the amount of cash otherwise payable to the Participant, with a cash settlement to
be made for any fractional share interests; or

 

(c)
the Company may settle such obligation in part with shares of Common Stock and in part with cash.

 

The
distribution of any cash or Common Stock pursuant to the foregoing sentence shall be made at such time as set forth in the Award
Agreement.

 

8.5
Disqualifying Disposition of Incentive Stock Option. If shares of Common Stock acquired upon exercise of an Incentive Stock
Option are disposed of by a Participant prior to the expiration of either two (2) years from the Date of Grant of such Stock Option
or one (1) year from the transfer of shares of Common Stock to the Participant pursuant to the exercise of such Stock Option,
or in any other disqualifying disposition within the meaning of Section 422 of the Code, such Participant shall notify the Company
in writing of the date and terms of such disposition. A disqualifying disposition by a Participant shall not affect the status
of any other Stock Option granted under the Plan as an Incentive Stock Option within the meaning of Section 422 of the Code.

 

    	 

     

    

 

ARTICLE
9

AMENDMENT
OR DISCONTINUANCE

 

Subject
to the limitations set forth in this Article 9, the Board may at any time and from time to time, without the consent of
the Participants, alter, amend, revise, suspend, or discontinue the Plan in whole or in part; provided, however, that no amendment
for which stockholder approval is required either (i) by any securities exchange or inter-dealer quotation system on which the
Common Stock is listed or traded or (ii) in order for the Plan and Incentives awarded under the Plan to continue to comply with
Sections 162(m), 421, and 422 of the Code, including any successors to such Sections, or other Applicable Law, shall be effective
unless such amendment shall be approved by the requisite vote of the stockholders of the Company entitled to vote thereon. Any
such amendment shall, to the extent deemed necessary or advisable by the Committee, be applicable to any outstanding Incentives
theretofore granted under the Plan, notwithstanding any contrary provisions contained in any Award Agreement. In the event of
any such amendment to the Plan, the holder of any Incentive outstanding under the Plan shall, upon request of the Committee and
as a condition to the exercisability thereof, execute a conforming amendment in the form prescribed by the Committee to any Award
Agreement relating thereto. Notwithstanding anything contained in this Plan to the contrary, unless required by law, no action
contemplated or permitted by this Article 9 shall adversely affect any rights of Participants or obligations of the Company
to Participants with respect to any Incentive theretofore granted under the Plan without the consent of the affected Participant.

 

ARTICLE
10

TERM

 

The
Plan shall be effective from the date that this Plan is adopted by the Board. Unless sooner terminated by action of the Board,
the Plan will terminate on October 25, 2023, but Incentives granted before that date will continue to be effective in accordance
with their terms and conditions.

 

ARTICLE
11

CAPITAL
ADJUSTMENTS

 

In
the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property),
recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation, split-up, spin-off,
split-off, combination, subdivision, repurchase, or exchange of Common Stock or other securities of the Company, issuance of warrants
or other rights to purchase Common Stock or other securities of the Company, or other similar corporate transaction or event affects
the fair value of an Award, then the Committee shall adjust any or all of the following so that the fair value of the Award immediately
after the transaction or event is equal to the fair value of the Award immediately prior to the transaction or event (i) the number
of shares and type of Common Stock (or the securities or property) which thereafter may be made the subject of Awards, (ii) the
number of shares and type of Common Stock (or other securities or property) subject to outstanding Awards, (iii) the number of
shares and type of Common Stock (or other securities or property) specified as the annual per-participant limitation under Section
5.1 of the Plan, (iv) the Option Price of each outstanding Award, (v) the amount, if any, the Company pays for forfeited shares
of Common Stock in accordance with Section 6.4, and (vi) the number of or SAR Price of shares of Common Stock then subject
to outstanding SARs previously granted and unexercised under the Plan, to the end that the same proportion of the Company’s
issued and outstanding shares of Common Stock in each instance shall remain subject to exercise at the same aggregate SAR Price;
provided however, that the number of shares of Common Stock (or other securities or property) subject to any Award shall always
be a whole number. Notwithstanding the foregoing, no such adjustment shall be made or authorized to the extent that such adjustment
would cause the Plan or any Stock Option to violate Section 422 of the Code or Section 409A of the Code. Such adjustments shall
be made in accordance with the rules of any securities exchange, stock market, or stock quotation system to which the Company
is subject.

 

Upon
the occurrence of any such adjustment, the Company shall provide notice to each affected Participant of its computation of such
adjustment which shall be conclusive and shall be binding upon each such Participant.

 

    	 

     

    

 

ARTICLE
12

RECAPITALIZATION,
MERGER AND CONSOLIDATION

 

12.1
No Effect on Company’s Authority. The existence of this Plan and Incentives granted hereunder shall not affect in
any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations, or other changes in the Company’s capital structure and its business, or any Change in Control, or any
merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to
or otherwise affecting the Common Stock or the rights thereof (or any rights, options, or warrants to purchase same), or the dissolution
or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act
or proceeding, whether of a similar character or otherwise.

 

12.2
Conversion of Incentives Where Company Survives. Subject to any required action by the stockholders and except as otherwise
provided by Section 12.4 hereof or as may be required to comply with Section 409A of the Code and the regulations or other
guidance issued thereunder, if the Company shall be the surviving or resulting corporation in any merger, consolidation or share
exchange, any Incentive granted hereunder shall pertain to and apply to the securities or rights (including cash, property, or
assets) to which a holder of the number of shares of Common Stock subject to the Incentive would have been entitled.

 

12.3
Exchange or Cancellation of Incentives Where Company Does Not Survive. Except as otherwise provided by Section 12.4
hereof or as may be required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder,
in the event of any merger, consolidation or share exchange pursuant to which the Company is not the surviving or resulting corporation,
there shall be substituted for each share of Common Stock subject to the unexercised portions of outstanding Incentives, that
number of shares of each class of stock or other securities or that amount of cash, property, or assets of the surviving, resulting
or consolidated company which were distributed or distributable to the stockholders of the Company in respect to each share of
Common Stock held by them, such outstanding Incentives to be thereafter exercisable for such stock, securities, cash, or property
in accordance with their terms.

 

12.4
Cancellation of Incentives. Notwithstanding the provisions of Sections 12.2 and 12.3 hereof, and except as may be
required to comply with Section 409A of the Code and the regulations or other guidance issued thereunder, all Incentives granted
hereunder may be canceled by the Company, in its sole discretion, as of the effective date of any Change in Control, merger, consolidation
or share exchange, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to or otherwise affecting
the Common Stock or the rights thereof (or any rights, options, or warrants to purchase same), or of any proposed sale of all
or substantially all of the assets of the Company, or of any dissolution or liquidation of the Company, by either:

 

(a)
giving notice to each holder thereof or his personal representative of its intention to cancel those Incentives for which the
issuance of shares of Common Stock involved payment by the Participant for such shares, and permitting the purchase during the
thirty (30) day period next preceding such effective date of any or all of the shares of Common Stock subject to such outstanding
Incentives, including in the Board’s discretion some or all of the shares as to which such Incentives would not otherwise
be vested and exercisable; or

 

(b)
in the case of Incentives that are either (i) settled only in shares of Common Stock, or (ii) at the election of the Participant,
settled in shares of Common Stock, paying the holder thereof an amount equal to a reasonable estimate of the difference between
the net amount per share payable in such transaction or as a result of such transaction, and the price per share of such Incentive
to be paid by the Participant (hereinafter the “Spread”), multiplied by the number of shares subject
to the Incentive. In cases where the shares constitute, or would after exercise, constitute Restricted Stock, the Company, in
its discretion, may include some or all of those shares in the calculation of the amount payable hereunder. In estimating the
Spread, appropriate adjustments to give effect to the existence of the Incentives shall be made, such as deeming the Incentives
to have been exercised, with the Company receiving the exercise price payable thereunder, and treating the shares receivable upon
exercise of the Incentives as being outstanding in determining the net amount per share. In cases where the proposed transaction
consists of the acquisition of assets of the Company, the net amount per share shall be calculated on the basis of the net amount
receivable with respect to shares of Common Stock upon a distribution and liquidation by the Company after giving effect to expenses
and charges, including but not limited to taxes, payable by the Company before such liquidation could be completed.

 

(c)
An Award that by its terms would be fully vested or exercisable upon a Change in Control will be considered vested or exercisable
for purposes of Section 12.4(a) hereof.

 

    	 

     

    

 

ARTICLE
13

LIQUIDATION
OR DISSOLUTION

 

Subject
to Section 12.4 hereof, in case the Company shall, at any time while any Incentive under this Plan shall be in force and
remain unexpired, (i) sell all or substantially all of its property, or (ii) dissolve, liquidate, or wind up its affairs, then
each Participant shall be entitled to receive, in lieu of each share of Common Stock of the Company which such Participant would
have been entitled to receive under the Incentive, the same kind and amount of any securities or assets as may be issuable, distributable,
or payable upon any such sale, dissolution, liquidation, or winding up with respect to each share of Common Stock of the Company.
If the Company shall, at any time prior to the expiration of any Incentive, make any partial distribution of its assets, in the
nature of a partial liquidation, whether payable in cash or in kind (but excluding the distribution of a cash dividend payable
out of earned surplus and designated as such) and an adjustment is determined by the Committee to be appropriate to prevent the
dilution of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such
manner as it may deem equitable, make such adjustment in accordance with the provisions of Article 11 hereof.

 

ARTICLE
14

INCENTIVES
IN SUBSTITUTION FOR

INCENTIVES
GRANTED BY OTHER ENTITIES

 

Incentives
may be granted under the Plan from time to time in substitution for similar instruments held by employees, independent contractors
or directors of a corporation, partnership, or limited liability company who become or are about to become Employees, Contractors
or Outside Directors of the Company or any Subsidiary as a result of a merger or consolidation of the employing corporation with
the Company, the acquisition by the Company of equity of the employing entity, or any other similar transaction pursuant to which
the Company becomes the successor employer. The terms and conditions of the substitute Incentives so granted may vary from the
terms and conditions set forth in this Plan to such extent as the Committee at the time of grant may deem appropriate to conform,
in whole or in part, to the provisions of the Incentives in substitution for which they are granted.

 

ARTICLE
15

MISCELLANEOUS
PROVISIONS

 

15.1
Investment Intent. The Company may require that there be presented to and filed with it by any Participant under the Plan,
such evidence as it may deem necessary to establish that the Incentives granted or the shares of Common Stock to be purchased
or transferred are being acquired for investment and not with a view to their distribution.

 

15.2
No Right to Continued Employment. Neither the Plan nor any Incentive granted under the Plan shall confer upon any Participant
any right with respect to continuance of employment by the Company or any Subsidiary.

 

15.3
Indemnification of Board and Committee. No member of the Board or the Committee, nor any officer or Employee of the Company
acting on behalf of the Board or the Committee, shall be personally liable for any action, determination, or interpretation taken
or made in good faith with respect to the Plan, and all members of the Board and the Committee, each officer of the Company, and
each Employee of the Company acting on behalf of the Board or the Committee shall, to the extent permitted by law, be fully indemnified
and protected by the Company in respect of any such action, determination, or interpretation.

 

15.4
Effect of the Plan. Neither the adoption of this Plan nor any action of the Board or the Committee shall be deemed to give
any person any right to be granted an Award or any other rights except as may be evidenced by an Award Agreement, or any amendment
thereto, duly authorized by the Committee and executed on behalf of the Company, and then only to the extent and upon the terms
and conditions expressly set forth therein.

 

15.5
Compliance With Other Laws and Regulations. Notwithstanding anything contained herein to the contrary, the Company shall
not be required to sell or issue shares of Common Stock under any Incentive if the issuance thereof would constitute a violation
by the Participant or the Company of any provisions of any law or regulation of any governmental authority or any national securities
exchange or inter-dealer quotation system or other forum in which shares of Common Stock are quoted or traded (including without
limitation Section 16 of the Exchange Act and Section 162(m) of the Code); and, as a condition of any sale or issuance of shares
of Common Stock under an Incentive, the Committee may require such agreements or undertakings, if any, as the Committee may deem
necessary or advisable to assure compliance with any such law or regulation. The Plan, the grant and exercise of Incentives hereunder,
and the obligation of the Company to sell and deliver shares of Common Stock, shall be subject to all applicable federal and state
laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.

 

    	 

     

    

 

15.6
Foreign Participation. To assure the viability of Awards granted to Participants employed in foreign countries, the Committee
may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy
or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements or alternative versions of, this
Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that
the Committee approves for purposes of using this Plan in a foreign country will not affect the terms of this Plan for any other
country.

 

15.7
Tax Requirements. The Company or, if applicable, any Subsidiary (for purposes of this Section 15.7, the term “Company”
shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form
in connection with the Plan, any Federal, state, local, or other taxes required by law to be withheld in connection with an Award
granted under this Plan. The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock
issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the
Participant’s income arising with respect to the Award. Such payments shall be required to be made when requested by Company
and may be required to be made prior to the delivery of any certificate representing shares of Common Stock. Such payment may
be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares
under (iii) below) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents
in writing, the actual delivery by the exercising Participant to the Company of shares of Common Stock that the Participant has
not acquired from the Company within six (6) months prior to the date of exercise, which shares so delivered have an aggregate
Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding
payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of a number of
shares to be delivered upon the exercise of the Stock Option, which shares so withheld have an aggregate fair market value that
equals (but does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company
may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant.
The Committee may in the Award Agreement impose any additional tax requirements or provisions that the Committee deems necessary
or desirable.

 

15.8
Assignability. Incentive Stock Options may not be transferred, assigned, pledged, hypothecated or otherwise conveyed or
encumbered other than by will or the laws of descent and distribution and may be exercised during the lifetime of the Participant
only by the Participant or the Participant’s legally authorized representative, and each Award Agreement in respect of an
Incentive Stock Option shall so provide. The designation by a Participant of a beneficiary will not constitute a transfer of the
Stock Option. The Committee may waive or modify any limitation contained in the preceding sentences of this Section 15.8
that is not required for compliance with Section 422 of the Code.

 

Except
as otherwise provided herein, Nonqualified Stock Options and SARs may not be transferred, assigned, pledged, hypothecated or otherwise
conveyed or encumbered other than by will or the laws of descent and distribution. The Committee may, in its discretion, authorize
all or a portion of a Nonqualified Stock Option or SAR to be granted to a Participant on terms which permit transfer by such Participant
to (i) the spouse (or former spouse), children or grandchildren of the Participant (“Immediate Family Members”),
(ii) a trust or trusts for the exclusive benefit of such Immediate Family Members, (iii) a partnership in which the only partners
are (1) such Immediate Family Members and/or (2) entities which are controlled by Immediate Family Members, (iv) an entity exempt
from federal income tax pursuant to Section 501(c)(3) of the Code or any successor provision, or (v) a split interest trust or
pooled income fund described in Section 2522(c)(2) of the Code or any successor provision, provided that (x) there shall
be no consideration for any such transfer, (y) the Award Agreement pursuant to which such Nonqualified Stock Option or SAR is
granted must be approved by the Committee and must expressly provide for transferability in a manner consistent with this Section,
and (z) subsequent transfers of transferred Nonqualified Stock Options or SARs shall be prohibited except those by will or the
laws of descent and distribution.

 

Following
any transfer, any such Nonqualified Stock Option and SAR shall continue to be subject to the same terms and conditions as were
applicable immediately prior to transfer, provided that for purposes of Articles 8, 9, 11, 13 and 15 hereof the term “Participant”
shall be deemed to include the transferee. The events of Termination of Service shall continue to be applied with respect to the
original Participant, following which the Nonqualified Stock Options and SARs shall be exercisable or convertible by the transferee
only to the extent and for the periods specified in the Award Agreement. The Committee and the Company shall have no obligation
to inform any transferee of a Nonqualified Stock Option or SAR of any expiration, termination, lapse or acceleration of such Stock
Option or SAR. The Company shall have no obligation to register with any federal or state securities commission or agency any
Common Stock issuable or issued under a Nonqualified Stock Option or SAR that has been transferred by a Participant under this
Section 15.8.

 

    	 

     

    

 

15.9
Use of Proceeds. Proceeds from the sale of shares of Common Stock pursuant to Incentives granted under this Plan shall
constitute general funds of the Company.

 

15.10
Legend. Each certificate representing shares of Restricted Stock issued to a Participant shall bear the following legend,
or a similar legend deemed by the Company to constitute an appropriate notice of the provisions hereof (any such certificate not
having such legend shall be surrendered upon demand by the Company and so endorsed):

 

On
the face of the certificate:

 

“Transfer
of this stock is restricted in accordance with conditions printed on the reverse of this certificate.”

 

On
the reverse:

 

“The
shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain InspireMD,
Inc. 2013 Long-Term Incentive Plan, a copy of which is on file at the principal office of the Company in Boston, Massachusetts.
No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said
Plan. By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions
of said Plan.”

 

The
following legend shall be inserted on a certificate evidencing Common Stock issued under the Plan if the shares were not issued
in a transaction registered under the applicable federal and state securities laws:

 

“Shares
of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution,
have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and
may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions
otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which
the Company may rely upon an opinion of counsel satisfactory to the Company.”

 

ARTICLE
16

ACCELERATION
OF AWARD VESTING

 

16.1
Application. The provisions of this Article 16 shall apply notwithstanding any provisions of this Plan to the contrary.

 

16.2
Definitions.

 

(a)
“Exempt Shares” means shares of Common Stock designated as “Exempt Shares” pursuant to Section
16.3.

 

(b)
“Full Value Award” means any Award with a net benefit to the Participant, without regard to any restrictions
such as those described in Section 6.4(b), equal to the aggregate Fair Market Value of the total shares of Common Stock
subject to the Award. Full Value Awards include Restricted Stock and Restricted Stock Units, but do not include Stock Options
and SARs.

 

(c)
“Tenure Award” means an Award hereunder of cash, shares of Common Stock, units or rights based upon,
payable in, or otherwise related to, Common Stock that vests over time based upon the Participant’s continued employment
with or service to the Company or its Subsidiaries.

 

    	 

     

    

 

16.3
Number of Shares Available for Awards. No more than ten percent (10%) of the shares of Common Stock that may be delivered
pursuant to Awards under Section 5.1 may be shares designated as “Exempt Shares.”

 

16.4
Full Value Award Vesting. Except as otherwise provided herein, the Committee must grant all Full Value Awards in accordance
with the following provisions:

 

(a)
All Full Value Awards granted by the Committee that constitute Performance Awards must vest no earlier than one (1) year after
the Date of Grant.

 

(b)
All Full Value Awards granted by the Committee that constitute Tenure Awards must vest no earlier than over the three (3) year
period commencing on the Date of Grant on a pro rata basis.

 

(c)
The Committee may not accelerate the date on which all or any portion of a Full Value Award may be vested or waive the Restriction
Period on a Full Value Award except upon the Participant’s death, Total and Permanent Disability or Retirement or the occurrence
of a Change in Control.

 

Notwithstanding
the foregoing, the Committee may, in its sole discretion, grant Full Value Awards with more favorable vesting provisions than
set forth in this Section 16.4 or accelerate the vesting or waive the Restriction Period for Full Value Awards at any time,
provided that the shares of Common Stock subject to such Awards shall be Exempt Shares.

 

A
copy of this Plan shall be kept on file in the principal office of the Company in Boston, Massachusetts.

 

***************

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be executed as of October 25, 2013, by its Chief Executive Officer
and Secretary pursuant to prior action taken by the Board.

 

	 	INSPIREMD,
    INC.
	 	 
	 	By:	/s/
    Alan Milinazzo
	 	Name:
    	Alan
    Milinazzo
	 	Title:	Chief
    Executive Officer

 

Attest:

 

	By:	/s/
    Craig Shore	 
	Name:
    	Craig
    Shore	 
	Title:	SecretaryEX-10.6

 Exhibit 10.6 

LAIRD SUPERFOOD, INC. 
 2018
EQUITY INCENTIVE PLAN 
  

	1.	 Purpose 

The purpose of this 2018 Equity Incentive Plan (the “Plan”) of Laird Superfood, Inc., a Delaware corporation (the
“Company”), is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons who are expected to make important contributions to the Company and by
providing such persons with equity ownership opportunities and performance-based incentives that are intended to better align the interests of such persons with those of the Company’s stockholders. Except where the context otherwise requires,
the term “Company” shall include any of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations
thereunder (the “Code”), and any other business venture (including, without limitation, any limited liability company or joint venture) in which the Company has a controlling interest, as determined by the Board of Directors
of the Company (the “Board”). 
  

	2.	 Eligibility 

All of the Company’s employees, officers and directors, as well as consultants and advisors to the Company (as such terms consultants and
advisors are defined and interpreted for purposes of Form S-8 under the Securities Act of 1933, as amended (the “Securities Act”), or any successor form) are eligible to be granted
Awards under the Plan. Each person who is granted an Award under the Plan is deemed a “Participant.” “Award” means Options (as defined in Section 5), SARs (as defined in Section 6),
Restricted Stock (as defined in Section 7), Restricted Stock Units (as defined in Section 7) and Other Stock-Based Awards (as defined in Section 8). 
  

	3.	 Administration and Delegation 

(a)    Administration by Board of Directors. The Plan will be administered by the Board. The Board shall have
authority to grant Awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may construe and interpret the terms of the Plan and any Award agreements entered
into under the Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem expedient and it shall be the sole and final judge of such expediency.
All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest in the Plan or in any Award. 

(b)    Appointment of Committees. To the extent permitted by applicable law, the Board may delegate any or all of
its powers under the Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board” shall mean the Board or a Committee of the Board or the
officers referred to in Section 3(c) to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee or officers. The Committee may, but is not required to, consist solely of two or more Non-Employee Directors in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

 (c)    Delegation to Officers. Subject to any requirements of
applicable law (including as applicable Sections 152 and 157(c) of the General Corporation Law of the State of Delaware), the Board may delegate to one or more officers of the Company the power to grant Awards (subject to any limitations under the
Plan) to employees or officers of the Company and to exercise such other powers under the Plan as the Board may determine, provided that the Board shall fix the terms of Awards to be granted by such officers, the maximum number of shares subject to
Awards that the officers may grant, and the time period in which such Awards may be granted; and provided further, that no officer shall be authorized to (i) grant Awards to any “executive officer” of the Company (as
defined by Rule 3b-7 under the Exchange Act) or to any “officer” of the Company (as defined by Rule 16a-1(f) under the Exchange Act) or
(ii) to determine the Grant Date Fair Market Value. 
  

	4.	 Stock Available for Awards 

(a)    Number of Shares; Share Counting. 

(1)    Authorized Number of Shares. Subject to adjustment under Section 9, Awards may be made under the Plan
(any or all of which Awards may be in the form of Incentive Stock Options, as defined in Section 5(b)) for 346,148 shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”). Shares issued
under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares. 
 (2)    Share
Counting. For purposes of counting the number of shares of Common Stock available for the grant of Awards under the Plan: 

(A)    if any Award (i) expires or is terminated, surrendered or canceled without having been fully exercised or is
forfeited in whole or in part (including as the result of shares of Common Stock subject to such Award being repurchased by the Company at the original issuance price pursuant to a contractual repurchase right) or (ii) results in any Common
Stock not being issued (including as a result of an SAR that was settleable either in cash or in stock actually being settled in cash), the unused shares of Common Stock covered by such Award shall again be available for the grant of Awards;
provided, however, that (1) in the case of Incentive Stock Options, the foregoing shall be subject to any limitations under the Code, and (2) in the case of the exercise of an SAR, the number of shares counted against the shares of Common
Stock covered by such SAR that are available under the Plan shall be the full number of shares of Common Stock subject to the SAR multiplied by the percentage of the SAR actually exercised, regardless of the number of shares actually used to settle
such SAR upon exercise; and 
 (B)    shares of Common Stock delivered (by actual delivery, attestation, or net
exercise) to the Company by a Participant to (i) purchase shares of Common Stock upon the exercise of an Award or (ii) satisfy tax withholding obligations with respect to Awards (including shares retained from the Award creating the tax
obligation) shall be added back to the number of shares of Common Stock subject to such Award that are available for the future grant of Awards. 

  
 2 

 (b)    Substitute Awards. In connection with a merger or
consolidation of an entity with the Company or the acquisition by the Company of property or stock of an entity, the Board may grant Awards with respect to Common Stock in substitution for any options or other stock or stock-based awards granted by
such entity or an affiliate thereof. Substitute Awards may be granted on such terms as the Board deems appropriate in the circumstances, notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the
overall share limit set forth in Section 4(a)(1), except as may be required by reason of Section 422 and related provisions of the Code. 
  

	5.	 Stock Options 

(a)    General. The Board may grant options to purchase Common Stock (each, an “Option”) and
determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including conditions relating to applicable federal or state
securities laws, as it considers necessary or advisable. 
 (b)    Incentive Stock Options. An Option that the
Board intends to be an “incentive stock option” as defined in Section 422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of Laird Superfood, Inc., any of Laird
Superfood, Inc.’s present or future parent or subsidiary corporations (if any) as defined in Sections 424(e) or (f) of the Code, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code,
and shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. An Option that is not intended to be an Incentive Stock Option shall be designated a “Nonstatutory Stock
Option.” The Company shall have no liability to a Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive Stock Option or if the Company converts an
Incentive Stock Option to a Nonstatutory Stock Option. 
 (c)    Exercise Price. The Board shall establish the
exercise price of each Option or the formula by which such exercise price will be determined. The exercise price shall be specified in the applicable Option agreement. The exercise price shall be not less than 100% of the Grant Date Fair Market
Value (as defined below) of a share of Common Stock on the date the Option is granted; provided that if the Board approves the grant of an Option to a person who owns capital stock (including stock treated as owned under Section 424(d) of the
Code) possessing more than 10% of the total combined voting power of all classes of capital stock of the Company or any subsidiary Company, the exercise price shall not be less than 110% of the Grant Date Fair Market Value of a share of Common Stock
on the date the Option is granted; provided further that if the Board approves the grant of an Option with an exercise price to be determined on a future date, the exercise price shall be not less than 100% of the Grant Date Fair Market Value on
such future date. “Grant Date Fair Market Value” of a share of Common Stock for purposes of the Plan will be determined as follows: 

(1)    if the Common Stock trades on a national securities exchange, the closing sale price (for the primary trading
session) for a share of Common Stock on the date of grant; or 

  
 3 

 (2)    if the Common Stock does not trade on any such exchange, the
average of the closing bid and asked prices for a share of Common Stock on the date of grant as reported by an over-the-counter marketplace designated by the Board; or

 (3)    if the Common Stock is not publicly traded, the Board will determine the Grant Date Fair Market Value of a
share of Common Stock for purposes of the Plan using any measure of value it determines to be appropriate (including, as it considers appropriate, relying on appraisals) in a manner consistent with the valuation principles under Code
Section 409A, except as the Board may expressly determine otherwise. 
 For any date that is not a trading day, the Grant Date Fair Market Value of a
share of Common Stock for such date will be determined by using the closing sale price or average of the bid and asked prices, as applicable, for the immediately preceding trading day and with the timing formulas specified in clauses (1) and
(2) above adjusted accordingly. The Board can substitute a particular time of day or other measure of “closing sale price” or “bid and asked prices” if appropriate because of exchange or market
procedures or can use weighted averages either on a daily basis or such longer period as complies with Code Section 409A. The Board has sole discretion to determine the Grant Date Fair Market Value of a share of Common Stock for purposes of the
Plan, and all Awards are conditioned on the Participants’ agreement that the Board’s determination is conclusive and binding even though others might make a different determination. 

(d)    Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions
as the Board may specify in the applicable option agreement; provided, however, that no Option will be granted with a term in excess of 10 years. 

(e)    Exercise of Options. Options may be exercised by delivery to the Company of a notice of exercise in a form
(which may be electronic) approved by the Company, together with payment in full (in the manner specified in Section 5(f)) of the exercise price for the number of shares for which the Option is exercised. Shares of Common Stock subject to the
Option will be delivered by the Company as soon as practicable following exercise. 
 (f)    Payment Upon
Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows: 

(1)    in cash or by check, payable to the order of the Company; 

(2)    delivery of shares of Common Stock owned by the Participant, valued at the Grant Date Fair Market Value; 

(3)    if an Option is a Nonstatutory Stock Option, to the extent provided for in the applicable Option agreement or
approved by the Board, by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such Option with a Grant Date Fair Market Value equal to the aggregate exercise price at the time of exercise; 

(4)    to the extent permitted by applicable law and provided for in the applicable Option agreement or approved by the
Board, through the sale of the shares of Common Stock acquired on exercise of the Option through a broker-dealer to whom the 

  
 4 

 
Participant has submitted an irrevocable notice of exercise and irrevocable instructions to deliver promptly to the Company the amount of sale proceeds sufficient to pay for such shares of Common
Stock, together with, if requested by the Company, the amount of federal, state, local or foreign withholding taxes payable by Participant by reason of such exercise; or 

(5)    by any combination of the above permitted forms of payment. 

(g)    Limitation on Repricing. Unless such action is approved by the Company’s stockholders, the Company may
not (except as provided for under Section 9): (1) amend any outstanding Option granted under the Plan to provide an exercise price per share that is lower than the then-current exercise price per share of such outstanding Option,
(2) cancel any outstanding option (whether or not granted under the Plan) and grant in substitution therefor new Awards under the Plan (other than Awards granted pursuant to Section 4(b)) covering the same or a different number of shares
of Common Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled option, (3) cancel in exchange for a cash payment any outstanding Option with an exercise price per share above the
then-current fair market value of the applicable Common Stock (valued in the manner determined by (or in the manner approved by) the Board) or (4) take any other action under the Plan that constitutes a “repricing”
within the meaning of the rules of any exchange or marketplace on which the Common Stock is listed or traded (“Exchange”). 
  

	6.	 Stock Appreciation Rights 

(a)    General. The Board may grant Awards consisting of stock appreciation rights (“SARs”)
entitling the holder, upon exercise, to receive a number of shares of Common Stock or an amount of cash or a combination thereof (such form to be determined by the Board) determined by reference to appreciation, from and after the date of grant, in
the fair market value of a share of Common Stock (valued in the manner determined by (or in the manner approved by) the Board) over the measurement price established pursuant to Section 6(b). The date as of which such appreciation is determined
shall be the exercise date. 
 (b)    Measurement Price. The Board shall establish the measurement price of each
SAR and specify it in the applicable SAR agreement. The measurement price shall not be less than 100% of the Grant Date Fair Market Value of a share of Common Stock covered by the SAR on the date the SAR is granted; provided that if the Board
approves the grant of an SAR effective as of a future date, the measurement price shall be not less than 100% of the Grant Date Fair Market Value on such future date. 

(c)    Duration of SARs. Each SAR shall be exercisable at such times and subject to such terms and conditions as
the Board may specify in the applicable SAR agreement; provided, however, that no SAR will be granted with a term in excess of 10 years. 

(d)    Exercise of SARs. SARs may be exercised by delivery to the Company of a notice of exercise in a form (which
may be electronic) approved by the Company, together with any other documents required by the Board. 

(e)    Limitation on Repricing. Unless such action is approved by the Company’s stockholders, the Company may
not (except as provided for under Section 9): (1) amend any 

  
 5 

 
outstanding SAR granted under the Plan to provide a measurement price per share that is lower than the then-current measurement price per share of such outstanding SAR, (2) cancel any
outstanding SAR (whether or not granted under the Plan) and grant in substitution therefor new Awards under the Plan (other than Awards granted pursuant to Section 4(b)) covering the same or a different number of shares of Common Stock and
having an exercise or measurement price per share lower than the then-current measurement price per share of the cancelled SAR, (3) cancel in exchange for a cash payment any outstanding SAR with a measurement price per share above the
then-current fair market value of the applicable Common Stock (valued in the manner determined by (or in a manner approved by) the Board) or (4) take any other action under the Plan that constitutes a “repricing” within
the meaning of the rules of the Exchange. 
  

	7.	 Restricted Stock; Restricted Stock Units 

(a)    General. The Board may grant Awards entitling recipients to acquire shares of Common Stock
(“Restricted Stock”), subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares if issued at no cost) from the
recipient in the event that conditions specified by the Board in the applicable Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award. The Board may also grant Awards
entitling the recipient to receive shares of Common Stock or cash to be delivered at the time such Award vests or is settled (“Restricted Stock Units”) (Restricted Stock and Restricted Stock Units are each referred to herein
as a “Restricted Stock Award”). 
 (b)    Terms and Conditions for All Restricted Stock
Awards. The Board shall determine the terms and conditions of a Restricted Stock Award, including the conditions for vesting and repurchase (or forfeiture) and the issue price, if any. 

(c)    Additional Provisions Relating to Restricted Stock. 

(1)    Dividends. Unless otherwise provided in the applicable Award agreement, any dividends (whether paid in cash,
stock or property) declared and paid by the Company with respect to shares of Common Stock (“Accrued Dividends”) shall be paid to the Participant only if and when such shares become free from the restrictions on
transferability and forfeitability that apply to such shares. Each payment of Accrued Dividends will be made no later than the end of the calendar year in which the dividends are paid to holders of Common Stock or, if later, the 15th day of the
third month following the lapsing of the restrictions on transferability and the forfeitability provisions applicable to the underlying shares of Restricted Stock. 

(2)    Stock Certificates. The Company may require that any stock certificates issued in respect of shares of
Restricted Stock, as well as dividends or distributions paid on such Restricted Stock, shall be deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). At the expiration of the
applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or if the Participant has died, to his or her Designated Beneficiary. “Designated
Beneficiary” means (i) the beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or (ii) in the
absence of an effective designation by a Participant, the Participant’s estate. 

  
 6 

 (d)    Additional Provisions Relating to Restricted Stock Units.

 (1)    Settlement. Upon the vesting of and/or lapsing of any other restrictions (i.e., settlement) with respect
to each Restricted Stock Unit, the Participant shall be entitled to receive from the Company such number of shares of Common Stock covered by such Award or (if so provided in the applicable Award agreement) an amount of cash equal to the fair market
value (valued in the manner determined by (or in a manner approved by) the Board) of such number of shares of Common Stock covered by the Award as are set forth in the applicable Restricted Stock Unit agreement. The Board may provide that settlement
of Restricted Stock Units shall be deferred, on a mandatory basis or at the election of the Participant in a manner that complies with Section 409A of the Code. 

(2)    Voting Rights. A Participant shall have no voting rights with respect to any Restricted Stock Units. 

(3)    Dividend Equivalents. The Award agreement for Restricted Stock Units may provide Participants with the right
to receive an amount equal to any dividends or other distributions declared and paid on an equal number of outstanding shares of Common Stock covered by such Award (“Dividend Equivalents”). Dividend Equivalents may be settled
in cash and/or shares of Common Stock and shall be subject to the same restrictions on transfer and forfeitability as the Restricted Stock Units with respect to which paid, in each case to the extent provided in the Award agreement. 

 

	8.	 Other Stock-Based Awards 

(a)    General. The Board may grant other Awards of shares of Common Stock, and other Awards that are valued in
whole or in part by reference to, or are otherwise based on, shares of Common Stock or other property (“Other Stock-Based Awards”). Such Other Stock-Based Awards shall also be available as a form of payment in the settlement
of other Awards granted under the Plan or as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock-Based Awards may be paid in shares of Common Stock or cash, as the Board shall determine. 

(b)    Terms and Conditions. Subject to the provisions of the Plan, the Board shall determine the terms and
conditions of each Other Stock-Based Award, including any purchase price applicable thereto. 
  

	9.	 Adjustments for Changes in Common Stock and Certain Other Events 

(a)    Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend,
recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event with respect to Common Stock, or any dividend or distribution to holders of
Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under the Plan, (ii) the share counting rules set forth in Section 4(a), (iii) the number and class of securities and exercise price
per share of each outstanding 

  
 7 

 
Option with respect to such Common Stock, (iv) the share and per-share provisions and the measurement price of each outstanding SAR with respect to
such Common Stock, (v) the number of shares subject to and the repurchase price per share subject to each outstanding Restricted Stock Award with respect to such Common Stock and (vi) the share and
per-share-related provisions and the purchase price, if any, of each outstanding Other Stock-Based Award with respect to such Common Stock, shall be equitably adjusted by the Company (or substituted Awards may
be made, if applicable) in the manner determined by the Board. Without limiting the generality of the foregoing, in the event the Company effects a split of its Common Stock by means of a stock dividend and the exercise price of and the number of
shares subject to an outstanding Option are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date
for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of
the close of business on the record date for such stock dividend. 
 (b)    Reorganization Events. 

(1)    Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation
of the Company with or into another entity as a result of which all shares of Common Stock are converted into or exchanged for the right to receive cash, securities or other property or are cancelled, (b) any transfer or disposition of all
shares of Common Stock for cash, securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution of the Company. 

(2)    Consequences of a Reorganization Event on Awards Other than Restricted Stock. 

(A)    In connection with a Reorganization Event, the Board, in its sole discretion, may take any one or more of the
following actions as to all or any (or any portion of) outstanding Awards, other than Restricted Stock, on such terms as the Board determines (except to the extent specifically provided otherwise in an applicable Award agreement or another agreement
between the Company and the Participant): (i) provide that such Awards shall be assumed, or substantially equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to a
Participant, provide that all of the Participant’s unvested Awards will be forfeited immediately prior to the consummation of such Reorganization Event and/or unexercised Awards will terminate immediately prior to the consummation of such
Reorganization Event unless exercised by the Participant (to the extent then exercisable) within a specified period following the date of such notice, (iii) provide that outstanding Awards shall become exercisable, realizable or deliverable, or
restrictions applicable to an Award shall lapse, in whole or in part prior to or upon such Reorganization Event, (iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof
a cash payment for each share surrendered in the Reorganization Event (the “Acquisition Price”), make or provide for a cash payment to Participants with respect to each Award held by a Participant equal to (A) the number
of shares of Common Stock subject to the vested portion of the Award (after giving effect to any acceleration of vesting that occurs upon or immediately prior to such Reorganization Event) 

  
 8 

 
multiplied by (B) the excess, if any, of (I) the Acquisition Price over (II) the exercise, measurement or purchase price of such Award and any applicable tax withholdings, in
exchange for the termination of such Award, (v) provide that, in connection with a liquidation or dissolution of the Company, Awards shall convert into the right to receive liquidation proceeds (if applicable, net of the exercise, measurement
or purchase price thereof and any applicable tax withholdings) and (vi) any combination of the foregoing. In taking any of the actions permitted under this Section 9(b)(2), the Board shall not be obligated by the Plan to treat all Awards,
all Awards held by a Participant, or all Awards of the same type, identically. 
 (B)    Notwithstanding the terms of
Section 9(b)(2)(A), in the case of outstanding Restricted Stock Units that are subject to Section 409A of the Code: (i) if the applicable Restricted Stock Unit agreement provides that the Restricted Stock Units shall be settled upon a
“change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i), and the Reorganization Event constitutes such a “change in control event”, then no
assumption or substitution shall be permitted pursuant to Section 9(b)(2)(A)(i) and the Restricted Stock Units shall instead be settled in accordance with the terms of the applicable Restricted Stock Unit agreement; and (ii) the Board may
only undertake the actions set forth in clauses (iii), (iv) or (v) of Section 9(b)(2)(A) if the Reorganization Event constitutes a “change in control event” as defined under Treasury Regulation Section 1.409A -3(i)(5)(i) and such action is permitted or required by Section 409A of the Code; if the Reorganization Event is not a “change in control event” as so defined or such action is not permitted or
required by Section 409A of the Code, and the acquiring or succeeding corporation does not assume or substitute the Restricted Stock Units pursuant to clause (i) of Section 9(b)(2)(A), then the unvested Restricted Stock Units shall
terminate immediately prior to the consummation of the Reorganization Event without any payment in exchange therefor. 

(C)    For purposes of Section 9(b)(2)(A)(i), an Award (other than Restricted Stock) shall be considered assumed if,
following consummation of the Reorganization Event, such Award confers the right to purchase or receive pursuant to the terms of such Award, for each share of Common Stock subject to the Award immediately prior to the consummation of the
Reorganization Event, the consideration (whether cash, securities or other property) received as a result of the Reorganization Event by holders of shares of Common Stock for each share of Common Stock held immediately prior to the consummation of
the Reorganization Event (and if holders of shares of Common Stock were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the
consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for
the consideration to be received upon the exercise or settlement of the Award to consist solely of such number of shares of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board determines to be equivalent
in value (as of the date of such determination or another date specified by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 

(3)    Consequences of a Reorganization Event on Restricted Stock. Upon the occurrence of a Reorganization Event
other than a liquidation or dissolution of the Company, the repurchase and other rights of the Company with respect to outstanding Restricted Stock shall 

  
 9 

 
inure to the benefit of the Company’s successor and shall, unless the Board determines otherwise, apply to the cash, securities or other property which the Common Stock was converted into or
exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as they applied to such Restricted Stock; provided, however, that the Board may provide for termination or deemed satisfaction of such repurchase or other
rights under the instrument evidencing any Restricted Stock or any other agreement between a Participant and the Company, either initially or by amendment. Upon the occurrence of a Reorganization Event involving the liquidation or dissolution of the
Company, except to the extent specifically provided to the contrary in the instrument evidencing any Restricted Stock or any other agreement between a Participant and the Company, all restrictions and conditions on all Restricted Stock then
outstanding shall automatically be deemed terminated or satisfied. 
  

	10.	 General Provisions Applicable to Awards 

(a)    Transferability of Awards. Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered
by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution or, other than in the case of an Incentive Stock Option, pursuant to a qualified domestic relations order, and, during the life of
the Participant, shall be exercisable only by the Participant; provided, however, that, except with respect to Awards subject to Section 409A of the Code, the Board may permit or provide in an Award for the gratuitous transfer of the Award by
the Participant to or for the benefit of any immediate family member, family trust or other entity established for the benefit of the Participant and/or an immediate family member thereof if the Company would be eligible to use a Form S-8 under the Securities Act for the registration of the sale of the Common Stock subject to such Award to such proposed transferee; provided further, that the Company shall not be required to recognize any such
permitted transfer until such time as such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company confirming that such transferee shall be bound by
all of the terms and conditions of the Award. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees. For the avoidance of doubt, nothing contained in this Section 10(a) shall be
deemed to restrict a transfer to the Company. 
 (b)    Documentation. Each Award shall be evidenced in such form
(written, electronic or otherwise) as the Board shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

(c)    Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or
in relation to any other Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly. 

(d)    Termination of Status. The Board shall determine the effect on an Award of the disability, death,
termination or other cessation of employment, authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period during which, the Participant, or the Participant’s legal
representative, conservator, guardian or Designated Beneficiary, may exercise rights under the Award. 

  
 10 

 (e)    Withholding. The Participant must satisfy all applicable
federal, state, and local or other income and employment tax withholding obligations before the Company will deliver stock certificates or otherwise recognize ownership of shares of Common Stock covered by an Award. The Company may elect to satisfy
the withholding obligations through additional withholding on salary or wages. If the Company elects not to or cannot withhold from other compensation, the Participant must pay the Company the full amount, if any, required for withholding or have a
broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company will issue any shares on exercise, vesting or release from forfeiture of an Award or at the same time as payment of
the exercise or purchase price, unless the Company determines otherwise. If provided for in an Award or approved by the Board, a Participant may satisfy the tax obligations in whole or in part (i) by delivery (either by actual delivery or
attestation) of shares of Common Stock, including shares retained from the Award creating the tax obligation, or (ii) by reduction in the number of shares of Common Stock otherwise deliverable upon exercise or vesting of an Award, in either
case valued at their fair market value (valued in the manner determined by (or in a manner approved by) the Company); provided, however, except as otherwise provided by the Committee, that the total tax withholding where stock or a reduction in
stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are
applicable to such supplemental taxable income), except that, to the extent that the Company is able to retain shares of Common Stock having a fair market value (determined by, or in a manner approved by, the Company) that exceeds the statutory
minimum applicable withholding tax without financial accounting implications or the Company is withholding in a jurisdiction that does not have a statutory minimum withholding tax, the Company may retain such number of shares of Common Stock (up to
the number of shares having a fair market value equal to the maximum individual statutory rate of tax (determined by, or in a manner approved by, the Company)) as the Company shall determine in its sole discretion to satisfy the tax liability
associated with any Award. Shares used to satisfy tax withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. 

(f)    Amendment of Award. Except as otherwise provided in Sections 5(g) and 6(e) with respect to repricings and
Section 11(d) with respect to actions requiring stockholder approval, the Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing
the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option. The Participant’s consent to such action shall be required unless (i) the Board determines that the action, taking into account
any related action, does not materially and adversely affect the Participant’s rights under the Plan or (ii) the change is permitted under Section 9. 

(g)     Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock
covered by an Award pursuant to the Plan or to remove restrictions from shares previously issued or delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the
opinion of the Company’s counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and regulations and any applicable stock exchange or stock
market rules and regulations and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or
regulations. 

  
 11 

 (h)    Acceleration. The Board shall have the power to accelerate
the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the
time during which it will vest. 
 (i)    No Obligation to Notify or Minimize Taxes. The Company will have no
duty or obligation to any Participant to advise such holder as to the tax treatment of an Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a
possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award. 

(j)    Securities Registration. No Awards shall be granted under the Plan and no shares of Common Stock shall be
issued and delivered upon the exercise of Options or SARs granted under the Plan unless and until the Company and/or the Participant have complied with all applicable federal and state registration, listing and/or qualification requirements and all
other requirements of law or of any regulatory agencies having jurisdiction. 
 (k)    Representations;
Legends. The Board may, as a condition to the grant of any Award or the exercise of any Option or SARs under the Plan, require a Participant to (i) represent in writing that the shares of Common Stock received in connection with such
Award are being acquired for investment and not with a view to distribution and (ii) make such other representations and warranties as are deemed appropriate by counsel to the Company. Each certificate representing shares of Common Stock
acquired under the Plan shall bear a legend in such form as the Company deems appropriate. 
 (l)    Entry into
Agreements. In connection with the grant, vesting and/or exercise of any Award under the Plan, the Board may require a Participant to execute and become a party to a voting agreement or right of first refusal and
co-sale agreement or similar agreements as a condition of such grant, vesting and/or exercise. Such agreements may contain restrictions on the transferability of shares of Common Stock acquired under the Plan
(such as a right of first refusal or a prohibition on transfer) and such shares may be subject to call rights and drag-along rights of the Company and certain of its investors. The Company shall also have any repurchase rights set forth in such
agreements or any Award agreement. 
  

	11.	 Miscellaneous 

(a)    No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award by
virtue of the adoption of the Plan, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to
dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award. 

  
 12 

 (b)    No Rights As Stockholder; Clawback Policy. Subject to the
provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be issued with respect to an Award until becoming the record holder of such shares. In
accepting an Award under the Plan, a Participant agrees to be bound by any clawback policy the Company has in effect or may adopt in the future. 

(c)    Effective Date and Term of Plan. The Plan shall become effective immediately following stockholder approval
of the Plan (the “Effective Date”). No Awards shall be granted under the Plan after the expiration of 10 years from the Effective Date, but Awards previously granted may extend beyond that date. 

(d)    Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time
provided that no amendment that would require stockholder approval under the rules of the Exchange may be made effective unless and until the Company’s stockholders approve such amendment. In addition, if at any time the approval of the
Company’s stockholders is required as to any other modification or amendment under Section 422 of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment without
such approval. Unless otherwise specified in the amendment, any amendment to the Plan adopted in accordance with this Section 11(d) shall apply to, and be binding on the holders of, all Awards outstanding under the Plan at the time the
amendment is adopted, provided the Board determines that such amendment, taking into account any related action, does not materially and adversely affect the rights of Participants under the Plan. No Award shall be made that is conditioned upon
stockholder approval of any amendment to the Plan unless the Award provides that (i) it will terminate or be forfeited if stockholder approval of such amendment is not obtained within no more than 12 months from the date of grant and
(ii) it may not be exercised or settled (or otherwise result in the issuance of Common Stock) prior to such stockholder approval. 

(e)    Authorization of Sub-Plans (including for Grants to non-U.S. Employees). The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable securities, tax or other laws of
various jurisdictions or for any other reason determined by the Board. The Board shall establish such sub-plans by adopting supplements to the Plan containing (i) such limitations on the Board’s
discretion under the Plan as the Board deems necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall
be deemed to be part of the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any jurisdiction which is not the
subject of such supplement. 
 (f)    Compliance with Section 409A of the Code. If and to the extent (i) any
portion of any payment, compensation or other benefit provided to a Participant pursuant to the Plan in connection with his or her employment termination constitutes “nonqualified deferred compensation” within the meaning of
Section 409A of the Code and (ii) the Participant is a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, in each case as determined by the Company in accordance with its procedures, by which determinations the

  
 13 

 
Participant (through accepting the Award) agrees that he or she is bound, such portion of the payment, compensation or other benefit shall not be paid before the day that is six months plus one
day after the date of “separation from service” (as determined under Section 409A of the Code) (the “New Payment Date”), except as Section 409A of the Code may then permit. The aggregate of any payments
that otherwise would have been paid to the Participant during the period between the date of separation from service and the New Payment Date shall be paid to the Participant in a lump sum on such New Payment Date, and any remaining payments will be
paid on their original schedule. 
 The Company makes no representations or warranty and shall have no liability to the Participant or any other person if
any provisions of or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation subject to Section 409A of the Code but do not to satisfy the conditions of that section. 

(g)    Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a
director, officer, employee or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection with the Plan, nor will such
individual be personally liable with respect to the Plan because of any contract or other instrument he or she executes in his or her capacity as a director, officer, employee or agent of the Company. The Company will indemnify and hold harmless
each director, officer, employee or agent of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been or will be delegated, against any cost or expense (including attorneys’ fees) or liability
(including any sum paid in settlement of a claim with the Board’s approval) arising out of any act or omission to act concerning the Plan unless arising out of such person’s own fraud or bad faith. 

(h)    Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted
in accordance with the laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application of the laws of a
jurisdiction other than the State of Delaware. 

  
 14

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