Document:

EX-10.1

 Exhibit 10.1 

LEMAITRE VASCULAR, INC. 

THIRD AMENDED AND RESTATED 

2006 STOCK OPTION AND INCENTIVE PLAN 
  

	SECTION 1.	GENERAL PURPOSE OF THE PLAN; DEFINITIONS 

 The name of the plan is the LeMaitre Vascular,
Inc. Third Amended and Restated 2006 Stock Option and Incentive Plan (the “Plan”), which is the amendment and restatement of the Second Amended and Restated 2006 Stock Option and Incentive Plan. The purpose of the Plan is to encourage and
enable the officers, employees, directors and other key persons (including Consultants and prospective employees) of LeMaitre Vascular, Inc. (the “Company”) and its Subsidiaries upon whose judgment, initiative and efforts the Company
largely depends for the successful conduct of its business to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification of their
interests with those of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf and strengthening their desire to remain with the Company. 

The following terms shall be defined as set forth below: 

“Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

“Administrator” is defined in Section 2(a). 

“Award” or “Awards,” except where referring to a particular category of grant under the Plan, shall include
Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards and Cash-Based Awards. 

“Award Certificate” means a written or electronic document setting forth the terms and provisions applicable to an Award
granted under the Plan. Each Award Certificate is subject to the terms and conditions of the Plan. 
 “Board” means the
Board of Directors of the Company. 
 “Cash-Based Award” means an Award entitling the recipient to receive a
cash-denominated payment. 
 “Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and
related rules, regulations and interpretations. 
 “Consultant” means any natural person that provides bona fide services
to the Company, and such services are not 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. 

“Committee” means a committee of the Board. 

“Covered Employee” means an employee who is a “Covered Employee” within the meaning of Section 162(m) of the
Code. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 “Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by
the Administrator; provided, however, that if the Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), NASDAQ Global Market or another national securities exchange, the
determination shall be made by reference to market quotations. If there are no market quotations for such date, the determination shall be made by reference to the last date preceding such date for which there are market quotations. 

“Incentive Stock Option” means any Stock Option designated and qualified as an “incentive stock option” as defined
in Section 422 of the Code. 
 “Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock
Option. 
 “Option” or “Stock Option” means any option to purchase shares of Stock granted pursuant to
Section 5. 
 “Original 2006 Stock Option and Incentive Plan” means the LeMaitre Vascular, Inc. 2006 Stock Option and
Incentive Plan which was adopted by the Board and approved by the Company’s stockholders on May 25, 2006. 

 “Performance Cycle” means one or more periods of time, which may be of varying
and overlapping durations, as the Administrator may select, over which the attainment of one or more performance criteria will be measured for the purpose of determining a grantee’s right to and the payment of a Restricted Stock Award,
Restricted Stock Units or Cash-Based Award. 
 “Restatement Date” means the date on which the Plan is approved by
stockholders as set forth in Section 19. 
 “Restricted Stock” means Stock subject to such restrictions and conditions
as the Administrator may determine at the time of grant. 
 “Restricted Stock Award” means an Award entitling the recipient
to acquire shares of Stock subject to such restrictions and conditions as the Administrator may determine at the time of grant. 

“Restricted Stock Units” means an Award of phantom stock units to a grantee. 

“Section 409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder. 

“Stock” means the Common Stock, par value $0.01 per share, of the Company, subject to adjustments pursuant to Section 3.

 “Stock Appreciation Right” means an Award entitling the recipient to receive shares of Stock having a value equal to the
excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right (except as otherwise provided for in Section 6). 

“Subsidiary” means any corporation or other entity (other than the Company) in which the Company has at least a 50 percent
interest, either directly or indirectly. 
 “Ten Percent Owner” means an employee who owns or is deemed to own (by reason
of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation. 

“Unrestricted Stock” is defined in Section 9. 

“Unrestricted Stock Award” means any Award pursuant to which a grantee may receive shares of Stock free of any restrictions.

  

	SECTION 2.	ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS  

(a) Committee. The Plan shall be administered by either the Board or one or more Committees of the Board (the
“Administrator”). 
 (b) Powers of Administrator. The Administrator shall have the power and authority to grant Awards
consistent with the terms of the Plan, including the power and authority: 
 (i) to select the individuals to whom Awards may
from time to time be granted; 
 (ii) to determine the time or times of grant, and the extent, if any, of Incentive Stock
Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards and Cash-Based Awards, or any combination of the foregoing, granted to any one or more grantees; 

(iii) to determine the number of shares of Stock to be covered by any Award; 

(iv) to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the
terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the forms of Award Certificates; 

(v) to accelerate at any time the exercisability or vesting of all or any portion of any Award; 

(vi) subject to the provisions of Section 5(a)(ii), to extend at any time the period in which Stock Options may be
exercised; and 
 (vii) at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the
Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written instruments); to make all determinations it deems advisable for the administration of
the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. 
 All
decisions and interpretations of the Administrator shall be binding on all persons, including the Company and Plan grantees. 

 (c) Foreign Participants. Notwithstanding any provision of the Plan to the contrary, in
order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Awards, the Committee, in its sole discretion, shall have the power and authority to:
(i) determine which Subsidiaries shall be covered by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to
individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or
advisable (and such subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Section 3(a) of the
Plan; and (v) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the
foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute
or law. 
 (d) Delegation of Authority to Grant Awards. The Administrator, in its discretion, may delegate to an officer (including
the chief executive officer) of the Company all or part of the Administrator’s authority and duties with respect to the granting of Awards to individuals who are not subject to the reporting and other provisions of Section 16 of the
Exchange Act and not Covered Employees. Any such delegation by the Administrator shall include a limitation as to the amount of Awards that may be granted during the period of the delegation and shall contain guidelines as to the determination of
the exercise price of any Stock Option or Stock Appreciation Right, the conversion ratio or price of other Awards and the vesting criteria. The Administrator may revoke or amend the terms of a delegation at any time but such action shall not
invalidate any prior actions of the Administrator’s delegate or delegates that were consistent with the terms of the Plan. 
 (e)
Award Certificate. Awards under the Plan shall be evidenced by Award Certificates that set forth the terms, conditions and limitations for each Award which may include, without limitation, the term of an Award and the provisions applicable in
the event employment or service terminates. 
 (f) Indemnification. Neither the Board nor the Committee, nor any member of either or
any delegate thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any delegate thereof) shall be entitled in
all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law
and/or under any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual and the Company. 

 

	SECTION 3.	STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION  

 (a) Stock Issuable. The
maximum number of shares of Stock reserved and available for issuance under the Plan shall be the sum of (i) 5,500,000 shares, and (ii) such number of shares as equals that number of stock options or awards returned to (A) the
Company’s 1997 Stock Option Plan, as amended and in effect from time to time, following the effective date of the Original 2006 Stock Option and Incentive Plan, (B) the Company’s 1998 Stock Option Plan, as amended and in effect from
time to time, following the effective date of the Original 2006 Stock Option and Incentive Plan, (C) the Company’s 2000 Stock Option Plan, as amended and in effect from time to time, following the effective date of the Original 2006 Stock
Option and Incentive Plan, and (D) the Company’s 2004 Stock Option Plan, as amended and in effect from time to time, following the effective date of the Original 2006 Stock Option and Incentive Plan, in each case as a result of the
expiration, cancellation or termination of such stock options or awards, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the shares of Stock underlying any Awards that are forfeited, canceled, held back upon
exercise of an Option or settlement of an Award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise) shall be added back
to the shares of Stock available for issuance under the Plan. Subject to such overall limitations, shares of Stock may be issued up to such maximum number pursuant to any type or types of Award; provided, however, that Stock Options or Stock
Appreciation Rights with respect to no more than 3,000,000 shares of Stock may be granted to any one individual grantee during any one calendar year period. In no event may shares of Stock granted in the form of Incentive Stock Options exceed
5,500,000 shares. The shares available for issuance under the Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company. 

(b) Changes in Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of
the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation,
sale of all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities of the Company or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an
appropriate or proportionate adjustment in (i) the maximum number of shares reserved for issuance under the Plan, including the maximum number of shares that may be issued in the form of Incentive Stock Options, (ii) the number of Stock
Options or Stock Appreciation Rights that can be granted to any one individual grantee and 

 
the maximum number of shares that may be granted under a Performance-based Award, (iii) the number and kind of shares or other securities subject to any then outstanding Awards under the
Plan, (iv) the repurchase price, if any, per share subject to each outstanding Restricted Stock Award, and (v) the exercise price for each share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan,
without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options and Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation Rights remain exercisable. The Administrator shall
also make equitable or proportionate adjustments in the number of shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration cash dividends paid other than in the ordinary course or any
other extraordinary corporate event. The adjustment by the Administrator shall be final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Administrator in its discretion
may make a cash payment in lieu of fractional shares. 
 (c) Consolidations, Mergers or Sales of Assets or Stock. If the Company is
to be consolidated with or acquired by another person or entity in a merger, sale of all or substantially all of the Company’s assets or stock or otherwise (an “Acquisition”), the Committee or the board of directors of any entity
assuming the obligations of the Company hereunder (the “Successor Board”) shall, with respect to outstanding Awards or shares acquired upon exercise of any Award, take one or more of the following actions: (i) make appropriate
provision for the continuation of such Award by substituting on an equitable basis for the shares then subject to such Award the consideration payable with respect to the outstanding shares of Common Stock in connection with the Acquisition;
(ii) accelerate the date of exercise of such Award or of any installment of any such Award; (iii) upon written notice to the optionees, provide that all Awards must be exercised, to the extent then exercisable, within a specified number of
days of the date of such notice, at the end of which period the Award shall terminate; (iv) terminate all Awards in exchange for a cash payment equal to the excess of the fair market value of the shares subject to such Award (to the extent then
exercisable) over the exercise price thereof; or (v) in the event of a stock sale, require that the optionee sell to the purchaser to whom such stock sale is to be made, all shares previously issued to such optionee upon exercise of any Award,
at a price equal to the portion of the net consideration from such sale which is attributable to such shares. 
 (d) Substitute
Awards. The Administrator may grant Awards under the Plan in substitution for stock and stock based awards held by employees, directors or other key persons of another corporation in connection with the merger or consolidation of the employing
corporation or affiliate thereof with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the employing corporation or affiliate thereof. The Administrator may direct that the substitute awards be
granted on such terms and conditions as the Administrator considers appropriate in the circumstances. Any substitute Awards granted under the Plan shall not count against the share limitation set forth in Section 3(a). 

 

	SECTION 4.	ELIGIBILITY  

 Grantees under the Plan will be such full or part-time officers and other
employees, directors and key persons (including Consultants and prospective employees) of the Company and its Subsidiaries as are selected from time to time by the Administrator in its sole discretion. 

 

	SECTION 5.	STOCK OPTIONS  

 Any Stock Option granted under the Plan shall be in such form as the
Administrator may from time to time approve. 
 Stock Options granted under the Plan may be either Incentive Stock Options or Non-Qualified
Stock Options. Incentive Stock Options may be granted only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not
qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option. 
 (a) Grants of Stock Options. Stock Options
granted pursuant to this Section 5(a) shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable. If the
Administrator so determines, Stock Options may be granted in lieu of cash compensation at the optionee’s election, subject to such terms and conditions as the Administrator may establish. 

(i) Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to this
Section 5(a) shall be determined by the Administrator at the time of grant but shall not be less than one hundred percent (100%) of the Fair Market Value on the date of grant. In the case of an Incentive Stock Option that is granted to a
Ten Percent Owner, the option price of such Incentive Stock Option shall be not less than one hundred ten (110%) percent of the Fair Market Value on the grant date. 

(ii) Option Term. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be
exercisable more than ten years after the date the Stock Option is granted. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock Option shall be no more than five years from the date of grant. 

 (iii) Exercisability; Rights of a Stockholder. Stock Options shall become
exercisable at such time or times, whether or not in installments, as shall be determined by the Administrator at or after the grant date. The Administrator may at any time accelerate the exercisability of all or any portion of any Stock Option. An
optionee shall have the rights of a stockholder only as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. 

(iv) Method of Exercise. Stock Options may be exercised in whole or in part, by giving written notice of exercise to the
Company, specifying the number of shares to be purchased. Payment of the purchase price may be made by one or more of the following methods to the extent provided in the Option Award Certificate: 

(A) In cash, by certified or bank check or other instrument acceptable to the Administrator; 

(B) Through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the optionee on the
open market or that are beneficially owned by the optionee and are not then subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date. To the extent required to avoid variable
accounting treatment under FAS 123R or other applicable accounting rules, such surrendered shares shall have been owned by the optionee for at least six months; or 

(C) By the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a
broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall
comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure. 

(D) With respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement pursuant to
which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price. 

Payment instruments will be received subject to collection. The transfer to the optionee on the records of the Company or of the transfer agent
of the shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance with the provisions of the Stock Option) by the Company of the full
purchase price for such shares and the fulfillment of any other requirements contained in the Option Award Certificate or applicable provisions of laws (including the satisfaction of any withholding taxes that the Company is obligated to withhold
with respect to the optionee). In the event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee upon the exercise of the Stock
Option shall be net of the number of shares attested to. 
 (v) Annual Limit on Incentive Stock Options. To the extent
required for “incentive stock option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which Incentive Stock Options granted under
this Plan and any other plan of the Company or its parent and subsidiary corporations become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this limit, it
shall constitute a Non-Qualified Stock Option. 
  

	SECTION 6.	STOCK APPRECIATION RIGHTS  

 (a) Grant and Exercise of Stock Appreciation Rights.
Stock Appreciation Rights may be granted by the Administrator independently of any Stock Option granted pursuant to Section 5 of the Plan. 

(b) Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and conditions as shall
be determined from time to time by the Administrator. The term of a Stock Appreciation Right may not exceed 10 years. 
  

	SECTION 7.	RESTRICTED STOCK AWARDS  

 (a) Purchase Price; Terms. Shares of Restricted Stock
shall be issued under the Plan at such purchase price (which may be zero) as determined by the Administrator. The grant of a Restricted Stock Award is contingent on the grantee executing the Restricted Stock agreement. The terms and conditions of
each such Award Certificate shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. Conditions may be based on continuing employment (or other service relationship) and/or achievement
of pre-established performance goals and objectives. 
 (b) Rights as a Stockholder. Upon execution of a written instrument setting
forth the Restricted Stock Award and payment of any applicable purchase price, a grantee shall have the rights of a stockholder with respect to the voting of the Restricted Stock, subject to such conditions contained in the Restricted Stock Award
Certificate. Unless the Administrator shall otherwise determine, (i) uncertificated Restricted Stock shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until
such Restricted Stock are vested as provided in Section 7(d) below, and (ii) certificated Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in Section 7(d) below, and the
grantee shall be required, as a condition of the grant, to deliver to the Company such instruments of transfer as the Administrator may prescribe. 

 (c) Restrictions. Restricted Stock may not be sold, assigned, transferred, pledged or
otherwise encumbered or disposed of except as specifically provided herein or in the Restricted Stock Award Certificate. Except as may otherwise be provided by the Administrator either in the Award Certificate or, subject to Section 16 below,
in writing after the Award is issued, if any, if a grantee’s employment (or other service relationship) with the Company and its Subsidiaries terminates for any reason, any Restricted Stock that has not vested at the time of termination shall
automatically and without any requirement of notice to such grantee from or other action by or on behalf of, the Company be deemed to have been reacquired by the Company at its original purchase price from such grantee or such grantee’s legal
representative simultaneously with such termination of employment (or other service relationship), and thereafter shall cease to represent any ownership of the Company by the grantee or rights of the grantee as a stockholder. Following such deemed
reacquisition of unvested Restricted Stock that are represented by physical certificates, a grantee shall surrender such certificates to the Company upon request without consideration. 

(d) Vesting of Restricted Stock. The Administrator at the time of grant shall specify the date or dates and/or the attainment of
pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Stock and the Company’s right of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment
of such pre-established performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall no longer be Restricted Stock and shall be deemed “vested.” Except as may otherwise be provided by the
Administrator either in the Award Certificate or, subject to Section 16 below, in writing after the Award is issued, a grantee’s rights in any shares of Restricted Stock that have not vested shall automatically terminate upon the
grantee’s termination of employment (or other service relationship) with the Company and its Subsidiaries and such shares shall be subject to the provisions of Section 7(c) above. 

 

	SECTION 8.	RESTRICTED STOCK UNITS  

 (a) Nature of Restricted Stock Units. The Administrator
shall determine the restrictions and conditions applicable to each Restricted Stock Unit at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals
and objectives. The terms and conditions of each such Award Certificate shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. At the end of the deferral period, the Restricted Stock
Units, to the extent vested, shall be settled in the form of shares of Stock. To the extent that an award of Restricted Stock Units is subject to Section 409A, it may contain such additional terms and conditions as the Administrator shall
determine in its sole discretion in order for such Award to comply with the requirements of Section 409A. 
 (b) Election to Receive
Restricted Stock Units in Lieu of Compensation. The Administrator may, in its sole discretion, permit a grantee to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of an award of Restricted Stock
Units. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified by the Administrator and in accordance with Section 409A and such other rules and procedures established by the
Administrator. Any such future cash compensation that the grantee elects to defer shall be converted to a fixed number of Restricted Stock Units based on the Fair Market Value of Stock on the date the compensation would otherwise have been paid to
the grantee if such payment had not been deferred as provided herein. The Administrator shall have the sole right to determine whether and under what circumstances to permit such elections and to impose such limitations and other terms and
conditions thereon as the Administrator deems appropriate. Any Restricted Stock Units that are elected to be received in lieu of cash compensation shall be fully vested, unless otherwise provided in the Award Certificate. 

(c) Rights as a Stockholder. A grantee shall have the rights as a stockholder only as to shares of Stock acquired by the grantee upon
settlement of Restricted Stock Units. 
 (d) Termination. Except as may otherwise be provided by the Administrator either in the
Award Certificate or, subject to Section 16 below, in writing after the Award is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically terminate upon the grantee’s termination of employment
(or cessation of service relationship) with the Company and its Subsidiaries for any reason. 
  

	SECTION 9.	UNRESTRICTED STOCK AWARDS  

 Grant or Sale of Unrestricted Stock. The
Administrator may, in its sole discretion, grant (or sell at par value or such higher purchase price determined by the Administrator) an Unrestricted Stock Award to any grantee pursuant to which such grantee may receive shares of Stock free of any
restrictions (“Unrestricted Stock”) under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to such grantee. 

	SECTION 10.	CASH-BASED AWARDS  

 The Administrator may, in its sole discretion, grant Cash-Based
Awards to any grantee in such number or amount and upon such terms, and subject to such conditions, as the Administrator shall determine at the time of grant. The Administrator shall determine the maximum duration of the Cash-Based Award, the amount
of cash to which the Cash-Based Award pertains, the conditions upon which the Cash-Based Award shall become vested or payable, and such other provisions as the Administrator shall determine. Each Cash-Based Award shall specify a cash-denominated
payment amount, formula or payment ranges as determined by the Administrator. Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be made in cash or in shares of Stock, as the
Administrator determines. 
  

	SECTION 11.	PERFORMANCE-BASED AWARDS TO COVERED EMPLOYEES  

 Notwithstanding anything to the contrary
contained herein, if any Restricted Stock Award, Restricted Stock Units or Cash-Based Award granted to a Covered Employee is intended to qualify as “Performance-based Compensation” under Section 162(m) of the Code and the regulations
promulgated thereunder (a “Performance-based Award”), such Award shall comply with the provisions set forth below: 
 (a)
Performance Criteria. The performance criteria used in performance goals governing Performance-based Awards granted to Covered Employees may include any or all of the following: (i) the Company’s return on equity, assets, capital or
investment: (ii) pre-tax or after-tax profit levels of the Company or any Subsidiary, a division, an operating unit or a business segment of the Company, or any combination of the foregoing; (iii) net sales, gross margin, operating income,
cash flow, funds from operations or similar measures; (iv) total stockholder return; (v) changes in the market price of the Stock; (vi) sales or market share; (vii) earnings per share, (viii) status of clinical studies and
other regulatory approvals and milestones, (ix) manufacturing developments and/or progress, (x) achievement of sales milestones, and (xi) other operational objectives of the Company. 

(b) Grant of Performance-based Awards. With respect to each Performance-based Award granted to a Covered Employee, the Committee shall
select, within the first 90 days of a Performance Cycle (or, if shorter, within the maximum period allowed under Section 162(m) of the Code) the performance criteria for such grant, and the achievement targets with respect to each performance
criterion (including a threshold level of performance below which no amount will become payable with respect to such Award). Each Performance-based Award will specify the amount payable, or the formula for determining the amount payable, upon
achievement of the various applicable performance targets. The performance criteria established by the Committee may be (but need not be) different for each Performance Cycle and different goals may be applicable to Performance-based Awards to
different Covered Employees. 
 (c) Payment of Performance-based Awards. Following the completion of a Performance Cycle, the
Committee shall meet to review and certify in writing whether, and to what extent, the performance criteria for the Performance Cycle have been achieved and, if so, to also calculate and certify in writing the amount of the Performance-based Awards
earned for the Performance Cycle. The Committee shall then determine the actual size of each Covered Employee’s Performance-based Award, and, in doing so, may reduce or eliminate the amount of the Performance-based Award for a Covered Employee
if, in its sole judgment, such reduction or elimination is appropriate. 
 (d) Maximum Award Payable. The maximum Performance-based
Award payable to any one Covered Employee under the Plan for a Performance Cycle is 3,000,000 Shares (subject to adjustment as provided in Section 3(b) hereof) or $2,000,000 in the case of a Performance-based award that is a Cash-Based Award.

  

	SECTION 12.	TRANSFERABILITY OF AWARDS  

 (a) Transferability. Except as provided in
Section 12(b) below, during a grantee’s lifetime, his or her Awards shall be exercisable only by the grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s incapacity. No Awards shall be sold,
assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will or by the laws of descent and distribution or a domestic relations order. No Awards shall be subject, in whole or in part, to attachment, execution, or levy
of any kind, and any purported transfer in violation hereof shall be null and void. 
 (b) Committee Action. Notwithstanding
Section 12(a), the Administrator, in its discretion, may provide either in the Award Certificate regarding a given Award or by subsequent written approval that the grantee (who is an employee or director) may transfer his or her Awards (other
than any Incentive Stock Options) to his or her immediate family members, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with
the Company to be bound by all of the terms and conditions of this Plan and the applicable Award. 
 (c) Family Member. For purposes
of Section 12(b), “family member” shall mean a grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household (other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the beneficial
interest, a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which these persons (or the grantee) own more than 50 percent of the voting interests. 

 (d) Designation of Beneficiary. Each grantee to whom an Award has been made under the Plan
may designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Administrator and shall
not be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate. 

 

	SECTION 13.	TAX WITHHOLDING  

 (a) Payment by Grantee. Each grantee shall, no later than the
date as of which the value of an Award or of any Stock or other amounts received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes, pay to the Company, or make arrangements satisfactory to the
Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company with respect to such income. The Company and its Subsidiaries shall, to the extent permitted by law, have the right to
deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver evidence of book entry (or stock certificates) to any grantee is subject to and conditioned on tax withholding obligations
being satisfied by the grantee. 
 (b) Payment in Stock. Subject to approval by the Administrator, a grantee may elect to have the
Company’s minimum required tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of Stock to be issued pursuant to any Award a number of shares with an aggregate Fair Market Value
(as of the date the withholding is effected) that would satisfy the withholding amount due, or (ii) transferring to the Company shares of Stock owned by the grantee with an aggregate Fair Market Value (as of the date the withholding is
effected) that would satisfy the withholding amount due. 
  

	SECTION 14.	SECTION 409A AWARDS.  

 To the extent that any Award is determined to constitute
“nonqualified deferred compensation” within the meaning of Section 409A (a “409A Award”), the Award shall be subject to such additional rules and requirements as specified by the Administrator from time to time in order to
comply with Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from service” (within the meaning of Section 409A) to a grantee who is then considered a “specified employee”
(within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only
to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. Further, the settlement of any such Award may not be accelerated except to the
extent permitted by Section 409A. 
  

	SECTION 15.	TRANSFER, LEAVE OF ABSENCE, ETC.  

 For purposes of the Plan, the following events shall
not be deemed a termination of employment: 
 (a) a transfer to the employment of the Company from a Subsidiary or from the Company to a
Subsidiary, or from one Subsidiary to another; or 
 (b) an approved leave of absence for military service or sickness, or for any other
purpose approved by the Company, if the employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise so provides in
writing. 
  

	SECTION 16.	AMENDMENTS AND TERMINATION  

 The Board may, at any time, amend or discontinue the Plan
and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the
holder’s consent. Except as provided in Section 3(b) or 3(c), in no event may the Administrator exercise its discretion to reduce the exercise price of outstanding Stock Options or Stock Appreciation Rights or effect repricing through
cancellation and re-grants without shareholder approval. Any material Plan amendments (other than amendments that curtail the scope of the Plan), including any Plan amendments that (i) increase the number of shares reserved for issuance under
the Plan, (ii) expand the type of Awards available under, materially expand the eligibility to participate in, or materially extend the term of, the Plan, or (iii) materially change the method of determining Fair Market Value, shall be
subject to approval by the Company stockholders entitled to vote at a meeting of stockholders. In addition, to the extent determined by the Administrator to be required by the Code to ensure that Incentive Stock Options granted under the Plan are
qualified under Section 422 of the Code or to ensure that compensation earned under Awards qualifies as performance-based compensation under Section 162(m) of the Code, Plan amendments shall be subject to approval by the Company
stockholders entitled to vote at a meeting of stockholders. Nothing in this Section 16 shall limit the Administrator’s authority to take any action permitted pursuant to Section 3(c). 

	SECTION 17.	STATUS OF PLAN  

 With respect to the portion of any Award that has not been exercised
and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine in connection with
any Award or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the
existence of such trusts or other arrangements is consistent with the foregoing sentence. 
  

	SECTION 18.	GENERAL PROVISIONS  

 (a) No Distribution; Compliance with Legal Requirements. The
Administrator may require each person acquiring Stock pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. 

No shares of Stock shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange or similar
requirements have been satisfied. The Administrator may require the placing of such stop-orders and restrictive legends on certificates for Stock and Awards as it deems appropriate. 

(b) Delivery of Stock Certificates. Stock certificates to grantees under this Plan shall be deemed delivered for all purposes when the
Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company. Uncertificated Stock shall be deemed
delivered for all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known
address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records). 

(c) Other Compensation Arrangements; No Employment Rights. Nothing contained in this Plan shall prevent the Board from adopting other
or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of this Plan and the grant of Awards do not confer upon any employee any right to
continued employment with the Company or any Subsidiary. 
 (d) Trading Policy Restrictions. Option exercises and other Awards under
the Plan shall be subject to such Company’s insider trading policy and procedures, as in effect from time to time. 
 (e) Forfeiture
of Awards under Sarbanes-Oxley Act. If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws,
then any grantee who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002 shall reimburse the Company for the amount of any Award received by such individual under the Plan during the
12-month period following the first public issuance or filing with the United States Securities and Exchange Commission, as the case may be, of the financial document embodying such financial reporting requirement. 

	SECTION 19.	EFFECTIVE DATE OF PLAN 

 This Plan shall become effective upon approval by the holders of
a majority of the votes cast at a meeting of stockholders at which a quorum is present. No grants of Stock Options and other Awards may be made hereunder after June 4, 2025, the tenth
(10th) anniversary of the Restatement Date, and no grants of Incentive Stock Options may be made hereunder after April 23, 2025, the tenth
(10th) anniversary of the date the Plan is approved by the Board. 
  

	SECTION 20.	GOVERNING LAW  

 This Plan and all Awards and actions taken thereunder shall be governed
by, and construed in accordance with, the laws of the State of Delaware, applied without regard to conflict of law principles. 
 DATE THE PLAN WAS APPROVED
BY THE BOARD OF DIRECTORS: April 23, 2015 
 DATE THE PLAN WAS APPROVED BY THE STOCKHOLDERS: June 4, 2015Exhibit 10.1

 

GARMIN LTD.

 

EMPLOYEE STOCK PURCHASE PLAN

 

as Amended and Restated on June 5, 2015

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	I.	Purpose and Effective Date	2
	 	 	 
	II.	Definitions	2
	 	 	 
	III.	Administration	5
	 	 	 
	IV.	Number of Shares	5
	 	 	 
	V.	Eligibility Requirements	6
	 	 	 
	VI.	Enrollment	7
	 	 	 
	VII.	Grant of Options on Enrollment	7
	 	 	 
	VIII.	Payroll Deductions	8
	 	 	 
	IX.	Purchase of Shares	9
	 	 	 
	X.	Withdrawal From the Plan; Termination of Employment; Leave of Absence; Death	11
	 	 	 
	XI.	Miscellaneous	13

 

    	1

    	 

    

 

GARMIN LTD.

EMPLOYEE STOCK PURCHASE PLAN

(as Amended and Restated on June 5, 2015)

 

I.           Purpose
and Effective Date

 

1.1               The
purpose of the Garmin Ltd. Employee Stock Purchase Plan is to provide an opportunity for eligible employees to acquire a proprietary
interest in Garmin Ltd. through accumulated payroll deductions. It is the intent of the Company to have the Plan qualify as an
“employee stock purchase plan” under Section 423 of the Code. The provisions of the Plan shall be construed to extend
and limit participation in a manner consistent with the requirements of Section 423 of the Code.

 

1.2               The
Plan was initially approved by the board of directors of Garmin Ltd., a company incorporated in the Cayman Islands (“Garmin
Cayman”), on October 20, 2000 and approved by Garmin Cayman’s stockholders on October 24, 2000. The Plan was amended
and restated as of January 1, 2010 and again as of June 27, 2010 following the re-domestication transaction on June 27, 2010 pursuant
to which the shares of Garmin Cayman were exchanged for shares of the Company and the Company became the public holding company
of Garmin Cayman and its subsidiaries. The Plan was amended and restated again on June 5, 2015. No option shall be granted under
the Plan after the date as of which the Plan is terminated by the Board in accordance with Section 11.7 of the Plan.

 

II.          Definitions

 

The following words and phrases, when used
in this Plan, unless their context clearly indicates otherwise, shall have the following respective meanings:

 

2.1         “Account”
means a recordkeeping account maintained for a Participant to which payroll deductions are credited in accordance with Article
VIII of the Plan.

 

2.2         “Administrator”
means the persons or committee appointed under Section 3.1 to administer the Plan.

 

2.3         “Article”
means an Article of this Plan.

 

2.4         “Accumulation
Period” means, as to the Company or a Participating Subsidiary, a period of six months commencing with the first regular payroll
period commencing on or after each successive January 1 and ending on each successive June 30 and a period of six months commencing
with the first regular payroll period commencing on or after each successive July 1 and ending on each successive December 31.
The Committee may modify (including increasing or decreasing the length of time covered) or suspend Accumulation Periods at any
time and from time to time.

 

    	2

    	 

    

 

2.5         “Base
Earnings” means base salary and wages payable by the Company or a Participating Subsidiary to an Eligible Employee, prior
to pre-tax deductions for contributions to qualified or non-qualified (under the Code) benefit plans or arrangements, and excluding
bonuses, incentives and overtime pay but including commissions.

 

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

 

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

 

2.8         “Company”
means Garmin Ltd., a Swiss corporation.

 

2.9         “Cut-Off
Date” means the date established by the Administrator from time to time by which enrollment forms must be received with respect
to an Accumulation Period.

 

2.10       “Eligible
Employee” means an Employee, including an employee on an Authorized Leave of Absence (as defined in Section 10.3), eligible
to participate in the Plan in accordance with Article V.

 

2.11       “Employee”
means an individual who performs services for the Company or a Participating Subsidiary pursuant to an employment relationship
described in Treasury Regulations Section 31.3401(c)-1 or any successor provision, or an individual who would be performing such
services but for such individual’s Authorized Leave of Absence (as defined in Section 10.3).

 

2.12       “Enrollment
Date” means the first Trading Day of an Accumulation Period beginning on or after January 1, 2000.

 

2.13       “Exchange
Act” means the Securities Exchange Act of 1934.

 

2.14       “Fair
Market Value” means, as of any applicable date:

 

(a)          If
the security is listed on any established stock exchange or traded on the Nasdaq Global Select Market or the Nasdaq Global Market
(formerly the Nasdaq National Market), the closing price, regular way, of the security on such exchange, or if no such reported
sale of the security shall have occurred on such date, on the latest preceding date on which there was such a reported sale, in
all cases, as reported in The Wall Street Journal or such other source as the Board deems reliable.

 

(b)          If
the security is listed or traded on the Nasdaq Capital Market (formerly the Nasdaq SmallCap Market), the mean between the bid and
asked prices for the security on the date of determination, as reported in The Wall Street Journal or such other source as the
Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price (or closing bid if no sales were
reported) for the security on the date of determination, then the Fair Market Value shall be the mean between the bid and asked
prices for the security on the last preceding date for which such quotation exists.

 

    	3

    	 

    

 

(c)          In
the absence of such markets for the security, the value determined by the Board in good faith.

 

2.15       “Participant”
means an Eligible Employee who has enrolled in the Plan pursuant to Article VI. A Participant shall remain a Participant until
the applicable date set forth in Article X.

 

2.16       “Participating
Subsidiary” means a Subsidiary incorporated under the laws of any state in the United States, a territory of the United States,
Puerto Rico, or the District of Columbia, or such foreign Subsidiary approved under Section 3.3, which has adopted the Plan as
a Participating Subsidiary by action of its board of directors and which has been designated by the Board in accordance with Section
3.3 as covered by the Plan, subject to the requirements of Section 423 of the Code except as noted in Section 3.3.

 

2.17       “Plan”
means the Garmin Ltd. Employee Stock Purchase Plan, as amended and restated on June 5, 2015, as set forth herein and as from time
to time amended.

 

2.18       “Purchase
Date” means the specific Trading Day during an Accumulation Period on which Shares are purchased under the Plan in accordance
with Article IX. For each Accumulation Period, the Purchase Date shall be the last Trading Day occurring in such Accumulation Period.
The Administrator may, in its discretion, designate a different Purchase Date with respect to any Accumulation Period.

 

2.19       “Qualified
Military Leave” means an absence due to service in the uniformed services of the United States (as defined in Chapter 43
of Title 38 of the United States Code) by an individual employee of the Company or a Participating Subsidiary, provided the individual’s
rights to reemployment under the Uniformed Services Employment and Reemployment Rights Act of 1994 have not expired or terminated.

 

2.20       “Section”
means a section of this Plan, unless indicated otherwise.

 

2.21       “Securities
Act” means the Securities Act of 1933, as amended.

 

2.22       “Share”
means a share, CHF 10 par value, of Garmin Ltd.

 

2.23       “Subsidiary”
means any corporation in an unbroken chain of corporations beginning with the Company if, as of the applicable Enrollment Date,
each of the corporations other than the last corporation in the chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in the chain.

 

2.24       “Trading
Day” means a day the national exchange on which the Shares are listed for trading or, if not so listed, a day the New York
Stock Exchange is open for trading.

 

    	4

    	 

    

 

III.         Administration

 

3.1         Subject
to Section 11.7, the Plan shall be administered by the Board, or committee (“Committee”) appointed by the Board. The
Committee shall consist of at least one Board member, but may additionally consist of individuals who are not members of the Board.
The Committee shall serve at the pleasure of the Board. If the Board does not so appoint a Committee, the Board shall administer
the Plan. Any references herein to “Administrator” are, except as the context requires otherwise, references to the Board
or the Committee, as applicable.

 

3.2         If
appointed under Section 3.1, the Committee may select one of its members as chairman and may appoint a secretary. The Committee
shall make such rules and regulations for the conduct of its business as it shall deem advisable; provided, however, that all determinations
of the Committee shall be made by a majority of its members.

 

3.3         The
Administrator shall have the power, in addition to the powers set forth elsewhere in the Plan, and subject to and within the limits
of the express provisions of the Plan, to construe and interpret the Plan and options granted under it; to establish, amend and
revoke rules and regulations for administration of the Plan; to determine all questions of policy and expediency that may arise
in the administration of the Plan; to allocate and delegate such of its powers as it deems desirable to facilitate the administration
and operation of the Plan; and, generally, to exercise such powers and perform such acts as it deems necessary or expedient to
promote the best interests of the Company. The Administrator’s determinations as to the interpretation and operation of this Plan
shall be final and conclusive.

 

The Board may designate from time to time
which Subsidiaries of the Company shall be Participating Subsidiaries. Without amending the Plan, the Board may adopt special or
different rules for the operation of the Plan which allow employees of any foreign Subsidiary to participate in the purposes of
the Plan. In furtherance of such purposes, the Board may approve such modifications, procedures, rules or sub-plans as it deems
necessary or desirable, including those deemed necessary or desirable to comply with any foreign laws or to realize tax benefits
under foreign law. Any such different or special rules for employees of any foreign Subsidiary shall not be subject to Code Section
423 and for purposes of the Code shall be treated as separate and apart from the balance of the Plan.

 

3.4         This
Article III relating to the administration of the Plan may be amended by the Board from time to time as may be desirable to satisfy
any requirements of or under the federal securities and/or other applicable laws of the United States, or to obtain any exemption
under such laws.

 

IV.          Number
of Shares

 

4.1         Six
million (6,000,000) Shares are reserved for sales and authorized for issuance pursuant to the Plan. Shares sold under the Plan
may be newly-issued Shares, outstanding Shares reacquired in private transactions or open market purchases, or any combination
of the foregoing. If any option granted under the Plan shall for any reason terminate without having been exercised, the Shares
not purchased under such option shall again become available for the Plan.

 

    	5

    	 

    

 

4.2         In
the event of any reorganization, recapitalization, stock split, stock dividend, combination of shares, merger, consolidation, acquisition
of property or shares, separation, asset spin-off, stock rights offering, liquidation or other similar change in the capital structure
of the Company, the Board shall make such adjustment, if any, as it deems appropriate in the number, kind and purchase price of
the Shares available for purchase under the Plan. In the event that, at a time when options are outstanding hereunder, there occurs
a dissolution or liquidation of the Company, except pursuant to a transaction to which Section 424(a) of the Code applies, each
option to purchase Shares shall terminate, but the Participant holding such option shall have the right to exercise his or her
option prior to such termination of the option upon the dissolution or liquidation. The Company reserves the right to reduce the
number of Shares which Employees may purchase pursuant to their enrollment in the Plan.

 

V.          Eligibility Requirements

 

5.1         Except
as provided in Section 5.2, each individual who is an Eligible Employee of the Company or a Participating Subsidiary on the applicable
Cut-Off Date shall become eligible to participate in the Plan in accordance with Article VI as of the first Enrollment Date following
the date the individual becomes an Employee of the Company or a Participating Subsidiary, provided that the individual remains
an Eligible Employee on the first day of the Accumulation Period associated with such Enrollment Date. Participation in the Plan
is entirely voluntary.

 

5.2         Employees
meeting any of the following restrictions are not eligible to participate in the Plan:

 

(a)   Employees who, immediately
upon enrollment in the Plan or upon grant of an Option would own directly or indirectly, or hold options or rights to acquire,
an aggregate of 5% or more of the total combined voting power or value of all outstanding shares of all classes of stock of the
Company or any Subsidiary (and for purposes of this paragraph, the rules of Code Section 424(d) shall apply, and stock which the
Employee may purchase under outstanding options shall be treated as stock owned by the Employee);

 

(b)          Employees
(other than individuals on Authorized Leave of Absence (as defined in Section 10.3)) who are customarily employed by the Company
or a Participating Subsidiary for not more than 20 hours per week; or

 

(c)          Employees (other than
individuals on Authorized Leave of Absence (as defined in Section 10.3)) who are customarily employed by the Company or a Participating
Subsidiary for not more than five (5) months in any calendar year.

 

5.3         The
Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and
all regulations and rules promulgated by the Securities and Exchange Commission thereunder. Notwithstanding anything herein to
the contrary, the Plan shall be administered, and the options shall be granted and may be exercised, only in such a manner as to
conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and the options granted hereunder
shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

    	6

    	 

    

 

VI.          Enrollment

 

6.1         Eligible
Employees will be automatically enrolled in the Plan on the first day of each Accumulation Period. Any Eligible Employee may consent
to enrollment in the Plan for an Accumulation Period by completing and signing an enrollment form (which authorizes payroll deductions
during such Accumulation Period in accordance with Section 8.1) and submitting such enrollment form to the Company or the Participating
Subsidiary on or before the Cut-Off Date specified by the Administrator. Payroll deductions pursuant to the enrollment form shall
be effective as of the first payroll period with a pay day after the Enrollment Date for the Accumulation Period to which the enrollment
form relates, and shall continue in effect until the earliest of:

 

(a)          the end of the last payroll
period with a payday in the Accumulation Period;

 

(b)          the
date during the Accumulation Period as of which the Employee elects to cease his or her enrollment in accordance with Section 8.3;
and

 

(c)          the
date during the Accumulation Period as of which the Employee withdraws from the Plan or has a termination of employment in accordance
with Article X.

 

VII.         Grant
of Options on Enrollment

 

7.1         The
automatic enrollment by an Eligible Employee in the Plan as of an Enrollment Date will constitute the grant as of such Enrollment
Date by the Company to such Participant of an option to purchase Shares from the Company pursuant to the Plan.

 

7.2         An
option granted to a Participant pursuant to this Plan shall expire, if not terminated earlier for any reason, on the earliest to
occur of: (a) the end of the Purchase Date with respect to the Accumulation Period in which such option was granted; (b) the
completion of the purchase of Shares under the option under Article IX; or (c) the date on which participation of such Participant
in the Plan terminates for any reason.

 

7.3         As
of each Enrollment Date, each Participant shall automatically be granted an option to purchase a maximum number of Shares, subject
to the terms of the Plan, equal to the quotient of $25,000 divided by the Fair Market Value of a Share on the
Enrollment Date.

 

7.4         Notwithstanding
any other provision of this Plan, no Employee may be granted an option which permits his or her rights to purchase Shares under
the Plan and any other Code Section 423 employee stock purchase plan of the Company or any of its Subsidiaries or parent companies
to accrue (when the option first becomes exercisable) at a rate which exceeds $25,000 of Fair Market Value of such Shares (determined
at the time such option is granted) for each calendar year in which such option is outstanding at any time. For purposes of administering
this accrual limitation, the Administrator shall limit purchases under the Plan as follows:

 

    	7

    	 

    

 

(a)          The
number of Shares that may be purchasable by an Employee during his or her first Accumulation Period during a calendar year may
not exceed a number of Shares determined by dividing $25,000 by the Fair Market Value of a Share on the Enrollment Date for that
Accumulation Period.

 

(b)          The
number of Shares that may be purchasable by an Employee during any subsequent Accumulation Period during the same calendar year
(if any) shall not exceed the number of Shares determined by performing the calculation below:

 

(i)          First,
the number of Shares purchased by the Employee during any previous Accumulation Period during the same calendar year shall be multiplied
by the Fair Market Value of a Share on the Enrollment Date of such previous Accumulation Period.

 

(ii)         Second,
the amount determined under (i) above shall be subtracted from $25,000.

 

(iii)        Third,
the amount determined under (ii) above shall be divided by the Fair Market Value of a Share on the Enrollment Date for such subsequent
Accumulation Period (for which the maximum number of Shares purchasable is being determined by this calculation) occurs. The quotient
thus obtained shall be the maximum number of Shares that may be purchased by any Employee for such subsequent Accumulation Period.

 

VIII.         Payroll
Deductions

 

8.1         An
Employee who files an enrollment form pursuant to Article VI shall elect and authorize in such form to have deductions made from
his or her pay on each payday he or she receives a paycheck during the Accumulation Period to which the enrollment form relates,
and he or she shall designate in such form the percentage (in whole percentages) of Base Earnings to be deducted each payday during
such Accumulation Period. The minimum an Employee may elect and authorize to have deducted is 1% of his or her Base Earnings paid
per pay period in such Accumulation Period, and the maximum is 10% of his or her Base Earnings paid per pay period in such Accumulation
Period (or such larger or smaller percentage as the Administrator may designate from time to time).

 

8.2         Except
as provided in the last paragraph of Section 6.1, deductions from a Participant’s Base Earnings shall commence upon the first
payday on or after the commencement of the Accumulation Period, and shall continue until the date on which such authorization ceases
to be effective in accordance with Article VI. The amount of each deduction made for a Participant shall be credited to the Participant’s
Account. All payroll deductions received or held by the Company or a Participating Subsidiary may be, but are not required to be,
used by the Company or Participating Subsidiary for any corporate purpose, and the Company or Participating Subsidiary shall not
be obligated to segregate such payroll deductions, but may do so at the discretion of the Board.

 

    	8

    	 

    

 

8.3         As
of the last day of any month during an Accumulation Period, a Participant may elect to cease (but not to increase or decrease)
payroll deductions made on his or her behalf for the remainder of such Accumulation Period by filing the applicable election with
the Company or Participating Subsidiary in such form and manner and at such time as may be permitted by the Administrator. A Participant
who has ceased payroll deductions may have the amount which was credited to his or her Account prior to such cessation applied
to the purchase of Shares as of the Purchase Date, in accordance with Section 9.1, and receive the balance of the Account with
respect to which the enrollment is ceased, if any, in cash. A Participant who has ceased payroll deductions may also voluntarily
withdraw from the Plan pursuant to Section 10.1. Any Participant who ceases payroll deductions for an Accumulation Period may re-enroll
in the Plan on the next subsequent Enrollment Date following the cessation in accordance with the provisions of Article VI. A Participant
who ceases to be employed by the Company or any Participating Subsidiary will cease to be a Participant in accordance with Section
10.2.

 

8.4         A
Participant may not make any separate or additional contributions to his Account under the Plan. Neither the Company nor any Participating
Subsidiary shall make separate or additional contributions to any Participant’s Account under the Plan.

 

IX.          Purchase
of Shares

 

9.1         Subject
to Section 9.2, any option held by the Participant which was granted under this Plan and which remains outstanding as of a Purchase
Date shall be deemed to have been exercised on such Purchase Date for the purchase of the number of whole Shares which the funds
accumulated in his or her Account as of the Purchase Date will purchase at the applicable purchase price (but not in excess of
the number of Shares for which options have been granted to the Participant pursuant to Section 7.3). No Shares will be purchased
on behalf of any Participant who fails to file an enrollment form authorizing payroll deductions for an Accumulation Period.

 

9.2         A
Participant who holds an outstanding option as of a Purchase Date shall not be deemed to have exercised such option if the Participant
elected not to exercise the option by withdrawing from the Plan in accordance with Section 10.1.

 

9.3         If,
after a Participant’s exercise of an option under Section 9.1, an amount remains credited to the Participant’s Account
as of a Purchase Date, then the remaining amount shall be distributed to the Participant in cash as soon as administratively practical
after such Purchase Date.

 

9.4         Except
as otherwise set forth in this Section 9.4, the purchase price for each Share purchased under any option shall be 85% of the lower
of:

 

    	9

    	 

    

 

(a)          the
Fair Market Value of a Share on the Enrollment Date on which such option is granted; or

 

(b)          the
Fair Market Value of a Share on the Purchase Date, but - in the case of newly issued Shares - not lower than the par value of a
Share.

 

Notwithstanding the above, the Board may establish a different
purchase price for each Share purchased under any option provided that such purchase price is determined at least thirty (30) days
prior to the Accumulation Period for which it is applicable and provided that such purchase price may not be less than (i) the
purchase price set forth above and (ii) – in the case of newly issued Shares - than the par value per Share.

 

9.5         If
Shares are purchased by a Participant pursuant to Section 9.1, then such Shares shall be held in non-certificated form at a bank
or other appropriate institution selected by the Administrator until the earlier of the Participant’s termination of employment
or the time a Participant requests delivery of certificates representing such shares, which would only be possible if the Board
resolved that share certificates shall be issued. If any law governing corporate or securities matters, or any applicable regulation
of the Securities and Exchange Commission or other body having jurisdiction with respect to such matters, shall require that the
Company or the Participant take any action in connection with the Shares being purchased under the option, delivery of such Shares
shall be postponed until the necessary action shall have been completed, which action shall be taken by the Company at its own
expense, without unreasonable delay.

 

Shares transferred pursuant to this Section 9.5 shall be registered
in the name of the Participant or, if the Participant so elects, in the names of the Participant and one or more such other persons
as may be designated by the Participant in joint tenancy with rights of survivorship or in tenancy by the entireties or as spousal
community property, or in such forms of trust as may be approved by the Administrator, to the extent permitted by law.

 

9.6         In
the case of Participants employed by a Participating Subsidiary, the Board may provide for Shares to be sold through the Subsidiary
to such Participants, to the extent consistent with and governed by Section 423 of the Code.

 

9.7         If
the total number of Shares for which an option is exercised on any Purchase Date in accordance with this Article IX, when aggregated
with all Shares previously granted under this Plan, exceeds the maximum number of Shares reserved in Section 4.1, the Administrator
shall make a pro rata allocation of the Shares available for delivery and distribution in as nearly a uniform manner as shall be
practicable and as it shall determine to be equitable, and the balance of the cash amount credited to the Account of each Participant
under the Plan shall be returned to him or her as promptly as administratively practical.

 

    	10

    	 

    

 

9.8         If
a Participant or former Participant sells, transfers, or otherwise makes a disposition of Shares purchased pursuant to an option
granted under the Plan within two years after the date such option is granted or within one year after the Purchase Date to which
such option relates, or if the Participant or former Participant otherwise has a taxable event relating to Shares purchased under
the Plan, and if such Participant or former Participant is subject to U.S. federal income tax, then such Participant or former
Participant shall notify the Company or Participating Subsidiary in writing of any such sale, transfer or other disposition within
10 days of the consummation of such sale, transfer or other disposition, and shall remit to the Company or Participating Subsidiary
or authorize the Company or Participating Subsidiary to withhold from other sources such amount as the Company may determine to
be necessary to satisfy any federal, state or local tax withholding obligations of the Company or Participating Subsidiary. A Participant
must reply to a written request, within 10 days of the receipt of such written request, from the Company, Participating Subsidiary,
or Administrator regarding whether such a sale, transfer or other disposition has occurred.

 

The Administrator may from time to time
establish rules and procedures (including but not limited to postponing delivery of Shares until the earlier of the expiration
of the two-year or one-year period or the disposition of such Shares by the Participant) to cause the withholding requirements
to be satisfied.

 

X.      Withdrawal From the Plan; Termination
of Employment; Leave of Absence; Death

 

10.1       Withdrawal
from the Plan. Effective as of the last day of any calendar quarter during an Accumulation Period, a Participant may withdraw
from the Plan in full (but not in part) by delivering a notice of withdrawal to the Company (in a manner prescribed by the Administrator)
at least ten business days prior to the end of such calendar quarter (but in no event later than the June 1 or December 1 immediately
preceding the Purchase Date for the Plan’s two Accumulation Periods, respectively). Upon such withdrawal from participation in
the Plan, all funds then accumulated in the Participant’s Account shall not be used to purchase Shares, but shall instead
be distributed to the Participant as soon as administratively practical after the end of such calendar quarter, and the Participant’s
payroll deductions shall cease as of the end of such calendar quarter. An Employee who has withdrawn during an Accumulation Period
may not return funds to the Company or a Participating Subsidiary during the same Accumulation Period and require the Company or
Participating Subsidiary to apply those funds to the purchase of Shares, nor may such Participant’s payroll deductions continue,
in accordance with Article VI. Any Eligible Employee who has withdrawn from the Plan may, however, re-enroll in the Plan on the
next subsequent Enrollment Date following withdrawal in accordance with the provisions of Article VI.

 

10.2       Termination
of Employment. Participation in the Plan terminates immediately when a Participant ceases to be employed by the Company or
any Participating Subsidiary for any reason whatsoever, including but not limited to termination of employment, whether voluntary
or involuntary, or on account of disability, or retirement, but not including death, or if the participating Subsidiary employing
the Participant ceases for any reason to be a Participating Subsidiary. Participation in the Plan also terminates immediately when
a Participant ceases to be an Eligible Employee under Article V or withdraws from the Plan. Upon termination of participation such
terminated Participant’s outstanding options shall thereupon terminate. As soon as administratively practical after termination
of participation, the Company shall pay to the Participant or legal representative all amounts accumulated in the Participant’s
Account and held by the Company at the time of termination of participation, and any Participating Subsidiary shall pay to the
Participant or legal representative all amounts accumulated in the Participant’s Account and held by the Participating Subsidiary
at the time of termination of participation.

 

    	11

    	 

    

 

10.3       Leaves
of Absence.

 

(a)          If a Participant takes a leave of
absence (other than an Authorized Leave of Absence) without terminating employment, such Participant will be deemed to have discontinued

 

contributions to the Plan in accordance with Section 8.3, but
will remain a Participant in the Plan through the balance of the Accumulation Period in which his or her leave of absence begins,
so long as such leave of absence does not exceed 90 days. If a Participant takes a leave of absence (other than an Authorized Leave
of Absence) without terminating employment, such Participant will be deemed to have withdrawn from the Plan in accordance with
Section 10.1 if such leave of absence exceeds 90 days.

 

(b)          An Employee on an Authorized Leave
of Absence shall remain a Participant in the Plan and, in the case of a paid Authorized Leave of Absence, shall have deductions
made under Section 8.1 from payments that would, but for the Authorized Leave of Absence, be Base Earnings. An Employee who does
not return from an Authorized Leave of Absence on the scheduled date (or, in the case of Qualified Military Leave, prior to the
date such individual’s reemployment rights under the Uniformed Services Employment and Reemployment Rights Act of 1994 have
expired or terminated) shall be deemed to have terminated employment on the last day of such Authorized Leave of Absence (or, in
the case of Qualified Military Leave, the date such reemployment rights expire or are terminated).

 

(c)          An “Authorized Leave of Absence”
means (a) a Qualified Military Leave, and (b) an Employee’s absence of more than 90 days which has been authorized, either
pursuant to a policy of the Company or the Participating Subsidiary that employs the Employee, or pursuant to a written agreement
between the employer and the Employee, which policy or written agreement guarantees the Employee’s rights to return to employment.

 

10.4       Death.
Unless mandatory applicable law provides otherwise as soon as administratively feasible after the death of a Participant, amounts
accumulated in his or her Account shall be paid in cash to the beneficiary or beneficiaries designated by the Participant on a
beneficiary designation form approved by the Board, but if the Participant does not make an effective beneficiary designation then
such amounts shall be paid in cash to the Participant’s spouse if the Participant has a spouse, or, if the Participant does
not have a spouse, to the executor, administrator or other legal representative of the Participant’s estate. Such payment
shall relieve the Company and the Participating Subsidiary of further liability with respect to the Plan on account of the deceased
Participant. If more than one beneficiary is designated, each beneficiary shall receive an equal portion of the Account unless
the Participant has given express contrary instructions. None of the Participant’s beneficiary, spouse, executor, administrator
or other legal representative of the Participant’s estate shall, prior to the death of the Participant by whom he has been
designated, acquire any interest in the amounts credited to the Participant’s Account under the Plan.

 

    	12

    	 

    

 

XI.          Miscellaneous

 

11.1Interest. Interest or earnings will not be paid
on any Employee Accounts.

 

11.2       Restrictions
on Transfer. The rights of a Participant under the Plan shall not be assignable or transferable by such Participant, and an
option granted under the Plan may not be exercised during a Participant’s lifetime other than by the Participant. Any such
attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act
as an election to withdraw from the Plan in accordance with Section 10.1.

 

11.3       Administrative
Assistance. If the Administrator in its discretion so elects, it may retain a brokerage firm, bank, other financial institution
or other appropriate agent to assist in the purchase of Shares, delivery of reports or other administrative aspects of the Plan.
If the Administrator so elects, each Participant shall (unless prohibited by applicable law) be deemed upon enrollment in the Plan
to have authorized the establishment of an account on his or her behalf at such institution. Shares purchased by a Participant
under the Plan shall be held in the account in the Participant’s name, or if the Participant so indicates in the enrollment
form, in the Participant’s name together with the name of one or more other persons in joint tenancy with right of survivorship
or in tenancy by the entireties or as spousal community property, or in such forms of trust as may be approved by the Administrator,
to the extent permitted by law.

 

11.4       Costs.
All costs and expenses incurred in administering the Plan shall be paid by the Company or Participating Subsidiaries, including
any brokerage fees on the purchased Shares; excepting that any stamp duties, transfer taxes, fees to issue stock certificates,
and any brokerage fees on the sale price applicable to participation in the Plan after the initial purchase of the Shares on the
Purchase Date shall be charged to the Account or brokerage account of such Participant.

 

11.5       Equal
Rights and Privileges. All Eligible Employees shall have equal rights and privileges with respect to the Plan so that the Plan
qualifies as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the
Code and the related regulations. Notwithstanding the express terms of the Plan, any provision of the Plan which is inconsistent
with Section 423 or any successor provision of the Code shall without further act or amendment by the Company or the Board
be reformed to comply with the requirements of Code Section 423. This Section 11.5 shall take precedence over all other
provisions in the Plan.

 

11.6       Applicable
Law. The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the State of Kansas.

 

11.7       Amendment
and Termination. The Board may amend, alter or terminate the Plan at any time; provided, however, that no amendment which would
amend or modify the Plan in a manner requiring stockholder approval under Code Section 423 or the requirements of any securities
exchange on which the Shares are traded shall be effective unless, within one year after it is adopted by the Board, it is approved
by the holders of a majority of the voting power of the Company’s outstanding shares. In addition, the Committee (if appointed
under Section 3.1) may amend the Plan as provided in Section 3.3, subject to the conditions set forth therein and in this Section
11.7.

 

    	13

    	 

    

 

If the Plan is terminated, the Board may
elect to terminate all outstanding options either prior to their expiration or upon completion of the purchase of Shares on the
next Purchase Date, or may elect to permit options to expire in accordance with the terms of this Plan (and participation to continue
through such expiration dates). If the options are terminated prior to expiration, all funds accumulated in Participants’
Accounts as of the date the options are terminated shall be returned to the Participants as soon as administratively feasible.

 

11.8       No
Right of Employment. Neither the grant nor the exercise of any rights to purchase Shares under this Plan nor anything in this
Plan shall impose upon the Company or Participating Subsidiary any obligation to employ or continue to employ any employee. The
right of the Company or Participating Subsidiary to terminate any employee shall not be diminished or affected because any rights
to purchase Shares have been granted to such employee.

 

11.9       Requirements
of Law. The Company shall not be required to sell, issue, or deliver any Shares under this Plan if such sale, issuance, or
delivery might constitute a violation by the Company or the Participant of any provision of law. Unless a registration statement
under the Securities Act is in effect with respect to the Shares proposed to be delivered under the Plan, the Company shall not
be required to issue such Shares if, in the opinion of the Company or its counsel, such issuance would violate the Securities Act.
Regardless of whether such Shares have been registered under the Securities Act or registered or qualified under the securities
laws of any state, the Company may impose restrictions upon the hypothecation or further sale or transfer of such shares if, in
the judgment of the Company or its counsel, such restrictions are necessary or desirable to achieve compliance with the provisions
of the Securities Act, the securities laws of any state, or any other law or are otherwise in the best interests of the Company.
Any determination by the Company or its counsel in connection with any of the foregoing shall be final and binding on all parties.

 

The Company may, but shall not be obligated
to, register or qualify any securities covered by the Plan. The Company shall not be obligated to take any other affirmative action
in order to cause the grant or exercise of any right or the issuance, sale, or deliver of Shares pursuant to the exercise of any
right to comply with any law.

 

11.10      Gender.
When used herein, masculine terms shall be deemed to include the feminine, except when the context indicates to the contrary.

 

11.11.    Data Protection. The Board,
the Committee, and any other person or entity empowered by the Board or the Committee to administer the Plan may process, store,
transfer or disclose personal data of the Participants to the extent required for the implementation and administration of the
Plan. The Board, the Committee and any other person or entity empowered by the Board or the Committee to administer the Restated
Plan shall comply with any applicable data protection laws.

 

    	14

    	 

    

 

11.12     Withholding
of Taxes. The Company or Participating Subsidiary may withhold from any purchase of Shares under this Plan or any sale, transfer
or other disposition thereof any local, state, federal or foreign taxes, employment taxes, social taxes or other taxes at such
times and from such other amounts as it deems appropriate. The Company or Participating Subsidiary may require the Participant
to remit an amount in cash sufficient to satisfy any required withholding amounts to the Company or Participating Subsidiary, as
the case may be.

 

    	15

    	 

    

 

Annex to the Plan for Grantees subject to Swiss inheritance
law

 

1.       Section
10.4 shall be replaced with the following:

 

10.4        Death.
After the death of a Participant, amounts accumulated in his or her Account shall be paid to the Participant’s estate in accordance
with the applicable Swiss inheritance rules.

 

    	16

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