Document:

Form of Restricted Stock Unit Agreement

 Exhibit 10.1 

RESTRICTED STOCK UNIT AGREEMENT 

FOR EXECUTIVE OFFICERS 

(Performance Vesting) 

under the 
 SECOND AMENDED
AND RESTATED 
 HORNBECK OFFSHORE SERVICES, INC. 

INCENTIVE COMPENSATION PLAN 

THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is made effective as of
             (the “Award Date”) by and between Hornbeck Offshore Services, Inc. (the “Company”) and
             (“Employee”). 
 1. GRANT OF
RESTRICTED STOCK UNITS. Pursuant to the Second Amended and Restated Hornbeck Offshore Services, Inc. Incentive Compensation Plan (the “Plan”), Employee is hereby awarded Restricted Stock Units covering
             shares of the Common Stock of the Company. On any day, the value of a Restricted Stock Unit shall equal the Fair Market Value of one share of Common Stock of the
Company. All of the Restricted Stock Units shall be subject to the Forfeiture Restrictions. 
 2. EFFECT OF THE PLAN. The
Restricted Stock Units awarded to Employee are subject to all of the terms and conditions of the Plan, which terms and conditions are incorporated herein for all purposes, and of this Agreement together with all rules and determinations from time to
time issued by the Committee and by the Board pursuant to the Plan. The Company hereby reserves the right to amend, modify, restate, supplement or terminate the Plan without the consent of Employee, so long as such amendment, modification,
restatement or supplement shall not materially reduce the rights and benefits available to Employee hereunder, and this Award shall be subject, without further action by the Company or Employee, to such amendment, modification, restatement or
supplement unless provided otherwise therein. Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Plan. 

3. DEFINITIONS. 

(a) “Disability” means the “disability” of Employee as defined in a then effective long-term
disability plan maintained by the Company or a Subsidiary that covers such Employee, or if such a plan does not exist at any relevant time, “Disability” means the permanent and total disability of Employee within the meaning
of Section 22(e)(3) of the Code. 
 (b) “Forfeiture Restrictions” means the prohibition on transfer of the
Restricted Stock Units and the obligations to forfeit the Restricted Stock Units to the Company as set forth in Sections 4 and 5 of this Agreement. 

(c) “             Performance Period”
means the             -year performance-vesting measurement period comprised of the             consecutive
fiscal-year periods ending December 31, 20    . 
 (d) “Restricted Stock
Unit” means an Award representing an unfunded, unsecured right to receive one share of the Common Stock of the Company. 

 (e) “Retirement” means Employee’s retirement from
employment with the Company or any of its Subsidiaries, other than discharge for Cause, on or after the date on which Employee attains age sixty (60), provided Employee has at least ten (10) years of service with the Company or any of its
Subsidiaries as of the date Employee retires from service, or on or after the date on which Employee attains age sixty-five (65). 

[Insert definitions as necessary to describe the performance goal and specific performance measure that will be used as a basis for determining
whether any Restricted Stock Units will vest.] 
 4. VESTING. If Employee provides continuous, eligible service to the
Company and its Subsidiaries, as determined by the Committee or its designee, in the Committee’s or its designee’s sole and absolute discretion, as applicable, until the
             anniversary of the Award Date (unless the Restricted Stock Units awarded under this Agreement are fully vested sooner), as applicable, Employee shall vest (and the
Forfeiture Restrictions shall lapse) with respect to that percentage of the Restricted Stock Units awarded under this Agreement in accordance with this Section 4. Any Restricted Stock Units awarded under this Agreement that remain unvested at
the              anniversary of the Award Date will be forfeited in their entirety. The Restricted Stock Units shall vest on the anniversary of the Award Date that immediately
follows the applicable performance period if, during such performance period, the Company achieves the following performance criteria: 

[Insert Performance Measures]. 

5. RESTRICTIONS. Employee hereby accepts the Award of the Restricted Stock Units and agrees with respect thereto as follows:

 (a) Transferability. The Restricted Stock Units may be transferred in a manner consistent with
Section 15.13 of the Plan. Except as provided in Section 15.13 of the Plan and elsewhere in this Agreement and the Plan, the Restricted Stock Units shall not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred
(including in connection with a margin transaction), except by will or the laws of descent and distribution. Any attempted assignment or pledge of a Restricted Stock Unit or the underlying shares of Common Stock in violation of this Agreement shall
be null and void. The Company shall not be required to honor the transfer of any Restricted Stock Units that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or the Plan. 

(b) Mandatory Mediation and Arbitration Procedure. By execution of this Agreement and acceptance of this Award,
which is a voluntary benefit provided to Employee by the Company, Employee waives Employee’s right to a jury trial in state or federal court and agrees that (i) the Hornbeck Offshore Operators, LLC Dispute Resolution Agreement Mediation
and Arbitration Procedure attached hereto as Exhibit A (“Dispute Resolution Procedure”) and Section 15.17 of the Plan shall be the sole and exclusive means of resolving disputes of the parties (including any other
persons claiming any rights or having any obligations through the Company or Employee) arising out of or relating to this Agreement, and (ii) the Dispute Resolution Procedure shall be the sole and exclusive means for resolving any other covered
dispute between Employee and the Company or any of its Subsidiaries (including any other person(s) claiming any rights or having any obligations through the Company or Employee). By execution of this Agreement, however, Employee does not waive
Employee’s right to any normally available remedies Employee may have in connection with any claim Employee may bring against the Company or any of its Subsidiaries, as an arbitrator can award any normal remedies Employee could get in a court
proceeding. By execution of this Agreement, Employee represents that to the extent Employee considered necessary, Employee has sought, at Employee’s own expense, counsel regarding the terms of this Agreement and the waiver contemplated in this
Section 5(b). 
  

 2 

 (c) Retirement, Death, Disability or Change in Control. If Employee
terminates service with the Company and its Subsidiaries before the end of a performance period as a result of Employee’s Retirement, in the event of the Employee’s death or Disability, or if a Change in Control occurs during such
performance period, then, at the end of such performance period, if the Company has achieved the performance criteria listed in Section 4 of this Agreement and if not previously forfeited, the Forfeiture Restrictions shall lapse and a
percentage of Restricted Stock Units shall vest on the anniversary of the Award Date that immediately follows such performance period based on the level of achievement of such performance criteria, as if the Employee had remained employed with the
Company and its Subsidiaries until the applicable anniversary of the Award Date, as the case may be. 
 (d)
Forfeiture of Restricted Stock Units. If Employee terminates service with the Company and its Subsidiaries prior to the              anniversary of the Award Date for
any reason other than the Employee’s death, Disability or Retirement, as herein defined, or if Employee (or Employee’s estate) shall initiate a legal proceeding against the Company or a Subsidiary other than pursuant to the terms of the
Dispute Resolution Procedure, then Employee (or Employee’s estate, as applicable) shall, for no consideration, forfeit all unvested Restricted Stock Units. 

Further, if prior to the              anniversary of the Award Date, based upon
reasonable investigation and belief, the Committee or its designee, as applicable, determines that Employee should be subject to disciplinary action other than termination of Employee’s service with the Company or any of its Subsidiaries, such
disciplinary action can include Employee’s forfeiture of all or any portion of Employee’s unvested Restricted Stock Units awarded under this Agreement, such determination to be made by the Committee or its designee, in the Committee’s
or the designee’s sole and absolute discretion, as applicable. For purposes of this paragraph, such action can be taken by the Committee or its designee, as applicable, because of (i) any act or omission of Employee that (A) results
in the assessment of a criminal penalty against the Company or a Subsidiary, (B) is otherwise in violation of any federal, state, local or foreign law or regulation (other than traffic violations and other similar misdemeanors),
(C) adversely affects or could reasonably be expected to adversely affect the business reputation of the Company or a Subsidiary, or (D) otherwise constitutes willful misconduct, gross negligence, or any act of dishonesty or disloyalty,
(ii) the violation by Employee of policies established by the Company or a Subsidiary, or (iii) the Company’s or Subsidiary’s determination that Employee’s performance or conduct was unacceptable. 

(e) Rights. Restricted Stock Units represent an unfunded, unsecured promise of the Company to issue shares of Common
Stock of the Company as otherwise provided in this Agreement. Other than the rights provided in this Agreement, Employee shall have no rights of a stockholder of the Company until such Restricted Stock Units have vested and the related shares of
Common Stock have been issued pursuant to the terms of this Agreement. 
 (f) Issuance of Common
Stock. The Company will issue to Employee the shares of Common Stock underlying the vested Restricted Stock Units on the date elected by the Employee on the Deferred Compensation Agreement, if any, attached hereto as Exhibit B. If no
such Deferred Compensation Agreement is attached hereto, the Company will issue to Employee the shares of Common Stock underlying the vested Restricted Stock Units as soon as administratively practicable following the lapse of the Forfeiture
Restrictions, but in no event later than 2 1/2 months after
the end of the calendar year in which the Forfeiture Restrictions lapse pursuant to Sections 4 or 5(c) above; provided, however, that if it is administratively impracticable to issue the shares of Common Stock at such time and such
impracticability was not foreseeable on the Award Date, the Company may delay the issuance of the shares of Common Stock until the first date thereafter on which it is administratively practicable to do so. Evidence of the issuance of the shares of
Common Stock pursuant to this Agreement may be accomplished in such manner as the Company or its authorized representatives shall deem appropriate including, without limitation, electronic registration, book-entry registration or issuance of a
certificate or certificates in the name of Employee or in the name of such other party or parties as the Company and its authorized representatives shall deem appropriate. 

 

 3 

 In the event the shares of Common Stock issued pursuant to this Agreement remain subject to any
additional restrictions, the Company shall have the authority to prevent Employee from entering into any transaction that would violate any such restrictions, until such restrictions lapse. 

(g) Associated Preferred Stock Purchase Rights. The issuance of any shares of Common Stock as the result of
Employee’s vesting in Restricted Stock Units pursuant to this Agreement will include any associated preferred stock purchase rights. 

6. COMMUNITY INTEREST OF SPOUSE. The community interest, if any, of any spouse of Employee in any of the Restricted Stock Units shall
be subject to all of the terms, conditions and restrictions of this Agreement and the Plan, and shall be forfeited and surrendered to the Company upon the occurrence of any event requiring Employee’s interest in such Restricted Stock Units to
be so forfeited and surrendered pursuant to this Agreement. 
 7. BINDING EFFECT. This Agreement shall be binding upon and
inure to the benefit of any successors to the Company and all persons lawfully claiming under Employee. 
 8. TAX MATTERS.

 (a) The issuance of shares of Common Stock pursuant to paragraph (f) of Section 5 of this Agreement shall be
subject to Employee’s satisfaction of all applicable federal, state and local income and employment tax withholding requirements (the “Required Withholding”). By execution of this Agreement, Employee shall be deemed to
have authorized the Company to withhold from the shares of Common Stock to be issued following the lapse of the Forfeiture Restrictions the number of shares of Common Stock necessary to satisfy Employee’s Required Withholding, if any. The
number of shares of Common Stock required to satisfy Employee’s Required Withholding, if any, as well as the amount reflected on tax reports filed by the Company, shall be based on the closing price of the Common Stock on the Tax Date, as such
term is defined in the Plan. Notwithstanding the foregoing, the Company may require that Employee satisfy Employee’s Required Withholding by any other means the Company, in its sole discretion, considers reasonable. The obligations of the
Company under this Agreement shall be conditioned on such satisfaction of the Required Withholding. 
 (b) Employee
acknowledges that the tax consequences associated with the Award are complex and that the Company has urged Employee to review with Employee’s own tax advisors the federal, state, and local tax consequences of this Award. Employee is relying
solely on such advisors and not on any statements or representations of the Company or any of its agents. Employee understands that Employee (and not the Company) shall be responsible for Employee’s own tax liability that may arise as a result
of this Agreement. 
 9. EMPLOYMENT AGREEMENT CONTROLS. Notwithstanding any language in this Agreement to the contrary, to
the extent of any conflict between this Agreement and any written employment agreement with Employee, including a change in control agreement, the terms of such agreement shall control. 

[Signature page follows] 
  

 4 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an authorized
officer and Employee has executed this Agreement, all effective as of the date first above written. 
  

			
	HORNBECK OFFSHORE SERVICES, INC.
		
	By:	 	  
	Title:	 	 

 EMPLOYEE ACKNOWLEDGES AND AGREES THAT THE
RESTRICTED STOCK UNITS SUBJECT TO THIS AGREEMENT SHALL REMAIN SUBJECT TO THE FORFEITURE RESTRICTIONS PROVIDED HEREIN AND THE FORFEITURE RESTRICTIONS SHALL LAPSE, IF AT ALL, ONLY DURING THE PERIOD OF EMPLOYEE’S EMPLOYMENT OR AS OTHERWISE
PROVIDED IN THIS AGREEMENT (NOT THROUGH THE ACT OF BEING GRANTED THE RESTRICTED STOCK UNITS). EMPLOYEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT OR THE PLAN SHALL CONFER UPON EMPLOYEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR
CONTINUATION OF EMPLOYEE’S EMPLOYMENT. Employee acknowledges receipt of a copy of the Plan, represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award of the Restricted Stock Units subject to all
of the terms and provisions of this Agreement and the Plan, including the mandatory Dispute Resolution Procedure and the restrictions on transfer, assignment, pledge, and margin transactions. Employee has reviewed this Agreement and the Plan in
their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement, and fully understands all provisions of this Agreement and the Plan. 

 

									
	DATED:	 	  
	 		  	SIGNED:	  	  

		 		 		  		  	Employee
					
		 		 		  		  	  

		 		 		  		  	Print Employee Name

  

 5 

 EXCLUSIVE DISPUTE RESOLUTION 

MEDIATION AND ARBITRATION PROCEDURE 

While Hornbeck Offshore Operators, LLC (“The Company”) hopes that employment disputes with its Employees will not occur, the Company
believes that where such disputes do arise, it is in the mutual interest of all concerned to handle them promptly and with minimum disturbance to the operations of the Company’s business and the lives of its Employees. 

Accordingly, to provide for more expeditious resolution of employment-related disputes that may arise between the Company and its Employees
(including, without limitation, disputes arising under the Plan or the Restricted Stock Unit Agreement), the Company has instituted a mandatory Mediation and Arbitration Procedure (the “Procedure”) for all its Employees. Under the
Procedure, disputes that may arise from your employment with the Company or the termination of your employment (including, without limitation, disputes arising under the Plan or the Restricted Stock Unit Agreement) must (after appropriate attempts
to resolve your dispute internally through the Company management channels) be submitted for resolution by non-binding mediation and, if needed, mandatory arbitration. 

In agreeing to submit such disputes for resolution by private mediation and (if necessary) arbitration, you acknowledge that such agreement is
given in exchange for rights to which you are not otherwise entitled – namely, your eligibility for certain benefits, and the more expeditious resolution of such disputes. In exchange for your agreement to submit such disputes to mediation and
(if necessary) binding arbitration, the Company likewise agrees to the use of mediation and arbitration as the exclusive forum for resolving disputes arising out of or relating to the Plan. 

Hence, the parties shall be precluded from bringing or raising in court or other such forum any dispute that was or could have been brought or
raised pursuant to this Procedure. 
 Scope of the Mediation and Arbitration Procedure 

As a condition of your employment at the Company, or, where applicable, your right to receive certain voluntarily awarded compensation, such as
restricted stock units, awards and/or stock options, you agree that any challenge to or controversy or claim arising out of or relating to your employment relationship with the Company or the termination thereof (including, without limitation, those
arising under the Plan or the Restricted Stock Unit Agreement), must be submitted for non-binding mediation before a neutral third party, and (if necessary) for final and binding resolution by a private and impartial arbitrator, to be jointly
selected by you and the Company. 
 All possible claims or disputes are covered by this Exhibit A unless specifically excluded herein,
including claims that are before an administrative agency, or claims as to which the Employee has an alleged cause of action, including without limitation claims for breach of any contract or covenant (express or implied), tort claims, claims for
discrimination (including but not limited to discrimination based on sex, pregnancy, race, national or ethnic origin, age, religion, creed, marital status, sexual orientation, mental or physical disability or medical condition, specifically
including claims under The Americans With Disabilities Act, or any other applicable law, veteran status, or other characteristics protected by statute), claims for wrongful discharge, and/or claims for violation of any federal, state or other
governmental law, statute, regulation or ordinance, and whether based on statute or common law. 
 Disputes covered by this Agreement
include all such claims whether made against the Company, any of its subsidiaries or affiliated entities, or its individual officers or directors thereof (in an official or personal capacity). 

Claims not Covered 
 Claims covered under
this Procedure do not include: (i) a claim for workers’ compensation benefits under state workers’ compensation laws; (ii) a claim for unemployment compensation benefits; 

 

 6 

 
(iii) a claim by the Company for injunctive and/or other equitable relief, including but not limited to such claims for unfair competition and/or the use of unauthorized disclosure of trade
secrets or confidential information, as to which the Company may seek and obtain relief from a court of competent jurisdiction; and (iv) a claim based upon the Company’s current (successor or future) employee benefits and/or welfare plans
that expressly contain an appeal procedure or other procedure for the resolution of disputes under the plan. 
 Non-binding Mediation 

If efforts at informal resolution fail, disputes subject to this Procedure must first be submitted for non-binding mediation before a neutral third
party. The complainant may within six (6) months of the act or omission complained of (or a greater period of time, if allowed by the applicable statute of limitations), whichever is later, request that the matter be submitted to mediation
and/or arbitration, as described below. Mediation is an informal process where the parties to a dispute meet in an attempt to reach a voluntary resolution, using the third party as a facilitator. Mediation shall be conducted and administered by the
American Arbitration Association (“AAA”) under its Employment Mediation Rules, which are incorporated herein by reference, or as otherwise agreed to between the parties. 

Binding Arbitration 
 If a covered dispute
remains unresolved at the conclusion of the mediation process, either party may submit the dispute for resolution by final binding arbitration under the Procedure. The arbitration will be conducted under the employment Dispute Resolution Rules of
the AAA, as amended and effective on June 1, 1997, and as amended from time to time thereafter. These Rules, incorporated by reference herein, include (but are not limited to) the procedures for the joint selection of an impartial arbitrator
and for the hearing of evidence before the arbitrator. The arbitrator shall have the authority to allow for appropriate discovery and exchange of information prior to a hearing, including (but not limited to) production of documents, information
requests, depositions, and subpoenas. A copy of the complete AAA Employment Dispute Resolution Rules may be obtained from the Vice President of Human Resources or the Company’s designee. 

Any conflict between the rules and procedures set forth in the AAA rules and those set forth in this Procedure shall be resolved in favor of those
in this Procedure. The burden of proof at an arbitration shall at all times be upon the party seeking relief. In reaching his/her decision, the arbitrator shall apply the governing substantive law applicable to the claim(s), cause of action(s) and
defense(s) asserted by the parties as applicable in the state where the claims arise or the applicable statute at issue. The arbitrator shall have the power to award all remedies that could be awarded by a court or administrative agency in
accordance with the governing and applicable substantive law. 
 Time Limits and Procedures 

The aggrieved party must give written notice of any claim to the other party within six (6) months of the date the aggrieved first knew or
should have known of the facts giving rise to the claim (or a greater period of time, if allowed by an applicable statute of limitations), otherwise, the claim shall be deemed waived. The written notice shall describe the nature of all claims
asserted and the facts upon which such claims are based and shall be mailed to the other party by certified or registered mail, return receipt requested. Any such notice mailed to the Company shall be addressed to: 

Samuel A. Giberga 

Senior Vice President & General Counsel 

Hornbeck Offshore Operators, LLC 

103 Northpark Blvd., Suite 300 

Covington, LA 70433 
  

 7 

 Any mediation or arbitration conducted pursuant to this Procedure shall take place in Covington,
Louisiana or the location of the office to which the employee was assigned, unless the employee’s most recent work location with the Company is outside Louisiana, in which case the mediation and arbitration will take place in such other
location. The arbitrator shall render a decision and award within 30 days after the close of the arbitration hearing or at any later time on which the parties may agree. The award shall be in writing and signed and dated by the arbitrator and
shall contain express findings of fact and the basis for the award. 
 The parties will pay AAA’s administrative fee pursuant to AAA
guidelines for employer promulgated plans. The Company shall bear the arbitrator’s fees and expenses. All other costs and expenses associated with the arbitration, including without limitation, the parties’ respective attorneys’ fees,
shall be borne by the party incurring the expense. However, if the parties arbitrate a statutory claim that allows for an award of costs and attorneys’ fees, the arbitrator may award such costs and fees consistent with the term of the statute
and pertinent case law. 
 Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The award
may be vacated or modified only on the grounds specified in the Federal Arbitration Act or other applicable law. 
 Conformity With Law 

If any one or more of the provisions of this Procedure shall for any reason be held invalid or unenforceable, it is the specific intent of the
parties hereto that such provision shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 
 No
Retaliation/Employment At-Will 
 Under no circumstances will a Company employee be retaliated against in any way for invoking the
Procedure in good faith to seek the resolution of a dispute. Company managers who engage in such retaliation will be subject to discipline under the appropriate Company disciplinary procedures. 

The Company Arbitration and Mediation Policy does not in any way alter the at-will employment status of Company Employees. The Company and its
Employees are always free to terminate the employment relationship at any time for any lawful reason, and employment is not for any specific or definite duration. 

This Procedure sets forth the complete agreement of the parties on the subject of mediation and arbitration of the covered claims defined above,
and supersedes any prior or contemporaneous oral or written understanding on these subjects. No party is relying on any representations, oral or written, on the subject, enforceability or meaning of this Procedure, except as specifically set forth
herein. 
  

 81994 Flexible Stock Plan

 Exhibit 4.1 

WHITE ELECTRONIC DESIGNS CORPORATION 

1994 FLEXIBLE STOCK PLAN 

 WHITE ELECTRONIC DESIGNS CORPORATION 

1994 FLEXIBLE STOCK PLAN 

TABLE OF CONTENTS 
  

							
	 	    	 	  	 	  	Page
	ARTICLE I - NAME AND PURPOSE	  	
	 1.1
	    	Name	  	1
	 1.2
	    	Purpose	  	1
	ARTICLE II - DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION	  	
	 2.1
	    	General Definitions	  	1
		    	(a)	  	Agreement	  	1
		    	(b)	  	Benefit	  	1
		    	(c)	  	Board	  	1
		    	(d)	  	Change of Control	  	1
		    	(e)	  	Code	  	1
		    	(f)	  	Company	  	1
		    	(g)	  	Committee	  	1
		    	(h)	  	Common Stock	  	1
		    	(i)	  	Effective Date	  	1
		    	(j)	  	Employee	  	2
		    	(k)	  	Employer	  	2
		    	(l)	  	Exchange Act	  	2
		    	(m)	  	Fair Market Value	  	2
		    	(n)	  	Fiscal Year	  	2
		    	(o)	  	ISO	  	2
		    	(p)	  	NQSO	  	2
		    	(q)	  	Option	  	2
		    	(r)	  	Other Stock Based Award	  	2
		    	(s)	  	Participant	  	2
		    	(t)	  	Performance Share	  	2
		    	(u)	  	Plan	  	2
		    	(v)	  	Restricted Stock	  	2
		    	(w)	  	Rule 16b-3	  	2
		    	(x)	  	SEC	  	2
		    	(y)	  	Share	  	2
		    	(z)	  	SAR	  	2
		    	(aa)	  	Subsidiary	  	3
	 2.2
	    	Other Definitions	  	3
	 2.3
	    	Conflicts in Plan	  	3
	ARTICLE III - COMMON STOCK	  	
	 3.1
	    	Number of Shares	  	3
	 3.2
	    	Reusage	  	3
	 3.3
	    	Adjustments	  	3
	ARTICLE IV - ELIGIBILITY	  	
	 4.1
	    	Determined By Committee	  	3
	ARTICLE V - ADMINISTRATION	  	
	 5.1
	    	Committee	  	3
	 5.2
	    	Authority	  	4
	 5.3
	    	Delegation	  	4
	 5.4
	    	Adjudication of Claims	  	4
	ARTICLE VI - AMENDMENT	  	
	 6.1
	    	Power of Board	  	4
	 6.2
	    	Limitation	  	5

  

 -i- 

					
	ARTICLE VII - TERM AND TERMINATION	  	
	 7.1
	  	Term	  	5
	 7.2
	  	Termination	  	5
	ARTICLE VIII - MODIFICATION OR TERMINATION OF BENEFITS	  	
	 8.1
	  	General	  	5
	 8.2
	  	Committee’s Right	  	5
	ARTICLE IX - CHANGE OF CONTROL	  	
	 9.1
	  	Right of Committee	  	5
	ARTICLE X - AGREEMENTS AND CERTAIN BENEFITS	  	
	 10.1
	  	Grant Evidenced by Agreement	  	6
	 10.2
	  	Provisions of Agreement	  	6
	 10.3
	  	Certain Benefits	  	6
	ARTICLE XI - REPLACEMENT AND TANDEM AWARDS	  	
	 11.1
	  	Replacement	  	6
	 11.2
	  	Tandem Awards	  	6
	ARTICLE XII - PAYMENT, DIVIDENDS, DEFERRAL AND WITHHOLDING	  	
	 12.1
	  	Payment	  	6
	 12.2
	  	Dividend Equivalents	  	6
	 12.3
	  	Deferral	  	7
	 12.4
	  	Withholding	  	7
	ARTICLE XIII - OPTIONS	  	
	 13.1
	  	Types of Options	  	7
	 13.2
	  	Shares for ISOs	  	7
	 13.3
	  	Grant of ISOs and Option Price	  	7
	 13.4
	  	Other Requirements for ISOs	  	7
	 13.5
	  	NQSOs	  	7
	 13.6
	  	Determination by Committee	  	7
	ARTICLE XIV - SARS	  	
	 14.1
	  	Grant and Payment	  	7
	 14.2
	  	Grant of Tandem Award	  	7
	 14.3
	  	ISO Tandem Award	  	7
	 14.4
	  	Payment of Award	  	7
	ARTICLE XV - RESTRICTED STOCK	  	
	 15.1
	  	Description	  	8
	 15.2
	  	Cost of Restricted Stock	  	8
	 15.3
	  	Non-Transferability	  	8
	ARTICLE XVI - PERFORMANCE SHARES	  	
	 16.1
	  	Description	  	8
	 16.2
	  	Grant	  	8
	ARTICLE XVII - OTHER STOCK BASED AWARDS AND OTHER BENEFITS	  	
	 17.1
	  	Other Stock Based Awards	  	8
	 17.2
	  	Other Benefits	  	8
	ARTICLE XVIII - MISCELLANEOUS PROVISIONS	  	
	 18.1
	  	Underscored References	  	8
	 18.2
	  	Number and Gender	  	8
	 18.3
	  	Governing Law	  	8
	 18.4
	  	Purchase for Investment	  	9
	 18.5
	  	No Employment Contract	  	9
	 18.6
	  	No Effect on Other Benefits	  	9

  

 -ii- 

 WHITE ELECTRONIC DESIGNS CORPORATION 

1994 FLEXIBLE STOCK PLAN 

ARTICLE I - NAME AND PURPOSE 
  

	1.1	Name The name of the Plan is the “White Electronic Designs Corporation 1994 Flexible Stock Plan.” 

 

	1.2	Purpose. The Company has established the Plan to attract, retain, motivate and reward Employees and other individuals, to encourage ownership of the
Company’s Common Stock by Employees and other individuals, and to promote and further the best interests of the Company. 

ARTICLE II - DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION 

 

	2.1	General Definitions. The following words and phrases, when used in the Plan, unless otherwise specifically defined or unless the context clearly otherwise
requires, shall have the following respective meanings: 

 (a) Agreement. The document which evidences the
grant of any Benefit under the Plan and which sets forth the Benefit and the terms, conditions and provisions of, and restrictions relating to, such Benefit. 

(b) Benefit. Any benefit granted to a Participant under the Plan. 

(c) Board. The Board of Directors of the Company. 

(d) Change of Control. The acquisition after the Effective Date, without the approval of the Board, by any person or entity, other
than the Company or a Related Entity, of more than 20% of the outstanding Shares through a tender offer, exchange offer or otherwise; the liquidation or dissolution of the Company following a sale or other disposition of all or substantially all of
its assets; a merger or consolidation involving the Company which results in the Company not being the surviving parent corporation; or any time during any two-year period in which individuals who constituted the Board at the start of such period
(or whose election was approved by at least two-thirds of the then members of the Board who were members at the start of the two-year period) do not constitute at least 50% of the Board for any reason. A Related Entity is a Subsidiary or any
employee benefit plan (including a trust forming a part of such a plan) maintained by the Company or a Subsidiary. 
 (e)
Code. The Internal Revenue Code of 1986, as amended. Any reference to the Code includes the regulations promulgated pursuant to the Code. 

(f) Company. White Electronic Designs Corporation. 

(g) Committee. The Committee described in Section 5.1. 

(h) Common Stock. The Company’s Common Stock, without par value (stated value $.10 per share). 

(i) Effective Date. The date that the Plan is approved by the shareholders of the Company which must occur within one year after
approval by the Board. Any grants of Benefits prior to the approval by the shareholders of the Company shall be void if such approval is not obtained. 

 (j) Employee. Any person employed by the Employer. 

(k) Employer. The Company and all Affiliates. 

(l) Exchange Act. The Securities Exchange Act of 1934, as amended. 

(m) Fair Market Value. The last reported sale price, regular way, of the Shares on any day or, in case no such reported sale takes
place on such day, the average of the reported closing bid and asked prices, regular way, in either case on the principal national securities exchange on which the Shares are listed or if the Shares are not listed on a national securities exchange
and are listed on the Nasdaq Stock Market, the sale price determined in the same fashion or, if the Shares are not so listed on any of the foregoing, the average of the bid and asked prices on such day as furnished by dealers in the Shares in the
over-the-counter market. All calculations of the current market price shall be made to the nearest cent. 
 (n) Fiscal
Year. The taxable year of the Company which ends on the Saturday closest to September 30 of each year. 
 (o)
ISO. An Incentive Stock Option as defined in Section 422 of the Code. 
 (p) NQSO. A Non-Qualified Stock
Option, which is an Option that does not qualify as an ISO. 
 (q) Option. An option to purchase Shares granted under the
Plan. 
 (r) Other Stock Based Award. An award under ARTICLE XVII that is valued in whole or in part by reference to, or
is otherwise based on, Common Stock. 
 (s) Participant. An individual who is granted a Benefit under the Plan. Benefits
may be granted only to Employees, employees and owners of entities which are not Affiliates but which have a direct or indirect ownership interest in an Employer or in which an Employer has a direct or indirect ownership interest, individuals who,
and employees and owners of entities which, are customers and suppliers of an Employer, individuals who, and employees and owners of entities which, render services to an Employer, and individuals who, and employees and owners of entities, which
have ownership or business affiliations with any individual or entity previously described. 
 (t) Performance Share. A
Share awarded to a Participant under ARTICLE XVI of the Plan. 
 (u) Plan. The White Electronic Designs Corporation
1994 Flexible Stock Plan and all amendments and supplements to it. 
 (v) Restricted Stock. Shares issued under
ARTICLE XV of the Plan. 
 (w) Rule 16b-3. Rule 16b-3 promulgated by the SEC, as amended, or any successor rule in
effect from time to time. 
 (x) SEC. The Securities and Exchange Commission. 

(y) Share. A share of Common Stock. 

(z) SAR. A Stock Appreciation Right, which is the right to receive an amount equal to the appreciation, if any, in the Fair Market
Value of a Share from the date of the grant of the right to the date of its payment. 
  

 -2- 

 (aa) Subsidiary. Any corporation in an unbroken chain of corporations beginning with
the Company if, at the time of grant of an Option or other Benefit, each of the corporations, other than the last corporation in the unbroken 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 such chain. 
  

	2.2	Other Definitions. In addition to the above definitions, certain words and phrases used in the Plan and any Agreement may be defined in other portions of the
Plan or in such Agreement. 

  

	2.3	Conflicts in Plan. In the case of any conflict in the terms of the Plan relating to a Benefit, the provisions in the ARTICLE of the Plan which specifically
grants such Benefit shall control those in a different ARTICLE. 

 ARTICLE III - COMMON STOCK

  

	3.1	Number of Shares. The number of Shares which may be issued or sold or for which Options, SARs or Performance Shares may be granted under the Plan shall be
2,200,000 Shares. Such Shares may be authorized but unissued Shares, Shares held in the treasury, or both. 

  

	3.2	Reusage. If an Option or SAR expires or is terminated, surrendered, or cancelled without having been fully exercised, if Restricted Shares or Performance Shares
are forfeited, or if any other grant results in any Shares not being issued, the Shares covered by such Option or SAR, grant of Restricted Shares, Performance Shares or other grant, as the case may be, shall again be available for use under the
Plan. 

  

	3.3	Adjustments. If there is any change in the Common Stock of the Company by reason of any stock dividend, spin-off, split-up, spin-out, recapitalization, merger,
consolidation, reorganization, combination or exchange of shares, the number of SARs and number and class of shares available for Options and grants of Restricted Stock, Performance Shares and Other Stock Based Awards and the number of Shares
subject to outstanding Options, SARs, grants of Restricted Stock and Performance Shares which are not vested, and Other Stock Based Awards, and the price thereof, as applicable, shall be appropriately adjusted by the Committee.

 ARTICLE IV - ELIGIBILITY 

 

	4.1	Determined By Committee. The Participants and the Benefits they receive under the Plan shall be determined solely by the Committee. In making its determinations,
the Committee shall consider past, present and expected future contributions of Participants and potential Participants to the Employer, including, without limitation, the performance of, or the refraining from the performance of, services.

 ARTICLE V - ADMINISTRATION 

 

	5.1	Committee. The Plan shall be administered by the Committee. The Committee shall consist of three or more members of the Board who are “disinterested
persons” as defined in Rule 16b-3. The members of the Committee shall be appointed by and shall serve at the pleasure of the Board, which may from time to time appoint members in substitution for members previously appointed and fill
vacancies, however caused, in the Committee. The Committee may select one of its members as its Chairman and shall hold its meetings at such times and places as it may determine. A majority of its members shall constitute a quorum. All
determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by a majority of the members shall be fully as effective as if it had been made by a majority vote at a meeting
duly called and held. 

  

	5.2	Authority. Subject to the terms of the Plan, the Committee shall have discretionary authority 

 

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 to: 

(a) determine the individuals to whom Benefits are granted, the type and amounts of Benefits to be granted and the time of all such
grants; 
 (b) determine the terms, conditions and provisions of, and restrictions relating to, each Benefit granted; 

(c) interpret and construe the Plan and all Agreements; 

(d) prescribe, amend and rescind rules and regulations relating to the Plan; 

(e) determine the content and form of all Agreements; 

(f) determine all questions relating to Benefits under the Plan; 

(g) maintain accounts, records and ledgers relating to Benefits; 

(h) maintain records concerning its decisions and proceedings; 

(i) employ agents, attorneys, accountants or other persons for such purposes as the Committee considers necessary or desirable;

 (j) take, at anytime, any action permitted by Section 9.1 irrespective of whether any Change of Control has occurred or
is imminent; and 
 (k) do and perform all acts which it may deem necessary or appropriate for the administration of the Plan and
carry out the purposes of the Plan. 
  

	5.3	Delegation. Except as required by Rule 16b-3 with respect to grants of Options, Stock Appreciation Awards, Performance Shares, Other Stock Based Awards, or other
Benefits to individuals who are subject to Section 16 of the Exchange Act or as otherwise required for compliance with Rule 16b-3 or other applicable law, the Committee may delegate all or any part of its authority under the Plan to any
Employee, Employees or committee. 

  

	5.4	Adjudication of Claims. The Committee shall have discretionary authority to make all determinations as to the right to Benefits under the Plan. In the event that
a Participant believes he has not received the Benefits to which he is entitled under the Plan, a claim shall be made in writing to the Committee. The claim shall be reviewed by the Committee. If the claim is approved or denied, in full or in part,
the Committee shall provide a written notice of approval or denial within 90 days with, in the case of a denial, the specific reasons for the denial and specific reference to the provisions of the Plan and/or Agreement upon which the denial is
based. A claim shall be deemed denied if the Committee does not take any action within the aforesaid 90 day period. If a claim is denied or deemed denied and a review is desired, the Participant shall notify the Committee in writing within 60 days
of the receipt of notice of denial or the date on which the claim is deemed to be denied, as the case may be. In requesting a review, the Participant may review the Plan or any document relating to it and submit any written issues and comments he
may deem appropriate. The Committee shall then review the claim and provide a written decision within 60 days. This decision, if adverse to the Participant, shall state the specific reasons for the decision and shall include reference to specific
provisions of the Plan and/or Agreement on which the decision is based. The Committee’s decision on review shall be final. 

ARTICLE VI - AMENDMENT 
  

	6.1	Power of Board. Except as hereinafter provided, the Board shall have the sole right and power to amend the Plan at any time and from time to time.

  

 -4- 

	6.2	Limitation. The Board may not amend the Plan, without approval of the shareholders of the Company: 

(a) in a manner which would cause Options which are intended to qualify as ISOs to fail to qualify; 

(b) in a manner which would cause the Plan to fail to meet the requirements of Rule 16b-3; or 

(c) in a manner which would violate applicable law. 

ARTICLE VII - TERM AND TERMINATION 
  

	7.1	Term. The Plan shall commence as of the Effective Date and, subject to the terms of the Plan, including those requiring approval by the shareholders of the
Company and those limiting the period over which ISOs or any other Benefits may be granted, shall continue in full force and effect until terminated. 

  

	7.2	Termination. The Plan may be terminated at any time by the Board. 

ARTICLE VIII - MODIFICATION OR TERMINATION OF BENEFITS 

 

	8.1	General. Subject to the provisions of Section 8.2, the amendment or termination of the Plan shall not adversely affect a Participant’s right to any
Benefit granted prior to such amendment or termination. 

  

	8.2	Committee’s Right. Any Benefit granted may be converted, modified, forfeited or cancelled, in whole or in part, by the Committee if and to the extent
permitted in the Plan or applicable Agreement or with the consent of the Participant to whom such Benefit was granted. 

ARTICLE IX - CHANGE OF CONTROL 
  

	9.1	Right of Committee. In order to maintain a Participant’s rights in the event of a Change in Control, the Committee, in its sole discretion, may, in any
Agreement evidencing a Benefit, or at any time prior to, or simultaneously with or after a Change in Control, provide such protection as it may deem necessary. Without, in any way, limiting the generality of the foregoing sentence or requiring any
specific protection, the Committee may: 

 (a) provide for the acceleration of any time periods relating to the
exercise or realization of such Benefit so that such Benefit may be exercised or realized in full on or before a date fixed by the Committee; 

(b) provide for the purchase of such Benefit, upon the Participant’s request, for an amount of cash equal to the amount which could
have been attained upon the exercise or realization of such Benefit had such Benefit been currently exercisable or payable; 

(c) make such adjustment to the Benefits then outstanding as the Committee deems appropriate to reflect such transaction or change; and/or

 (d) cause the Benefits then outstanding to be assumed, or new Benefits substituted therefor, by the surviving corporation in
such change. 
  

 -5- 

 ARTICLE X - AGREEMENTS AND CERTAIN BENEFITS 

 

	10.1	Grant Evidenced by Agreement. The grant of any Benefit under the Plan may be evidenced by an Agreement which shall describe the specific Benefit granted and the
terms and conditions of the Benefit. The granting of any Benefit shall be subject to, and conditioned upon, the recipient’s execution of any Agreement required by the Committee. Except as otherwise provided in an Agreement, all capitalized
terms used in the Agreement shall have the same meaning as in the Plan, and the Agreement shall be subject to all of the terms of the Plan. 

  

	10.2	Provisions of Agreement. Each Agreement shall contain such provisions that the Committee shall determine to be necessary, desirable and appropriate for the
Benefit granted which may include, but not be limited to, the following with respect to any Benefit: description of the type of Benefit; the Benefit’s duration; its transferability; if an Option, the exercise price, the exercise period and the
person or persons who may exercise the Option; the effect upon such Benefit of the Participant’s death or termination of employment; the Benefit’s conditions; when, if, and how any Benefit may be forfeited, converted into another Benefit,
modified, exchanged for another Benefit, or replaced; and the restrictions on any Shares purchased or granted under the Plan. 

  

	10.3	Certain Benefits. Any Benefit granted to an individual who is subject to Section 16 of the Exchange Act shall be not transferable other than by will or the
laws of descent and distribution and shall be exercisable during his lifetime only by him, his guardian or his legal representative. 

ARTICLE XI - REPLACEMENT AND TANDEM AWARDS 
  

	11.1	Replacement. The Committee may permit a Participant to elect to surrender a Benefit in exchange for a new Benefit. 

 

	11.2	Tandem Awards. Awards may be granted by the Committee in tandem. However, no Benefit may be granted in tandem with an ISO except SARs. 

ARTICLE XII - PAYMENT, DIVIDENDS, DEFERRAL AND WITHHOLDING 

 

	12.1	Payment. Upon the exercise of an Option or in the case of any other Benefit that requires a payment to the Company, the amount due the Company is to be paid:

 (a) in cash; 

(b) by the tender to the Company of Shares owned by the optionee and registered in his name having a Fair Market Value equal to the amount
due to the Company; 
 (c) in other property, rights and credits, including the Participant’s promissory note; or

 (d) by any combination of the payment methods specified in (a), (b) and (c) above. 

Notwithstanding, the foregoing, any method of payment other than (a) may be used only with the consent of the Committee or if and to
the extent so provided in an Agreement. The proceeds of the sale of Common Stock purchased pursuant to an Option and any payment to the Company for other Benefits shall be added to the general funds of the Company or to the Shares held in treasury,
as the case may be, and used for the corporate purposes of the Company as the Board shall determine. 
  

	12.2	Dividend Equivalents. Grants of Benefits in Shares or Share equivalents may include dividend equivalent payments or dividend credit rights.

  

 -6- 

	12.3	Deferral. The right to receive any Benefit under the Plan may, at the request of the Participant, be deferred for such period and upon such terms as the
Committee shall determine, which may include crediting of interest on deferrals of cash and crediting of dividends on deferrals denominated in Shares. 

  

	12.4	Withholding. The Company, at the time any distribution is made under the Plan, whether in cash or in Shares, may withhold from such distribution any amount
necessary to satisfy federal, state and local income tax withholding requirements with respect to such distribution. Such withholding shall be in cash or, in the Committee’s sole discretion, Shares. 

ARTICLE XIII - OPTIONS 
  

	13.1	Types of Options. It is intended that both ISOs and NQSOs may be granted by the Committee under the Plan. 

 

	13.2	Shares for ISOs. Nothwithstanding the provisions of Section 3.1., the number of Shares for which ISOs may be granted on or after the Effective Date shall
not exceed 150,000 Shares. 

  

	13.3	Grant of ISOs and Option Price. Each ISO must be granted to an Employee and granted within ten years from the Effective Date. The purchase price for Shares under
any ISO shall be no less than the Fair Market Value of the Shares at the time the Option is granted. 

  

	13.4	Other Requirements for ISOs. The terms of each Option which is intended to qualify as an ISO shall meet all requirements of Section 422 of the Code.

  

	13.5	NQSOs. The terms of each NQSO shall provide that such Option will not be treated as an ISO. The purchase price for Shares under any NQSO shall be the Fair Market
Value of the Shares at the time the Option is granted. 

  

	13.6	Determination by Committee. Except as otherwise provided in Section 13.2 through Section 13.5, the terms of all Options shall be determined by the
Committee. 

 ARTICLE XIV - SARS 

 

	14.1	Grant and Payment. The Committee may grant SARs. Upon electing to receive payment of a SAR, a Participant shall receive payment in cash, in Common Stock, or in
any combination of cash and Common Stock, as the Committee shall determine. 

  

	14.2	Grant of Tandem Award. The Committee may grant SARs in tandem with an Option, in which case: the exercise of the Option shall cause a correlative reduction in
SARs standing to a Participant’s credit which were granted in tandem with the Option; and the payment of SARs shall cause a correlative reduction of the Shares under such Option. 

 

	14.3	ISO Tandem Award. When SARs are granted in tandem with an ISO, the SARs shall have such terms and conditions as shall be required for the ISO to qualify as an
ISO. 

  

	14.4	Payment of Award. SARs shall be paid, to the extent payment is elected by the Participant (and is otherwise due and payable), as soon as practicable after the
date on which such election is made. 

  

 -7- 

 ARTICLE XV - RESTRICTED STOCK 

 

	15.1	Description. The Committee may grant Benefits in Shares available under ARTICLE III of the Plan as Restricted Stock. Shares of Restricted Stock shall be
issued and delivered at the time of the grant but shall be subject to forfeiture until provided otherwise in the applicable Agreement or the Plan. Each certificate representing Shares of Restricted Stock shall bear a legend referring to the Plan and
the risk of forfeiture of the Shares and stating that such Shares are nontransferable until all restrictions have been satisfied and the legend has been removed. The grantee shall be entitled to full voting and dividend rights with respect to all
shares of Restricted Stock from the date of grant. 

  

	15.2	Cost of Restricted Stock. Grants of Shares of Restricted Stock shall be made at a no cost to the Participant. 

 

	15.3	Non-Transferability. Shares of Restricted Stock shall not be transferable until after the removal of the legend with respect to such Shares.

 ARTICLE XVI - PERFORMANCE SHARES 

 

	16.1	Description. Performance Shares are the right of an individual to whom a grant of such Shares is made to receive Shares or cash equal to the Fair Market Value of
such Shares at a future date in accordance with the terms of such grant. Generally, such right shall be based upon the attainment of targeted profit and/or performance objectives. 

 

	16.2	Grant. The Committee may grant an award of Performance Shares. The number of Performance Shares and the terms and conditions of the grant shall be set forth in
the applicable Agreement. 

 ARTICLE XVII - OTHER STOCK BASED AWARDS AND OTHER BENEFITS 

 

	17.1	Other Stock Based Awards. The Committee shall have the right to grant Other Stock Based Awards which may include, without limitation, the grant of Shares based
on certain conditions, the payment of cash based on the performance of the Common Stock, and the grant of securities convertible into Shares. 

  

	17.2	Other Benefits. The Committee shall have the right to provide types of Benefits under the Plan in addition to those specifically listed, if the Committee
believes that such Benefits would further the purposes for which the Plan was established. 

 ARTICLE XVIII
- MISCELLANEOUS PROVISIONS 
  

	18.1	Underscored References. The underscored references contained in the Plan are included only for convenience, and they shall not be construed as a part of the Plan
or in any respect affecting or modifying its provisions. 

  

	18.2	Number and Gender. The masculine and neuter, wherever used in the Plan, shall refer to either the masculine, neuter or feminine; and, unless the context
otherwise requires, the singular shall include the plural and the plural the singular. 

  

	18.3	Governing Law. This Plan shall be construed and administered in accordance with the laws of the State of Indiana. 

 

 -8- 

	18.4	Purchase for Investment. The Committee may require each person purchasing Shares pursuant to an Option or other award under the Plan to represent to and agree
with the Company in writing that such person is acquiring the Shares for investment and without a view to distribution or resale. The certificates for such Shares may include any legend which the Committee deems appropriate to reflect any
restrictions on transfer. All certificates for Shares delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under all applicable laws, rules and regulations, and the
Committee may cause a legend or legends to be put on any such certificates to make appropriate references to such restrictions. 

  

	18.5	No Employment Contract. The adoption of the Plan shall not confer upon any Employee any right to continued employment nor shall it interfere in any way with the
right of the Employer to terminate the employment of any of its Employees at any time. 

  

	18.6	No Effect on Other Benefits. The receipt of Benefits under the Plan shall have no effect on any benefits to which a Participant may be entitled from the
Employer, under another plan or otherwise, or preclude a Participant from receiving any such benefits. 

  

 -9-

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