Document:

Exhibit
4.8

  

 

     

     

    

 

CERTIFICATE
OF DESIGNATIONS, PREFERENCES AND RIGHTS OF 9.0% SERIES A 

CUMULATIVE PERPETUAL PREFERRED STOCK OF 

MECHANICAL
TECHNOLOGY, INCORPORATED

 

Pursuant to Nevada Revised Statutes §
78.1955

 

The undersigned hereby certifies that: 

 

I. He is the duly elected and acting Chief
Executive Officer of MECHANICAL TECHNOLGY, INCORPORATED, a publicly held Nevada corporation (the “Corporation”).

 

II. The Corporation, subject to the reporting requirements imposed by Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), pursuant to authority expressly granted and vested in the Board of
Directors of the Corporation by the provisions of the Corporation's Articles of Incorporation, as amended (the “Articles
of Incorporation”), the Board of Directors adopted the following resolution on [___
__], 2021: (i) authorizing a series of the Corporation's previously authorized 10,000,000 shares of preferred stock, par
value $.001 per share, and, (ii) providing for the designations, preferences and relative, participating, optional or other rights,
and the qualifications, limitations or restrictions thereof, of [________] shares
of 9.0% Series A Cumulative Perpetual Preferred Stock of the Corporation:

 

RESOLVED,
that pursuant to the authority vested in the Board of Directors of the Corporation by the Corporation's Articles of Incorporation,
a series of preferred stock of the Corporation be, and it hereby is, created out of the 10,000,000 authorized shares of the capital
preferred stock of the Corporation (“Preferred Stock”), which shall have the following preferences, powers,
designations and other special rights:

 

Section
1.              Designation. The designation of the
series of Preferred Stock of the Corporation shall be 9.0% Series A Cumulative Perpetual Preferred Stock (hereinafter referred
to as the “Series A Preferred Stock”).

 

Section
2.             Number of Authorized Shares. The number of
authorized shares of Series A Preferred Stock initially is [______]. The number of
authorized shares of Series A Preferred Stock may from time to time be increased (but not in excess of the total number of authorized
shares of Preferred Stock, less all shares of any other series of Preferred Stock authorized at the time of such increase) or
decreased (but not below the number of shares of the Series A Preferred Stock then outstanding) by resolution of the Board of
Directors (or a duly authorized committee of the Board of Directors), without the vote or consent of the holders of the Series
A Preferred Stock. Shares of the Series A Preferred Stock that are redeemed, repurchased or otherwise acquired by the Corporation
will be cancelled and shall revert to authorized but unissued shares of Preferred Stock undesignated as to series. The Corporation
shall have the authority to issue fractional shares of the Series A Preferred Stock. The Corporation reserves the right to re-open this
series and issue additional shares of the Series A Preferred Stock either through public or private sales at any time and
from time to time without notice to or the consent of holders of the Series A Preferred Stock. The additional shares of the
Series A Preferred Stock will be deemed to form a single series with the Series A Preferred Stock issued under this
Certificate of Designations, Preferences And Rights (this “Certificate”). Each share of the Series A Preferred
Stock shall be identical in all respects to every other share of the Series A Preferred Stock, except that shares of the
Series A Preferred Stock issued after [___ __], 2021 (the “Original Issue
Date”) shall accrue dividends from the later of the Original Issue Date and the Dividend Payment Date (as defined hereafter)
immediately prior to the original issue date of such additional shares for which full cumulative dividends have been paid. As
used in this Certificate, “accrual” (or similar terms) used with respect to a dividend or dividend period refers
only to the determination of the amount of such dividend and does not imply that any right to a dividend in any dividend period
that arises prior to the date on which such dividend is declared. In addition, subject to the limitations described herein, the
Corporation may issue additional Preferred Stock from time to time in one or more series, each with such designation, powers,
preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions
applicable to any of those rights, including dividend rights, voting rights, conversion or exchange rights, terms of redemption
and liquidation preferences, as the Board of Directors (or a duly authorized committee of the Board of Directors) may determine
prior to the time of such issuance.

 

Section
3.              Ranking.

 

(a)               The
Series A Preferred Stock will, as to dividend rights and rights as to the distribution of assets upon the Corporation’s
liquidation, dissolution or winding up, rank: (1) senior to all classes or series of the Corporation’s common stock, par
value $0.001 per share (“Common Stock”) and to all other capital stock issued by the Corporation expressly
designated as ranking junior to the Series A Preferred Stock, (2) on parity with any future  class or series of the Corporation’s
capital stock expressly designated as ranking on parity with the Series A Preferred Stock; (3) junior to any future class or series
of the Corporation’s capital stock expressly designated as ranking senior to the Series A Preferred Stock; and (4) junior
to all the Corporation’s existing and future indebtedness (including subordinated indebtedness and any indebtedness convertible
into Common Stock or preferred stock) and other liabilities with respect to assets available to satisfy claims against the Corporation
and structurally subordinated to the indebtedness and other liabilities of (as well as any preferred equity interests held by
others in) existing or future subsidiaries of the Corporation.

 

     

     

    

 

(b)               The
Corporation may issue junior capital stock described in Section 3(a)(1) above and parity capital stock described in Section 3(a)(2)
above at any time and from time to time in one or more series without the consent of the holders of the Series A Preferred Stock.
The Corporation’s ability to issue any senior capital stock described in Section (3)(a)(3) above is limited as described
in Section 11(d)(i).

 

Section
4.             Dividends.

 

(a)                 Subject
to the preferential rights, if any, of the holders of any class or series of capital stock of the Corporation ranking senior to
the Series A Preferred Stock as to dividends, the holders of the Series A Preferred Stock will be entitled to receive, when, as
and if declared by the Board of Directors (or a duly authorized committee of the Board of Directors), only out of funds legally
available for the payment of dividends, cumulative cash dividends at the annual rate of 9.0%
of the $25.00 liquidation preference per year (equivalent to $2.25 per year). A “dividend period” is the
period from and including a dividend payment date (as defined herein) (except that the initial dividend period shall commence
on and include [_____ __], 2021)
and continuing to, but excluding, the next succeeding dividend payment date. Dividends on the Series A Preferred Stock will accumulate
and be cumulative from, and including, the Original Issue Date; except that shares of the Series A Preferred Stock
issued after the Original Issue Date shall accrue dividends from the later of the Original Issue Date and the dividend payment
date (as defined herein) immediately prior to the original issue date of such additional shares for which full cumulative dividends
have been paid.

 

(b)                Dividends,
when, as and if declared by the Board of Directors (or a duly authorized committee of the Board of Directors), will be payable
monthly in arrears on the final day of each month, beginning on [____ __, 2021],
each of which is a “dividend payment date”; provided that if any dividend
payment date is not a business day (as defined below), then such date will nevertheless be a dividend
payment date but the dividend which would otherwise have been payable on that dividend
payment date, when, as and if declared, will be paid on the next succeeding business day and no interest, additional dividends
or other sums will accumulate on the amounts so payable for the period from and after that dividend
payment date to that next succeeding business day. As used in this Certificate, “business
day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
in New York City are authorized or required by law, regulation or executive order to close.

 

(c)                 Any
dividend, including any dividend payable on the Series A Preferred Stock for any dividend period (or portion thereof) will be
computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends are payable to holders of record of Series
A Preferred Stock as they appear in the records of the Corporation’s transfer agent (the “Transfer Agent”)
at the close of business on the applicable record date, which will be the date designated by the Board of Directors (or a duly
authorized committee of the Board of Directors) for the payment of a dividend that is not more than thirty (30) nor less than
ten (10) days prior to the applicable dividend payment date.

 

(d)                The
Board of Directors (or a duly authorized committee of the Board of Directors) will not authorize, pay or set apart for payment
by the Corporation any dividend on the Series A Preferred Stock at any time that: (i) the terms and provisions of any of the Corporation’s
agreements, including any agreement relating to the Corporation’s indebtedness, prohibits such authorization, payment or
setting apart for payment; (ii) the terms and provisions of any of the Corporation’s agreements, including any agreement
relating to the Corporation’s indebtedness, provides that such authorization, payment or setting apart for payment thereof
would constitute a breach of, or a default under, such agreement; or (iii) the law restricts or prohibits the authorization or
payment. Notwithstanding the foregoing, dividends on the Series A Preferred Stock will accumulate whether or not the terms and
provisions of any of the Corporation’s agreements relating to its indebtedness prohibit such authorization,payment or setting
apart for payment, the Corporation has earnings, there are funds legally available for the payment of the dividends, or the dividends
are authorized. Accordingly, if the Board of Directors (or a duly authorized committee of the Board of Directors) does not declare
a dividend on the Series A Preferred Stock payable in respect of any dividend period before the related dividend payment date,
such dividend shall accumulate and an amount equal to such accumulated dividend shall become payable out of funds legally available
therefor upon the liquidation, dissolution or winding up of the Corporation’s affairs (or earlier redemption of such Series
A Preferred Stock), to the extent not paid prior to such liquidation, dissolution or winding up or earlier redemption, as the
case may be. No interest, or sums in lieu of interest, will be payable in respect of any dividend payment or payments on the Series
A Preferred Stock, which may be in arrears, and holders of the Series A Preferred Stock will not be entitled to any dividends
in excess of the full cumulative dividends described above. Any dividend payment made on the Series A Preferred Stock shall first
be credited against the earliest accumulated but unpaid dividends due with respect to those shares.

 

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Section
5.             Restrictions on Dividends, Redemption and Repurchases.

 

(a)               So
long as any share of the Series A Preferred Stock remains outstanding, unless the Corporation also has either paid or declared
and set apart for payment full cumulative dividends on the Series A Preferred Stock for all past completed dividend periods, the
Corporation will not during any dividend period:

 

(i)                 pay
or declare and set apart for payment any dividends or declare or make any distribution of cash or other property on Common Stock
or other capital stock that ranks junior to or on parity with the Series A Preferred Stock with respect to dividend rights and
rights to the distribution of assets upon the Corporation’s voluntary or involuntary liquidation, dissolution or winding
up (other than, in each case, (a) a dividend paid in Common Stock or other stock ranking junior to the Series A Preferred Stock
with respect to dividend rights and rights to the distribution of assets upon the Corporation’s voluntary or involuntary
liquidation, dissolution or winding up or (b) any declaration of a Common Stock dividend in connection with any stockholders’
rights plan, or the issuance of rights, stock or other property under any stockholders’ rights plan, or the redemption or
repurchase of rights pursuant to the plan);

 

(ii)              redeem,
purchase or otherwise acquire Common Stock or other capital stock that ranks junior to or on parity with the Series A Preferred
Stock (other than the Series A Preferred Stock) with respect to dividend rights and rights to the distribution of assets upon
the Corporation’s voluntary or involuntary liquidation, dissolution or winding up (other than (a) by conversion into or
exchange for Common Stock or other capital stock ranking junior to the Series A Preferred Stock with respect to dividend rights
and rights to the distribution of assets upon the Corporation’s voluntary or involuntary liquidation, dissolution or winding
up, (b) the redemption of shares of capital stock pursuant to the provisions of the Articles of Incorporation relating to the
restrictions upon ownership and transfer of our capital stock, (c) a purchase or exchange offer made on the same terms to holders
of all outstanding shares of Series A Preferred Stock and any other capital stock that ranks on parity with the Series A Preferred
Stock with respect to dividend rights and rights to the distribution of assets upon the Corporation’s voluntary or involuntary
liquidation, dissolution or winding up, (d) purchases, redemptions or other acquisitions of shares of the Corporation’s
capital stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights to the distribution of
assets upon the Corporation’s voluntary or involuntary liquidation, dissolution or winding up pursuant to any employment
contract, dividend reinvestment and stock purchase plan, benefit plan or other similar arrangement with or for the benefit of
employees, officers, directors, consultants or advisors, (e) through the use of the proceeds of a substantially contemporaneous
sale of stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights to the distribution of
assets upon the Corporation’s voluntary or involuntary liquidation, dissolution or winding up, or (f) purchases or other
acquisitions of shares of the Corporation’s capital stock pursuant to a contractually binding stock repurchase plan existing
prior to the preceding dividend payment date on which dividends were not paid in full); or

 

(iii)            redeem,
purchase or otherwise acquire Series A Preferred Stock (other than (a) by conversion into or exchange for Common Stock or other
capital stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights to the distribution
of assets upon the Corporation’s voluntary or involuntary liquidation, dissolution or winding up, (b) a purchase or exchange
offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock or (c) with respect to redemptions,
a redemption pursuant to which all shares of Series A Preferred Stock are redeemed).

 

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(b)                  Notwithstanding
the foregoing, if the Board of Directors (or a duly authorized committee of the Board of Directors) elects to declare only partial
instead of full dividends for a dividend payment date and related dividend period on the shares of the Series A Preferred
Stock or any class or series of the Corporation’s capital stock that ranks on parity with the Series A Preferred Stock
with respect to dividends, then, to the extent permitted by the terms of the Series A Preferred Stock and each outstanding
class or series of the Corporation’s capital stock that ranks on parity with the Series A Preferred Stock with respect
to dividends, such partial dividends shall be declared on shares of the Series A Preferred Stock and class or series of the Corporation’s
capital stock that ranks on parity with the Series A Preferred Stock with respect to dividends, and dividends so declared
shall be paid, as to any such dividend payment date and related dividend period, in amounts such that the ratio of the partial
dividends declared and paid on each such series to full dividends on each such series is the same. As used in this paragraph,
“full dividends” means, as to any class or series of the Corporation’s capital stock that ranks on parity
with the Series A Preferred Stock with respect to dividends that bears dividends on a cumulative basis, the amount of dividends
that would need to be declared and paid to bring such class or series of the Corporation’s capital stock that ranks on parity
with the Series A Preferred Stock with respect to dividends current in dividends, including undeclared dividends for past
dividend periods. To the extent a dividend period with respect to the Series A
Preferred Stock or any class or series of the Corporation’s capital stock that ranks on parity with the Series A
Preferred Stock with respect to dividends (in either case, the “first series”)
coincides with more than one dividend period with respect to another series as applicable (in either case, a “second
series”), then, for purposes of this paragraph, the Board of Directors (or a duly authorized committee of the Board
of Directors) may, to the extent permitted by the terms of each affected series, treat such dividend period for the first series
as two or more consecutive dividend periods, none of which coincides with more than one dividend period with respect to the second
series, or may treat such dividend period(s) with respect to any class or series of the Corporation’s capital
stock that ranks on parity with the Series A Preferred Stock with respect to dividends and
dividend period(s) with respect to the Series A Preferred Stock for purposes of this paragraph in any other manner that it
deems to be fair and equitable in order to achieve ratable payments of dividends on such class or series of the Corporation’s
capital stock that ranks on parity with the Series A Preferred Stock with respect to dividends and
the Series A Preferred Stock.

 

(c)                  Subject
to the foregoing, dividends (payable in cash, stock or otherwise) as may be determined by the Board of Directors (or a duly authorized
committee of the Board of Directors) may be declared and paid on any Common Stock or other stock ranking junior to the Series A
Preferred Stock with respect to dividend rights and rights to the distribution of assets upon the Corporation’s voluntary
or involuntary liquidation, dissolution or winding up from time to time out of any funds legally available therefor, and the shares
of the Series A Preferred Stock shall not be entitled to participate in any such dividend.

 

Section
6.             Liquidation Preference. 

 

(a)               In
the event of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, the holders
of shares of Series A Preferred Stock will be entitled to be paid out of the assets of the Corporation legally available for distribution
to its stockholders (i.e., after satisfaction of all the Corporation’s liabilities to creditors, if any) and, subject
to the rights of holders of any shares of each other class or series of capital stock ranking, as to rights to the distribution
of assets upon the Corporation’s voluntary or involuntary liquidation, dissolution or winding up, senior to the Series A
Preferred Stock, a liquidation preference of $25.00 per share, plus an amount equal to any accumulated and unpaid dividends to
the date of payment (whether or not declared), before any distribution or payment may be made to holders of shares of Common Stock
or any other class or series of the Corporation’s capital stock ranking, as to rights to the distribution of assets upon
any voluntary or involuntary liquidation, dissolution or winding up, junior to the Series A Preferred Stock (the “liquidation
preference”).

 

(b)               If,
upon such voluntary or involuntary liquidation, dissolution or winding up of the Corporation’s affairs, the assets of the
Corporation legally available for distribution to the Corporation’s stockholders are insufficient to pay the full amount
of the liquidation preference on all outstanding shares of Series A Preferred Stock and the corresponding amounts payable on all
shares of each other class or series of capital stock of the Corporation ranking, as to rights to the distribution of assets upon
any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred Stock, then the holders
of the Series A Preferred Stock and each such other class or series of capital stock of the Corporation ranking, as to rights
to the distribution of assets upon the Corporation’s voluntary or involuntary liquidation, dissolution or winding up, on
parity with the Series A Preferred Stock will share ratably in any distribution of assets in proportion to the full liquidation
preference to which they would otherwise be respectively entitled. In any such distribution, the “liquidation preference”
of any holder of the Corporation’s capital stock other than the Series A Preferred Stock means the amount otherwise payable
to such holder in such distribution (assuming no limitation on the Corporation’s assets available for such distribution),
including an amount equal to any declared but unpaid dividends in the case of any holder or stock on which dividends accrue on
a non-cumulative basis and, in the case of any holder of stock on which dividends accrue on a cumulative basis, an amount equal
to any unpaid, accrued, cumulative dividends, whether or not earned or declared, as applicable.

 

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(c)               Holders
of Series A Preferred Stock will be entitled to written notice of any voluntary or involuntary liquidation, dissolution or winding
up of the Corporation, no fewer than thirty (30) days and no more than sixty (60) days prior to the payment date.

 

(d)               If
the liquidation preference has been paid in full to all holders of the Series A Preferred Stock and each such other class or series
of capital stock ranking, as to rights to the distribution of assets any voluntary or involuntary liquidation, dissolution or
winding up, on parity with the Series A Preferred Stock, holders of shares of the Series A Preferred Stock and each such
other class or series of capital stock ranking, as to rights to the distribution of assets upon any voluntary or involuntary liquidation,
dissolution or winding up, on parity with the Series A Preferred Stock will have no right or claim to any of the Corporation’s
remaining assets and the holders of shares of Common Stock or any class or series of capital stock ranking, as to rights to the
distribution of assets any voluntary or involuntary liquidation, dissolution or winding up, junior to the Series A Preferred
Stock, will be entitled to receive all of the Corporation’s remaining assets according to their respective rights and preferences.

 

(e)               The
consolidation, merger or other business combination of the Corporation with or into any other entity or the sale, lease, transfer
or conveyance of all or substantially all of the assets, property or business of the Corporation will not be deemed to constitute
a liquidation, dissolution or winding up of the Corporation.

 

Section
7.              Optional Redemption.

 

(a)               The
Series A Preferred Stock is perpetual and has no maturity date. The Series A Preferred Stock is not redeemable prior to [_____
__], 2026, except under the circumstances described in Section 9 hereof.

 

(b)               On
or after [_____ __], 2026, the Series A Preferred Stock may be redeemed at the
Corporation’s option, in whole or in part, from time to time, at a redemption price of $25.00 per share of Series A Preferred
Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to, but not
including, the date of such redemption (the “Redemption Date”), upon the giving of notice, as provided in Section
8 hereof.

 

Section
8.              Redemption Procedures.

 

(a)               In
the event the Corporation elects to redeem Series A Preferred Stock, notice of redemption will be mailed to each holder of record
of Series A Preferred Stock called for redemption at such holder’s address as it appears on the Corporation’s stock
transfer records, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date. Any notice mailed as provided
in this paragraph shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but
failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of Series
A Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares
of Series A Preferred Stock. Notwithstanding the foregoing, if the shares of Series A Preferred Stock are issued in book-entry
form through The Depository Trust Company (“DTC”) or any other similar facility, notice of redemption may be
given to the holders of Series A Preferred Stock at such time and in any manner permitted by such facility.

 

(b)               The
notice will notify the holder of the election to redeem the shares and will state at least the following: (i) the Redemption Date;
(ii) the redemption price; (iii) the number of shares of Series A Preferred Stock to be redeemed (and, if fewer than all the shares
are to be redeemed, the number of shares to be redeemed from such holder or the method for determining such number); (iv) the
place(s) where holders may surrender certificates, if any, evidencing the Series A Preferred Stock for payment; (v) if applicable,
that the Series A Preferred Stock is being redeemed pursuant to the Corporation’s special optional redemption right in connection
with the occurrence of a Delisting Event or Change of Control (each as defined hereafter), as applicable, and a brief description
of the transaction or transactions or circumstances constituting such Delisting Event or Change of Control, as applicable; (vi)
if applicable, that the holders of the Series A Preferred Stock to which the notice relates will not be able to convert such shares
of Series A Preferred Stock in connection with the Delisting Event or Change of Control, as applicable, and each share of Series
A Preferred Stock tendered for conversion that is selected, prior to the Delisting Event Conversion Date or Change of Control
Conversion Date (each as defined hereafter), as applicable, for redemption will be redeemed on the related date of redemption
instead of converted on the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable; and (vii) that
dividends on such shares of Series A Preferred Stock will cease to accumulate on the date prior to the Redemption Date.

 

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(c)               If
fewer than all of the outstanding shares of Series A Preferred Stock are to be redeemed, the shares to be redeemed will be
determined pro rata (as nearly as practicable without creating fractional shares) or by lot. So long as all shares of Series
A Preferred Stock are held of record by the nominee of DTC, the Corporation will give notice, or cause notice to be given, to
DTC of the number of Series A Preferred Stock to be redeemed, and DTC will determine the number of Series A Preferred Stock to
be redeemed from the account of each of its participants holding such shares in its participant account. Thereafter, each participant
will select the number of shares to be redeemed from each beneficial owner for whom it acts (including the participant, to the
extent it holds Series A Preferred Stock for its own account). A participant may determine to redeem Series A Preferred Stock
from some beneficial owners (including the participant itself) without redeeming Series A Preferred Stock from the accounts of
other beneficial owners. Subject to the provisions hereof, the Board of Directors (or
a duly authorized committee of the Board of Directors) shall have full power and authority to prescribe the terms and conditions
on which shares of Series A Preferred Stock shall be redeemed from time to time. If the Corporation shall have issued certificates
for the Series A Preferred Stock and fewer than all shares represented by any certificates are redeemed, new certificates shall
be issued representing the unredeemed shares without charge to the holders thereof.

 

(d)               On
or after the Redemption Date, each holder of Series A Preferred Stock to be redeemed that holds a certificate other than through
DTC book entry must present and surrender the certificates evidencing the shares of Series A Preferred Stock at the place designated
in the notice of redemption and shall be entitled to the redemption price and any accumulated and unpaid dividends payable upon
the redemption following the surrender.

 

(e)               From
and after the Redemption Date or, if notice of redemption has been duly given, and if on or before the Redemption Date specified
in the notice, all funds necessary for the redemption have been set aside by the Corporation, separate and apart from the Corporation’s
other funds, in trust for the pro rata benefit of the holders of the shares called for redemption, so as to be and continue to
be available for that purpose, then, in each case unless the Corporation defaults in payment of the redemption price: (i) all
dividends on the shares designated for redemption in the notice will cease to accumulate on or after the Redemption Date; (ii)
all rights of the holders of the shares, except the right to receive the redemption price thereof (including all accumulated and
unpaid dividends up to the date prior to the Redemption Date), will cease and terminate; and (iii) the shares designated for redemption
in the notice will be deemed to not be outstanding for any purpose whatsoever.

 

(f)                Any
funds held in trust and unclaimed at the end of two years from the Redemption Date, to the extent permitted by law, shall be released
from the trust so established and may be commingled with the Corporation’s other funds, and after that time the holders
of the shares so called for redemption shall look only to the Corporation for payment of the redemption price of such shares.

 

(g)               Notwithstanding
any other provision herein, any declared but unpaid dividends payable on a Redemption Date that occurs subsequent to the applicable
record date for a dividend period shall not be paid to the holder entitled to receive the redemption price on the Redemption Date,
but rather shall be paid to the holder of record of the redeemed shares on such record date relating to the applicable dividend
payment date.

 

Section
9.               Special Optional Redemption.

 

(a)               During
any period of time (whether before or after [_____ __], 2026) that both (i) the
Series A Preferred Stock are no longer (a) listed on The Nasdaq Stock Market LLC (“Nasdaq”), the New York
Stock Exchange LLC (the “NYSE”), or the NYSE American LLC (the “NYSE AMER”) or (b) listed
or quoted on an exchange or quotation system that is a successor to Nasdaq, the NYSE or the NYSE AMER, and (ii) the Corporation
is not subject to the reporting requirements of the Exchange Act, but any Series A Preferred Stock is still outstanding (collectively,
a “Delisting Event”), the Corporation may, at its option, redeem the Series A Preferred Stock, in whole
or in part and within ninety (90) days after the date of the Delisting Event (the “Delisting Event Redemption Period”),
by paying $25.00 per share of Series A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on
the Series A Preferred Stock up to, but not including, the Redemption Date.

 

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(b)               During
any period of time (whether before or after [_____ __], 2026), upon the occurrence
of a Change of Control (as defined hereafter), the Corporation may, at its option, redeem the Series A Preferred Stock, in
whole or in part and within one hundred twenty (120) days after the first date on which such Change of Control occurred (the
“Change of Control Redemption Period”), by paying $25.00 per share of Series A Preferred Stock, plus all dividends
accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to, but not including, the date of such
redemption.

 

(c)               If,
prior to the Delisting Event Conversion Date or Change of Control Conversion Date (each as defined below), as applicable, the
Corporation has provided or provides notice of redemption with respect to the Series A Preferred Stock (whether pursuant
to its optional redemption right in Section 7 or its special optional redemption rights in this Section 9), the holders of Series A
Preferred Stock will not be permitted to exercise the conversion rights in Section 10 in respect of their shares called for redemption.

 

(d)               As
used in this Certificate, a “Change of Control” is when, after the Original Issue Date, the following
have occurred and are continuing:

 

(i)                 the
acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership, directly or indirectly,
through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions
of shares of the Corporation’s stock entitling that person to exercise more than 50% of the total voting power of all shares
of the Corporation’s stock entitled to vote generally in elections of the Corporation’s directors (except that such
person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right
is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and

 

(ii)              following
the closing of any transaction referred to in (i) above, neither the Corporation nor any acquiring or surviving entity (or, if,
in connection with such transaction shares of Common Stock are converted into or exchanged for (in whole or in part) common capital
stock of another entity, such other entity) has a class of common securities (or American Depositary Receipts representing such
securities) (x) listed on Nasdaq, the NYSE, or the NYSE AMER or (y) listed or quoted on an exchange or quotation system that is
a successor to Nasdaq, the NYSE or the NYSE AMER.

 

Section
10.           Conversion.

 

(a)               The
shares of Series A Preferred Stock are not convertible into or exchangeable for any other property or securities of the Corporation
or any other entity, except as provided for in this Section 10.

 

(b)               Upon
the occurrence of a Delisting Event or a Change of Control, as applicable, each holder of Series A Preferred Stock will have the
right, unless, prior to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, the Corporation
has provided or provides notice of its election to redeem the Series A Preferred Stock pursuant to Section 7 or Section 9, to
convert some or all of the shares of Series A Preferred Stock held by such holder (the “Delisting Event Conversion Right”
or “Change of Control Conversion Right,” as applicable) on the Delisting Event Conversion Date or Change of
Control Conversion Date, as applicable, into a number of shares of Common Stock (or equivalent value of alternative consideration)
per share of Series A Preferred Stock (the “Common Stock Conversion Consideration”) equal to the lesser of:

 

(i)                 the
quotient obtained by dividing (1) the sum of (x) the $25.00 liquidation preference per share of Series A Preferred Stock plus
(y) the amount of any accumulated and unpaid dividends to, but not including, the Delisting Event Conversion Date or Change of
Control Conversion Date, as applicable (unless the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable,
is after a record date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred Stock
dividend payment date, in which case no additional amount relating to such record date will be included in this sum) by (2) the
Common Stock Price (as defined herein); and

 

    	 	7	 

     

    

 

(ii)              [______]
(the “Share Cap”), subject to certain adjustments described below.

 

(c)               The
Share Cap is subject to pro rata adjustments for any share splits (including those effected pursuant to a distribution of shares
of the Common Stock to existing holders of Common Stock), subdivisions or combinations (in each case, a “Share Split”)
with respect to the Common Stock as follows: the adjusted Share Cap as the result of a Share Split will be the number of shares
of Common Stock that is equivalent to the product obtained by multiplying (i) the Share Cap in effect immediately prior to such
Share Split by (ii) a fraction, the numerator of which is the number of shares of Common Stock outstanding after giving effect
to such Share Split and the denominator of which is the number of shares of Common Stock outstanding immediately prior to such
Share Split.

 

(d)               In
the case of a Delisting Event or Change of Control, as applicable, pursuant to, or in connection with, which shares of Common
Stock will be converted into cash, securities or other property or assets (including any combination thereof) (the “Alternative
Form Consideration”), a holder of Series A Preferred Stock electing to exercise its Delisting Event Conversion Right
or Change of Control Conversion Right, as applicable, will receive upon conversion of such Series A Preferred Stock the kind and
amount of Alternative Form Consideration which such holder would have owned or been entitled to receive upon the Delisting Event
or Change of Control, as applicable, had such holder held a number of shares of Common Stock equal to the Common Stock Conversion
Consideration immediately prior to the effective time of the Delisting Event or Change of Control, as applicable (the “Alternative
Conversion Consideration”; and the Common Stock Conversion Consideration or the Alternative Conversion Consideration,
as may be applicable to a Delisting Event or Change of Control, as applicable, is referred to herein as the “Conversion
Consideration”).

 

(e)               If
the holders of Common Stock have the opportunity to elect the form of consideration to be received in the Delisting Event or Change
of Control, as applicable, the Conversion Consideration that the holders of Series A Preferred Stock will receive will be the
form and proportion of the aggregate consideration elected by the holders of Common Stock who participate in the determination
(based on the weighted average of elections) and will be subject to any limitations to which all holders of Common Stock are subject,
including, without limitation, pro rata reductions applicable to any portion of the consideration payable in, or in connection
with, the Delisting Event or Change of Control, as applicable.

 

(f)                The
Corporation will not issue fractional shares of Common Stock upon the conversion of Series A Preferred Stock. In the event that
the conversion would result in the issuance of fractional shares of Common Stock, the Corporation will pay the holder of Series
A Preferred Stock the cash value of such fractional shares in lieu of such fractional shares.

 

(g)               Within
fifteen (15) days following the expiration of the Delisting Event Redemption Period or the Change of Control Redemption Period,
as applicable, (or, if the Corporation waives its right to redeem the Series A Preferred Stock prior to the expiration of the
Delisting Event Redemption Period or the Change of Control Redemption Period, as applicable, within fifteen (15) days following
the date of such waiver) the Corporation will provide to holders of Series A Preferred Stock a notice of occurrence of the Delisting
Event or Change of Control, as applicable, that describes the resulting Delisting Event Conversion Right or Change of Control
Conversion Right, as applicable. This notice will state the following:

 

(i)       the
events constituting the Delisting Event or Change of Control, as applicable;

 

(ii)       the
date of the Delisting Event or Change of Control, as applicable;

 

(iii)        the
date on which the Delisting Event Redemption Period or the Change of Control Redemption Period, as applicable, expired or was
waived;

 

    	 	8	 

     

    

 

(iv)       the
last date on which the holders of Series A Preferred Stock may exercise their Delisting Event Conversion Right or Change of Control
Conversion Right, as applicable;

 

(v)       the
method and period for calculating the Common Stock Price (as defined hereafter);

 

(vi)      the
“Delisting Event Conversion Date” or “Change of Control Conversion Date”, as applicable, which will be
a business day fixed by the Board of Directors that is not fewer than twenty (20) days nor more than thirty-five (35) days after
the date on which the Corporation provides the notice pursuant to this section to holders of the Series A Preferred Stock;

 

(vii)      if
applicable, the type and amount of Conversion Consideration entitled to be received per share of Series A Preferred Stock;

 

(viii)       
the name and address of the paying agent and the conversion agent;

 

(ix)          the
procedures that the holders of Series A Preferred Stock must follow to exercise the Delisting Event Conversion Right or Change
of Control Conversion Right, as applicable; and

 

(x)           the
last date on which holders of Series A Preferred Stock may withdraw shares surrendered for conversion and the procedures that
such holders must follow to effect such a withdrawal.

 

(h)           The
Corporation will issue a press release for publication on the Dow Jones & Company, Inc., Business Wire, PR Newswire or Bloomberg
Business News (or, if these organizations are not in existence at the time of issuance of the press release, such other news or
press organization as is reasonably calculated to broadly disseminate the relevant information to the public), or post notice
on the Corporation’s website, in any event prior to the opening of business on the first business day following any date
on which the Corporation provides notice pursuant to Section 10(g) above to the holders of Series A Preferred Stock.

 

(i)            To
exercise the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable, each holder of Series A Preferred
Stock will be required, on or before the close of business on the business day preceding the Delisting Event Conversion Date or
Change of Control Conversion Date, as applicable, to notify the Corporation of the number of Series A Preferred Stock to be converted
and otherwise to comply with any applicable procedures contained in the notice described in Section 10(g) above or otherwise required
by the Transfer Agent or DTC for effecting the conversion.

 

(j)            As
used in this Certificate:

 

(i)                 the
“Common Stock Price” for any Change of Control will be: (i) if the consideration to be received in the Change
of Control by the holders of Common Stock is solely cash, the amount of cash consideration per share of Common Stock; and (ii)
if the consideration to be received in the Change of Control by holders of Common Stock is other than solely cash (x) the average
of the closing prices per share of Common Stock on the principal U.S. securities exchange on which the Corporation’s Common
Stock is then traded (or, if no closing sale price is reported, the average of the closing bid and ask prices per share or, if
more than one in either case, the average of the average closing bid and the average closing ask prices per share) for the ten
consecutive trading days immediately preceding, but not including, the date on which such Change of Control occurred as reported
on the principal U.S. securities exchange on which the Common Stock is then traded, or (y) the average of the last quoted bid
prices for the Common Stock in the over-the-counter market as reported by OTC Markets Group, Inc. or similar organization for
the ten consecutive trading days immediately preceding, but not including, the date on which such Change of Control occurred,
if the Common Stock is not then listed for trading on a U.S. securities exchange; and

 

(ii)              the
“Common Stock Price” for any Delisting Event will be the average of the closing price per share of the Common
Stock on the ten (10) consecutive trading days immediately preceding, but not including, the effective date of the Delisting Event.

 

(k)           Holders
of the Series A Preferred Stock may withdraw any notice of exercise of a Delisting Event Conversion Right or Change of Control
Conversion Right, as applicable (in whole or in part), by a written notice of withdrawal delivered to the Transfer Agent prior
to the close of business on the third business day preceding the Delisting Event Conversion Date or Change of Control Conversion
Date, as applicable. The notice of withdrawal must state: (i) the number of withdrawn shares of Series A Preferred Stock; (ii)
if certificated shares of Series A Preferred Stock have been issued, the receipt or certificate numbers of the withdrawn shares
of Series A Preferred Stock; and (iii) the number of shares of Series A Preferred Stock, if any, which remain subject to the conversion
notice.

 

    	 	9	 

     

    

 

(l)            Notwithstanding
the foregoing, if the shares of Series A Preferred Stock are held in global form, the conversion notice and/or the notice of withdrawal,
as applicable, must comply with applicable procedures of DTC.

 

(m)          Shares
of Series A Preferred Stock as to which the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable,
has been properly exercised and for which the conversion notice has not been properly withdrawn will be converted into the applicable
Conversion Consideration in accordance with the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable,
on the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, unless, prior to the Delisting Event
Conversion Date or Change of Control Conversion Date, as applicable, the Corporation has provided or provides notice of its election
to redeem such shares of Series A Preferred Stock, whether pursuant to Section 7 or Section 9. If the Corporation elects to redeem
shares of Series A Preferred Stock that would otherwise be converted into the applicable Conversion Consideration on a Delisting
Event Conversion Date or Change of Control Conversion Date, as applicable, such shares of Series A Preferred Stock will not be
so converted and the holders of such shares will be entitled to receive on the applicable Redemption Date $25.00 per share, plus
all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to, but not including, the Redemption
Date.

 

(n)         The
Corporation will take commercially reasonable efforts to deliver the applicable Conversion Consideration no later than the third
business day following the Delisting Event Conversion Date or the Change of Control Conversion Date, as applicable.

 

Section
11.          Voting Rights.

 

(a)       
   Holders of the Series A Preferred Stock shall not have any voting rights, except as set forth in this Section
11 or as otherwise required by law.

 

(b)        
  In any matter in which the Series A Preferred Stock may vote (as expressly provided herein or as may be required by
law), each share of Series A Preferred Stock shall be entitled to one vote per $25.00 of liquidation preference; provided that
if the Series A Preferred Stock and any other stock ranking on parity to the Series A Preferred Stock as to dividend rights
and rights as to the distribution of assets upon the Corporation’s liquidation, dissolution or winding up are entitled to
vote together as a single class on any matter, the holders of each will vote in proportion to their respective liquidation preferences.

 

(c)          As
used in this Certificate, “voting preferred stock” means any other class or series of the Corporation’s
preferred stock ranking equally with the Series A Preferred Stock as to dividends (whether cumulative or non-cumulative) and
the distribution of the Corporation’s assets upon liquidation, dissolution or winding up and upon which like voting rights
to the Series A Preferred Stock have been conferred and are exercisable.

 

(d)          So
long as any shares of Series A Preferred Stock remain outstanding, the Corporation will not, without the consent or the affirmative
vote of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock and each other class or series
of preferred stock entitled to vote thereon (voting together as a single class), given in person or by proxy, either in writing
without a meeting or by vote at any meeting called for the purpose:

 

(i)       authorize,
create or issue, or increase the number of authorized or issued number of shares of, any class or series of capital stock ranking
senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon the liquidation,
dissolution or winding up of the Corporation or reclassify any authorized capital stock of the Corporation into any such shares,
or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such shares;
or

 

    	 	10	 

     

    

 

(ii)      amend,
alter or repeal the provisions of the Articles of Incorporation, including the terms of the Series A Preferred Stock, whether
by merger, consolidation, transfer or conveyance of all or substantially all of the Corporation’s assets or otherwise, so
as to materially and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock, taken
as a whole.

 

(e)          If
any event described in Section 11(d)(ii) would materially and adversely affect the rights, preferences, privileges or voting powers
of the Series A Preferred Stock, taken as a whole, disproportionately relative to any other class or series of voting preferred
stock, the affirmative vote of the holders of at least two-thirds of the outstanding shares of the Series A Preferred Stock, voting
as a separate class, will also be required. Furthermore, if holders of shares of the Series A Preferred Stock receive the $25.00
per share of the Series A Preferred Stock liquidation preference plus all accrued and unpaid dividends thereon or greater amounts
pursuant to the occurrence of any of the event described in Section 11(d)(ii), then such holders shall not have any voting rights
with respect to the event described in Section 11(d)(ii).

 

(f)           The
following actions are not deemed to materially and adversely affect the rights, preferences, powers or privileges of the Series
A Preferred Stock:

 

(i)       any
increase in the amount of authorized shares of Common Stock or preferred stock or the creation or issuance of capital stock or
any class or series ranking, as to dividends (whether cumulative or not) or the distribution of assets upon the Corporation’s
liquidation, dissolution or winding up, on parity with, or junior to, the Series A Preferred Stock; or

 

(ii)      the
amendment, alteration or repeal or change of any provision of the Articles of Incorporation, including this Certificate, as a
result of a merger, consolidation, reorganization or other business combination, if (x) the shares of the Series A Preferred
Stock remain outstanding or, in the case of any such merger or consolidation with respect to which the Corporation is not the
surviving or resulting entity, the shares of Series A Preferred Stock are converted into or exchanged for preference securities
of the surviving or resulting entity or its ultimate parent, and (y) such shares remaining outstanding or such preference
securities, as the case may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions
thereof, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges
and voting powers, and restrictions and limitations thereof, of the Series A Preferred Stock, taken as a whole, immediately prior
to such consummation.

 

(g)           Without
the consent of the holders of the Series A Preferred Stock, the Corporation may amend, alter, supplement or repeal any terms of
the Series A Preferred Stock:

 

(i)          to
cure any ambiguity, or to cure, correct or supplement any provision contained in this Certificate for the Series A Preferred Stock
that may be defective or inconsistent, so long as such action does not materially and adversely affect the rights, preferences,
privileges and voting powers of the Series A Preferred Stock, taken as a whole;

 

(ii)         to
conform this Certificate to the Description of the Series A Preferred Stock set forth in the Corporation’s final prospectus related to the Series A Preferred Stock, dated [_____ __,] 2021; or

 

(iii)        to
make any provision with respect to matters or questions arising with respect to the Series A Preferred Stock that is not
inconsistent with the provisions of this Certificate.

 

(h)          The
foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which the vote would otherwise
be required shall be effected, all outstanding shares of the Series A Preferred Stock have been redeemed or called for redemption
on proper notice and sufficient funds have been set aside by the Corporation for the benefit of the holders of the Series A Preferred
Stock to effect the redemption within ninety (90) days unless all or a part of the outstanding shares of the Series A Preferred
Stock are being redeemed with the proceeds from the sale of shares of, any class or series of stock ranking senior to the Series A
Preferred Stock with respect to payment of dividends or the distribution of assets upon the Corporation’s liquidation, dissolution
or winding up.

 

    	 	11	 

     

    

 

(i)           The
rules and procedures for calling and conducting any meeting of the holders of the Series A Preferred Stock (including, without
limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining
of written consents and any other aspect or matter with regard to such a meeting or such consents shall be governed by any rules
the Board of Directors (or a duly authorized committee of the Board of Directors), in its discretion, may adopt from time to time,
which rules and procedures shall conform to the requirements of the Articles of Incorporation, the Amended and Restated Bylaws
of the Corporation, applicable law and any national securities exchange or other trading facility on which the Series A Preferred
Stock may be listed or traded at the time.

 

(j)          Holders
of the Series A Preferred Stock will not have any voting rights with respect to, and the consent of the holders of the Series
A Preferred Stock is not required for, the taking of any corporate action, including any merger or consolidation involving the
Corporation or a sale of all or substantially all of the Corporation’s assets, regardless of the effect that such merger,
consolidation or sale may have upon the powers, preferences, voting power or other rights or privileges of the Series A Preferred
Stock, except as set forth above.

 

Section
12.          No Preemptive Rights. Holders
of the Series A Preferred Stock do not have any preemptive rights. 

 

Section
13.          No Maturity, Sinking Fund or Mandatory Redemption. The
Series A Preferred Stock has no maturity date and the Corporation is not required to redeem the Series A Preferred Stock
at any time. Accordingly, the Series A Preferred Stock will remain outstanding indefinitely, unless the Corporation decides,
at its option, to exercise its redemption right or, under circumstances where the holders of Series A Preferred Stock have
a conversion right, such holders convert the Series A Preferred Stock into the Corporation’s common stock. The Series A
Preferred Stock is not subject to any sinking fund.

 

Section
14.          Exclusion of Other Rights. The shares of the Series
A Preferred Stock do not have any voting powers, preferences or relative, participating, optional or other special rights, or
qualifications, limitations or restrictions thereof, other than as set forth in this Certificate or in the Articles of Incorporation
of the Corporation.

 

Section
15.          Headings of Subdivisions. The headings of the various
subdivisions hereof are for convenience of reference only and shall not affect the interpretation of any of the provisions hereof.

 

Section
16.         Severability of Provisions. If any preferences or other
rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions
of redemption of the Series A Preferred Stock set forth in this Certificate are invalid, unlawful or incapable of being enforced
by reason of any rule of law or public policy, all other preferences or other rights, voting powers, restrictions, limitations
as to dividends or other distributions, qualifications or terms or conditions of redemption of Series A Preferred Stock set forth
in this Certificate which can be given effect without the invalid, unlawful or unenforceable provision thereof shall, nevertheless,
remain in full force and effect and no preferences or other rights, voting powers, restrictions, limitations as to dividends or
other distributions, qualifications or terms or conditions of redemption of the Series A Preferred Stock herein set forth shall
be deemed dependent upon any other provision thereof unless so expressed therein.

 

Section
17.         Record Holders. To the fullest extent permitted by applicable
law, the Corporation and the Transfer Agent may deem and treat the record holder of any share of the Series A Preferred Stock
as the true and lawful owner thereof for all purposes, and neither the Corporation nor the Transfer Agent shall be affected by
any notice to the contrary.

 

Section
18.         Notices. All notices or communications in respect of
the Series A Preferred Stock will be sufficiently given if given in writing and delivered in person or by first class mail, postage
prepaid, or if given in such other manner as may be permitted in this Certificate, in the Articles of Incorporation or the Bylaws
of the Corporation or by applicable law.

 

    	 	12	 

     

    

 

Section
19.         Certificates. The Corporation may at its option issue
shares of the Series A Preferred Stock without certificates. If DTC or its nominee is the registered owner of the Series A Preferred
Stock, the following provisions of this Section 19 shall apply. If and as long as DTC or its nominee is the registered owner
of the Series A Preferred Stock, DTC or its nominee, as the case may be, shall be considered the sole owner and holder of all
such shares of the Series A Preferred Stock of which DTC or its nominee is the registered owner for all purposes under the instruments
governing the rights and obligations of holders of shares of the Series A Preferred Stock. If DTC discontinues providing its services
as securities depositary with respect to the shares of the Series A Preferred Stock, or if DTC ceases to be registered as a clearing
agency under the Exchange Act, in the event that a successor securities depositary is not obtained within ninety (90) days, the
Corporation shall either print and deliver certificates for the shares of the Series A Preferred Stock or provide for the direct
registration of the Series A Preferred Stock with the Transfer Agent. If the Corporation decides to discontinue the use of the
system of book-entry-only transfers through DTC (or a successor securities depositary), the Corporation shall print certificates
for the shares of the Series A Preferred Stock and deliver such certificates to DTC or shall provide for the direct registration
of the Series A Preferred Stock with the Transfer Agent. Except in the limited circumstances referred to above, owners of beneficial
interests in the Series A Preferred Stock of which DTC or its nominee is the registered owner:

 

(a)          shall
not be entitled to have such Series A Preferred Stock registered in their names;

 

(b)          shall
not receive or be entitled to receive physical delivery of securities certificates in exchange for beneficial interests in the
Series A Preferred Stock; and

 

(c)          shall
not be considered to be owners or holders of the shares of the Series A Preferred Stock for any purpose under the instruments
governing the rights and obligations of holders of shares of the Series A Preferred Stock.

 

Section
20.          Restatement of Articles. On any restatement of
the Articles of Incorporation of the Corporation, Section 1 through Section 19 of this Certificate shall be included
in the Articles of Incorporation under the heading “9.0% Series A Cumulative Perpetual Preferred Stock” and this Section 20
may be omitted. If the Board of Directors so determines, the numbering of Section 1 through Section 19 may be changed
for convenience of reference or for any other proper purpose.

 

[Signature Page Follows]

 

    	 	13	 

     

    
 

In witness whereof, the undersigned hereto
has executed this Certificate as of the [  ] day of July, 2021.

	 	MECHANICAL TECHNOLOGY, INCORPORATED
	 	 	 
	 	By:	 
	 	 	Michael Toporek
	 	 	Chief Executive OfficerDocument

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of this 19th day of July, 2021 by and between Telos Corporation, a Maryland corporation, for itself and its subsidiary companies, divisions, affiliates and operating entities (the “Company”) and Mark Bendza (the “Executive”).

WHEREAS, the Company and the Executive desire to enter into this Agreement pertaining to the employment of the Executive by the Company.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below and other good and valuable consideration, the receipt of which is hereby acknowledged, the Executive and the Company hereby agree as follows:

1.Performance of Services. The Executive’s employment with the Company shall be subject to the following:

(a)Subject to the terms of this Agreement, the Company hereby agrees to employ the Executive as its Chief Financial Officer, during the Agreement Term (as defined below).

(b)During the Agreement Term, the Executive shall devote full time (paid time off and other authorized leave excepted) and best efforts, energies and talents to serving the Company as an employee.

(c)The Executive agrees to perform his duties faithfully, efficiently and with integrity subject to the direction of the Company. The Executive will have such authority, power, responsibilities and duties as are inherent in such position and necessary to carry out such responsibilities and the duties required hereunder, as well as any additional duties and authority granted to him by the Company’s Chief Executive Officer and/or Board of Directors (the “Board of Directors”).  

(d)Notwithstanding the foregoing, during the Agreement Term, the Executive may devote reasonable time to activities other than those required under this Agreement, including activities involving professional, charitable, educational, religious and similar types of organizations, speaking engagements, membership on the boards of directors of other profit or not-for-profit organizations, and similar activities, to the extent that such other activities do not, in the judgment of the Company, inhibit or prohibit the performance of the Executive’s duties under this Agreement or conflict in any material way with the Company’s business.

(e)The Executive shall not be required to perform services under this Agreement during any period in which Executive is determined to be Disabled (as defined below).

(f)The “Agreement Term” shall be the period beginning on July 26, 2021 for a one year period, and thereafter automatically renewing for consecutive one year periods unless terminated in accordance with the provisions hereof.   

2.Compensation and Benefits.  While the Executive is employed by the Company pursuant to this Agreement, the Company shall compensate him for his services as follows:

(a)Base Salary.  The Executive shall receive an annual base salary of Four Hundred Ten Thousand Dollars ($410,000), effective as of the commencement of employment (the “Salary”), plus any salary increases authorized during the Agreement Term, if any, payable in accordance with the Company’s payroll cycle.

(b)Annual Bonus.  The Executive shall have the opportunity to participate in the Company’s annual incentive (or bonus) plan or plans, under the terms and conditions as defined by the Company and in those plans as they may exist from time to time. Any bonus for the Executive shall be subject to the then-existing requirements of the Company governing internal recommendation and approval of such a bonus. Any such annual bonus shall be paid to the Executive as soon as practicable following achievement of the requirements for the bonus, in accordance with the terms of the annual incentive plan or plans.

(c)Equity Awards. The Executive shall be eligible to receive equity awards under the Company’s long-term equity incentive plans under the terms and conditions as defined by the Company and in those plans as they may exist from time to time, and in an amount determined by the Management Development and Compensation Committee, subject to any approval required by the Board of Directors.  

(d)Expense Reimbursement.  While the Agreement is in effect, the Company will reimburse the Executive for all reasonable and necessary expenses incurred by the Executive in connection with the performance of his duties for the Company.  Such reimbursement is subject to the submission to the Company by the Executive of appropriate documentation and/or vouchers, and will be made in accordance with the customary procedures of the Company for expense reimbursement, as may from time to time be established.

(e)Other Benefits.  The Executive shall be eligible to participate in any and all plans maintained by the Company to provide benefits for its salaried senior executives, and, including, without limitation, any vacation plan, pension, profit sharing or other retirement plan, any life, accident, disability, medical, hospital or similar group insurance program and any other benefit plan, subject to the normal terms and conditions of such plans.

(f)Clawback.   All payments made to the Executive pursuant to this Agreement are subject to clawback by the Company to the extent required by applicable law or the policies of the Company as in effect from time to time.

3.Termination.  The Executive’s employment with the Company pursuant to this Agreement may terminate under the following circumstances (hereinafter referred to as a “Termination”).

(a)Death.  The Executive’s employment hereunder shall terminate upon his death (referred             to hereafter as “Death”).

2
        

(b)Disability. If the Executive becomes Disabled, the Company may terminate Executive’s employment. For purposes of this Agreement, the Executive shall be deemed to be “Disabled” if (i) eligible for disability benefits under the Company’s long-term disability plan, or (ii) has a physical or mental disability which renders Executive incapable, after reasonable accommodation, of performing substantially all of Executive’s duties hereunder for a period of 180 days (which need not be consecutive) in any 12-month period.  In the event of a dispute as to whether the Executive is Disabled, the Company may, at its expense, refer Executive to a licensed practicing physician of the Company’s choice and the Executive agrees to submit to such tests and examination as such physician shall deem customary and appropriate.

(c)Cause. The Company may terminate the Executive’s employment hereunder immediately and at any time for Cause by written notice to the Executive detailing the basis for the Cause Termination.  For purposes of this Agreement, “Cause” means (i) gross negligence or willful and continued failure by the Executive to substantially perform his duties as an employee of the Company (other than any such failure resulting from incapacity due to physical or mental illness); (ii) Executive’s dishonesty, fraudulent misrepresentation, willful misconduct, malfeasance, violation of fiduciary duty relating to the business of the Company; or (iii) conviction of a felony. 

(d)Without Cause.  The Company may terminate the Executive’s employment hereunder immediately and at any time without Cause (referred to hereafter as “Without Cause”) by written notice to the Executive. 

(e)Termination by Executive.  The Executive may terminate his employment hereunder at any time for any reason by giving the Company prior written notice not less than thirty (30) days prior to such Termination.

(f)Mutual Agreement.  This Agreement may be terminated at any time by mutual written agreement of the parties.

(g)Termination within Twelve (12) Months of Change in Control.  Termination because of a Change in Control (as defined in paragraph 4(d) below) occurs when the Executive’s employment is terminated by the Company or its successor Without Cause within twelve (12) months after a Change in Control. 

(h)Date of Termination.  “Date of Termination” means the last day that the Executive is employed by the Company under the terms of this Agreement, provided that Executive’s employment is terminated in accordance with one of the foregoing provisions.

4.Rights Upon Termination.   The Executive’s right to payments and benefits under this Agreement for periods after Termination shall be determined in accordance with the following:

(a)If the Executive’s Termination occurs for Cause, if the Executive terminates the Agreement in accordance with paragraph 3(e) above, if the Executive’s Termination occurs by mutual agreement, or if the Executive’s Termination by the Company Without Cause (as defined below) occurs on or before the date that is six (6) months from the date 
3
        

of the beginning of the Agreement Term as referenced in paragraph 1(f), the Company shall pay to the Executive:

(i)A lump-sum payment equivalent to the remaining unpaid portion of the Executive’s Salary for the period ending on the Date of Termination.

(ii)A lump-sum payment for all accrued and unused vacation days.

(iii)Any other payments or benefits to be provided to the Executive by the Company pursuant to any employee benefit plans or arrangements adopted by the Company, to the extent such payments and benefits are earned and vested as of the Date of Termination, or are required by law to be offered for periods following the Executive’s Date of Termination. In addition, any bonus which has been earned by Executive and approved by the appropriate corporate authorities but which remains unpaid as of the date of Executive’s Termination, shall be paid to Executive at such time and in such manner as if Executive had continued to be employed by the Company.

(b)If, subsequent to the date that is six (6) months from the date of the beginning of the Agreement Term as referenced in paragraph 1(f), the Company terminates the Executive’s employment Without Cause as referenced in paragraph 3(d) above, or Termination occurs due to Disability in accordance with paragraph 3(b) above, the Company shall pay or provide to the Executive the following: The amounts payable under paragraph 4(a), and in addition, the Executive shall be entitled to monthly payments over a 12-month period of an amount equal to the monthly salary which the Executive was being paid as of the Date of Termination.  Such payments will commence as of the month following the date that the Executive incurs a separation from service, as such term is defined in the context of Section 409A of the Code (as defined below).  Such payments will continue over the 12-month period in accordance with the Company’s normal payroll cycle.  In the event that the Executive dies prior to the completion of the 12-month payment cycle, any amounts remaining unpaid as of the date of Executive’s death will be paid to Executive’s estate in lump sum.  

(c)If, subsequent to the date that is six (6) months from the date of the beginning of the Agreement Term as referenced in paragraph 1(f), the Executive’s employment is terminated due to Death in accordance with paragraph 3(a), the Executive’s estate shall be entitled to the amounts payable under paragraph 4(a), and in addition, the Executive’s estate shall be entitled to a lump-sum payment of an amount equal to the amount of monthly salary which the Executive was being paid as of the Date of Termination times 12 months. 

(d)Upon Termination of the Executive’s employment within 12 months after a Change in Control in accordance with paragraph 3(g) (regardless of whether six (6) months has elapsed since the beginning of the Agreement Term as referenced in paragraph 1(f)), Executive shall be entitled to the amounts payable under paragraph 4(a), and in addition, the Executive shall be entitled to a lump-sum payment of amounts equal to the following: (i) the amount of monthly salary which the Executive was being paid as of the Date of Termination times 12 months; plus (ii) one (1) times the Average Bonus Amount (as 
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defined below).  For purposes of this Agreement, “Average Bonus Amount” shall equal (x) if, at the time of the Date of Termination, the Executive has been employed by the Company for two calendar years or more, the average amount of the bonus to be earned for the then-current year (i.e., the year in which the Change in Control occurs) and the bonuses received for the two immediately prior years; (y) if, at the time of the Date of Termination, the Executive has been employed by the Company for more than one calendar year but less than two calendar years, the average amount of the bonus to be earned for the then-current year and the bonus received for the prior year; and (z) if, at the time of the Date of Termination, the Executive has been employed by the Company for less than one calendar year, the amount of the bonus to be earned for the then-current year. For purposes of calculating the Average Bonus Amount, the amount of the bonus for the then-current year shall equal the amount earned or scheduled to be earned by the Executive as if the bonus targets set in the bonus plan have been met.  The Average Bonus Amount, which is payable in lump sum, shall be paid contemporaneously with the Date of Termination. “Change in Control” means an occasion upon which (i) any one person, or more than one person acting as a group (as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B)), other than a member of the Board of Directors or fiduciary holding securities under an employee benefit plan of the Company or a corporation controlled by the Company, acquires (either directly and/or through becoming the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act)), directly or indirectly, securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities (or has acquired securities representing 50% or more of the combined voting power of the Company’s then outstanding securities during the 12-month period ending on the date of the most recent acquisition of Company securities by such person); or (ii) during any period of twelve (12) consecutive months , a majority of the members of the Board of Directors is replaced by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors before the date of the appointment or election; or (iii) any one person, or more than one person acting as a group (as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)(B)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) all, or substantially all, of the Company’s assets.  Each Change in Control event described in this paragraph is intended to constitute a change in ownership or effective control of the Company or in the ownership of a substantial portion of the Company’s assets within the meaning of Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended (“Code”), and the IRS guidance issued thereunder and this Agreement shall be interpreted accordingly.  For the sake of clarity, and notwithstanding anything to the contrary set forth in this Agreement, the Executive shall not be entitled to any payments under paragraphs 4(b) or 4(c) upon Termination if the Executive receives the payments under this paragraph 4(d) upon a Change in Control.

(e)In the event that the Executive’s employment is terminated for any reason discussed in paragraphs 4(b), 4(c) or 4(d), in addition to the amounts payable under paragraphs 4(b), 4(c) or 4(d) as applicable, the Executive or the Executive’s estate shall be entitled to the following:

(i)Executive’s equity and equity-based awards will continue to be subject to the terms of the applicable grant notice and award agreement, which may provide for 
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immediate vesting of the unvested portion of the award under certain circumstances. In addition, if the Company terminates the Executive’s employment Without Cause as referenced in paragraph 3(d) above subsequent to the date that is six (6) months after the beginning of the Agreement Term as referenced in paragraph 1(f), all equity and equity-based awards, including but not limited to, Restricted Shares and/or Restricted Share Units, that have not yet vested shall vest immediately on the Date of Termination.  

(ii)Cash payments equal to twelve (12) months of premium payments for medical and dental coverage.  The amount of the monthly payments shall be equal to the amount of the “applicable premium” as determined pursuant to the terms of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) (without regard to whether or not the Executive elects COBRA continuation coverage) based on the Executive’s choices under the Company’s plan as of the Date of Termination and further based upon the current premiums as of the Date of Termination, less the amount that the Executive was contributing for coverage.  The Company benefits package in which the Executive participated will cease as of the Date of Termination.    

(iii)Cash payments equal to twelve (12) months of benefit premiums based upon the premium rate at the Date of Termination under the terms of the Company’s Group Life Policy which allows the option to convert to an individual policy for basic life and accidental death and dismemberment (AD&D) coverage.  However, the cash payments shall be no more than the amount of the premiums that the Company was paying as if the Executive was still employed.  This paragraph shall not apply if the Executive’s employment is terminated per paragraph 4(c).

(iv) Cash payments equal to the employer matching contribution, as if the Executive was still a plan participant that would otherwise have been contributed on Executive's behalf to the Code Section 401(k) program maintained by the Company with respect to the 12-month period commencing on the Date of Termination under the following assumptions:  

(a)Executive would have made a voluntary salary reduction contribution to the Code Section 401(k) program with respect to the 12-month period based upon the salary reduction election in effect on behalf of the Executive as of the Date of Termination.

(b)No additional "constructive matching" payments will be made under this provision with respect to a calendar year once the combination of the actual matching contributions made on behalf of Executive to the Code Section 401(k) program for such calendar year plus the "constructive matching" payments made to Executive pursuant to this provision for such calendar equal the maximum amount of matching contributions that could have been allocated to Executive's account under the terms of the Code Section 401(k) program with respect to such calendar year.

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(c)Except as otherwise contemplated by paragraph 4(e)(vi) below, the "constructive matching" payments will be made at such times as the Company remits the actual matching contributions to the Code Section 401(k) program.

(v)If the Executive’s employment is terminated per paragraph 4(b), all payments under paragraph this 4(e) shall be made on a periodic basis on the same schedule as such benefits otherwise would have been payable as if the Executive was still employed at the Company.  If the Executive’s employment is terminated per paragraph 4(c) or paragraph 4(d), all payments under this paragraph 4(e) shall be paid in a lump-sum payment at the same time the lump sum payment is paid in accordance with paragraph 4(c) or paragraph 4(d).

(vi)If the Executive was receiving other benefits as of the Date of Termination that are not listed above, and to the extent such payments or benefits are earned and vested or are required by law to be offered to the Executive for the 12-month period following the Date of Termination, then the cash equivalent or arrangements for continuing coverage will be determined at that time.  However, the cash payments shall be no more than the amount that the Company was paying as if the Executive was still employed.  

(vii)If any of the benefits listed above are no longer available to the Executive as of the Date of Termination, then there will be no such payments made to continue the benefits after the Date of Termination or its cash equivalent. The undertakings of the Company in connection with paragraphs b(i), b(ii) and b(iii), above, are contingent upon Executive’s compliance with the non-compete, confidentiality, and non-solicitation provisions of paragraphs 5, 6 and 7.  Should the Company determine that the Executive has committed an infraction of any component of paragraph 5, paragraph 6 or paragraph 7, the Company shall notify the Executive of its determination and provide the Executive with 10 business days to cure the infraction or present convincing evidence that no infraction has occurred.  Should the infraction not be subject to cure, or should Executive otherwise fail to cure such infraction within 5 business days of such notice, then the Company may discontinue the payment referenced in paragraph b(i) and the continuation of benefits referenced in paragraph b(iii) and any otherwise unexercised stock option will be forfeited.

(f)To the extent required by Section 409A of the Code, if the Executive separates from service with the Company for any reason other than death and the Executive constitutes a “specified employee” as defined in Section 409A(2)(B)(i) of the Code at the time of separation from service, then payment to the Executive of any amounts pursuant to paragraph b(i) and payment of any cash amounts pursuant to paragraph b(iii) shall not commence until a date that is six months following the date of the Executive’s separation from service with the Company.  Upon the date which is six months following the date of Executive’s separation from service, all previously accrued monthly amounts shall be payable in a lump sum and future amounts will continue to be paid pursuant to the remaining term of the 12-month payment cycle.  The above-referenced six month delay in payment shall only apply to the extent required by Section 409A of the Code, such that 
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such delay shall not apply to payments made in connection with an involuntary termination of employment provided such payments fall within the dollar threshold described in Treas. Reg. § 1.409A-1(b)(9)(iii).

(g)If the Executive becomes entitled to any amount in the nature of compensation payable by the Company (including benefits under this Agreement) that is contingent on a change in ownership, effective control, or substantial ownership of a substantial portion of the Company’s assets within the meaning of Section 280G of the Code, and that is subject to the excise tax imposed by Section 4999 of the Code, then the Company shall reduce the compensation payable to the minimum amount necessary to avoid the excise tax, except as follows. No reduction applies if after accounting for the excise tax and all other income and employment taxes due on the compensation payable by the Company, the net amount that the Executive would retain would be greater than the amount the Executive would receive after reduction under this paragraph 4(g). Any reduction applies in the following order: first, cash payments; second, equity awards; and third, noncash benefits, in each case, in reverse chronological order. The extent to which any reduction is necessary is determined by the Company’s independent accountants.

5.Non-Competition.  During the Agreement Term and for a period of 12 months subsequent to the Date of Termination, the Executive shall not, without the prior written consent of the Company, directly or indirectly, (i) own or acquire in any manner any interest (other than the ownership solely for investment purposes of not more than five percent of the shares of any corporation, the shares of which are publicly and regularly traded on a national securities exchange or in the over-the-counter market) in any person, firm, partnership, company, association or other entity that competes with the Company in the business of enterprise security solutions and services to customers in the United States government and industry (the “Business”), (ii) be employed by, or serve as an employee, agent, officer, director of, any person, firm, partnership, corporation or provider of services competitive with the Business of the Company, or (iii) provide financial, technical, marketing or other assistance or act as a representative, broker, director, officer, employee, advisor, consultant or agent of any person or entity that is competitive with the Business of the Company.

6.Confidentiality.  The Executive promises that he will receive, develop and hold Confidential Information (as defined below) in strict confidence and will not use or disclose Confidential Information, or make copies of any documents containing Confidential Information, except in furtherance of the Business of the Company, unless the Chief Executive Officer provides prior written consent.  The Executive further agrees to use reasonable efforts to safeguard the Confidential Information and protect it from disclosure, misuse, loss or theft. The foregoing promises of confidentiality shall not apply if and to the extent that the Executive is ordered by a court or other governmental agency to disclose Confidential Information, provided the Executive has given the Company prompt written notice of the order or subpoena and provides all reasonable cooperation necessary to limit such disclosure and to protect the confidentiality of any Confidential Information so disclosed.  “Confidential Information” means all nonpublic information (whether or not specifically labeled or identified as confidential), that has been or is disclosed to, developed or learned by the Executive as a result of employment with the Company and that relates to the business, finances, products, services, customers, research or development of the Company or third parties with whom the Company does business or from whom the Company receives information. The definition of Confidential Information includes, 
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but is not limited to, the following: access codes, security devices and naming conventions used in software and hardware systems; databases of information; other proprietary software; proprietary specifications for hardware and software platforms, the identity and transactions with customers, clients and suppliers; marketing product and service plans, objectives and strategies; tactical objectives, approaches, and competitive advantages; internal financial information; specialized marketing programs related to products and services offered or under development by the Company (or any parent or affiliate of the Company); data and reports related to marketing programs; proprietary systems and operations manuals; proprietary training manuals; proprietary technical and scientific know-how, data and strategies; the Company’s information gathering processes and compilations of information; and information disclosed to the Company by its business partners, licensees, customers and clients in reliance on promises that its confidentiality will be preserved.

7.Non-Solicitation.  

(a)The Executive recognizes that the Company incurs significant expense in training employees to provide services in accordance with the Company’s Business and that the Company will disclose Confidential Information to each such employee.  The Executive promises that, during the Agreement Term and for a period of 12 months after expiration of the Agreement Term, the Executive will not, without the prior written consent of the Company, knowingly hire, directly or indirectly, any person then employed by the Company, or knowingly solicit, directly or indirectly, such a person either to terminate or diminish employment with the Company, or to work for any other person or entity, whether or not a competitor, and the Executive shall not approach any such employee for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity.

(b)The Executive also acknowledges that the Company incurs significant expense in developing business partners, licensees, customers and clients.  The Executive promises that, during the Agreement Term and for a period of 18 months after the Agreement Term ends, the Executive will not, without the prior written consent of the Company, knowingly directly or indirectly, solicit any customer, business partner, licensee or client of the Company to terminate or diminish its business relationship with the Company or to purchase any product or service that is or may be used as a substitute for any product or service of the Company, and the Executive shall not knowingly approach any such customer, supplier, lessor or lessee for such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity.

8.Restrictions Reasonable.   Executive agrees that the restrictions set forth in paragraphs 5 (Non-Competition), 6 (Confidentiality), and 7 (Non-Solicitation) are reasonable, proper and necessitated by the legitimate business interests of the Company, and do not constitute an unlawful or unreasonable restraint upon Executive’s ability to earn a living. Executive acknowledges that it may be impossible to assess the monetary damages occurred by Executive’s violation of paragraphs 6, 7 or 8 of this Agreement, that violations of those paragraphs will be material breaches of this Agreement and will cause irreparable injury to the Company. Accordingly, Executive agrees that Company will be entitled, in addition to all other rights and remedies which may be available, to an injunction enjoining and restraining Executive and any other involved party from committing a violation of this Agreement, and Executive consents to the issuance and entry of such injunction. In addition, Company will be entitled to 
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such damages as it can demonstrate that it sustained by reason of the violation of this Agreement by the Executive and/or others. The parties agree that in the event of any litigation to enforce or interpret this Agreement, the prevailing party will be entitled to recover all costs, including reasonable attorney’s fees, from the non-prevailing party. In the event Company enforces this paragraph 8 through a Court Order, Executive agrees that the restriction on Executive following Termination of employment set forth in this Agreement shall remain in effect for a period of one year from the date of the final Court Order enforcing this Agreement.

9.Return of Materials. Upon the Executive’s Date of Termination, or at any time upon the Company’s request, the Executive (or if deceased, the Executive’s personal representative) shall promptly deliver to the Company without retaining copies, all tangible things that are or contain Confidential Information.  The Executive or such personal representative shall also promptly deliver to the Company all computer print-outs, books, software manuals and directions, floppy disks and other such media for storing software and information, work papers, files, customer lists, supplier lists, employee lists, telephone and/or address books, Rolodex or equivalent cards, memoranda, appointment books, calendars, employee manuals, sales aides, keys and other tangible things provided to the Executive by the Company, or authored in whole or in part by the Executive within the scope of his employment by the Company, even if they do not contain Confidential Information; provided that the Executive shall not be required to deliver personal files and personal information unrelated to the Company’s business.  At the time of such deliveries, the Executive shall disclose to the Company any passwords or other knowledge required to access and use any of the foregoing.  The Executive acknowledges that he does not have, and will not acquire, any ownership rights in such materials and things.

10.Nonalienation.  The interests of the Executive under this Agreement are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Executive’s creditors or beneficiaries.

11.Successors.  This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.

12.Notices.  Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, or sent by facsimile or prepaid overnight courier to the parties at the addresses set forth below (or such other addresses as shall be specified by the parties by like notice):

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To the Company:
Telos Corporation
19886 Ashburn Road
Ashburn, VA  20147   
Attn.:  General Counsel

To the Executive:
Mr. Mark Bendza
1904 Ballycor Drive
Vienna, VA 22182

13.Severability.  The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified).

14.Waiver of Breach.  No waiver of either party hereto of a breach of any provision of this Agreement by the other party will operate or be construed as a waiver of any subsequent breach by such other party.  The failure of either party to take any action by reason of such breach will not deprive such party of the right to take action at any time while such breach continues.

15.Amendment.  This Agreement may be amended or canceled only by mutual agreement of the parties in writing without the consent of any other person.  So long as the Executive lives, no person, other than the Executive and the Company, shall have any rights under or interest in this Agreement or the subject matter hereof.

16.Choice of Law and Forum Selection.  This Agreement shall be governed by the laws of the Commonwealth of Virginia as to its validity, interpretation and enforcement.  Should it be necessary for the Company to file suit, exclusive jurisdiction will lie in the courts of the Commonwealth of Virginia.

17.Survival of Agreement.  Except as otherwise expressly provided in this Agreement, the rights and obligations of the parties to this Agreement shall survive the Termination of the Executive’s employment with the Company.

18.Entire Agreement.   This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, if any, between the parties relating to the subject matter hereof.

19.Acknowledgement by Executive.  The Executive represents to the Company that he is knowledgeable and sophisticated as to business matters, including the subject matter of this Agreement, that he has read this Agreement and that he understands its terms. The Executive acknowledges that, prior to assenting to the terms of this Agreement, he has been given a reasonable time to review it, to consult with counsel of his choice, and to negotiate at arm’s-length with the Company as to the contents. The Executive and the Company agree that the language used in this Agreement is the language chosen by the parties to express their mutual intent, and that no rule of strict construction is to be applied against either party hereto.
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20.Section 409A.   Regardless of intent, neither party is required to prevent, minimize, or offset any negative consequences to the other party because a payment or benefit due under this Agreement is subject to Section 409A. To the extent that any payment or benefit is subject to Section 409A, the following terms apply:

(a)The parties hereby designate that any right to a series of installment payments be treated as the right to a series of separate payments.

(b)If payment under this agreement is conditioned on termination of employment, termination of employment (however referred to) means a “separation from service” (as defined under Section 409A).

(c)Any payment or benefit due upon separation from service is payable after the Executive’s release of claims becomes irrevocable. If a new calendar year begins during the period when the Executive may sign a release of claims, payment will be made or begin in the new calendar year, regardless of when the release becomes irrevocable.

            IN WITNESS WHEREOF, the Executive has hereunto set his hand, and the Company has caused these presents to be executed in its name and on its behalf, as of the date above first written.

									
	EXECUTIVE		TELOS CORPORATION
			a Maryland corporation
			
			
	/s/ Mark Bendza		/s/ John B. Wood
	Mark Bendza		John B. Wood
	Chief Financial Officer		Chairman & CEO
			
			
	7/19/2021		7/19/2021
	Date		Date

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