Document:

Exhibit 4.5

 

DESCRIPTION OF REGISTRANT’S
SECURITIES

 

The following description of the securities
of Tuscan Holdings Corp. II (“Company”) is based on and qualified by the Company’s Amended and Restated Certificate
of Incorporation (the “Charter”). References to the “Company” and to “we,” “us,”
and “our” refer to Tuscan Holdings Corp. II.

 

General

 

The Company is authorized to issue 50,000,000
shares of common stock, par value $0.0001, and 1,000,000 shares of preferred stock, par value $0.0001. There are no shares of preferred
stock currently outstanding.

 

Units

 

Composition. Each unit consists
of one share of common stock and one half of one warrant. Each whole warrant entitles the holder to purchase one share of common
stock.

 

Listing. The units are listed on
the Nasdaq Capital Market under the symbol “THCAU.”

 

Common Stock

 

Authorization. The outstanding
shares of the Company’s common stock are duly authorized, validly issued, fully paid and nonassessable.

 

Listing. The Company’s
common stock is listed on the Nasdaq Capital Market under the symbol “THCA.”

 

Voting Rights. Common stockholders
of record are entitled to one vote for each share held on all matters to be voted on by stockholders.

 

Tuscan Holdings Acquisition II LLC, our
sponsor (“Sponsor”), as well as all of our officers and directors, have agreed to vote their respective shares of common
stock owned by them immediately prior to our initial public offering (the “founder’s common stock”) and any shares
purchased following the initial public offering in the open market in favor of any proposed business combination.

 

Conversion Rights. Holders
of common stock issued in the Company’s initial public offering (which we refer to as “public shares”) have the
right to demand that the Company convert such shares into a pro rata portion of the Company’s trust account upon the consummation
of our initial business combination, either in connection with a stockholder meeting called to approve the business combination
or by means of a tender offer.

 

The decision as to whether we will seek
stockholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion,
and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would
require us to seek stockholder approval under the law or stock exchange listing requirement. We intend to conduct redemptions without
a stockholder vote pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”) unless stockholder
approval is required by law or stock exchange listing requirement or we choose to seek stockholder approval for business or other
legal reasons.

 

If a stockholder vote is not required and
we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our Charter, conduct the
redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to consummating our
initial business combination. Our Charter requires these tender offer documents to contain substantially the same financial and
other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules.
If, however, stockholder approval of the transaction is required by law or Nasdaq, or we decide to obtain stockholder approval
for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation
pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will consummate our
initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the business
combination.

 

     

     

    

 

Outside Date. Pursuant to our Charter,
if we do not consummate an initial business combination by April 16, 2021 (unless such date is extended by our stockholders pursuant
to an amendment to our Charter), our corporate existence will cease except for the purposes of winding up our affairs and liquidating
and we will redeem 100% of our outstanding public shares for a pro rata portion of the funds held in the trust account, equal to
the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and
not previously released to us, divided by the number of then outstanding public shares, subject to applicable law and as further
described herein. Our Sponsor, officers, and directors have agreed to waive their rights to participate in any liquidation distribution
from the trust account occurring upon our failure to consummate an initial business combination with respect to the common stock
purchased by them in private placements. Our Sponsor, officers and directors will therefore not participate in any liquidation
distribution from the trust account with respect to such shares. They will, however, participate in any liquidation distribution
from the trust account with respect to any public shares acquired by them.

 

If we seek to amend any provisions of our
Charter that would affect our public stockholders’ ability to convert their shares in connection with a business combination
or affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination
by the required date set forth in our Charter, we will provide public stockholders with the opportunity to convert their public
shares in connection with any such vote. This conversion right shall apply in the event of the approval of any such amendment,
whether proposed by our Sponsor, any executive officer, director or director nominee, or any other person. 

 

Preemptive Rights. Our stockholders
have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to
the shares of common stock, except that public stockholders have the right to sell their shares to us in a tender offer or have
their shares of common stock converted to cash equal to their pro rata share of the trust account if they vote on the proposed
business combination in connection with such business combination and the business combination is completed. Public stockholders
who sell or convert their stock into their share of the trust account still have the right to exercise the warrants that they received
as part of the units.

 

Dividends. We have not paid any
cash dividends on our shares of common stock to date and do not intend to pay cash dividends prior to the completion of a business
combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements
and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to
a business combination will be within the discretion of our then board of directors. It is the present intention of our board of
directors to retain all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring
any dividends in the foreseeable future.

 

Preferred Stock

 

There are no shares of preferred stock
outstanding. Our Charter authorizes the issuance of 1,000,000 shares of preferred stock with such designation, rights and
preferences as may be determined from time to time by our board of directors. Our board of directors is empowered, without stockholder
approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect
the voting power or other rights of the holders of common stock. However, the underwriting agreement prohibits us, prior to a business
combination, from issuing preferred stock which participates in any manner in the proceeds of the trust account, or which votes
as a class with the common stock on a business combination. We may issue some or all of the preferred stock to effect a business
combination. In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in
control of us. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not
do so in the future.

 

Warrants

 

Listing. The Company’s warrants
are listed on the Nasdaq Capital Market under the symbol “THCAW.”

 

    2

     

    

 

Exercisability. Each warrant entitles
the registered holder to purchase one share of common stock during the exercise period. No fractional shares will be issued upon
exercise of the warrants.

 

Exercise Price. $11.50 per share,
subject to adjustment.

 

The exercise price and number of shares
of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock
dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except as described
below, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices.

 

In addition, if (x) we issue additional
shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial
business combination at an issue price or effective issue price of less than $9.50 per share of common stock (with such issue price
or effective issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our
Sponsor, initial stockholders or their affiliates, without taking into account any founders’ shares held by them prior to
such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and
interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial
business combination (net of redemptions), and (z) the Market Value is below $9.50 per share, the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which we
issue the additional shares of common stock or equity-linked securities. The “Market Value” for this purpose means
the volume weighted average trading price of our common stock during the 20 trading day period starting on the trading day prior
to the day on which we consummate our initial business combination.

 

Exercise Period. The warrants will
become exercisable commencing 30 days after the completion of an initial business combination.  The warrants will expire five
years after the consummation of our initial business combination, at 5:00 p.m., New York time, or earlier upon our liquidation.

 

No warrants will be exercisable for cash
unless we have an effective and current registration statement covering the shares of common stock issuable upon exercise of the
warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement
covering the shares of common stock issuable upon exercise of the public warrants is not effective within a specified period following
the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration
statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on
a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available.
If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
In the event of such a cashless exercise, each holder would pay the exercise price by surrendering the warrants for that number
of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying
the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined
below) by (y) the fair market value. The “fair market value” for this purpose will mean the average reported last sale
price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise. The warrants
will expire on the fifth anniversary of our completion of an initial business combination, at 5:00 p.m., New York City time, or
earlier upon redemption or liquidation.

 

The warrants included in the units issued
privately concurrently with our IPO and additional warrants issued in such private placement (collectively the “private warrants”),
as well as any warrants we issue to our Sponsor, officers, directors or their affiliates in payment of working capital loans made
to us, will be identical to the warrants underlying the units offered in our IPO except that such warrants will be exercisable
for cash or on a cashless basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are
still held by our Sponsor or its permitted transferees.

 

Redemption. We may call the warrants
for redemption (excluding the private warrants and any warrants issued to our Sponsor, initial stockholders, officers, directors
or their affiliates in payment of working capital loans made to us), in whole and not in part, at a price of $0.01 per warrant,
(i) at any time after the warrants become exercisable, (ii) upon not less than 30 days’ prior written notice of redemption
to each warrant holder after the warrants become exercisable, (iii)  if, and only if, the reported last sale price of the
shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations),
for any 20 trading days within a 30 trading day period commencing after the warrants become exercisable and ending on the third
business day prior to the notice of redemption to warrant holders, and (iv) if, and only if, there is a current registration statement
in effect with respect to the shares of common stock underlying such warrants.

 

    3

     

    

 

The right to exercise will be forfeited
unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a
record holder of a warrant will have no further rights except to receive the redemption price for such holder’s warrant upon
surrender of such warrant.

 

If we call the warrants for redemption
as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless
basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of
common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the
warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined
below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last
sale price of the shares of common stock for the 5 trading days ending on the third trading day prior to the date on which the
notice of redemption is sent to the holders of warrants.

 

Fractional Shares. No fractional
shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a
fractional interest in a share, we will, upon exercise, round up to the nearest whole number the number of shares of common stock
to be issued to the warrant holder.

 

Certain Provisions of the Charter and
Bylaws

 

Staggered Board of Directors

 

Our board of directors is divided into
three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each
year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50%
of the shares eligible to vote for the election of directors can elect all of the directors. As a result, in most circumstances,
a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

Special Meeting of Stockholders

 

Our bylaws provide that special meetings
of our stockholders may be called only by a majority vote of our board of directors, by our president or by our chairman or by
our secretary at the request in writing of stockholders owning a majority of our issued and outstanding capital stock entitled
to vote.

 

Advance Notice Requirements for Stockholder
Proposals and Director Nominations

 

Our bylaws provide that stockholders seeking
to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will
need to be delivered to our principal executive offices not later than the close of business on the 60th day nor
earlier than the close of business on the 90th day prior to the scheduled date of the annual meeting of stockholders.
In the event that less than 70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders
is given, a stockholder’s notice shall be timely if delivered to our principal executive offices not later than the 10th day
following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our
bylaws also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions may preclude
our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our
annual meeting of stockholders.

 

    4

     

    

 

Authorized but Unissued Shares

 

Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control
of us by means of a proxy contest, tender offer, merger or otherwise.

 

Exclusive Forum Selection

 

Our Amended and Restated Charter requires,
to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and employees
for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware, except
any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject
to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the
Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or
forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction or (D) any
action arising under the Securities Act, as to which the Court of Chancery and the federal district court for the District of Delaware
shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed
to have consented to service of process on such stockholder’s counsel. Although we believe this provision benefits us by
providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court may determine
that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits
against our directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities
laws and the rules and regulations thereunder and therefore bring a claim in another appropriate forum. Additionally, we cannot
be certain that a court will decide that this provision is either applicable or enforceable, and if a court were to find the choice
of forum provision contained in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an
action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business,
operating results and financial condition.

 

Our Amended and Restated Charter provides
that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section 27 of the Exchange
Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act
or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce
any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

 

Certain Anti-Takeover Provisions of
Delaware Law

 

We will be subject to the provisions of
Section 203 of the Delaware General Corporation Law regulating corporate takeovers upon completion of this offering. This statute
prevents certain Delaware corporations, under certain circumstances, from engaging in a “business combination” with:

 

	 	●	a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an “interested stockholder”);

 

	 	●	an affiliate of an interested stockholder; or

 

	 	●	an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.

 

A “business combination” includes
a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

	 	●	our board of directors approves the transaction that made the stockholder an “interested stockholder,” prior to the date of the transaction;

 

	 	●	after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

	 	●	on or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

 

 

5Exhibit 10.5
​

AUTOZONE, INC.
DIRECTOR COMPENSATION PROGRAM
(Effective January 1, 2020)
ARTICLE 1. PURPOSE
​
The purpose of this document is to set forth the general terms and conditions applicable to the AutoZone, Inc. Director Compensation Program (as amended, the “Program”) established by the Board of Directors of AutoZone Inc. (the “Company”) pursuant to the Company’s 2020 Omnibus Incentive Award Plan (the “Plan”). The Program is intended to carry out the purposes of the Plan and provide a means to reinforce objectives for sustained long-term performance and value creation by awarding each Non-Employee Director of the Company with stock awards, subject to the restrictions and other provisions of the Program and the Plan. The Program shall be effective as of January 1, 2020 (the “Effective Date”).
​
ARTICLE 2. DEFINITIONS
​
2.1Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to such terms in the Plan.
​
2.2“Award” shall mean a Restricted Stock Unit granted to a Non-Employee Director pursuant to the Program.
​
		2.3	“Plan Year” shall mean a calendar year. The first Plan Year shall be calendar year

2020.
​
ARTICLE 3.
RETAINERS; RESTRICTED STOCK UNITS
​

		3.1	Retainers.

​

		(a)	Subject to Section 3.1(d), effective as of January 1, 2020, Non-Employee

Directors will become entitled to receive annual retainers in the following amounts, pro-rated for any partial fiscal year:
​
​
​
“Annual Retainer”);

		(i)	With respect to each Non-Employee Director, $225,000 (the

​

		(ii)	With respect to the Lead Director, $30,000;

​
		(iii)	With respect to the Audit Committee Chairman, $25,000;

​
		(iv)	With respect to the Compensation Committee Chairman, $20,000;

​
		(v)	With respect to the Nominating/Corporate Governance Committee

​

Chairman, $15,000; and
​

​

Exhibit 10.5
​

(vi)With respect to each Audit Committee member who is not the Audit Committee Chairman, $12,500.
​
Each of (ii) - (vi) is referred to as an “Additional Fee” and, together with the Annual Retainer, the “Director Compensation”.
​
(b)Subject to Sections 3.1(c) and 3.1(d) hereof, the Director Compensation shall be payable in the form of Restricted Stock Units, which shall be granted, without further action by the Company, the Board, or the Company’s stockholders, on January 1 of the applicable Plan Year (each such date, a “Retainer Date”). The number of Restricted Stock Units payable to a Non-Employee Director on a Retainer Date shall be determined by dividing the Director Compensation by the closing market price of a share of Common Stock on the Retainer Date (rounded to two (2) decimal places).
​
(c)For each Plan Year, a Non-Employee Director may elect, in writing by December 31 of the year preceding the applicable Plan Year, to receive the Director Compensation payable as follows: (i) $95,000 of the Annual Retainer and any Additional Fees payable in cash quarterly (on January 1, April 1, July 1 and October 1 of the applicable Plan Year) and (ii) $130,000 of the Annual Retainer payable in the form of Restricted Stock Units in accordance with Section 3.1(b) above. If a Non-Employee Director does not affirmatively make an election (or fails to make a timely election) with respect to the Director Compensation, then all of such Director Compensation will be payable in the form of Restricted Stock Units (and no portion of such Director Compensation will be payable in cash).
​
(d)Notwithstanding anything to the contrary contained herein, each Non- Employee Director elected to the Board and/or assuming a position described in Sections 3.1(a)(ii) through (vi) above after the Effective Date shall receive (i) on the date of election to the Board or assumption of position, as applicable, a Restricted Stock Unit award covering a number of Restricted Stock Units equal to the Annual Retainer, pro-rated based on the number of days remaining in the Plan Year in which the date of Board election or assumption of position, as applicable, occurs, divided by the closing market price of a share of Common Stock on the date on which the Board election of assumption of position occurs (rounded to two (2) decimal places) and (ii) any Additional Fee described in Sections 3.1(a)(ii) through (vi) above, as applicable, payable in cash quarterly on January 1, April 1, July 1 and October 1 of the applicable Plan Year (as applicable).
​

		3.2	Terms of Restricted Stock Units.

​
(a)General. Each Restricted Stock Unit granted pursuant to this Program shall be in such form and shall contain such terms and conditions as the Committee shall deem appropriate. The provisions of separate Restricted Stock Units need not be identical, but each Restricted Stock Unit shall include (through incorporation of provisions hereof by reference in the Restricted Stock Unit agreement or otherwise) the substance of each of the following provisions as set forth this Section 3.2 and Section 9.4 of the Plan. Shares of Common Stock issued in respect of a Restricted Stock Unit shall be deemed to be issued in consideration for past services actually rendered to the Company or for its benefit, by the Non-Employee Director, which the Committee deems to have a value not less than the par value of a share of Common Stock.
​

​

Exhibit 10.5
​

(b)Vesting. Each grant of Restricted Stock Units made to a Non-Employee Director shall be fully vested on the date of grant.
​
(c)Payment Election. A Non-Employee Director shall timely file an election form instructing that Restricted Stock Units shall be paid by the Company in shares of Common Stock (on a one-to-one basis) either

(i)on the earlier to occur of (A) the first (1st) anniversary of the Retainer Date or the fifth (5th) anniversary of the Retainer Date, as elected by the Non-Employee Director (the “Anniversary Date”) or (B) the date on which such Non-Employee Director ceases to be a Director for any reason, provided such Non-Employee Director incurs a “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury Regulation Section 1.409A-1(h)) (“Separation from Service”) (such earlier date, the “Payment Date”); or
​

		(ii)	solely on the date of such Non-Employee Director’s Separation from

Service.
​
If a Non-Employee Director does not affirmatively make a payment election (or fails to make a timely election) with respect to the Restricted Stock Units, then such Restricted Stock Units will be settled in Common Stock on the earlier to occur of the fifth (5th) anniversary of the Retainer Date or the date of the Non-Employee Director’s Separation from Service.
​
(d)Subsequent Deferral Elections. Any subsequent election made with respect to Restricted Stock Units that provides for a delay in a distribution or payment of any Restricted Stock Units shall satisfy the requirements of Section 409A(a)(4)(C) of the Code, and:
​
(i)such subsequent election may apply only to a payment election originally made pursuant to Section 3.2(c)(i) above;
​
		(ii)	such subsequent election may not take effect until at least twelve

(12) months after the date on which the election is made;
​

(iii)the first payment with respect to such subsequent election may be deferred for a period of not less than five (5) years from the date such distribution or payment otherwise would have been made; and
​

(iv)such election may not be made less than twelve (12) months prior to the date of the first scheduled distribution or payment under Section 3.2(c).
​
Any date on which a Non-Employee Director timely elects to defer payment of the Restricted Stock Units, in accordance with Section 409A of the Code and this Section 3.2(d), is referred to as a “Deferred Payment Date.”
​
3.3Dividend Equivalents. If a Non-Employee Director elects to defer payment of his or her vested Restricted Stock Units as provided in Section 3.2(d) above and the Company pays any dividends with respect to the Common Stock at any time during the period between the Anniversary Date and the Deferred Payment Date, the holder of such vested Restricted Stock Units
​

​

Exhibit 10.5
​

shall be credited, as of the dividend payment date, with dividend equivalents equal to the amount of the dividends which would have been payable to such holder if the holder held a number of shares of Common Stock equal to the number of vested Restricted Stock Units so deferred. Such dividend equivalents shall be deemed reinvested in the Common Stock on the dividend payment date and shall be paid by the Company in shares of Common Stock on the Deferred Payment Date. Such dividend equivalents shall constitute Dividend Equivalents under Section 9.1 of the Plan.
​
ARTICLE 4.
MISCELLANEOUS
​
4.1Administration of the Program. The Program shall be administered by the Committee.
​
4.2Application of Plan. The Program is subject to all the provisions of the Plan, including Section 13.2 thereof (relating to adjustments upon changes in the Common Stock), and its provisions are hereby made a part of the Program, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of this Program and those of the Plan, the provisions of the Plan shall control.
​
4.3Amendment and Termination. Notwithstanding anything herein to the contrary, the Committee may, at any time, terminate, modify or suspend the Program; provided, however, that, without the prior consent of the Non-Employee Directors affected, no such action may adversely affect any rights or obligations with respect to any Awards theretofore earned but unpaid, whether or not the amounts of such Awards have been computed and whether or not such Awards are then payable. Any amendment of this Program may, in the sole discretion of the Committee, be accomplished in a manner calculated to cause such amendment not to constitute an “extension,” “renewal” or “modification” (each within the meaning of Code Section 409A) of any Restricted Stock Units that would cause such Restricted Stock Units to be considered “nonqualified deferred compensation” (within the meaning of Code Section 409A).
​

4.4No Contract for Service. Nothing contained in the Program or in any document related to the Program or to any Award shall confer upon any Non-Employee Director any right to continue as a Director or in the service of the Company or an Affiliate or constitute any contract or agreement of service for a specific term or interfere in any way with the right of the Company or an Affiliate to reduce such person’s compensation, to change the position held by such person or to terminate the service of such person, with or without Cause.
​
		4.5	Nontransferability.

​
(a)No benefit payable under, or interest in, this Program shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge and any such attempted action shall be void and no such benefit or interest shall be, in any manner, liable for, or subject to, debts, contracts, liabilities or torts of any Non-Employee Director or beneficiary; provided, however, that, nothing in this Section 4.5 shall prevent transfer (i) by will,
(ii) by applicable laws of descent and distribution, (iii) pursuant to a DRO.
​

​

Exhibit 10.5
​

(b)The transfer to a Permitted Transferee of an Award pursuant to a DRO shall not be treated as having caused a new grant. If an Award is so transferred, the Permitted Transferee generally has the same rights as the Non-Employee Director under the terms of the Program; provided however, that (i) the Award shall be subject to the same terms and conditions, including the vesting terms, option termination provisions and exercise period, as if the Award were still held by the Non-Employee Director, and (ii) such Permitted Transferee may not transfer an Award. In the event of the Administrator’s receipt of a DRO or other notice of adverse claim by a Permitted Transferee of a Non-Employee Director of an Award, transfer of the proceeds of the exercise of such Award, whether in the form of cash, stock or other property, may be suspended. Such proceeds shall thereafter be transferred pursuant to the terms of a DRO or other agreement between the Non- Employee Director and Permitted Transferee. A Non-Employee Director’s ability to exercise an Award may be barred if the Administrator receives a court order directing the Administrator not to permit exercise.
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4.6Nature of Program. No Non-Employee Director, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset of the Company or any Affiliate by reason of any award hereunder. There shall be no funding of any benefits which may become payable hereunder. Nothing contained in this Program (or in any document related thereto), nor the creation or adoption of this Program, nor any action taken pursuant to the provisions of this Program shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company or an Affiliate and any Non-Employee Director, beneficiary or other person. To the extent that a Non-Employee Director, beneficiary or other person acquires a right to receive payment with respect to an award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company or other employing entity, as applicable. All amounts payable under this Program shall be paid from the general assets of the Company or employing entity, as applicable, and no special or separate fund or deposit shall be established and no segregation of assets shall be made to assure payment of such amounts. Nothing in this Program shall be deemed to give any person any right to participate in this Program except in accordance herewith.
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4.7Governing Law. This Program shall be construed in accordance with the laws of the State of Nevada, without giving effect to the principles of conflicts of law thereof.
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4.8Code Section 409A. To the extent that this Program constitutes a “non-qualified deferred compensation plan” within the meaning of with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date, this Program shall be interpreted and operated in accordance with Code Section 409A.
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Notwithstanding any provision of this Program to the contrary, in the event that following the grant of any Restricted Stock Units, the Committee determines that any Award does or may violate any of the requirements of Code Section 409A, the Committee may adopt such amendments to the Program and any affected Award or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Program and any such Award from the application of Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Code Section
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Exhibit 10.5
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409A; provided, however, that this paragraph shall not create an obligation on the part of the Committee to adopt any such amendment, policy or procedure or take any such other action. Notwithstanding anything in this Program or any deferral election form to the contrary, with respect to any Non-Employee Director who is a “specified employee” at the time of such Non- Employee Director’s Separation from Service, the payment of such Non-Employee Director’s Restricted Stock Units upon such Separation from Service shall, to the extent that such distribution upon a Separation from Service would be a prohibited distribution under Section 409A(a)(2)(b)(i) of the Code, be delayed until the date which is six months and one day after the date on which such Separation from Service occurs (or, if earlier, the date of the Non-Employee Director’s death).

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