Document:

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) dated March 1, 2018 (the “Effective Date”), is by and
between MGT Capital Investments, Inc., a company incorporated under the laws of Delaware (the “Company”), and Robert
S. Lowrey, an individual (the “Executive”) with reference to the following facts:

 

The
Executive wishes to serve, and the Company wishes the Executive to serve, as Chief Financial Officer, Corporate Treasurer and
Secretary; and

 

The
parties hereto wish to enter into an Employment Agreement between the Executive and the Company, on the terms and conditions contained
in this Agreement.

 

NOW
THEREFORE, in consideration of the foregoing facts and mutual agreements set forth below, the parties, intending to be legally
bound, agree as follows:

 

1.
Employment. The Company hereby agrees to employ the Executive, and the Executive hereby accepts such employment and
agrees to perform the Executive’s duties and responsibilities in accordance with the terms and conditions hereinafter set
forth.

 

1.1
Duties and Responsibilities. The Executive shall serve as Chief Financial Officer, Corporate Treasurer and Secretary .
During the Employment Term, the Executive shall perform all duties and accept all responsibilities incident to such position and
other appropriate duties as may be assigned to Executive by the Company’s Board of Directors from time to time. The Company
shall retain full direction and control of the manner, means and methods by which the Executive performs the services for which
he is employed hereunder and of the place or places at which such services shall be rendered.

 

1.2
Employment Term. The term of the Executive’s employment shall commence on the Effective Date and shall continue for
twenty-four (24) months, unless earlier terminated in accordance with Section 6 hereof. The term of the Executive’s employment
shall be automatically renewed for successive one (1) year periods until the Executive or the Company delivers to the other party
a written notice of their intent not to renew the Employment Term, such written notice to be delivered at least sixty (60) days
prior to the expiration of the then-effective Employment Term. Each of the initial 24-month period and each successive one (1)
year period shall be known as an “Employment Term.”

 

1.3
Extent of Service. During the Employment Term, the Executive agrees to use the Executive’s best efforts to carry
out the duties and responsibilities under Section 1.1 hereof and to devote all Executive’s business time, attention and
energy thereto. With the exception of service as a Director on no more than three (3) corporate or non-profit boards of directors,
Executive further agrees not to work either on a part-time or independent contracting basis for any other business or enterprise
during the Employment Term without the prior written consent of the Company’s Board of Directors.

 

1.4
Base Salary and Compensation

 

(a)
Base Salary. The Company shall pay the Executive a base salary (the “Base
Salary”) at the annual rate of $240,000 (U.S.), payable at such times as the Company customarily pays its other senior level
executives (but in any event no less often than monthly). The Base Salary shall be subject to all state, federal and local payroll
tax withholding and any other withholdings required by law. The Executive’s Base Salary may be increased by the Compensation
Committee of the Board of Directors (the “Compensation Committee”) at any time. Once increased, such increased amount
shall constitute the Executive’s Base Salary.

 

(b)
Signing Bonus. The Company shall pay the Executive a one-time bonus of $10,000, payable upon execution of this Agreement.
The Signing Bonus shall be subject to all applicable tax and payroll withholdings.

 

(c) Share
Grant

 

(i)
Upon the execution hereof and in consideration of the execution hereof, the Company shall issue to the Executive an aggregate
of seven hundred fifty thousand (750,000) shares of the Company’s common stock (the “Shares” or
“Securities”). The Company and Executive agree that issuance of the Shares is an inducement material to entering
into this Agreement. The Shares will be allocated from the Company’s 2016 Stock Option Plan (the
“Plan”).

 

    	 

     

    

 

(ii)
Subject to Section 6 hereof and the Plan, the Shares shall vest as follows: (i) 1/3 of the Shares shall vest 12 months after
the Effective Date, (ii) 1/3 of the Shares shall vest 18 months after the Effective Date and (iii) 1/3 of the Shares shall
vest 24 months after the Effective Date.

 

(iii)
The Executive shall not effect a Disposition of any Shares unless, until and to the extent the Shares have vested in
accordance with this Agreement. Any attempt to effect a Disposition of any Shares prior to the date on which the Shares have
vested, shall be void ab initio. For purposes of this Agreement, “Disposition” shall mean any sale,
transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar
to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by
operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.

 

(iv)
Notwithstanding any other provisions of this Agreement, the Company’s Board of Directors shall be authorized in its
discretion, based upon its review and evaluation of the performance of the Executive and of the Company or its subsidiaries,
to accelerate the vesting schedule under this Agreement upon the Shares, at such times and upon such terms and conditions as
the Board shall deem advisable.

 

1.5
Incentive Compensation.

 

(a)
Bonus. The Executive shall be eligible to earn a cash and/or equity bonus as the Compensation Committee may determine,
from time to time, based on meeting performance objectives and bonus criteria to be mutually identified by the Executive and the
Compensation Committee. Such objectives and criteria may be based on a favorable sale or merger of the Company, in addition to
operating metrics. The Executive’s target bonus will be set at 50% of Base Salary upon meeting all performance objectives.
Bonuses, if any, shall be subject to all applicable tax and payroll withholdings.

 

(b)
Executive Benefits. The Executive shall be entitled to participate in all executive benefit or incentive compensation plans
now maintained or hereafter established by the Company for the purpose of providing compensation and/or benefits to executives
of the Company and any supplemental retirement, salary continuation, stock option, deferred compensation, supplemental medical
or life insurance or other bonus or incentive compensation plans. Unless otherwise provided herein, the Executive’s participation
in such plans shall be on the same basis and terms as other executives of the Company. No additional compensation provided under
any of such plans shall be deemed to modify or otherwise affect the terms of this Agreement or any of the Executive’s entitlements
hereunder.

 

1.6
Other Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans
and programs made available to the Company’s senior level executives as a group or to its employees generally, as such plans
or programs may be in effect from time to time (the “Benefit Coverages”), including, without limitation, medical,
dental, hospitalization, short-term and long-term disability and life insurance plans, accidental death and dismemberment protection
and travel accident insurance. Executive shall be provided office space in or near Durham, NC and staff assistance appropriate
for Executive’s position and adequate for the performance of his duties.

 

1.7
Reimbursement of Expenses; Vacation; Sick Days and Personal Days. The Executive shall be provided with reimbursement of
expenses related to Executive’s employment by the Company, including reasonable expenses for travel within the scope of
the Executive’s employment as long as such travel is pre-approved by the Company and reasonable expenses related to the
Executive’s home office as long as such expenses are pre-approved by the Company, on a basis no less favorable than that
which may be authorized from time to time by the Board, in its sole discretion, for senior level executives as a group. The Executive
shall also be provided with reimbursement of expenses (including travel expenses) related to Executive’s continuing education
requirements to maintain his CPA license. Executive shall be entitled to vacation and holidays in accordance with the Company’s
normal personnel policies for senior level executives, but not less than four (4) weeks of vacation per calendar year.

 

1.8
No Other Compensation. Except as expressly provided in Sections 1.4 through 1.7, Executive shall not be entitled to any
other compensation or benefits.

 

    	 

     

    

 

2. Representations
and Warranties of the Executive. The Executive represents and warrants to the Company as follows:

 

2.1 No
Conflicts. The execution and delivery by the Executive of this Agreement, and the performance by the Executive of its
obligations hereunder, do not and will not (i) violate or conflict with any law, ordinance, or regulation, or order, decree
or judgment of any arbitrator, court or administrative or other governmental body which is applicable to, binding upon or
enforceable against the Executive or any of his assets, (ii) constitute or result in any breach of any of the terms,
provisions, conditions of, or constitute a default under, or an event which, with notice or lapse of time or both, would
constitute a default under, any indenture, agreement, contract or other document to which the Executive is a party or
by which the Executive may be bound or (iii) require the consent or approval of any court, governmental authority or other
person. Neither the execution, delivery nor performance of this Agreement, nor the consummation by the Executive of the
obligations contemplated hereby requires the consent of, authorization by, exemption from, filing with or notice to any
governmental entity or any other person.

 

2.2 Restricted
Securities. Unless the Company notifies the Executive in writing otherwise, the Shares are characterized as
“restricted securities,” as that term is defined under Rule 144 of the Securities Act, and may not be resold
without registration under the Securities Act of 1933, as amended (the “Securities Act”) or in accordance with an
exemption therefrom. The Executive represents that it is familiar with Rule 144 promulgated under the Securities Act, as
presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. The Executive agrees
and acknowledges that, in connection with the transfer of any portion of, or all of, the Shares, the Company may require the
Executive to provide an opinion of counsel, the form and substance of which shall be reasonably satisfactory to the Company,
to the effect that such transfer does not require registration of such transferred Securities under the
Securities Act.

 

2.3 Experience
of the Executive. The Executive, either alone or together with his representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Shares, and has evaluated the merits and risks of such investment. The Executive is able to bear the
economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such
investment.

 

2.4 Risk
of Investment. The Executive is aware and acknowledges that (i) the investment in the Securities is speculative and the
Executive bears the risk of loss of its entire investment, (ii) the Executive, in accepting the Securities, is relying, if at
all, solely upon the advice of his personal financial, tax and legal advisers with respect to an investment in the Company,
and (iii) because transfer of the Securities is restricted, it may not be possible for the Executive to liquidate its
investment readily in case of an emergency and, therefore, the Executive may have to bear the risk of an investment in the
Securities for an indefinite period of time. 

 

2.5 Tax
Consequences. The Executive acknowledges that the acquisition of the Securities, may involve tax consequences to the
Executive, and the contents of this Agreement do not contain tax advice. The Executive acknowledges that he has not relied
and will not rely upon the Company with respect to any tax consequences related to the Securities. The Executive assumes full
responsibility for all such consequences and for the preparation and filing of any tax returns and elections which may or
must be filed in connection with the Securities.

 

2.6 Purchase
Entirely for Own Account. The Securities to be received by the Executive hereunder will be acquired for the
Executive’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof
in violation of the Securities Act, and such Executive has no present intention of selling, granting any participation in, or
otherwise distributing the same in violation of the Securities Act without prejudice, however, to the Executive’s right
at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and
state securities laws. Nothing contained herein shall be deemed a representation or warranty by the Executive to hold
the Securities for any period of time. The Executive is not a broker-dealer or agent of a broker-dealer required to be
registered with the Securities and Exchange Commission under Section 15 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), nor an entity or individual engaged in a business that would require it to be so
registered.

 

2.7 Accredited
Investor. The Executive is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the
Securities Act.

 

    	 

     

    

 

2.8 Disclosure
of Information. The Executive has access to and has reviewed the Company’s filings with the Securities and
Exchange Commission, at www.sec.gov, including the “Risk Factors” contained therein. The Executive has had the
opportunity to ask questions of and receive answers from the Company regarding the Company, its business and the terms and
conditions of the offering of the Securities.

 

2.9 Legends.
The Executive agrees to the imprinting, so long as is required by this Section 2.9, of a legend on any of the Securities
issued pursuant to this Agreement, or certificates evidencing such securities, in the following form:

 

THIS
SECURITY NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF
WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

The
Executive agrees also to the imprinting of any legend required by the “blue sky” laws of any state to the extent such
laws are applicable to the securities to be so legended. Certificates evidencing such securities shall not contain any legend
(including the legend set forth in this Section 2.9 hereof): (i) while a registration securities pursuant to Rule 144, or (iii)
if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the Commission), as reasonably determined by the Company.

 

2.10 Reliance
on Exemptions. The Executive understands that unless the Company informs him otherwise in writing, the Securities being
offered hereunder, are being offered in reliance on specific exemptions from the registration requirements of United States
federal and state securities laws, and that the Company is relying in part upon the truth and accuracy of the
Executive’s representations, and compliance with the representations, warranties, agreements, acknowledgments and
understandings of the Executive set forth herein, in order to determine the availability of such exemptions and the
eligibility of the Executive to acquire the Securities.

  

2.11 Due
Execution; Binding Obligation. This Agreement has been duly executed and delivered by the Executive and is a legal,
valid and binding obligation of the Executive enforceable in accordance with its terms, except as the enforceability thereof
may be limited by bankruptcy, insolvency, moratorium or other laws affecting the enforcement of creditors’ rights or
the availability of equitable remedies.

 

3. Representations
of the Company. The Company represents and warrants to the Executive as follows:

 

3.1 Authorization
and Binding Obligation. The Company has the requisite power and authority to enter into and perform its obligations under
this Agreement and to issue the Securities in accordance with the terms hereof. The execution and delivery of this Agreement by
the Company and the consummation by the Company of the transactions contemplated hereby and thereby, including, without limitation,
the issuance of the Securities, have been duly authorized by the Company’s Board of Directors and no further filing, consent,
or authorization is required by the Company, its Board of Directors or its stockholders. This Agreement has been duly executed
and delivered by the Company, and constitutes the legal, valid and binding obligations of the Company, enforceable against the
Company in accordance with their respective terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution
may be limited by federal or state securities laws.

 

3.2  No
Conflict. The execution, delivery and performance of this Agreement by the Company will not (i) result in a violation of
the Company’s Certificate of Incorporation, as amended, or other organizational document of the Company or any of its
subsidiaries, any capital stock of the Company or any of its subsidiaries or bylaws of the Company or any of its
subsidiaries, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which the Company or any of its subsidiaries is a party, or (iii) result in a violation
of any law, rule, regulation, order, judgment or decree (including foreign, federal and state securities laws and applicable
to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries is
bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that could not reasonably
be expected to have a material adviser effect on the Company or its subsidiaries.

 

    	 

     

    

 

3.3  Securities
Law Exemptions. Subject to Section 2.10 above, assuming the accuracy of the representations and warranties of the
Executive contained herein, the offer and issuance by the Company of the Securities, is exempt from registration pursuant to
the exemption provided by Section 4(a)(2) of the Securities Act should the Company elect to rely on any such
exemption.

 

4.
Confidential Information. Executive recognizes and acknowledges that by reason of Executive’s employment by and
service to the Company before, during and, if applicable, after the Employment Term, Executive will have access to certain confidential
and proprietary information relating to the Company’s business, which may include, but is not limited to, trade secrets,
trade “know-how,” and plans, financing services, funding programs, costs, strategy and programs, computer programs
and software and financial information (collectively referred to as “Confidential Information”). Executive acknowledges
that such Confidential Information is a valuable and unique asset of the Company and Executive covenants that he will not, unless
expressly authorized in writing by the Company, at any time during the course of Executive’s employment use any Confidential
Information or divulge or disclose any Confidential Information to any person, firm or corporation except in connection with the
performance of Executive’s duties for the Company and in a manner consistent with the Company’s policies regarding
Confidential Information. Executive also covenants that at any time after the termination of such employment, directly or indirectly,
he will not use any Confidential Information or divulge or disclose any Confidential Information to any person, firm or corporation,
unless such information is in the public domain through no fault of Executive or except when required to do so by a court of law,
by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative
body (including a committee thereof) with apparent jurisdiction to order Executive to divulge, disclose or make accessible such
information. All written Confidential Information (including, without limitation, in any computer or other electronic format)
which comes into Executive’s possession during the course of Executive’s employment shall remain the property of the
Company. Except as required in the performance of Executive’s duties for the Company, or unless expressly authorized in
writing by the Company, Executive shall not remove any written Confidential Information from the Company’s premises, except
in connection with the performance of Executive’s duties for the Company and in a manner consistent with the Company’s
policies regarding Confidential Information. Upon termination of Executive’s employment, the Executive agrees to return
immediately to the Company all written Confidential Information (including, without limitation, in any computer or other electronic
format) in Executive’s possession. As a condition of Executive’s continued employment with the Company and in order
to protect the Company’s interest in such proprietary information, the Company shall require Executive’s execution
of a Confidentiality Agreement and in the form attached hereto as Exhibit “A”, and incorporated herein by this reference.

 

5.
Non-Competition; Non-Solicitation.

 

5.1
Non-Compete. The Executive hereby covenants and agrees that during the term of this Agreement and for a period of one year
following the end of the Employment Term, the Executive will not, without the prior written consent of the Company, directly or
indirectly, on his own behalf or in the service or on behalf of others, whether or not for compensation, engage in any business
activity, or have any interest in any person, firm, corporation or business, through a subsidiary or parent entity or other entity
(whether as a shareholder, agent, joint venture, security holder, trustee, partner, Executive, creditor lending credit or money
for the purpose of establishing or operating any such business, partner or otherwise) with any Competing Business in the Covered
Area. For the purpose of this Section 5.1, (i) “Competing Business” means any company engaged in the mining of Bitcoin
and other virtual currencies, substantially similar to those activities of the Company; and (ii) “Covered Area” means
all geographical areas of the United States and foreign jurisdictions where the Company may operate. Notwithstanding the foregoing,
the Executive may own shares of companies so long as such securities do not constitute more than ten percent (10%) of the outstanding
securities of any such company.

 

5.2
Non-Solicitation. The Executive further agrees that as long as the Agreement remains in effect and for a period of one
(1) year from its termination, the Executive will not divert any business of the Company and or any affiliate of the Company and/or
the Company’s and/or its affiliates’ business to any other person, entity or competitor, or induce or attempt to induce,
directly or indirectly, any person to leave his or her employment with the Company.

 

    	 

     

    

 

5.3
Remedies. The Executive acknowledges and agrees that his obligations provided herein are necessary and reasonable in order
to protect the Company and its affiliates and their respective business and the Executive expressly agrees that monetary damages
would be inadequate to compensate the Company and/or its affiliates for any breach by the Executive of his covenants and agreements
set forth herein. Accordingly, the Executive agrees and acknowledges that any such violation or threatened violation of this Section
5 will cause irreparable injury to the Company and that, in addition to any other remedies that may be available, in law, in equity
or otherwise, the Company and its affiliates shall be entitled to obtain injunctive relief against he threatened breach of this
Section 5 or the continuation of any such breach by the Executive without the necessity of proving actual damages.

 

6.
Termination.

 

6.1
Termination without Cause or for Good Reason.

 

(a)
If this Agreement is terminated by the Company other than for Cause (as defined in Section 6.4 hereof) or as a result of Executive’s
death or Permanent Disability (as defined in Section 6.2 hereof), or if Executive terminates his employment for Good Reason (as
defined in Section 6.1(b) hereof) prior to the Expiration Date, Executive shall receive or commence receiving as soon as practicable
in accordance with the terms of this Agreement:

 

(i)
a severance payment (the “Severance Payment”), which amount shall be paid in a cash lump sum within ten (10) days
of the date of termination, in an amount equal to the higher of the aggregate amount of the Executive’s Base Salary for
the then remaining term of this Agreement or twelve (12) times the average monthly Base Salary and Bonus paid or accrued during
the three full calendar months immediately preceding such termination;

 

(ii)
expense reimbursement which shall be paid in a lump sum payment within ten (10) days of the date of termination, in an amount
equal Executive’s reimbursed expenses set forth in Section 1.7;

 

(iii)
immediate vesting of all unvested stock options and the extension of the exercise period of such options to the later of the longest
period permitted by the Company’s stock option plans or two years following the Termination Date;

 

(iv)
payment in respect of compensation earned but not yet paid (the “Compensation Payment”) which amount shall be paid
in a cash lump sum within ten (10) days of the date of termination. For the purposes of this Section, the Compensation Payment
shall include any payment for the pro-rata number of vacation days earned, but not taken in the preceding calendar year; and

 

(v)
immediate vesting of all Shares.

 

(b)
For purposes of this Agreement, “Good Reason” shall mean any of the following (without Executive’s express prior
written consent):

 

(i)
Any material breach by Company of any provision of this Agreement, including any material reduction by Company of Executive’s
duties or responsibilities (except in connection with the termination of Executive’s employment for Cause, as a result of
Permanent Disability, as a result of Executive’s death or by Executive other than for Good Reason);

 

(ii)
A reduction by the Company in Executive’s Base Salary or any failure of the Company to reimburse Executive for material
expenses described in Section 1.7;

 

(iii)
The failure by the Company to obtain the specific assumption of this Agreement by any successor or assign of Company as provided
for in Section 8 hereof; or

 

(iv)
Upon a Change in Control of Company (as such term is hereinafter defined).

 

(c)
The following provisions shall apply in the event compensation provided in Section 6.1(a) becomes payable to the Executive:

 

    	 

     

    

 

(i)
if the severance compensation provided for in Section 6.1(a)(ii) above cannot be finally determined on or before the tenth day
following such termination, the Company shall pay to the Executive on such day an estimate, as determined in good faith by the
Company of the minimum amount of such compensation and shall pay the remainder of such compensation (together with interest at
the Federal short-term rate provided in Section 1274(d)(1)(C)(i) of the Internal Revenue Code (the “Code”)) as soon
as the amount thereof can be determined but in no event later than the thirtieth day after the Date of Termination. In the event
the amount of the estimated payment exceeds the amount subsequently determined to have been due, such excess shall constitute
a loan by the Company to the Executive payable on the fifth day after demand by the Company (together with interest at the Federal
short-term rate provided in Section 1274(d)(1)(C)(i) of the Code).

 

(ii)
If the payment of the Total Payments (as defined below) will be subject to the tax (the “Excise Tax”) imposed by Section
4999 of the Code, the Company shall pay the Executive on or before the tenth day following the Date of Termination, an additional
amount (the “Gross-Up Payment”) such that the net amount retained by the Executive, after deduction of any Excise
Tax on Total Payments and any federal and state and local income tax and Excise Tax upon the payment provided for by this paragraph,
shall be equal to the Total Payments. For purposes of determining whether any of the payments will be subject to the Excise Tax
and the amount of such Excise Tax, (A) any payments or benefits received or to be received by the Executive in connection with
a Change in Control of the Company or the Executive’s termination of employment, whether payable pursuant to the terms of
this Agreement or any other plan, arrangement or agreement with the Company, its successors, any person whose actions result in
a Change in Control of the Company or any corporation affiliated or which, as a result of the completion of transaction causing
such a Change in Control, will become affiliated with the Company within the meaning of Section 1504 of Code (the “Total
Payments”) shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and
all “excess parachute payments” within the meaning of Section 280G(b)(1) shall be treated as subject to the Excise
Tax, unless, in the opinion of tax counsel selected by the Company’s independent auditors and acceptable to the Executive,
the Total Payments (in whole or in part) do not constitute parachute payments, or such excess parachute payments (in whole or
in part) represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code
either in their entirety or in excess of the base amount within the meaning of Section 280G(b)(3) of the Code, or are otherwise
not subject to the Excise Tax, (B) the amount of the Total Payments that shall be treated as subject to the Excise Tax shall be
equal to the lesser of (I) the total amount of the Total Payments or (II) the amount of excess parachute payments or benefit shall
be determined by the Company’s independent auditors in accordance with the principles of Section 280G of the Code. For purposes
of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes
at the highest marginal rate of taxation in the state and locality of the Executive’s residence on the Date of Termination,
net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. In
the event the Excise Tax is subsequently determined to be less than the amount taken into account hereunder at the time of termination
of the Executive’s employment, the Executive shall repay to the Company at the time the amount of such reduction in Excise
Tax is finally determined the portion of the Gross-Up Payment that can be repaid such that the Executive remains whole on an after-tax
basis following such repayment (taking into account any reduction in income or excise taxes to the Executive from such repayment)
plus interest on the amount of such repayment at the Federal short-term rate provided in Section 1274(d)(1)(C)(i) of the Code.
In the event the Excise Tax is determined to exceed the amount taken into account hereunder at the time of the termination of
the Executive’s employment (including by reason of any payment the existence or amount of which cannot be determined at
the time of the Gross-Up Payment), the Company shall make an additional gross-up payment in respect of such excess (plus any interest
payable with respect to such excess) at the time that the amount of such excess is finally determined.

 

    	 

     

    

 

(iii)
This Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom.
Each payment under this Agreement shall be treated as a separate payment for purposes of Section 4999 of the Code. In no event
may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. All reimbursements
and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of
the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation,
that (i) in no event shall reimbursements by the Company under this Agreement be made later than the end of the calendar year
next following the calendar year in which the applicable fees and expenses were incurred, provided that Executive shall have submitted
an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in
which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the Company is obligated to pay or provide
in any given calendar year (other than medical reimbursements described in Treas. Reg. § 1.409A-3(i)(1)(iv)(B)) shall not
affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) Executive’s
right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other
benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits
apply later than Executive’s remaining lifetime or if longer, through the 20th anniversary of the Effective Date. To the
extent Executive is a “specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code and the regulations
and other guidance promulgated thereunder and any elections made by the Company in accordance therewith, notwithstanding the timing
of payment provided in any other Section of this Agreement, no payment, distribution or benefit under this Agreement that constitutes
a distribution of deferred compensation (within the meaning of Treasury Regulation Section 1.409A-1(b)) upon separation from service
(within the meaning of Treasury Regulation Section 1.409A-1(h)), after taking into account all available exemptions, that would
otherwise be payable, distributable or settled during the six-month period after separation from service, will be made during
such six-month period, and any such payment, distribution or benefit will instead be paid, distributed or settled on the first
business day after such six-month period; provided, however, that if Executive dies following the Date of Termination and prior
to the payment, distribution, settlement or provision of the any payments, distributions or benefits delayed on account of Section
409A of the Code, such payments, distributions or benefits shall be paid or provided to the personal representative of Executive’s
estate within 30 days after the date of Executive’s death.

 

6.2
Permanent Disability. If the Executive becomes totally and permanently disabled (“Permanent Disability”), the
Company or the Executive may terminate this Agreement on written notice thereof, and the Executive shall receive or commence receiving,
as soon as practicable:

 

(a)
amounts payable pursuant to the terms of the disability insurance policy or similar arrangement which Company maintains for the
Executive, if any, during the term hereof;

 

(b)
the Compensation Payment which shall be paid to Executive as a cash lump sum within thirty (30) days of such termination; and

 

(c)
all Shares to which the Executive is entitled under Section 1.4(b) hereof.

 

6.3
Death. In the event of the Executive’s death during an Employment Term hereunder, this Agreement will terminate,
and the Executive’s estate or designated beneficiaries shall receive or commence receiving, as soon as practicable in accordance
with the terms of this Agreement:

 

(a)
compensation equal to one year’s Base Salary (calculated by multiplying 12 by the average monthly Base Salary paid or accrued
for the three full calendar months immediately such event), which shall be paid within thirty (30) days of such termination;

 

(b)
any death benefits provided under the Executive benefit programs, plans and practices in which the Executive has an interest,
in accordance with their respective terms;

 

(c)
the Compensation Payment which shall be paid to Executive’s estate as a cash lump sum within thirty (30) days of such termination;

 

(d)
all shares to which the Executive is entitled under Section 1.4(b) hereof which shall immediately vest; and

 

(e)
such other payments under applicable plans or programs to which Executive’s estate or designated beneficiaries are
entitled pursuant to the terms of such plans or programs.

 

6.4
Voluntary Termination by Executive: Discharge for Cause. The Company shall have the right to terminate this Agreement for
Cause (as hereinafter defined). In the event that the Executive’s employment is terminated by Company for Cause, as hereinafter
defined, or by the Executive other than for Good Reason or other than as a result of the Executive’s Permanent Disability
or death, prior to the Termination Date, the Executive shall be entitled only to receive, as a cash lump sum within thirty (30)
days of such termination, the Compensation Payment. As used herein, the term “Cause” shall be limited to (a) willful
malfeasance or willful misconduct by the Executive in connection with the services to the Company in a matter of material importance
to the conduct of the Company’s affairs, or (b) the conviction of the Executive for commission of a felony. For purposes
of this subsection, no act or failure to act on the Executive’s part shall be considered “willful” unless done,
or omitted to be done, by the Executive not in good faith and without reasonable belief that his action or omission was in the
best interest of the Company. Termination of this Agreement for Cause pursuant to this Section 6.4 shall be made by delivery to
the Executive of a copy of a resolution duly adopted by the affirmative vote of all the Executive, if a Board member not participating
in the vote, of the members of the Board of Directors called and held for such purpose (after thirty (30) days prior written notice
to the Executive and reasonable opportunity for the Executive to be heard before the Board of Directors prior to such vote), finding
that in the good faith business judgment of such Board of Directors, the Executive was guilty of conduct set forth in any of clauses
(a) through (b) above and specifying the particulars thereof.

 

    	 

     

    

 

7.
Change in Control.

 

7.1
Definition. For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred if (i) there
shall be consummated (A) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation
or pursuant to which shares of the Company’s Common Stock would be converted into cash, securities or other property, other
than a merger of the Company in which the holders of the Company’s Common Stock immediately prior to the merger have substantially
the same proportionate ownership of common stock of the surviving corporation immediately after the merger, or (B) any sale, lease,
exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of
the Company, or (ii) the stockholders of the Company shall approve any plan or proposal for the liquidation or dissolution of
the Company, or (iii) any person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934 (the
“Exchange Act”)), other than the Company, the Executive or any executive benefit plan sponsored by the Company, or
such person on the Effective Date hereof is a 20% or more beneficial owner, shall become the beneficial owner (within the meaning
of Rule 13d-3 under the Exchange Act) of securities of the Company representing 30% or more of the combined voting power of the
Company’s then outstanding securities ordinarily (and apart from rights accruing in special circumstances) having the right
to vote in the election of directors, as a result of a tender or exchange offer, open market purchases, privately negotiated purchases
or otherwise, or (iv) at any time during a period of two consecutive years, individuals who at the beginning of such period, constituted
the Board of Directors of the Company shall cease for any reason to constitute at least a majority thereof, unless the election
or the nomination for election by the Company’s stockholders of each new director during such two-year period was approved
by a vote of at least two-thirds of the directors then still in office, who were directors at the beginning of such two-year period.

 

7.2
Rights and Obligations. If a Change in Control of the Company shall have occurred while the Executive is director of the
Company, the Executive shall be entitled to the compensation provided in Section 6.1(a) of this Agreement upon the subsequent
termination of this Agreement by either the Company, or the Executive within two years of the date upon which the Change in Control
shall have occurred, unless such termination is a result of (i) the Executive’s death; (ii) the Executive’s Disability;
(iii) the Executive’s Retirement; or (iv) the Executive’s termination for Cause.

 

8.
Assignment. This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of Executive
and the assigns and successors of Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable
or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession or by Executive
notifying the Company that cash payment be made to an affiliated investment partnership in which Executive is a control person)
or by Company, except that Company may assign this Agreement to any successor (whether by merger, purchase or otherwise) to all
or substantially all of the stock, assets or businesses of Company, if such successor expressly agrees to assume the obligations
of Company hereunder.

 

9.
Indemnification. Executive shall be indemnified by the Company against all liability incurred by the Executive in connection
with any proceeding, including, but not necessarily limited to, the amount of any judgment obtained against Executive, the amount
of any settlement entered into by the Executive and any claimant with the approval of the Company, attorneys’ fees, actually
and necessarily incurred by him in connection with the defense of any action, suit, investigation or proceeding or similar legal
activity, regardless of whether criminal, civil, administrative or investigative in nature (“Claim”), to which he
is made a party or is otherwise subject to, by reason of his being or having been a director, officer, agent or employee of the
Company, to the full extent permitted by applicable law and the Certificate of Incorporation of the Company.. Such right of indemnification
will not be deemed exclusive of any other rights to which Executive may be entitled under Company’s Certificate of Incorporation
or By-laws, as in effect from time to time, any agreement or otherwise.

 

10.
General Provisions.

 

10.1
Modification: No Waiver. No modification, amendment or discharge of this Agreement shall be valid unless the same is in
writing and signed by all parties hereto. Failure of any party at any time to enforce any provisions of this Agreement or any
rights or to exercise any elections hall in no way be considered to be a waiver of such provisions, rights or elections and shall
in no way affect the validity of this Agreement. The exercise by any party of any of its rights or any of its elections under
this Agreement shall not preclude or prejudice such party from exercising the same or any other right it may have under this Agreement
irrespective of any previous action taken.

 

    	 

     

    

 

10.2
Notices. All notices and other communications required or permitted hereunder or necessary or convenient in connection
herewith shall be in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail
as follows (provided that notice of change of address shall be deemed given only when received):

 

If
to the Company, to:

 

MGT
Capital Investments, Inc.

512
S. Mangum Street, Suite 408

Durham,
NC 27701

 

If
to Executive, to:

Robert
Lowrey

c/o
MGT Capital Investments, Inc.

512
S. Mangum Street, Suite 408

Durham,
NC 27701

 

Or
to such other names or addresses as the Company or Executive, as the case may be, shall designate by notice to each other person
entitled to receive notices in the manner specified in this Section.

 

10.3
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

10.4
Further Assurances. Each party to this Agreement shall execute all instruments and documents and take all actions as may
be reasonably required to effectuate this Agreement.

 

10.5
Severability. Should any one or more of the provisions of this Agreement or of any agreement entered into pursuant to this
Agreement be determined to be illegal or unenforceable, then such illegal or unenforceable provision shall be modified by the
proper court or arbitrator to the extent necessary and possible to make such provision enforceable, and such modified provision
and all other provisions of this Agreement and of each other agreement entered into pursuant to this Agreement shall be given
effect separately from the provisions or portion thereof determined to be illegal or unenforceable and shall not be affected thereby.

 

10.6
Successors and Assigns. Executive may not assign this Agreement without the prior written consent of the Company. The Company
may assign its rights without the written consent of the executive, so long as the Company or its assignee complies with the other
material terms of this Agreement. The rights and obligations of the Company under this Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of the Company, and the Executive’s rights under this Agreement
shall inure to the benefit of and be binding upon his heirs and executors. The Company’s subsidiaries and controlled affiliates
shall be express third party beneficiaries of this Agreement.

 

10.7
Entire Agreement. This Agreement supersedes all prior agreements and understandings between the parties, oral or written.
No modification, termination or attempted waiver shall be valid unless in writing, signed by the party against whom such modification,
termination or waiver is sought to be enforced.

 

10.8
Counterparts; Facsimile. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original, and all of which taken together shall constitute one and the same instrument. This Agreement may
be executed by facsimile with original signatures to follow.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of March 8, 2018.

 

	EXECUTIVE:	 	MGT CAPITAL INVESTMENTS, INC.

	

                                                                      
	 	            	 
	/s/ Robert S. Lowrey	 		/s/ H.
    Robert Holmes
	Robert
    S. Lowrey	 	Name:	H.
    Robert Holmes
	 	 	Title:	Director,
    Chairman of the Nomination and Compensation Committee
	 	 	 	 
	 	 	 	/s/ Robert
    Ladd
	 	 	Name:	Robert
    Ladd
	 	 	Title:	Director,
                                         President and CEO

        

 

[SIGNATURE
PAGE TO EXECUTIVE EMPLOYMENT AGREEMENT]forr-ex103_71.htm

EXHIBIT 10.3

FORRESTER RESEARCH, INC.

AMENDED AND RESTATED EQUITY INCENTIVE PLAN

(as amended through May 17, 2016)

1.DEFINED TERMS

Exhibit A, which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms.

2.PURPOSE

The Plan has been established to advance the interests of the Company by providing for the grant to Participants of Stock-based Awards.

3.ADMINISTRATION

The Administrator has discretionary authority, subject only to the express provisions of the Plan, to interpret the Plan; determine eligibility for and grant Awards; determine, modify or waive the terms and conditions of any Award; prescribe forms, rules and procedures; and otherwise do all things necessary to carry out the purposes of the Plan.  In the case of any Award intended to be eligible for the performance-based compensation exception under Section 162(m), the Administrator will exercise its discretion consistent with qualifying the Award for that exception.  Determinations of the Administrator made under the Plan will be conclusive and will bind all parties.

4.LIMITS ON AWARDS UNDER THE PLAN

(a)Number of Shares.  The number of shares of Stock available for delivery in satisfaction of Awards under the Plan shall be determined in accordance with this Section 4(a).

(1)Subject to Section 7(b), the maximum number of shares of Stock that may be delivered in satisfaction of Awards under the Plan shall be six million four hundred thirty thousand (6,430,000) plus the number (not to exceed two and one-half million (2,500,000)) of unused Prior Plan shares.  For purposes of the preceding sentence, shares of Stock shall be unused Prior Plan shares (i) if they were subject to awards under the Prior Plan, other than restricted stock awards, that were outstanding on the day preceding the Original 2006 Plan Effective Date to the extent such Prior Plan awards are exercised or are satisfied, or terminate or expire, on or after the Original 2006 Plan Effective Date without the delivery of such shares, or (ii) if they were outstanding on the day preceding the Original 2006 Plan Effective Date as restricted stock awards under the Prior Plan and are thereafter forfeited.  The number of shares of Stock delivered in satisfaction of an Award shall be, for purposes of the first sentence of this Section 4(a)(1), the number of shares of Stock subject to the Award reduced by the number of shares of Stock (a) awarded under the Plan as Restricted Stock but thereafter forfeited, or (b) made subject to an Award that is exercised or satisfied, or that terminates or expires, without the delivery of such shares.

(2)To the extent consistent with the requirements of Section 422 and with other applicable legal requirements (including applicable stock exchange or Nasdaq requirements), Stock issued under awards of an acquired company that are converted, replaced, or adjusted in connection with the acquisition shall not reduce the number of shares available for Awards under the Plan.

(b)Type of Shares.  Stock delivered by the Company under the Plan may be authorized but unissued Stock or previously issued Stock acquired by the Company.  No fractional shares of Stock will be delivered under the Plan.

(c)Section 162(m) Limits.  The maximum number of shares of Stock for which Stock Options may be granted to any person in any calendar year and the maximum number of shares of Stock subject to SARs granted to any person in any calendar year will each be one million (1,000,000).  The maximum number of shares subject to other Awards granted to any person in any calendar year will be one million (1,000,000) shares.  The foregoing provisions will be construed in a manner consistent with Section 162(m).

(d)ISO Limit.  The maximum number of shares of Stock that may be delivered in satisfaction of ISOs under the Plan shall be two million (2,000,000) shares.

(e)Non-Employee Director Limits.  The maximum number of shares of Stock that may be delivered in satisfaction of Awards granted during a single fiscal year under the Plan, or under any other equity plan maintained by the Company, to any Outside Director, taken together with any cash fees payable to such Outside Director during the fiscal year, may not exceed two hundred thousand dollars ($200,000) in total value. The value of any Award for purposes of this Section 4(e) shall be determined by reference to the grant date fair value of such Award used by the Company for financial reporting purposes and shall exclude the value of any dividends or dividend equivalents paid pursuant to an Award granted in a prior fiscal year.

5.ELIGIBILITY AND PARTICIPATION

The Administrator will select Participants from among those key Employees, Outside Directors, and consultants and advisors to, the Company or its Affiliates who, in the opinion of the Administrator, are in a position to make a significant contribution to the success of the Company and its Affiliates.  Eligibility for ISOs is limited to employees of the Company or of a “parent corporation” or “subsidiary corporation” of the Company as those terms are defined in Section 424 of the Code.

6.RULES APPLICABLE TO AWARDS

(a)All Awards

(1)Award Provisions.  The Administrator will determine the terms of all Awards, subject to the limitations provided herein.  By accepting any Award granted hereunder, the Participant agrees to the terms of the Award and the Plan.  Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator.

(2)Term of Plan.  No Awards may be made after May 16, 2026, but previously granted Awards may continue beyond that date in accordance with their terms.

(3)Transferability.  ISOs may not be transferred other than by will or the laws of descent and distribution and may be exercised, during the lifetime of the Participant to whom they were awarded, only by that Participant.  Other Awards may be transferred during a Participant’s lifetime only on a gratuitous basis and then only to the extent, if any, determined by the Administrator.

(4)Vesting, Etc.  The Administrator may determine the time or times at which an Award will vest or become exercisable and the terms on which an Award requiring exercise will remain exercisable.  Without limiting the foregoing, the Administrator may at any time accelerate the vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax consequences resulting from such acceleration.  Unless the Administrator expressly provides otherwise, however, the following rules will apply: immediately upon the cessation of the Participant’s Employment, each Award requiring exercise that is then held by the Participant or by the Participant’s permitted transferees, if any, will cease to be exercisable and will terminate, and all other Awards that are then held by the Participant or by the Participant’s permitted transferees, if any, to the extent not already vested will be forfeited, except that:

(A)subject to (B) and (C) below, all Stock Options and SARs held by the Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment, to the extent then exercisable, will remain exercisable for the lesser of (i) a period of three months or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon terminate;

(B)all Stock Options and SARs held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the Participant’s death, to the extent then exercisable, will remain exercisable for the lesser of (i) the one year period ending with the first anniversary of the Participant’s death or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon terminate; and

(C)all Stock Options and SARs held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment will immediately terminate upon such cessation if the Administrator in its sole discretion determines that such cessation of Employment has resulted for reasons which cast such discredit on the Participant as to justify immediate termination of the Award.

(5)Taxes.  The Administrator will make such provision for the withholding of taxes as it deems necessary.  The Administrator may, but need not, hold back shares of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in excess of the minimum withholding required by law).

(6)Dividend Equivalents, Etc.  The Administrator may provide for the payment of amounts in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award.  Any entitlement to dividend equivalents or similar entitlements shall be established and administered consistent either with exemption from, or compliance with, the requirements of Section 409A to the extent applicable.

(7)Rights Limited.  Nothing in the Plan will be construed as giving any person the right to continued employment or service with the Company or its Affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan.  The loss of existing or potential profit in Awards will not constitute an element of damages in the event of termination of Employment for any reason, even if the termination is in violation of an obligation of the Company or Affiliate to the Participant.

(8)Section 162(m).  This Section 6(a)(8) applies to any Performance Award intended to qualify as performance-based for the purposes of Section 162(m) other than a Stock Option or SAR.  In the case of any Performance Award to which this Section 6(a)(8) applies, the Plan and such Award will be construed to the maximum extent permitted by law in a manner consistent with qualifying the Award for such exception.  With respect to such Performance Awards, the Administrator will preestablish, in writing, one or more specific Performance Criteria no later than 90 days after the commencement of the period of service to which the performance relates (or at such earlier time as is required to qualify the Award as performance-based under Section 162(m) (the “Applicable Period”).  Notwithstanding satisfaction of applicable Performance Criteria, and without limiting the provisions of Section 7(b)(1), the number of shares of Stock received under an Award that are otherwise earned upon satisfaction of such Performance Criteria may be reduced by the Administrator (but not increased) on the basis of such further considerations that the Administrator in its sole discretion shall determine. Prior to grant, vesting or payment of the Performance Award, as the case may be, the Administrator will certify whether the applicable Performance Criteria have been attained and such determination will be final and conclusive.  No Performance Award to which this Section 6(a)(8) applies may be granted more than five years after the Plan shall have been last approved by stockholders of the Company until the listed performance measures set forth in the definition of “Performance Criteria” (as originally approved or as subsequently amended) have been resubmitted to and reapproved by the stockholders of the Company in accordance with the requirements of Section 162(m) of the Code, unless such grant is made contingent upon such approval.

(b)Awards Requiring Exercise

(1)409A Exemption.  Except as the Administrator otherwise determines, no Award requiring exercise shall have deferral features, or shall be administered in a manner, that would cause such Award to fail to qualify for exemption from Section 409A.

(2)Time And Manner Of Exercise.  Unless the Administrator expressly provides otherwise, an Award requiring exercise by the holder will not be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator) signed by the appropriate person and accompanied by any payment required under the Award.  If the Award is exercised by any person other than the Participant, the Administrator may require satisfactory evidence that the person exercising the Award has the right to do so.

(3)Exercise Price.  The exercise price (or the base value from which appreciation is to be measured) of each Award requiring exercise shall be not less than 100% of the fair market value of the Stock subject to the Award, determined as of the date of grant, or such higher amount as the Administrator may determine in connection with the grant.  Fair market value shall be determined by the Administrator consistent with the requirements of Section 422 and Section 409A, as applicable.  No such Award, once granted, may be repriced other than in accordance with the applicable stockholder approval requirements of Nasdaq.

(4)Payment Of Exercise Price.  Where the exercise of an Award is to be accompanied by payment, the Administrator may determine the required or permitted forms of payment, subject to the requirements of this paragraph.  All payments will be by cash or check acceptable to the Administrator, or, if so permitted by the Administrator and if legally permissible, (i) through the delivery of shares of Stock that have been outstanding for at least six months (unless the Administrator approves a shorter period) and that have a fair market value equal to the exercise price, (ii) by delivery to the Company of a promissory note of the person exercising the Award, payable on such terms as are specified by the Administrator, (iii) through a broker-assisted exercise program acceptable to the Administrator, (iv) through withholding by the Company of shares of Stock otherwise issuable upon exercise of the Award, with such withheld shares to be applied to the applicable exercise price based on the then-existing fair market value of the shares, (v) by other means acceptable to the Administrator, or (vi) by any combination of the foregoing permissible forms of payment.  The delivery of shares in payment of the exercise price under clause (i) above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe.

(5)In the case of an ISO granted to an owner of stock (as determined by Section 424(d) of the Code) possessing more than ten percent (10%) of the voting power of all classes of stock of the Company or of a “parent corporation or “subsidiary corporation” of the Company (as those terms are defined in Section 424(d) of the Code), the exercise price shall be no less than 110% of the fair market value of the Stock subject to the ISO, determined as of the date of grant, and the term of the ISO shall be no more than five (5) years from the date of grant.

(c)Awards Not Requiring Exercise

Restricted Stock and Unrestricted Stock, whether delivered outright or under Awards of Stock Units or other Awards that do not require exercise, may be made in exchange for such lawful consideration, including services, as the Administrator determines.  Any Award resulting in a deferral of compensation subject to Section 409A shall be construed to the maximum extent possible, as determined by the Administrator, consistent with the requirements of Section 409A.

7.EFFECT OF CERTAIN TRANSACTIONS

(a)Mergers, etc.  Except as otherwise provided in an Award, the following provisions shall apply in the event of a Covered Transaction:

(1)Assumption or Substitution.  If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may provide for the assumption of some or all outstanding Awards or for the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor.  Any substitution or assumption of a Stock Option or SAR exempt from the requirements of Section 409A shall be accomplished on a basis that preserves such exemption.

(2)Cash-Out of Awards.  If the Covered Transaction is one in which holders of Stock will receive upon consummation a payment (whether cash, non-cash or a combination of the foregoing), the Administrator may provide for payment (a “cash-out”), with respect to some or all Awards or portions thereof, equal in the case of each affected Award or portion thereof to the excess, if any, of (A) the fair market value of one share of Stock (as determined by the Administrator in its reasonable discretion) times the number of shares of Stock subject to the Award or such portion, over (B) the aggregate exercise or purchase price, if any, under the Award or such portion (in the case of a SAR, the aggregate base price above which appreciation is measured), in each case on such payment terms (which need not be the same as the terms of payment to holders of Stock) and other terms, and subject to such conditions, as the Administrator determines.

(3)Acceleration of Certain Awards.  If the Covered Transaction (whether or not there is an acquiring or surviving entity) is one in which there is no assumption, substitution or cash-out, each Award requiring exercise will become fully exercisable, and the delivery of shares of Stock deliverable under each outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards to the extent consisting of Stock Units) will be accelerated and such shares will be delivered, prior to the Covered Transaction, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following exercise of the Award or the delivery of the shares, as the case may be, to participate as a stockholder in the Covered Transaction.

(4)Termination of Awards Upon Consummation of Covered Transaction.  Each Award (unless assumed pursuant to Section 7(a)(1) above), other than outstanding shares of Restricted Stock (which shall be treated in the same manner as other shares of Stock, subject to Section 7(a)(5) below), will terminate upon consummation of the Covered Transaction.

(5)Additional Limitations.  Any share of Stock delivered pursuant to Section 7(a)(2) or Section 7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate to reflect any performance or other vesting conditions to which the Award was subject.  In the case of Restricted Stock, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan.

(b)Change in and Distributions With Respect to Stock

(1)Basic Adjustment Provisions.  In the event of a stock dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other change in the Company’s capital structure, the Administrator will make appropriate adjustments to the maximum number of shares specified in Section 4(a) that may be delivered under the Plan, to the maximum share limits described in Section 4(c), and to the maximum ISO limit in Section 4(d), and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards and any other provision of Awards affected by such change.

(2)Certain Other Adjustments.  The Administrator may also make adjustments of the type described in Section 7(b)(1) above to take into account distributions to stockholders other than those provided for in Section 7(a) and 7(b)(1), or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan and to preserve the value of Awards made hereunder, having due regard for the qualification of ISOs under Section 422, the requirements of Section 409A, and the performance-based compensation rules of Section 162(m), where applicable.

(3)Continuing Application of Plan Terms.  References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment pursuant to this Section 7.

8.LEGAL CONDITIONS ON DELIVERY OF STOCK

The Company will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived.  If the sale of Stock has not been registered under the Securities Act of 1933, as amended, the Company may require, as a condition to exercise of the Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of such Act.  The Company may require that certificates evidencing Stock issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions.

9.AMENDMENT AND TERMINATION

The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in the Plan the Administrator may not, without the Participant’s consent, alter the terms of an Award so as to affect adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so at the time of the Award.  Any amendments to the Plan shall be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including the Code and applicable stock exchange or Nasdaq requirements), as determined by the Administrator.

10.OTHER COMPENSATION ARRANGEMENTS

The existence of the Plan or the grant of any Award will not in any way affect the Company’s right to award a person bonuses or other compensation in addition to Awards under the Plan.

11.MISCELLANEOUS

(a)Waiver of Jury Trial.  By accepting an Award under the Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim shall be tried before a court and not before a jury.  By accepting an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers.

(b)Limitation of Liability.  Notwithstanding anything to the contrary in the Plan, neither the Company, any Affiliate, nor the Administrator, nor any person acting on behalf of any of them, shall be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an Award by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code; provided, that nothing in this Section 11(b) shall limit the ability of the Administrator or the Company to provide by separate express written agreement with a Participant for a gross-up payment or other payment in connection with any such tax or additional tax.

(c)Clawback.  Notwithstanding any provision herein to the contrary, Awards and shares of Stock (and proceeds therefrom) obtained pursuant to or on exercise of such Awards hereunder are subject to forfeiture, setoff, recoupment or other recovery if the Administrator determines in good faith that such action is required by applicable law or Company policy.

 

 

EXHIBIT A

Definition of Terms

The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below:

“Administrator”:  The Compensation Committee, except that the Compensation Committee may delegate (i) to one or more of its members such of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant rights or options to the extent permitted by Section 157(c) of the Delaware General Corporation Law; (iii) to one or more officers of the Company the authority to allocate other Awards among such persons (other than officers of the Company) eligible to receive Awards under the Plan as such delegated officer or officers determine consistent with such delegation;  provided, that with respect to any delegation described in this clause (iii) the Compensation Committee (or a properly delegated member or members of such Committee) shall have authorized the issuance of a specified number of shares of Stock under such Awards and shall have specified the consideration, if any, to be paid therefor; and (iv) to such Employees or other persons as it determines such ministerial tasks as it deems appropriate.  Unless the Board shall determine otherwise, and to the extent necessary to comply with applicable law, each member of the Compensation Committee shall also satisfy the requirements of (i) “non-employee director” for purposes of Rule 16b-3 of the Securities Exchange Act of 1934, and (ii) an “outside director” for purposes of Section 162(m) of the Code. The Board may designate one or more directors as a subcommittee who may act for the Compensation Committee if necessary to satisfy the requirements of the prior sentence. In the event of any delegation described in the preceding sentence, the term “Administrator” shall include the person or persons so delegated to the extent of such delegation.

“Affiliate”:  Any corporation or other entity that stands in a relationship to the Company that would result in the Company and such corporation or other entity being treated as one employer under Section 414(b) or Section 414(c) of the Code, except that in determining eligibility for the grant of a Stock Option or SAR by reason of service for an Affiliate, Sections 414(b) and 414(c) of the Code shall be applied by substituting “at least 50%” for “at least 80%” under Section 1563(a)(1), (2) and (3) of the Code and Treas. Regs. § 1.414(c)-2; provided, that to the extent permitted under Section 409A, “at least 20%” shall be used in lieu of “at least 50%”; and further provided, that the lower ownership threshold described in this definition (50% or 20% as the case may be) shall apply only if the same definition of affiliation is used consistently with respect to all compensatory stock options or stock awards (whether under the Plan or another plan).  The Company may at any time by amendment provide that different ownership thresholds (consistent with Section 409A) apply.  Notwithstanding the foregoing provisions of this definition, except as otherwise determined by the Administrator, a corporation or other entity shall be treated as an Affiliate only if its employees would be treated as employees of the Company for purposes of the rules promulgated under the Securities Act of 1933, as amended, with respect to the use of Form S-8.

“Award”:  Any or a combination of the following:

	
 
	
(i)
	
Stock Options.

	
 
	
(ii)
	
SARs.

	
 
	
(iii)
	
Restricted Stock.

	
 
	
(iv)
	
Unrestricted Stock.

	
 
	
(v)
	
Stock Units, including Restricted Stock Units.

	
 
	
(vi)
	
Performance Awards.

	
 
	
(vii)
	
Awards (other than Awards described in (i) through (vi) above) that are convertible into or otherwise based on Stock.

“Board”:  The Board of Directors of the Company.

“Code”:  The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as from time to time in effect.

“Compensation Committee”:  The Compensation and Nominating Committee of the Board.

“Company”:  Forrester Research, Inc.

“Covered Transaction”:  Any of (i) a consolidation, merger, or similar transaction or series of related transactions, including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or 

substantially all of the Company’s then outstanding common stock by a single person or entity or by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company’s assets, or (iii) a dissolution or liquidation of the Company.  Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction shall be deemed to have occurred upon consummation of the tender offer.

“Employee”:  Any person who is employed by the Company or an Affiliate.

“Employment”:  A Participant’s employment or other service relationship with the Company and its Affiliates.  Employment will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section 5 to the Company or its Affiliates.  If a Participant’s employment or other service relationship is with an Affiliate and that entity ceases to be an Affiliate, the Participant’s Employment will be deemed to have terminated when the entity ceases to be an Affiliate unless the Participant transfers Employment to the Company or its remaining Affiliates.

“ISO”:  A Stock Option intended to be an “incentive stock option” within the meaning of Section 422.  Each option granted pursuant to the Plan will be treated as providing by its terms that it is to be a non-incentive stock option unless, as of the date of grant, it is expressly designated as an ISO.

“Original 2006 Plan Effective Date”:  May 9, 2006, the date of the Company’s annual meeting of stockholders at which the Plan was first presented to the stockholders for approval.

“Outside Director”:  A member of the Board who is not otherwise an Employee of the Company.

“Participant”:  A person who is granted an Award under the Plan.

“Performance Award”:  An Award subject to Performance Criteria.  The Committee in its discretion may grant Performance Awards that are intended to qualify for the performance-based compensation exception under Section 162(m) and Performance Awards that are not intended so to qualify.

“Performance Criteria”:  Specified criteria, other than the mere continuation of Employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award.  For purposes of Awards that are intended to qualify for the performance-based compensation exception under Section 162(m), a Performance Criterion will mean an objectively determinable measure of performance relating to any or any combination of the following (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project or geographical basis or in combinations thereof): bookings; sales; revenues; operating income or operating margin; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing operations or an aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of particular products or services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations,  recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings; or strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market penetration, geographic business expansion goals, cost targets, or objective goals relating to reorganizations, acquisitions or divestitures.  A Performance Criterion and any targets with respect thereto determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of loss. For Awards intended to comply with Section 162(m), the measures used in setting Performance Criteria under the Plan for any given Award will, to the extent applicable, be determined either in accordance with generally accepted accounting principles (“GAAP”) or not in accordance with GAAP, without regard to (1)unusual or infrequent events, (2) the impact of any change in accounting principles that occurs during the Performance Period (or that occurred during any period that the Performance Period is being compared to) and the cumulative effect thereof (provided that the Administrator may (as specified by the Administrator within the Applicable Period) either apply the changed accounting principle to all periods referenced in the Award, or exclude the changed accounting principle from all periods referenced in the Award), (3) goodwill and other intangible impairment and/or amortization charges, (4) gains or charges associated with discontinued operations or with the obtaining or losing control of a business, (5) gains or charges related to the sale or impairment of assets, (6)(i) all transaction costs directly related to reorganizations, acquisitions and/or divestitures, (ii) all restructuring charges directly related to reorganizations, acquisitions and/or divestitures, (iii) all charges and gains arising from the resolution of contingent liabilities related to a reorganization, acquisition and/or divestiture, and (iv) all other charges directly related to acquisitions, (7) the impact of any discrete income tax charges or benefits identified during the Performance Period (or during any period that the Performance Period is being compared to), (8) stock based compensation, (9) gains or losses on investments, (10) duplicate lease costs, (11) other objective income, expense, asset, and/or cash flow adjustments as may be consistent with the purposes of the Performance Criteria set for the given Performance Period and specified by the Administrator within the Applicable Period, and (12) the tax effects of the foregoing; and provided further that the Administrator in its sole discretion and within the Applicable Period may determine that any or all of the carve-outs described in subsections (1) through (12) shall not be excluded from the measures used 

to determine the Performance Criteria for a particular Performance Period or shall be modified, and/or may determine to exclude other items from such measures for such Performance Period. 

 

“Performance Period” means a period for which Performance Criteria are set and during which performance is to be measured to determine whether a participant is entitled to payment of an Award under the Plan.  A Performance Period may coincide with one or more complete or partial calendar or fiscal years or quarters of the Company.  Unless otherwise designated by the Administrator, the Performance Period will be based on the calendar year. 

 

“Plan”:  Forrester Research, Inc. Amended and Restated Equity Incentive Plan as from time to time amended and in effect.

“Prior Plan”:  Forrester Research, Inc. 1996 Amended and Restated Equity Incentive Plan, as amended and in effect prior to the Original 2006 Plan Effective Date.

“Restricted Stock”:  Stock subject to restrictions requiring that it be redelivered or offered for sale to the Company if specified conditions are not satisfied.

“Restricted Stock Unit”:  A Stock Unit that is, or as to which the delivery of Stock or cash in lieu of Stock is, subject to the satisfaction of specified performance or other vesting conditions.

“SAR”:  A right entitling the holder upon exercise to receive an amount (payable in shares of Stock of equivalent value) equal to the excess of the fair market value of the shares of Stock subject to the right over the fair market value of such shares at the date of grant.

“Section 409A”:  Section 409A of the Code.

“Section 422”:  Section 422 of the Code.

“Section 162(m)”:  Section 162(m) of the Code.

“Stock”:  Common Stock of the Company, par value $.01 per share.

“Stock Option”:  An option entitling the holder to acquire shares of Stock upon payment of the exercise price.

“Stock Unit”:  An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the value of Stock in the future.

“Unrestricted Stock”:  Stock not subject to any restrictions under the terms of the Award.

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