Document:

Exhibit 10.14

 Exhibit 10.14 
  

China Telecom Corporation Limited Chongqing Branch 

Cooperation Framework Agreement on 

Return Visit Investigation Program 

 Party A: China Telecom Corporation Limited Chongqing Branch 

Address: No. 189, Xingguang Wu Road, Northern New Area, Chongqing 

Party B: Chongqing Central BPO Industry Co., Ltd. 
 Address:
No.19, Huilongdadao Dongyi Road, Yongchuan District, Chongqing 
 Upon friendly consultation, China Telecom Corporation Limited Chongqing Branch
(hereinafter referred to as “Party A”) hereby has entrusted the return visit investigation of service to Chongqing Central BPO Industry Co., Ltd. (hereinafter referred to as “Party B”). Party A and Party B have reached the
framework agreement on return visit investigation of service cooperation (hereinafter referred to as “the Agreement”) as follows: 
  

	1.	Content of Cooperation 

 Party A shall outsource the return visit investigation of service to
Party B. Party B shall conduct return visit, undertake investigation program, manage and control the investigation program in accordance with Party A’s requirements. 
  

	2.	Rights and Obligations 

  

	 	2.1	Rights and Obligations of Party A 

  

	 	2.1.1	Party A shall provide Party B with the requirements and scripts of the return visit investigation program; conduct project indicators, assessment criteria, business processing rules, unit price of remuneration and
settlement methods. Party A’s notice shall prevail as to specific requirements. Party B shall unconditionally abide the requirements. Party A shall be liable for assessment and rectification of Party B’s implementation. 

 

	 	2.1.2	Party A shall be liable for launching the return visit investigation program and submitting Party B with “Third Party Return Visit Investigation Program Confirmation Letter” (Appendix 1), which shall be
executed upon signatures from persons who in charge from both parties. 

  

	 	2.1.3	Party A have right to: monitor Party B’s operation; lay down “Return Visit Investigation Quality Assessment Criteria” (Appendix 2); carry out regular check; point out the problems existing in Party
B’s implementation of business processing and require Party B to implement and rectify in the light of Party A’s opinions. 

  

	 	2.1.4	Party A shall conduct trainings for Party B’s personnel engaging in program management and operation on editing return visit questionnaire and execution standard. 

	 	2.1.5	Party A shall be liable for the spot checks on the implementation of Party B’s number management under Party A’s respective requirements on number management rules for supporting system. 

 

	 	2.1.6	Party A shall positively coordinate and handle the feedback problems from Party B and provide Party B with necessary support and instruction. 

 

	 	2.1.7	Party A have the right to make dynamic adjustment to the standards set forth in “Return Visit Investigation Quality Assessment Criteria” (Appendix 2) and shall inform Party B in written form which executes
from the date of the written notice. 

  

	 	2.1.8	Party A shall be liable for reviewing all kinds of the statements and program reports submitted by Party B and shall be liable for the settlement of remuneration for the service program. 

 

	 	2.1.9	For any malfunction and breakdown of the outbound supporting system, Party A shall response in time and shall ensure the stable operation of the supporting system. 

 

	 	2.2	Rights and Obligations of Party B 

  

	 	2.2.1	Party B shall unconditionally undertake all return visit investigation programs assigned by Party A. Party B shall be capable of undertaking urgent programs and the amount of urgent program undertook shall be no less
than 30% of the entire program. Party B shall establish back-up personnel rules and regulations for the prevention of brain drains and other factors that may result in the lack of undertaking program capacity. The percentage of back-up personnel
shall be approximately 10% of all outbound service personnel for daily operation. In the event that the data for normal program reduces, Party B may propose written report to Party A and make proper allocation of personnel upon Party A’s
consent. In the event that brain drains happen, Party B shall supplement personnel for vacant position within at least 5 days to ensure the smooth operation of the program. 

 

	 	2.2.2	Party B shall undertake the operation of the return visit investigation program, including personnel training and spot management, internal operation process management and personnel allocation, etc. Party B shall
guarantee that all incumbents reach the standard and requirement for outbound program. Party B shall build the operation supporting management teams (the number of management personnel shall be no less than 12% of all team personnel of the program)
and conduct regular quality inspection, capacity improvement, data analysis, etc. Party B shall furnish basic data and statistical statements, specialized analyze report, etc. in accordance with Party A’s requirement within 1 working day upon
the accomplishment of the program. 

  

	 	2.2.3	 Party B shall conduct return visit investigation in strict accordance with the return

	 	
visit scripts and program requirement provided by Party A. Party B shall abide the requirements set forth in the “Return Visit Investigation Quality Assessment Criteria” and shall make
assessment items that have not reached the standard 

  

	 	2.2.4	Party B shall guarantee the authenticity and effectiveness of the results of the return visit investigation and shall unconditionally provide all the records for return visit. 

 

	 	2.2.5	Party B shall carry out standardized management to different types of working numbers and shall ensure the confidentiality thereof under Party A’s requirement of working number management rules for supporting
system. 

  

	 	2.2.6	Party B shall positively coordinate with Telecom companies to complete trainings for supporting system upgrade and new function. 

  

	 	2.2.7	Party B shall be qualified for operation and shall provide corresponding documentations. 

  

	 	2.2.8	Party B shall indefinitely maintain confidentiality for all users’ information and investigation result provided by Party B. Without authorization, Party B shall not in any name disclose any information about Party
A. Party B shall not use any obtained users’ information for any commercial purpose unless stipulated in the Agreement. Party B shall not outsource or delegate on Party A’s platform. Party B shall not make any comment or take any action
that may cause damage to Party A’s reputation, goodwill, etc. Party B shall not subcontract any service item under the Agreement to other companies. 

  

	 	2.2.9	In the event that the output outcome provided by Party B does not reach the requirement of Party A, Party B shall coordinate with Party A to find out the problems and shall adjust in accordance with Party A’s
comment within limited time. 

  

	 	2.2.10	For indemnity caused by users appealing which is Party B responsible for, Party B shall undertake all indemnity on its own and the indemnity shall be deducted from the settlement. 

 

	 	2.2.11	Party B has the right to point out the problems existing in the program operation and shall inform Party A in time. 

  

	 	2.2.12	In the event that Party B conducts the outbound work in the seating area provided by Party A, Party B shall unconditionally observe all security rules and management requirement carried out by Party A’s seating
area. Party B shall be liable for the maintenance and replacement of the terminals (computer screen, host computer, projector, etc.) and consumables. 

	3.	Price and Payment 

  

	 	3.1	Price calculating criteria 

  

									
	 Type
	  	 Unit
	  	 Telecom
Seating Area
Unit
Price
	  	
Self-own
Seating Area
Unit Price
	  	 Calculating Formula

	  	 Question

quantity
	  	  	  
	 Investigation/Return

Visit
	  	Q=1~5	  	XX	  	XX	  	Unit Price* Quantity of effective calling survey-(quality criteria + program criteria evaluation)
	  	O=6~10	  	XX	  	  
	  	Q=11~15	  	XX	  	  
	  	Q=16~20	  	XX	  	  
	  	Q>20	  	XX	  	  
					
	 Notice/Promotion
	  	Call duration £60 seconds	  	XX	  	XX	  	Unit Price* Quantity of effective call-(quality criteria+ program criteria evaluation)
	  	60 seconds < call duration £ 90 seconds	  	XX	  	XX	  
	  	90 seconds < call duration £ 120 seconds	  	XX	  	XX	  
	  	120 seconds < call duration	  	XX	  	XX	  

  

	 	3.2	Payment 

 Party A shall calculate last month’s program price as payment amount before 8th of current month. Party B shall make confirmation on the payment amount and reply in two working days. Party A shall pay last month’s payment amount to the agreed account before 30th of each month. The payment deadline shall postpone in case of holidays. 

	4.	Rules on Confidentiality 

  

	 	4.1	Party A and Party B shall be mutually liable for the confidentiality of the accessible information in relation to the counter-party (including respective management personnel, staff and representative) and the
counter-party’s customers, business, finance, intention, action and/or operation (hereinafter referred to as “Confidential Material”). Unless required by laws or regulatory authorities, neither party shall disclose any Confidential
Material to any third party. Otherwise, the disclosing party shall bear full responsibility. 

  

	 	4.2	Party A and Party B shall be liable for the confidentiality of the detailed information of the Agreement. Unless agreed by the counter-party’s written consent, neither party shall disclose any detailed information
of both parties’ cooperative agreements and the Agreement hereof to any third party. Both parties’ obligation of confidentiality shall not be terminated by termination of the Agreement. 

 

	 	4.3	Party B shall execute rules on information security management to avoid any leak of clients’ information. Party B shall conclude “Commitment Letter of Users’ Information Security” with its staff and
keep record. 

  

	 	4.4	Unless agreed by Party A, Party B is prohibited to provide any outcomes, information or data in relation to its programs undertaken to any unit or personnel in any form. 

 

	5.	Terms of the Agreement 

  

	 	5.1	The Agreement is valid from April 1, 2014 to March 31, 2015. Both parties may conclude another new agreement upon expiration of the Agreement. 

 

	 	5.2	In the event that either party proposes alteration or termination of the Agreement, either party may terminate the Agreement by informing the counter-party with written notice at least six months in advance. Upon
receiving the written notice, the counter-party shall reply in one month. If the counter-party agrees on the alteration or termination of the Agreement, the proposing party shall pay liquidated damages to the counter-party in a total number of
RMB300,000. 

  

	6.	Breach of the Agreement 

 (Breach responsibilities include but are not limited to following terms:) 

 

	 	6.1	Party B shall strictly perform its obligation in accordance with Party A’s requirement to ensure the good quality of its work. Party A has the right to reduce its payment made to Party B in accordance with its
program assessment criteria. 

  

	 	6.2	In the event that Party B breaches Clause 2.2.8, Party A shall have the right to claim a liquidated damages from Party B within the penalty scope of RMB500,000 and other indemnity. 

	 	6.3	In the event that Party A has not performed the payment obligation before the stipulated deadline, Party A shall pay Party B 0.02% of the payment for every single day as liquidated damages. 

 

	 	6.4	Neither party shall not terminate the Agreement within the agreed term without cause, otherwise it shall assume breach responsibility. For the economic loss caused by either party’s breach of the Agreement, the
breaching party shall, regardless of the termination of the Agreement, be liable for all economic loss caused by such breach of the Agreement and shall pay the non-breaching party liquidated damages under the non-breaching party’s requirement.

  

	7.	Force Majeure 

  

	 	7.1	For any Force Majeure that results in the non-performance of the obligations under the Agreement, neither party shall assume breach responsibility. The property loss caused shall be borne by each party itself. The party
that has gone through Force Majeure shall inform the counter-party by written notice immediately and shall provide details of such Force Majeure together with reasons and valid evidence for the non-performance of the Agreement within XX days from
the date of occurrence. 

  

	 	7.2	After the occurrence of Force Majeure, both parties shall immediately negotiate a solution and shall spare no effort to reduce the impact caused. 

 

	 	7.3	Force Majeure shall mean the objective events that are unpredictable, unavoidable and insurmountable under both parties’ reasonable performance of obligation in normal state, including but not limited to
earthquake, fire, explosion, storm, flood, lightening stroke, war, etc. 

  

	8.	Resolution of Disputes 

 Both parties shall abide by the Agreement. Any disputes arise from the
performance of the Agreement shall be settled by both parties by negotiation under principle of mutual understanding and mutual accommodation. In the event that such dispute can’t be settled through consultation, such dispute shall be submitted
to court. 
  

	9.	Miscellaneous Provisions 

  

	 	9.1	The Agreement is signed in quadruplicate. Either party shall keep two originals each. The Agreement shall be effective until both parties’ legal representatives and authorized representatives sign and stamp the
agreement. 

	 	9.2	Other issues that do not stipulated in this Agreement may be concluded by both parties with supplemental agreements in line with the actual work demands Any supplemental agreement is an integral part of this Agreement
and shall be effective until both parties’ legal representatives and authorized representatives sign and stamp the agreement. 

(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK) 

Party A: China Telecom Corporation Limited Chongqing Branch (Stamp) 

Legal representative or authorized representative: Ma Fangqin 

Date: March 18, 2014 
 Party B: Chongqing Central BPO
Industry Co., Ltd. (Stamp) 
 Legal representative or authorized representative: Cheng Siting 

Date: March 18, 2014Exhibit 10.15

  Exhibit 10.15 

CHINA CUSTOMER RELATIONS CENTERS, INC. 
 2014 SHARE INCENTIVE PLAN 
  1. Purpose and Effective
Date. 
  (a) The purpose of the China Customer Relations Centers, Inc., 2014 Share Incentive Plan (the
“Plan”) is to further the long term stability and financial success of China Customer Relations Centers, Inc. (the “Company”) by attracting and retaining personnel, including employees,
non-employee directors, and consultants, through the use of stock incentives. It is believed that ownership of Company stock will stimulate the efforts of those employees upon whose judgment, interest and
efforts the Company is and will be largely dependent for the successful conduct of its business. 
 (b) The Plan
was adopted by the Board of Directors and the shareholders of the Company on September 3, 2014 (the “Effective Date”). 
  2. Definitions. 
 (a) Act. The Securities Exchange
Act of 1934, as amended. 
 (b) Affiliate. The meaning assigned to the term “affiliate” under
Rule 12b-2 of the Act. 
 (c) Applicable Withholding Taxes. The
aggregate amount of federal, state and local income and payroll taxes that the Company is required to withhold (based on the minimum applicable statutory withholding rates) in connection with any exercise of an Option or the award, lapse of
restrictions or payment with respect to Restricted Stock. 
 (d) Award. The award of an Option or
Restricted Stock under the Plan. 
 (e) Beneficiary. The person or persons entitled to receive a benefit
pursuant to an Award upon the death of a Participant. 
 (f) Board. The Board of Directors of the Company.

 (g) Cause. Dishonesty, fraud, misconduct, gross incompetence, gross negligence, breach of a material
fiduciary duty, material breach of an agreement with the Company, unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime punishable by law (except minor violations), in each case as
determined by the Committee, which determination shall be binding. Notwithstanding the foregoing, if “Cause” is defined in an employment agreement between a Participant and the Company, “Cause” shall have the meaning assigned to
it in such agreement. 
 (h) Change of Control. 

(i) The acquisition by any unrelated person of beneficial ownership (as that term is used for purposes of the Act) of 50%
or more of the then outstanding common shares of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors. The term “unrelated person” means
any person other than (x) the Company and its subsidiaries, (y) an employee benefit plan or related trust sponsored by the Company or its subsidiaries, and (z) a person who acquires stock of the Company pursuant to an agreement with
the Company that is approved by the Board in advance of the acquisition. For purposes of this subsection, a “person” means an individual, entity or group, as that term is used for purposes of the Act; 

(ii) Any tender or exchange offer, merger or other business combination, sale of assets or any combination of the
foregoing transactions, and the Company is not the surviving corporation; and 
 (iii) A liquidation of the
Company. 
 (i) Code. The Internal Revenue Code of 1986, as amended. 

(j) Committee. The Compensation Committee of the Board. 

  (k) Company. China Customer Relations Centers, Inc. 

 (l) Company Stock. The common shares of the Company. In the event of a change in the capital structure of the
Company (as provided in Section 12 below), the shares resulting from such a change shall be deemed to be Company Stock within the meaning of the Plan. 
 (m) Consultant. A person rendering services to the Company who is not an “employee” for purposes of employment tax withholding under the Code. 

(n) Corporate Change. A consolidation, merger, dissolution or liquidation of the Company, or a sale or distribution
of assets or stock (other than in the ordinary course of business) of the Company; provided that, unless the Committee determines otherwise, a Corporate Change shall only be considered to have occurred with respect to Participants whose business
unit is affected by the Corporate Change. 
 (o) Date of Grant. The date as of which an Award is made by
the Committee. 
 (p) Disability or Disabled. As to an Incentive Stock Option, a Disability within the
meaning of Code Section 22(e)(3). As to all other Incentive Awards, the Committee shall determine whether a Disability exists and such determination shall be conclusive. 

(q) Fair Market Value. 
 (i) If Company Stock is traded on a national securities exchange, the average of the highest and lowest registered sales prices of Company Stock on such exchange; 

(ii) If Company Stock is traded in the
over-the-counter market, the average between the closing bid and asked prices as reported by the NASDAQ Stock Market; or 

(iii) If shares of Company Stock are not publicly traded, the Fair Market Value shall be determined by the Committee using
any reasonable method in good faith. 
 Fair Market Value shall be determined as of the applicable date specified in the Plan or, if there are
no trades on such date, the value shall be determined as of the last preceding day on which Company Stock is traded. 
 (r) Incentive Stock Option. An Option intended to meet the requirements of, and qualify for favorable Federal income tax treatment under, Code Section 422. 

(s) Nonstatutory Stock Option. An Option that does not meet the requirements of Code Section 422, or that is
otherwise not intended to be an Incentive Stock Option and is so designated. 
 (t) Option. A right to
purchase Company Stock granted under the Plan, at a price determined in accordance with the Plan. 
 (u)
Participant. Any individual who receives an Award under the Plan. 
 (v) Restricted Stock. Company
Stock awarded upon the terms and subject to the restrictions set forth in Section 7 below. 
 (w) Rule 16b-3. Rule 16b-3 of the Act, including any corresponding subsequent rule or any amendments to Rule 16b-3 enacted after the
effective date of the Plan. 
 (x) 10% Shareholder. A person who owns, directly or indirectly, stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate. Indirect ownership of stock shall be determined in accordance with Code Section 424(d). 

3. General. Awards of Options and Restricted Stock may be granted under the Plan. Options granted under the Plan may be Incentive
Stock Options or Nonstatutory Stock Options. 
  4. Stock. Subject to Section 12 of the Plan, there shall be
reserved for issuance under the Plan a total of 1,832,960 unissued shares of Company Stock. Shares allocable to Options granted under the Plan that expire or 

  
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otherwise terminate unexercised and shares that are forfeited pursuant to restrictions on Restricted Stock awarded under the Plan may again be subjected to an Award under this Plan. For purposes
of determining the number of shares that are available for Awards under the Plan, such number shall, if permissible under Rule 16b-3, include the number of shares surrendered by a Participant or retained by
the Company (a) in connection with the exercise of an Option or (b) in payment of Applicable Withholding Taxes. 
 5.
Eligibility. 
 (a) Any employee of, non-employee director of, or
Consultant to the Company or its affiliates, who, in the judgment of the Committee, has contributed or can be expected to contribute to the profits or growth of the Company is eligible to become a Participant. The Committee shall have the power and
complete discretion, as provided in Section 14, to select eligible Participants and to determine for each Participant the terms, conditions and nature of the Award and the number of shares to be allocated as part of the Award; provided,
however, that any award made to a member of the Committee must be approved by the Board. The Committee is expressly authorized to make an Award to a Participant conditioned on the surrender for cancellation of an existing Award. 

(b) The grant of an Award shall not obligate the Company to pay an employee any particular amount of remuneration, to
continue the employment of the employee after the grant or to make further grants to the employee at any time thereafter. 
 (c) Non-employee directors and Consultants shall not be eligible to receive the Award of an Incentive Stock Option. 

6. Stock Options. 
 (a) Whenever the Committee deems it appropriate to grant Options, notice shall be given to the Participant stating the number of shares for which Options are granted, the Option price per share, whether
the options are Incentive Stock Options or Nonstatutory Stock Options, and the conditions to which the grant and exercise of the Options are subject. This notice, when duly accepted in writing by the Participant, shall become a stock option
agreement between the Company and the Participant. 
 (b) The Committee shall establish the exercise price of
Options. The exercise price of an Incentive Stock Option shall be not less than 100% of the Fair Market Value of such shares on the Date of Grant, provided that if the Participant is a 10% Shareholder, the exercise price of an Incentive Stock Option
shall be not less than 110% of the Fair Market Value of such shares on the Date of Grant. The exercise price of a Nonstatutory Stock Option Award shall not be less than 100% of the Fair Market Value of the shares of Company Stock covered by the
Option on the Date of Grant. 
 (c) Options may be exercised in whole or in part at such times as may be
specified by the Committee in the Participant’s stock option agreement. The Committee may impose such vesting conditions and other requirements as the Committee deems appropriate, and the Committee may include such provisions regarding a Change
of Control or Corporate Change as the Committee deems appropriate. 
 (d) The Committee shall establish the term
of each Option in the Participant’s stock option agreement. The term of an Incentive Stock Option shall not be longer than ten years from the Date of Grant, except that an Incentive Stock Option granted to a 10% Shareholder may not have a term
in excess of five years. No option may be exercised after the expiration of its term or, except as set forth in the Participant’s stock option agreement, after the termination of the Participant’s employment. The Committee shall set forth
in the Participant’s stock option agreement when, and under what circumstances, an Option may be exercised after termination of the Participant’s employment or period of service; provided that no Incentive Stock Option may be exercised
after (i) three months from the Participant’s termination of employment with the Company for reasons other than Disability or death, or (ii) one year from the Participant’s termination of employment on account of Disability or
death. The Committee may, in its sole discretion, amend a previously granted Incentive Stock Option to provide for more liberal exercise provisions, provided however that if the Incentive Stock Option as amended no longer meets the requirements of
Code Section 422, and, as a result the Option no longer qualifies for favorable federal income tax treatment under Code Section 422, the amendment shall not become effective without the written consent of the Participant. 

(e) An Incentive Stock Option, by its terms, shall be exercisable in any calendar year only to the extent that the
aggregate Fair Market Value (determined at the Date of Grant) of Company Stock with respect to which 

  
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Incentive Stock Options are exercisable by the Participant for the first time during the calendar year does not exceed $100,000 (the “Limitation Amount”). Incentive Stock Options
granted under the Plan and all other plans of the Company and any parent or Subsidiary of the Company shall be aggregated for purposes of determining whether the Limitation Amount has been exceeded. The Board may impose such conditions as it deems
appropriate on an Incentive Stock option to ensure that the foregoing requirement is met. If Incentive Stock Options that first become exercisable in a calendar year exceed the Limitation Amount, the excess Options will be treated as Nonstatutory
Stock Options to the extent permitted by law. 
 (f) If a Participant dies and if the Participant’s stock
option agreement provides that part or all of the Option may be exercised after the Participant’s death, then such portion may be exercised by the personal representative of the Participant’s estate during the time period specified in the
stock option agreement. 
 (g) If a Participant’s employment or services is terminated by the Company for
Cause, the Participant’s Options shall terminate as of the date of the misconduct. 
 7. Restricted Stock Awards.

 (a) Whenever the Committee deems it appropriate to grant a Restricted Stock Award, notice shall be given to
the Participant stating the number of shares of Restricted Stock for which the Award is granted and the terms and conditions to which the Award is subject. This notice, when accepted in writing by the Participant, shall become an Award agreement
between the Company and the Participant. Certificates representing the shares shall be issued in the name of the Participant, subject to the restrictions imposed by the Plan and the Committee. A Restricted Stock Award may be made by the Committee in
its discretion without cash consideration. 
 (b) The Committee may place such restrictions on the
transferability and vesting of Restricted Stock as the Committee deems appropriate, including restrictions relating to continued employment and financial performance goals. Without limiting the foregoing, the Committee may provide performance or
Change of Control or Corporate Change acceleration parameters under which all, or a portion, of the Restricted Stock will vest on the Company’s achievement of established performance objectives. Restricted Stock may not be sold, assigned,
transferred, disposed of, pledged, hypothecated or otherwise encumbered until the restrictions on such shares shall have lapsed or shall have been removed pursuant to subsection (c) below. 

(c) The Committee may provide in a Restricted Stock Award, or subsequently, that the restrictions will lapse if a Change
of Control or Corporate Change occurs. The Committee may at any time, in its sole discretion, accelerate the time at which any or all restrictions will lapse or may remove restrictions on Restricted Stock as it deems appropriate. 

(d) A Participant shall hold shares of Restricted Stock subject to the restrictions set forth in the Award agreement and
in the Plan. In other respects, the Participant shall have all the rights of a shareholder with respect to the shares of Restricted Stock, including, but not limited to, the right to vote such shares and the right to receive all cash dividends and
other distributions paid thereon. Certificates representing Restricted Stock shall bear a legend referring to the restrictions set forth in the Plan and the Participant’s Award agreement. If stock dividends are declared on Restricted Stock,
such stock dividends or other distributions shall be subject to the same restrictions as the underlying shares of Restricted Stock. 
 8. Method of Exercise of Options. 
 (a) Options may be
exercised by giving written notice of the exercise to the Company, stating the number of shares the Participant has elected to purchase under the Option. Such notice shall be effective only if accompanied by the exercise price in full in cash;
provided that, if the terms of an Option so permit, the Participant may (i) deliver Company Stock that the Participant has owned for at least six months (valued at Fair Market Value on the date of exercise), or (ii) exercise any applicable
net exercise provision contained therein. Unless otherwise specifically provided in the Option, any payment of the exercise price paid by delivery of Company Stock acquired directly or indirectly from the Company shall be paid only with shares of
Company Stock that have been held by the Participant for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). 

(b) Notwithstanding anything herein to the contrary, Awards shall always be granted and exercised in such a manner as to
conform to the provisions of Rule 16b-3. 

  
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 9. Applicable Withholding Taxes. Each Participant shall agree, as a condition of
receiving an Award, to pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all Applicable Withholding Taxes with respect to the Award. Until the Applicable Withholding Taxes have been paid or arrangements
satisfactory to the Company have been made, no stock certificates (or, in the case of Restricted Stock, no stock certificates free of a restrictive legend) shall be issued to the Participant. As an alternative to making a cash payment to the Company
to satisfy Applicable Withholding Tax obligations, the Committee may establish procedures permitting the Participant to elect to (a) deliver shares of already owned Company Stock (subject to such restrictions as the Committee may establish,
including a requirement that any shares of Company Stock so delivered shall have been held by the Participant for not less than six months) or (b) have the Company retain that number of shares of Company Stock that would satisfy all or a
specified portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with procedures established by the Committee and in accordance with Rule 16b-3. 

10. Nontransferability of Awards. 
 (a) In general, Awards, by their terms, shall not be transferable by the Participant except by will or by the laws of descent and distribution or except as described below. Options shall be exercisable,
during the Participant’s lifetime, only by the Participant or by his guardian or legal representative. 

(b) Notwithstanding the provisions of (a) and subject to federal and state securities laws, the Committee may grant
Nonstatutory Stock Options that permit a Participant to transfer the Options to one or more immediate family members, to a trust for the benefit of immediate family members, or to a partnership, limited liability company, or other entity the only
partners, members, or interest-holders of which are among the Participant’s immediate family members. Consideration may not be paid for the transfer of Options. The transferee of an Option shall be subject to all conditions applicable to the
Option prior to its transfer. The agreement granting the Option shall set forth the transfer conditions and restrictions. The Committee may impose on any transferable Option and on stock issued upon the exercise of an Option such limitations and
conditions as the Committee deems appropriate. 
 11. Termination, Modification, Change. If not sooner terminated by the
Board, this Plan shall terminate at the close of business on the tenth anniversary of the Effective Date. No Awards shall be made under the Plan after its termination. The Board may terminate the Plan or may amend the Plan in such respects as it
shall deem advisable; provided that, if and to the extent required by Rule 16b-3, no change shall be made that increases the total number of shares of Company Stock reserved for issuance pursuant to Awards
granted under the Plan (except pursuant to Section 12), expands the class of persons eligible to receive Awards, or materially increases the benefits accruing to Participants under the Plan, unless such change is authorized by the shareholders
of the Company. Notwithstanding the foregoing, the Board may unilaterally amend the Plan and Awards as it deems appropriate to ensure compliance with Rule 16b-3 and to cause Incentive Stock Options to meet the
requirements of the Code and regulations thereunder. Except as provided in the preceding sentence, a termination or amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant’s rights under an Award
previously granted to him. 
 12. Change in Capital Structure. 

(a) In the event of a stock dividend, stock split or combination of shares, spin-off, reclassification, recapitalization,
merger or other change in the Company’s capital stock (including, but not limited to, the creation or issuance to shareholders generally of rights, options or warrants for the purchase of common shares or preferred stock of the Company), the
number and kind of shares of stock or securities of the Company to be issued under the Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of options, and other relevant provisions shall be appropriately
adjusted by the Committee, whose determination shall be binding on all persons. If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately the number of shares covered by the Award so as to
eliminate the fractional shares. 
 (b) In the event the Company distributes to its shareholders a dividend,
or sells or causes to be sold to a person other than the Company or a Subsidiary shares of stock in any corporation (a “Spinoff Company”) which, immediately before the distribution or sale, was a majority owned Subsidiary of the
Company, the Committee shall have the power, in its sole discretion, to make such adjustments as the Committee deems appropriate. The Committee may make adjustments in the number and kind of shares or other securities to be issued under the Plan
(under outstanding Awards and Awards to be granted in the future), the exercise price of Options, and other relevant provisions, and, without limiting the foregoing, may substitute securities of a Spinoff Company for securities of the

  
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Company. The Committee shall make such adjustments as it determines to be appropriate, considering the economic effect of the distribution or sale on the interests of the Company’s
shareholders and the Participants in the businesses operated by the Spinoff Company, and subject to the proviso that any such adjustments or new options shall not be made or granted, respectively, that would result in subjecting the Plan to variable
plan accounting treatment. The Committee’s determination shall be binding on all persons. If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately the number of shares covered by the
Award so as to eliminate the fractional shares. 
 (c) To the extent required to avoid a charge to earnings for
financial accounting purposes, adjustments made by the Committee pursuant to this Section 12 to outstanding Awards shall be made so that both (i) the aggregate intrinsic value of an Award immediately after the adjustment is not greater
than or less than the Award’s aggregate intrinsic value before the adjustment and (ii) the ratio of the exercise price per share to the market value per share is not reduced. 

(d) Notwithstanding anything in the Plan to the contrary, the Committee may take the foregoing actions without the consent
of any Participant, and the Committee’s determination shall be conclusive and binding on all persons for all purposes. The Committee shall make its determinations consistent with Rule 16b-3 and the
applicable provisions of the Code. 
 13. Change of Control. In the event of a Change of Control or Corporate Change, the
Committee may take such actions with respect to Awards as the Committee deems appropriate. These actions may include, but shall not be limited to, the following: 

(a) At the time the Award is made, provide for the acceleration of the vesting schedule relating to the exercise or
realization of the Award so that the Award may be exercised or realized in full on or before a date initially fixed by the Committee; 
 (b) Provide for the purchase or settlement of any such Award by the Company for any amount of cash equal to the amount which could have been obtained upon the exercise of such Award or realization of a
Participant’s rights had such Award been currently exercisable or payable; 
 (c) Make adjustments to Awards
then outstanding as the Committee deems appropriate to reflect such Change of Control or Corporate Change; provided, however, that to the extent required to avoid a charge to earnings for financial accounting purposes, such adjustments shall be made
so that both (i) the aggregate intrinsic value of an Award immediately after the adjustment is not greater than or less than the Award’s aggregate intrinsic value before the Award and (ii) the ratio of the exercise price per share to
the market value per share is not reduced; or 
 (d) Cause any such Award then outstanding to be assumed, or new
rights substituted therefore, by the acquiring or surviving legal entity in such Change of Control or Corporate Change. 
 14.
Administration of the Plan. 
 (a) The Plan shall be administered by the Committee, who shall be appointed
by the Board. The Board may designate the Compensation Committee of the Board, or a subcommittee of the Compensation Committee, to be the Committee for purposes of the Plan. If and to the extent required by Rule
16b-3, all members of the Committee shall be “Non-Employee Directors” as that term is defined in Rule 16b-3, and the Committee shall be comprised solely of two
or more “outside directors” as that term is defined for purposes of Code section 162(m). If any member of the Committee fails to qualify as an “outside director” or (to the extent required by Rule
16b-3) a “Non-Employee Director,” such person shall immediately cease to be a member of the Committee and shall not take part in future Committee deliberations. The Board of Directors may from time
to time may appoint members of the Committee and fill vacancies, however caused, in the Committee. 
 (b) The
Committee shall have the authority to impose such limitations or conditions upon an Award as the Committee deems appropriate to achieve the objectives of the Award and the Plan. Without limiting the foregoing and in addition to the powers set forth
elsewhere in the Plan, the Committee shall have the power and complete discretion to determine (i) which eligible persons shall receive an Award and the nature of the Award, (ii) the number of shares of Company Stock to be covered by each
Award, (iii) whether Options shall be Incentive Stock options or Nonstatutory Stock Options, (iv) the Fair Market Value of Company Stock, (v) the time or times when an Award shall be granted, (vi) whether an Award shall become
vested over a period of time, according to a 

  
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performance-based vesting schedule or otherwise, and when it shall be fully vested, (vii) the terms and conditions under which restrictions imposed upon an Award shall lapse,
(viii) whether a Change of Control or Corporate Change exists, (ix) the terms of incentive programs, performance criteria and other factors relevant to the issuance of Incentive Stock or the lapse of restrictions on Restricted Stock or
Options, (x) when Options may be exercised, (xi) whether to approve a Participant’s election with respect to Applicable Withholding Taxes, (xii) conditions relating to the length of time before disposition of Company Stock
received in connection with an Award is permitted, (xiii) notice provisions relating to the sale of Company Stock acquired under the Plan, and (xiv) any additional requirements relating to Awards that the Committee deems appropriate.
Notwithstanding the foregoing, no “tandem stock options” (where two stock options are issued together and the exercise of one option affects the right to exercise the other option) may be issued in connection with Incentive Stock Options.

 (c) The Committee shall have the power to amend the terms of previously granted Awards so long as the terms as
amended are consistent with the terms of the Plan and, where applicable, consistent with the qualification of an option as an Incentive Stock Option. The consent of the Participant must be obtained with respect to any amendment that would adversely
affect the Participant’s rights under the Award, except that such consent shall not be required if such amendment is for the purpose of complying with Rule 16b-3 or any requirement of the Code applicable
to the Award. 
 (d) The Committee may adopt rules and regulations for carrying out the Plan. The Committee shall
have the express discretionary authority to construe and interpret the Plan and the Award agreements, to resolve any ambiguities, to define any terms, and to make any other determinations required by the Plan or an Award agreement. The
interpretation and construction of any provisions of the Plan or an Award agreement by the Committee shall be final and conclusive. The Committee may consult with counsel, who may be counsel to the Company, and shall not incur any liability for any
action taken in good faith in reliance upon the advice of counsel. 
 (e) A majority of the members of the
Committee shall constitute a quorum, and all actions of the Committee shall be taken by a majority of the members present. Any action may be taken by a written instrument signed by all of the members, and any action so taken shall be fully effective
as if it had been taken at a meeting. 
 15. Issuance of Company Stock. The Company shall not be required to issue or
deliver any certificate for shares of Company Stock before (i) the admission of such shares to listing on any stock exchange on which Company Stock may then be listed, (ii) receipt of any required registration or other qualification of
such shares under any state or federal securities law or regulation that the Company’s counsel shall determine is necessary or advisable, and (iii) the Company shall have been advised by counsel that all applicable legal requirements have
been complied with. The Company may place on a certificate representing Company Stock any legend required to reflect restrictions pursuant to the Plan, and any legend deemed necessary by the Company’s counsel to comply with federal or state
securities laws. The Company may require a customary written indication of a Participant’s investment intent. Until a Participant has been issued a certificate for the shares of Company Stock acquired, the Participant shall possess no
shareholder rights with respect to the shares. 
 16. Rights Under the Plan. Title to and beneficial ownership of all
benefits described in the Plan shall at all times remain with the Company. Participation in the Plan and the right to receive payments under the Plan shall not give a Participant any proprietary interest in the Company or any Affiliate or any of
their assets. No trust fund shall be created in connection with the Plan, and there shall be no required funding of amounts that may become payable under the Plan. A Participant shall, for all purposes, be a general creditor of the Company. The
interest of a Participant in the Plan cannot be assigned, anticipated, sold, encumbered or pledged and shall not be subject to the claims of his creditors. 
 17. Beneficiary. A Participant may designate, on a form provided by the Committee, one or more beneficiaries to receive any payments under Awards of Restricted Stock or Incentive Stock after the
Participant’s death. If a Participant makes no valid designation, or if the designated beneficiary fails to survive the Participant or otherwise fails to receive the benefits, the Participant’s beneficiary shall be the first of the
following persons who survives the Participant: (a) the Participant’s surviving spouse, (b) the Participant’s surviving descendants, per stirpes, or (c) the personal representative of the Participant’s estate.

 18. Notice. All notices and other communications required or permitted to be given under this Plan shall be in writing
and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows: (a) if to the Company—at its principal business address to the attention of the Secretary; (b) if to any
Participant—at the last address of the Participant known to the sender at the time the notice or other communication is sent. 

  
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 19. Interpretation. The terms of this Plan and Awards granted pursuant to the Plan
are subject to all present and future regulations and rulings of the Secretary of the Treasury relating to the qualification of Incentive Stock Options under the Code or compliance with Code section 162(m), to the extent applicable, and they are
subject to all present and future rulings of the Securities and Exchange Commission with respect to Rule 16b-3. If any provision of the Plan or an Award conflicts with any such regulation or ruling, to the
extent applicable, the Committee shall cause the Plan to be amended, and shall modify the Award, so as to comply, or if for any reason amendments cannot be made, that provision of the Plan and/or the Award shall be void and of no effect. 

  
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