Document:

ITEX CORPORATION

2014 EQUITY INCENTIVE PLAN

 

		1.	Purpose, Effective Date and Term of Plan

 

1.1           Purpose.
The purpose of the Plan is to advance the interests of ITEX Corporation (the “Company”) and its stockholders by providing
an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute
to the growth and profitability of the Company.

 

1.1           Effective
Date. The ITEX Corporation 2014 Equity Incentive Plan (the “Plan”) is hereby established effective as of December
13, 2013, subject to approval of the stockholders of the Company.

 

1.3           Term
of Plan. The Plan shall continue in effect until its termination by the Committee; provided, however, that, to the extent required
by applicable law, all Awards shall be granted, if at all, within ten (10) years from the date the Plan is approved by stockholders.

 

1.4           Definitions.
Capitalized terms used in this Plan not defined in the text shall have their respective meanings set forth in Section 14.

 

		2.	Administration

 

2.1           Administration
by the Committee. The Plan shall be administered by the Committee. All questions of interpretation of the Plan, of any Award
Agreement or of any other form of agreement or other document employed by the Company in the administration of the Plan or of any
Award shall be determined by the Committee, and such determinations shall be final, binding and conclusive upon all persons having
an interest in the Plan or such Award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations
taken or made by the Committee in the exercise of its discretion pursuant to the Plan or Award Agreement or other agreement thereunder
(other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive
upon all persons having an interest therein.

 

2.2           Authority
of Officers. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation,
determination or election which is the responsibility of or which is allocated to the Company herein, provided the Officer has
apparent authority with respect to such matter, right, obligation, determination or election.

 

2.3           Administration
with Respect to Insiders. With respect to participation by Insiders in the Plan, at any time that any class of equity security
of the Company is registered pursuant to Section 12 of the Exchange Act, the Plan shall be administered in compliance with
the requirements, if any, of Rule 16b-3.

 

2.4           Powers
of the Committee. In addition to any other powers set forth in the Plan and subject to the provisions of the Plan, the
Committee shall have the full and final power and authority, in its discretion:

 

		(a)	to determine the persons to whom, and the time or times
at which, Awards shall be granted and the number of shares of Stock to be subject to each Award;

 

		(b)	to determine the type of Award granted;

 

		(c)	to determine the Fair Market Value of shares of Stock
or other property;

 

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		(d)	to determine the terms, conditions and restrictions applicable
to each Award (which need not be identical) and any shares acquired pursuant thereto, including, without limitation, (i) the
exercise or purchase price of shares pursuant to any Award, (ii) the method of payment for shares purchased pursuant to any
Award, (iii) the method for satisfaction of any tax withholding obligation arising in connection with Award, including by
the withholding or delivery of shares of Stock, (iv) the timing, terms and conditions of the exercisability or vesting of
any Award or any shares acquired pursuant thereto, (v)  the time of the expiration of any Award, (vi) the effect of
the Participant’s termination of Service on any of the foregoing, and (vii) all other terms, conditions and restrictions
applicable to any Award or shares acquired pursuant thereto not inconsistent with the terms of the Plan;

 

		(e)	to determine whether an Award will be settled in shares
of Stock, cash, or in any combination thereof;

 

		(f)	to approve one or more forms of Award Agreement;

 

		(g)	to amend, modify, extend, cancel or renew any Award or
to waive any restrictions or conditions applicable to any Award or any shares acquired upon the exercise thereof;

 

		(h)	to accelerate, continue, extend or defer the exercisability
of any Award or the vesting of any shares acquired upon the exercise thereof, including with respect to the period following a
Participant’s termination of Service;

 

		(i)	to prescribe, amend or rescind rules, guidelines and
policies relating to the Plan, or to adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without
limitation, as the Committee deems necessary or desirable to comply with the laws or regulations of or to accommodate the tax
policy, accounting principles or custom of, foreign jurisdictions whose citizens may be granted Awards; and

 

		(j)	to correct any defect, supply any omission or reconcile
any inconsistency in the Plan or any Award Agreement and to make all other determinations and take such other actions with respect
to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent with the provisions of the Plan or
applicable law.

 

2.5           Indemnification.
In addition to such other rights of indemnification as they may have as members of the Board or the Committee or as officers
or employees of the Company, members of the Board or the Committee and any officers or employees of the Company to whom authority
to act for the Board, the Committee or the Company is delegated shall be indemnified by the Company against all reasonable expenses,
including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding,
or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure
to act under or in connection with the Plan, or any right granted hereunder, and against all amounts paid by them in settlement
thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction
of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action,
suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however,
that within sixty (60) days after the institution of such action, suit or proceeding, such person shall offer to the Company,
in writing, the opportunity at its own expense to handle and defend the same.

 

		3.	Shares Subject to Plan

 

3.1           Maximum
Number of Shares Issuable. Subject to adjustment as provided in Sections 3.2 and 3.3, the maximum aggregate number of
shares of Stock that may be issued under the Plan shall be four hundred thousand (400,000) which shall consist of authorized but
unissued or reacquired shares of Stock or any combination thereof.

 

3.2           Share
Counting. If an outstanding Award for any reason expires or is terminated or canceled without having been exercised or settled
in full, or if shares of Stock acquired pursuant to an Award subject to forfeiture are forfeited, the shares of Stock allocable
to the terminated portion of such Award or such forfeited shares of Stock shall again be available for issuance under the Plan.
Shares of Stock shall not be deemed to have been issued pursuant to the Plan with respect to any portion of an Award that is settled
in cash. Shares withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant to Section 10.2,
or repurchased by the Company, shall not again be available for issuance under the Plan.

 

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3.3           Adjustments
for Changes in Capital Structure. Subject to any required action by the stockholders of the Company, in the event of any change
in the Stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation,
recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination
of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend
or distribution to the stockholders of the Company in a form other than Stock (excepting normal cash dividends) that has a material
effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments shall be made in the number and class
of shares subject to the Plan and to any outstanding Awards, and in the exercise or purchase price per share of any outstanding
Awards in order to prevent dilution or enlargement of Participants’ rights under the Plan. For purposes of the foregoing,
conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration
by the Company.” If a majority of the shares which are of the same class as the shares that are subject to outstanding Awards
are exchanged for, converted into, or otherwise become (whether or not pursuant to an Ownership Change Event) shares of another
corporation (the “New Shares”), the Committee may unilaterally amend the outstanding Awards to provide
that such Awards are for New Shares. In the event of any such amendment, the number of shares subject to, and the exercise or purchase
price per share of, the outstanding Awards shall be adjusted in a fair and equitable manner as determined by the Committee, in
its discretion. Any fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest
whole number, and the exercise price per share shall be rounded up to the nearest whole cent. In no event may the exercise price
of any Award be decreased to an amount less than the par value, if any, of the stock subject to the Award. The Committee in its
sole discretion, may also make such adjustments in the terms of any Award to reflect, or related to, such changes in the capital
structure of the Company or distributions as it deems appropriate. The adjustments determined by the Committee pursuant to this
Section shall be final, binding and conclusive.

 

		4.	Eligibility

 

4.1           Persons
Eligible for Awards. Awards may be granted only to Employees, Consultants and Directors.

 

4.2           Participation
in Plan. Awards are granted solely at the discretion of the Committee. Eligible persons may be granted more than one Award.
However, eligibility in accordance with this Section shall not entitle any person to be granted an Award, or, having been granted
an Award, to be granted an additional Award.

 

		5.	Restricted Stock Awards

 

Restricted Stock Awards shall be evidenced
by Award Agreements specifying the number of shares of Stock subject to the Award, in such form as the Committee shall from time
to time establish. Award Agreements evidencing Restricted Stock Awards may incorporate all or any of the terms of the Plan by reference
and shall comply with and be subject to the following terms and conditions:

 

5.1           Types
of Restricted Stock Awards Authorized. Restricted Stock Awards may be granted upon such conditions as the Committee shall determine,
including, without limitation, upon the attainment of one or more performance goals.

 

5.2           Purchase
Price. No monetary payment (other than applicable tax withholding) shall be required as a condition of receiving shares of
Stock pursuant to a Restricted Stock Award, the consideration for which shall be services actually rendered to the Company or for
its benefit.

 

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5.3           Vesting
and Restrictions on Transfer. Shares issued pursuant to any Restricted Stock Award may (but need not) be made subject to Vesting
Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria as shall
be established by the Committee and set forth in the Award Agreement evidencing such Award. During any period in which shares acquired
pursuant to a Restricted Stock Award remain subject to Vesting Conditions, such shares may not be sold, exchanged, transferred,
pledged, assigned or otherwise disposed of other than pursuant to an Ownership Change Event or as provided in Section 5.6.
The Committee, in its discretion, may provide in any Award Agreement evidencing a Restricted Stock Award that, if the satisfaction
of Vesting Conditions with respect to any shares subject to such Restricted Stock Award would otherwise occur on a day on which
the sale of such shares would violate the provisions of the Insider Trading Policy, then satisfaction of the Vesting Conditions
automatically shall be determined on the next trading day on which the sale of such shares would not violate the Insider Trading
Policy. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions prior to
the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates representing shares
of Stock acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

 

5.4           Voting
Rights; Dividends and Distributions. Except as provided in this Section, Section 5.5 and any Award Agreement, during any
period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, the Participant shall
have all of the rights of a stockholder of the Company holding shares of Stock, including the right to vote such shares and to
receive all dividends and other distributions paid with respect to such shares. However, in the event of a dividend or distribution
paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as
described in Section 3.3, any and all new, substituted or additional securities or other property (other than normal cash
dividends) to which the Participant is entitled by reason of the Participant’s Restricted Stock Award shall be immediately
subject to the same Vesting Conditions as the shares subject to the Restricted Stock Award with respect to which such dividends
or distributions were paid or adjustments were made.

 

5.5           Effect
of Termination of Service. Unless otherwise provided by the Committee in the Award Agreement evidencing a Restricted Stock
Award, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s
death or disability), then the Participant shall forfeit to the Company any shares acquired by the Participant pursuant to a Restricted
Stock Award which remain subject to Vesting Conditions as of the date of the Participant’s termination of Service. The Company
shall have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to
one or more persons as may be selected by the Company.

 

5.6           Nontransferability
of Restricted Stock Award Rights. Rights to acquire shares of Stock pursuant to a Restricted Stock Award shall not be subject
in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by creditors
of the Participant or the Participant’s beneficiary, except transfer by will or the laws of descent and distribution. All
rights with respect to a Restricted Stock Award granted to a Participant hereunder shall be exercisable during his or her lifetime
only by such Participant or the Participant’s guardian or legal representative.

 

6.          Restricted
Stock Unit Awards.

 

Restricted Stock Unit Awards shall be evidenced
by Award Agreements specifying the number of Restricted Stock Units subject to the Award, in such form as the Committee shall from
time to time establish. Award Agreements evidencing Restricted Stock Units may incorporate all or any of the terms of the Plan
by reference and shall comply with and be subject to the following terms and conditions:

 

6.1           Grant
of Restricted Stock Unit Awards. Restricted Stock Unit Awards may be granted upon such conditions as the Committee shall determine,
including, without limitation, upon the attainment of one or more performance goals.

 

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6.2           Purchase
Price. No monetary payment (other than applicable tax withholding, if any) shall be required as a condition of receiving a
Restricted Stock Unit Award, the consideration for which shall be services actually rendered to the Company or for its benefit.

 

6.3           Vesting.
Restricted Stock Unit Awards may (but need not) be made subject to Vesting Conditions based upon the satisfaction of such Service
requirements, conditions, restrictions or performance criteria as shall be established by the Committee and set forth in the Award
Agreement evidencing such Award. The Committee, in its discretion, may provide in any Award Agreement evidencing a Restricted Stock
Unit Award that, if the satisfaction of Vesting Conditions with respect to any shares subject to the Award would otherwise occur
on a day on which the sale of such shares would violate the provisions of the Insider Trading Policy, then satisfaction of the
Vesting Conditions automatically shall be determined on the first to occur of (a) the next trading day on which the sale of
such shares would not violate the Insider Trading Policy or (b) the later of (i) the last day of the calendar year in
which the original vesting date occurred or (ii) the last day of the Company’s taxable year in which the original vesting
date occurred.

 

6.4           Voting
Rights, Dividend Equivalent Rights and Distributions. Participants shall have no voting rights with respect to shares of Stock
represented by Restricted Stock Units until the date of the issuance of such shares (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may provide
in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant shall be entitled to Dividend Equivalent
Rights with respect to the payment of cash dividends on Stock during the period beginning on the date such Award is granted and
ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or the date on which it
is terminated. Such Dividend Equivalent Rights, if any, shall be paid by crediting the Participant with additional whole Restricted
Stock Units as of the date of payment of such cash dividends on Stock. The number of additional Restricted Stock Units (rounded
to the nearest whole number) to be so credited shall be determined by dividing (a) the amount of cash dividends paid on such
date with respect to the number of shares of Stock represented by the Restricted Stock Units previously credited to the Participant
by (b) the Fair Market Value per share of Stock on such date. Such additional Restricted Stock Units shall be subject to the
same terms and conditions and shall be settled in the same manner and at the same time as the Restricted Stock Units originally
subject to the Restricted Stock Unit Award. In the event of a dividend or distribution paid in shares of Stock or other property
or any other adjustment made upon a change in the capital structure of the Company as described in Section 3.3, appropriate
adjustments shall be made in the Participant’s Restricted Stock Unit Award so that it represents the right to receive upon
settlement any and all new, substituted or additional securities or other property (other than normal cash dividends) to which
the Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Award, and all such new, substituted
or additional securities or other property shall be immediately subject to the same Vesting Conditions as are applicable to the
Award.

 

6.5           Effect
of Termination of Service. Unless otherwise provided by the Committee and set forth in the Award Agreement evidencing a Restricted
Stock Unit Award, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s
death or disability), then the Participant shall forfeit to the Company any Restricted Stock Units pursuant to the Award which
remain subject to Vesting Conditions as of the date of the Participant’s termination of Service.

 

6.6           Settlement
of Restricted Stock Unit Awards. The Company shall issue to a Participant on the date on which Restricted Stock Units subject
to the Participant’s Restricted Stock Unit Award vest or on such other date determined by the Committee, in its discretion,
and set forth in the Award Agreement one (1) share of Stock (and/or any other new, substituted or additional securities or
other property pursuant to an adjustment described in Section 6.4) for each Restricted Stock Unit then becoming vested or
otherwise to be settled on such date, subject to the withholding of applicable taxes, if any. If permitted by the Committee, the
Participant may elect, consistent with the requirements of Section 409A, to defer receipt of all or any portion of the shares
of Stock or other property otherwise issuable to the Participant pursuant to this Section, and such deferred issuance date(s) and
amount(s) elected by the Participant shall be set forth in the Award Agreement. Notwithstanding the foregoing, the Committee, in
its discretion, may provide in any Award Agreement for settlement of any Restricted Stock Unit Award by payment to the Participant
in cash of an amount equal to the Fair Market Value on the payment date of the shares of Stock or other property otherwise issuable
to the Participant pursuant to this Section.

 

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6.7           Nontransferability
of Restricted Stock Unit Awards. The right to receive shares pursuant to a Restricted Stock Unit Award shall not be subject
in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors
of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution.
All rights with respect to a Restricted Stock Unit Award granted to a Participant hereunder shall be exercisable during his or
her lifetime only by such Participant or the Participant’s guardian or legal representative.

 

		7.	Unrestricted Stock Awards; Stock and Cash Bonuses

 

Unrestricted Stock Awards and Stock Bonuses
shall be evidenced by Award Agreements specifying the number of shares of Stock subject to the Award, in such form as the Committee
shall from time to time establish. Award Agreements evidencing Unrestricted Stock Awards or Stock Bonuses may incorporate all or
any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

 

7.1           The
Committee may grant issue to a Participant Unrestricted Stock Awards or Stock Bonuses in such amounts as it shall determine from
time to time. An Unrestricted Stock Award shall be granted or Stock Bonus paid at such time (including a future date selected by
the Committee at the time of grant) and subject to such conditions as the Committee shall determine at the time of the grant of
such Unrestricted Stock Award or Stock Bonus. By way of example and not by way of limitation, the Committee may require, as a condition
to the grant of an Unrestricted Stock Award or payment of a Stock Bonus, that the Participant or the Company achieve such performance
criteria as the Committee may specify at the time of the grant. Certificates for shares of Company Stock granted as an Unrestricted
Stock Award or a Stock Bonus shall be issued in the name of the Participant to whom such grant was made and delivered to such Participant
as soon as practicable after the date on which such Unrestricted Stock Award is granted or Stock Bonus is required to be paid.
Prior to the date on which an Unrestricted Stock Award is granted or a Stock Bonus awarded hereunder is required to be paid, such
Award shall constitute an unfunded, unsecured promise by the Company to distribute Company Stock in the future.

 

7.2           The
Committee may, in its absolute discretion, in connection with any grant of Unrestricted Stock, Restricted Stock or a Stock Bonus
or at any time thereafter, grant a cash bonus, payable promptly after the date on which the Participant is required to recognize
income for federal income tax purposes in connection with such grant of Unrestricted Stock, Restricted Stock or Stock Bonus, in
such amounts as the Committee shall determine from time to time; provided, however, that in no event shall the amount of a Cash
Bonus exceed the Fair Market Value of the related shares of Unrestricted Stock, Restricted Stock or Stock Bonus on such date. A
cash bonus shall be subject to such conditions as the Committee shall determine at the time of the grant of such cash bonus.

 

		8.	Standard Forms of Award Agreements

 

8.1           Award
Agreements. Each Award shall comply with and be subject to the terms and conditions set forth in the appropriate form of Award
Agreement approved by the Committee and as amended from time to time. No Award or purported Award shall be a valid and binding
obligation of the Company unless evidenced by a fully executed Award Agreement. Any Award Agreement may consist of an appropriate
form of Notice of Grant and a form of Agreement incorporated therein by reference, or such other form or forms, including electronic
media, as the Committee may approve from time to time.

 

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8.2           Authority
to Vary Terms. The Committee shall have the authority from time to time to vary the terms of any standard form of Award Agreement
either in connection with the grant or amendment of an individual Award or in connection with the authorization of a new standard
form or forms; provided, however, that the terms and conditions of any such new, revised or amended standard form or forms of Award
Agreement are not inconsistent with the terms of the Plan.

 

		9.	Change in Control

 

9.1           Effect
of Change in Control on Awards. Subject to the requirements and limitations of Section 409A if applicable, the Committee
may provide for any one or more of the following:

 

(a) Accelerated Vesting.
The Committee may, in its discretion, provide in any Award Agreement or, in the event of a Change in Control, may take such actions
as it deems appropriate to provide for the acceleration of the exercisability, vesting and/or settlement in connection with such
Change in Control of each or any outstanding Award or portion thereof and shares acquired pursuant thereto upon such conditions,
including termination of the Participant’s Service prior to, upon, or following such Change in Control, to such extent as
the Committee shall determine.

 

(b) Assumption, Continuation
or Substitution. In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or
other business entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent
of any Participant, either assume or continue the Company’s rights and obligations under each or any Award or portion thereof
outstanding immediately prior to the Change in Control or substitute for each or any such outstanding Award or portion thereof
a substantially equivalent award with respect to the Acquiror’s stock, as applicable. For purposes of this Section, if so
determined by the Committee, in its discretion, an Award denominated in shares of Stock shall be deemed assumed if, following the
Change in Control, the Award confers the right to receive, subject to the terms and conditions of the Plan and the applicable Award
Agreement, for each share of Stock subject to the Award immediately prior to the Change in Control, the consideration (whether
stock, cash, other securities or property or a combination thereof) to which a holder of a share of Stock on the effective date
of the Change in Control was entitled; provided, however, that if such consideration is not solely common stock of the Acquiror,
the Committee may, with the consent of the Acquiror, provide for the consideration to be received upon the exercise or settlement
of the Award, for each share of Stock subject to the Award, to consist solely of common stock of the Acquiror equal in Fair Market
Value to the per share consideration received by holders of Stock pursuant to the Change in Control. If any portion of such consideration
may be received by holders of Stock pursuant to the Change in Control on a contingent or delayed basis, the Committee may, in its
sole discretion, determine such Fair Market Value per share as of the time of the Change in Control on the basis of the Committee’s
good faith estimate of the present value of the probable future payment of such consideration. Any Award or portion thereof which
is neither assumed or continued by the Acquiror in connection with the Change in Control nor exercised or settled as of the time
of consummation of the Change in Control shall terminate and cease to be outstanding effective as of the time of consummation of
the Change in Control.

 

(c) Cash-Out of Awards.
The Committee may, in its discretion and without the consent of any Participant, determine that, upon the occurrence of a Change
in Control, each or any Award or a portion thereof outstanding immediately prior to the Change in Control and not previously exercised
or settled shall be canceled in exchange for a payment with respect to each vested share (and each unvested share, if so determined
by the Committee) of Stock subject to such canceled Award in (i) cash, (ii) stock of the Company or of a corporation
or other business entity a party to the Change in Control, or (iii) other property which, in any such case, shall be in an
amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per share of Stock in the Change
in Control, reduced by the exercise or purchase price per share, if any, under such Award. If any portion of such consideration
may be received by holders of Stock pursuant to the Change in Control on a contingent or delayed basis, the Committee may, in its
sole discretion, determine such Fair Market Value per share as of the time of the Change in Control on the basis of the Committee’s
good faith estimate of the present value of the probable future payment of such consideration. In the event such determination
is made by the Committee, the amount of such payment (reduced by applicable withholding taxes, if any) shall be paid to Participants
in respect of the vested portions of their canceled Awards as soon as practicable following the date of the Change in Control and
in respect of the unvested portions of their canceled Awards in accordance with the vesting schedules applicable to such Awards.

 

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9.2           Federal
Excise Tax under Section 4999 of the Code.

 

(a) Excess Parachute Payment.
In the event that any acceleration of vesting pursuant to an Award and any other payment or benefit received or to be received
by a Participant would subject the Participant to any excise tax pursuant to Section 4999 of the Code due to the characterization
of such acceleration of vesting, payment or benefit as an “excess parachute payment” under Section 280G of the Code,
the Participant may elect, in his or her sole discretion, to reduce the amount of any acceleration of vesting called for under
the Award in order to avoid such characterization.

 

(b) Determination by Independent
Accountants. To aid the Participant in making any election called for under Section 10.2(a), no later than the date
of the occurrence of any event that might reasonably be anticipated to result in an “excess parachute payment” to the
Participant as described in Section 10.2(a), the Company shall request a determination in writing by independent public accountants
selected by the Company (the “Accountants”). As soon as practicable thereafter, the Accountants shall
determine and report to the Company and the Participant the amount of such acceleration of vesting, payments and benefits which
would produce the greatest after-tax benefit to the Participant. For the purposes of such determination, the Accountants may rely
on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and
the Participant shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order
to make their required determination. The Company shall bear all fees and expenses the Accountants may reasonably charge in connection
with their services contemplated by this Section 10.2(b).

 

10.         Tax
Withholding

 

10.1         Tax
Withholding in General. The Company shall have the right to deduct from any and all payments made under the Plan, or to require
the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local
and foreign taxes, if any, required by law to be withheld by the Company with respect to an Award or the shares acquired pursuant
thereto. The Company shall have no obligation to deliver shares of Stock, to release shares of Stock from an escrow established
pursuant to an Award Agreement, or to make any payment in cash under the Plan until the Company’s tax withholding obligations
have been satisfied by the Participant.

 

10.2         Withholding
in Shares. The Company shall have the right, but not the obligation, to deduct from the shares of Stock issuable to a Participant
upon the exercise or settlement of an Award, or to accept from the Participant the tender of, a number of whole shares of Stock
having a Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding obligations of the Company.
The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding obligations shall not exceed
the amount determined by the applicable minimum statutory withholding rates.

 

11.         Compliance
with Securities Law

 

The grant of Awards and the issuance of
shares of Stock pursuant to any Award shall be subject to compliance with all applicable requirements of federal, state and foreign
law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be
listed. In addition, no Award may be exercised or shares issued pursuant to an Award unless (a) a registration statement under
the Securities Act shall at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to
the Award or (b) in the opinion of legal counsel to the Company, the shares issuable pursuant to the Award may be issued in
accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of
the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel
to be necessary to the lawful issuance and sale of any shares hereunder shall relieve the Company of any liability in respect of
the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to issuance
of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence
compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested
by the Company.

 

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		12.	Amendment or Termination of Plan

 

The Committee may amend, suspend or terminate
the Plan at any time. However, without the approval of the Company’s stockholders, there shall be no amendment of the Plan
that would increase the number of shares authorized for issuance, or require approval of the Company’s stockholders under
any applicable law, regulation or rule, including the rules of any stock exchange or market system upon which the Stock may then
be listed. No amendment, suspension or termination of the Plan shall affect any then outstanding Award unless expressly provided
by the Committee. Except as provided by the next sentence, no amendment, suspension or termination of the Plan may adversely affect
any then outstanding Award without the consent of the Participant. Notwithstanding any other provision of the Plan or any Award
Agreement to the contrary, the Committee may, in its sole and absolute discretion and without the consent of any Participant, amend
the Plan or any Award Agreement, to take effect retroactively or otherwise, as it deems necessary or advisable for the purpose
of conforming the Plan or such Award Agreement to any present or future law, regulation or rule applicable to the Plan, including,
but not limited to, Section 409A of the Code and all applicable guidance promulgated thereunder.

 

		13.	Miscellaneous Provisions

 

13.1         Repurchase
Rights. Shares issued under the Plan may be subject to one or more repurchase options, or other conditions and restrictions
as determined by the Committee in its discretion at the time the Award is granted. The Company shall have the right to assign at
any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected
by the Company. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions
prior to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates representing
shares of Stock acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

 

13.2         Forfeiture
Events.

 

(a) The Committee may specify in an
Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction,
cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting
or performance conditions of an Award. Such events may include, but shall not be limited to, termination of Service for Cause or
any act by a Participant, whether before or after termination of Service, that would constitute Cause for termination of Service.

 

(b) In the event of a restatement of
our financial results to correct a material error or inaccuracy resulting in whole or in part from the fraud or intentional misconduct
of an officer who is subject to Section 16 of the Securities Exchange Act of 1934, to the extent permitted by applicable law, we
may take such actions as we determine to be appropriate to recover compensation provided to such officer under the Plan, including
without limitation cancellation of outstanding awards or recovery of all or a portion of any gain realized upon vesting, settlement,
or exercise of an award or recovery of all or a portion of any proceeds resulting from any disposition of shares received pursuant
to an award.

 

    	- 9 -

    	 

    

 

(c) If the Company is required to prepare
an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting
requirement under the securities laws, any Participant who knowingly or through gross negligence engaged in the misconduct, or
who knowingly or through gross negligence failed to prevent the misconduct, and any Participant who is one of the individuals subject
to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, shall reimburse the Company the amount of any
payment in settlement of an Award earned or accrued during the twelve- (12-) month period following the first public issuance or
filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document embodying
such financial reporting requirement.

 

13.3         Provision
of Information. Each Participant shall be given access to information concerning the Company equivalent to that information
generally made available to the Company’s common stockholders.

 

13.4         Rights
as Employee, Consultant or Director. No person, even though eligible pursuant to Section 4, shall have a right to be selected
as a Participant, or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any Award granted
under the Plan shall confer on any Participant a right to remain an Employee, Consultant or Director or interfere with or limit
in any way any right of the Company to terminate the Participant’s Service at any time.

 

13.5         Rights
as a Stockholder. A Participant shall have no rights as a stockholder with respect to any shares covered by an Award until
the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date
is prior to the date such shares are issued, except as provided in Section 3.3 or another provision of the Plan.

 

13.6         Delivery
of Title to Shares. Subject to any governing rules or regulations, the Company shall issue or cause to be issued the shares
of Stock acquired pursuant to an Award and shall deliver such shares to or for the benefit of the Participant by means of one or
more of the following: (a) by delivering to the Participant evidence of book entry shares of Stock credited to the account
of the Participant, (b) by depositing such shares of Stock for the benefit of the Participant with any broker with which the
Participant has an account relationship, or (c) by delivering such shares of Stock to the Participant in certificate form.

 

13.7         Fractional
Shares. The Company shall not be required to issue fractional shares upon the exercise or settlement of any Award.

 

13.8         Retirement
and Welfare Plans. Neither Awards made under this Plan nor shares of Stock or cash paid pursuant to such Awards shall be included
as “compensation” for purposes of computing the benefits payable to any Participant under any retirement plan of the
Company (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation
shall be taken into account in computing such benefits.

 

13.9         Severability.
If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal or unenforceable in any
respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability
of the remaining provisions (or any part thereof) of the Plan shall not in any way be affected or impaired thereby.

 

13.10         No
Constraint on Corporate Action. Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect the
Company’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure,
or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (b) limit
the right or power of the Company to take any action which such entity deems to be necessary or appropriate.

 

    	- 10 -

    	 

    

 

13.11         Unfunded
Obligation. Participants shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants
pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I
of the Employee Retirement Income Security Act of 1974. The Company shall be required to segregate any monies from its general
funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at
all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment
obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create
or constitute a trust or fiduciary relationship between the Committee or the Company and a Participant, or otherwise create any
vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the Company. The Participants
shall have no claim against the Company for any changes in the value of any assets which may be invested or reinvested by the Company
with respect to the Plan.

 

13.12         Choice
of Law. Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance
of the Plan and each Award Agreement shall be governed by the laws of the State of Washington, without regard to its conflict of
law rules.

 

		14.	Definitions and Construction.

 

14.1 Definitions. Whenever used herein,
the following terms shall have their respective meanings set forth below:

 

(a) “Affiliate”
means (i) an entity, other than a Parent Corporation, that directly, or indirectly through one or more intermediary entities,
controls the Company or (ii) an entity, other than a Subsidiary Corporation, that is controlled by the Company directly or
indirectly through one or more intermediary entities. For this purpose, the term “control” (including the term “controlled
by”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies
of the relevant entity, whether through the ownership of voting securities, by contract or otherwise; or shall have such other
meaning assigned such term for the purposes of registration on Form S-8 under the Securities Act.

 

(b) “Award”
means any Restricted Stock Award, Restricted Stock Unit Award or award of Unrestricted Stock or a Stock Bonus granted under the
Plan.

 

(c) “Award Agreement”
means a written or electronic agreement between the Company and a Participant setting forth the terms, conditions and restrictions
of the Award granted to the Participant.

 

(d) “Board”
means the Board of Directors of the Company.

 

(e) “Cause” means,
unless such term or an equivalent term is otherwise defined with respect to an Award by the Participant’s Award Agreement
or by a written contract of employment or service, any of the following: (i) the Participant’s theft, dishonesty, willful
misconduct, breach of fiduciary duty for personal profit, or falsification of the Company documents or records; (ii) the Participant’s
material failure to abide by the Company’s code of conduct or other policies (including, without limitation, policies relating
to confidentiality and reasonable workplace conduct); (iii) the Participant’s unauthorized use, misappropriation, destruction
or diversion of any tangible or intangible asset or corporate opportunity of the Company (including, without limitation, the Participant’s
improper use or disclosure of the Company’s confidential or proprietary information); (iv) any intentional act by the
Participant which has a material detrimental effect on the Company’s reputation or business; (v) the Participant’s
repeated failure or inability to perform any reasonable assigned duties after written notice from the Company of, and a reasonable
opportunity to cure, such failure or inability; (vi) any material breach by the Participant of any employment, service, non-disclosure,
non-competition, non-solicitation or other similar agreement between the Participant and the Company, which breach is not cured
pursuant to the terms of such agreement; or (vii) the Participant’s conviction (including any plea of guilty or nolo
contendere) of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or which impairs the Participant’s
ability to perform his or her duties with the Company.

 

    	- 11 -

    	 

    

 

(f) “Change in Control”
means, unless such term or an equivalent term is otherwise defined with respect to an Award by the Participant’s Award Agreement
or written contract of employment or service, the occurrence of any of the following:

 

(i) any “person” (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3
promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the total combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election
of Directors; provided, however, that the following acquisitions shall not constitute a Change in Control: (1) an acquisition
by any such person who on the Effective Date is the beneficial owner of more than fifty percent (50%) of such voting power, (2) any
acquisition directly from the Company, including, without limitation, a public offering of securities, (3) any acquisition
by the Company, (4) any acquisition by a trustee or other fiduciary under an employee benefit plan of the Company or (5) any
acquisition by an entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions
as their ownership of the voting securities of the Company; or

 

(ii) an Ownership Change Event or series
of related Ownership Change Events (collectively, a “Transaction”) in which the stockholders of the Company
immediately before the Transaction do not retain immediately after the Transaction direct or indirect beneficial ownership of more
than fifty percent (50%) of the total combined voting power of the outstanding securities entitled to vote generally in the election
of Directors or, in the case of an Ownership Change Event, the entity to which the assets of the Company were transferred (the
“Transferee”), as the case may be; or

 

(iii) the liquidation or dissolution
of the Company. provided, however, that a Change in Control shall be deemed not to include a transaction described in subsections
(i) or (ii) of this Section 14.1(f) in which a majority of the members of the board of directors of the continuing,
surviving or successor entity, or parent thereof, immediately after such transaction is comprised of Incumbent Directors. Notwithstanding
the foregoing, to the extent that any amount constituting Section 409A Deferred Compensation would become payable under this
Plan by reason of a Change in Control, such amount shall become payable only if the event constituting a Change in Control would
also constitute a change in ownership or effective control of the Company or a change in the ownership of a substantial portion
of the assets of the Company within the meaning of Section 409A.

 

For purposes of the preceding sentence,
indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities
of one or more corporations or other business entities which own the Company or the Transferee, as the case may be, either directly
or through one or more subsidiary corporations or other business entities. The Committee shall have the right to determine whether
multiple sales or exchanges of the voting securities of the Company or multiple Ownership Change Events are related, and its determination
shall be final, binding and conclusive.

 

(g) “Code”
means the Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated thereunder.

 

(h) “Committee”
means the Compensation Committee and such other committee or subcommittee of the Board, if any, duly appointed to administer
the Plan and having such powers in each instance as shall be specified by the Board. If, at any time, there is no committee of
the Board then authorized or properly constituted to administer the Plan, the Board shall exercise all of the powers of the Committee
granted herein, and, in any event, the Board may in its discretion exercise any or all of such powers. The Board at any time may
abolish the Committee and reinvest in the Board the administration of this Plan.

 

(i) “Company”
means ITEX Corporation, a Nevada corporation, or any successor corporation thereto.

 

(j) “Consultant”
means a person engaged to provide consulting or advisory services (other than as an Employee or a Director) to the Company.

 

(k) “Director”
means a member of the Board.

 

    	- 12 -

    	 

    

 

(l) “Disability”
means the inability of the Participant, in the opinion of a qualified physician acceptable to the Company, to perform the major
duties of the Participant’s position with the Company because of the sickness or injury of the Participant.

 

(m) “Dividend Equivalent
Right” means the right of a Participant, granted at the discretion of the Committee or as otherwise provided by the
Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one share of Stock
for each share of Stock represented by an Award held by such Participant.

 

(n) “Employee”
means any person treated as an employee (including an Officer or a Director who is also treated as an employee) in the records
of the Company or any subsidiary corporation (whether now existing or subsequently established). The Company shall determine in
good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective
date of such individual’s employment or termination of employment, as the case may be. For purposes of an individual’s
rights, if any, under the terms of the Plan as of the time of the Company’s determination of whether or not the individual
is an Employee, all such determinations by the Company shall be final, binding and conclusive as to such rights, if any, notwithstanding
that the Company or any court of law or governmental agency subsequently makes a contrary determination as to such individual’s
status as an Employee.

 

(o) “Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

(p) “Fair Market Value”
means, as of any date, the value of a share of Stock or other property as determined by the Committee, in its discretion, or by
the Company, in its discretion, if such determination is expressly allocated to the Company herein, subject to the following:

 

(i) If, on such date, the Stock is listed
on a national or regional securities exchange or market system, or is quoted on the OTC Markets Group Inc., whether OTCQB or OTCQX
(“OTC”), the Fair Market Value of a share of Stock shall be the closing price of a share of Stock (or the mean of the
closing bid and asked prices of a share of Stock if the Stock is so quoted instead) as quoted on such national, regional securities
exchange, market system or OTC constituting the primary market for the Stock, as reported in The Wall Street Journal, the
OTC or such other source as the Company deems reliable. If the relevant date does not fall on a day on which the Stock has traded
over the counter or on such securities exchange or market system, the date on which the Fair Market Value shall be established
shall be the last day on which the Stock was so traded prior to the relevant date, or such other appropriate day as shall be determined
by the Committee, in its discretion.

 

(ii) If, on such date, the Stock is not
listed on a national or regional securities exchange, market system or OTC, the Fair Market Value of a share of Stock shall be
as determined by the Committee in good faith without regard to any restriction other than a restriction which, by its terms, will
never lapse, and subject to the applicable requirements, if any, of Section 409A of the Code.

 

(q) “Incumbent Director”
means a director who either (i) is a member of the Board as of the Effective Date or (ii) is elected, or nominated
for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election
or nomination, but who was not elected or nominated in connection with an actual or threatened proxy contest relating to the election
of directors of the Company.

 

(r) “Insider”
means an Officer, a Director of the Company or other person whose transactions in Stock are subject to Section 16 of the Exchange
Act.

 

(s) “Insider Trading Policy”
means the written policy of the Company pertaining to the purchase, sale, transfer or other disposition of the Company’s
equity securities by Directors, Officers, Employees or other service providers who may possess material, nonpublic information
regarding the Company or its securities.

 

(t) “Officer”
means any person designated by the Board as an officer of the Company.

 

(u) “Ownership Change Event”
means the occurrence of any of the following with respect to the Company: (i) the direct or indirect sale or exchange
in a single or series of related transactions by the stockholders of the Company of more than fifty percent (50%) of the voting
stock of the Company; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange, or
transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries
of the Company).

 

    	- 13 -

    	 

    

 

(v) “Parent Corporation”
means any present or future “parent corporation” of the Company, as defined in Section 424(e) of the Code.

 

(w) “Participant”
means any eligible person who has been granted one or more Awards.

 

(x) “Restricted Stock Award”
means an Award granted to a Participant pursuant to Section 5 to receive a share of Stock on a date determined in accordance
with the provisions of such Section and the Participant’s Award Agreement.

 

(y) “Restricted Stock Unit”
means a right granted to a Participant pursuant to Section 6 to receive a share of Stock on a date determined in accordance
with the provisions of such Section and the Participant’s Award Agreement.

 

(z) “Rule 16b-3”
means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor rule or regulation.

 

(aa) “Section 409A”
means Section 409A of the Code.

 

(bb) “Securities Act”
means the Securities Act of 1933, as amended.

 

(cc) “Service”
means a Participant’s employment or service with the Company, whether in the capacity of an Employee, a Director or a Consultant.
A Participant’s Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant
renders Service to the Company, provided that there is no interruption or termination of the Participant’s Service. Furthermore,
a Participant’s Service shall not be deemed to have terminated if the Participant takes any military leave, sick leave, or
other bona fide leave of absence approved by the Company. However, if any such leave taken by a Participant exceeds ninety (90) days,
then on the ninety-first (91st) day following the commencement of such leave the Participant’s Service shall be deemed to
have terminated, unless the Participant’s right to return to Service is guaranteed by statute or contract. Notwithstanding
the foregoing, unless otherwise designated by the Company or required by law, a leave of absence shall not be treated as Service
for purposes of determining vesting under the Participant’s Award Agreement. A Participant’s Service shall be deemed
to have terminated either upon an actual termination of Service. Subject to the foregoing, the Company, in its discretion, shall
determine whether the Participant’s Service has terminated and the effective date of and reason for such termination.

 

(dd) “Stock”
means the common stock of the Company, as adjusted from time to time in accordance with Section 3.3.

 

(ee) “Stock Bonus”
means an award of Stock, or cash in lieu of Stock, pursuant to Section 7.

 

(ff) “Subsidiary Corporation”
means any present or future “subsidiary corporation” of the Company, as defined in Section 424(f) of the Code.

 

(gg) “Unrestricted Stock”
means an Award of Stock not subject to restrictions described in Section 5 herein.

 

(hh) “Vesting Conditions”
mean those conditions established in accordance with the Plan prior to the satisfaction of which shares subject to an Award
remain subject to forfeiture or a repurchase option in favor of the Company exercisable for the Participant’s monetary purchase
price, if any, for such shares upon the Participant’s termination of Service.

 

    	- 14 -ITEX CORPORATION

 

EXECUTIVE RESTRICTED STOCK AGREEMENT

 

This Agreement is made as of the Grant Date
(as defined in section 1.0), by and between the Participant (as defined in section 1.0) and ITEX Corporation, a Nevada corporation
(the “Company”).

 

Whereas, the Company maintains the ITEX
Corporation 2014 Equity Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement,
and the Participant has been selected by the Compensation Committee administering the Plan (the “Committee”) to receive
a Restricted Stock award under the Plan;

 

NOW, THEREFORE, IT IS AGREED, by and between
the Company and the Participant, as follows:

 

		1.0	Terms of Award

 

1.1           The
following terms used in this Agreement shall have the meanings set forth in this paragraph 1.0:

 

		(a)	The “Participant” is _____________.

 

		(b)	The “Grant Date” is _____________.

 

		(c)	The “Restricted Period” is the period beginning
on the Grant Date and ending on ____________, subject to the vesting schedule in Section 5.0 below.

 

		(d)	The number of shares of “Restricted Stock”
awarded under this Agreement shall be ___________ shares. Shares of “Restricted Stock” are shares of Stock granted
under this Agreement and are subject to the terms of this Agreement and the Plan.

 

Other terms used in this Agreement are defined
pursuant to paragraph 6 or elsewhere in this Agreement. Unless otherwise defined in this Agreement, the terms defined in the Plan
shall have the same defined meanings in this Agreement.

 

		2.0	Award

 

2.1           The
Participant is hereby granted the number of shares of Restricted Stock set forth in paragraph 1.0.

 

		3.0	Dividends and Voting Rights

 

3.1           The
Participant shall be entitled to receive any dividends paid with respect to shares of Restricted Stock that become payable during
the Restricted Period; provided, however, that no dividends shall be payable to or for the benefit of the Participant for
shares of Restricted Stock with respect to record dates occurring prior to the Grant Date, or with respect to record dates occurring
on or after the date, if any, on which the Participant has forfeited those shares of Restricted Stock. The Participant shall be
entitled to vote the shares of Restricted Stock during the Restricted Period to the same extent as would have been applicable to
the Participant if the Participant was then vested in the shares; provided, however, that the Participant shall not be entitled
to vote the shares with respect to record dates for such voting rights arising prior to the Grant Date, or with respect to record
dates occurring on or after the date, if any, on which the Participant has forfeited the shares of Restricted Stock.

 

    	- 1 -

    	 

    

 

		4.0	Deposit of Shares of Restricted Stock

 

4.1           Each
certificate issued in respect of shares of Restricted Stock granted under this Agreement shall be registered in the name of the
Participant and shall be deposited in escrow with the Secretary of the Company or with outside counsel for the Company. The grant
of Restricted Stock is conditioned upon the Participant endorsing in blank an Assignment Separate from Certificate for the Restricted
Stock in the form of Exhibit A. The deposited certificates, together with any other assets or securities from time to time deposited
with the Company pursuant to the requirements of this Agreement, shall remain in escrow until such time or times as the certificates
(or other assets and securities) are to be released or otherwise surrendered for cancellation in accordance with Section 5. Upon
delivery of the certificates (or other assets and securities) to the Company, the Owner shall be issued an instrument of deposit
acknowledging the number of shares of Restricted Stock (or other assets and securities) delivered in escrow to the Secretary of
the Company.

 

		5.0	Vesting; Transfer and Forfeiture of Shares

 

5.1           If
the Participant’s Date of Termination (as defined below) does not occur during the Restricted Period with respect to any
shares of Restricted Stock, then, at the end of the Restricted Period for such shares, the Participant shall become fully vested
in those shares of Restricted Stock, and shall own the shares free of all restrictions otherwise imposed by this Agreement. Provided
the Participant continues to be an Eligible Recipient, Participant shall become vested in the shares of Restricted Stock, and become
owner of the shares free of all restrictions otherwise imposed by this Agreement, prior to the end of the Restricted Period, in
accordance with the following provisions:

 

		(a)	The Participant shall not acquire any vested interest
in any shares of Restricted Stock during the initial _______ month period measured from the Grant Date.

 

		(b)	Upon the expiration of the initial ______ month period
measured from the Grant Date (“Initial Vesting Date”), the Participant shall acquire a vested interest in that number
of shares of Restricted Stock equal to ____ percent (__%) of the Restricted Stock.

 

		(c)	From and after the Initial Vesting Date, the Participant
shall acquire a vested interest in ____ percent (__%) of the remaining shares of Restricted Stock on each anniversary of the Initial
Vesting Date. The table below sets forth the vesting dates for the Restricted Stock:

 

	Number of Shares
 of Common Stock	 	Vesting Date	 
	             	 	 	             	 
	 	 	 	 	 
	             	 	 	             	 

 

		(d)	The Participant shall become vested in the shares of
Restricted Stock prior to the date the Restricted Stock would otherwise become vested as of the Participant’s Date of Termination,
if the Participant’s Date of Termination occurs by reason of the Participant’s death or Disability, or if the Participant’s
Date of Termination occurs by reason of the Participant’s termination by the Company other than for Good Cause (as defined
below).

 

		(c)	The Participant shall become vested in the shares of
Restricted Stock as of the date of a Change in Control (as defined below), if the Change in Control occurs prior to the end of
the Restricted Period, and the Participant’s Date of Termination does not occur before the Change in Control date.

 

    	- 2 -

    	 

    

 

5.2           Shares
of Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered until the expiration of the Restricted
Period or, if earlier, until the Participant is vested in the shares. Except as otherwise provided in this paragraph 5, if the
Participant’s Date of Termination occurs during the Restricted Period, the Participant shall forfeit the Restricted Stock
as of the Participant’s Date of Termination.

 

		6.0	Definitions

 

6.1           For
purposes of this Agreement, the terms used in this Agreement shall be subject to the following:

 

(a)          Change
in Control. The term “Change in Control” means an event involving one transaction or a related series of transactions
in which one of the following occurs: (i) the Company issues securities equal to 50% or more of the Company’s issued and
outstanding voting securities, determined as a single class, to any individual, firm, partnership or other entity, including a
“group” within the meaning of section 13(d)(3) of the Securities Exchange Act of 1934; (ii) the Company issues securities
equal to 50% or more of the issued and outstanding common stock of the Company in connection with a merger, consolidation or other
business combination; (iii) the Company is acquired in a merger or other business combination transaction in which the Company
is not the surviving company; (iv) all or substantially all of the Company’s assets are sold or transferred; or (v) there
is a change in the majority of the members of the Board of Directors as a result of one or more contested elections for board membership.

 

(b)          Date
of Termination. The Participant’s “Date of Termination” shall be the first day occurring on or after the
Grant Date on which the Participant is either: (a) not employed by the Company or any Subsidiary, or (b) is no longer an Eligible
Person under the Plan who, in the opinion of the Committee, is rendering valuable services to the Company or any Subsidiary, regardless
of the reason for the termination of employment or services; provided that a termination of employment shall not be deemed to occur
(i) if the Participant voluntarily left the Company for any reason other than retirement, disability or “Good Reason,”
or (ii) by reason of a transfer of the Participant between the Company and a Subsidiary or between two Subsidiaries; and further
provided that the Participant’s employment shall not be considered terminated while the Participant is on a leave of absence
from the Company or a Subsidiary approved by the Participant’s employer. If, as a result of a sale or other transaction,
the Participant’s employer ceases to be a Subsidiary (and the Participant’s employer is or becomes an entity that is
separate from the Company), and the Participant is not, at the end of the 30-day period following the transaction, employed by
the Company or an entity that is then a Subsidiary, then the occurrence of such transaction shall be treated as the Participant’s
Date of Termination caused by the Participant being discharged by the employer.

 

(c)          Disability.
Except as otherwise provided by the Committee, the Participant shall be considered to have a “Disability” during the
period in which the Participant is unable, by reason of a medically determinable physical or mental impairment, to engage in any
substantial gainful activity, which condition, in the opinion of a physician selected by the Committee, is expected to have a duration
of not less than 120 days.

 

    	- 3 -

    	 

    

 

(d)          Good
Cause. The term “Good Cause” means that the Participant is terminated by majority vote of (excluding Participant)
the Board of Directors as a result of (1) the occurrence of one of the following: (i) serious misconduct, dishonesty or disloyalty,
directly related to the performance of duties for the Company, which results from a willful act or omission or from gross negligence,
and which is materially or potentially materially injurious to the operations, financial condition or business reputation of the
Company or any significant subsidiary thereof; (ii) Participant being convicted (or entering into a plea bargain admitting criminal
guilt) in any criminal proceeding that may have a material adverse impact on the Company’s reputation and standing in the
community; (iii) drug or alcohol abuse, but only to the extent that such abuse has an obvious and material effect on the Company’s
reputation and/or on the performance of Participant’s duties and responsibilities; or (iv) willful and continued failure
to substantially perform Participant’s duties; and (2) such event, conduct or condition that may result in termination for
Good Cause is not cured within thirty days after written notice is delivered to Participant from the Company. For these purposes,
no act or failure to act shall be considered “willful” unless it is done, or omitted to be done, in bad faith without
reasonable belief that the action or omission was in the best interest of the Company.

 

(e)          Good Reason. The term “Good
Reason” means that the Participant, without Participant’s consent has either:

 

		·	incurred a material reduction in Participant’s title, status, authority or responsibility as CEO at the Company; or

 

		·	failed to be re-elected to the Board and continue as the CEO/Chairman and been able to nominate one officer to the Board; or

 

		·	incurred a reduction in the Participant’s base compensation from the Company; or

 

		·	been notified that Participant’s principal place of work will be relocated by a distance of fifty (50) miles or more;
or

 

		·	been required to work more than ten (10) days per month outside of Participant’s principal offices for a six (6) month
continuous period.

 

(f)          Plan
Definitions. Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is
similarly used in this Agreement.

 

		7.0	Heirs and Successors

 

7.1           This
Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring,
whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.
If any rights of the Participant or benefits distributable to the Participant under this Agreement have not been exercised or distributed,
respectively, at the time of the Participant’s death, such rights shall be exercisable by the Designated Beneficiary, and
such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement and the Plan.
The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed
with the Committee in such form and at such time as the Committee shall require. If a deceased Participant fails to designate a
beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by
the Participant and any benefits distributable to the Participant shall be exercised by or distributed to the legal representative
of the estate of the Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the
Participant but dies before the Designated Beneficiary’s exercise of all rights under this Agreement or before the complete
distribution of benefits to the Designated Beneficiary under this Agreement, then any rights that would have been exercisable by
the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated Beneficiary, and any
benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated
Beneficiary.

 

    	- 4 -

    	 

    

 

		8.0	Administration

 

8.1           The
authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee
shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by
the Committee and any decision made by it with respect to the Agreement is final and binding.

 

		9.0	Plan Governs

 

9.1           Notwithstanding
anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, a copy of which
may be obtained by the Participant from the office of the Secretary of the Company.

 

		10.0	Amendment

 

10.1         This
Agreement may be amended by written agreement of the Participant and the Company, without the consent of any other person.

 

IN WITNESS WHEREOF, the Participant has
executed this Agreement, and the Company has caused this Agreement to be executed in its name and on its behalf, all as of the
Grant Date.

 

	ITEX Corporation	 	PARTICIPANT
	 	 	 
	 	 	 
	By:	 	 
	 	 	 
	 	 	Printed Name
	 	 	 
	 	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	- 5 -

    	 

    

 

EXHIBIT A

 

Assignment Separate from Certificate

 

FOR VALUE RECEIVED and pursuant to that
certain Restricted Stock Agreement (the “Agreement”), _____________ hereby sells, assigns and transfers unto ITEX Corporation,
a Nevada corporation (“Assignee”), _______________ (___) shares of the Common Stock of the Assignee, standing in the
undersigned’s name on the books of said corporation represented by Certificate No.  herewith and does hereby irrevocably
constitute and appoint the Secretary and/or the transfer agent of the Assignee as attorney-in-fact to transfer the said stock on
the books of the within named company with full power of substitution in the premises. This Assignment may be used only in accordance
with and subject to the terms and conditions of the Agreement, in connection with the forfeiture of shares of Common Stock of said
corporation issued to the undersigned pursuant to the Agreement, and only to the extent that such shares remain unvested and subject
to forfeiture under the Agreement.

 

	Dated: 	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature

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