Document:

Exhibit 10.13

 

 

 

Revised

 

July 27, 2021

 

Dear David,

 

We are delighted to extend this offer of employment to join Acorns
Grow Incorporated (“Acorns” or the “Company”). We are impressed with your background and skills, and we look forward
to partnering with you to help guide millions of people down a natural path to financial wellness.

 

The specifics of our offer are as follows:

 

Anticipated Start Date: August 5, 2021 or another mutually
agreed upon date.

 

Position:  Beginning on your start date, you will serve as President
of the Company. You will report to the Company’s Chief Executive Officer (the “CEO”) and shall perform the duties and
responsibilities customary for such position. This is a full-time, exempt position.

 

Base Salary: Your annual base salary will be $384,000, subject
to applicable tax withholdings, to be paid in accordance with the Company’s normal payroll procedures (currently on a semi-monthly
basis on the 15th and last day of each month).

 

Bonus Plan: You are eligible for an annual discretionary performance
bonus of up to 86% of your base pay. During your first 12 months of employment, if you resign or the Company terminates your employment
without Cause, you will receive a pro-rated portion of your annual bonus. After your first 12 months of employment the CEO will have the
discretion regarding payment of any bonus, subject to approval by the Company’s Compensation Committee of the Board of Directors.

 

New Hire Stock Option Award: You will be granted an option to
purchase a number of shares of the Company's common stock with an aggregate Black Scholes value equal to $2,737,500, subject to the Company's
Board of Directors' approval following the closing of the transaction of the Company going public. The option will be subject to the terms
and conditions applicable to options granted under the Company’s applicable long term incentive plan in place at the time of the
grant, as described in that plan and in the applicable stock option agreement, including as to the strike price. Vesting occurs over a
period of 4 years starting on your Vesting Commencement Date (which will be the date on which you commence employment), with the option
vesting with respect to 25% of the covered shares upon the one-year anniversary of such Vesting Commencement Date, and vesting as to the
remaining covered shares monthly, on a successive basis, in equal installments for the remaining 3 years (measured from the anniversary
of the Vesting Commencement Date). All vesting is subject to your continued service through the applicable vesting date. Please note that
you should consult with your own tax advisor concerning the tax risks associated with accepting an option to purchase the Company’s
common stock.

 

New Hire Restricted Stock Unit Award: You will be granted a
number of restricted stock units (RSUs), determined by using a 30-day volume weighted average trading price (ending on the last trading
day prior to the date of grant), with a value equal to $2,737,500, subject to the Company’s Board of Directors’ approval (which
such approval, for the RSUs, shall not occur prior to there being an effective S-8 registration statement covering shares to be issued
in connection with the RSUs). The RSUs will be subject to the terms and conditions applicable to RSUs granted under the Company’s
applicable long term incentive plan in place at the time of the grant, as described in that plan and in the applicable RSU agreement.
Vesting occurs over a period of 4 years starting on your Vesting Commencement Date, with 25% of the RSUs vesting upon the one-year anniversary
of such Vesting Commencement Date, and the remaining RSUs vesting monthly, on a successive basis, in equal installments for the remaining
3 years (measured from the anniversary of the Vesting Commencement Date). All vesting is subject to your continued service through the
applicable vesting date. The Company will settle vested RSUs as soon as practicable upon vesting (and in any event, no later than March 15
of the subsequent calendar year) by issuing to you one share of Company common stock for each vested RSU. Please note that you should
consult with your own tax advisor concerning the tax risks associated with accepting an RSU award.

 

	5300 California Avenue 
Irvine, CA 92617 
	acorns.com 
855-739-2859 

    

     

    

 

 

Annual Refresh Awards: In fiscal year 2022, so long as you continue
to be employed by the Company, you will be eligible to receive an annual refresh award with a grant date fair market value equal to $3,129,000
determined by using a 30-day volume weighted average trading price (ending on the last trading day prior to the date of grant). The grant
date, type of annual refresh award and vesting period will be determined and subject to the approval of the Board of Directors.

 

Lock-Up: Please be aware that any shares of Company common stock
you acquire shall be subject to a customary six-month lock-up, on the same terms as applicable to other Company officers, expiring on
the 6-month anniversary of the merger of the Company with Pioneer Merger Corp. (which, based on the above specified vesting schedule,
may result in the lock-up expiring before any portion of the option or RSUs vest).

 

Definition of “Cause”: For purposes of this offer
letter, the following definitions apply, in which you are referred to as the “Executive”:

 

“Cause” shall mean the occurrence of any one or
more of the following events or conditions, in each case, only to the extent such occurrence materially affects the ability of Executive
to perform Executive’s duties to the Company or materially injures the business or reputation of the Company:

 

(i)            any
material failure on the part of Executive (other than by reason of Disability of Executive) to faithfully and professionally carry out
Executive’s duties which failure continues for ten (10) days after written notice detailing such failure is delivered to Executive
by the Company;

 

(ii)           Executive’s
conviction or no contest plea to a misdemeanor or a felony (excluding any driving-related misdemeanors or felonies);

 

(iii)          Executive’s
material violation of any material written policies adopted by the Company or any of its Affiliates governing the conduct of persons performing
services on behalf of the Company or any of its Affiliates, including the Company’s Code of Conduct;

 

(iv)          Executive’s
fraud or misappropriation, embezzlement, or material misuse of funds or property belonging to the Company or any of its affiliates;

 

(v)           the
Executive’s engagement in acts or omissions that are or would reasonably be expected to become materially detrimental to the image
or reputation of the Company or any affiliate thereof or which would reasonably be expected to result in material financial loss to the
Company or any of its affiliates and failure to cure same, to the extent capable of cure, within ten (10) days of receiving
written notice from the Company; or

 

(vi)          Executive’s
material breach of any written agreement with the Company.

 

Whether Cause exists shall be determined by the Compensation
Committee of the Company’s Board of Directors (the “Committee”) in good faith in its sole discretion upon, or within 60 days
following, termination of the Participant’s employment or service based on information available to the Committee through such 60-day
period. Notwithstanding the foregoing, Cause shall not exist unless the Participant has first received a written notice from the Company
which sets forth the circumstances giving rise to Cause and the Participant shall have a period of 30 days to cure (if capable
of cure), unless another cure period is specified above.

 

Paid Time Off: As part of our culture of trust and accountability,
Acorns offers PTO that allows eligible team members to take as much time off as needed for vacation, personal commitments, or other reasons,
with the expectation that work and performance standards are being met, and otherwise subject to Acorns’ PTO policy. Due to the
nature of this policy, PTO is not earned or accrued and will not be paid out upon separation from Acorns. Sick leave time off is provided
in accordance with applicable law, and per Acorns’ policy.

 

	5300 California Avenue 
Irvine, CA 92617 
	acorns.com 
855-739-2859 

    

     

    

 

Benefits: Acorns is proud to offer a comprehensive benefits
package which includes medical, dental, vision, life insurance and AD&D, subject to and in accordance with the terms of the applicable
governing written plan. Eligible new employees can participate in the plans on the first day of the month following date of hire. Acorns
also offers a 401(k) retirement plan with traditional and Roth options. You are eligible to participate in the 401(k) plan after
three months of employment, subject to and in accordance with the terms of the official plan.

 

At Will Employment: The Company is excited about your joining
us and looks forward to a beneficial and productive relationship. Nevertheless, you should be aware that if you accept this offer, your
employment with the Company is for no specified period and constitutes at-will employment. As a result, you are free to resign at any
time, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with
or without cause, and with or without prior notice. This at-will employment relationship cannot be changed except by a written agreement
signed by the Chief Executive Officer. Also, you should note that Acorns may modify position titles, salaries, and benefits from time
to time as it deems necessary.

 

This offer of employment and your commencement of employment
with the Company is contingent upon the satisfactory outcome of a background check, which, depending on your position and department,
may include professional references, verification of previous employment and education, and/or a criminal history check, in accordance
with applicable laws. This offer is also contingent upon your execution of the Company’s Employee Handbook acknowledgement
page and Employee Proprietary Information and Inventions Agreement.

 

For purposes of federal immigration law,
you will be required to provide to the Company documentation verifying your identity and eligibility to work in the United States
within three (3) business days of your date of hire. Finally, this letter, along with any agreements referenced in this letter,
set forth the terms of your employment with the Company and supersede any prior representations or agreements, including representations
made during your recruitment, interviews, or pre-employment negotiations (written or verbal).

 

David, we are excited about the opportunity to work with you in the
near future. If you have any questions, please feel free to call Patricia Gonzales, VP of Human Resources, at [########].

 

Sincerely,

 

Noah Kerner

CEO

 

I understand and accept the terms of this employment offer.

 

	/s/ David Hijirida	 	7/27/2021	 	8/10/2021	 
	David Hijirida	 	Date	 	Confirmed Start Date	 

 

	5300 California Avenue 
Irvine, CA 92617 
	acorns.com 
855-739-2859Exhibit
10.1

 

WIRELESS
TELECOM GROUP, INC.

2021 LONG-TERM INCENTIVE PLAN

 

    	 

     

    

 

WIRELESS
TELECOM GROUP, INC.

2021 LONG-TERM INCENTIVE PLAN

 

TABLE
OF CONTENTS

 

	ARTICLE
    1. PURPOSE OF THE PLAN	1
	ARTICLE
    2. DEFINITIONS	1
	ARTICLE
    3. ELIGIBILITY, SHARES AVAILABLE AND ADMINISTRATION	7
	 	3.1	 	Eligibility	7
	 	3.2	 	Stock
    Subject to the Plan	7
	 	3.3	 	Share
    Usage	7
	 	3.4	 	Administration
    of the Plan	8
	 	3.5	 	Delegation	8
	 	3.6	 	Limits
    on Incentive Stock Options	9
	ARTICLE
    4. TERMS OF AWARDS	9
	 	4.1	 	Terms
    and Conditions of All Awards	9
	 	 	(a)	Number
    of Shares	9
	 	 	(b)	Award
    Agreement or Program	9
	 	 	(c)	Date
    of Grant	10
	 	 	(d)	Tandem
    Awards	10
	 	 	(e)	Non-Transferability	10
	 	 	(f)	Deferrals	10
	 	 	(g)	Modifications
    after Grant	11
	 	 	(h)	Offsets	11
	 	 	(i)	Dividends
    and Dividend Equivalent Rights	11
	 	4.2	 	Terms
    and Conditions of Options	12
	 	 	(a)	Option
    Price	12
	 	 	(b)	Option
    Term	12
	 	 	(c)	Payment	12
	 	 	(d)	Conditions
    to the Exercise of an Option	13
	 	 	(e)	Termination
    of Incentive Stock Option	13
	 	 	(f)	Special
    Provisions for Certain Substitute Options	13
	 	 	(g)	Substituting
    Stock Appreciation Rights	13
	 	 	(h)	No
    Reload Grants	14
	 	 	(i)	No
    Repricing	14
	 	4.3	 	Terms
    and Conditions of Stock Appreciation Rights	14
	 	 	(a)	Settlement	14
	 	 	(b)	Stock
    Appreciation Right Term	14
	 	 	(c)	Conditions
    to Exercise	15
	 	 	(d)	No
    Repricing or Buyouts	15
	 	4.4	 	Terms
    and Conditions of Stock Awards	15
	 	 	(a)	Issuance	15
	 	 	(b)	Conditions	15
	 	 	(c)	Treatment
    of Dividends	15
	 	4.5	 	Terms
    and Conditions of Restricted Stock Units	15
	 	 	(a)	Payment	16
	 	 	(b)	Conditions
    to Payment	16
	 	4.6	 	Terms
    and Conditions of Performance Unit Awards	16
	 	 	(a)	Payment	16
	 	 	(b)	Conditions
    to Payment	16
	 	4.7	 	Terms
    and Conditions of Dividend Equivalent Rights	16
	 	 	(a)	Payment	16

 

    	i

     

    

 

	 	 	(b)	Conditions
    to Payment	17
	 	4.8	 	Cash
    Awards	17
	ARTICLE
    5. RESTRICTIONS ON STOCK	17
	 	5.1	 	Escrow
    of Shares	17
	 	5.2	 	Restrictions
    on Transfer	17
	ARTICLE
    6. GENERAL PROVISIONS	17
	 	6.1	 	Withholding	17
	 	6.2	 	Changes
    in Capitalization; Merger; Liquidation	18
	 	 	(a)	Equity
    Restructuring	18
	 	 	(b)	Other
    Changes in Capital Structure	18
	 	 	(c)	Substitution	19
	 	 	(d)	Plan
    is not a Limit on Company Powers	19
	 	6.3	 	Compliance
    with Code	19
	 	6.4	 	No
    Representations or Covenants	19
	 	6.5	 	Right
    to Terminate Employment or Service	20
	 	6.6	 	Non-Alienation
    of Benefits	20
	 	6.7	 	Conditions
    and Restrictions upon Stock subject to Awards	20
	 	6.8	 	Compliance
    with Laws	20
	 	6.9	 	Restrictions
    on Delivery and Sale of Shares; Legends	21
	 	6.10	 	Listing
    and Legal Compliance	21
	 	6.11	 	Clawback	21
	 	6.12	 	Awards
    to Non-U.S. Employees	21
	 	6.13	 	Indemnification	22
	 	6.14	 	Termination
    and Amendment of the Plan	22
	 	6.15	 	Shareholder
    Approval	22
	 	6.16	 	Choice
    of Law	22
	 	6.17	 	Effective
    Date of Plan	23

 

    	ii

     

    

 

WIRELESS
TELECOM GROUP, INC.

2021 LONG-TERM INCENTIVE PLAN

 

ARTICLE
1. PURPOSE OF THE PLAN

 

The
Wireless Telecom Group, Inc. 2021 Long-Term Incentive Plan (the “Plan”) is intended to (a) provide incentive to officers,
employees, directors, and other service providers of Wireless Telecom Group, Inc., a New Jersey corporation (the “Company”),
and its Affiliates to stimulate their efforts toward the continued success of the Company and to operate and manage the business in a
manner that will provide for the long-term growth and profitability of the Company; (b) encourage Stock ownership by officers, employees,
directors, and other service providers by providing them with a means to acquire a proprietary interest in the Company, acquire shares
of Stock, or to receive compensation which is based upon appreciation in the value of Stock; and (c) provide a means of obtaining, rewarding,
and retaining officers, employees, directors, and other service providers.

 

ARTICLE
2. DEFINITIONS

 

Whenever
used herein, the masculine pronoun will be deemed to include the feminine, and the singular to include the plural, unless the context
clearly indicates otherwise, and the following capitalized words and phrases are used herein with the meaning thereafter ascribed:

 

2.1 “Affiliate”
means:

 

(a) Any
Subsidiary,

 

(b) An
entity that directly or through one or more intermediaries controls, is controlled by, or is under common control with the Company, as
determined by the Company, or

 

(c) Any
entity in which the Company has such a significant interest that the Company determines it should be deemed an “Affiliate,”
as determined in the sole discretion of the Company.

 

2.2 “Award
or Awards” means, individually or collectively, as applicable, Incentive Stock Options, Non-Qualified Stock Options,
Stock Appreciation Rights, Stock Awards (including Performance Stock Awards), Restricted Stock Units (including Performance Share Unit
Awards), Performance Unit Awards, Dividend Equivalent Rights and Cash Awards.

 

2.3 “Award
Agreement” means a written agreement between the Company and a Participant or other documentation evidencing any Award granted
under the Plan.

 

2.4 “Award
Program” means a written program established by the Committee, pursuant to which Awards are granted under the Plan under uniform
terms, conditions, and restrictions set forth in such written program.

 

    	2

     

    

 

2.5 “Beneficial
Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 of the General
Rules and Regulations under the Exchange Act.

 

2.6 “Board
of Directors” means the board of directors of the Company.

 

2.7 “Cash
Awards” means rights to receive cash payments that do not have a value that is derivative of the value of, determined by reference
to a number of shares of, or determined by reference to dividends payable on, Stock as described in Section 4.8.

 

2.8 “Change
in Control” shall have the meaning provided in the applicable Award Agreement or Award Program or, if no definition of the
term is provided for in the Award Agreement or Award Program, the term “Change in Control” shall mean the occurrence of any
of the following:

 

(a) The
acquisition by any Person of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than
fifty percent (50%) of either (1) the value of then outstanding equity securities of the Company (the “Outstanding Company Stock”)
or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Company Voting Securities) (the foregoing Beneficial Ownership hereinafter being referred to as
a “Controlling Interest”); provided, however, that for purposes of this Section 2.8, the following acquisitions shall not
constitute or result in a Change in Control: (A) any acquisition directly from the Company; (B) any acquisition by the Company; (C) any
acquisition by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (D) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Entity; or (E) any acquisition by any
entity pursuant to a transaction which complies with clauses (1) and (2) of Subsection (c) below;

 

(b) During
any period of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board of
Directors on the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board
of Directors; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination
for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board of Directors;

 

    	3

     

    

 

(c) Consummation
of (1) a reorganization, merger, statutory share exchange or consolidation or similar transaction involving (x) the Company or (y) any
of its Subsidiaries, but in the case of this clause (y) only if equity securities of the Company are issued or issuable in connection
with the transaction (each of the events referred to in this clause (1) being hereinafter referred to as a “Business Reorganization”),
or (2) a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or equity of
another entity by the Company or any of its Subsidiaries (each an “Asset Sale”), in each case, unless, following such Business
Reorganization or Asset Sale, (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively,
of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Reorganization or Asset
Sale beneficially own, directly or indirectly, more than fifty percent (50%) of the value of the then outstanding equity securities and
the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of the board
of directors (or comparable governing body of an entity that does not have such a board), as the case may be, of the entity resulting
from such Business Reorganization or Asset Sale (including, without limitation, an entity which as a result of such transaction owns
the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) (the “Continuing
Entity”) in substantially the same proportions as their ownership, immediately prior to such Business Reorganization or Asset Sale,
of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be (excluding any outstanding equity or voting
securities of the Continuing Entity that such Beneficial Owners hold immediately following the consummation of the Business Reorganization
or Asset Sale as a result of their ownership, prior to such consummation, of equity or voting securities of any company or other entity
involved in or forming part of such Business Reorganization or Asset Sale other than the Company), (B) no Person (excluding any employee
benefit plan (or related trust) of the Company or any Continuing Entity or any entity controlled by the Continuing Entity or any Person
that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent
(50%) or more of the value of the then outstanding equity securities of the Continuing Entity or the combined voting power of the then
outstanding voting securities of the Continuing Entity except to the extent that such ownership existed prior to the Business Reorganization
or Asset Sale and (C) at least a majority of the members of the Board of Directors or other governing body of the Continuing Entity were
members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing
for such Business Reorganization or Asset Sale; or

 

(d) A
complete liquidation or dissolution of the Company;

 

provided,
however (i) if required to avoid an Award being subject to tax under Code Section 409A, a Change in Control shall not be deemed to have
occurred unless the event qualifies as a change in the ownership or effective control of the Company or in the ownership of a substantial
portion of its assets under Code Section 409A(a)(2)(A)(v) and (ii) such definition must be determined by the Committee to result in an
actual change in control of the Company and shall not include provisions such as announcement or commencement of a tender or exchange
offer, a potential takeover, shareholder approval (as opposed to consummation) of a merger or other transaction, acquisition of fifteen
percent (15%) or less of the Outstanding Company Voting Securities, an unapproved change in less than a majority of the Board of Directors
or other similar provisions in which the Committee determines an actual change in control does not occur.

 

    	4

     

    

 

2.9 “Code”
means the Internal Revenue Code of 1986, as amended, and all applicable rules and regulations promulgated thereunder.

 

2.10 “Committee”
means the committee appointed by the Board of Directors to administer the Plan. The Board of Directors shall consider the advisability
of whether the members of the Committee shall consist solely of at least two members of the Board of Directors who are “non-employee
directors” as defined in Rule 16b-3(b)(3) as promulgated under the Exchange Act, and if applicable, who satisfy the independence
requirements of the national securities exchange or nationally recognized quotation or market system on which the Stock is then traded.
Notwithstanding the foregoing, with respect to any Awards granted by the Chief Executive Officer pursuant to Section 3.5, the “Committee”
as used in the Plan shall mean such officer, unless the context would clearly indicate otherwise.

 

2.11 “Deferral(s)”
refers to the rights described in Section 4.1(f).

 

2.12 “Disability”
has the meaning provided in the applicable Award Agreement or Award Program, or if defined by reference to the Plan, means a physical
or mental illness, injury or impairment which causes a Participant to meet the requirements to receive long-term disability benefits
under a plan sponsored by the Company or an Affiliate, or if no such plan is applicable, a Participant’s inability to engage in
the essential functions of his duties due to a medically determinable physical or mental impairment, which can be expected to result
in death or to be of long-continued and indefinite duration. Notwithstanding the foregoing, Disability means, as to an Incentive Stock
Option, a “permanent and total disability” within the meaning of Code Section 22(e)(3). In the event of a dispute, the determination
of Disability will be made by the Committee and will be supported by advice of a physician competent in the area to which such Disability
relates. Notwithstanding the foregoing, if specified in an Award Agreement or Award Program or otherwise required to avoid an Award being
subject to tax under Code Section 409A, a Disability shall not be deemed to have occurred unless the event also qualifies as a disability
under Code Section 409A(a)(2)(C).

 

2.13 “Dividend
Equivalent Rights” means certain rights to receive cash payments as described in Section 4.7.

 

2.14 “Effective
Date” has the meaning set forth in Section 6.17.

 

2.15 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

 

2.16 “Fair
Market Value” with regard to a date means:

 

(a) If
the shares of Stock are actively traded on any national securities system or any nationally recognized quotation or market system, the
closing price of the Stock on such date or, if such date is not a trading day, on the trading day immediately preceding such date, as
reported by any such exchange or system selected by the Committee on which the shares of Stock are then traded;

 

    	5

     

    

 

(b) if
the shares of Stock are not actively traded on any such exchange or system but are reported by such exchange or system, the price of
Stock as reported by such exchange or system; or

 

(c) if
the shares of Stock are not actively traded or reported on any such exchange or system, the fair market value of the Stock as determined
by the Committee determined by the reasonable application of a reasonable valuation method as most recently determined (but in no event
more than twelve (12) months earlier), but taking into account the facts and circumstances as of such date.

 

For
purposes of Subsection (a), (b), or (c) above, the Committee may use the closing price as of the applicable date or the last trading
or business day before that date, the average of the high and low prices as of the applicable date, the last trading or business day
before that date or for a period certain ending on either such date, the price determined at the time, or immediately before or immediately
after, the transaction is processed, the tender offer price for shares of Stock, or any other method which the Committee determines is
reasonably indicative of fair market value; provided, however, that for purposes of granting Nonqualified Stock Options or Stock Appreciation
Rights, Fair Market Value of Stock shall be determined in accordance with the requirements of Code Section 409A, and for purposes of
granting Incentive Stock Options, Fair Market Value of Stock shall be determined in accordance with the requirements of Code Section
422.

 

2.17 “Incentive
Stock Option” means an incentive stock option within the meaning of Section 422 of the Internal Revenue Code.

 

2.18 “Non-Qualified
Stock Option” means a stock option that is not an Incentive Stock Option.

 

2.19 “Option”
means a Non-Qualified Stock Option or an Incentive Stock Option.

 

2.20 “Over
10% Owner” means an individual who at the time an Incentive Stock Option is granted owns Stock possessing more than 10% of
the total combined voting power of the Company or one of its Subsidiaries, determined by applying the attribution rules of Code Section
424(d).

 

2.21 “Participant”
means an individual who receives an Award hereunder.

 

2.22 “Performance
Unit Award” refers to a performance unit award as described in Section 4.6.

 

2.23 “Performance
Goals” means any one or more performance goals established by the Committee, including without limitation, goals, either individually,
alternatively or in any combination, applied to the Company as a whole or to a business unit or Affiliate, either individually, alternatively
or in combination, and measured over a Performance Period established by the Committee, on an absolute basis or relative to a pre-established
target, to prior period results or to a designated comparison group or index, in each case as specified by the Committee in the Award.
The Committee may adjust any evaluation of performance under a Performance Goal in its discretion at any time.

 

    	6

     

    

 

2.24 “Performance
Period” means, with respect to an Award, a period of time within which the Performance Goals relating to such Award are to
be measured. The Performance Period will be established by the Committee.

 

2.25 “Performance
Stock Awards” means Stock Awards containing Performance Goals.

 

2.26 “Performance
Share Unit Awards” means Restricted Stock Unit awards containing Performance Goals.

 

2.27 “Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including
a “group” as defined in Section 13(d) thereof.

 

2.28
“Related Entity” means any Subsidiary,
and any business, corporation, partnership, limited liability company or other entity designated by the Board of Directors, in which
the Company or a Subsidiary holds a substantial ownership interest, directly or indirectly.

 

2.29 “Restricted
Stock Unit” refers to the rights described in Section 4.5.

 

2.30 “Separation
from Service” shall mean a termination of a Participant’s employment or other service relationship with the Company and
affiliates, subject to the following:

 

(a) in
the case of a Participant who is an employee of the Company or an affiliate, a termination of the Participant’s employment where
either (A) the Participant has ceased to perform any services for the Company and all affiliated companies that, together with the Company,
constitute the “service recipient” within the meaning of Code Section 409A (collectively, the “Service Recipient”)
or (B) the level of bona fide services the Participant performs for the Service Recipient after a given date (whether as an employee
or as an independent contractor) permanently decreases (excluding a decrease as a result of military leave, sick leave, or other bona
fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Participant retains a right
to reemployment with the Service Recipient under an applicable statute or by contract) to no more than twenty percent (20%) of the average
level of bona fide services performed for the Service Recipient (whether as an employee or an independent contractor) over the immediately
preceding 36-month period (or the full period of service if the Participant has been providing services to the Service Recipient for
less than 36 months) that, in either case, constitutes a “separation from service” within the meaning of Code Section 409A
and the regulations thereunder;

 

(b) in
the case of a Participant who is an independent contractor engaged by the Service Recipient, a termination of the Participant’s
service relationship with the Service Recipient upon the expiration of the contract (or in the case of more than one contract, all contracts)
under which services are performed for the Service Recipient if the expiration constitutes a good-faith and complete termination of the
contractual relationship that constitutes a “separation from service” within the meaning of Code Section 409A and the regulations
thereunder; or

 

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(c) in
any case, as may otherwise be permitted under Code Section 409A.

 

2.31 “Stock”
means Company’s common stock, $01 par value per share.

 

2.32 “Stock
Appreciation Right” means a stock appreciation right described in Section 4.3.

 

2.33 “Stock
Award” means a stock award described in Section 4.4.

 

2.34 “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the relevant time,
each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the
total combined voting power of all classes of stock in one of the other corporations in the chain. A “Subsidiary” shall include
any entity other than a corporation to the extent permissible under Code Section 424(f) or regulations or rulings thereunder.

 

2.35 “Termination
of Employment” means the termination of the employee-employer relationship between a Participant and the Company and its Affiliates,
regardless of whether severance or similar payments are made to the Participant for any reason, including, but not by way of limitation,
a termination by resignation, discharge, death, Disability, or retirement. The Committee will, in its absolute discretion, determine
the effect of all matters and questions relating to a Termination of Employment, including, but not by way of limitation, the question
of whether a leave of absence constitutes a Termination of Employment.

 

ARTICLE
3. ELIGIBILITY, SHARES AVAILABLE AND ADMINISTRATION

 

3.1 Eligibility.
Awards may be granted only to officers, employees, directors, and other service providers of the Company, or any Affiliate of the Company;
provided, however, that an Incentive Stock Option may only be granted to an employee of the Company or any Subsidiary.

 

3.2 Stock
Subject to the Plan. Subject to adjustment in accordance with Section 6.2, a number of shares of Stock equal to One Million Five
Hundred Thousand (1,500,000) shares of Stock (the “Maximum Plan Shares”) are hereby reserved exclusively for issuance upon
exercise or payment pursuant to Awards, all or any of which may be pursuant to any one or more Award, including without limitation, Incentive
Stock Options.

 

3.3 Share
Usage. Stock issued pursuant to Options or Stock Appreciation Rights shall reduce the number of shares of Stock available under Section
3.2 by one (1) share with respect to each share issued pursuant to such Award. Any shares of Stock made subject to Options or Stock Appreciation
Rights to be settled in Stock shall be counted against the Maximum Plan Shares as one (1) share of Stock for every single Option right
or Stock Appreciation Right, as applicable, granted and shall reduce the remaining number of Maximum Plan Shares available for issuance
under the Plan accordingly, regardless of the number of shares of Stock actually issued in settlement of such Option right or Stock Appreciation
Right . Stock issued pursuant to Awards, other than Options or Stock Appreciation Rights, that is a full value share Award shall reduce
the Maximum Plan Shares by one and one-half (11/2) shares of Stock with respect to each share of Stock issued
pursuant to such Award. Shares of Stock shall not be deemed to have been granted pursuant to the Plan with respect to any portion of
an Award that is settled in cash. The shares of Stock attributable to any portion of an Award that is forfeited, cancelled, expired,
terminated or paid or settled in cash or otherwise without the issuance of shares of Stock for any reason without becoming vested, paid,
exercised, converted or otherwise settled in full in shares of Stock will again be available for issuance under Section 3.2, provided,
however, that shares of Stock subject to an Award under the Plan shall not again be available for issuance if such shares have been (a)
tendered or withheld to pay the exercise price of Options or Stock Appreciation Rights, (b) withheld or remitted to satisfy tax withholding
obligations on Awards, (c) repurchased by the Company using the cash proceeds received by the Company from the exercise of Options granted
under the Plan, or (d) subject to a Stock Appreciation Right or Option settled in Stock and not issued upon net settlement or net exercise
of the Stock Appreciation Right or Option. Shares of Stock available for Awards may consist, in whole or in part, of authorized, but
unissued shares, treasury shares, or shares reacquired by the Company in any manner.

 

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3.4 Administration
of the Plan. The Plan is administered by the Committee. The Committee has full authority in its discretion to determine the officers,
employees, directors, and other service providers of the Company or its Affiliates to whom Awards will be granted and the terms and provisions
of Awards, subject to the Plan. Subject to the provisions of the Plan, the Committee has full and conclusive authority to interpret the
Plan; to prescribe, amend, and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the respective
Award Agreements or Award Program; to correct any defect or reconcile any inconsistency between the Plan and any Award Agreement or Award
Program; and to make all other determinations necessary or advisable for the proper administration of the Plan. The Committee’s
determinations under the Plan need not be uniform nor bound by any past practices and may be made by it selectively among persons who
receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). The Committee’s
decisions are final and binding on all Participants.

 

3.5 Delegation.
The Committee may authorize individuals other than its members to carry out its policies and directives subject to the limitations and
guidelines set by the Committee, and may delegate its authority under the Plan, provided, however, the delegation of authority to grant
Awards shall be limited to grants by the Chief Executive Officer of the Company to newly hired employees, or to respond to special recognition
or retention needs, and any such grants shall be limited to eligible Participants who are not subject to Section 16 of the Exchange Act.
The delegation of authority shall be limited as follows: (a) with respect to individuals who are subject to Section 16 of the Exchange
Act, the authority to grant Awards, the selection for participation, decisions concerning the timing, pricing and amount of a grant or
Award and authority to administer Awards shall not be delegated by the Committee; (b) the maximum number of Shares covered by Awards
which may be granted by the Chief Executive Officer within any calendar year period shall not exceed Two Hundred Fifty Thousand (250,000);
and (c) any delegation shall satisfy all applicable requirements of Rule 16b-3 of the Exchange Act, or any successor provision. Any individual
to whom such authority is granted shall continue to be eligible to receive Awards under the Plan.

 

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3.6 Limits
on Incentive Stock Options. Up to one hundred percent (100%) of the shares of Stock reserved for issuance pursuant to Awards are
permitted (but are not required) to be issued pursuant to Incentive Stock Options. In the case of Incentive Stock Options, the aggregate
Fair Market Value (determined as at the date an Incentive Stock Option is granted) of stock with respect to which stock options intended
to meet the requirements of Code Section 422 become exercisable for the first time by an individual during any calendar year under all
plans of the Company and its Subsidiaries may not exceed $100,000; provided further, that if the limitation is exceeded, the Incentive
Stock Option(s) which cause the limitation to be exceeded will be treated as Non-Qualified Stock Option(s).

 

ARTICLE
4. TERMS OF AWARDS

 

4.1
Terms and Conditions of All Awards.

 

(a)
Number of Shares. The number of shares of Stock
as to which an Award may be granted will be determined by the Committee in its sole discretion, subject to the provisions of Section
3.2 as to the total number of shares available for grants under the Plan and subject to the limits in Sections 3.5 and 3.6.

 

(b)
Award Agreement or Program. Each Award will be
evidenced either by an Award Agreement in such form and containing such terms, conditions and restrictions as the Committee may determine
to be appropriate, including without limitation, Performance Goals or other criteria, if any, that must be achieved as a condition to
vesting or settlement of the Award, or be made subject to the terms of an Award Program, containing such terms, conditions and restrictions
as the Committee may determine to be appropriate, including without limitation, Performance Goals or other criteria, if any, that must
be achieved as a condition to vesting or settlement of the Award. Notwithstanding the foregoing, with permissible exceptions for death,
Disability, retirement, an involuntary termination of service, extraordinary corporate events such as a Change in Control, or other extenuating
circumstance, as may be set forth by the applicable Award Agreement or Award Program or, in the absence of such provision, as the Committee
may subsequently determine, whether evidenced by an Award Agreement or Award Program, each Award shall provide that vesting shall
be conditioned upon the provision of a minimum period of service of no less than one (1) year, measured from the date of the Award’s
grant or the satisfaction of performance criteria measured over a performance period of no less than one (1) year; provided, however,
that up to five percent (5%) of the Maximum Plan Shares may be subject to Award Agreements and/or Award Programs without being subject
to either such a vesting condition or performance criteria. Each Award Agreement or Award Program is subject to the terms of the Plan
and any provisions contained in the Award Agreement or Award Program that are inconsistent with the Plan are null and void.

 

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(c)
Date of Grant. The date as of which an Award
is granted will be the date on which the Committee has approved the terms and conditions of the Award and has determined the recipient
of the Award and the number of shares of Stock covered by the Award (or formula for determining the same), and has taken all such other
actions necessary to complete the grant of the Award or such later date as may be specified in the approval of the Award.

 

(d)
Tandem Awards. Any Award may be granted in connection
with all or any portion of a previously or contemporaneously granted Award, subject to Section 3.2 and with consideration for any tax
implications under Code Section 409A. Exercise or vesting of an Award granted in connection with another Award may result in a pro rata
surrender or cancellation of any related Award, as specified in the applicable Award Agreement or Award Program.

 

(e)
Non-Transferability. Awards and rights under
Awards are not saleable, transferable, alienable or assignable except by will or by the laws of descent and distribution, and each Award
and each Award and right under an Award is exercisable, during the Participant’s lifetime, only by the Participant; or in the event
of the Disability of the Participant, by the legal representative of the Participant; or in the event of death of the Participant, by
the legal representative of the Participant’s estate, or if no legal representative has been appointed within ninety (90) days
of the Participant’s death, by the person(s) taking under the laws of descent and distribution applicable to the Participant; provided,
however, that the Committee may allow a Participant to designate a beneficiary or beneficiaries in the manner determined by the Committee
to exercise the rights of a Participant with respect to an Award upon the death of a Participant; provided, further, the Committee may
waive any of the provisions of this Section or provide otherwise as to any Awards other than Incentive Stock Options. A permitted beneficiary,
transferee, or other person claiming any rights under the Plan from or through any Participant, shall be subject to all terms and conditions
of the Plan and any Award Agreement or Award Program applicable to such Participant, except as otherwise determined by the Committee,
and to any additional terms and conditions deemed necessary or appropriate by the Committee.

 

(f)
Deferrals. The
Committee may establish rules and procedures to permit or require a holder of an Award to defer recognition of taxable income upon the
vesting or settlement of an Award with consideration for any tax implications under Code Section 409A, including the following rules:

 

(1) A
Participant may elect to defer settlement of such an Award by making a valid, irrevocable election prior to: (i) six months before the
end of the applicable performance period if it qualifies as “performance based compensation” (within the meaning of Code
Section 409A), provided that such election is made before the amount of the compensation is readily ascertainable, or (ii) in any other
case, thirty (30) days following the date of its grant, provided that the election is made at least twelve (12) months in advance of
the earliest date on which the Award may otherwise vest (disregarding for this purpose any accelerated vesting that may occur as a result
of death, a “disability” (within the meaning of Code Section 409A), or a “change in the ownership or effective control
or in the ownership of a substantial portion of the assets of the corporation” (within the meaning of Code Section 409A)).

 

    	11

     

    

 

(2) A
Participant may elect to have such Award settled at such time(s) or upon such event(s) as the Committee may allow provided such time((s)
and event(s) are permitted pursuant to Code Section 409A.

 

(3) Notwithstanding
the foregoing, with respect to a Participant who, as of the date of the Participant’s Separation from Service, is a “specified
employee” within the meaning of Code Section 409A and the Treasury regulations and other guidance thereunder, any settlement of
a deferred Award on account of the Participant’s Separation from Service may not be made earlier than six (6) months following
such Participant’s Separation from Service, except that in the event of any Participant’s earlier death, such deferred Award
shall be paid within thirty (30) days after the Company receives notice of the Participant’s death.

 

(4) The
Committee is authorized to take such action as it deems necessary and reasonable to avoid the application of the additional tax described
in Code Section 409A(a)(1)(B) to any Award deferred hereunder.

 

(5) Awards
deferred pursuant to this Section 4.1(f) shall continue to be credited with the number of shares of Stock subject to the Award that are
being deferred and shall be settled in the same form as provided for in the applicable Award Agreement or Award Program.

 

(g)
Modifications after Grant. After the date of
grant of an Award, the Committee may, in its sole discretion, modify the terms and conditions of an Award (including without limitation,
accelerating vesting and/or the time for payment or exercise, or curtailing the period for exercise upon a Change in Control), except
to the extent that such modification (i) would be inconsistent with other provisions of the Plan, (ii) would adversely affect the rights
of a Participant under the Award in a manner not permitted by the Plan, or (iii) would be inconsistent with other provisions of the Plan;
including any acceleration of the first twelve (12) months of a vesting or performance period, other than in accordance with Section
4.1(b).

 

(h)
Offsets. In
connection with the settlement of any Award, the Committee may reduce the amount of any settlement proceeds otherwise due the Participant
by any then outstanding indebtedness owed by the Participant to the Company or any Affiliate; provided, however, that no offset shall
be applied if the action would cause adverse tax consequences under Code Section 409A.

 

(i)
Dividends and Dividend Equivalent Rights. In
the case of dividends or Dividend Equivalent Rights granted with respect to shares of Stock subject to an Award Agreement or Award Program
that is subject to vesting, based on the completion of a period of service, the achievement of Performance Goals or other performance
criteria, and/or otherwise, such dividends or Dividend Equivalent Rights, as applicable, will not be paid until, and will be paid only
to the extent, the Award becomes vested.

 

    	12

     

    

 

4.2 Terms
and Conditions of Options. Each Option granted under the Plan must be evidenced by an Award Agreement. At the time any Option is
granted, the Committee will determine whether the Option is to be an Incentive Stock Option described in Code Section 422 or a Non-Qualified
Stock Option, and the Option must be clearly identified as to its status as an Incentive Stock Option or a Non-Qualified Stock Option.
Incentive Stock Options may only be granted to employees of the Company or any Subsidiary. At the time any Incentive Stock Option granted
under the Plan is exercised, the Company will be entitled to legend the certificates (if any) representing the shares of Stock purchased
pursuant to the Option to clearly identify them as representing the shares purchased upon the exercise of an Incentive Stock Option.
An Incentive Stock Option may only be granted within ten (10) years from the earlier of the date the Plan is adopted or approved by the
Company’s shareholders.

 

(a)
Option Price. Subject to adjustment in accordance
with Section 6.2 and the other provisions of this Section, the exercise price (the “Exercise Price”) per share of Stock purchasable
under any Option must be as set forth in the applicable Award Agreement, but in no event may it be less than the Fair Market Value on
the date the Option is granted. With respect to each grant of an Incentive Stock Option to a Participant who is an Over 10% Owner, the
Exercise Price may not be less than 110% of the Fair Market Value on the date the Option is granted.

 

(b)
Option Term.
Any Option granted to a Participant shall not be exercisable after the expiration of ten (10) years after the date the Option is granted;
provided, however that any Incentive Stock Option granted to an Over 10% Owner shall not be exercisable after the expiration of five
(5) years after the date the Option is granted. The term of any Option shall be specified in the applicable Award Agreement, but shall
not exceed ten (10) years after the date the Option is granted; provided, however, that if the term specified in an Award Agreement for
a Non-Qualified Stock Option would otherwise expire during a period when trading in Stock is prohibited by law or the Company’s
insider trading policy, then, subject to maintaining the Non-Qualified Stock Option’s exemption from Code Section 409A requirements,
the term of the Non-Qualified Stock Option will be deemed to expire on the thirtieth (30th) day after expiration of the applicable
prohibition, notwithstanding any contrary term in the Award Agreement.

 

(c)
Payment.
Payment for all shares of Stock purchased pursuant to exercise of an Option will be made in any form or manner authorized by the Committee
in the Award Agreement or by amendment thereto, including, but not limited to, cash or, if the Award Agreement provides:

 

(1) by
delivery or deemed delivery to the Company of a number of shares of Stock owned by the Participant having an aggregate Fair Market Value
of not less than the product of the Exercise Price multiplied by the number of shares the Participant intends to purchase upon exercise
of the Option on the date of delivery;

 

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(2) in
a cashless exercise through a broker; or

 

(3) by
having a number of shares of Stock withheld, the Fair Market Value of which as of the date of exercise is sufficient to satisfy the Exercise
Price.

 

Payment
must be made at the time that the Option or any part thereof is exercised, and no shares may be issued or delivered upon exercise of
an Option until full payment has been made by the Participant. The holder of an Option, as such, has none of the rights of a shareholder.

 

(d)
Conditions to the Exercise of an Option. Each
Option granted under the Plan is exercisable by the Participant or any other designated person, at such time or times, or upon the occurrence
of such event or events, and in such amounts, as the Committee specifies in the Award Agreement, subject to Section 4.1(g).

 

(e)
Termination of Incentive Stock Option. With respect
to an Incentive Stock Option, in the event of Termination of Employment of a Participant, the Option or portion thereof held by the Participant
which is unexercised will expire, terminate, and become unexercisable no later than the expiration of three (3) months after the date
of Termination of Employment; provided, however, that in the case of a holder whose Termination of Employment is due to death or Disability,
one (1) year may be substituted for such three (3) month period; provided, further that such time limits may be exceeded by the Committee
under the terms of a particular Award, in which case, the Incentive Stock Option will be a Non-Qualified Option if it is exercised after
the time limits that would otherwise apply. For purposes of this Subsection, Termination of Employment of the Participant will not be
deemed to have occurred if the Participant is employed by another corporation (or a parent or subsidiary corporation of such other corporation)
which has assumed the Incentive Stock Option of the Participant in a transaction to which Code Section 424(a) is applicable.

 

(f)
Special Provisions for Certain Substitute Options.
Notwithstanding anything to the contrary in this Section 4.2, any Option issued in substitution for an option previously issued by another
entity, which substitution occurs in connection with a transaction to which Code Section 424(a) is applicable, may provide for an exercise
price computed in accordance with such Code Section and the regulations thereunder and may contain such other terms and conditions as
the Committee may prescribe to cause such substitute Option to contain as nearly as possible the same terms and conditions (including
the applicable vesting and termination provisions) as those contained in the previously issued option being replaced thereby.

 

(g)
Substituting Stock Appreciation Rights. The Committee
shall have the ability to substitute, without receiving Participant permission, Stock Appreciation Rights paid only in Stock (or Stock
Appreciation Rights paid in Stock or cash at the Committee’s discretion) for outstanding Options; provided, the number of shares
of Stock subject to the substituted Stock Appreciation Rights are the same as for the Options, the terms of the substituted Stock Appreciation
Rights are the same as the terms for the Options and the difference between the Fair Market Value per share of the underlying Stock and
the Threshold Price per share of the Stock Appreciation Rights is equal to the difference between the Fair Market Value per share of
the underlying Stock and the Exercise Price per share of the Options. If, in the opinion of the Committee, this provision creates adverse
accounting consequences for the Company, it shall be considered null and void.

 

    	14

     

    

 

(h)
No Reload Grants. Options shall not be granted
under the Plan in consideration for and shall not be conditioned upon the delivery of shares of Stock to the Company in payment of the
exercise price and/or tax withholding obligation under any other option held by a Participant.

 

(i)
No Repricing. Except as provided in Section 6.2,
without the approval of the Company’s shareholders the Exercise Price of an Option may not be reduced, directly or indirectly,
after the grant of the Option, including any surrender of the Option in consideration of, or in exchange for: (1) the grant of a new
Option having an Exercise Price below that of the Option that was surrendered; (2) Stock; (3) cash; or (4) any other Award.

 

4.3 Terms
and Conditions of Stock Appreciation Rights. Each Stock Appreciation Right granted under the Plan must be evidenced by an Award Agreement.
A Stock Appreciation Right entitles the Participant to receive the excess of (1) the Fair Market Value of a specified or determinable
number of shares of Stock at the time of payment or exercise over (2) a specified or determinable price (the “Threshold Price”)
which, in the case of a Stock Appreciation Right granted in connection with an Option, may not be less than the Exercise Price for that
number of shares subject to that Option. Subject to adjustment in accordance with Section 6.2, the Threshold Price per share of Stock
attributable to a Stock Appreciation Right must be as set forth in the applicable Award Agreement, but in no event may it be less than
the Fair Market Value on the date the Stock Appreciation Right is granted. A Stock Appreciation Right granted in connection with an Award
may only be exercised to the extent that the related Award has not been exercised, paid or otherwise settled. Neither a Stock Appreciation
Right nor the shares of Stock underlying a Stock Appreciation Right shall be eligible for dividends or Dividend Equivalent Rights.

 

(a)
Settlement.
Upon settlement of a Stock Appreciation Right, the Company must pay to the Participant the excess of (1) the Fair Market Value of the
number of shares of Stock attributable to the Stock Appreciation Right over (2) the Threshold Price, in cash or shares of Stock (valued
at Fair Market Value per share on the date of payment or exercise) as provided in the Award Agreement or, in the absence of such provision,
as the Committee may determine.

 

(b)
Stock Appreciation Right Term. Any Stock Appreciation
Right granted to a Participant shall not be exercisable after the expiration of ten (10) years after the date the Stock Appreciation
Right is granted; provided, however, that if the term specified in an Award Agreement for a Stock Appreciation Right would otherwise
expire during a period when trading in Stock is prohibited by law or the Company’s insider trading policy, then subject to maintaining
the Stock Appreciation Right’s exemption from Code Section 409A requirements, the term of the Stock Appreciation Right will be
deemed to expire on the thirtieth (30th) day after expiration of the applicable prohibition, notwithstanding any contrary term in the
Award Agreement. The term of any Stock Appreciation Right shall be specified in the applicable Award Agreement.

 

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(c)
Conditions to Exercise. Each Stock Appreciation
Right granted under the Plan is exercisable or payable at such time or times, or upon the occurrence of such event or events, and in
such amounts, as the Committee specifies in the Award Agreement, subject to Section 4.1(g).

 

(d)
No Repricing or Buyouts. Except as provided in
Section 6.2, without the approval of the Company’s shareholders, the price of a Stock Appreciation Right may not be reduced, directly
or indirectly, after the grant of the Stock Appreciation Right, including any surrender of the Stock Appreciation Right in consideration
of, or in exchange for: (1) the grant of a new Stock Appreciation Right having a price below that of the Stock Appreciation Right that
was surrendered; (2) Stock; (3) cash, or (4) any other Award.

 

4.4 Terms
and Conditions of Stock Awards. A Stock Award shall entitle a Participant to receive a designated number of shares of Stock. At the
time of the grant, the Committee will determine the factors which will govern the number of the Stock Award, including, at the discretion
of the Committee, any Performance Goals that must be satisfied as a condition to retention of the Award. The Committee may require a
cash payment from the Participant in an amount no greater than the aggregate Fair Market Value of the shares of Stock awarded, determined
at the date of grant, in exchange for the grant of a Stock Award or may grant a Stock Award without the requirement of a cash payment.

 

(a)
Issuance.
Stock Awards shall be issued by the Company in shares of Stock.

 

(b)
Conditions.
The number of shares of Stock subject to a Stock Award and restrictions or conditions on such shares of Stock, if any, will be as the
Committee provides in the Award Agreement, and the certificate (if any) for such shares will bear evidence of any restrictions or conditions,
subject to Section 4.1(g).

 

(c)
Treatment of Dividends. Any dividends payable
on Stock Awards issued and outstanding shall not be paid to the recipient Participant, if at all, any earlier than the date the underlying
shares of Stock become earned and/or vested.

 

4.5 Terms
and Conditions of Restricted Stock Units. Restricted Stock Units shall entitle the Participant to receive, at a specified future
date or event, payment of a specified number, or a percentage or multiple of a specified number, of shares of Stock at the end of a specified
period, or the cash value thereof. At the time of the grant, the Committee will determine the factors which will govern the number of
the Restricted Stock Units so payable, including, at the discretion of the Committee, any Performance Goals that must be satisfied as
a condition to payment. The Committee may provide for an alternative specified number, percentage or multiple under specified conditions.

 

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(a)
Payment.
Payment in respect of Restricted Stock Units may be made by the Company in shares of Stock or in cash (valued at the Fair Market Value
per share of Stock as of the date payment is owed) as provided in the applicable Award Agreement or Award Program, or, in the absence
of such provision, as the Committee may determine.

 

(b)
Conditions to Payment. Each Restricted Stock
Unit award granted under the Plan is payable at such time or times, or upon the occurrence of such event or events, and in such amounts,
as the Committee may specify in the applicable Award Agreement or Award Program, subject to Section 4.1(g) and intended compliance with
or exemption from Code Section 409A.

 

4.6 Terms
and Conditions of Performance Unit Awards. A Performance Unit Award shall entitle the Participant to receive, at a specified future
date, payment of an amount based, all or in part, upon achievement of Performance Goals. The Performance Unit Award shall be equal to
all or a portion of either (i) the value of a specified or determinable number of units (stated in terms of a designated or determinable
dollar amount per unit) granted by the Committee, or (ii) a percentage or multiple of a specified amount determined by the Committee.
At the time of the grant, the Committee must determine the base value of each unit; the number of units subject to a Performance Unit
Award, the specified amount and the percentage or multiple of the specified amount, as may be applicable; and the Performance Goals applicable
to the determination of the ultimate payment value of the Performance Unit Award. The Committee may provide for an alternative base value
for each unit or an alternative percentage or multiple under certain specified conditions.

 

(a)
Payment.
Payment in respect of Performance Unit Awards may be made by the Company in cash or shares of Stock (valued at Fair Market Value per
share as of the date payment is owed) as provided in the applicable Award Agreement or Award Program or, in the absence of such provision,
as the Committee may determine.

 

(b)
Conditions to Payment. Each Performance Unit
Award granted under the Plan shall be payable at such time or times, or upon the occurrence of such event or events, and in such amounts,
as the Committee may specify in the applicable Award Agreement or Award Program, subject to Section 4.1(g) and intended compliance with
or exemption from Code Section 409A.

 

4.7
Terms and Conditions of Dividend Equivalent Rights.
A Dividend Equivalent Right entitles the Participant to receive payments from the Company in an amount determined by reference to any
cash dividends paid on a specified number of shares of Stock to Company shareholders of record during the period such rights are effective.
Dividend Equivalent Rights may be granted in connection with other Awards but may not be granted in connection with an Option or a Stock
Appreciation Right. The Committee may impose such restrictions and conditions on any Dividend Equivalent Right as the Committee in its
discretion shall determine, including the date any such right shall terminate and may reserve the right to terminate, amend or suspend
any such right at any time.

 

(a)
Payment. Payment in respect of a Dividend Equivalent
Right may be made by the Company in cash or shares of Stock (valued at Fair Market Value per share on the date of payment or exercise)
as provided in the Award Agreement or Award Program, or, in the absence of such provision, as the Committee may determine.

 

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(b)
Conditions to Payment. Each Dividend Equivalent
Right granted under the Plan is payable at such time or times, or upon the occurrence of such event or events, and in such amounts, as
the Committee specifies in the applicable Award Agreement or Award Program, subject to Section 4.1(g) and intended compliance with or
exemption from Code Section 409A.

 

4.8 Cash
Awards. In addition to Dividend Equivalent Rights, the Committee may, at any time and in its discretion, grant to any Participant
the right to receive a cash amount, at such time, in such amount and subject to such terms and conditions as determined by the Committee
in its discretion.

 

ARTICLE
5. RESTRICTIONS ON STOCK

 

5.1 Escrow
of Shares. Any shares of Stock issued under the Plan may be evidenced in such manner as the Committee may deem appropriate, including,
without limitation, book-entry registration or issuance of a Stock certificate. If a Stock certificate is issued with respect to Restricted
Stock, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms,
conditions and restrictions applicable to such Restricted Stock. The Committee may require that such certificate will be held by a custodian
designated by the Committee (the “Custodian”), who for the term specified in the applicable Award Agreement or Award Program,
will have the full power and authority in the Participant’s name, place and stead to transfer, assign and convey to the Company
any shares of Stock held by the Custodian for such Participant, if the Participant forfeits the shares under the terms of the applicable
Award Agreement. During the period that shares of Stock remain subject to forfeiture, the Participant is entitled to all rights, except
as provided in the applicable Award Agreement or Award Program, applicable to shares of Stock not so held.

 

5.2 Restrictions
on Transfer. The Participant does not have the right to make or permit to exist any disposition of the shares of Stock issued pursuant
to the Plan until such shares are vested except as provided in the Plan or the applicable Award Agreement or Award Program. Any disposition
of the shares of Stock issued under the Plan by the Participant not made in accordance with the Plan or the applicable Award Agreement
or Award Program will be void. The Company will not recognize, or have the duty to recognize, any disposition not made in accordance
with the Plan and the applicable Award Agreement or Award Program, and the shares so transferred will continue to be bound by the Plan
and the applicable Award Agreement or Award Program.

 

ARTICLE
6. GENERAL PROVISIONS

 

6.1 Withholding.
The Company must deduct from all cash distributions under the Plan any taxes required to be withheld by federal, state or local government.
Whenever the Company proposes or is required to issue or transfer shares of Stock under the Plan or upon the vesting of any Award, the
Company has the right to require the recipient to remit to the Company an amount sufficient to satisfy any federal, state and local withholding
tax requirements prior to the delivery of any certificate or certificates for such shares or the vesting of such Award pursuant to such
procedures as the Committee may establish. A Participant may pay the tax withholding obligation in cash, or, if the applicable Award
Agreement or Award Program provides, a Participant may be permitted, or may be required, to have the tax withholding arising from exercise
or payment of the Award satisfied by having the number of shares of Stock the Participant is to receive reduced by, or with respect to
a Stock Award, by tendering back to the Company, a number of whole shares of Stock which, when multiplied by the Fair Market Value of
the shares of Stock, is sufficient to satisfy the tax withholding obligation (after taking into account any withholding in cash required
because only whole shares of Stock can be withheld or tendered), at tax withholding rates determined by the Company to be required, or
in the Company’s sole discretion, permitted, but not in excess of the maximum statutory tax rates in the applicable jurisdiction.

 

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6.2 Changes
in Capitalization; Merger; Liquidation

.

(a)
Equity Restructuring. The number and kind of
shares of Stock reserved for the grant of Awards; the number and kind of shares of Stock reserved for issuance upon the exercise, settlement,
or payment, as applicable, of each outstanding Dividend Equivalent Right, Option, Performance Unit Award, Restricted Stock Unit, and
Stock Appreciation Right and upon vesting, settlement, or grant, as applicable, of each Stock Award; the Exercise Price of each outstanding
Option; the Threshold Price of each outstanding Stock Appreciation Right; the specified number and kind of shares of Stock to which each
outstanding Dividend Equivalent Right, Option, Performance Unit Award, Restricted Stock Unit, Stock Appreciation Right and Stock Award
pertains; and the total number of shares of Stock covered by Awards granted by the Chief Executive Officer in any calendar year, shall
be proportionately adjusted for any nonreciprocal transaction between the Company and the holders of capital stock of the Company that
causes the per share value of the shares of Stock underlying an Award to change, such as a stock dividend, stock split, spinoff, rights
offering, or recapitalization through a large, nonrecurring cash dividend (each, an “Equity Restructuring”).

 

(b)
Other Changes in Capital Structure. Notwithstanding
any other provision of the Plan to the contrary, in the event of a merger, consolidation, reorganization, extraordinary dividend, sale
of substantially all of the Company’s assets, other change in capital structure of the Company, tender offer for shares of Stock,
or a Change in Control, that in each case does not constitute an Equity Restructuring, the Committee may make such adjustments with respect
to Awards and take such other action as it deems necessary or appropriate, including, without limitation, the substitution of new awards
by the Company or by a third party, the settlement of any Award in cash or cash equivalents, the acceleration of Awards, the removal
of restrictions on outstanding Awards, other adjustments to outstanding Awards or the termination of outstanding Awards in exchange for
the cash value, if any, determined in good faith by the Committee of the vested and/or unvested portion of the Awards, all as may be
provided in the applicable Award Agreement or Award Program or, if not expressly addressed therein, as the Committee subsequently may
determine in its sole discretion. The Committee may also use the Plan to assume awards not originally granted under the Plan. Any adjustment
pursuant to this Section 6.2 may provide, in the Committee’s discretion, for the elimination without payment therefor of any fractional
shares that might otherwise become subject to any Award, but except as set forth in this Section may not otherwise diminish the then
value of the Award.

 

(c)
Substitution.
Any adjustment described in this Section may include a substitution in whole or in part of other equity securities of the issuer and
the class involved in such Equity Restructuring in lieu of the shares of Stock that are subject to the Award.

 

(d)
Plan is not a Limit on Company Powers. The existence
of the Plan and the Awards granted pursuant to the Plan shall not affect in any way the right or power of the Company to make or authorize
any adjustment, reclassification, reorganization or other change in its capital or business structure, any merger or consolidation of
the Company, any issue of debt or equity securities having preferences or priorities as to the Stock or the rights thereof, the dissolution
or liquidation of the Company, any sale or transfer of all or any part of its business or assets, or any other corporate act or proceeding.

 

6.3
Compliance with Code. All Incentive Stock Options
to be granted hereunder are intended to comply with Code Section 422, and all provisions of the Plan and all Incentive Stock Options
granted hereunder must be construed in such manner as to effectuate that intent. All Awards under the Plan are intended to be exempt
from or in compliance with Code Section 409A and must be construed in such manner to effectuate that intent. If an Award, payment, distribution,
deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan would cause an Award to
fail to satisfy or be exempt from Code Section 409A, then unless the Committee provides otherwise, such Award, payment, distribution,
deferral election, transaction or other action or arrangement shall not be given effect to the extent it causes such result, and the
related provisions of the Award Agreement, Award Program or Plan will be deemed modified, or, if necessary, suspended to comply with
or be exempt from Code Section 409A to the extent determined appropriate by the Committee, in each case without the consent of or notice
to the Participant. Notwithstanding anything in the Plan, an Award Agreement, an Award Program, or any other agreement (written or oral)
to the contrary, if Participant is a “specified employee” (within the meaning of Code Section 409A) on the date of Separation
from Service, any payments made with respect to such Separation from Service under any Award will be delayed to the extent necessary
to comply with Section 409A(a)(2)(B)(i) of the Code, and such payments or benefits will be paid or distributed to the Participant during
the five-day period commencing on the earlier of: (i) the expiration of the six-month period measured from the date of the Participant’s
Separation from Service, or (ii) the date of the Participant’s death. Upon the expiration of the applicable six-month period under
Section 409A(a)(2)(B)(i) of the Code, all payments so deferred will be paid to the Participant (or the Participant’s estate, in
the event of the Participant’s death) in a lump sum payment. Any remaining payments and benefits due under an Award will be paid
as otherwise provided in an Award.

 

6.4 No
Representations or Covenants. Although the Company may endeavor to structure an Award to receive favorable U.S. or foreign tax treatment
(e.g., under Code Section 422) or to avoid adverse tax treatment (e.g., under Code Section 409A), the Company makes no representation
or covenant to that effect, makes no representation or covenant that such tax treatment will apply and expressly disavows any covenant
to maintain favorable tax treatment or avoid unfavorable tax treatment.

 

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6.5 Right
to Terminate Employment or Service. Nothing in the Plan or in any Award confers upon any Participant the right to continue as an
employee, officer, director, or other service provider of the Company or any of its Affiliates or affects the right of the Company or
any of its Affiliates to terminate the Participant’s employment or services at any time.

 

6.6
Non-Alienation of Benefits.
Other than as provided herein, no Award under the Plan may be subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance or charge; and any attempt to do so shall be void. No such Award may, prior to settlement and receipt by the Participant,
be in any manner liable for or subject to the debts, contracts, liabilities, engagements or torts of the Participant.

 

6.7
Conditions and Restrictions upon Stock subject to
Awards. The Committee may provide that shares of Stock issued under an Award shall be subject
to such further restrictions, conditions and limitations as the Committee in its discretion may specify at the time of granting the Award.
Without limiting the foregoing, such restrictions may address the timing and manner of any resales by the Participant of any Shares issued
under an Award, including without limitation: (a) restrictions under an insider trading policy or pursuant to applicable law, (b) restrictions
designed to delay and/or coordinate the timing and manner of sales by Participants and holders of other Company equity compensation arrangements,
(c) restrictions as to the use of a specified brokerage firm for such resales or other transfers, and (d) provisions requiring shares
of Stock to be sold on the open market or to the Company in order to satisfy tax withholding or other obligations. 

 

6.8 Compliance
with Laws. The granting of awards and the issuance of shares of Stock under the Plan shall be subject to all applicable laws, rules,
and regulations, and to such approvals by any governmental agencies or stock exchanges on which the Company’s securities are listed
as may be required. The Company shall have no obligation to issue or deliver evidence of title for shares of Stock issued under the Plan
before:

 

(a) obtaining
any approvals from governmental agencies that the Company determines are necessary or advisable; and

 

(b) completion
of any registration or other qualification of the shares of Stock under any applicable national or foreign law or ruling of any governmental
body that the Company determines to be necessary or advisable or at a time when any such registration or qualification is not current,
has been suspended or otherwise has ceased to be effective.

 

The
inability or impracticability of the Company to obtain or maintain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company 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.

 

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6.9 Restrictions
on Delivery and Sale of Shares; Legends. Each Award is subject to the condition that if at any time the Committee, in its discretion,
shall determine that the listing, registration or qualification of the shares covered by such Award upon any securities exchange or under
any state or federal law is necessary or desirable as a condition of or in connection with the granting of such Award or the purchase
or delivery of shares thereunder, the delivery of any or all shares pursuant to such Award may be withheld unless and until such listing,
registration or qualification shall have been effected. If a registration statement is not in effect under the Securities Act of 1933
or any applicable state securities laws with respect to the shares of Stock purchasable or otherwise deliverable under Awards then outstanding,
the Committee may require, as a condition of delivery of Stock pursuant to an Award, that the Participant or other recipient of an Award
represent, in writing, that the shares received pursuant to the Award are being acquired for investment and not with a view to distribution
and agree that the shares will not be disposed of except pursuant to an effective registration statement, unless the Company shall have
received an opinion of counsel that such disposition is exempt from such requirement under the Securities Act of 1933 and any applicable
state securities laws. The Company may include on certificates representing shares delivered pursuant to an Award such legends referring
to the foregoing representations or restrictions or any other applicable restrictions on resale as the Company, in its discretion, shall
deem appropriate.

 

6.10
Listing and Legal Compliance.
The Committee may suspend the exercise or payment of any Award so long as it determines that securities exchange listing or registration
or qualification under any securities laws is required in connection therewith and has not been completed on terms acceptable to the
Committee.

 

6.11
Clawback.
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, if the Participant knowingly or grossly negligently engaged in the
misconduct, or knowingly or grossly negligently failed to prevent the misconduct, or if the Participant is one of the individuals subject
to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, the Participant 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 just occurred) of the financial document embodying such financial
reporting requirement. In addition, each Award shall be subject to forfeiture to the extent provided in any applicable clawback policy
adopted by the Company or otherwise required pursuant to applicable law.

 

6.12 Awards
to Non-U.S. Employees. The Committee shall have the power and authority to determine which Affiliates shall be covered by the Plan
and which employees outside the U.S. shall be eligible to participate in the Plan. The Committee may adopt, amend or rescind rules, procedures
or sub-plans relating to the operation and administration of the Plan to accommodate the specific requirements of local laws, procedures,
and practices. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules, procedures
and sub-plans with provisions that limit or modify rights on death, disability or retirement or on Termination of Employment; available
methods or exercise or settlement of an award; payment of income, social insurance contributions and payroll taxes; the withholding procedures
and handling of any stock certificate or other indicia of ownership which vary with local requirements. The Committee may also adopt
rules, procedures or sub-plans applicable to particular Affiliates or locations.

 

    	21

     

    

 

6.13
Indemnification.
Subject to requirements of New Jersey law, each person who is or shall have been a member of the Board of Directors, or a committee appointed
by the Board of Directors, or an officer of the Company to whom authority was delegated in accordance with Section 3.5, shall be indemnified
and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred
by such person in connection with or resulting from any claim, action, suit, or proceeding to which such person may be a party or in
which such person may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts
paid by such person in settlement thereof, with the Company’s approval, or paid by such person in satisfaction of any judgment
in any such action, suit, or proceeding against him, provided such person such person shall give the Company an opportunity, at its own
expense, to handle and defend the same before such person undertakes to handle and defend it on such person’s own behalf, unless
such loss, cost, liability, or expense is a result of such person’s own willful misconduct or except as expressly provided by Delaware
law. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be
entitled under the Company’s certificate of incorporation or bylaws, as a matter of law, or otherwise, or any power that the Company
may have to indemnify them or hold them harmless.

 

6.14
Termination and Amendment of the Plan.
The Board of Directors at any time may amend or terminate the Plan without shareholder approval; provided, however, that the Board of
Directors (a) may condition any amendment on the approval of shareholders of the Company if such approval is necessary or advisable with
respect to tax, securities, stock exchange rules, or other applicable laws, and (b) shall obtain shareholder approval for any amendment
to the Plan that, except as provided in Section 6.2, increases the number of shares of Stock available under the Plan, materially expands
the classes of individuals eligible to receive Awards, materially expands the type of awards available under the Plan, or would otherwise
require shareholder approval under the rules of the applicable stock exchange. No such termination or amendment without the consent of
the holder of an Award may adversely affect the rights of the Participant under such Award. Any termination of the Plan involving the
accelerated settlement of Awards subject to the provisions of Code Section 409A shall be effected in accordance with the requirements
of Code Section 409A, including Treasury Regulation Section 1.409A-3(j)(4)(ix) or any successor guidance.

 

6.15 Shareholder
Approval. The Plan must be submitted to the shareholders of the Company for their approval within twelve (12) months before or after
the adoption of the Plan by the Board of Directors of the Company.

 

6.16 Choice
of Law. The laws of the State of New Jersey shall govern the Plan, to the extent not preempted by federal law, without reference
to the principles of conflict or choice of laws that might otherwise refer to the laws of another jurisdiction.

 

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6.17
Effective Date of Plan.
The Plan will become effective June 3, 2021, the date of annual meeting of the Company’s shareholders (the “Effective Date”),
subject to approval of the Plan by the Company’s shareholders. 

 

	 	WIRELESS TELECOM GROUP, INC.
	 	 	 
	 	By:	/s/
    Michael Kandell
	 	Title:	Chief
Financial Officer

 

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