Document:

Exhibit
10.18

 

LOAN, Security and GUARANTEE AGREEMENT

 

This
LOAN, SECURITY AND GUARANTEE AGREEMENT (this “Agreement”) dated the Effective Date, among the Export-Import
Bank of the United States, as lender (“Ex-Im Bank”), Borrower, as borrower, and each of the Guarantors
signatory hereto, as guarantors, provides for certain loans pursuant to the Global Credit Express Program (“GCE Program”)
established by Ex-Im Bank to provide credit to United States small business exporters. The parties hereto hereby agree as follows:

 

Section
1.DEFINED TERMS; certain principal terms. Capitalized
terms not otherwise defined in this Agreement shall have the meanings set forth in Section 14 or, if not defined in Section
14, in the UCC. Annex A
summarizes certain of the principal terms of this Agreement. 

 

Section
2.LOAN; INTEREST; FEES; PAYMENTS. Borrower
hereby unconditionally promises to pay to Ex-Im Bank the outstanding principal amount of all Disbursements and accrued and unpaid
interest thereon as and when due in accordance with this Agreement.

 

(a)
Line of Credit. So long as no Event of Default has occurred and subject to the terms and conditions hereof, Ex-Im
Bank agrees to make Disbursements from time to time available to Borrower from the Effective Date until the Maturity Date in an
aggregate outstanding principal amount not to exceed the Maximum Loan Amount. Borrower may borrow, prepay (without premium or penalty)
and reborrow Disbursements at any time, subject to the limitations contained in this Agreement. All
outstanding principal and accrued and unpaid interest under each Disbursement is due and payable in full on the Maturity
Date (or upon any acceleration thereof under Section 9(a)(i)), together with any other amounts owing hereunder.

 

(b)Interest.

 

i.
Interest Payments. Commencing on the last calendar day of the month following the Effective
Date, Borrower shall make monthly payments of interest in arrears through such date on the Disbursements at the rate set forth
in Section 2(b)(ii). Interest shall continue thereafter to be payable monthly
on the last calendar day of each month.

 

ii.Interest
Rate. The principal amount outstanding under each Disbursement shall accrue interest at a fixed per annum rate equal to the
Interest Rate. In the event Ex-Im Bank elects to exercise its remedies pursuant to Section 9(a)i, Disbursements shall immediately
bear interest at a rate per annum which is 1.0% above the rate that is otherwise applicable pursuant to the preceding sentence
and any past due fees and expenses under the Loan Documents shall bear interest at this same default rate. Interest shall
be computed on the basis of a 365/366-day year for the actual number of days elapsed.

 

(c)Fees.
Borrower shall pay or have paid the following fees:

 

i.
Referral Fee. A one time fully earned, non-refundable Referral Fee in an amount determined by the Originator but in
any event, not to exceed Two Thousand Dollars ($2,000.00) payable to Originator on or prior to the Effective Date, which amount
shall be paid from the first Disbursement.

 

ii.Exposure
Fee. A one time fully earned, non-refundable Exposure Fee payable to Ex-Im Bank on the Effective
Date, which amount may not be paid from any Disbursement hereunder.

 

iii.Application
Fee. A one time fully earned, non-refundable Application Fee (as defined on Annex A) payable to Originator on or prior
to the Effective Date.

 

(d)Payments.
All payments (including prepayments, which shall be in a minimum amount of $1,000 or such lesser amount as Ex-Im Bank may agree)
to be made by Borrower under any Loan Document shall be made in Dollars, without setoff or counterclaim, before 6:00 p.m. Eastern
time on the date when due, by wire transfer from a domestic bank and addressed as set forth in the Ex-Im Wire Instructions. Payments
of principal and/or interest received after 6:00 p.m. Eastern time are considered received at the opening of business on the next
Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional
fees or interest, as applicable, shall continue to accrue until paid.

 

    	 

    	 

    

 

(e)Procedures
for Borrowing. Subject to satisfaction of all applicable conditions in Section 3, to obtain a Disbursement, Borrower shall
notify Ex-Im Bank (which notice shall be irrevocable) by electronic mail sent to credit.administration@exim.gov, which notice
must attach a completed Disbursement Request Form (or, in the case of the initial Disbursement on the Effective Date, a Letter
of Direction) executed by an Authorized Representative (as designated in the Borrower Resolution and Incumbency Certificate delivered
pursuant to Section 3(a)(iii)) or his or her designee. The Disbursement shall be made as soon as practicable by Ex-Im Bank and
no later than ten (10) Business Days from the date the completed Disbursement Request Form (or Letter of Direction) is received.
Each Disbursement shall be in a minimum amount of $10,000 and in even increments of $1,000 or such lesser amount as Ex-Im Bank
may agree. Ex-Im Bank shall be entitled to rely on the authenticity of any such electronic mail notification from an Authorized
Representative or his or her designee. Borrower acknowledges and agrees that the Disbursement procedures in this Section 2(e) and
the payment procedures in Section 2(d) above may be changed at the discretion of Ex-Im Bank upon notice to Borrower.

 

Section
3.CONDITIONS OF DISBURSEMENTS.

 

(a)Conditions
Precedent to the Initial Disbursement. Ex-Im Bank’s obligation to make the initial Disbursement is subject to the condition
precedent that Ex-Im Bank shall have received, in form and substance satisfactory to Ex-Im Bank, such documents, and completion
of such other matters, as Ex-Im Bank may reasonably deem necessary or appropriate, including each of the documents listed in the
closing checklist attached as Exhibit D hereto (to the extent not duplicative of the following) and the following:

 

i.
This Agreement, duly executed by Borrower and Guarantors;

 

ii.Borrower’s
Operating Documents and a good standing certificate of Borrower certified by the secretary of state (or similar authority) of the
state of Borrower’s state of organization as of a date no earlier than thirty (30) days prior to the Effective Date;

 

iii.duly
executed original signatures to the completed Borrower Resolution and Incumbency Certificate of Borrower authorizing the execution,
delivery and performance of this Agreement, a loan application, notes, other agreements, indemnities, security agreements, guarantees
(whether related to Borrower’s own obligations or those of others), and other instruments evidencing such loans or credit
arrangements, including modifications, extensions or renewals thereof, substantially in the form of Exhibit A attached hereto;

 

iv.certified
copies, dated no earlier than thirty (30) days prior to the Effective Date, of UCC financing statement searches, tax liens searches,
utility security instrument searches, or such other certified searches as Ex-Im Bank shall request (and is hereby authorized to
order at Borrower’s expense) accompanied by written evidence (including any UCC termination statements) that the Liens indicated
in any such certified searches either constitute Liens permitted under this Agreement or have been or, in connection with the initial
Disbursement, will be terminated or released;

 

v.
certified copies of UCC financing statements or such other similar filing receipts or acknowledgements issued by a Government
Authority evidencing any filing or recordation necessary to perfect the Liens of Ex-Im Bank in the Collateral in form satisfactory
to Ex-Im Bank;

 

vi.the
insurance policies and/or endorsements required pursuant to Section 6(d) hereof and evidence satisfactory to Ex-Im Bank
that the insurance policies required by Section 6(d) hereof remain in full force and effect, together with appropriate evidence
showing lender loss payable and/or additional insured clauses or endorsements in favor of Ex-Im Bank;

 

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vii.receipt
by Ex-Im Bank from any existing creditor of the Borrower of consent letters, in form satisfactory to Ex-Im Bank, evidencing the
consent of such creditor to this Agreement, the pledge of the collateral, and the making and repayment of the Disbursements hereunder;

 

viii.receipt
by Ex-Im Bank of a completed Application with such documents, financial statements and other evidence that Ex-Im Bank may request;

 

ix.receipt
by Ex-Im Bank of a completed Letter of Direction in the form of Exhibit E specifying to whom and in what amount the proceeds
of the initial Disbursement are to be paid; 

 

x.
payment of the Exposure Fee and all other fees and expenses described herein and in the Loan Documents which are due and payable
on the Effective Date, including without limitation, the fees and expenses of counsel to Ex-Im Bank;

 

xi.receipt
by Ex-Im Bank of an anti-lobbying certificate, in the form of Exhibit F attached hereto; and

 

xii.receipt
by Ex-Im Bank of irrevocable direction to pay proceeds agreement(s), in form and substance satisfactory to Ex-Im Bank, evidencing
the Borrower’s direction to pay proceeds, up to $400,000, under any existing letter of
credit naming Borrower as a beneficiary, including, without limitation, the Borrower’s irrevocable letter of credit issued
by Union Bank (the Advising Bank on the ING Bank N.V. Documentary Letter of Credit L/C - E323396M in the amount of EUR 533,209)
to Ex-Im Bank; and 

 

xiii.such
other agreements, documents, resolutions, reports, instruments, certifications, statements, or consents as Ex-Im Bank may require.

 

(b)Conditions
Precedent to all Disbursements. Ex-Im Bank’s obligation to make each Disbursement, including the initial Disbursement,
is subject to the following conditions precedent:

 

i.
receipt by Ex-Im Bank of a completed Disbursement Request Form in the form of Exhibit C (or, in the case of the initial
Disbursement, a completed Letter of Direction in the form of Exhibit E) specifying the amount, date and wire instructions
of Borrower for each Disbursement;

 

ii.the
representations and warranties in this Agreement shall be true, correct and complete in all material respects on the date of each
Disbursement and no Event of Default shall have occurred and be continuing, or result from such Disbursement. Each Disbursement
Request Form (and, in the case of the initial Disbursement, the Letter of Direction) shall constitute Borrower’s representation
and warranty on that date that the representations and warranties in this Agreement and the Loan Documents remain true, correct
and complete in all material respects;

 

iii.receipt
by Ex-Im Bank of irrevocable direction to pay proceeds agreement(s), in form and substance satisfactory to Ex-Im Bank, evidencing
the Borrower’s irrevocable direction to pay proceeds, up to $400,000, under any letter
of credit naming Borrower as a beneficiary which came into existence after the Effective Date or which is otherwise not already
the subject of an irrevocable direction to pay proceeds agreement in favor of Ex-Im Bank; and

 

iv.in
Ex-Im Bank’s sole discretion, there has not been any Material Adverse Effect, or any material adverse deviation by Borrower
from the Application.

 

Section
4.collateral.

 

(a)Grant
of Security Interest. Borrower hereby grants Ex-Im Bank, to secure the payment and performance in full of all of the Obligations,
a continuing security interest in, and pledges to Ex-Im Bank, the Collateral, wherever located, whether now owned or hereafter
acquired or arising, and all proceeds and products thereof.

 

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(b)Priority
of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at
all times continue to be a perfected security interest in the Collateral (subject only to Liens securing Indebtedness set forth
on Schedule 1 that may have superior priority to Ex-Im Bank’s Lien under this Agreement). If this Agreement is terminated,
Ex-Im Bank’s Liens in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are
repaid in full in cash.

 

Section
5.REPRESENTATIONS AND WARRANTIES. Borrower
and Guarantors each, as applicable, represents and warrants as follows: 

 

(a)Due
Organization, Authorization; Power and Authority.

 

i.
Borrower is duly existing and in good standing in its jurisdiction of formation and is qualified and licensed to do business
and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it
be qualified.

 

ii.In
connection with this Agreement, Borrower delivered to Originator a completed loan application in the form required by Ex-Im Bank,
signed by Borrower and Guarantors, together with any supplementary information or materials appended thereto or furnished in connection
therewith (collectively with all attachments and supplements, the “Application”).

 

iii.(A) Borrower’s
exact legal name is that indicated on the Application and on the signature page hereof; (B) Borrower is an organization of
the type and is organized in the jurisdiction set forth in the Application; (C) the Application accurately sets forth Borrower’s
organizational identification number or accurately states that Borrower has none; (D) the Application accurately sets forth Borrower’s
place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than
its chief executive office); (E) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its
jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction and (F)
all other information set forth in the Application and the certifications therein pertaining to Borrower and Guarantors, including
with respect to Borrower’s export-related activities, are accurate and complete and such representations and certifications
contained in the Application are hereby incorporated by reference herein as if fully set forth herein.

 

iv.Borrower
is an Eligible Person.

 

v.
The execution, delivery and performance by Borrower and each Guarantor of the Loan Documents to which it is a party have been
duly authorized, and do not (A) conflict with any of Borrower’s or any Guarantor’s organizational documents, (B) contravene,
conflict with, constitute a default under or violate any material Requirement of Law, (C) contravene, conflict or violate
any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower
or Guarantor or any of their property or assets may be bound or affected, (D) require any action by, filing, registration,
or qualification with, or approval from, any Governmental Authority (except such approvals which have already been obtained and
are in full force and effect), or (E) constitute a default under any material agreement by which Borrower or Guarantor is
bound.

 

vi.Each
Loan Document to which Borrower and each Guarantor is a party constitutes a valid and legally binding obligation of Borrower and
each Guarantor enforceable in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium, and similar laws of general applicability relating to or affecting creditor’s rights and to general principles
of equity.

 

vii.Borrower
is not in default under any agreement to which it is a party or by which it is bound, which default could reasonably be expected
to result in any Material Adverse Effect.

 

(b)Collateral.
Borrower has good title to, has rights in, and the power to transfer each item of the Collateral upon which it purports to grant
a Lien hereunder, free and clear of any and all Liens except Permitted Liens. The Collateral shall at all times be maintained at
the locations set forth on Schedule 2.

 

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(c)Litigation.
There are no actions or proceedings pending or, to the knowledge of the authorized officers of Borrower, threatened in writing
by or against Borrower which, if adversely determined, could reasonably be expected to result in any Material Adverse Effect.

 

(d)Financial
Statements; Financial Condition. All financial statements for Borrower and Guarantors delivered to Ex-Im Bank fairly present
in all material respects Borrower’s financial condition and Borrower’s results of operations and Guarantors’
financial condition. There has not been any material deterioration in Borrower’s or Guarantors’ financial condition
since the date of the most recent annual financial statements submitted to Ex-Im Bank.

 

(e)Solvency.
The fair salable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities;
Borrower is not left with unreasonably small capital after giving effect to the transactions in this Agreement; and Borrower
is able to pay its debts (including trade debts) as they mature. Neither Borrower nor any Guarantor is the subject of any threatened,
pending or current Insolvency Proceeding.

 

(f)Tax
Returns and Payments. Borrower has timely filed all required tax returns and reports, and Borrower has timely paid all foreign,
federal, state and local taxes, assessments, deposits and contributions owed by Borrower.

 

(g)No
Corrupt Practices. Neither Borrower nor any of its officers, directors or authorized employees, agents or representatives has
paid, offered or promised to pay, or authorized the payment, directly or indirectly, of any commission, bribe, pay-off or kickback
or similar payment that violates any applicable law or entered into any agreement or arrangement under which any such payment will
at any time be made.

 

Section
6.AFFIRMATIVE COVENANTS. Until indefeasible payment in full of the Obligations, Borrower shall do each of the following:

 

(a)Compliance
with Laws. Maintain its legal existence and good standing in its jurisdiction of formation and maintain qualification in each
jurisdiction in which it is required to be qualified. Borrower shall comply with all laws, ordinances and regulations to which
it is subject.

 

(b)Financial
Statements and Reports. Deliver to Ex-Im Bank:

 

i.
Annual Financial Statements. At Ex-Im Bank’s request, as soon as available, but no later than ninety (90) days
after the last day of each fiscal year of Borrower, financial statements prepared under GAAP consistently applied and in a form
acceptable to Ex-Im Bank;

 

ii.Guarantor
Financial Statements. At Ex-Im Bank’s request, as soon as available, but no later than ninety (90) days after the last
day of each calendar year, a financial statement covering each Guarantor’s assets and liabilities, in a form acceptable to
Ex-Im Bank (individually or collectively, the “Guarantor Financial Statements”);

 

iii.Legal
Action Notice. A prompt report of any legal actions pending or threatened in writing against Borrower that could reasonably
be expected to result in any Material Adverse Effect;

 

iv.Other
Financial Information. Budgets, sales projections, operating plans and other financial information reasonably requested by
Ex-Im Bank; and

 

v.
Notice of Event of Default. A prompt report of any event or circumstance that constitutes an Event of Default.

 

(c)Taxes.
Timely file all required tax returns and reports and timely pay all foreign, federal, state and
local taxes, assessments, deposits and contributions owed by Borrower, except for deferred payment of any taxes contested in good
faith and with adequate reserves.

 

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(d)Insurance.
Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s
industry and location and as Ex-Im Bank may reasonably request, but which shall in any event include property and liability insurance.
All property policies shall have a lender’s loss payable endorsement showing Ex-Im Bank as the sole loss payee and
all liability policies shall show, or have endorsements showing, Ex-Im Bank as an additional insured.

 

(e)Inspection
of Property, Books and Records. (i) Keep proper books of record and account in which full, true and correct entries in conformity
with GAAP shall be made of all dealings and transactions in relation to its business and activities; (ii) permit
the representatives of Ex-Im Bank to make at any time during normal business hours inspections of the Collateral and of Borrower's
facilities, activities, and books and records, and cause its officers and employees to give full cooperation and assistance in
connection therewith and (iii) facilitate Ex-Im Bank’s conduct of field examinations at
Borrower’s facilities in accordance with the time schedule and content for such examinations that Ex-Im Bank requests.
Such field examinations shall address at a minimum whether Borrower is in material compliance with the terms of each of the Loan
Documents.

 

(g)Use
of Proceeds. Use the proceeds of the Disbursements solely for Borrower’s present or future export related activities
to finance the cost of manufacturing, producing, purchasing or selling the Items.

 

(h)Further
Assurances. Execute any further instruments and take further action as Ex-Im Bank reasonably requests to perfect or continue
Ex-Im Bank’s Liens in the Collateral or to affect the purposes of this Agreement.

 

Section
7.NEGATIVE COVENANTS. Until
indefeasible payment in full of the Obligations, Borrower shall not do any of the following:

 

(a)Use
of Proceeds. Use the proceeds of any Disbursement for any of the following: (i) servicing or repaying any existing or future
indebtedness unrelated to the Loan Documents (unless otherwise expressly agreed in each instance in writing by Ex-Im Bank) or
paying any Exposure Fee payable to Ex-Im Bank; (ii) acquiring fixed assets or capital assets; (iii) acquiring, equipping or renting
commercial space outside of the United States; (iv) paying the salaries of non-U.S. citizens or non-U.S. permanent residents who
are located in offices outside of the United States; (v) financing Inventory to be sold in a country in which Ex-Im Bank is prohibited
from doing business as designated in the Country Limitation Schedule; (vi) financing part of the cost of Inventory which is not
U.S. Content unless such part is not greater than fifty percent (50%) of the cost of such Inventory and is incorporated into such
Inventory in the United States; (vii) financing defense articles or defense services or (viii) to finance any Inventory to be
used in the construction, alteration, operation or maintenance of nuclear power, enrichment, reprocessing, research or heavy water
production facilities.

 

(b)Dispositions.
Convey, sell, lease, transfer, assign, or otherwise dispose of all or any part of its business or property, except for (i) sale
of Inventory in the ordinary course of business; or (ii) sale or other disposition of worn-out or obsolete Equipment.

 

(c)Changes
in Business, Ownership, or Business Locations. (i) Engage in any business other than the businesses currently engaged
in by Borrower or reasonably related thereto; (ii) liquidate or dissolve; (iii) enter into any
transaction or series of related transactions in which the stockholders, members or partners of Borrower who were not stockholders,
members or partners immediately prior to the first such transaction own more than twenty percent (20.0%) of the voting stock of
or interests in Borrower immediately after giving effect to such transaction or related series of such transactions or (iv)
without at least thirty (30) days prior written notice to Ex-Im Bank: (A) change its jurisdiction of organization, (B) change its
organizational structure or type, (C) change its legal name, or (D) change any organizational number (if any) assigned by its jurisdiction
of organization.

 

(d)Mergers
or Acquisitions. Merge or consolidate with any other Person, or acquire, all or substantially all of the capital stock or property
of another Person.

 

(e)Indebtedness.
Create, incur, assume, or be liable for any Indebtedness other than Permitted Indebtedness.

 

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(f)Liens.
Create, incur, allow, or suffer any Lien on any of the Collateral, or assign or convey any right to receive income, including the
sale of any Accounts, except for Permitted Liens, provided that there shall not at any time exist any tax liens or tax judgments.

 

(g)Investments.
Make any Investments in any Person, except Permitted Investments.

 

(h)Restricted
Payments. Pay or declare any management fees, dividends or other distributions or purchase, redeem or otherwise acquire any
stock or other equity interests, except for, in the case of pass-through entities taxed at the owner level, distributions to its
shareholders, members or partners during each calendar year in an aggregate amount (including all dividends or other payments)
not exceeding the amount of federal and state income tax payable by such shareholder, member or partner in such year with respect
to the taxable income of Borrower. Notwithstanding the foregoing, management fees may be paid or declared by the Borrower so long
as such management fees are in the ordinary course of the Borrower’s business, are arms-length and no less favorable than
if afforded to an unrelated party and no Event of Default exists or would exist immediately before and after payment of any management
fee.

 

(i)Draws
Under Letters of Credit. Request or receive any draws under any letters of credit pursuant to which the Borrower is the beneficiary
without first making the same part of the Collateral secured hereunder pursuant to a direction to pay proceeds agreement or other
instrument satisfactory to Ex-Im Bank in its sole discretion.

 

Section
8.EVENTS OF DEFAULT. Any one
of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

 

(a)Payment
Default. Borrower fails to pay within five (5) calendar days of the date when due, at stated maturity
or otherwise, any amount payable under any Loan Document; 

 

(b)Cross
Default. There is, under any agreement to which Borrower or any Guarantor is a party with a third party or parties (i) any
default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness
or (ii) any default by Borrower or any Guarantor which could reasonably be expected to result in a Material Adverse Effect;

 

(c)Covenant
Default. Borrower fails to comply with any material provision of this Agreement or any Loan Document and such failure is not
cured within thirty calendar (30) days after the occurrence thereof;

 

(d)Material
Adverse Effect. Any Material Adverse Effect, as determined by Ex-Im Bank, in its sole discretion, shall have occurred;

 

(e)Attachment;
Levy. The issuance of any levy, assessment, attachment, seizure or Lien, other than a Permitted Lien, against any of the Collateral
which is not stayed or lifted within thirty (30) calendar days, unless sufficient cash reserves are established;

 

(f)Insolvency.
Borrower or any Guarantor (i) is unable to pay its debts as they become due or otherwise becomes insolvent within the meaning of
Section 5(e); (ii) commences an Insolvency Proceeding or (iii) is the subject of an Insolvency Proceeding commenced by a third
party which is not dismissed or stayed within thirty (30) calendar days;

 

(g)Priority
of Security Interest. Any Lien in any of the Collateral, granted or intended by the Loan Documents to be granted to Ex-Im Bank,
ceases to be a valid, enforceable, perfected, first priority Lien subject only to Permitted Liens;

 

(h)Material
Provision. Any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance
with its terms;

 

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(i)Liquidation.
Any proceeding is commenced by or against Borrower or any Guarantor for the liquidation of its assets or dissolution;

 

(j)Litigation.
Any litigation is filed against Borrower or any Guarantor which has resulted in or could reasonably be expected to result in a
Material Adverse Effect and such litigation is not withdrawn or dismissed within thirty (30) calendar days of the filing thereof;

 

(k)Misrepresentations.
Borrower, any Guarantor or any Person acting for Borrower makes any representation, warranty, or other statement now or later in
this Agreement, any Loan Document or in any writing delivered to Ex-Im Bank or to induce Ex-Im Bank to enter this Agreement or
any Loan Document or to make any Disbursement hereunder, and such representation, warranty, or other statement is incorrect in
any material respect when made;

 

(l)Guarantee.
(i) Any guarantee of any Obligations terminates or ceases for any reason to be in full force and effect; (ii) any Guarantor does
not perform any obligation or covenant under any guarantee of the Obligations or (iii) any Guarantor dies, liquidates, winds up
or terminates its existence; or

 

(m)Material
Deviation. There shall occur at any time, any material deviation in the facts, circumstances and information of the Borrower
or any Guarantor from the facts, circumstances and information provided in the Application.

 

Section
9.EX-IM BANK’S RIGHTS AND REMEDIES.

 

(a)Rights
and Remedies. While an Event of Default occurs and continues Ex-Im Bank may, without notice or demand:

 

i.
declare all Obligations immediately due and payable (but if an Event of Default described in Sections 8(f) or 8(i) occurs all
Obligations are immediately due and payable without any action by Ex-Im Bank);

 

ii.stop
advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower
and Ex-Im Bank; and

 

iii.exercise
all rights and remedies available to Ex-Im Bank under the Loan Documents or at law or equity, including all remedies provided under
the UCC (including disposal of the Collateral pursuant to the terms thereof).

 

(b)Power
of Attorney. Borrower hereby irrevocably appoints Ex-Im Bank as its lawful attorney-in-fact, which Ex-Im Bank shall only exercise
upon the occurrence and during the continuance of an Event of Default, to: (i) endorse Borrower’s name on any checks or other
forms of payment or security; (ii) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against
Account Debtors; (iii) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and
on terms Ex-Im Bank determines reasonable; (iv) make, settle, and adjust all claims under Borrower’s insurance policies;
(v) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any
judgment based thereon, or otherwise take any action to terminate or discharge the same; and (vi) transfer the Collateral into
the name of Ex-Im Bank or a third party as the UCC permits. Borrower hereby appoints Ex-Im Bank as its lawful attorney-in-fact
to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Ex-Im Bank’s security interest
in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and
Ex-Im Bank is under no further obligation to make Disbursements hereunder. Ex-Im Bank’s foregoing appointment as Borrower’s
attorney-in-fact, and all of Ex-Im Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations
have been fully repaid and performed and Ex-Im Bank’s obligation to provide Disbursements terminates.

 

(c)Ex-Im
Bank’s Liability for Collateral. So long as Ex-Im Bank complies with reasonable practices regarding the safekeeping of
the Collateral in the possession or under the control of Ex-Im Bank, Ex-Im Bank shall not be liable or responsible for: (i) the
safekeeping of the Collateral; (ii) any loss or damage to the Collateral; (iii) any diminution in the value of the Collateral or
(iv) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction
of the Collateral.

 

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(d)No
Waiver; Remedies Cumulative. Ex-Im Bank’s failure, at any time or times, to require strict performance by Borrower of
any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Ex-Im Bank thereafter
to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the
party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Ex-Im Bank’s
rights and remedies under this Agreement and the other Loan Documents are cumulative. Ex-Im Bank has all rights and remedies provided
under the UCC, by law, or in equity. Ex-Im Bank’s exercise of one right or remedy is not an election and shall not preclude
Ex-Im Bank from exercising any other remedy under this Agreement or other remedy available at law or in equity, and Ex-Im Bank’s
waiver of any Event of Default is not a continuing waiver. Ex-Im Bank’s delay in exercising any remedy is not a waiver, election,
or acquiescence.

 

(e)Demand
Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment
at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees
held by Ex-Im Bank on which Borrower is liable.

 

Section
10.NOTICES. All notices, consents,
requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing
and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business
Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid;
(b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable
overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed
to the party to be notified and sent to the address, facsimile number, or email address indicated as the Borrower’s notice
address on Annex A,
in the case of the Borrower, or set forth below, in the case of Ex-Im Bank. Ex-Im Bank or Borrower may change its mailing or electronic
mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section
10.

 

	If to Ex-Im Bank:	Export-Import Bank of the United States
	 	811 Vermont Avenue, N.W.
	 	Suite 1137
	 	Washington, D.C.  20571
	 	Attn: Vice President – Small Business Finance Division
	 	Fax: (202) 565-3930
	 	Email: SBFD@exim.gov

 

Section
11.CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER. New
York law shall govern the Loan Documents without regard to principles of conflicts of law. Borrower, each Guarantor and Ex-Im Bank
each submit to the exclusive jurisdiction of the State and Federal courts in New York, New York; provided,
however, that nothing in this Agreement shall be deemed to operate to preclude Ex-Im Bank from bringing suit or taking other legal
action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment
or other court order in favor of Ex-Im Bank. Borrower and each Guarantor expressly submits and consents in advance to such jurisdiction
in any action or suit commenced in any such court, and Borrower and each Guarantor hereby waives any objection that it may have
based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal
or equitable relief as is deemed appropriate by such court. Borrower and each Guarantor hereby waives personal service of the summons,
complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process
may be made by registered or certified mail addressed to Borrower or such Guarantor at the address set forth or referred to in
Section 10 of this Agreement (or, in the case of Guarantors, at the address set forth below their signature on the signature page
hereto) and that service so made shall be deemed completed upon the earlier to occur of Borrower’s or such Guarantor’s
actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 

    	-9-

    	 

    

 

TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER, EACH GUARANTOR AND EX-IM BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION,
INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO
THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

Section
12.GENERAL PROVISIONS.

 

(a)Successors
and Assigns; Miscellaneous. This Agreement binds and is for the benefit of the successors and permitted assigns of each party.
Borrower may not assign this Agreement or any rights or obligations under it without Ex-Im Bank’s prior written consent (which
may be granted or withheld in Ex-Im Bank’s discretion). Each provision of this Agreement is severable from every other provision
in determining the enforceability of any provision. This Agreement may be executed in any number of counterparts and by different
parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute
one Agreement.

 

(b)Indemnification;
Fees and Expenses. Each of Borrower and each Guarantor, jointly and severally, agrees to indemnify, defend and hold Ex-Im Bank
and its directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Ex-Im Bank (each,
an “Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities claimed or
asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or expenses
in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising
from the administration, enforcement and other transactions between Ex-Im Bank and Borrower contemplated by the Loan Documents.
For avoidance of doubt, Borrower agrees to pay all expenses of Ex-Im Bank in connection with any subsequent amendments, waivers
or modifications to the Loan Documents or any enforcement actions, including reasonable attorneys’ fees and expenses in connection
therewith.

 

(c)Amendments
in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination
of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth
in a writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing,
no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate
as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be
limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether
similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents
represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents
merge into the Loan Documents.

 

(d)Survival.
All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated
pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their
terms, are to survive the termination of this Agreement) have been paid in full and satisfied. The obligations of Borrower and
Guarantors in Section 12(b) to indemnify Ex-Im Bank shall survive until the statute of limitations with respect to such claim or
cause of action shall have run.

 

Section
13.GUARANTEE. Each Guarantor
hereby irrevocably, unconditionally and jointly and severally guarantees, each as a primary obligor and not merely as a surety,
to Ex-Im Bank the due and punctual payment of the principal of and the premium, if any, and interest on the Obligations and any
and all other amounts due under or pursuant to the Loan Documents, when and as the same shall become due and payable (whether at
stated maturity or by optional or mandatory prepayment or by declaration, redemption or otherwise) in accordance with the terms
of the Loan Documents. Guarantors’ guarantee under this Section 13 is an absolute, present and continuing guarantee of payment
and not of collectibility, and is in no way conditional or contingent upon any attempt to collect from Borrower, any Guarantors
or any other guarantor of the Obligations (or any portion thereof) or upon any other action, occurrence or circumstances whatsoever.
In the event that Borrower or any Guarantor shall fail so to pay any such principal, premium, interest or other amount to Ex-Im
Bank, Guarantors will pay the same forthwith, without demand, presentment, protest or notice of any kind (all of which are waived
by Guarantors to the fullest extent permitted by law), in lawful money of the United States, at the place for payment specified
in the Loan Documents or specified by Ex-Im Bank in writing, to Ex-Im Bank. Guarantors further agree, promptly after demand, to
pay to Ex-Im Bank the costs and expenses incurred by Ex-Im Bank in connection with enforcing its rights against Borrower and any
or all Guarantors (whether in a bankruptcy proceeding or otherwise) following any default in payment of any of the Obligations
or the obligations of Guarantors hereunder, including, without limitation, the fees and expenses of counsel to Ex-Im Bank. The
obligations of Guarantors hereunder are and shall be absolute and unconditional, irrespective of the validity, regularity or enforceability
of this Agreement, any of the Obligations or any of the Loan Documents, shall not be subject to any counterclaim, set-off, deduction
or defense based upon any claim any Guarantors may have against Borrower, any other Guarantor or Ex-Im Bank, hereunder or otherwise,
and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, to
the fullest extent permitted by law, any circumstance or condition whatsoever (whether or not any of Guarantors shall have any
knowledge or notice thereof), including, without limitation (a) any amendment, waiver, consent or modification to any Loan Document
(including any extension of the maturity thereof), (b) any failure or delay by Ex-Im Bank in exercising or enforcing any right,
power or remedy or any release of any security or any other guarantor by Ex-Im Bank or any failure to give notice to any Guarantor,
(c) any Insolvency Proceeding with respect to Borrower or any Guarantor, (d) any action by Borrower, including any failure to comply
with any obligations Borrower may have to Guarantors under any agreement, any failure to inform Guarantors in connection with the
Obligations or any other failure or delay of any performance of Borrower hereunder or otherwise, (e) any other circumstance (other
than payment in full) which might otherwise constitute a legal or equitable discharge or defense of a guarantor or which might
in any manner or to any extent vary the risk of such Guarantor. Each Guarantor hereby waives, to the extent permitted by applicable
law, notice of any matters heretofore referred to in this Section 13, any statutory notices including presentment, demand of payment
from Borrower or any other Guarantor, notice of acceptance, notice of default, protest, nonpayment or dishonor, any requirement
of diligence on the part of Ex-Im Bank in pursuing its remedies and any requirement that Ex-Im Bank resort to its remedies in any
particular order or proceed against Borrower or any other Guarantor or any Collateral before proceeding against such Guarantor.
The obligations of Guarantors under this Section 13 shall not be discharged until final payment in full of the Obligations and
shall continue in full force and effect or be automatically reinstated, as the case may be, if any payment made by Borrower or
any Guarantor in respect of any Obligations is rescinded or must otherwise be restored or returned by the recipient upon any Insolvency
Proceeding of Borrower or any Guarantor. Until payment in full of the Obligations, Guarantors hereby waive any right of subrogation,
indemnity, reimbursement or contribution and any right to enforce any remedy or proceed against any Collateral in connection therewith.

 

    	-10-

    	 

    

 

Section
14.DEFINITIONS. As used in
the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or”
is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural,
and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the following capitalized terms
have the following meanings:

 

“Account”
is any “account” as defined in the UCC with such additions to such term as may hereafter
be made, and includes all accounts receivable and other sums owing to Borrower.

 

“Account
Debtor” is any “account debtor” as defined in the UCC with such additions to such term as may hereafter be
made.

 

“Agreement”
is defined in the preamble hereof.

 

“Application”
is defined in Section 5(a)(ii).

 

“Borrower”
is defined in Annex A.

 

“Borrower
Resolution and Incumbency Certificate” is that certain certificate attached hereto as Exhibit A.

 

“Business
Day” is any day that is not a Saturday, Sunday or a day on which Ex-Im Bank is closed.

 

    	-11-

    	 

    

 

“Cash
Equivalents” are (a) marketable direct obligations issued or unconditionally guaranteed
by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition;
(b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard
& Poor’s Ratings Group or Moody’s Investors Service, Inc.; and (c) certificates of deposit maturing no more than
one (1) year after issue.

 

“Collateral”
is any and all properties, rights and assets of Borrower described on Exhibit B.

 

“Contingent
Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness,
lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed,
endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable;
(b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate,
currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect
a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation”
does not include endorsements in the ordinary course of business.

 

“Copyrights”
are any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship
and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.

 

“Country
Limitation Schedule” is the schedule published from time to time by Ex-Im Bank setting forth on a country by country
basis whether and under what conditions Ex-Im Bank will provide coverage for the financing of export transactions to countries
listed therein.

 

“Disbursement”
is any extension of credit by Ex-Im Bank for Borrower’s benefit.

 

“Disbursement
Request Form” is that certain form attached hereto as Exhibit C.

 

“Dollars,”
“dollars” or use of the sign “$” means only lawful money of the United States and not
any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily
converted into lawful money of the United States.

 

“Effective
Date” is defined in Annex A.

 

“Eligible
Person” is a sole proprietorship, partnership, limited liability partnership, corporation or limited liability company
which (a) is domiciled, organized or formed, as the case may be, in the United States, whether or not such entity is owned by a
foreign national or foreign entity; (b) is not currently suspended or debarred from doing business with the United States government
or any instrumentality, division, agency or department thereof; (c) has had export sales in at least one (1) of the past three
(3) years prior to the Effective Date; (d) operates and has operated as a going concern for at least three (3) years prior to the
Effective Date and (e) has revenue generating operations relating to its core business activities for at least three (3) years
prior to the Effective Date.

 

“Equipment”
is all “equipment” as defined in the UCC with such additions to such term as may hereafter be made, and includes all
machinery, fixtures, goods, vehicles and any interest in any of the foregoing.

 

“Event
of Default” is defined in Section 8.

 

“Ex-Im
Bank” is defined in the preamble.

 

“Ex-Im
Wire Instructions” is defined in Annex A.

 

“Exposure
Fee” is defined in Annex A.

 

    	-12-

    	 

    

 

“GAAP”
is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession,
which are applicable to the circumstances as of the date of determination.

 

“General
Intangibles” is all “general intangibles” as defined in the UCC in effect on the
Effective Date with such additions to such term as may hereafter be made, and includes all Intellectual Property, claims, income
and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal
property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies
(including key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind.

 

“Governmental
Authority” is any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

“Guarantor”
is defined in Annex A.

 

“Guarantor
Financial Statements” is defined in Section 6(b)(ii).

 

“Indebtedness”
is (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations
for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations, and (d) Contingent Obligations.

 

“Indemnified
Person” is defined in Section 12(b).

 

“Insolvency
Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or
proceedings seeking reorganization, arrangement, or other relief.

 

“Intellectual
Property” is all of Borrower’s right, title, and interest in and to the following:

 

(a)its
Copyrights, Trademarks and Patents;

 

(b)any
and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating
manuals;

 

(c)any
and all source code;

 

(d)any
and all design rights which may be available to Borrower;

 

(e)any
and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above;
and

 

(f)all
amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

 

“Interest
Rate” is defined in Annex A.

 

“Inventory”
is all “inventory” as defined in the UCC in effect on the Effective Date with such additions
to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing
and shipping materials, work in process and finished products, including such inventory as is temporarily out of Borrower’s
custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

 

    	-13-

    	 

    

 

“Investment”
is any beneficial ownership interest in any Person (including stock, partnership interest or other securities), and any loan, advance
or capital contribution to any Person.

 

“Items”
are the finished goods or services which are intended for export from the United States and meet the U.S. Content requirements
specified in Section 7 of the Application.

 

“Letter
of Direction” is that certain letter attached hereto as Exhibit E.

 

“Lien”
is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily
incurred or arising by operation of law or otherwise against any property.

 

“Loan
Documents” are, collectively, this Agreement and the Application, those certain direction to pay proceeds agreements
or other instruments evidencing Ex-Im’s security interest in and to the proceeds under any letter of credit naming the Borrower
as a beneficiary, and any other present or future agreement between Borrower and any Guarantor and/or for the benefit of Ex-Im
Bank in connection with this Agreement, all as amended, restated, or otherwise modified.

 

“Material
Adverse Effect” is a material adverse effect on (a) the business, assets, operations, prospects
or financial or other condition of Borrower or any Guarantor, (b) Borrower's or any Guarantor’s ability to pay or perform
the Obligations in accordance with the terms thereof, (c) the Collateral or Ex-Im Bank's Liens on the Collateral or the priority
of such Lien, or (d) Ex-Im Bank's rights and remedies under the Loan Documents.

 

“Maturity
Date” is defined in Annex A.

 

“Maximum
Loan Amount” is defined in Annex A.

 

“Obligations”
are Borrower’s and each Guarantor’s obligations to pay when due any debts, principal, interest, Ex-Im Bank expenses
and other amounts Borrower and each Guarantor owes Ex-Im Bank now or later, whether under this Agreement, the Loan Documents, or
otherwise, including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned
to Ex-Im Bank.

 

“Operating
Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of State of
such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a)
if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability
company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement),
each of the foregoing with all current amendments or modifications thereto.

 

“Originator”
is defined in Annex A.

 

“Patents”
are all patents, patent applications and like protections including improvements, divisions, continuations, renewals, reissues,
extensions and continuations-in-part of the same.

 

“Permitted
Indebtedness” is:

 

(a)unsecured
Indebtedness to trade creditors incurred
in the ordinary course of business;

 

(b)Indebtedness
incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

 

    	-14-

    	 

    

 

(c)Indebtedness
secured by Liens permitted under clause (f) of the definition of “Permitted Liens” in a principal amount not to exceed
the purchase price of the property purchased with the proceeds of such Indebtedness;

 

(d)Borrower’s
Indebtedness to Ex-Im Bank under this Agreement and the other Loan Documents; and

 

(e)Indebtedness
existing on the Effective Date, disclosed in the Application and shown on Schedule 1.

 

“Permitted
Investments” are Investments consisting of Cash Equivalents.

 

“Permitted
Liens” are:

 

(a)Liens
for taxes, assessments or other governmental charges or levies not delinquent, or, being contested in good faith and by appropriate
proceedings; provided that, the Lien shall have no effect on the priority of the Liens in favor of Ex-Im Bank or the value of the
assets in which Ex-Im Bank has such a Lien and a stay of enforcement of any such Lien shall be in effect;

 

(b)deposits
or pledges securing obligations under worker's compensation, unemployment insurance, social security or public liability laws or
similar legislation;

 

(c)deposits
or pledges securing bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety
and appeal bonds and other obligations of like nature arising in the ordinary course of such Borrower's business;

 

(d)judgment
Liens that have been stayed or bonded;

 

(e)mechanics’,
workers’, materialmen’s or other like Liens arising in the ordinary course of Borrower's business with respect to obligations
which are not due;

 

(f)Liens
placed upon fixed assets hereafter acquired to secure a portion of the purchase price thereof; provided, that, any such Lien shall
not encumber any other property of Borrower;

 

(g)
security interests being terminated concurrently with the execution of the Loan Documents;

 

(h)Liens
arising under this Agreement in favor of Ex-Im Bank; and

 

(i)
Liens existing on the Effective Date, disclosed in the Application and shown on Schedule 1.

 

“Person”
is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.

 

“Referral
Fee” is defined in Annex A.

 

“Requirement
of Law” is as to any Person, the organizational or governing documents of such Person, and any law (statutory or common),
treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Trademarks”
are any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and
like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.

 

    	-15-

    	 

    

 

“UCC”
is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New York; provided,
that, to the extent that the UCC is used to define any term herein or in any Loan Document and such term is defined differently
in different Articles or Divisions of the UCC, the definition of such term contained in Article or Division 9 shall govern; provided
further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority
of, or remedies with respect to, Ex-Im Bank’s or Ex-Im Bank’s Lien on any Collateral is governed by the Uniform Commercial
Code in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial
Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment,
perfection, priority, or remedies and for purposes of definitions relating to such provisions.

 

“U.S.
Content” is, with respect to any Item, all the costs, including labor, materials, services and overhead, but not markup
or profit margin, which are of United States origin or manufacture, and which are incorporated into such Item in the United States.

 

[Signature
page follows.]

 

    	-16-

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date.

 

BORROWER:

 

	ENER-CORE, INC.	 
	 	 	 
	By: /s/ Alain Castro	 
	Name:	Alain Castro	 
	Title: 	CEO	 
	 	 	 
	EX-IM BANK:	 
	 	 	 
	EXPORT-IMPORT BANK OF THE UNITED STATES
	 	 	 
	By: /s/ James C. Newton	 
	Name: 	James C. Newton	 
	Title: Acting Vice President	 

 

	STATE OF CALIFORNIA	 	)
	 	 	)  ss:

	COUNTY OF 	ORANGE          	)

  

I,
Erika Lopez, a notary public in and for Orange, DO HEREBY CERTIFY that Alain Castro, CEO of Ener-Core, Inc., a corporation
organized and existing under the laws of the State of Nevada (the “Borrower”), personally appeared before
me in said jurisdiction, personally known to me and known by me to be the person who executed on behalf of Borrower the Loan, Security
and Guarantee Agreement annexed hereto, who acknowledged the same to be his or her own free act and deed and the free act and deed
of Borrower, and that he or she had the necessary authority to do so.

 

Given under
my hand and notarial seal this 24th day of Oct, 2013.

  

/s/ Erika Lopez

Notary Public

My commission expires:

07/09/2015COMMITTED CAPITAL ACQUISITION CORPORATION

 

2013 EMPLOYEE, DIRECTOR AND CONSULTANT
EQUITY INCENTIVE PLAN

 

		1.	DEFINITIONS.

 

Unless otherwise specified
or unless the context otherwise requires, the following terms, as used in this Committed Capital Acquisition Corporation 2013 Employee,
Director and Consultant Equity Incentive Plan, have the following meanings:

 

Administrator means the
Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the Administrator means
the Committee.

 

Affiliate means a corporation
which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect.

 

Agreement means a written
agreement between the Company and a Participant delivered pursuant to the Plan and pertaining to a Stock Right, in such form as
the Administrator shall approve.

 

Board of Directors means
the Board of Directors of the Company.

 

California Participant
means a Participant who resides in the State of California.

 

Cause means, with respect
to a Participant (a) dishonesty with respect to the Company or any Affiliate, (b) insubordination, substantial malfeasance or non-feasance
of duty, (c) unauthorized disclosure of confidential information, (d) breach by a Participant of any provision of any employment,
consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant and the Company or any Affiliate,
and (e) conduct substantially prejudicial to the business of the Company or any Affiliate; provided, however, that any provision
in an agreement (including any Agreement of employment (an “Employment
Agreement”) then in effect) between a Participant and the Company or an Affiliate, which contains a conflicting definition
of Cause for termination and which is in effect at the time of such termination, shall supersede this definition with respect to
that Participant. The determination of the Administrator as to the existence of Cause will be conclusive on the Participant and
the Company.

 

Change of Control means
the occurrence of any of the following events:

 

		(i)	Ownership. 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 under the Exchange Act), directly or indirectly, of securities
                                                             of the Company representing 50% or more of the total voting power
                                                             represented by the Company’s then outstanding voting securities
                                                             (excluding for this purpose any such voting securities held by the
                                                             Company or its Affiliates or by any employee benefit plan of the
                                                             Company) pursuant to a transaction or a series of related transactions
                                                             which the Board of Directors does not approve; or

 

    	 

    	 

    

 

		(ii)	Merger/Sale of Assets. (A) A merger or consolidation of the Company whether or not approved
by the Board of Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities
of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger
or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a
transaction requiring stockholder approval; or

 

		(iii)	Change in Board Composition. A change in the composition of the Board of Directors, as a
result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors
who either (A) are directors of the Company as of October 16, 2013, (B) are elected, or nominated for election, to the Board of
Directors with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination
(but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating
to the election of directors to the Company) or (C) are appointed in connection with the consummation of the merger among the Company,
CCAC Acquisition Sub, LLC, The ONE Group, LLC and Samuel Goldfinger, as representative of the owners of membership interests in
The ONE Group, LLC.

 

		(iv)	“Change of Control” shall be interpreted, if applicable, in a manner, and limited to
the extent necessary, so that it will not cause adverse tax consequences under Section 409A.

 

Code means the United States
Internal Revenue Code of 1986, as amended including
any successor statute, regulation and guidance thereto.

 

Committee means the committee
of the Board of Directors to which the Board of Directors has delegated power to act under or pursuant to the provisions of the
Plan.

 

Common Stock means shares
of the Company’s common stock, $.0001 par value per share.

 

    	 

    	 

    

 

Company means Committed
Capital Acquisition Corporation, a Delaware corporation.

 

Consultant means any natural
person who is an advisor or consultant that provides bona fide services to the Company or its Affiliates, provided that such services
are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly
promote or maintain a market for the Company’s or its Affiliates’ securities.

 

Disability or Disabled
means permanent and total disability as defined in Section 22(e)(3) of the Code.

 

Employee means any employee
of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an officer or director of
the Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more Stock Rights under the
Plan.

 

Exchange Act means the Securities
Exchange Act of 1934, as amended.

 

Fair Market
Value of a Share of Common Stock means:

 

(1)If
the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales prices are regularly
reported for the Common Stock, the closing or, if not applicable, the last price of the Common Stock on the composite tape or other
comparable reporting system for the trading day on the applicable date and if such applicable date is not a trading day, the last
market trading day prior to such date; 

 

(2)If
the Common Stock is not traded on a national securities exchange but
is traded on the over-the-counter market, if sales prices are not regularly reported for the Common Stock for the trading day referred
to in clause (1), and if bid and asked prices for the Common Stock are regularly reported, the mean between the bid and the asked
price for the Common Stock at the close of trading in the over-the-counter market for the trading day on which Common Stock was
traded on the applicable date and if such applicable date is not a trading day, the last market trading day prior to such date;
and 

 

(3)
If there is no regular public trading market for such Common Shares, the Fair Market Value of the Shares shall be determined
by the Administrator in good faith and in compliance with Section 409A of the Code.

 

ISO means an option intended
to qualify as an incentive stock option under Section 422 of the Code.

 

Non-Qualified Option means
an option which is not intended to qualify as an ISO.

 

Option means an ISO or Non-Qualified
Option granted under the Plan.

 

    	 

    	 

    

 

Participant means an Employee,
director or Consultant of the Company or an Affiliate to whom one or more Stock Rights are granted under the Plan.
As used herein, “Participant” shall include “Participant’s Survivors” where the context
requires.

 

Plan means this Committed
Capital Acquisition Corporation 2013 Employee, Director and Consultant Equity Incentive Plan.

 

Securities Act means the
Securities Act of 1933, as amended.

 

Shares means shares of the
Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital stock into which the
Shares are changed or for which they are exchanged within the provisions of Paragraph 3 of the Plan. The Shares issued under the
Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both.

 

Stock-Based Award means
a grant by the Company under the Plan of an equity award or an equity based award which is not an Option or a Stock Grant.

 

Stock Grant means a grant
by the Company of Shares under the Plan.

 

Stock Right means a right
to Shares or the value of Shares of the Company granted pursuant to the Plan -- an ISO, a Non-Qualified Option, a Stock Grant or
a Stock-Based Award.

 

Survivor means a deceased
Participant’s legal representatives and/or any person or persons who acquired the Participant’s rights to a Stock Right
by will or by the laws of descent and distribution.

 

		2.	PURPOSES OF THE PLAN.

 

The Plan is intended
to encourage ownership of Shares by Employees and directors of and certain Consultants to the Company and its Affiliates in order
to attract and retain such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional
incentive for them to promote the success of the Company or of an Affiliate. The Plan provides for the granting of ISOs, Non-Qualified
Options, Stock Grants and Stock-Based Awards.

 

		3.	SHARES SUBJECT TO THE PLAN.

 

(a)The
number of Shares which may be issued from time to time pursuant to this Plan shall be 4,773,922, or the equivalent of such number
of Shares after the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination,
recapitalization or similar transaction in accordance with Paragraph 24 of the Plan.

 

    	 

    	 

    

 

(b)If an Option
ceases to be “outstanding”, in whole or in part (other than by exercise), or if the Company shall reacquire (at not
more than its original issuance price) any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right
expires or is forfeited, cancelled, or otherwise terminated or results in any Shares not being issued, the unissued or reacquired
Shares which were subject to such Stock Right shall again be available for issuance from time to time pursuant to this Plan. Notwithstanding
the foregoing, if a Stock Right is exercised, in whole or in part, by tender of Shares or if the Company or an Affiliate’s
tax withholding obligation is satisfied by withholding Shares, the number of Shares deemed to have been issued under the Plan for
purposes of the limitation set forth in Paragraph 3(a) above shall be the number of Shares that were subject to the Stock Right
or portion thereof, and not the net number of Shares actually issued. However, in the case of ISOs, the foregoing provisions shall
be subject to any limitations under the Code.

 

		4.	ADMINISTRATION OF THE PLAN.

 

The Administrator of
the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee,
in which case the Committee shall be the Administrator. Subject to the provisions of the Plan, the Administrator is authorized
to:

 

(a)Interpret
the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable
for the administration of the Plan;

 

(b)Determine
which Employees, directors and Consultants shall be granted Stock Rights;

 

(c)Determine
the number of Shares for which a Stock Right or Stock Rights shall be granted;

 

(d)Specify
the terms and conditions upon which a Stock Right or Stock Rights may be granted;

 

(e)Amend
any term or condition of any outstanding Stock Right, including, without limitation, to reduce or increase the exercise price or
purchase price, accelerate the vesting schedule or extend the expiration date, provided that (i) such term or condition as amended
is permitted by the Plan; (ii) any such amendment shall not impair the rights of a Participant under any Stock Right previously
granted without such Participant’s consent or in the event of death of the Participant the Participant’s Survivors;
and (iii) any such amendment shall be made only after the Administrator determines whether such amendment would cause any adverse
tax consequences to the Participant, including, but not limited to, the annual vesting limitation contained in Section 422(d) of
the Code and described in Paragraph 6(b)(iv) below with respect to ISOs and pursuant to Section 409A of the Code;

 

(f)Buy
out for a payment in cash or Shares, a Stock Right previously granted and/or cancel any such Stock Right and grant in substitution
therefor other Stock Rights, covering the same or a different number of Shares and having an exercise price or purchase price per
share which may be lower or higher than the exercise price or purchase price of the cancelled Stock Right, based on such terms
and conditions as the Administrator shall establish and the Participant shall accept; and

 

    	 

    	 

    

 

(g)Adopt
any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with
or take advantage of any tax or other laws applicable to the Company, any Affiliate or to Participants or to otherwise facilitate
the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Stock Rights or
Shares issuable pursuant to a Stock Right;

 

provided, however, that all such interpretations,
rules, determinations, terms and conditions shall be made and prescribed in the context of not causing any adverse tax consequences
under Section 409A of the Code and preserving the tax status under Section 422 of the Code of those Options which are designated
as ISOs. Subject to the foregoing, the interpretation and construction by the Administrator of any provisions of the Plan or of
any Stock Right granted under it shall be final, unless otherwise determined by the Board of Directors, if the Administrator is
the Committee. In addition, if the Administrator is the Committee, the Board of Directors may take any action under the Plan that
would otherwise be the responsibility of the Committee.

 

To the extent permitted
under applicable law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities and powers
to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any other person selected
by it. The Board of Directors or the Committee may revoke any such allocation or delegation at any time. Notwithstanding the foregoing,
only the Board of Directors or the Committee shall be authorized to grant a Stock Right to any director of the Company or to any
“officer” of the Company as defined by Rule 16a-1 under the Exchange Act.

 

		5.	ELIGIBILITY FOR PARTICIPATION.

 

The Administrator will,
in its sole discretion, name the Participants in the Plan; provided, however, that each Participant must be an Employee, director
or Consultant of the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator
may authorize the grant of a Stock Right to a person not then an Employee, director or Consultant of the Company or of an Affiliate;
provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become
a Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. ISOs may be granted only to
Employees who are deemed to be residents of the United States for tax purposes. Non-Qualified Options, Stock Grants and Stock-Based
Awards may be granted to any Employee, director or Consultant of the Company or an Affiliate. The granting of any Stock Right to
any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Stock
Rights or any grant under any other benefit plan established by the Company or any Affiliate for Employees, directors or Consultants.

 

		6.	TERMS AND CONDITIONS OF OPTIONS.

 

Each Option shall be
set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the
Company, by the Participant. The Administrator may provide that Options be granted subject to such terms and conditions, consistent
with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate including, without
limitation, subsequent approval by the shareholders of the Company of this Plan or any amendments thereto. The Option Agreements
shall be subject to at least the following terms and conditions:

 

    	 

    	 

    

 

(a)Non-Qualified
Options: Each Option intended to be a Non-Qualified Option shall be subject to the terms and conditions which the Administrator
determines to be appropriate and in the best interest of the Company, subject to the following minimum standards for any such Non-Qualified
Option:

 

		(i)	Exercise Price: Each Option Agreement shall state the exercise price (per share) of the
Shares covered by each Option, which exercise price shall be determined by the Administrator and shall be at least equal to the
Fair Market Value per share of Common Stock on the date of grant of the Option provided, that if the exercise price is less
than Fair Market Value, the terms of such Option must comply with the requirements of Section 409A of the Code unless granted to
a Consultant to whom Section 409A of the Code does not apply.

 

		(ii)	Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains.

 

		(iii)	Option
                                                                                                                                             Periods:
                                                                                                                                             Each
                                                                                                                                             Option
                                                                                                                                             Agreement
                                                                                                                                             shall
                                                                                                                                             state
                                                                                                                                             the
                                                                                                                                             date
                                                                                                                                             or
                                                                                                                                             dates
                                                                                                                                             on
                                                                                                                                             which
                                                                                                                                             it
                                                                                                                                             first
                                                                                                                                             is
                                                                                                                                             exercisable
                                                                                                                                             and
                                                                                                                                             the
                                                                                                                                             date
                                                                                                                                             after
                                                                                                                                             which
                                                                                                                                             it
                                                                                                                                             may
                                                                                                                                             no
                                                                                                                                             longer
                                                                                                                                             be
                                                                                                                                             exercised,
                                                                                                                                             and
                                                                                                                                             may
                                                                                                                                             provide
                                                                                                                                             that
                                                                                                                                             the
                                                                                                                                             Option
                                                                                                                                             rights
                                                                                                                                             accrue
                                                                                                                                             or
                                                                                                                                             become
                                                                                                                                             exercisable
                                                                                                                                             in
                                                                                                                                             installments
                                                                                                                                             over
                                                                                                                                             a
                                                                                                                                             period
                                                                                                                                             of
                                                                                                                                             months
                                                                                                                                             or
                                                                                                                                             years,
                                                                                                                                             or
                                                                                                                                             upon
                                                                                                                                             the
                                                                                                                                             occurrence
                                                                                                                                             of
                                                                                                                                             certain
                                                                                                                                             conditions
                                                                                                                                             or
                                                                                                                                             the
                                                                                                                                             attainment
                                                                                                                                             of
                                                                                                                                             stated
                                                                                                                                             goals
                                                                                                                                             or
                                                                                                                                             events.
                                                                                                                                             For
                                                                                                                                             California
                                                                                                                                             Participants,
                                                                                                                                             the
                                                                                                                                             exercise
                                                                                                                                             period
                                                                                                                                             of
                                                                                                                                             the
                                                                                                                                             Option
                                                                                                                                             set
                                                                                                                                             forth
                                                                                                                                             in
                                                                                                                                             the
                                                                                                                                             Option
                                                                                                                                             Agreement
                                                                                                                                             shall
                                                                                                                                             not
                                                                                                                                             be
                                                                                                                                             more
                                                                                                                                             than
                                                                                                                                             120
                                                                                                                                             months
                                                                                                                                             from
                                                                                                                                             the
                                                                                                                                             date
                                                                                                                                             of
                                                                                                                                             grant.

 

		(iv)	Option Conditions: Exercise of any Option may be conditioned upon the Participant’s
execution of a Share purchase agreement in form satisfactory to the Administrator providing for certain protections for the Company
and its other shareholders, including requirements that:

 

		A.	The Participant’s or the Participant’s Survivors’ right to sell or transfer the
Shares may be restricted; and

 

		B.	The Participant or the Participant’s Survivors may be required to execute letters of investment
intent and must also acknowledge that the Shares will bear legends noting any applicable restrictions.

 

		(v)	Term of Option: Each Option shall terminate not more than ten years from the date of the
grant or at such earlier time as the Option Agreement may provide.

 

    	 

    	 

    

 

(b)ISOs:
Each Option intended to be an ISO shall be issued only to an Employee who is deemed to be a resident of the United States for tax
purposes, and shall be subject to the following terms and conditions, with such additional restrictions or changes as the Administrator
determines are appropriate but not in conflict with Section 422 of the Code and relevant regulations and rulings of the Internal
Revenue Service:

 

		(i)	Minimum standards: The ISO shall meet the minimum standards required of Non-Qualified Options,
as described in Paragraph 6(a) above, except clause (i) and (v) thereunder.

 

		(ii)	Exercise Price: Immediately before the ISO is granted, if the Participant owns, directly
or by reason of the applicable attribution rules in Section 424(d) of the Code:

 

		A.	10% or less of the total combined voting power of all classes of stock of the Company or
an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be less than 100% of the Fair Market Value
per share of the Common Stock on the date of grant of the Option; or

 

		B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate,
the exercise price per share of the Shares covered by each ISO shall not be less than 110% of the Fair Market Value per share of
the Common Stock on the date of grant of the Option.

 

		(iii)	Term of Option: For Participants who own:

 

		A.	10% or less of the total combined voting power of all classes of stock of the Company or
an Affiliate, each ISO shall terminate not more than ten years from the date of the grant or at such earlier time as the Option
Agreement may provide; or

 

		B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate,
each ISO shall terminate not more than five years from the date of the grant or at such earlier time as the Option Agreement may
provide.

 

		(iv)	Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of ISOs which
may become exercisable in any calendar year (under this or any other ISO plan of the Company or an Affiliate) so that the aggregate
Fair Market Value (determined on the date each ISO is granted) of the stock with respect to which ISOs are exercisable for the
first time by the Participant in any calendar year does not exceed $100,000.

 

    	 

    	 

    

 

		7.	TERMS AND CONDITIONS OF STOCK GRANTS.

 

Each Stock Grant to
a Participant shall state the principal terms in an Agreement duly executed by the Company and, to the extent required by law
or requested by the Company, by the Participant. For California Participants, each Stock Grant shall be issued within ten (10)
years from the earlier of the date the Plan is adopted or approved by the Company’s shareholders. The Agreement shall be
in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate
and in the best interest of the Company, subject to the following minimum standards:

 

(a)Each
Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant, which purchase price shall
be determined by the Administrator but shall not be less than the minimum consideration required by the Delaware General
Corporation Law, if any, on the date of the grant of the Stock Grant;

 

(b)Each
Agreement shall state the number of Shares to which the Stock Grant pertains; and

 

(c)Each
Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant, including
the time and events upon which such rights shall accrue and the purchase price therefor, if any.

 

		8.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS.

 

The Administrator shall
have the right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator
may determine, including, without limitation, the grant of Shares based upon certain conditions, the grant of securities convertible
into Shares and the grant of stock appreciation rights, phantom stock awards or stock units. The principal terms of each Stock-Based
Award shall be set forth in an Agreement, duly executed by the Company and, to the extent required by law or requested by the Company,
by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which
the Administrator determines to be appropriate and in the best interest of the Company.

 

The Company intends
that the Plan and any Stock-Based Awards granted hereunder be exempt from the application of Section 409A of the Code or meet the
requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, to the extent applicable, and be operated
in accordance with Section 409A so that any compensation deferred under any Stock-Based Award (and applicable investment earnings)
shall not be included in income under Section 409A of the Code. Any ambiguities in the Plan shall be construed to effect the intent
as described in this Paragraph 8.

 

    	 

    	 

    

 

		9.	EXERCISE OF OPTIONS AND ISSUE OF SHARES.

 

An Option (or any part
or installment thereof) shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the
Administrator, which may include electronic notice), together with provision for payment of the aggregate exercise price in accordance
with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set
forth in the Option Agreement. Such notice shall be signed by the person exercising the Option (which signature may be provided
electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which the Option is
being exercised and shall contain any representation required by the Plan or the Option Agreement. Payment of the exercise price
for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b)
at the discretion of the Administrator, through delivery of shares of Common Stock held for at least six months (if required to
avoid negative accounting treatment) having a Fair Market Value equal as of the date of the exercise to the aggregate cash exercise
price for the number of Shares as to which the Option is being exercised, or (c) at the discretion of the Administrator, by having
the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair Market Value
equal as of the date of exercise to the aggregate exercise price for the number of Shares as to which the Option is being exercised,
or (d) at the discretion of the Administrator, in accordance with a cashless exercise program established with a securities brokerage
firm, and approved by the Administrator, or (e) at the discretion of the Administrator, by any combination of (a), (b), (c) and
(d) above or (f) at the discretion of the Administrator, by payment of such other lawful consideration as the Administrator may
determine. Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an ISO as is permitted
by Section 422 of the Code.

 

The Company shall then
reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant’s
Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that
the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including,
without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect
to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid, non-assessable Shares.

  

		10.	PAYMENT IN CONNECTION WITH THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF
SHARES.

 

Any Stock Grant or
Stock-Based Award requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being
granted shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through
delivery of shares of Common Stock held for at least six months (if required to avoid negative accounting treatment) and having
a Fair Market Value equal as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award, or (c) at the
discretion of the Administrator, by any combination of (a) and (b) above; or (d) at the discretion of the Administrator, by payment
of such other lawful consideration as the Administrator may determine.

 

    	 

    	 

    

 

The Company shall when
required by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award
was made to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set
forth in the applicable Agreement. In determining what constitutes “reasonably promptly,” it is expressly understood
that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including,
without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect
to the Shares prior to their issuance.

  

		11.	RIGHTS AS A SHAREHOLDER.

 

No Participant to whom
a Stock Right has been granted shall have rights as a shareholder with respect to any Shares covered by such Stock Right except
after due exercise of an Option or issuance of Shares as set forth in any Agreement, tender of the aggregate exercise or purchase
price, if any, for the Shares being purchased and registration of the Shares in the Company’s share register in the name
of the Participant.

  

		12.	ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS.

 

By its terms, a Stock
Right granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and
distribution, or (ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement provided that
no Stock Right may be transferred by a Participant for value. For California Participants, Stock Rights shall not be transferable
by the Participant other than by will or by the laws of descent and distribution, to a revocable trust, or as permitted by Rule
701 of the Securities Act. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i) above shall
no longer qualify as an ISO. The designation of a beneficiary of a Stock Right by a Participant, with the prior approval of the
Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Paragraph.
Except as provided above during the Participant’s lifetime a Stock Right shall only be exercisable by or issued to such
Participant (or his or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment,
pledge, hypothecation or other disposition of any Stock Right or of any rights granted thereunder contrary to the provisions of
this Plan, or the levy of any attachment or similar process upon a Stock Right, shall be null and void.

  

		13.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY.

 

Except as otherwise
provided in a Participant’s Option Agreement or Employment Agreement then in effect, in the event of a termination of service
(whether as an Employee, director or Consultant) with the Company or an Affiliate before the Participant has exercised an Option,
the following rules apply:

 

(a)A
Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate (for any reason other than termination
for Cause, Disability, or death for which events there are special rules in Paragraphs 14, 15, and 16, respectively), may exercise
any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of service, but only
within such term as the Administrator has designated in a Participant’s Option Agreement.

 

    	 

    	 

    

 

(b)Except
as provided in Subparagraph (c) below, or Paragraph 15 or 16, in no event may an Option intended to be an ISO, be exercised later
than three months after the Participant’s termination of employment. For Options granted to California Participants, an
Option must be exercisable for at least thirty (30) days from the date of a Participant’s termination of employment.

 

(c)The
provisions of this Paragraph, and not the provisions of Paragraph 15 or 16, shall apply to a Participant who subsequently becomes
Disabled or dies after the termination of employment, director status or consultancy; provided, however, in the case of a Participant’s
Disability or death within three months after the termination of employment, director status or consultancy, the Participant or
the Participant’s Survivors may exercise the Option within one year after the date of the Participant’s termination
of service, but in no event after the date of expiration of the term of the Option.

 

(d)Notwithstanding
anything herein to the contrary, if subsequent to a Participant’s termination of employment, termination of director status
or termination of consultancy, but prior to the exercise of an Option, the Administrator determines that, either prior or subsequent
to the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then such Participant
shall forthwith cease to have any right to exercise any Option.

 

(e)A
Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of temporary
disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose,
shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s
employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly
provide; provided, however, that, for ISOs, any leave of absence granted by the Administrator of greater than ninety days, unless
pursuant to a contract or statute that guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified Option
on the 181st day following such leave of absence.

 

(f)Except
as required by law or as set forth in a Participant’s Option Agreement or Employment Agreement then in effect, Options granted
under the Plan shall not be affected by any change of a Participant’s status within or among the Company and any Affiliates,
so long as the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate.

  

		14.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise
provided in a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an
Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause prior to the time that all his or her
outstanding Options have been exercised:

 

    	 

    	 

    

 

(a)All
outstanding and unexercised Options as of the time the Participant is notified his or her service is terminated for Cause will
immediately be forfeited.

 

(b)Cause
is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the
Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s
termination of service but prior to the exercise of an Option, that either prior or subsequent to the Participant’s termination
the Participant engaged in conduct which would constitute Cause, then the right to exercise any Option is forfeited.

  

		15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise
provided in a Participant’s Option Agreement or Employment Agreement then in effect:

 

(a)A
Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability may
exercise any Option granted to such Participant:

 

		(i)	To the extent that the Option has become exercisable but has not been exercised on the date of
the Participant’s termination of service due to Disability; and

 

		(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion
through the date of the Participant’s termination of service due to Disability of any additional vesting rights that would
have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of
days accrued in the current vesting period prior to the date of the Participant’s termination of service due to Disability.

 

(b)A
Disabled Participant may exercise the Option only within the period ending one year after the date of the Participant’s
termination of service due to Disability, notwithstanding that the Participant might have been able to exercise the Option as
to some or all of the Shares on a later date if the Participant had not been terminated due to Disability and had continued to
be an Employee, director or Consultant or, if earlier, within the originally prescribed term of the Option. For Options granted
to California Participants, a Participant may exercise such rights for at least six (6) months from the date of termination of
service due to Disability.

 

(c)The
Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure
for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure
shall be used for such determination). If requested, the Participant shall be examined by a physician selected or approved by the
Administrator, the cost of which examination shall be paid for by the Company.

 

    	 

    	 

    

  

		16.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

 

Except as otherwise
provided in a Participant’s Option Agreement or Employment Agreement then in effet:

 

(a)In
the event of the death of a Participant while the Participant is an Employee, director or Consultant of the Company or of an Affiliate,
such Option may be exercised by the Participant’s Survivors:

 

		(i)	To the extent that the Option has become exercisable but has not been exercised on the date of
death; and

 

		(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion
through the date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant
not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s
date of death.

 

(b)If
the Participant’s Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option within
one year after the date of death of such Participant, notwithstanding that the decedent might have been able to exercise the Option
as to some or all of the Shares on a later date if he or she had not died and had continued to be an Employee, director or Consultant
or, if earlier, within the originally prescribed term of the Option. For Options granted to California Participants, the Participant’s
Survivors must be allowed to take all necessary steps to exercise the Option for at least six (6) months from the date of death
of such Participant.

  

		17.	EFFECT OF TERMINATION OF SERVICE ON STOCK GRANTS AND STOCK-BASED AWARDS.

 

In the event of a termination
of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any reason before the Participant
has accepted a Stock Grant or a Stock-Based Award and paid the purchase price, if required, such grant shall terminate.

 

For purposes of this
Paragraph 17 and Paragraph 18 below, a Participant to whom a Stock Grant has been issued under the Plan who is absent from work
with the Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph
1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue
of such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company
or with an Affiliate, except as the Administrator may otherwise expressly provide.

 

In addition, for purposes
of this Paragraph 17 and Paragraph 18 below, any change of employment or other service within or among the Company and any Affiliates
shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be
an Employee, director or Consultant of the Company or any Affiliate.

 

    	 

    	 

    

 

		18.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY.

 

Except as otherwise
provided in a Participant’s Stock Grant Agreement or Employment Agreement then in effect, in the event of a termination of
service (whether as an Employee, director or Consultant), other than termination for Cause, Disability, or death for which events
there are special rules in Paragraphs 19, 20, and 21, respectively, before all forfeiture provisions or Company rights of repurchase
shall have lapsed, then the Company shall have the right to cancel or repurchase that number of Shares subject to a Stock Grant
as to which the Company’s forfeiture or repurchase rights have not lapsed.

  

		19.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise
provided in a Participant’s Stock Grant Agreement or Employment Agreement then in effect, the following rules apply if the
Participant’s service (whether as an Employee, director or Consultant) with the Company or an Affiliate is terminated for
Cause:

 

(a)All
Shares subject to any Stock Grant that are subject to forfeiture provisions shall be immediately forfeited to the Company
as of the time the Participant is notified that his or her service is terminated for Cause. All Shares subject to any Stock
Grant that are not subject to forfeiture provisions shall become immediately subject to repurchase by the Company at the Fair Market
Value thereof as of the time the Participant is notified that his or her service is terminated for Cause.

 

(b)Cause
is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the
Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s
termination of service, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct
which would constitute Cause, then all Shares subject to any Stock Grant that remained subject to forfeiture provisions or as to
which the Company had a repurchase right on the date of termination shall be immediately forfeited to the Company.

  

		20.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise
provided in a Participant’s Stock Grant Agreement, the following rules apply if a Participant ceases to be an Employee, director
or Consultant of the Company or of an Affiliate by reason of Disability: to the extent the forfeiture provisions or the Company’s
rights of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided, however, that in the event
such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a
pro rata portion of the Shares subject to such Stock Grant through the date of Disability as would have lapsed had the Participant
not become Disabled. The proration shall be based upon the number of days accrued prior to the date of Disability.

 

    	 

    	 

    

 

The Administrator shall
make the determination both as to whether Disability has occurred and the date of its occurrence (unless a procedure for such determination
is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such
determination). If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost
of which examination shall be paid for by the Company.

  

		21.	EFFECT ON STOCK GRANTS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

 

Except as otherwise
provided in a Participant’s Stock Grant Agreement, the following rules apply in the event of the death of a Participant while
the Participant is an Employee, director or Consultant of the Company or of an Affiliate: to the extent the forfeiture provisions
or the Company’s rights of repurchase have not lapsed on the date of death, they shall be exercisable; provided, however,
that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse
to the extent of a pro rata portion of the Shares subject to such Stock Grant through the date of death as would have lapsed had
the Participant not died. The proration shall be based upon the number of days accrued prior to the Participant’s date of
death.

  

		22.	PURCHASE FOR INVESTMENT.

 

Unless the offering
and sale of the Shares shall have been effectively registered under the Securities Act, the Company shall be under no obligation
to issue Shares under the Plan unless and until the following conditions have been fulfilled:

 

(a)The
person who receives a Stock Right shall warrant to the Company, prior to the receipt of Shares, that such person is acquiring such
Shares for his or her own account, for investment, and not with a view to, or for sale in connection with, the distribution of
any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of the following legend (or a
legend in substantially similar form) which shall be endorsed upon the certificate evidencing the Shares issued pursuant to such
exercise or such grant:

 

“The shares represented
by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a
pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act
of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration
under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws.”

 

    	 

    	 

    

 

(b)At
the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued in
compliance with the Securities Act without registration thereunder.

  

		23.	DISSOLUTION OR LIQUIDATION OF THE COMPANY.

 

Upon the dissolution
or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all
Stock Grants and Stock-Based Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate
and become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise
terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to such dissolution
or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance
as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation of the Company, any outstanding
Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the
applicable Agreement.

  

		24.	ADJUSTMENTS.

 

Upon the occurrence
of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or her hereunder shall
be adjusted as hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement:

 

(a)Stock
Dividends and Stock Splits. If (i) the shares of Common Stock shall be subdivided or combined into a greater or smaller number
of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii)
additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect
to such shares of Common Stock, each Stock Right and the number of shares of Common Stock deliverable thereunder shall be appropriately
increased or decreased proportionately, and appropriate adjustments shall be made including, in the exercise or purchase price
per share, to reflect such events. The number of Shares subject to the limitations in Paragraph 3(a) and 4(c) shall
also be proportionately adjusted upon the occurrence of such events.

 

(b)Corporate
Transactions. If the Company is to be consolidated with or acquired by another entity in a merger, consolidation, or sale of
all or substantially all of the Company’s assets other than a transaction to merely change the state of incorporation (a
“Corporate Transaction”), the Administrator or the board of directors of any entity assuming the obligations of the
Company hereunder (the “Successor Board”), shall, as to outstanding Options, either (i) make appropriate provision
for the continuation of such Options by substituting on an equitable basis for the Shares then subject to such Options either the
consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction or securities
of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that such Options must be exercised
(either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, any such Options being made partially
or fully exercisable for purposes of this Subparagraph), within a specified number of days of the date of such notice, at the end
of which period such Options which have not been exercised shall terminate; or (iii) terminate such Options in exchange for payment
of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares
of Common Stock into which such Option would have been exercisable (either (A) to the extent then exercisable or, (B) at the discretion
of the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph) less the
aggregate exercise price thereof. For purposes of determining the payments to be made pursuant to Subclause (iii) above, in
the case of a Corporate Transaction the consideration for which, in whole or in part, is other than cash, the consideration other
than cash shall be valued at the fair value thereof as determined in good faith by the Board of Directors.

 

    	 

    	 

    

 

Notwithstanding the
foregoing, in the event the Corporate Transaction also constitutes a Change of Control, then all Options outstanding on the date
of the Corporate Transaction shall be deemed vested at such time.

 

With respect to outstanding
Stock Grants, the Administrator or the Successor Board, shall make appropriate provision for the continuation of such Stock Grants
on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either
the consideration payable with respect to the outstanding Shares of Common Stock in connection with the Corporate Transaction or
securities of any successor or acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction, the Administrator
may provide that, upon consummation of the Corporate Transaction, each outstanding Stock Grant shall be terminated in exchange
for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the
number of shares of Common Stock comprising such Stock Grant (to the extent such Stock Grant is no longer subject to any forfeiture
or repurchase rights then in effect or, at the discretion of the Administrator, all forfeiture and repurchase rights being waived
upon such Corporate Transaction).

 

In taking any of the
actions permitted under this Paragraph 24(b), the Administrator shall not be obligated by the Plan to treat all Stock Rights, all
Stock Rights held by a Participant, or all Stock Rights of the same type, identically.

 

(c)Recapitalization
or Reorganization. In the event of a recapitalization or reorganization of the Company other than a Corporate Transaction pursuant
to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock,
a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization or reorganization shall be entitled
to receive for the price paid upon such exercise or acceptance if any, the number of replacement securities which would have been
received if such Option had been exercised or Stock Grant accepted prior to such recapitalization or reorganization.

 

(d)Adjustments
to Stock-Based Awards. Upon the happening of any of the events described in Subparagraphs (a), (b) or (c) above, any outstanding
Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs. The Administrator or the
Successor Board shall determine the specific adjustments to be made under this Paragraph 24, including, but not limited to the
effect of any Corporate Transaction and, subject to Paragraph 4, its determination shall be conclusive.

 

    	 

    	 

    

 

(e)Modification
of Options. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph (a), (b) or (c) above with respect
to Options shall be made only after the Administrator determines whether such adjustments would (i) constitute a “modification”
of any ISOs (as that term is defined in Section 424(h) of the Code) or (ii) cause any adverse tax consequences for the holders
of Options, including, but not limited to, pursuant to Section 409A of the Code. If the Administrator determines that such adjustments
made with respect to Options would constitute a modification or other adverse tax consequence, it may refrain from making such
adjustments, unless the holder of an Option specifically agrees in writing that such adjustment be made and such writing indicates
that the holder has full knowledge of the consequences of such “modification” on his or her income tax treatment with
respect to the Option. This paragraph shall not apply to the acceleration of the vesting of any ISO that would cause any portion
of the ISO to violate the annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6(b)(iv).

 

		25.	ISSUANCES OF SECURITIES.

 

Except as expressly
provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject
to Stock Rights. Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including
without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right.

 

		26.	FRACTIONAL SHARES.

 

No fractional shares
shall be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional
shares equal to the Fair Market Value thereof.

 

		27.	CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS; TERMINATION
OF ISOs.

 

The Administrator,
at the written request of any Participant, may in its discretion take such actions as may be necessary to convert such Participant’s
ISOs (or any portions thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior
to the expiration of such ISOs, regardless of whether the Participant is an Employee of the Company or an Affiliate at the time
of such conversion. At the time of such conversion, the Administrator (with the consent of the Participant) may impose such conditions
on the exercise of the resulting Non-Qualified Options as the Administrator in its discretion may determine, provided that such
conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any Participant the right to have
such Participant’s ISOs converted into Non-Qualified Options, and no such conversion shall occur until and unless the Administrator
takes appropriate action. The Administrator, with the consent of the Participant, may also terminate any portion of any ISO that
has not been exercised at the time of such conversion.

 

    	 

    	 

    

 

		28.	WITHHOLDING.

 

In the event that any
federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act (“F.I.C.A.”) withholdings
or other amounts are required by applicable law or governmental regulation to be withheld from the Participant’s salary,
wages or other remuneration in connection with the issuance of a Stock Right or Shares under the Plan or for any other reason required
by law, the Company may withhold from the Participant’s compensation, if any, or may require that the Participant advance
in cash to the Company, or to any Affiliate of the Company which employs or employed the Participant, the statutory minimum amount
of such withholdings unless a different withholding arrangement, including the use of shares of the Company’s Common Stock
or a promissory note, is authorized by the Administrator (and permitted by law). For purposes hereof, the fair market value of
the shares withheld for purposes of payroll withholding shall be determined in the manner set forth under the definition of Fair
Market Value provided in Paragraph 1 above, as of the most recent practicable date prior to the date of exercise. If the Fair Market
Value of the shares withheld is less than the amount of payroll withholdings required, the Participant may be required to advance
the difference in cash to the Company or the Affiliate employer. The Administrator in its discretion may condition the exercise
of an Option for less than the then Fair Market Value on the Participant’s payment of such additional withholding.

  

		29.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.

 

Each Employee who receives
an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares
acquired pursuant to the exercise of an ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes
any disposition (including any sale or gift) of such Shares before the later of (a) two years after the date the Employee was granted
the ISO, or (b) one year after the date the Employee acquired Shares by exercising the ISO, except as otherwise provided in Section
424(c) of the Code. If the Employee has died before such Shares are sold, these holding period requirements do not apply and no
Disqualifying Disposition can occur thereafter.

  

		30.	TERMINATION OF THE PLAN.

 

The Plan will terminate
on October 16, 2023. The Plan may be terminated at an earlier
date by vote of the shareholders or the Board of Directors of the Company; provided, however, that any such earlier termination
shall not affect any Agreements executed prior to the effective date of such termination. Termination of the Plan shall not affect
any Stock Rights theretofore granted.

 

    	 

    	 

    

 

		31.	AMENDMENT OF THE PLAN AND AGREEMENTS.

 

The Plan may be amended
by the shareholders of the Company. The Plan may also be amended by the Administrator, including, without limitation, to the extent
necessary to qualify any or all outstanding Stock Rights granted under the Plan or Stock Rights to be granted under the Plan for
favorable federal income tax treatment as may be afforded incentive stock options under Section 422 of the Code (including deferral
of taxation upon exercise), and to the extent necessary to qualify the Shares issuable under the Plan for listing on any national
securities exchange or quotation in any national automated quotation system of securities dealers. In addition, if NASDAQ amends
its corporate governance rules so that such rules no longer require stockholder approval of “material amendments” of
equity compensation plans, then, from and after the effective date of such an amendment to the NASDAQ rules, no amendment of the
Plan which (i) materially increases the number of shares to be issued under the Plan (other than to reflect a reorganization, stock
split, merger, spin-off or similar transaction); (ii) materially increases the benefits to Participants, including any material
change to: (a) permit a repricing (or decrease in exercise price) of outstanding Options, (b) reduce the price at which Shares
or Options may be offered, or (c) extend the duration of the Plan; (iii) materially expands the class of Participants eligible
to participate in the Plan; or (iv) expands the types of awards provided under the Plan shall become effective unless stockholder
approval is obtained. Any amendment approved by the Administrator which the Administrator determines is of a scope that requires
shareholder approval shall be subject to obtaining such shareholder approval. Any modification or amendment of the Plan shall not,
without the consent of a Participant, adversely affect his or her rights under a Stock Right previously granted to him or her.
With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner which may be adverse
to the Participant but which is not inconsistent with the Plan. In the discretion of the Administrator, outstanding Agreements
may be amended by the Administrator in a manner which is not adverse to the Participant.

  

		32.	EMPLOYMENT OR OTHER RELATIONSHIP.

 

Nothing in this Plan
or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director
status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status
or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any period
of time.

  

		33.	GOVERNING LAW.

 

This Plan shall be
construed and enforced in accordance with the law of the State of Delaware.

 

		34.	SEVERABILITY.

 

The invalidity
or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision
of this Plan, which shall remain in full force and effect, and any invalid or unenforceable provision shall be deemed replaced
by a provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable
provision.

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