Document:

Exhibit

Exhibit 10.30

GP STRATEGIES CORPORATION
RESTRICTED STOCK UNITS NOTICE 
UNDER THE 
GP STRATEGIES CORPORATION 
2011 STOCK INCENTIVE PLAN
(PERFORMANCE-BASED GRANT)
	
		
	Name of Grantee:
	 

This Notice evidences the award of restricted stock units (each, an “RSU,” and collectively, the “RSUs”) of GP Strategies Corporation, a Delaware corporation (the “Company”), that have been granted to you pursuant to the GP Strategies Corporation 2011 Stock Incentive Plan (the “Plan”) and conditioned upon your agreement to the terms of the attached Restricted Stock Units Agreement (the “Agreement”). This Notice constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein.  Each RSU is equivalent in value to one share of the Company’s Common Stock and represents the Company’s commitment to issue one share of the Company’s Common Stock at a future date, subject to the terms of the Agreement and the Plan.  The RSUs are credited to a separate account maintained for you on the books and records of the Company (the "Account").  All amounts credited to the Account will continue for all purposes to be part of the general assets of the Company.
Grant Date:  
Number of RSUs:  
Vesting Schedule:  All of the RSUs are nonvested and forfeitable as of the Grant Date and shall vest, if at all, on the date (which shall be no later than March 31, ____) upon which the Compensation Committee determines the extent to which the thresholds set forth below have been met.  So long as your Service (as defined in the Agreement) is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur (except as set forth below), the RSUs will become vested and nonforfeitable based on percentage CAGR (as defined below) in Equity Value Per Share (as defined below) (the “Performance Measure”) from January 1, ____ to December 31, ____ (the “Performance Period”). The following table sets forth the Equity Value Per Share amounts at the end of the Performance Period that translate to the CAGR levels that triggers vesting of the percentage of RSUs indicated below:

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	If Equity Value per Share at December 31, ____ is:
	Then this % of the RSUs will vest:
	 

	$____ or greater but less than $____
	10%
	 

	$____ or greater but less than $____
	25%
	 

	$____ or greater but less than $____
	50%
	 

	$____ or greater but less than $____
	75%
	 

	$____ or greater but less than $____
	100%
	 

	$____ or greater
	125%
	 

 “Adjusted EBITDA” means EBITDA plus non‐cash stock compensation expense, and an adjustment determined by the Committee to capture a full 12 months of EBITDA of acquired businesses during the measurement period, and other adjustments to EBITDA for other non‐recurring or non‐cash items as it determines appropriate.

“CAGR” means compound annual growth rate.
“EBITDA” means net income as reported by the Company plus interest, taxes, depreciation, and amortization.
“Equity Value Per Share” means Adjusted EBITDA times ___, minus Total Debt plus Cash, divided by basic shares outstanding on the measurement date.
All calculations shall be made using amounts stated in the Company’s audited financial statements for the relevant periods prepared in accordance with U.S. GAAP.
To the extent not already vested or previously forfeited, if your Service ceases due to death, Total and Permanent Disability, or Retirement, your RSUs will become vested and nonforfeitable on a pro rata basis based on actual performance through the end of the Performance Period (or as otherwise required under the terms of the Plan).
To the extent not already vested or previously forfeited, if a Change in Control occurs, your RSUs will become vested and nonforfeitable on the date of the Change in Control based on achievement of the pro rata portion of the Performance Measure relating to the portion of the Performance Period completed as of the date of the Change in Control (or as otherwise required under the terms of the Plan).
Forfeiture of RSUs:  To the extent not previously forfeited, all of your then-unvested RSUs will be forfeited to the Company, without payment of any consideration therefore, immediately and automatically upon the earlier of the date on which your Service with the Company ceases for any reason other than death, Disability, or Retirement.

I acknowledge that I have carefully read the Agreement and the prospectus for the Plan.  I agree to be bound by all of the provisions set forth in those documents.  I also consent to electronic delivery of all notices or other information with respect to the RSUs or the Company.

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GP STRATEGIES CORPORATION
RESTRICTED STOCK UNITS AGREEMENT 
UNDER THE 
GP STRATEGIES CORPORATION 
2011 STOCK INCENTIVE PLAN
1.    Terminology.  Unless otherwise provided in this Agreement, capitalized terms used herein are defined in the Glossary at the end of this Agreement.
2.    Vesting.  All of the RSUs are nonvested and forfeitable as of the Grant Date.  So long as your Service is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur, the RSUs will become vested and nonforfeitable in accordance with the vesting schedule set forth in the Notice.  Except for the circumstances, if any, described in the Notice, none of the RSUs will become vested and nonforfeitable after your Service ceases.
3.    Termination of Employment or Service.  Unless otherwise provided in the Notice, if your Service with the Company ceases for any reason, all RSUs that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically upon such cessation without payment of any consideration therefor and you will have no further right, title or interest in or to such RSUs or the underlying shares of Common Stock.
4.    Restrictions on Transfer.  Neither this Agreement nor any of the RSUs may be assigned, transferred, pledged, hypothecated or disposed of in any way, whether by operation of law or otherwise, and the RSUs shall not be subject to execution, attachment or similar process.  All rights with respect to this Agreement and the RSUs shall be exercisable during your lifetime only by you or your guardian or legal representative.  Notwithstanding the foregoing, the RSUs may be transferred upon your death by last will and testament or under the laws of descent and distribution.
5.    Settlement of RSUs.
(a)    Manner of Settlement.  You are not required to make any monetary payment (other than applicable tax withholding, if required) as a condition to settlement of the RSUs.  The Company will issue to you, in settlement of your RSUs and subject to the provisions of Section 6 below, the number of whole shares of Common Stock that equals the number of whole RSUs that become vested, and such vested RSUs will terminate and cease to be outstanding upon such issuance of the shares.  Upon issuance of such shares, the Company will determine the form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) and may deliver such shares on your behalf electronically to the Company’s designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason.
(b)    Timing of Settlement.  Your RSUs will be settled by the Company, via the issuance of Common Stock as described herein, promptly following the date that the RSUs become vested and nonforfeitable, and in any event no later than March 15 of the calendar year following the calendar year, in which the RSUs become vested and nonforfeitable.  However, if a scheduled issuance date falls on a Saturday, Sunday or federal holiday, such issuance date shall instead fall on the next following day that the principal executive offices of the Company are open for business.  Notwithstanding the foregoing, in the event that (i) you are subject to the Company’s policy permitting officers and directors to sell shares only during certain “window” periods, in effect from time to time or you are otherwise prohibited from selling shares of the Company’s Common Stock in the public market and any shares covered by your RSUs are scheduled to be issued on a day (the “Original Distribution Date”) that does not occur during an open “window period” applicable to you, as determined by the Company in accordance with such policy, or does not occur on a date when you are otherwise permitted to sell shares of the Company’s Common Stock in the open market, and (ii) the Company elects not to satisfy its tax withholding obligations by withholding shares from your distribution, then such shares shall not be issued and delivered on such Original Distribution Date and shall instead be issued and delivered on the first business day of the next occurring open “window period” applicable to you pursuant to such policy (regardless of whether you are still providing continuous services at such time) or 

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‐  ‐

the next business day when you are not prohibited from selling shares of the Company’s Common Stock in the open market, but in no event later than the fifteenth day of the third calendar month of the calendar year following the calendar year in which the Original Distribution Date occurs.  In all cases, the issuance and delivery of shares under this Agreement is intended to comply with Treasury Regulation 1.409A-1(b)(4) and shall be construed and administered in such a manner. 
6.    Tax Withholding.  On or before the time you receive a distribution of the shares subject to your RSUs, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate which arise in connection with your RSUs (the “Withholding Taxes”).  Additionally, the Company may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your RSUs by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company; (ii) causing you to tender a cash payment; (iii) permitting you to enter into a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered under the Agreement to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company; or (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the RSUs with a Fair Market Value (measured as of the date shares of Common Stock are issued to you pursuant to Section 5) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld shall not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income.  Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock.  In the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 
7.    Adjustments for Corporate Transactions and Other Events.
(a)    Stock Dividend, Stock Split and Reverse Stock Split.  Upon a stock dividend of, or stock split or reverse stock split affecting, the Common Stock, the number of outstanding RSUs shall, without further action of the Administrator, be adjusted to reflect such event; provided, however, that any fractional RSUs resulting from any such adjustment shall be eliminated.  Adjustments under this paragraph will be made by the Administrator, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.
(b)    Merger, Consolidation and Other Events.  If the Company shall be the surviving or resulting corporation in any merger or consolidation and the Common Stock shall be converted into other securities, the RSUs shall pertain to and apply to the securities to which a holder of the number of shares of Common Stock subject to the RSUs would have been entitled.  If the stockholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of another entity or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other property (including cash) to which a holder of the number of shares of Common Stock subject to the RSUs would have been entitled, in the same manner and to the same extent as the RSUs.
8.    Non‐Guarantee of Employment or Service Relationship.  Nothing in the Plan or this Agreement shall alter your at‐will or other employment status or other service relationship with the Company, nor be construed as a contract of employment or service relationship between the Company and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without 

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cause or notice and whether or not such discharge results in the forfeiture of any nonvested and forfeitable RSUs or any other adverse effect on your interests under the Plan.
9.    Rights as Stockholder.  You shall not have any of the rights of a stockholder with respect to any shares of Common Stock that may be issued in settlement of the RSUs until such shares of Common Stock have been issued to you.  No adjustment shall be made for dividends, distributions, or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 7(d) of the Plan.
10.    The Company’s Rights.  The existence of the RSUs shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
11.    Restrictions on Issuance of Shares.  The issuance of shares of Common Stock upon settlement of the RSUs shall be subject to and in compliance with all applicable requirements of federal, state, or foreign law with respect to such securities.  No shares of Common Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed.  The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any shares subject to the RSUs shall relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained.  As a condition to the settlement of the RSUs, the Company may require you to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company.
12.    Notices.  All notices and other communications made or given pursuant to this Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company, or in the case of notices delivered to the Company by you, addressed to the Administrator, care of the Company for the attention of its Secretary at its principal executive office or, in either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties.  Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this award of RSUs by electronic means or to request your consent to participate in the Plan or accept this award of RSUs by electronic means.  You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
13.    Entire Agreement.  This Agreement, together with the relevant Notice and the Plan, contain the entire agreement between the parties with respect to the RSUs granted hereunder.  Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with respect to the RSUs granted hereunder shall be void and ineffective for all purposes.
14.    Amendment.  This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that  this Agreement may not be modified in a manner that would have a materially adverse effect on the RSUs as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by each of the parties hereto.

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15.    409A Savings Clause.  This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code.  The preceding provisions shall not be construed as a guarantee by the Company of any particular tax effect of the RSUs and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with Section 409A of the Code.  Notwithstanding the provisions of Section 4 of this Agreement, if you are a “specified employee” (as defined under Section 409A of the Code and determined in good faith by the Administrator) when your Termination Date occurs and your RSUs are to be settled on account of the occurrence of such Termination Date, settlement of your RSUs will be made within 15 days after the end of the six-month period beginning on your Termination Date (or, if earlier, within 15 days after the appointment of the personal representative or executor of your estate following your death), but only if such delay in the issuance of the shares is necessary to avoid the imposition of additional taxation on you in respect of the shares under Section 409A of the Code.  Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Section 409A of the Code and Treasury Regulation Section 1.409A-2(b)(2).
16.    No Obligation to Minimize Taxes.  The Company has no duty or obligation to minimize the tax consequences to you of this award of RSUs and shall not be liable to you for any adverse tax consequences to you arising in connection with this award.  You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this award and by signing the Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.
17.    Conformity with Plan.  This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan.  Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan.  In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern.  A copy of the Plan is available upon request to the Administrator.
18.    No Funding.  This Agreement constitutes an unfunded and unsecured promise by the Company to issue shares of Common Stock in the future in accordance with its terms.  You have the status of a general unsecured creditor of the Company as a result of receiving the grant of RSUs.
19.    Effect on Other Employee Benefit Plans.  The value of the RSUs subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides.  The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.
20.    Governing Law.  The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Maryland, without regard to its provisions concerning the applicability of laws of other jurisdictions.  As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of, pursuant to or relating to, this Agreement in any court other than a federal or state court in the districts which include Baltimore, Maryland, and you hereby agree and submit to the personal jurisdiction of any federal court located in the district which includes Baltimore, Maryland or any state court in the district which includes Baltimore, Maryland.  You further agree that you will not deny or attempt to defeat such personal jurisdiction or object to venue by motion or other request for leave from any such court.
21.    Resolution of Disputes.  Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby.  You agree that before you may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you 

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will first exhaust your administrative remedies before the Administrator.  You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator’s decision.
22.    Headings.  The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
23.    Electronic Delivery of Documents.  By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the RSUs, and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents.
24.    No Future Entitlement.  By your signing the Notice, you acknowledge and agree that:  (i) the grant of a restricted stock unit award is a one-time benefit which does not create any contractual or other right to receive future grants of restricted stock units, or compensation in lieu of restricted stock units, even if restricted stock units have been granted repeatedly in the past; (ii) all determinations with respect to any such future grants and the terms thereof will be at the sole discretion of the Committee; (iii) the value of the restricted stock units is an extraordinary item of compensation which is outside the scope of your employment contract, if any; (iv) the value of the restricted stock units is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of the restricted stock units ceases upon termination of Service with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Agreement; (vi) the Company does not guarantee any future value of the restricted stock units; and (vii) no claim or entitlement to compensation or damages arises if the restricted stock units decrease or do not increase in value and you irrevocably release the Company from any such claim that does arise.
25.    Personal Data.  For purposes of the implementation, administration and management of the restricted stock units or the effectuation of any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business combination, liquidation, dissolution, share exchange, sale of stock, sale of material assets or other similar corporate transaction involving the Company (a “Corporate Transaction”), you consent, by execution of the Notice, to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third party vendors or any potential party to a potential Corporate Transaction.  You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of the restricted stock units or the effectuation of a Corporate Transaction and you expressly authorize such transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s).  You understand that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country.  You understand that data will be held only as long as is necessary to implement, administer and manage the restricted stock units or effect a Corporate Transaction.  You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s Secretary.  You understand, however, that refusing or withdrawing your consent may affect your ability to accept a restricted stock unit award.

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26.    Section 162(m). If the Company reasonably anticipates that the delivery of any shares of Common Stock in any year would, when considered with your other compensation, result in the Company’s inability to deduct the value of such shares because of the limitation on deductible compensation under Code Section 162(m), then the Company shall defer the delivery of such shares until the first year in which the Company reasonably anticipates that the related deduction will not be limited under Section 162(m) (the "First Non-162(m) Year") in accordance with the such rules and procedures established by the Committee under the Plan and Section 409A and the regulations thereunder.
{Glossary begins on next page}

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GLOSSARY
(a)    “Administrator” means the Board of Directors of GP Strategies Corporation or such committee or committees appointed by the Board to administer the Plan.
(b)    “Affiliate” means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with GP Strategies Corporation (including but not limited to joint ventures, limited liability companies, and partnerships).  For this purpose, “control” means ownership of 50% or more of the total combined voting power or value of all classes of stock or interests of the entity.
(c)    “Agreement” means this document, as amended from time to time, together with the Plan which is incorporated herein by reference.
(d)    “Change in Control” has the meaning set forth in the Plan.  
(e)    “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance promulgated thereunder.
(f)    “Common Stock” means the common stock, US$.01 par value per share, of GP Strategies Corporation.
(g)    “Company” means GP Strategies Corporation and its Affiliates, except where the context otherwise requires.  For purposes of determining whether a Change in Control has occurred, Company shall mean only GP Strategies Corporation.
(h)    “Fair Market Value” has the meaning set forth in the Plan.  The Plan generally defines Fair Market Value to mean the closing price per share of Common Stock on the relevant date on the principal exchange or market on which the Common Stock is then listed or admitted to trading or, if no sale is reported for that date, the last preceding Business Day on which a sale was reported.
(i)    “Grant Date” means the effective date of a grant of RSUs made to you as set forth in the relevant Notice.
(j)    “Notice” means the statement, letter or other written notification provided to you by the Company setting forth the terms of a grant of RSUs made to you.
(k)    “Plan” means the GP Strategies Corporation 2011 Stock Incentive Plan, as amended from time to time.
(l)    “Retirement” means your retirement from active employment with the Company or any Affiliate (i) on or after attaining age 55, (ii) after completing at least 10 years of continuous Service and (iii) giving notice of termination of employment as required by any agreement between you and the Company and continuing to perform your obligations to the Company through the date of termination.
(m)    “RSU” means the Company’s commitment to issue one share of Common Stock at a future date, subject to the terms of the Agreement and the Plan.
(n)    “Service” means your employment, service as a non-executive director, or other service relationship with the Company and its Affiliates.  Your Service will be considered to have ceased with the Company and its Affiliates if, immediately after a sale, merger, or other corporate transaction, the trade, business, or entity with which you are employed or otherwise have a service relationship is not GP Strategies Corporation or its successor or an Affiliate of GP Strategies Corporation or its successor.
(o)    “Total and Permanent Disability” means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 

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twelve months.  The Administrator may require such proof of Total and Permanent Disability as the Administrator in its sole discretion deems appropriate and the Administrator’s good faith determination as to whether you are totally and permanently disabled will be final and binding on all parties concerned.
(p)    “You” or “Your” means the recipient of the RSUs as reflected on the applicable Notice.  Whenever the word “you” or “your” is used in any provision of this Agreement under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to the estate, personal representative, or beneficiary to whom the RSUs may be transferred by will or by the laws of descent and distribution, the words “you” and “your” shall be deemed to include such person.
    
{End of Agreement}

10Exhibit 4.5

 

SCHULTZE SPECIAL PURPOSE ACQUISITION
CORP.

 

DESCRIPTION OF SECURITIES

 

The following summary
of the material terms of the securities of Schultze Special Purpose Acquisition Corp., a Delaware corporation (“we,”
“us,” “our” or “the company”), is not intended to be a complete summary of the rights and preferences
of such securities and is subject to and qualified by reference to our amended and restated certificate of incorporation, our bylaws
and the warrant agreement, dated December 10, 2018, between the company and Continental Stock Transfer & Trust Company (the
“Warrant Agreement”), in each case incorporated by reference as exhibits to the company’s Annual Report on Form
10-K for the year ended December 31, 2019 (the “Report”), and applicable Delaware law, including the Delaware General
Corporation Law, or DGCL. We urge you to read our amended and restated certificate of incorporation, our bylaws and the Warrant
Agreement in their entirety for a complete description of the rights and preferences of our securities.

 

Certain Terms

 

In this document, unless the context otherwise
requires:

 

		●	references to our “sponsor” refer to Schultze Special Purpose
Acquisition Sponsor, LLC, a company affiliated with our executive officers;

 

		●	references to “founders’ shares” refer to our shares of
common stock initially purchased by our initial stockholders in private sales prior to our initial public offering;

 

		●	references to “final prospectus” refer to the final prospectus
for our initial public offering filed with the Securities and Exchange Commission, or the SEC, on December 12, 2018;

 

		●	references to “initial stockholders” refer to the holders of
the founders’ shares prior to our initial public offering;

 

		●	references to “common stock” refer to our common stock, par value
$0.0001 per share;

 

		●	references to our “public shares” refer to shares of our common
stock which were sold as part of the units in our initial public offering and references to “public stockholders” refer
to the holders of our public shares, including our sponsor, officers and directors to the extent they purchase public shares, provided
that their status as “public stockholders” shall only exist with respect to such public shares;

 

		●	references to “private placement warrants” refer to the warrants
that were sold in a private placement simultaneously with the closing of our initial public offering; and

 

		●	references to “management” or our “management team”
refer to our officers and directors.

 

General

 

We are a blank check
company incorporated in Delaware for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities, which we refer
to in this document as our initial business combination, and our affairs are governed by our amended and restated certificate of
incorporation, our bylaws and Delaware law, including the DGCL. As of the date of the Report, we are authorized to issue 100,000,000
shares of common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. As of
the date of the Report, 16,250,000 shares of common stock are outstanding and no shares of preferred stock are outstanding. The
following description summarizes the material terms of our securities. For a complete description you should refer to our amended
and restated certificate of incorporation, our bylaws and the Warrant Agreement, and to the applicable provisions of Delaware law.
Because it is only a summary, it may not contain all the information that is important to you.

 

Units

 

Each unit consists
of one share of common stock and one warrant. Each warrant entitles the holder to purchase one share of common stock. Holders will
need to have their brokers contact our transfer agent in order to separate the units into shares of common stock and warrants.
The warrants will become exercisable 30 days after the completion of an initial business combination and will expire on the fifth
anniversary of our completion of an initial business combination, or earlier upon redemption or liquidation. The shares of common
stock and warrants began to trade separately on January 9, 2019, and holders have the option to continue to hold units or separate
their units into the component pieces.

  

     

     

    

 

Common Stock

 

As of the date of the
Report, there were 16,250,000 shares of common stock outstanding, consisting of 13,000,000 public shares and 3,250,000 founders’
shares held by the initial stockholders.

 

Our stockholders of
record are entitled to one vote for each share held on all matters to be voted on by stockholders. In connection with any vote
held to approve our initial business combination, our sponsor, as well as all of our officers and directors, have agreed to vote
their respective shares of common stock owned by them in favor of the proposed business combination.

 

We will consummate
our initial business combination only if we have net tangible assets of at least $5,000,001 upon such consummation and, solely
if a vote is held to approve a business combination, a majority of the outstanding shares of common stock voted are voted in favor
of the business combination.

 

Our board of directors
is divided into two classes with only one class of directors being elected in each year and each class (except for those directors
appointed prior to our first annual meeting of stockholders) serving a two-year term. The term of office of the first class of
directors, consisting of William G. LaPerch and William T. Allen, will expire at our first annual meeting of stockholders. The
term of office of the second class of directors, consisting of George J. Schultze, Gary M. Julien and John J. Walker, will expire
at the second annual meeting of stockholders. We may not hold an annual meeting of stockholders until after we consummate our initial
business combination. There is no cumulative voting with respect to the election of directors, with the result that the holders
of more than 50% of the shares eligible to vote for the election of directors can elect all of the directors.

 

Pursuant to our amended
and restated certificate of incorporation, if we do not consummate an initial business combination by June 13, 2020, our corporate
existence will cease except for the purposes of winding up our affairs and liquidating. If we are forced to liquidate prior to
an initial business combination, our public stockholders are entitled to share ratably in the trust account, based on the amount
then held in the trust account, and any assets remaining available for distribution to them. Our sponsor, officers and directors
have agreed to waive their rights to participate in any liquidation distribution occurring upon our failure to consummate an initial
business combination with respect to the founders’ shares. Our sponsor, officers and directors will therefore not participate
in any liquidation distribution with respect to such shares. They will, however, participate in any liquidation distribution with
respect to any shares of common stock acquired in connection with or following our initial public offering.

 

Our stockholders have
no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the
shares of common stock, except that public stockholders have the right to sell their shares to us in a tender offer or have their
shares of common stock converted to cash equal to their pro rata share of the trust account if they vote on the proposed business
combination in connection with such business combination and the business combination is completed. Public stockholders who sell
or convert their stock into their share of the trust account still have the right to exercise the warrants that they received as
part of the units.

 

Founders’ Shares

 

The holders of the
founders’ shares have agreed (i) that such shares are subject to certain transfer restrictions, as described in more detail
below and (ii) (A) to waive their redemption rights with respect to the founders’ shares and public shares in connection
with the completion of our business combination and (B) to waive their rights to liquidating distributions from the trust account
with respect to the founders’ shares if we fail to complete our business combination by June 13, 2020, although our initial
stockholders (or any of our executive officers, directors or affiliates) will be entitled to liquidating distributions from the
trust account with respect to any public shares acquired if we fail to complete our initial business combination within the prescribed
time period. If we submit our business combination to our public stockholders for a vote, our initial stockholders have agreed
to vote their founders’ shares and any public shares purchased during or after our initial public offering in favor of our
initial business combination and our executive officers and directors have also agreed to vote any public shares purchased during
or after our initial public offering in favor of our initial business combination. As a result, we would need only 4,875,001, or
approximately 37.5%, of the 13,000,000 public shares sold in our initial public offering to be voted in favor of a transaction
in order to have our initial business combination approved (assuming all shares were present and entitled to vote at the meeting).
Permitted transferees of our sponsor will be subject to the same obligations of our sponsor.

 

    2

     

    

 

Subject to certain
limited exceptions, none of their founders’ shares will be transferred, assigned or sold until the earlier of (i) one year
after the date of the consummation of our initial business combination or (ii) the date on which the closing price of our common
stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period.

 

Preferred Stock

 

There are no shares
of preferred stock outstanding. Our amended and restated certificate of incorporation authorizes the issuance of 1,000,000 shares
of preferred stock with such designation, rights and preferences as may be determined from time to time by our board of directors.
No shares of preferred stock were issued or registered in our initial public offering. Accordingly, our board of directors is empowered,
without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could
adversely affect the voting power or other rights of the holders of common stock. However, the underwriting agreement prohibits
us, prior to a business combination, from issuing preferred stock which participates in any manner in the proceeds of the trust
account, or which votes as a class with the common stock on a business combination. We may issue some or all of the preferred stock
to effect a business combination. In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing
a change in control of us. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that
we will not do so in the future.

 

Warrants

 

Public Stockholders’ Warrants

 

As of the date of the
Report, there were 17,150,000 warrants to purchase our common stock outstanding, including 13,000,000 public warrants and 4,150,000
private placement warrants. Each warrant entitles the registered holder to purchase one share of common stock at a price of $11.50
per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial business
combination. No warrants are exercisable for cash unless we have an effective and current registration statement covering the shares
of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding
the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the public warrants is
not effective within 90 days following the consummation of our initial business combination, warrant holders may, until such time
as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration
statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of
1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is
not available, holders will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay the
exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing
(x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise
price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market
value” for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days
ending on the trading day prior to the date of exercise. The warrants will expire on the fifth anniversary of our completion of
an initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We may call the warrants
for redemption (excluding the private placement warrants, and any warrants issued to our sponsor, officers or directors in payment
of working capital loans made to us), in whole and not in part, at a price of $0.01 per warrant,

 

	 	●	at any time during the exercise period,

 

    3

     

    

 

	 	●	upon not less than 30 days’ prior written notice of redemption to each warrant holder,

 

	 	●	if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders; and

 

	 	●	if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.

 

The right to exercise
will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption
date, a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s warrant
upon surrender of such warrant.

 

The redemption criteria
for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial
exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so
that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below
the exercise price of the warrants.

 

If we call the warrants
for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to
do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for
that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common
stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market
value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported
last sale price of the shares of common stock for the 5 trading days ending on the third trading day prior to the date on which
the notice of redemption is sent to the holders of warrants.

 

The warrants were issued
in registered form under the Warrant Agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us.
The Warrant Agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval, by written consent or vote, of the holders of at least 50% of the
then outstanding warrants in order to make any change that adversely affects the interests of the registered holders.

 

    4

     

    

 

The exercise price
and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in
the event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices.

 

In addition, if 
(x) we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the
closing of our initial business combination at a Newly Issued Price (as described in our final prospectus) of less than $9.50 per
share of common stock (with such issue price or effective issue price to be determined in good faith by our board of directors,
and in the case of any such issuance to our sponsor or its affiliates, without taking into account any founders’ shares held
by the sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances
represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination
on the date of the consummation of our initial business combination (net of redemptions), and (z) the Market Value (as described
in our final prospectus) is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to
be equal to 115% of the higher of the Market Value and the Newly Issued Price.

 

The warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with
the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price, by certified or official bank check payable to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of shares of common stock and any voting rights until they exercise their
warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder
will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

Under the terms of
the Warrant Agreement, we have agreed to use our best efforts to have declared effective a prospectus relating to the shares of
common stock issuable upon exercise of the warrants and keep such prospectus current until the expiration of the warrants. However,
we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the shares of common
stock issuable upon exercise of the warrants, holders will be unable to exercise their warrants for cash and we will not be required
to net cash settle or cash settle the warrant exercise.

 

Warrant holders may
elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would not be able to
exercise their warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess
of 9.8% of the shares of common stock outstanding.

 

No fractional shares
will be issued upon exercise of the warrants. If, by reason of any adjustment made pursuant to the Warrant Agreement, upon exercise
of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round up to the
nearest whole number the number of shares of common stock to be issued to the warrant holder.

 

Private Placement Warrants

 

The private placement
warrants are identical to the warrants underlying the units sold in our initial public offering, except that, if held by the original
holder or their permitted assigns, they (i) may be exercised on a cashless basis, (ii) are not subject to redemption and (iii)
subject to certain limited exceptions, will be subject to transfer restrictions until after the completion of our initial business
combination. 

 

If holders of the private
placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its
warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of
shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the
“fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the
average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date
on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be
exercisable on a cashless basis so long as they are held by our sponsor and permitted transferees is because it is not known at
this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability
to sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders
from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted
to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information.
Accordingly, unlike public stockholders who could exercise their warrants and sell the shares of common stock received upon such
exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted
from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is
appropriate.

 

Dividends

 

We have not paid any
cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business
combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements
and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to
a business combination will be within the discretion of our board of directors at such time. It is the present intention of our
board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors
does not anticipate declaring any dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare
dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

    5

     

    

 

Our Transfer Agent and Warrant Agent

 

The transfer agent
for our securities and warrant agent for our warrants is Continental Stock Transfer & Trust Company, One State Street,
New York, New York 10004.

 

Listing of our Securities

 

Our units, common stock
and warrants are listed on the Nasdaq Capital Market under the symbols “SAMAU,” “SAMA” and “SAMAW,” respectively.

 

Certain Anti-Takeover Provisions of
Delaware Law and our Amended and Restated Certificate of Incorporation and Bylaws

 

Staggered board of directors

 

Our amended and restated
certificate of incorporation provides that our board of directors is classified into two classes of directors of approximately
equal size. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy
contest at two or more annual meetings. Furthermore, because our board is classified, directors may be removed only with cause
by a majority of our outstanding shares.

 

Special meeting of stockholders

 

Our bylaws provide
that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our Chief Executive
Officer or by our Chairman.

 

Action by written consent

 

Under Delaware law,
stockholder action may be taken by written consent in lieu of a meeting unless the existing charter expressly prohibits action
by consent. Our amended and restated certificate of incorporation prohibits stockholder action by written consent. Prohibiting
action by written consent is expected to protect the company from unwarranted actions by stockholders so management can focus on
the company’s search for a business combination.

 

Advance notice requirements for stockholder
proposals and director nominations

 

Our bylaws provide
that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as
directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s
notice will need to be received by the company secretary at our principal executive offices not later than the close of business
on the 90th day nor earlier than the open of business on the 120th day prior to the anniversary date of the immediately
preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended, or the Exchange
Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our bylaws
also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions may preclude our
stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual
meeting of stockholders.

 

    6

     

    

 

Authorized but unissued shares

 

Our authorized but
unissued common stock and preferred stock are available for future issuances without stockholder approval and could be utilized
for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit
plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or
discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Exclusive forum selection

 

Our amended and restated
certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions
against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court
of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have
consented to service of process on such stockholder’s counsel; provided that the exclusive forum provision will not apply
to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction; and provided further that, if and only if the Court of Chancery of the State of Delaware dismisses any
such action for lack of subject matter jurisdiction, such action may be brought in another state or federal court sitting in the
State of Delaware. Furthermore, our amended and restated certificate of incorporation provides that unless we consent in writing
to the selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for the
resolution of any complaint asserting a cause of action arising under the Securities Act. Although we believe this provision benefits
our company by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies,
a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect
of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our
compliance with federal securities laws and the rules and regulations thereunder.

 

Section 203 of the Delaware General
Corporation Law

 

We are subject to the provisions of Section
203 of the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances,
from engaging in a “business combination” with:

 

	 	●	a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an “interested stockholder”);

 

	 	●	an affiliate of an interested stockholder; or

 

	 	●	an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.

 

A “business combination” includes
a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

	 	●	our board of directors approves the transaction that made the stockholder an “interested stockholder,” prior to the date of the transaction;

 

	 	●	after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

	 	●	on or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

 

    7

     

    

 

Limitation on Liability and Indemnification of Directors
and Officers

 

Our amended and restated
certificate of incorporation provides that our directors and officers will be indemnified by us to the fullest extent authorized
by Delaware law as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation
provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors,
unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the
law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper personal
benefit from their actions as directors.

 

Our bylaws also permit
us to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless
of whether Delaware law would permit indemnification. We may purchase a policy of directors’ and officers’ liability
insurance that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances
and insures us against our obligations to indemnify the directors and officers.

 

These provisions may
discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also
may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder’s investment may be adversely
affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification
provisions. We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented
and experienced directors and officers.

 

Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to
the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable.

 

 

8

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