Document:

Exhibit

TITAN INTERNATIONAL, INC. 
ANNUAL INCENTIVE COMPENSATION PLAN

This Annual Incentive Compensation Plan is established by Titan International, Inc., a Delaware corporation, for the benefit of certain employees who may become eligible to participate in this Plan.

SECTION 1
RECITALS

1.1    Purpose. The purpose of the Plan is to enhance the Company’s competitiveness and the Company’s ability to attract, motivate and retain top talent; to recognize the role of senior leadership in the success of the Company; to reward annual financial and individual performance that complements the Company’s longer-term strategic focus; and to encourage collaboration and teamwork across the Company thereby increasing shareholder value and the success of the Company.

1.2    Section 162(m) Compliance.  The Plan is designed with the intention that the incentives paid hereunder to certain executive officers of the Company are deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated thereunder. However, the Company can not guarantee that awards under the Plan will qualify for exemption under Code Section 162(m) and circumstances may present themselves under which Awards under the Plan do not comply with Code Section 162(m) whether intended or not.

1.3    General Compliance. This Plan is intended to be exempt from Code Section 409A under Treas. Reg. §1.409A-1(b)(4). This Plan is intended to be exempt from ERISA pursuant to ERISA Regulation Section 2510.3-2(c).

SECTION 2
DEFINITIONS

2.1    Defined Terms. As used in this Plan, the following terms shall have the following meanings.

(a)    Award means an award granted pursuant to this Plan, the payment of which shall be contingent on the attainment of Performance Goals, with respect to a Performance Period. All Awards shall be made in writing and shall specify the Performance Goals, Target Incentive Opportunity and Payout Formula.

(b)    Board means the Board of Directors of the Company.

(c)    Code means the Internal Revenue Code of 1986, as amended. 

(d)    Committee means the Compensation Committee of the Board.

(e)    Company means Titan International, Inc., a Delaware corporation, its successors and assigns.

(f)    Effective Date means May 1, 2016.

(g)    Employee means mean any person who is employed by the Company.

(h)    ERISA means the Employee Retirement Income Security Act of 1974, as amended.

(i)    Executive Officer means the individual serving as the chief executive officer
or acting in such capacity, or among the four (4) highest compensated officers, other than the chief executive officer. For purposes determining whether an individual is among the executive officers listed in this subsection, the executive 

compensation disclosure rules under the Securities Exchange Act of 1934 shall apply.

(j)    FMLA means the Family and Medical Leave Act of 1993, as amended. 

(k)    Fiscal Year means the fiscal year of the Company.

(l)    Payout Formula means, as to any Performance Period, the formula or payout matrix established by the Committee to determine the amount to be paid to Participants, if any. The formula or matrix may differ from Participant to Participant.

(m)    Performance Period means a Fiscal Year, or any longer or shorter period determined by the Committee.

(n)    Performance Goal means the goal or goals determined by the Committee to be applicable to a Participant for a Performance Period. As determined by the Committee, the Performance Goal(s) may provide for a targeted level or levels of achievement using the performance criteria specified by the Committee. For Awards intended to qualify as performance-based compensation under Code Section 162(m), such Performance Goal criteria shall be based on one or more of the performance metrics set forth in Appendix A.

(o)    Plan means this plan established and continued by the Company, as it may be amended, in the form of this document and designated as the Titan International, Inc. Annual Incentive Compensation Plan.

(p)    Target Incentive Opportunity means the target amount payable to a Participant for the Performance Period expressed as a percentage of Participant’s annual base salary as of the end of the Performance Period or a specific dollar amount, as determined by the Committee.

2.2    Interpretation.  Except as otherwise expressly provided, the following rules of interpretation shall apply to this Plan.

(a)    The singular includes the plural and the plural includes the singular except when the context otherwise requires.

(b)    The masculine, feminine or neuter gender shall also mean all or any of the other genders except when the context otherwise requires.

(c)    Capitalized words and phrases used in this Plan shall have the meaning given to them in Section 2.1, unless the language or context clearly indicates that a different meaning is intended.

(d)    The recitals as set forth in this Plan are incorporated as material terms of this Plan.

(e)    A reference to a law includes any amendment or modification to such law
and any rules or regulations issued thereunder.

(f)    Notwithstanding any provision of this Plan to the contrary, the obligation to make payments and the time and form of those payments as required by this Plan or in an Award that constitute deferred compensation for purposes of Code Section 409A and which are not otherwise exempt from Code Section 409A are intended to comply with Code Section 409A and the interpretive guidance thereunder. This Plan will be construed and interpreted with such intent. If any provision of this Plan needs to be revised or restricted to the extent and in a manner necessary to be in compliance with the requirements of Code Section 409A, then such provision shall be modified or restricted to the extent necessary to be in compliance the requirements of Code Section 409A and any modification will attempt to maintain the same economic results as were intended under this Plan.

SECTION 3
PARTICIPATION

3.1    Eligibility.  The Committee, in its sole discretion, will select from Employees who will be Participants for any Performance Period. Participation in the Plan is in the sole discretion of the Committee, on a Performance Period by Performance Period basis.

3.2    Performance-based Compensation.  For awards intended to qualify as performance-based compensation under Code Section 162(m), Participants shall be designated no later than the earlier of the 90th day of the Performance Period or the date on which 25% of the Performance Period has elapsed.

3.3    Mid-Performance Period Selection.   A newly hired or newly selected Employee may be designated as a Participant and eligible to receive a pro-rated Award (based on the number of days such employee is eligible for an Award during the Performance Period) if the date such Employee becomes eligible to participate in the Plan is no later than the date on which 75% of the Performance Period has elapsed.

3.4    Leaves of Absence. If a Participant is on a leave of absence for a portion of a Performance Period, to the extent permissible by applicable law including FMLA, the Participant will be eligible to receive only a pro-rated Award reflecting participation for the period during which he or she was actively employed and not any period when the Participant was on leave.

3.5    No Guaranty of Continued Participation. An Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being selected for participation in any subsequent Performance Period or Periods.

SECTION 4
AWARDS AND PAYMENT

4.1    Determination  of Award. The Committee, in its sole discretion, will establish a Performance Goal, a Target Incentive Opportunity and a Payout Formula for each Participant for each Performance Period. The Committee will establish the Performance Goal, Target Incentive Opportunity and Payout Formula prior to, or reasonably promptly following the commencement of such Performance Period and for Awards intended to qualify as performance-based compensation under Code Section 162(m), no later than the period provided in Section 3.2. Notwithstanding the foregoing, the maximum amount payable under any individual Award subject to Code Section 162(m) shall not exceed ______dollars ($xx,xxx.xx) and in the aggregate the maximum amount which may be paid under the Plan is five million dollars ($5,000,000.00).

4.2    Certification of Performance. After the end of each Performance Period the Committee shall certify the extent to which the Performance Goals applicable to each Participant for the Performance Period were achieved or exceeded, as determined by the Committee. To the extent an Award is intended to qualify as performance-based compensation under Code Section 162(m), the Committee’s certification shall be in writing, and shall include the extent to which the applicable Performance Goals have been achieved.

4.3    Adjustment.  The Committee may reduce or eliminate the amount that would otherwise would be payable under the Award, or increase the amount payable under the Award provided that the Award is not intended to qualify as performance-based compensation under Code Section 162(m).

4.4    Payment. Payment pursuant to an Award shall be made as soon as practicable after the end of the Performance Period during which the Award was earned and, if necessary, after the performance is certified by the Committee, but in no event following the later of:

(a)    the fifteenth (15th) day of the third (3rd) month of the Fiscal Year immediately following the Fiscal Year in which the Participant’s Award has been earned, and

(b)    March 15 of the calendar year immediately following the calendar year in which the Participant’s Award has been earned.

4.5    Forfeiture. A Participant must be employed on the date that actual payment is made pursuant to this Plan. If a Participant is not employed on the actual date of payment, the Participant shall forfeit any and all amounts to which the Participant may have been entitled pursuant an Award.

4.6    Form of Payment. The amount which may be payable pursuant to an Award shall be paid in cash in a single sum payment.

4.7    Withholding and Payroll Practices. All payments made shall be subject to all applicable federal, state, and local withholding taxes, rules, and regulations and the Company’s regular payroll practices, including the timing of such payments.

4.8    Clawback. Notwithstanding any other provisions in this Plan, any Award that is subject to recovery under any law, government regulation, or stock exchange listing requirement will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement.

SECTION 5
FUNDING

5.1    Funding. All payments made pursuant to this Plan shall come from the general assets of the Company. The payment of any amount is not secured by any specific assets of the Company. This Plan shall not be construed to require the Company to fund any of the benefits provided hereunder or to establish a trust or purchase an insurance policy or other product for such purpose. The Company may make such arrangements as it desires to provide for the payment of benefits.

5.2    Right to Assets. The Participant shall not have any rights against the Company with respect to any portion of a benefit which may become payable under this Plan except as a general unsecured creditor.

5.3    Sufficiency. Nothing contained in this Plan shall constitute a guarantee of the Company, any other entity or person, that the assets of the Company will be sufficient to pay the benefit.

SECTION 6
ADMINISTRATION

6.1    Authority. The Plan shall be administered by the Committee, subject to Section 6.3, which shall consist of at least two members, all of whom are “outside directors” as defined in Code Section 162(m). The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including (without limitation) the power to:

(a)    determine which Employees shall be granted awards, 

(b)    prescribe the terms and conditions of the awards,

(c)    interpret the Plan,

(d)    adopt rules, policies and procedures for the administration, interpretation and application of the Plan, and

(e)    interpret, amend or revoke any such rules, policies and procedures.

6.2    Binding Nature of Committee Decisions. All determinations and decisions made by the Committee, the Board or any delegate of the Committee pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons and shall be given the maximum deference permitted by law.

6.3    Delegation. The Committee, on such terms and conditions as it may provide, may
delegate all or part of its authority and powers under the Plan to one or more directors and/or employees of the Company, however, the Committee may not delegate its responsibility to make Awards to Executive Officers, make Awards that are intended to constitute qualified performance-based compensation under Code Section 162(m), or certify the satisfaction of the performance   pursuant   to   Section   4.2   applicable   to   Awards   intended   to   qualify   as performance-based compensation under Code Section 162(m), in each case, other than to a committee of the Board, consisting of at least two members, all of whom are “outside directors” as defined in Code Section 162(m).

SECTION 7
AMENDMENT

7.1    Amendment, Suspension  and Termination.  The Board or the Committee may amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason; provided that no amendment that requires stockholder approval in order for the Plan to continue to comply with Code Section 162(m) shall be effective unless approved by the requisite vote of the Company’s stockholders.

7.2    Effect of Amendment, Suspension or Termination. No amendment shall adversely affect the rights of any Participant to an Award allocated prior to such amendment, suspension or termination. No Award may be granted during any period of suspension or after termination of the Plan.

SECTION 8
MISCELLANEOUS

8.1    Employee’s Rights. Nothing contained in this Plan shall be deemed to give any Participant the right to be retained in the service of the Company or to interfere with any right of the Company to discharge the Participant at any time regardless of the effect which such discharge shall have upon the Participant under this Agreement.

8.2    Effect on Other Benefits. Amounts deferred under this Plan or distributed pursuant to the terms of this Plan shall not be taken into account in the calculation of a Participant’s benefits under any employee pension or welfare benefit program or under any other compensation practice maintained by the Company, except to the extent provided in such program or practice.

8.3    Alienation. No benefit which shall be payable to a Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be void; and no such benefit shall in any manner be liable for or subject to, the debt, contracts, liabilities, engagements or torts of any such person, nor shall it be subject to attachment or legal process for or against such person, and the same shall not be recognized by the Company, except to such extent as may be required by law.

8.4    Construction. This Plan shall be construed and enforced according to the laws of the State of Delaware except to the extent that such laws are preempted by the laws of the United Sates, in which case the laws of the United States shall apply.

8.5    Severability. If any provision of this Plan shall be held by any court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective, unless the removal of the invalid or unenforceable provision would substantially defeat the basic intent, purpose and spirit of this Plan.

8.6    Liability. Nothing contained in this Plan shall impose on any officer, director or employee of the Company any personal liability for any benefit due an Employee pursuant to this Plan.

Appendix A

The Committee may establish Performance Goals derived from the following metrics for Awards intended to qualify as performance-based compensation under Section 162(m) of the Code:

Economic value added
Return on assets, investment or capital employed
Net Operating Profit, after tax
Sales, gross or net of adjustmentsExhibit

Stone Energy Corporation
2016 Performance Incentive Compensation Plan

I.        Introduction and Overview

A.        The  Stone  Energy  Corporation  2016  Performance  Incentive  Compensation  Plan (the “2016 Incentive Plan”) is a performance-based incentive program, the purpose of which is to motivate the employees of Stone Energy Corporation (the “Company”) to make extraordinary efforts to achieve short-term target goals that are crucial to the Company.  For 2016 this 2016 Incentive Plan comprises the entire incentive-based compensation opportunity for Participants (as hereinafter defined).

B.        Award  Opportunities  (as  hereinafter  defined)  may  be  earned  based  on  performance during  a  three-month  performance  period  starting  January  1,  2016  (each  such  three-month performance period for the 12 months of fiscal year 2016, a “Quarterly Period”) and settled after the end of the Quarterly Period, with the ability to catch-up any quarterly amount at the end of fiscal year 2016 based on performance over the full 12-month performance period of fiscal year 2016 (the “Annual Period”). 

II.        Award Opportunities

Each employee eligible to participate in the 2016 Incentive Plan will have a threshold, target and maximum  award  opportunity  (“Award  Opportunity”)  expressed  as  a  percentage  of  such employee’s base salary and expressed on a Quarterly Period and Annual Period basis. The Compensation Committee shall set and approve the individual Award Opportunities under the 2016 Incentive Plan for the Chief Executive Officer of the Company (“CEO”), and all other officers of the Company as required by its charter.  The CEO is authorized to set and approve the individual  Award  Opportunities  under  the  2016  Incentive  Plan  for  all  other  Participants, consistent with the terms of the 2016 Incentive Plan and subject to such limitations as may be imposed by the Compensation Committee.   The Compensation Committee and the CEO may establish objective criteria for setting individual Award Opportunities or may use their subjective judgment in setting Award Opportunities in their sole discretion.  No employee of the Company is automatically entitled to any Award Opportunity, or to the payment of any earned Award Opportunity, under the 2016 Incentive Plan.

III.       Eligibility/Participation Requirements

A.        All employees of the Company that would have been eligible to participate in an annual incentive  compensation  program,  pursuant  the  Company’s  Amended  and  Restated  Revised Annual Incentive Compensation Plan (as the same may be amended from time to time), if such a program had been implemented for fiscal year 2016, are eligible to participate in the 2016 Incentive Plan (each, a “Participant”).

B.        A Participant must be employed by the Company on the last day of a Quarterly Period and on the date payment is made with respect to Award Opportunities earned relative to such Quarterly Period in order to be entitled to receive payment on an Award Opportunity that would otherwise be considered to be earned for such Quarterly Period but for the termination of employment prior to the later of these dates.  Participants whose employment with the Company terminates due to death, Disability or Retirement (as defined below) on or before the last day of a Quarterly  Period  (or  on  or  before  an  applicable  payment  date)  may  have  their  Award Opportunity for such Quarterly Period determined to be earned, and the award paid, on a pro-rata basis by the Compensation Committee after considering the recommendations of the Chief 

Executive Officer (“CEO”).  For all other Participants, if a Participant’s employment with the Company terminates (either voluntarily or involuntarily) on or before the last day of a Quarterly Period (or on or before an applicable payment date), such Participant’s Award Opportunity for the Quarterly Period in question will be void as of the date of termination of employment, and not subject to being earned, and such Participant shall not be entitled to receive payment relative to such Quarterly Period Award Opportunity.

C.        A Participant shall be employed with the Company on the last day of the Annual Period and on the date payment is made with respect to the Annual Period True-Up Payment (as hereinafter defined), if any, in order to be entitled to receive any such Annual Period True-Up Payment (as hereinafter defined); provided, however, that if such Participant’s employment with the Company terminates due to death, Disability or Retirement (as defined below) on or before the last day of the Annual Period (or on or before the applicable payment date), the Annual Period True-Up Payment may be determined, and paid, on a pro-rata basis by the Compensation Committee after considering the recommendations of the CEO.

D.        Notwithstanding   the   foregoing,   a   Participant   whose   employment   is   terminated (voluntarily  or  involuntarily)  (i)  after  the  end  of  a  Quarterly Period,  but  before  an  Award Opportunity is determined to have been earned or, if determined to be earned, before it has been paid, or (ii) after the end of the Annual Period but before a determination has been made as to whether an Annual Period True-Up Payment is payable, or if determined, before it has been paid, may  nevertheless  be  entitled  to  payment  thereon  if  the  Compensation  Committee,  after considering the CEO’s recommendations, determines that such Participant is so entitled.

E.        For purposes of this 2016 Incentive Plan:

(i)        “Cause” means (A) an act or acts of dishonesty on your part constituting a felony or  serious  misdemeanor  and  resulting  or  intended  to  result  directly  in  gain  or  personal enrichment at the expense of the Company, (B) gross or willful and wanton negligence in the performance of your material and substantial duties of employment with the Company, or (C) your  conviction  of  a  felony  involving  moral  turpitude.    The  existence  of  Cause  shall  be determined by the Compensation Committee.

(ii)       “Disability” means permanent and total disability as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended.

(iii)     “Retirement”   means,   unless   otherwise   determined   by   the   Compensation Committee, a Participant’s voluntary resignation with the approval of the CEO (or, in the case of the CEO, with the approval of the Board), other than in connection with a Cause termination, at any time following the earlier to occur of (A) such Participant’s attainment of age 60 with 5 years of service with the Company, as determined by the Company, or (B) such Participant’s attainment of 75 years of Retirement Service.

(iv)   “Retirement Service” means, as of the date of determination, a Participant’s (A) years of service with the Company, The Stone Petroleum Corporation or Stone Oil Corporation, as determined by the Company, and (B) such Participant’s age.

IV.      Performance Criteria/Goals

A.        The performance criteria for the 2016 Incentive Plan, and the allocated points for each, are as follows:

	
				
	                        Measure                        
	  Minimum  
	      Target      
	    Stretch    

	EBITDA ($ millions)
	25
	50
	75

	Capital Expenditures ($ millions)
	20
	40
	60

	HSE Performance
	5
	10
	15

	TOTAL Points
	50
	100
	150

B.        The minimum, target and stretch goals for each of the foregoing performance criteria by Quarterly Period, and then for the Annual Period, are set forth on Exhibit A  (the “Performance Goals”), attached hereto and incorporated herein by reference.     The Performance Goals, or performance against such Performance Goals may be adjusted by the Compensation Committee, as permitted under Section X(b)(ii)(B) of the Company’s 2009 Amended and Restated Stock Incentive Plan (As Amended and Restated December 17, 2015) (the “Stock Incentive Plan”)

V.         Settlement of Earned Award Opportunities

A.        The Compensation Committee shall make all determination of achievement against the Performance Goals set for each Quarterly Period and the Annual Period.  Award Opportunities may  be  earned  based  upon  the  performance  achievement  determinations  made  by  the Compensation Committee.   Earned Award Opportunities will be payable only following the Compensation Committee’s determination of the achievement against the Performance Goals for the applicable Quarterly Period or Annual Period, as the case may be.  As soon as practicable after the last day of a Quarterly Period, and no later than the Company’s payroll (applicable to the relevant Participant) next following the filing of the Company’s 10-Q for such Quarterly Period  (or  for  the  4th   Quarterly  Period  the  Company’s  10-K),  the  Company  will  assess performance achievement against the goals for the applicable Quarterly Period and, subject to the Compensation Committee’s determination of the achievement against the Performance Goals for the applicable Quarterly Period and subject to the other terms of this 2016 Incentive Plan, will pay  the  Award  Opportunity  earned  for  that  Quarterly  Period,  if  any,  as  applied  to  each Participant’s Award Opportunity for the relevant Quarterly Period.   As soon as practicable in 2017, and no later than the Company’s payroll (applicable to the relevant Participant) next following the filing of the Company’s 10-K for the Annual Period, the Company will assess achievement  against  the  Performance  Goals  for  the  Annual  Period  and,  subject  to  the Compensation Committee’s determination of the achievement against those Performance Goals and subject to the other terms of this 2016 Incentive Plan, will pay the Participant  the difference, if any between the Award Opportunity earned by a Participant as determined for the Annual Period and the sum of his/her Award Opportunities earned and paid for all prior Quarterly Periods, (subject to the other terms of this 2016 Incentive Plan) (“Annual Period True-Up Payment”).  All earned Award Opportunities will be paid no later than March 15, 2017.

B.        Subject to the other terms of this 2016 Incentive Plan, earned Award Opportunities, including any Annual Period True-Up Payment, will be paid in cash in a lump sum, subject to applicable withholding and subject to any compensation recovery or “clawback” policy the Company may have in effect at the time the of payment.

C.        Subject to shares of the Company’s common stock being available for issuance under the terms of the Stock Incentive Plan, 10% of the CEO’s earned Award Opportunities, will be paid in the form of the Company’s common stock as an Other Stock-Based Award pursuant to the terms of the Stock Incentive Plan (as herein defined).  The number of shares of common stock to be delivered upon settlement of an earned Award Opportunity will be determined based on dividing (i) the dollar amount of 10% of the earned Award Opportunity, by (ii) the average closing price of the Company’s common stock for the applicable Quarterly Period or for the Annual Period True-Up Payment, the average closing price for the month of December 2016 and further subtracting from that number of shares a number of shares sufficient to satisfy any tax withholdings thereon (with any tax withholding not thereby satisfied to be satisfied through tax withholdings from the cash payment on such earned award opportunity.  Only whole shares will be delivered and determined by rounding down.   Any fractional shares resulting from such calculation will be paid in cash. To the extent there are not sufficient shares of the Company’s common stock available for issuance under the terms of the Stock Incentive Plan, then the 10% of the CEO’s earned Award Opportunity payable in common stock shall be paid in the maximum number of shares that are available and any remainder shall be paid in cash.

VI.      Change in Control

A.        For purposes of this 2016 Incentive Plan, the definition of “Change of Control” as set forth in the Stone Energy Corporation Executive Change of Control and Severance Plan or the Stone Energy Corporation Change of Control Plan, as may be applicable to you, as each such plan may be amended from time to time, is incorporated herein by reference as if set forth herein in full.  Immediately prior to or upon a Change of Control, the following benefits will accrue to Participants,  without  regard  to  whether  a  Participant’s  employment  with  the  Company  is terminated upon or after a Change of Control.

B.        Should a Change of Control occur in fiscal year 2016, the Award Opportunities shall be deemed earned and payable as of the date of the Change of Control based on performance through  such  date  and  projecting  such  performance  against  the  Performance  Goals  for  the Quarterly Period and the Annual Period taking into account the time elapsed in such period and for the Annual Period applying the average relative performance against the threshold, target and maximum for such Quarterly Period and all prior Quarterly Periods, if any.  Such earned Award Opportunities, if any, will be paid as soon as reasonably practicable after the Change of Control, but in no event later than the earlier of (i) March 15, 2017, or (ii) ninety days after the Change of Control.

VII.     Administration

A.        The  Compensation  Committee  will  be  responsible  for  Plan  administration.     All determinations of the Compensation Committee under the 2016 Incentive Plan shall be vested in the exclusive, sole and absolute discretion of such committee, and the determinations of the Compensation  Committee  as  to  such  matters  shall  be  final  and  conclusive  on  all  persons interested in the 2016 Incentive Plan.

B.        The Board, on recommendation of the Compensation Committee, may choose to revise or eliminate the 2016 Incentive Plan at any time in its sole and absolute discretion.  No contractual right to any benefit described herein is created or is intended to be created by this document or any related action of the Board and none should be inferred from descriptions of this 2016 Incentive Plan.

VIII.     Miscellaneous Provisions

A.     A Participant’s rights and interests pursuant to the 2016 Incentive Plan may not be assigned or transferred except in the event of the Participant’s death.

B.        The Company shall deduct all required withholding for tax purposes from all payments made pursuant to the 2016 Incentive Plan.

C.        The administrative expense of the 2016 Incentive Plan will be borne by the Company.

D.        Neither  the  establishment  of  the  2016  Incentive  Plan  nor  the  making  of  Award Opportunities hereunder nor any payment thereon nor the Annual Period True-Up Payment shall be deemed to create a trust.  No individual shall have any security or other interest in any of the assets of the Company, in shares of stock of the Company or otherwise pursuant to or under this 2016 Incentive Plan.

E.        An individual shall be considered to be in the employment of the Company as long as he or she remains an officer and/or an employee of either the Company or any subsidiary.  Nothing in the adoption of this 2016 Incentive Plan nor the making of Award Opportunities hereunder shall  confer  on  any  individual  the  right  to  continued  employment  by  the  Company  or  a subsidiary or affect in any way the right of the Company or such subsidiary to terminate his or her employment at any time.

F.        All provisions of the Plan shall be construed in accordance with the laws of Delaware, without regard to such state’s conflicts of laws provisions.

IX.      2009 Amended and Restated Stock Incentive Plan

Awards granted under this 2016 Incentive Plan are intended to be Performance Awards, Cash Awards, Other Stock-Based Awards and Section 162(m) Awards, as applicable under the Stock Incentive Plan.

Approved March 10, 2016

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