Document:

Exhibit 10.10

 

AMENDED AND RESTATED EQUITY INTEREST PLEDGE
AGREEMENT

 

THIS AMENDED AND RESTATED EQUITY INTEREST
PLEDGE AGREEMENT (“Agreement”) is entered into by and between the following parties on [April 1], 2019.

 

		1.	Pledgee(“Party A”): 

 

Recon HengDa Technology (Beijing)
Co., Ltd. 

Registered Address: Room 5771, 5/F,
ShenChangDaSha, 51 Zhichun Road, Haidian District, Beijing, PRC.

 

		2.	Pledgor(“Party B”): 

 

Chen Guangqiang

ID Card Number: XXXXX

 

Yin Shenping

ID Card Number: XXXXX

 

Zhai Degui

ID Card Number: XXXXX

 

Each of Party A and Party
B is referred to as a “Party”, and Party A and Party B are referred to
collectively as the “Parties”.

 

WHEREAS:

 

		1.	Party B collectively holds 100% equity interest in Beijing BHD Petroleum Technology Co., Ltd. (the
“Company”), which is a limited liability company duly established and valid existing under the laws of the PRC.

 

		2.	As a guarantee for the performance of the Exclusive Technical Consulting and Services Agreement
entered into by and between the Recon Technology (Jining) Co., Ltd. (“Recon Technology”) and the Company, Recon
Technology, Chen Guangqiang and Yin Shenping entered into Equity Interest Pledge Agreements on January 1, 2008, pursuant to which
Chen Guangqiang and Yin Shenping have pledged to the Recon Technology all of the equity interest held by them in the Company, and
such equity interest pledge has been registered with the relevant administration for industry and commerce.

 

		3.	The Exclusive Technical Consulting and Services Agreement and Equity Interest Pledge Agreements
have been duly dissolved, and, an Amended Service Agreement (defined in Article 1) has been entered into by and between Party A
and the Company as of [April 1], 2019, pursuant to which, the Company shall make certain payments to Party A in consideration of
the consulting services provided by Party A thereunder. In order to ensure that Party A collects the Consulting Fee from the Company
as provided in the Amended Service Agreement, Party B is willing to pledge all of its equity interest in the Company to Party A
as security to ensure that Party A collects the Consulting Fee under the Amended Service Agreement.

 

    	 	1	 

     

    

 

NOW THEREFORE, through mutual negotiations,
the Parties hereto agree as follows:

 

Article 1Definitions

 

Unless otherwise stipulated hereof, for the
purpose of this Agreement, the following terms shall have the following meanings:

 

		1.1	Pledge refers to the full meaning assigned to that term in Article 2 of this Agreement.

 

		1.2	Equity Interest refers to the 100% equity interest in the Company, lawfully held by the Pledgor.

 

		1.3	Rate of Pledge refers to the ratio between the value of the pledge under this Agreement and the
technical consulting fees under the Amended Service Agreement

 

		1.4	Term of Pledge refers to the period provided for under Article 3.2 hereunder.

 

		1.5	Amended Service Agreement refers to the Amended and Restated Exclusive Technical Consulting and
Service Agreement entered into by and between the Company and Party A on [April 1], 2019.

 

		1.6	Default refers to any event enumerated in Article 7 hereof.

 

		1.7	Notice of Default refers to the notice of default issued by the Pledgee in accordance with this
Agreement.

 

Article 2Pledge

 

		2.1	Party B agrees to pledge all its Equity Interest in the Company to the Pledgee as a guarantee for
the technical consulting service fee payable to the Pledgee under the Amended Service Agreement

 

		2.2	Pledge right under this Agreement refers to the right owned by the Pledgee who shall be entitled
to have priority in receiving payment or proceeds from the auction or sale of the equity interest pledged by the Pledgor to the
Pledgee.

 

Article 3Rate
of Pledge and Term of Pledge

 

		3.1	The Rate of Pledge:

 

The Rate of Pledge shall
be 100% under this Agreement.

 

		3.2	The Term of Pledge

 

		3.2.1	The Pledge of the Equity Interest under this Agreement shall take effect as of the date that the
Pledge of the Equity Interest is recorded in the register of shareholders of the Company.

 

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		3.2.2	During the Term of Pledge, the Pledgee shall be entitled to foreclose the Pledge in accordance
with this Agreement in the event that the Company fails to pay exclusive technical consulting and service fees in accordance with
the Amended Service Agreement

 

Article 4Possession
of Pledge Documents

 

		4.1	During the Term of Pledge, the Pledgee shall be entitled to possess the contribution certificate
of the Equity Interest (the “Contribution Certificate”) and the register of shareholders of the Company. The
Pledgor shall deliver the Contribution Certificate and the register of shareholders hereunder to the Pledgee within one week of
the execution of this Agreement.

 

		4.2	The Pledgee shall be entitled to collect dividends of the Equity Interest.

 

Article 5Representations
and Warranties of Party B

 

		5.1	Party B is the lawful holder of the Equity Interest.

 

		5.2	The Pledgee shall not be interfered with by any third party at any time when the Pledgee exercising
its rights in accordance with this Agreement.

 

		5.3	The Pledgee shall be entitled to exercise or assign the Pledge in accordance with this Agreement.

 

		5.4	The Pledgor shall not pledge or encumber the Equity Interest to any third party except for the
Pledgee.

 

Article 6Covenants
of the Pledgor

 

		6.1	During the term of this Agreement, the Pledgor covenants to the Pledgee that the Pledgor shall:

 

		6.1.1	Except for the transfer of the Equity Interest to the Pledgee or the specified person designated
by the Pledgee (“Specified Person”) as subject to the Amended and Restated Exclusive Equity Interest Purchase
Agreement entered into by and among the Party B, Party A and the Company on [April 1], 2019, not transfer or assign the Equity
Interest, create or permit to be created any pledges which may have an adverse effect on the rights or benefits of the Pledgee
without prior written consent from the Pledgee.

 

		6.1.2	Comply with and implement laws and regulation with respect to pledge of equity interest, Comply
with the notices, orders or suggestions with respect to the Pledge issued or made by the competent authority after receiving the
same, or raise objection to such notices, orders or suggestions at the reasonable request or with the consent of the Pledgee.

 

		6.1.3	Timely notify the Pledgee of any event or any notice which may affect the Pledgor’s Equity
Interest or any part of its right, and any event or notice which may alter or affect any of the Pledgor’s covenants and obligations
hereunder.

 

    	 	3	 

     

    

 

		6.2	The Pledgor agrees that the Pledgee’s right to exercise the Pledge obtained from this Agreement
shall not be suspended or hampered through legal procedure by the Pledgor, any successors of the Pledgor, any person authorized
by the Pledgor or any other third party.

 

		6.3	The Pledgor warrants to the Pledgee that in order to protect or perfect the security on the payments
of the technical consulting and service fees under the Amended Service Agreement, the Pledgor shall execute in good faith and procure
other parties who have interests in the Pledge to execute all title certificates, contracts upon the request of the pledgee, and/or
perform and procure other parties who have interests to take action as required by the Pledgee and provide access to exercise the
rights and authorization vested in the Pledgee under this Agreement, and execute all the documents with respect to the alternations
of certificate of the Equity Interest with the Pledgee or the person (individual or legal entity) designated by the Pledgee, and
provide all notices, orders and decisions deemed necessary by the Pledgee to the Pledgee within a reasonable time.

 

		6.4	The Pledgor warrants to the Pledgee that the Pledgor will comply with and perform all the guarantees,
covenants, agreements, representations and conditions for the benefits of the Pledgee, fail so performing, the Pledgor shall compensate
all the losses therefore suffered by the Pledgee.

 

Article 7Default

 

		7.1	The events enumerated below shall be deemed as default:

 

		7.1.1	the Company fails to make full payments of the exclusive technical consulting and service fees
as scheduled under the Amended Service Agreement

 

		7.1.2	The Pledgor makes any material misleading or fraudulent representations or warranties under Article
5 herein, and/or the Pledgor is in violation of any warranties under Article 5 herein.

 

		7.1.3	The Pledgor violates any covenant under Article 6 herein.

 

		7.1.4	The Pledgor violates any term or condition herein.

 

		7.1.5	The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity Interest
without prior written consent of the Pledgee, except as provided in Article 6.1.1 in this Agreement.

 

		7.1.6	Any external loan, security, compensation, covenant or other compensation liabilities of the Pledgor’s
(1) is required to be repaid or performed prior to the due date due to default; or (2) is due but cannot be repaid or performed
as scheduled and thereby cause the Pledgee to deem that the Pledgor’s capacity to perform the obligations herein is affected.

 

    	 	4	 

     

    

 

		7.1.7	The Pledgor is incapable of repaying its general debt or other debt.

 

		7.1.8	This Agreement becomes illegal or the Pledgor is incapable to continue to perform obligations herein
for the reason of the promulgation of the related laws.

 

		7.1.9	Any approval, permit or authorization of the competent authority in associated with the enforcement
and validity of this Agreement is withdrawn, suspended, invalidated or materially revised.

 

		7.1.10	The property of the Pledgor adversely changes and causes the Pledgee to deem that the capability
of the Pledgor to perform the obligations herein is affected.

 

		7.1.11	The successors or assignees of the Company are only entitled to perform a portion of or refuse
to perform the liability to pay under the Amended Service Agreement

 

		7.1.12	Other circumstances whereby the Pledgee is incapable of exercising the right to foreclose on the
Pledge in accordance with the related laws.

 

		7.2	Party B should immediately notify Party A in writing of the occurrence of any event under Article
7.1 herein or any events that may result in the foregoing events upon his knowledge.

 

		7.3	Unless the Default under Article 7.1 herein has been remedied to the Pledgee’s satisfaction,
the Pledgee, at any time when the Event of Default occurs or thereafter, may issue a written notice of default to the Pledgor and
require the Pledgor immediately make full payments of the outstanding service fees under the Amended Service Agreement and other
payables or foreclose on the Pledge in accordance with Article 8 herein.

 

Article 8Rights
of the Pledgee

 

		8.1	The Pledgor shall not transfer or assign the Equity Interest without prior written approval from
the Pledgee prior to the full repayment of the consulting and service fees under the Amended Service Agreement

 

		8.2	The Pledgee shall serve the Notice of Default on the Pledgor when exercises the right of pledge.

 

		8.3	The Pledgee may exercise the right to foreclose on the Pledge at any time when the Pledgee serves
the Notice of Default pursuant to Article 7.3

 

		8.4	The Pledgee is entitled to have priority in receiving payments or proceeds from the auction or
sale of whole or part of the Equity Interest pledged herein in accordance with applicable law until the outstanding technical consulting
and service fees and all other payables under the Amended Service Agreement are repaid.

 

		8.5	The Pledgor shall not hinder the Pledgee from foreclosing on the Pledge in accordance with this
Agreement and shall provide necessary assistance for the foreclosure of Pledge.

 

    	 	5	 

     

    

 

Article 9Transfer
or Assignment

 

		9.1	The Pledgor shall not confer or transfer any right or obligation herein to any third party without
the prior written consent of the Pledgee.

 

		9.2	This Agreement shall be binding and enforceable on Pledgee and each of his successors and assignees.

 

		9.3	The Pledgee may transfer or assign all or any of his rights and obligations under the Amended Service
Agreement to any person (individual or legal entity) designated by him at any time. In this case, the assignee shall enjoy and
undertake all rights and obligations herein of the Pledgee as if the assignee is a party hereto. Where the Pledgee transfers or
assigns the rights and obligations under the Amended Service Agreement, the Pledgor shall execute the relevant agreements and/or
documents with respect to such transfer or assignment at the request of the Pledgee.

 

		9.4	Where the Pledgee transfers or assigns the pledge to a third party, the new parties to the pledge
shall re-execute a pledge contract.

 

Article 10Termination

 

		10.1	This Agreement shall not be terminated until the consulting and service fees under the Amended
Service Agreement are paid in full and the Company no longer undertakes any obligation under the Amended Service Agreement

 

Article 11Formalities
Fees and Other Expenses

 

		11.1	The Pledgor shall be responsible for all the fees and actual expenditures in relation to this Agreement,
including but not limited to legal fees, cost of production, stamp tax and any other taxes and charges. If the Pledgee pays the
relevant taxes and fees in accordance with laws, the Pledgor shall fully indemnity such taxes and fees paid by the Pledgee.

 

		11.2	The Pledgor shall be responsible for all the fees (including but not limited to any taxes, formalities
fees, management fees, litigation fees, attorney’s fees, and various insurance premiums in connection with disposition of
the Pledge) incurred by the Pledgor for the reason that the Pledgor fails to pay any payable taxes, fees or charges in accordance
with this Agreement, or the Pledgee has recourse to any forgoing taxes, charges or fees by any means for other reasons.

 

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Article 12Force
Majeure

 

		12.1	If the fulfilment of this Agreement is delayed or prevented due to the Force Majeure Events, the
party affected by such a Force Majeure Event shall free from any obligation to the extent of delay or holdback. Force Majeure refers
to any event beyond control of the affected party and unavoidable with reasonable caution, which shall include but not limited
to, government acts, nature disasters, fire, explosion, typhoon, flood, earthquake, tidal wave, lightning or war. However, any
lack of credit, assets or financing shall not be deemed as an event beyond control of a Party. The party claiming the Force Majeure
and seeking a waiver of its obligations hereunder shall promptly inform the other party of the Force Majeure and the procedure
to fulfil its obligations hereunder.

 

		12.2	If performance of this Agreement is delayed or prevented due to Force Majeure set forth in the
preceding paragraph, the affected party shall not subject to any liability hereunder arising from the performances so delayed or
prevented. The affected party shall make reasonalbe effort to reduce or diminish the effect from such Event, and shall make reasonable
efforts to resume its performance. Both parties shall resume the performance with best effort upon elimination of such Event.

 

Article 13Dispute
Settlement

 

		13.1	This Agreement shall be governed by and construed in all respects in accordance with the PRC laws.

 

		13.2	The Parties shall strive to settle any dispute arising from the interpretation or performance,
or in connection with this Agreement through friendly negotiation. In case no settlement can be reached through negotiation, each
Party can submit such matter to China International Economic and Trade Arbitration Committee for arbitration according to its currently
effective arbitration rules. The arbitration shall be held in Beijing. The arbitration proceedings shall be conducted in Chinese.
The arbitration awards shall be final and binding upon the Parties. The arbitration awards may be submitted to the applicable People’s
Court for enforcement.

 

Article 14Notices

 

		14.1	Any notice to which is given by the both Parties hereto regarding the rights and obligations hereunder
shall be in writing. Where such notice is delivered personally, the time of notice is the time when such notice actually reaches
the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time when such notice is transmitted.
If such notice does not reach the addressee on business date or reaches the addressee after the business time, the next business
day following such day is the date of notice. The delivery place is the address first written above of the Parties hereto or the
address advised in writing including, inter alias, facsimile and telex from time to time.

 

Article 15Appendix

 

		15.1	The Appendix of this Agreement as attached hereto is parts of this Agreement.

 

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Article 16Effectiveness

 

		16.1	This Agreement and any amendments, supplements and modifications of this Agreement shall be in
writing, and come into effect upon being executed by the Parties thereto.

 

		16.2	This Agreement is executed both in Chinese and English with two copies for each language. The Chinese
version shall prevail in the event of any inconsistency between the English and any Chinese versions thereof.

 

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

 

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This page is the signing page of this Equity
Interest Pledge Agreement.

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement as of the date first set forth above written.

 

Party A: Recon HengDa Technology (Beijing)
Co., Ltd. 

Legal Representative (Signature):

 

	Party B:	 
	 	 
	Chen Guangqiang	 
	(Signature)	 
	 	 
	Yin Shenping	 
	(Signature) 	 
	 	 
	Zhai Degui	 
	(Signature) 	 

 

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APPENDIX

 

		1.	The register of the shareholders of the Company

 

		2.	The Contribution Certificate of the Company

 

		3.	The Amended and Restated Exclusive Technical Consulting and Service Agreement

 

    	 	10Exhibit

Exhibit 10.1

BIOGEN INC.
PERFORMANCE-BASED MANAGEMENT INCENTIVE PLAN

1. Purpose

This Performance-Based Management Incentive Plan (this “Plan”) is established by Biogen Inc. (the “Company”) to attract and retain persons of outstanding abilities and to stimulate efforts to bring about strong operating performance and reward the individuals who contribute to this performance. This Plan supersedes and replaces any performance-based management incentive plan previously adopted by the Company or its predecessors and applies to awards granted on or after January 1, 2019.

2. Basic Concepts

Award programs under this Plan shall be developed under the following basic concepts:

A.There shall be an identification of performance periods, which may be a minimum of six (6) and a maximum of sixty (60) consecutive months in length. Because multiple awards may be granted to a Participant under this Plan, performance periods need not be sequential and may overlap or occur simultaneously.

B.With respect to each performance period, there shall be a determination of (i) eligible Participants, (ii) the amount of each participant’s target incentive awards, (iii)  the applicable performance goals, based on the Performance Criteria listed in Section 4.B below and/or such other Company and/or individual performance goals as may be approved by the Compensation and Management Development Committee of the Board of Directors of the Company (the “Committee”), and (iv) the extent to which performance relative to each such performance goal shall determine the amount of the award payable to a Participant.

3. Eligibility

A. Participation in this Plan shall be limited to executive officers of the Company and its subsidiaries and affiliates.  Each employee participating in this Plan is referred to as a “Participant.”

B.Unless otherwise authorized by the Committee, Participants shall be excluded from participation in any other cash bonus or incentive program of the Company or any of its subsidiaries and affiliates; provided, however, that Participants shall not be excluded from participation in any equity incentive plan adopted by the Company (whether or not such awards are settled in stock or in cash).

4. Determination of Awards

A.Except as provided otherwise in this Section 4, awards under this Plan shall be paid on account of the attainment of one or more performance goals which: (i) are established by the Committee; (ii) are based on one or more of the criteria listed below in Section 4.B and/or such other Company and/or individual performance goals as may be approved by the Committee, and (iii) state the method for computing the amount of compensation payable to a Participant if the performance goal or goals are attained.  Unless otherwise determined by the Committee, Performance Criteria or other performance goals shall be adopted with respect to each performance period by the Committee (A) for performance periods of one year or more, no later than ninety (90) days after the commencement of the performance period; and (B) for periods of less than one year, before twenty-five percent (25%) of the performance period has elapsed. The Committee may waive 

the achievement of one or more of the applicable performance goals in the case of the death or disability of the Participant or under such other circumstances as the Committee determines are appropriate. The Committee may provide that if certain specified goals are not met, no awards will be made for the performance period to which such goals relate.

B.Performance goals shall be based on specified Company or individual criteria, which may include objectively determinable measures of performance relating to any of, or to any combination of, the following (measured either absolutely or comparatively (including, without limitation, by reference to an index or indices or the performance of one or more companies) and determined either on a consolidated basis or, as the context permits, on a divisional, functional, subsidiary, line of business, project or geographical basis or in combinations thereof and subject to such adjustments, if any, as the Committee specifies (“Performance Criteria”)): sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization or other items, whether or not on a continuing operations or an aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of particular products or services; customer acquisition, expansion or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings; or achievement of clinical trial or research objectives. A Performance Criterion and any targets with respect thereto determined by the Committee need not be based upon an increase, a positive or improved result or avoidance of loss and may be based on GAAP, non-GAAP or other metrics as contemplated hereby.  The Committee may provide that one or more of the Performance Criteria applicable to an award will be adjusted to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion or Criteria.  Performance goals may also consist of such other individual performance criteria and/or subjective Company performance criteria as determined by the Committee.

C.Except as provided in Section 8.B below, no incentive awards shall be paid to Participants under this Plan unless and until the Committee determines that the applicable Performance Criteria or other performance goals have been attained, and such determination will be final and conclusive.

D.A Participant may receive an incentive award under this Plan that is less than, equal to or greater than his or her target incentive award. The Committee may in its sole discretion adjust an incentive award otherwise payable to a Participant, including on the basis of Company and/or specific individual goals, which may be based on nonobjective factors related to the performance of the Company and/or the Participant, as the case may be.

5. Basis of Participation in Award Programs

A.Awards may, but are not required to, be denominated in (i.e., valued by reference to) the Common Stock of the Company or units of Common Stock of the Company; provided, however, that any awards denominated in cash will be paid in cash as provided in Section 8.A below. Awards denominated in cash may be expressed as a percentage of the annual base pay of the Participant or as a specified dollar amount.

B.In addition to any other terms and conditions set forth in this Plan, all or part of the grant, vesting and/or payment of an award may be made subject to future service and such other restrictions and conditions as may be established by the Committee, and as may be set forth in any award agreement.

6. Administration

A.The overall administration of this Plan shall be under the direction of the Committee.  The Committee has discretionary authority, subject only to the express provisions of this Plan, to interpret this Plan; determine eligibility for and grant awards; determine, modify or waive the terms and conditions of any award; prescribe forms, rules and procedures; and otherwise do all things necessary or desirable to carry out the purposes of this Plan. Determinations of the Committee made under this Plan will be conclusive and will bind all persons. The Committee may delegate: (i) to one or more of its members such of its duties, powers and responsibilities as it may determine and (ii) to such employees or other persons as it determines such ministerial tasks as it deems appropriate.

B.Responsibility for the ministerial administration of this Plan (for example, payment of awards approved by the Committee) shall be under the direction of the Company’s Head of Human Resources.

7. Determination of Incentive Awards; Limitations on Awards

A.The maximum amount payable under this Plan to any Participant during any calendar year may not exceed $6,000,000 for the Chief Executive Officer and $3,000,000 for any other Participant.

B.The final determination of the extent to which the Performance Criteria and/or other performance goals were achieved for an award will be made by the Committee promptly following the availability of all necessary performance results.

C.For the avoidance of doubt, in no event will any payment of an award exceed 225% of the Participant’s target incentive award.

8. Payments; Effect of Termination of Employment

A.All payments of awards hereunder shall be made in cash within the sooner of 90 days following the end of the applicable performance period or March 15 of the year following the calendar year in which the award was earned.

B.If a Participant’s employment terminates during a performance period due to death or disability, a determination of the amount payable to the Participant or his or her estate will be made as soon as practicable thereafter. Unless otherwise determined by the Committee, the amount to be paid under these circumstances shall be determined by multiplying the Participant’s target incentive award by a fraction, the numerator of which is the number of days completed during the performance period before termination of employment, and the denominator of which is the original length of the performance period. Payment of awards under this Section 8.B will be made within the sooner of 90 days of the termination of employment or March 15 of the year following the calendar year in which employment terminated. If a Participant’s employment terminates during a performance period for any reason other than death or disability, unless the Committee determines otherwise, payment will not be made in respect of any award.

9. General Conditions

A.While it is the intent of the Company to continue this Plan indefinitely, the Company reserves the right to amend, modify or terminate this Plan, any incentive program under this Plan or any Participant’s participation in this Plan at any time or on such conditions as the Committee shall deem appropriate; provided, however, that to the extent that stockholder approval is required pursuant to law or by reason of the rules of the applicable exchange on which shares of the Company’s common stock is publicly traded, no such amendment or modification shall be effective until such time as such stockholder approval is obtained.  Except 

as provided in 8.B above, no Participant shall have any right to any incentive award under this Plan until such award and the amount thereof has been finally approved by the Committee and communicated to such Participant after the end of the performance period for which the award is being made and the Participant remains employed with the Company through such date.

B.This Plan is not a contract between the Company and any Participant. Neither the establishment of this Plan, nor any action taken hereunder, shall be construed as giving any Participant any right to be retained in the employ of the Company.

C.The Committee may cancel, rescind, withhold or otherwise limit or restrict any unpaid award (or require the repayment of an award) at any time if the Participant is not in compliance with all applicable provisions of this Plan and award agreement, if any, or if the Participant engages in any “Detrimental Activity” or as otherwise provided under any applicable clawback or recoupment policy of the Company, as in effect from time to time.

1)In particular, but not in limitation of the foregoing, in the event that a Participant engages or has engaged in Detrimental Activity, any amounts payable to the Participant in the year in which termination of employment occurs under this Plan may be forfeited and the entire amount of any payments made during such year of termination of employment shall be repaid to the Company.  Each Participant, by accepting or being deemed to have accepted an award under this Plan, agrees to cooperate fully with the Committee to effectuate any forfeiture required under this Plan. The Participant (and neither the Committee nor the Company) will be solely responsible for any adverse tax or other consequences to a Participant that may arise in connection with this Section 9.C.

2)For purposes of this Plan, “Detrimental Activity” shall include any action or failure to act that, in the sole determination of the Committee: (i)(a) constitutes financial malfeasance that is materially injurious to the Company, (b) violates the Company’s Code of Conduct, (c) results in the Company’s restatement of its earnings, financial results or financial statements or (d) results in a violation or breach of law or contract that is materially injurious to the Company or (ii) violates any non-competition, non-disclosure or non-solicitation agreement with the Company, or in the event that the Participant has not entered into any such agreement with the Company, the Participant engages in any “Competitive Activity.”

3)For purposes of this Plan, “Competitive Activity” shall include:  (i)  the rendering of services for any organization or engaging directly or indirectly in any business which is or becomes competitive with the Company, or which organization or business, or the rendering of services to such organization or business, is or becomes otherwise prejudicial to or in conflict with the interests of the Company; (ii) the disclosure to anyone outside the Company, or the use in other than the Company’s business, without prior written authorization from the Company, of any confidential information or material relating to the business of the Company, acquired by the Participant either during or after employment with the Company or (iii) any attempt directly or indirectly to induce any employee of the Company to be employed or perform services elsewhere or any attempt directly or indirectly to solicit the trade or business of any current or prospective customer, supplier or partner of the Company.

D.A Participant’s right and interest under this Plan may not be assigned or transferred, and any attempted assignment or transfer shall be null and void and shall extinguish, in the Company’s sole discretion, the Company’s obligation under this Plan to pay incentive awards with respect to the Participant.

E.This Plan shall be unfunded. The Company shall not be required to establish any special or separate fund, or to make any other segregation of assets, to assure payment of awards.

F.The Company shall have the right to deduct from incentive awards paid any taxes or other amounts required by law to be withheld.

G.Awards under this Plan are intended either to be exempt from the rules of Section 409A of the Code or to satisfy those rules, and shall be construed accordingly. Notwithstanding anything to the contrary in this Plan, neither the Company, nor any affiliate, nor the Committee, nor any person acting on behalf of the Company, any affiliate, or the Committee, shall be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an award by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of an award to satisfy the requirements of Section 409A of the Code or by reason of Section 4999 of the Code.

H.The validity, construction, interpretation and effect of this Plan shall exclusively be governed by and determined in accordance with the laws of the State of Delaware, without giving effect to its conflict of laws provisions.

(Approved 02.12.2019)

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