Document:

EX-4.6

 Exhibit 4.6 

OLD LINE BANCSHARES, INC. 
 2010
EQUITY INCENTIVE PLAN 
 1.    Establishment, Purpose and Types of Awards. Old Line Bancshares, Inc. (the
“Company”), the parent holding company of Old Line Bank (the “Bank”) hereby establishes the OLD LINE BANCSHARES, INC. 2010 EQUITY INCENTIVE PLAN (the “Plan”). The purpose of the Plan is to advance the interests of the
Company by providing directors and selected employees of the Bank, the Company, and their Affiliates with the opportunity to acquire shares of Common Stock. By encouraging stock ownership, the Company seeks to attract, retain and motivate the best
available personnel for positions of substantial responsibility; to provide additional incentive to directors and selected employees of the Company, the Bank and their Affiliates to promote the success of the business as measured by the value of its
shares; and generally to increase the commonality of interests among directors, employees, and other stockholders. 
 The Plan permits the
granting of stock options (including incentive stock options within the meaning of Code section 422 and non-qualified stock options), stock appreciation rights, restricted or unrestricted stock awards, phantom
stock, performance awards, other stock-based awards, or any combination of the foregoing. 
 2.    Definitions.
Under the Plan, except where the context otherwise indicates, the following definitions apply: 
 “Administrator” means the Board
or the committee(s) or officer(s) appointed by the Board that have authority to administer the Plan as provided in Section 3 hereof. 

“Affiliate” means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with,
the Company (including, but not limited to, joint ventures, limited liability companies, and partnerships), including Old Line Bank. For this purpose, “control” shall mean ownership of 50% or more of the total combined voting power or
value of all classes of stock or interests of the entity. 
 “Award” means any stock option, stock appreciation right, stock
award, phantom stock award, performance award, or other stock-based award pursuant to the Plan. 
 The “Bank” means Old Line Bank.

 “Board” means the Board of Directors of the Company. 

“Cause” has the meaning ascribed to such term or words of similar import in Participant’s written employment or service
contract with the Company or Bank and, in the absence of such agreement or definition, means Participant’s (i) conviction of, or plea of guilty or nolo contendere to, a felony or crime involving moral turpitude;
(ii) fraud on or misappropriation of any funds or property of the Company, the Bank, or any affiliate, customer or vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful violation of any

 
law, rule or regulation (other than minor traffic violations or similar offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with
Participant’s duties or willful failure to perform Participant’s responsibilities in the best interests of the Company or Bank; (v) illegal use or distribution of drugs; (vi) violation of any Company, Bank or Affiliate rule,
regulation, procedure or policy; or (vii) breach of any provision of any employment, non-disclosure, non-competition,
non-solicitation or other similar agreement executed by Participant for the benefit of the Company or Bank, all as determined by the Administrator, which determination will be conclusive. 

“Change of Control” means if any of the following occurs: 

(i) any individual, firm, corporation or other entity, or any group (as defined in Section 13(d)(3) or the Exchange Act) becomes,
directly or indirectly, the beneficial owner (as defined in the general rules and regulations of the Securities and Exchange Commission with respect to Sections 13(d) and 13(g) of the Exchange Act) of more than 30% of the then outstanding shares of
the Company’s capital stock entitled to vote generally in the election of directors of the Company; or 
 (ii) the stockholders of the
Company approve a definitive agreement for (i) the merger or other business combination of the Company with or into another corporation pursuant to which the stockholders of the Company do not own, immediately after the transaction, more than
50% of the voting power of the corporation that survives and is a publicly owned corporation and not a subsidiary of another corporation, or (ii) the sale, exchange or other disposition of all or substantially all of the assets of the Company;
or 
 (iii) during any period of two years or less, individuals who at the beginning of such period constituted the Board cease for any
reason to constitute at least a majority thereof, unless the election, or the nomination for election by the stockholders of the Company, of each new director was approved by a vote of at least 75% of the directors then still in office who were
directors at the beginning of the period. Notwithstanding the foregoing, a Change of Control shall not be deemed to have taken place if beneficial ownership is acquired by, or a tender exchange offer is commenced by, the Company or any of its
subsidiaries, any profit sharing, employee ownership or other employee benefit plan of the Company or any subsidiary of any trustee of or fiduciary with respect to any such plan when acting in such capacity, or any group comprised solely of such
entities; or 
 (iv) the sale, transfer or assignment of all or substantially all of the assets of the Company or the Bank to any third
party. 
 “Code” means the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder. 

“Common Stock” means the Company’s common stock, par value $0.01 per share. 

“Company” means Old Line Bancshares, Inc. 

  
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 “Disability” shall, unless otherwise expressly provided in the applicable Grant
Agreement, have the meaning ascribed to such term or words of similar import in the Grantee’s written employment or similar agreement with the Company or an Affiliate; provided, however, that if there is no such agreement, Disability shall mean
a physical or mental condition that renders the Participant unable to perform the duties of the Participant’s customary position of service for an indefinite period that the Administrator determines will be of long, continued duration. The
Participant will be considered Disabled as of the date the Administrator determines the Participant first satisfied the definition of Disability. The Administrator may require such proof of Disability as the Administrator in its sole discretion
deems appropriate and the Administrator’s good faith determination as to whether Participant is totally and permanently disabled will be final and binding on all parties concerned. 

“Employee” means any person employed by the Company, the Bank, or any Affiliate, other than in the capacity as director, advisory
director or comparable status. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, with respect to a share of Common Stock for any purpose on a particular date: (i) the closing price
quoted on The NASDAQ Stock Market or other national securities exchange or national securities association that is the principal market for the Common Stock; (ii) if the Common Stock is not so listed, the last or closing price on the relevant
date quoted on the OTC Bulletin Board Service or by Pink Sheets LLC or a comparable service as determined in the Administrator’s sole discretion; or (iii) if the Common Stock is not listed or quoted by any of the above, the closing bid
price on the relevant date furnished by a professional market maker for the Common Stock selected by the Administrator in its sole discretion. If the Common Stock is listed or quoted as described in clause (i), clause (ii) or clause
(iii) above, as applicable, but no public trading of the Common Stock occurs on the relevant date, then Fair Market Value shall be determined as of the nearest preceding date on which trading of the Common Stock occurred. For all purposes under
the Plan, the term “relevant date” as used in this definition means either the date as of which Fair Market Value is to be determined or the nearest preceding date on which public trading of the Common Stock occurred, as determined in the
Administrator’s sole discretion. 
 “Grant Agreement” means a written document memorializing the terms and conditions of an
Award granted pursuant to the Plan. Each Grant Agreement shall incorporate the terms of the Plan. 
 “Participant” means a person
eligible to be granted Awards under the Plan pursuant to Section 5 hereof. 
 “Parent” shall mean a corporation, whether nor
or hereafter existing, within the meaning of the definition of “parent corporation” provided in Code section 424(e), or any successor thereto. 

  
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 “Performance Goals” shall mean performance goals established by the Administrator
which may be based on one or business criteria selected by the Administrator that apply to an individual or group of individuals, the Corporation and/or one or more of its Affiliates either separately or together, over such performance period as the
Administrator may designate, including, but not limited to, criteria based on operating income, earnings or earnings growth, sales, return on assets, equity or investment, regulatory compliance, satisfactory internal or external audits, improvement
of financial ratings, achievement of balance sheet or income statement objectives, or any other objective goals established by the Administrator, and may be absolute in their terms or measured against or in relationship to other companies
comparably, similarly or otherwise situated. 
 “Prior Plan” means the Old Line Bancshares, Inc. 2004 Equity Incentive Plan. 

“Subsidiary” and “Subsidiaries” shall mean only a corporation or corporations, whether now or hereafter existing, within
the meaning of the definition of “subsidiary corporation” provided in section 424(f) of the Code, or any successor thereto. 
 “Ten-Percent Stockholder” shall mean a Participant who (applying the rules of Code section 424(d)) owns stock possessing more than 10% of the total combined voting power or value of all classes of stock or
interests of the Corporation or a Parent or Subsidiary of the Corporation. 
 3.    Administration. 

(a)    Administration of the Plan. The Plan shall be administered by the Board or a committee that may be appointed
by the Board from time to time; provided, however, that unless otherwise determined by the Board, the Administrator shall be composed solely of two or more persons who are “outside directors” within the meaning of Code section
162(m)(4)(C)(i) and the regulations promulgated thereunder and “non-employee directors” within the meaning of Rule 16b-3 promulgated under the Exchange Act. To
the extent allowed by applicable state or federal law, the Board by resolution may authorize an officer or officers to grant Awards (other than stock Awards) to other officers and employees of the Company and its Affiliates, and, to the extent of
such authorization, such officer or officers shall be the Administrator. 
 (b)    Powers of the Administrator.
The Administrator shall have all the powers vested in it by the terms of the Plan, such powers to include authority, in its sole discretion, to grant Awards under the Plan, prescribe Grant Agreements evidencing such Awards and establish programs for
granting Awards. 
 The Administrator shall have full power and authority to take all other actions necessary to carry out the purpose and
intent of the Plan, including, but not limited to, the authority to: (i) determine the eligible persons to whom, and the time or times at which, Awards shall be granted; (ii) determine the types of Awards to be granted;
(iii) determine the number of shares to be covered by or used for reference purposes for each Award; (iv) impose such terms, limitations, restrictions and conditions (not inconsistent with the Plan) upon any such Award as the Administrator
shall deem appropriate, including, but not limited to, whether a stock option 

  
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shall be an incentive stock option or a nonqualified stock option, any exceptions to nontransferability, any Performance Goals applicable to Awards, any provisions relating to vesting, any
circumstances in which the Awards would terminate, the period during which Awards may be exercised, and the period during which Awards shall be subject to restrictions; (v) modify, amend, extend or renew outstanding Awards, or accept the
surrender of outstanding Awards and substitute new Awards (provided however, that, except as provided in Section 6 or 7(d) of the Plan, any modification that would materially adversely affect any outstanding Award shall not be made without the
consent of the holder); (vi) accelerate, extend or otherwise change the time in which an Award may be exercised or becomes payable and to waive or accelerate the lapse, in whole or in part, of any restriction or condition with respect to such
Award, including, but not limited to, any restriction or condition with respect to the vesting or exercisability of an Award following termination of any grantee’s employment or other relationship with the Company or an Affiliate;
(vii) establish objectives and conditions (including, without limitation, vesting criteria), if any, for earning Awards and determining whether such objectives and conditions have been satisfied; (viii) determine the Fair Market Value of
the Common Stock from time to time in accordance with the Plan; and (ix) for any purpose, including but not limited to, qualifying for preferred tax treatment under foreign tax laws or otherwise complying with the regulatory requirements of
local or foreign jurisdictions, to establish, amend, modify, administer or terminate sub-plans, and prescribe, amend and rescind rules and regulations relating to such
sub-plans. 
 The Administrator shall have full power and authority, in its sole discretion, to
administer and interpret the Plan, Grant Agreements and all other documents relevant to the Plan and Awards issued thereunder, and to adopt and interpret such rules, regulations, agreements, guidelines and instruments for the administration of the
Plan and for the conduct of its business as the Administrator deems necessary or advisable. 
 (c)    Non-Uniform Determinations. The Administrator’s determinations under the Plan (including, without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the
terms and provisions of such Awards and the Grant Agreements evidencing such Awards) need not be uniform and may be made by the Administrator selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not
such persons are similarly situated. 
 (d)    Limited Liability. To the maximum extent permitted by law, no
member of the Administrator shall be liable for any action taken or decision made in good faith relating to the Plan or any Award thereunder. 

(e)    Indemnification. To the maximum extent permitted by law and by the Company’s charter and by-laws, the members of the Administrator shall be indemnified by the Company in respect of all their activities under the Plan. 

(f)    Reliance on Reports. Each member of the Board shall be fully justified in relying or acting in good faith
upon any report made by the independent public accountants of the Company, and upon any other information furnished in connection with this Plan. In no event shall any person who is or shall have been a member of the Board or the Administrator be

  
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liable for any determination made or other action taken or any omission to act in reliance upon any such report or information, or for any action taken, including the furnishing of information,
or failure to act, if in good faith. 
 (g)    Effect of Administrator’s Decision. All actions taken and
decisions and determinations made by the Administrator on all matters relating to the Plan pursuant to the powers vested in it hereunder shall be in the Administrator’s sole discretion and shall be conclusive and binding on all parties
concerned, including the Company, its stockholders, any participants in the Plan and any other employee, consultant, or director of the Company, and their respective successors in interest. 

4.    Shares Available for the Plan. The aggregate number of shares of Common Stock issuable pursuant to all Awards
granted under the Plan shall not exceed 700,000 plus (i) any available shares of Common Stock under the Prior Plan as of its termination date and (ii) shares of Common Stock subject to options granted under the Prior Plan that expire or
terminate without having been fully exercised. Notwithstanding the foregoing (but subject to adjustment as provided in Section 7(f)), in no event may the number of shares issuable pursuant to the exercise of incentive stock options granted
hereunder exceed 700,000. The aggregate number of shares of Common Stock available for grant under this Plan and the number of shares of Common Stock subject to outstanding Awards shall be subject to adjustment as provided in Section 7(f). 

The Company shall reserve such number of shares for Awards under the Plan, subject to adjustments as provided in Section 7(f) of the
Plan. If any Award, or portion of an Award, under the Plan expires or terminates unexercised, becomes unexercisable or is forfeited or otherwise terminated, surrendered or canceled as to any shares, or if any shares of Common Stock are repurchased
by or surrendered to the Company in connection with any Award (whether or not such surrendered shares were acquired pursuant to any Award), or if any shares are withheld by the Company, the shares subject to such Award and the repurchased,
surrendered and withheld shares shall thereafter be available for further Awards under the Plan; provided, however, that to the extent required by applicable law, any such shares that are surrendered to or repurchased or withheld by
the Company in connection with any Award or that are otherwise forfeited after issuance shall not be available for purchase pursuant to incentive stock options intended to qualify under Code section 422.  

5.    Participation. Participation in the Plan shall be open to those employees, officers and directors of, and
other individuals providing bona fide services to or for, the Company, or of any Affiliate of the Company, as may be selected by the Administrator from time to time. The Administrator may also grant Awards to individuals in connection with hiring,
retention or otherwise, prior to the date the individual first performs services for the Company or an Affiliate, provided that such Awards shall not become vested or exercisable prior to the date the individual first commences performance of such
services. 
 6.    Awards. The Administrator, in its sole discretion, shall establish the terms of all Awards
granted under the Plan. All Awards shall be subject to the terms and conditions provided in the Grant Agreement. Awards may be granted individually or in tandem with other 

  
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types of Awards. Each Award shall be evidenced by a Grant Agreement, and each Award shall be subject to the terms and conditions provided in the applicable Grant Agreement. The Administrator may
permit or require a recipient of an Award to defer such individual’s receipt of the payment of cash or the delivery of Common Stock that would otherwise be due to such individual by virtue of the exercise of, payment of, or lapse or waiver of
restrictions respecting, any Award. If any such deferral is required or permitted, the Administrator shall, in its sole discretion, establish rules and procedures for such deferral. 

(a)    Stock Options. The Administrator may from time to time grant to eligible Participants Awards of incentive
stock options as that term is defined in Code section 422 or non-qualified stock options; provided, however, that Awards of incentive stock options shall be limited to employees of the
Company or of any current or hereafter existing “parent corporation” or “subsidiary corporation,” as defined in Code sections 424(e) and (f), respectively, of the Company. The exercise price of any option granted under the Plan
shall not be less than the Fair Market Value of the shares of Common Stock underlying such option on the date of grant, provided, however, that an incentive stock option granted to an Employee who owns stock representing more than 10%
of the combined voting power of the Company or any Affiliate must have an exercise price at least equal to 110% of Fair Market Value as of the date of grant. No stock option shall be an incentive stock option unless so designated by the
Administrator at the time of grant or in the Grant Agreement evidencing such stock option. 
 (i) Special Rules for
Incentive Stock Options. The aggregate Fair Market Value, as of the date the Option is granted, of the shares of Common Stock with respect to which incentive stock options are exercisable for the first time by a Participant during any calendar
year (under all incentive stock option plans, as defined in Section 422 of the Code, of the Company, or any Parent or Subsidiary), shall not exceed $100,000 or such other dollar limitation as may be provided in the Code. Notwithstanding the
prior provisions of this Section, the Board may grant Options in excess of the foregoing limitations, in which case such Options granted in excess of such limitation shall be Options which are non-qualified
stock options. Notwithstanding the foregoing or any provision in the applicable Grant Agreement, if the employment of the grantee of any option designated as an incentive stock option terminates after age 65, any vested incentive stock options which
have not become exercisable under the terms of this Plan or the applicable grant agreement shall be exercisable as nonqualified options during the 30-day period following termination of employment. 

(b)    Stock Appreciation Rights. The Administrator may from time to time grant to eligible participants Awards of
Stock Appreciation Rights (“SARs”). A SAR may be exercised in whole or in part as provided in the applicable Grant Agreement and entitles the grantee to receive, subject to the provisions of the Plan and the Grant Agreement, a payment
having an aggregate value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common Stock over (B) the base price per share specified in the Grant Agreement, which shall not be
less than the Fair Market Value of one share of Common Stock as of the date the SAR is granted, times (ii) the number of shares specified by the SAR, or portion thereof, which is exercised. Payment by the Company of the amount receivable upon
any exercise of a SAR may be made by the delivery of Common Stock or cash, or any combination of Common Stock and cash, as specified in the Grant Agreement or as determined 

  
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in the sole discretion of the Administrator. If upon settlement of the exercise of a SAR a grantee is to receive a portion of such payment in shares of Common Stock, the number of shares shall be
determined by dividing such portion by the Fair Market Value of a share of Common Stock on the exercise date. No fractional shares shall be used for such payment and the Administrator shall determine whether cash shall be given in lieu of such
fractional shares or whether such fractional shares shall be eliminated. 
 (c)    Stock Awards. The
Administrator may from time to time grant restricted or unrestricted Stock Awards to eligible Participants in such amounts, on such terms and conditions (which terms and conditions may, without limitation, condition the vesting or payment of Stock
Awards on duration of service or the achievement of one or more Performance Goals), and for such consideration, including no consideration or such minimum consideration as may be required by law, as it shall determine. By action taken after the
restricted Stock Award is issued, however, the Administrator may, on such terms and conditions as it may determine to be appropriate, remove any or all of the restrictions imposed by the terms of the Grant Agreement. 

(d)    Phantom Stock. The Administrator may from time to time grant Awards to eligible participants denominated in
stock-equivalent units (“Phantom Stock”) in such amounts and on such terms and conditions as it shall determine, which terms and conditions may condition the vesting or payment of Phantom Stock on the achievement of one or more Performance
Goals. Phantom Stock granted to a Participant shall be credited to a bookkeeping reserve account solely for accounting purposes and shall not require a segregation of any of the Company’s assets. An Award of Phantom Stock may be settled in
Common Stock, in cash, or in a combination of Common Stock and cash, as specified in the Grant Agreement. Except as otherwise provided in the applicable Grant Agreement, the grantee shall not have the rights of a stockholder with respect to any
shares of Common Stock represented by a Phantom Stock Award solely as a result of the grant of a Phantom Stock Award to the grantee. In granting any such Phantom Stock Awards, the Administrator shall consider the potential application of
Section 409A of the Code, and the applicable Grant Agreement shall include appropriate disclosure with respect to any such potential application. 

(e)    Performance Awards. The Administrator may, in its sole discretion, grant Performance Awards, which become
payable on account of attainment of one or more Performance Goals established by the Administrator. Performance awards may be paid by the delivery of Common Stock or cash, or any combination of Common Stock and cash, as specified in the Grant
Agreement. 
 (f)    Other Stock-Based Awards. The Administrator may from time to time grant other stock-based
awards to eligible Participants in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by law, as it shall determine. Other stock-based awards may be
denominated in cash, in Common Stock or other securities, in stock-equivalent units, in stock appreciation units, in securities or debentures convertible into Common Stock, or in any combination of the foregoing and may be paid in Common Stock or
other securities, in cash, or in a combination of Common Stock or other securities and cash, all as determined in the sole discretion of the Administrator as set forth in the Grant Agreement. In granting any such

  
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Awards, the Administrator shall consider the potential application of Section 409A of the Code, and the applicable Grant Agreement shall include appropriate disclosure with respect to any
such potential application. 
 7.    Miscellaneous. 

(a)    Investment Representations. The Administrator may require each person acquiring shares of Common Stock
pursuant to Awards hereunder to represent to and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. The certificates for such shares may include any legend that the Administrator deems
appropriate to reflect any restrictions on transfer. All certificates for shares issued pursuant to the Plan shall be subject to such stock transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations
and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or interdealer quotation system upon which the Common Stock is then quoted, and any applicable federal or state
securities laws. The Administrator may place a legend or legends on any such certificates to make appropriate reference to such restrictions. 

(b)    Compliance with Securities Law. Each Award shall be subject to the requirement that if, at any time, counsel
to the Company shall determine that the listing, registration or qualification of the shares subject to such an Award upon any securities exchange or interdealer quotation system or under any state or federal law, or the consent or approval of any
governmental or regulatory body, or that the disclosure of nonpublic information or the satisfaction of any other condition is necessary in connection with the issuance or purchase of shares under such an Award, such Award may not be exercised, in
whole or in part, unless such satisfaction of such condition shall have been effected on conditions acceptable to the Administrator. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration or
qualification, or to satisfy such condition. 
 (c)    Withholding of Taxes. Grantees and holders of Awards shall
pay to the Company or its Affiliate, or make provision satisfactory to the Administrator for payment of, any taxes required to be withheld in respect of Awards under the Plan no later than the date of the event creating the tax liability. The
Company or its Affiliate may, to the extent permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to the grantee or holder of an Award. In the event that payment to the Company or its Affiliate of such tax
obligations is made in shares of Common Stock, such shares shall be valued at Fair Market Value on the applicable date for such purposes and shall not exceed in amount the minimum statutory tax withholding obligation. 

(d)    Loans. To the extent otherwise permitted by law, the Company or its Affiliate may make loans to grantees to
assist grantees in exercising Awards and satisfying any withholding tax obligations. 
 (e)    Transferability.
Except as otherwise determined by the Administrator or provided in a Grant agreement, and in any event in the case of an incentive stock option or a stock appreciation right granted with respect to an incentive stock option, no Award granted

  
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under the Plan shall be transferable by a grantee otherwise than by will or the laws of descent and distribution or pursuant to the terms of a “qualified domestic relations order”
(within the meaning of Section 414(p) of the Code and the regulations and rulings thereunder). Unless otherwise determined by the Administrator in accord with the provisions of the immediately preceding sentence, an Award may be exercised
during the lifetime of the grantee, only by the grantee or, during the period the grantee is under a legal disability, by the grantee’s guardian or legal representative. 

(f)    Adjustments for Corporate Transactions and Other Events. 

(i)    Capital Adjustments. In the event of any change in the outstanding Common Stock by reason of any stock
dividend, spin-off, stock split, reverse stock split, split- up, recapitalization, reclassification, reorganization, combination or exchange of shares, merger, consolidation, liquidation, business combination,
exchange of shares or the like, then (A) the maximum number of shares of such Common Stock as to which Awards may be granted under the Plan, and (B) the number of shares covered by and the exercise price and other terms of outstanding
Awards, shall, without further action of the Board, be appropriately adjusted to reflect such event, unless, with respect to Section 7(f)(i)(A) only, the Board determines, at the time it approves such action that no such adjustment shall be
made. The Administrator may make adjustments, in its sole discretion, to address the treatment of fractional shares and fractional cents that arise with respect to outstanding Awards as a result of the stock dividend, stock split or reverse stock
split. 
 (ii)    Change of Control Transactions. In the event of any transaction resulting in a Change of
Control of the Company, (A) except as provided in the next sentence of this Section 7(f)(ii), all outstanding stock options and other Awards shall vest and become exercisable to the extent provided for in the applicable Grant Agreement,
and (B) the holders of stock options and other Awards under the Plan will be permitted, immediately before the Change of Control, to exercise or convert all portions of such stock options or other Awards under the Plan that are then exercisable
or convertible or which become exercisable or convertible upon or prior to the effective time of the Change of Control. If the acceleration or vesting of an Award or Awards pursuant to this Section 7(f)(ii) would cause any portion of the Award
or Awards to be treated as a “parachute payment” (as defined in section 280G of the Code), then except as may be expressly provided in the applicable Grant Agreement such Award or Awards shall vest only to the extent that such
acceleration of vesting does not cause any portion of the Award or Awards to be so treated. In addition, and notwithstanding any provision of any Grant Agreement, payments in respect of Awards are subject to and conditioned upon compliance with 12
U.S.C. Section 1828(k) and 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 

(g)    Substitution of Awards in Mergers and Acquisitions. Awards may be granted under the Plan from time to time
in substitution for awards held by employees, officers, consultants or directors of entities who become or are about to become employees, officers, consultants or directors of the Bank or an Affiliate as the result of a merger or consolidation of
the employing entity with the Bank or an Affiliate, or the acquisition by the Bank or an Affiliate of the assets or stock of the employing entity. The terms and conditions of any substitute 

  
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Awards so granted may vary from the terms and conditions set forth herein to the extent that the Administrator deems appropriate at the time of grant to conform the substitute Awards to the
provisions of the awards for which they are substituted. 
 (h)    Termination, Amendment and Modification of the
Plan. The Board may terminate, amend or modify the Plan or any portion thereof at any time, but no amendment or modification shall be made which would impair the rights of any grantee under any Award theretofore made, without his or her consent.
Notwithstanding anything to the contrary contained in the Plan, the Board may not amend or modify the Plan or any portion thereof without stockholder approval where such approval is required by applicable law or by the rules of any securities
exchange (e.g. The NASDAQ Stock Market) or quotation system on which the Common Stock is listed or traded. Furthermore, notwithstanding anything to the contrary contained in the Plan, the Administrator may not amend or modify any Award if such
amendment or modification would require the approval of the stockholders if the amendment or modification were made to the Plan. 

(i)    Non-Guarantee of Employment or Service. Nothing in the Plan or in
any Grant Agreement thereunder shall confer any right on an individual to continue in the service of the Company or shall interfere in any way with the right of the Company to terminate such service at any time with or without cause or notice and
whether or not such termination results in: (i) the failure of any Award to vest; (ii) the forfeiture of any unvested or vested portion of any Award; and/or (iii) any other adverse effect on the individual’s interests under the
Plan. 
 (j)    No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a
trust or separate fund of any kind or a fiduciary relationship between the Company and a grantee or any other person. To the extent that any grantee or other person acquires a right to receive payments from the Company pursuant to an Award, such
right shall be no greater than the right of any unsecured general creditor of the Company. 
 (k)    Governing
Law. The validity, construction and effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules, regulations, determinations or decisions made by the Administrator relating to the Plan or such Grant Agreements,
and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with applicable federal laws and the laws of the State of Maryland without regard to its conflict of
laws principles. Any suit with respect to the Plan shall be brought in the federal or state courts in the districts which include the city and state in which the principal offices of the Company are located. 

(l)    Effective Date; Termination Date. The Plan is effective as of the date approved by the Company’s
stockholders and shall continue in effect for a term of ten (10) years, unless earlier terminated pursuant to Section 7(g) hereof. No Award shall be granted under the Plan after the close of business on the day immediately preceding the
tenth anniversary of the effective date of the Plan, or if earlier, the tenth anniversary of the date the Plan is approved by the stockholders, and no Award under the Plan shall have a term of more than ten (10) years. Subject to other
applicable provisions of the Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect until such Awards expire or have been satisfied or 

  
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terminated in accordance with the Plan and the terms of such Awards; provided, however, that no Award that contemplates exercise or conversion may be exercised or converted, and no Award that
defers vesting, shall remain outstanding and unexercised, unconverted or unvested, in each case, for more than ten years after the date such Award was initially granted. 

(m)     Regulatory Restrictions. The Plan and the Company’s obligations under the Plan and any Grant Agreement
shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required. Without limiting the generality of the foregoing, (i) the Company shall not be
required to sell or issue any shares of Common Stock pursuant to any Award if the sale or issuance of such shares would constitute a violation by the individual exercising the Award or the Company of any provision of any law or regulation of any
governmental authority, including without limitation any federal or state securities laws or regulations, and (ii) the inability of the Company to obtain any necessary authority from any regulatory body having jurisdiction, which authority is
deemed by the Company’s counsel to be necessary to the lawful exercise or payment of any Award hereunder, shall relieve the Company of any liability in respect of the exercise or payment of such Award to the extent such requisite authority
shall have been deemed necessary and shall not have been obtained. 

  
 12Exhibit

Exhibit 10.1
Quidel Corporation 
Individual Retirement Program for Randy Steward (“Employee”)
Effective November 22, 2019 (“Effective Date”)

This Individual Retirement Program (the “Program”) is awarded to Employee by the Board of Directors (the “Board”) of Quidel Corporation (the “Company”), on behalf of the Company, as an incentive for Employee to continue his employment with the Company as Chief Financial Officer through at least March 31, 2022.  Employee understands and agrees that the Company has no obligation to provide the Program to Employee and that any violation of the terms of the Program or other obligations to the Company or its affiliates by Employee may result in, among other matters, termination of the Program by the Company, in the discretion of the Board. Employee further understands and agrees that, in providing the Program to Employee, the Company is not guaranteeing employment to Employee, and Employee remains an “at will” employee who may be terminated at any time, for any reason, in the discretion of the Company.

		
	1.
	Equity Incentive Compensation. The sole equity incentive compensation awarded by the Company to Employee on or after January 1, 2020 shall be Restricted Stock Units (“RSUs”).  In each calendar year that Employee continues to be employed by the Company as Chief Financial Officer on or after January 1, 2020, the Company shall grant to Employee RSUs with a then current value of $1,300,000.  Employee shall not be entitled to any other equity incentive compensation during his employment with the Company on or after January 1, 2020.  In addition, Employee shall not be entitled to any additional RSU awards after the date Employee ceases to serve as Chief Financial Officer of the Company.  The award agreement for any award of RSUs pursuant to the Program shall provide for the following vesting schedule: one-third of such RSUs granted will vest each year on the anniversary of the date of the grant subject to continued employment with the Company in any capacity.

		
	2.
	Early Termination of the Program.  If Employee terminates his employment with the Company, or is terminated by the Company for any reason prior to March 31, 2022, the Program will terminate on Employee’s last day of employment 

		
	3.
	Change of Control.  In the event of a change in control of the Company (as defined in Employee’s change in control agreement with the Company), during Employee’s employment with the Company, the terms of Employee’s change in control agreement shall govern the vesting of all Stock Options and RSUs, whenever granted.  In addition, the administrator of the Company’s equity plan under which any Stock Options and RSUs are granted, including RSUs granted on or after January 1, 2020, may provide for accelerated vesting upon Employee’s death or disability.

		
	4.
	Special Advisor Agreement.  If Employee remains employed with the Company as its Chief Financial Officer through at least March 31, 2022, Employee and the Company shall enter into a Special Advisor Agreement in the form attached hereto as Exhibit A effective upon Employee ceasing to serve as the Company’s Chief Financial Officer, and as set forth therein; provided Employee ends such service in good standing with the Company. 

 
[signature page follows]

IN WITNESS, WHEREOF, the parties have executed and delivered this document as of the Effective Date.

QUIDEL CORPORATION

/s/ DOUGLAS BRANT
____________________
 

Douglas Bryant
President & CEO

RANDALL STEWARD

/s/ RANDALL STEWARD
_____________________

                                    

Exhibit A [To Retirement Program]

SPECIAL ADVISOR TRANSITION AGREEMENT 

THIS SPECIAL ADVISOR TRANSITION AGREEMENT (this “Agreement”) is made and entered as of              by and between QUIDEL CORPORATION, a Delaware corporation (the “Company”), and Randall Steward, an individual (“Steward”).
BACKGROUND
A.Steward currently serves as the Company’s Chief Financial Officer and intends to retire from this current role and desires to transition to the role of Special Advisor (as defined below) effective as of [________________] (the “CFO End Date”).
B.The Company and Steward are entering into this Agreement to confirm their understandings as to the terms and conditions of Steward’s employment after the CFO End Date and each party’s commitments and obligations through the Term (as defined below).
C.In connection with his retirement as Chief Financial Officer, Steward has agreed to execute and deliver to the Company a release, substantially in the form agreed upon by the parties on November 22, 2019 (the “Release,” and the date after delivery of such Release by Steward and termination of all periods in which such Release can be revoked, the “Effective Date”).
AGREEMENT
1.Employment.  From and after the CFO End Date, and during the Term, Steward shall continue as a full-time employee of the Company, but shall retire from the position of Chief Financial Officer and instead serve as a non-officer special advisor to the Company (“Special Advisor”), pursuant to which he will provide such advice and services to the Company Group (as defined below) as may be reasonably requested by the Company from time to time, including answering questions and/or assisting with projects (the “Special Advisor Services”). Unless earlier terminated pursuant to this Agreement, Steward will remain in this position through until the end of the Term.  In providing the Special Advisor Services, Steward shall report to the Chief Executive Officer of the Company.  Steward agrees to make himself reasonably available on an as-needed basis to provide the Special Advisor Services and agrees to dutifully provide the Special Advisor Services to the best of his ability and at such locations as reasonably designated by the Company.
2.Term. Steward shall provide the Special Advisor Services from the CFO End Date until the first anniversary of the CFO End Date (the “Initial Term”).  The term of Steward’s employment shall continue until, and then automatically terminate, as of the first anniversary of the CFO End Date, unless terminated earlier pursuant to this Agreement or extended by agreement of the parties (the Initial Term, or such earlier or extended period, the “Term”).  The parties acknowledge, however, that the Term is intended to be for a total period of twelve months.  

3.Compensation.
a.Base Salary.  Subject to the terms and conditions herein, in consideration of Steward’s performance of the Special Advisor Services, the Company shall pay Steward a base salary at a rate equal to 50% of his base pay per pay period as of the date of this Agreement, commencing on the first pay period after the CFO End Date. 
b.Benefits, Equity, and Incentive Compensation.  Steward’s employee benefits for medical, dental and vision and 401(k) plan shall continue through the Term at the same levels as are in effect as of the date of this Agreement, provided nothing herein shall restrict the Company from amending such benefits provided that such amendments are effective for all members of the Company’s management entitled to such benefits, and provided further that the Effective Date occurs.  Steward acknowledges and agrees that after the CFO End Date he shall not receive any further grants of equity incentive awards nor shall he be eligible to participate in any bonus plans applicable to the fiscal year in which the CFO End Date occurs or any year thereafter.
4.Release.  If Steward does not execute and deliver the Release, or revokes the Release, this Agreement shall terminate and be null and void. 
5.Steward’s Acknowledgements and Obligations.  As a material condition to Steward’s receipt of the benefits set forth in Sections 3 and 6 hereof, Steward acknowledges and agrees that:
a.    he will continue to comply with the terms and conditions of the Agreement Re Confidential Information, Inventions, Non-Solicitation and Conflicts of Interest that he signed on October 19, 2012 (as amended from time to time pursuant to its terms, “Confidentiality Agreement”).  Without limiting the foregoing, Steward reaffirms his obligations under Section 4 of the Confidentiality Agreement, which precludes soliciting of or causing employees to leave their employment with Quidel for one year following the termination of his employment;  
b.    while employed by the Company hereunder, he will not, directly or indirectly, provide services, whether as an employee, consultant, director, independent contractor, agent, owner or partner, to any person or entity that competes or is planning to compete with the Company or any of its subsidiaries (the “Company Group”); provided, however, that Steward’s passive investment in up to five percent (5%) of the outstanding voting securities or similar equity interest in a publicly held entity shall not be deemed a breach of this Agreement; and 
c.    he will not make, directly or indirectly, any statement that is disparaging of the Company or any of its affiliates, or any of their respective directors, employees or distributors (except to the extent necessary to respond truthfully to any inquiry from applicable regulatory authorities or to provide information pursuant to legal process).

6.Vesting of Equity Awards.  The vesting of equity awards (restricted stock and options) held by Steward on the CFO End Date shall continue to vest through the Term and be governed in accordance with the Company’s applicable equity incentive plans and specific equity award grant documentation. All equity awards held by Steward at the time of the termination of his employment shall also be handled in accordance with the Company’s applicable equity incentive plans and grant documentation.
7.Termination by the Company. 
a.    In the event that Steward is terminated during the Term from his role as Special Advisor by the Company with “Cause” (as defined below), Steward shall not be entitled to any further payments or consideration hereunder, including any further benefits or vesting of equity as described in Sections 3 or Section 6 hereof, but shall only be entitled to salary, accrued benefits and other amounts legally owing to Steward through the date of employment termination.  The Company shall thereafter have no further obligations to Steward under this Agreement.
b.    In the event that Steward is terminated from his role as Special Advisor by the Company without “Cause” (as defined below) prior to the end of the Initial Term, provided that Steward executes and delivers to the Company within 21 calendar days after such termination (and there after does not revoke) a Release substantially in the form attached hereto as Exhibit A, Steward shall be entitled to receive the following severance payments and benefits: (1) a lump-sum payment equal to the remaining amount of base salary that Steward would have received under Section 3(a) if the term of this Agreement had continued until the end of the Initial Term, less any applicable taxes and withholdings, payable within thirty (30) days from the date of termination, and (2) the vesting of equity awards, as and to the extent described in and contemplated by Section 6 hereof, as though Steward’s employment continued through the end of the Initial Term.  
c.    For purposes, hereof, “Cause” shall be limited to the following: (1) fraud; (2  personal dishonesty involving money or property of the Company Group or that results in material harm to the Company Group; (3) Steward’s willful misconduct that is injurious to the Company Group; (4) a serious breach of a fiduciary duty to the Company Group; (5) Steward’s conviction for a felony (including via a guilty or nolo contendere plea), excluding traffic offenses; (6) Steward’s willful and continued neglect of duties to the Company Group (other than any such failure resulting from his incapacity because of physical or mental illness); or (7) Steward’s material breach of this Agreement.  Steward shall be afforded a reasonable opportunity of up to 30 days (as of and upon written notice from the Company) to cure any willful neglect of his duties and any other alleged material breach of this Agreement if such breach is reasonably susceptible of cure.  If, in the reasonable good faith judgment of the Company, the alleged breach is not reasonably susceptible of cure, or such circumstances or material breach has not satisfactorily been cured within such thirty (30) day period, such neglect of duties or material breach shall there upon constitute “Cause”.
8.Confidentiality of Business and Legal Information.  Steward acknowledges that the Company holds as confidential and/or privileged certain information (including, but not limited 

to, non-public information obtained by Steward in his position as an executive for the Company), as well as certain trade secret information and knowledge concerning the intimate and confidential affairs of the Company Group and the various phases of their respective businesses, including, for example and without limitation, processes, formulae, data and know-how, improvements, inventions, techniques, marketing plans, strategies, forecasts, mailing lists, customer lists, pricing information, manufacturing processes, distribution systems, computer systems or programs and other types of similar information within Steward’s knowledge by virtue of his employment with the Company (collectively, the foregoing shall be referred to herein as “Confidential Trade Secret, Proprietary and Legal Information”).  Steward agrees that all Confidential Trade Secret, Proprietary and Legal Information shall be the sole property of the Company and that the Company shall be and is the sole owner of all patents and other rights in connection therewith as well as any privileges.  Steward further agrees to hold in strictest confidence and to refrain from using or disclosing to any other person or entity, directly or indirectly, any Confidential Trade Secret, Proprietary and Legal Information, other than the Company Group, their employees, directors and authorized representatives.  In that regard, Steward expressly acknowledges that he has not disclosed (other than to the Company Group, their respective employees, directors and authorized representatives) any Confidential Trade Secret, Proprietary and Legal Information.  Steward specifically agrees that he will not disclose any Confidential Trade Secret, Proprietary and Legal Information at any time in the future (other than to the Company Group, their respective employees, directors and authorized representatives).  Steward further represents and warrants that, on the last day of the Term, he will return to the Company all property and documents of the Company Group, whether kept electronically or in hard copy form and will have retained no copies thereof.  This Section supplements the obligations of Steward contained in Section 5 hereof.
9.Entire Agreement.  This Agreement sets forth the entire agreement between the parties hereto and, except for the Confidentiality Agreement between Steward and the Company, fully supersedes any and all prior agreements or understandings between the parties pertaining to the subject matter hereof.  For the avoidance of doubt, the September 12, 2011, Employment Offer letter (the “Offer letter”) and the Agreement Re: Change in Control between the Company and Steward dated September 19, 2011 (as the same may be amended from time to time pursuant to its terms, the “CIC Agreement”), shall automatically expire as of the CFO End Date (from and after which the Offer letter and CIC Agreement will be of no force or effect), and except as expressly provided in this Agreement, Steward shall not be entitled to any payments or benefits of any kind in connection with a termination or resignation for any reason.  The parties agree that no amendment or modification of this Agreement shall be effective unless it is in writing signed by both parties.
10. Miscellaneous.
a.    Notices.  Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and delivered in person or sent by registered or certified mail to Steward’s residence in the case of Steward or to its principal office in the case of the Company.

b.    Arbitration.  Any dispute arising out of this Agreement, including related to the Special Advisor Services, shall be resolved exclusively by final and binding arbitration before a single arbitrator, in San Diego, California pursuant to the rules of JAMS.  Judgment upon any such arbitration award may be entered by any state or federal court of competent jurisdiction.  In the event any party to this Agreement initiates any arbitration action or proceeding in connection with enforcement of this Agreement, the prevailing party in such action or proceeding shall be entitled to recover its costs and attorney’s fees from the non-prevailing party.
c.    Waiver.  The waiver of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement.  No waiver shall be valid unless in writing and executed by the party to be charged therewith.
d.    Severability/Modification.  In the event that any clause or provision of this Agreement shall be determined to be invalid, illegal or unenforceable, such clause or provision may be severed or modified to the extent necessary, and, as severed and/or modified, this Agreement shall remain in full force and effect to the maximum extent permitted by law.
e.    Assignment.  This Agreement may not be assigned by Steward.  The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company.
f.    Governing law and Jurisdiction.  This Agreement shall be interpreted, construed, and enforced under the internal laws of the State of California.  The courts and authorities of the State of California shall have sole jurisdiction and venue for purposes of enforcing the arbitration agreement above.
g.    Counterparts.  This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together constitute one in the same agreement.
IN WITNESS, WHEREOF, the parties have executed and delivered this Agreement as of the Effective Date.

QUIDEL CORPORATION
        
Douglas Bryant
President & CEO

RANDALL STEWARD
        

EXHIBIT A [To Transition Agreement]

GENERAL RELEASE

In consideration of the Transition Agreement by Quidel Corporation (the “Company”) and Randall J. Steward (“Steward”), Steward hereby gives the following General Release which will be effective 8 days after he signs and does not revoke it.

1.Release of Claims. Steward hereby irrevocably and unconditionally releases, acquits and forever discharges the Company, its affiliated companies and the Releases (as defined below) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, remedies, costs, losses, debts, expenses and attorney’s fees, including those arising out of or in connection with Steward’s employment with and/or consulting for the Company and/or the termination thereof (All such charges, complaints, etc. are collectively referred to herein as “Claims”.) The Claims irrevocably and unconditionally released, acquitted and forever discharged include, for example and without limitation, Claims arising under the federal Age Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Americans With Disabilities Act, the California Fair Employment and Housing Act, the California Labor Code, claims under any state, federal and local statutes, claims for employment discrimination, tort claims and common law employment and wrongful discharge claims.

The Claims irrevocably and unconditionally released, acquitted and forever discharged by Steward extend to all such Claims by Steward against any and all of the current and former owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, divisions, parents, subsidiaries, affiliates (and the directors, officers, employees, representatives and attorneys of such divisions, parents, subsidiaries and affiliates) of the Company and all other persons acting by, though, under or in concert with any of them. All such persons and entities, as well as the Company, are collectively referred to herein as the “Releases”. The Claims irrevocably and unconditionally released, acquitted and forever discharged herein by Steward also extend to all Claims which Steward now has, owns or holds, or contends to have, own or hold or which Steward at any time heretofore had, owned or held or contended to hold against any of the Releases. Steward represents that he has not heretofore assigned or transferred or purported to have assigned or transferred to any person or entity any Claims released, acquitted and forever discharged herein. This General Release (a) shall not affect any Claims that Steward may have which arise solely after the effective date of this General Release, (b) shall not apply to any of the Company’s obligations under the Transition Agreement dated as of           _________, 20__ (the “Agreement”), (c) shall not apply to any of Steward’s rights to vested benefits such as 401(k), and (d) shall not serve as a release of any claims that cannot be released as a matter of law, including, but not limited to, indemnification as required by law.

2.Release of Unknown and Unsuspected Claims. For the purpose of implementing a full and complete release and discharge of the Releases, Steward expressly acknowledges that this General Release is intended to include in its effect, without limitation, all Claims (as defined 

above) which Steward does not know or suspect to exist in his favor at the time of execution hereof, and this General Release contemplates the extinguishment of any and all such Claims. In this regard, Steward: expressly waives the provisions of Section 1542 of the California Civil Code, which state:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS/HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM/HER MUST HAVE MATERIALLY AFFECTED HIS/HER SETTLEMENT WITH THE DEBTOR.

Furthermore, Steward hereby expressly waives and relinquishes any rights and benefits he may have under other statutes or common law principles of similar effect. Steward understands that the facts under which he gives this full and complete release and discharge of the Releases may hereafter prove to be different than now known or believed by him, and Steward hereby accepts and assumes the risk thereof and agrees that his full and complete release and discharge of Releases shall remain effective in all respects and not be subject to termination, rescission or modification by reason of any such difference in facts.

3.No Complaint, Charge or Lawsuit Pending. Steward represents that he has not filed with any governmental agency or court any complaint, charge or lawsuit against any of the Releases involving any Claims released herein, and that, except as otherwise permitted by law, he will not do so at any time hereafter; provided, however, nothing in this General Release shall limit Steward from filing an action for the purpose of enforcing his rights under the Agreement or from filing a charge or complaint of discrimination with the EEOC.

4.Severability. The provisions of this General Release are severable, and if any part of this General Release is found unenforceable, invalid or illegal, the other parts of this General Release shall remain fully valid and enforceable.

5.Governing Law. This General Release and any dispute concerning the validity, interpretation or breach of any term or condition hereof shall be construed and interpreted under and in conformance with the laws of the State of California applicable to contracts negotiated and to be fully performed in the State of California.

6. Arbitration. Any dispute concerning the validity, interpretation or breach of this General Release or any term or condition hereof or any dispute concerning the Claims released herein shall be resolved exclusively by final and binding arbitration as provided in Section II (b) of the Agreement. Judgment upon any such arbitration award may be entered by any state or federal court of competent jurisdiction. This General Release shall be admissible in any proceedings to enforce its terms.

7.Construction. Steward has had ample opportunity to make suggestions or changes to the terms and language of this General Release and agrees that the principles of contract construction against the drafter shall have no application hereto. Steward agrees that this General Release should be construed fairly and not in favor of or against Steward or the Company as the drafter.

8. Waiting Period and Right of Revocation. Steward understands that this General Release releases any and all Claims for age discrimination, whether under state or federal law. Steward understands that pursuant to federal law, Steward has the right to review this General Release for 21 days before executing the same, and that Clement has the right to revoke this General Release in its entirety at any time within seven days after executing the same and that this General Release will not be effective until such seven-day revocation period has expired. Steward acknowledges his right to consult with an attorney prior to signing this General Release, and that he has been advised to consult with an attorney prior to such signing.

9.Full Understanding of Terms. Steward represents and agrees that he fully understands his right to discuss all aspects of this General Release with his private attorney; that to the extent, if any, he desires, he has availed himself of this right; that he has carefully read and fully understands all of the provisions of this General Release; and that he is voluntarily entering into it.

DATED:                      , 2019

RANDALL STEWARD

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