Document:

Joseph
D. Spain

3008
Pleasant Colony Dr

Lewis
Center, OH 43035

 

February
19, 2018

 

Dear
Joe,

 

Amendment
to Offer of Employment: Severance

 

As
an Executive of the Company, you are eligible to receive severance pay in the event your employment is terminated for qualifying
reasons.

 

		●	Upon
                                         termination by the Company without cause or upon termination by you for “good reason”
                                         (i.e., material reduction of duties or base salary/bonus opportunity), and subject to
                                         certain notice and cure provisions, you would be eligible to receive any accrued but
                                         unpaid salary through the date of termination, plus continued payment of base salary
                                         and medical and dental benefits for 3 months.

 

		●	If
                                         such a qualifying termination occurs within 90 days before or one year after a change
                                         in control of the Company, you would be eligible to receive accrued but unpaid salary
                                         through the date of termination plus continued payment of base salary and medical and
                                         dental benefits for 6 months.

 

This
eligibility does not modify the “at-will” nature of your employment. The terms and conditions of the severance available
to you will be set forth in your revised formal employment agreement and will require you to sign a full release in favor of the
Company at the time of termination in order to be eligible.

 

	Yours
    sincerely,	 
	 	 
	/s/ James F. DeSocio	 
	 	 
	James F. DeSocio	 
	President &
    CEO	 
	Intellinetics,
    Inc. 	 

 

	Signed	/s/
    Joseph D. Spain	 	Date
    2/19/18
		Joseph
    D. SpainSECOND
AMENDMENT

 

TO

 

INTELLINETICS,
INC. 2015 EQUITY INCENTIVE PLAN

 

This
Second Amendment to Intellinetics, Inc. 2015 Equity Incentive Plan (this “Amendment”) is made by Intellinetics, Inc.,
a Nevada corporation (the “Company”), as of February 19, 2018. Capitalized terms used and not otherwise defined herein
shall have the respective meanings ascribed to them in the Plan (as defined below).

 

WHEREAS,
the Board of Directors (the “Board”) and the shareholders of the Company previously adopted and approved the Intellinetics,
Inc. 2015 Equity Incentive Plan, as amended by the First Amendment on September 25, 2017 (the “Plan”);

 

WHEREAS,
pursuant to Section 4.1 of the Plan, a total of 2,500,000 shares of the common stock, par value $0.001 per share, of the Company
(the “Common Stock”) have been reserved for issuance under the Plan, subject to adjustment as set forth in Section
11 of the Plan;

 

WHEREAS,
the Company desires to increase the total number of shares of Common Stock issuable under the Plan to from 2,500,000 shares to
3,500,000 shares, including shares previously issued thereunder;

 

WHEREAS,
the Company desires to increase the total number of shares of Common Stock for which Incentive Stock Options may be granted from
2,500,000 shares to 3,500,000 shares;

 

WHEREAS,
Section 13 of the Plan permits the Board to amend the Plan from time to time, subject only to certain limitations specified therein;

 

NOW,
THEREFORE, the Board has amended the Plan as follows, subject to approval by the stockholders of the Company:

 

1.
Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:

 

4.1
Subject to adjustment in accordance with Section 11, a total of Three Million Five Hundred Thousand (3,500,000) shares of Common
Stock shall be available for the grant of Awards under the Plan. No more than Three Million Five Hundred Thousand (3,500,000)
shares of Common Stock may be granted as Incentive Stock Options. Additionally, a Director may not be granted Awards covering
more than One Million Two Hundred Fifty Thousand (1,250,000) shares of Common Stock in any year. Any shares of Common Stock granted
in connection with Awards shall be counted against this limit as one (1) share for every one (1) share of Common Stock granted
in connection with such Award. During the terms of the Awards, the Company shall keep available at all times the number of shares
of Common Stock required to satisfy such Awards

 

    	 	 	 

     

    

 

2.
Except as modified by this Amendment, all the terms and provisions of the Plan shall continue in full force and effect.

 

[Signatures
appear on the following page]

 

    	 	2	 

     

    

 

IN
WITNESS WHEREOF, the Company has executed this Second Amendment to the Intellinetics, Inc. 2015 Equity Incentive Plan as of
February 19, 2018.

 

	 	INTELLINETICS, INC.
	 	 	 
	 	By:	/s/
    Joseph D. Spain
	 	Name:	Joseph
    D. Spain
	 	Title:	Chief
    Financial OfficerINTELLINETICS,
INC.

2018
EXECUTIVE INCENTIVE COMPENSATION PLAN

Adopted February 13, 2018

 

SECTION
1

Purpose

 

The
purpose of Intellinetics, Inc. 2018 Executive Incentive Compensation Plan is to increase stockholder value and to enhance the
ability of the Company to attract, retain and motivate high quality and high performing executives by providing those executives
with incentives and awards for making significant contributions to the financial success of the Company based on the achievement
of financial and other Performance Goals.

 

SECTION
2

Definitions

 

The
following terms as used in the Plan shall have the meanings set forth below:

 

(a)
“Award” means, as to any Performance Period, a cash payment made under the Plan to a Participant for such Performance
Period.

 

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

 

(c)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, together with the rules, regulations
and interpretations promulgated thereunder, and any successor provisions, rules, regulations and interpretations.

 

(d)
“Committee” means the Compensation Committee of the Board, or any successor committee appointed by the Board
to administer the Plan, or a subcommittee thereof.

 

(e)
“Company” means Intellinetics, Inc. or any successor thereto, together with its Subsidiaries.

 

(f)
“Effective Date” of the Plan means January 1, 2018.

 

(g)
“Executive” means an officer or other key employee of the Company or a Subsidiary.

 

(h)
“Fiscal Quarter” means the fiscal quarter of the Company, which as of the Effective Date is the period commencing
on January 1 and ending on March 31, and each successive three month period.

 

(i)
“Fiscal Year” means the fiscal year of the Company, which as of the Effective Date is the period commencing
on January 1 and ending on December 31 of each calendar year.

 

(j)
“Participant” means, as to any Performance Period, any Executive who has been selected by the Committee for
participation in the Plan for such Performance Period.

 

(k)
“Payout Formula” means, as to any Performance Period, the formula or payout matrix established by the Committee
in order to determine the Awards (if any) to be paid to the Participants. The formula or matrix may differ from Participant to
Participant.

 

(l)
“Performance Goals” means the goals or other standards of measurement of Company performance and individual
performance applicable to a Participant for a Performance Period as established by the Committee.

 

(m)
“Performance Period” means a Fiscal Quarter, a Fiscal Year, or any other period of time selected by the Committee,
to which an Award relates.

 

(n)
“Person” means any individual, corporation, partnership, limited liability company, association, joint-stock
company, trust, unincorporated organization, government or political subdivision thereof or other entity.

 

(o)
“Plan” means the Intellinetics, Inc. 2018 Executive Incentive Compensation Plan, as amended from time to time
in accordance with the provisions hereof.

 

(p)
“Subsidiary” means any corporation, partnership, limited liability company, trust or other entity (whether
now or hereafter existing) which, on the date of determination, qualifies as a subsidiary corporation of the Company under Section
425(f) of the Code, and any successor thereto.

 

    	 	 	 

     

    

 

(q)
“Target Award” means the target Award payable under the Plan to a Participant for a Performance Period, expressed
as a percentage of the Participant’s Base Salary or as a specific dollar amount, as determined by the Committee hereunder.

 

SECTION
3

Administration

 

(a)
Administration by the Committee. The Plan shall be administered by the Committee.

 

(b)
Authority of the Committee. The Plan shall be administered by the Committee. Subject to the terms of the Plan and applicable
law and subject to such resolutions, not inconsistent with the Plan, as may be adopted by the Board, and in addition to other
express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to:
(i) designate the Participants; (ii) grant Awards under the Plan to Participants; (iii) determine the type or types of Performance
Goals and the Performance Period with respect to each Award; (iv) determine the size of Awards and establish any other terms and
conditions of any Award; (v) construe, interpret and administer the Plan and any instrument or agreement relating to, or Award
made under, the Plan; (vi) adopt, amend, suspend, waive or rescind such rules and regulations and appoint such agents as it shall
deem necessary or desirable for the administration of the Plan; (vii) correct any defect or supply any omission or reconcile any
inconsistency, and to construe and interpret the Plan, the rules and regulations, any agreement evidencing an Award or other instrument
entered into or Award made under the Plan; and (viii) make any other determinations and decisions and take any other action that
the Committee deems necessary or desirable for the administration of the Plan.

 

(c)
Exercise of Authority. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations
and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be
made at any time and shall be final, conclusive and binding upon all Persons, including the Company, its Subsidiaries, Executives,
Participants and their legal representatives and beneficiaries and stockholders. The express grant of any specific power to the
Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee.
The Committee may delegate to officers or managers of the Company or any Subsidiary, or committees thereof, the authority, subject
to such terms as the Committee shall determine, to perform such functions, including administrative functions, as the Committee
may determine. The Committee may appoint agents to assist it in administering the Plan.

 

(d)
Committee Proceedings. The Committee shall hold its meetings at such times and places as it shall deem advisable.
A majority of the members of the Committee shall constitute a quorum and all determinations shall be made by a majority of such
quorum. Any determination reduced to writing and signed by all of the members of the Committee shall be fully as effective as
if it had been made by a majority vote at a meeting of the Committee duly called and held.

 

(e)
Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any
report or other information furnished to him or her by any executive officer, other officer or employee of the Company or a Subsidiary,
the Company’s independent auditors, legal counsel, other consultants or any other agents assisting in the administration
of the Plan. Members of the Committee, and any officer or employee of the Company or a Subsidiary acting at the direction or on
behalf of the Committee, shall not be personally liable for any action or determination taken or made in good faith with respect
to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected by Intellinetics, Inc. with respect
to any such action or determination.

 

SECTION
4

Eligibility

 

Executives
shall be eligible to be selected by the Committee to be Participants in the Plan and to be granted Awards under the Plan.

 

    	 	 	 

     

    

 

SECTION
5

Awards

 

(a)
General. Subject to the provisions of the Plan, Awards may be granted as set forth in this Section 5. In addition, the
Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to the terms of Section
7 hereof), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine,
including terms requiring forfeiture of Awards in the event of termination of employment by the Participant and terms permitting
a Participant to make elections pertaining to his Award. Subject to the provisions of the Plan, the Committee shall have the right,
in its sole and absolute discretion, to accelerate the vesting or exercising of any Award granted under the Plan. Except as required
by applicable law, Awards shall be granted for no consideration other than prior and future services.

 

(b)
Selection of Participants. The Committee, in its sole discretion, shall select the Executives who shall be Participants
in the Plan for any Performance Period. Participation in the Plan is on a Performance Period by Performance Period basis, so no
Executive who is a Participant for any given Performance Period is entitled to being selected as a Participant in any subsequent
Performance Period.

 

(c)
Establishment of Performance Goals. At the commencement of each Performance Period, the Committee shall establish for each
Participant one or more Performance Goals for such Performance Period, and the relative weight to be given to each Performance
Goal. The Performance Goals and the weighting thereof may vary by Participant and may be different for different Performance Periods
and for different Awards. As determined by the Committee, the Performance Goals for any Target Award applicable to a Participant
may provide for a targeted level or levels of achieving one or more Performance Goals. The Performance Goals utilized by the Committee
for each Participant may be based on individual performance, corporate financial measures on either a consolidated or business
unit basis (including but not limited to revenues (including total revenues, recurring revenues, or other category of revenues),
operating income, pre-tax income, net income, gross profit, costs, cash flow, cash position, EBITDA, any of the preceding measures
as a percent of sales, earnings per share (before or after taxes), return on equity, return on investment, return on assets, return
on capital, total stockholder return and change in Company stock price), other Company and business unit financial objectives,
operational efficiency measures, and other objectives tied to the Company’s success or such other goals and criteria as
the Committee shall determine in its discretion. Any criteria may be measured, as applicable, (i) in absolute terms, (ii) in relative
terms (including, but not limited to, passage of time and/or against another company or companies), (iii) on a per share basis,
(iv) against the performance of the Company as a whole or a segment or business unit of the Company, and/or (v) on a pre-tax or
after-tax basis. Prior to the end of any Performance Period, the Committee shall determine whether any element or elements shall
be included in or excluded from the calculation of any Performance Goal with respect to any Participants.

 

(d)
Establishment of Target Awards. The Committee, in its sole discretion, shall establish a Target Award for each Participant.

 

(e)
Determination of Payout Formula or Formulae. For each Performance Period, the Committee, in its sole discretion, shall
establish a Payout Formula or Formulae for purposes of determining the amount of the Award (if any) payable to each Participant.
Each Payout Formula (i) shall be based on a comparison of actual performance to the Performance Goals, (ii) shall provide for
the payment of a Participant’s Target Award if the Performance Goals for the Performance Period are achieved, and (iii)
may provide for an Award greater than or less than the Participant’s Target Award, depending upon the extent to which actual
performance exceeds or falls below the Performance Goals.

 

(f)
Determination and Payment of Awards. As soon as practicable after the end of a Performance Period, the Committee will determine
the amount, if any, of the Award earned by each Participant under the applicable Performance Goals. The Award for each Participant
shall be determined by applying the Payout Formula to the level of actual performance. Awards will be payable promptly after the
determination of the Awards by the Committee. Awards under the Plan will be paid to the Participants in cash, provided that the
Committee may, in its discretion, permit Participants to defer the payment of all or a portion of their Awards in accordance with
Section 409A of the Code, or if the Company has adopted a deferred compensation plan and the Participant is also eligible to participate
therein, to defer the payment of all or a portion of their Awards in accordance with the terms of such Plan.

 

(g)
Form of Payment of Awards. Awards under the Plan shall be paid to the Participants in cash (or its equivalent) in a single
lump sum, provided that the Committee may, in its discretion, permit Participants to defer the payment of all or a portion of
their Awards in accordance with Section 409A of the Code, or if the Company has adopted a deferred compensation plan and the Participant
is also eligible to participate therein, to defer the payment of all or a portion of their Awards in accordance with the terms
of such Plan.

 

    	 	 	 

     

    

 

(h)
Committee Discretion. Notwithstanding the attainment by the Company or any Participant of one or more specified Performance
Goals or any other provision of the Plan to the contrary, the Committee shall have the discretion to increase, eliminate or reduce
the Award that which otherwise would be payable to a Participant under the Payout Formula, based on such factors as deemed appropriate
by the Committee.

 

SECTION
6

Termination
of Employment

 

(a)
General Termination of Rights Hereunder. Except as may be otherwise determined by the Committee, in the event a Participant’s
employment with the Company terminates for any reason, voluntarily or involuntarily, before the last date of a Performance Period,
then that Participant shall have no further rights under the Plan and shall not be entitled to payment of any Award under the
Plan, except as provided in this Section 6.

 

(b)
Termination by the Company for Cause. If a Participant’s employment is terminated by the Company for “cause,”
as defined and determined by the Committee in its sole discretion (provided that if the Participant has an employment agreement
with the Company and the term “cause” or a like term is defined therein, the definition in such employment agreement
shall be used), then, except as otherwise determined by the Committee, that Participant shall have no further rights under the
Plan and shall not be entitled to payment of any Award under the Plan with respect to any prior or current Performance Period.

 

(c)
Termination by the Company without Cause or due to a Change in Control. If a Participant’s employment is terminated
by the Company without “cause” (as defined in Section 6((b)) or upon or following a change in control of the Company
(as defined by the Committee), then, except as otherwise determined by the Committee, that Participant shall be entitled to payment
of any Award under the Plan to which such Participant would have been entitled if such Participant had remained employed with
the Company throughout the Performance Period in effect on the date of termination (the “Pro Forma Award”).

 

(d)
Termination Due to Participant’s Death or Disability. In the event the Participant’s termination of employment
occurs due to the Participant’s death or disability, then the Participant (or his estate or beneficiaries) shall be entitled
to receive a pro rata portion of the Award to which such Participant would have been entitled if such Participant had remained
employed with the Company throughout the Performance Period in effect on the date of termination, based on (i) a fraction, (A)
the numerator of which is equal to the number of months (including the month of termination) the Participant was employed during
such Performance Period, (B) and the divisor of which is equal to the number of months in the Performance Period, multiplied by
(ii) the amount of the Award divided by twelve (12), (ii) multiplied by the Pro Forma Award.

 

(e)
Termination Due to Voluntary Termination by the Participant. In the event the Participant’s employment is voluntarily
terminated by the Participant, then the Committee may, in its sole and complete discretion, value and direct that some portion
of the Award be deemed earned and payable, taking into account the duration of employment during the Performance Period, the Participant’s
performance, and such other matters as the Committee shall deem appropriate.

 

SECTION
7

Amendments
to and Termination of the Plan and Awards

 

The
Board may, in its sole discretion, from time to time amend, alter, suspend, discontinue or terminate the Plan or the Committee’s
authority to grant Awards under the Plan without the consent of stockholders or Participants; provided, however, that, without
the consent of the Participant, no amendment, alteration, suspension, discontinuation or termination of the Plan may materially
and adversely affect the rights of such Participant under any Award theretofor granted to him. The Committee may waive any conditions
or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively
or retrospectively; provided, however, that, without the consent of the Participant, no amendment, alteration, suspension, discontinuation
or termination of any Award may materially and adversely affect the rights of such Participant under any Award theretofore granted
to him.

 

    	 	 	 

     

    

 

SECTION
8

 

General
Provisions

 

(a)
Compliance with Legal and Other Requirements. The Company may, to the extent deemed necessary or advisable by the
Board, postpone the issuance or delivery of any benefits under any Award until completion of any required action under any applicable
federal, state or local law, rule, regulation, order, decree or other requirement, or compliance with any other obligation of
the Company, as the Board may consider appropriate, and may require any Participant to make such representations, furnish such
information and comply with or be subject to such other conditions as it may consider appropriate in connection with the payment
of any Award in compliance with applicable laws, rules, and regulations, listing requirements, or other obligations.

 

(b)
No Transferability. No Award granted under the Plan, nor any other rights acquired by a Participant under the Plan, shall
be assignable or transferable by a Participant, other than by a will or the laws of descent and distribution, and no Award under
the Plan shall be subject in any manner to anticipation, pledge, encumbrance, charge, garnishment, execution or levy or lien of
any kind, whether voluntary or involuntary, and any attempt contrary thereto shall be void. Following any permitted transfer,
any transferee shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer.

 

(c)
Designation of Beneficiary. Subject to applicable law, each Participant shall have the right to file with the Company a
written designation of one or more Persons as beneficiaries who shall be entitled to receive the amount, if any, payable under
the Plan pursuant to an award upon the Participant’s death. A Participant may from time to time revoke or change the beneficiary
by filing a new designation with the Company. The last such designation received by the Company shall be controlling; provided,
however, that no designation, change or evocation thereof shall be effective until received by the Company prior to the Participant’s
death, and in no event shall it be effective as of a date prior to receipt. If no such beneficiary designation is in effect at
the time of a Participant’s death, or if no designated beneficiary survives the Participant, or if such designation conflicts
with law, the payment of the amount, if any, payable pursuant to an Award under the Plan upon the Participant’s death shall
be made to the Participant’s estate by the Committee. If the Committee is in doubt as to the right of any Person to receive
any amount, then the Committee may retain such amount, without liability for any interest thereon, until the rights thereto are
determined, or the Committee may pay such amount into any court of appropriate jurisdiction or to the estate of the Participant,
in which event the Company and the Committee shall have no further liability to any Person with respect to such an amount.

 

(d)
No Rights to Awards. Nothing in the Plan shall be construed as giving any Participant, Executive or other Person any right
to claim to be granted any Award under the Plan, or to be treated uniformly with other Participants and Executives.

 

(e)
Tax Withholding. The Company or any Subsidiary is authorized to withhold from any Award granted or any payment due under
the Plan amounts of withholding and other taxes due with respect to an Award and to take such other action as the Committee may
deem necessary or advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes
and other tax obligations relating to any Awards.

 

(f)
No Right to Employment. Nothing contained in the Plan shall, and no grant of any Award shall be construed to, (i) confer,
upon any Participant or any Executive, any right to continue in the employ or service of the Company or any Subsidiary or (ii)
interfere in any way with the right of the Company or any Subsidiary to (A) terminate any Participant’s or Executive’s
employment or service at any time or (B) increase or decrease the compensation of any Participant or Executive from the rate in
existence at the time of granting of an Award, except as may be expressly provided in any Award or other compensation arrangement.

 

(g)
Unfunded Status of Awards. Each Award payable under the Plan shall be paid solely from the general assets of the Company.
The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation, and the Company shall
not have any obligation to establish any trust or other special or separate fund or to make any other segregation of assets to
assure the payment of any Award under the Plan. With respect to any payments not yet made to Participant pursuant to an Award,
nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general
unsecured creditor of the Company; provided, however, that the Board, in its sole and absolute discretion, may authorize the creation
of trusts or make other arrangements to meet the Company’s obligations under the Plan to deliver cash pursuant to any Award,
which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Board otherwise
determines.

 

    	 	 	 

     

    

 

(h)
No Limitation on Other Compensatory Arrangements. Nothing contained in the Plan shall prevent the Company or any Subsidiary
from adopting or continuing in effect other or additional compensation arrangements (which may include, without limitation, employment
agreements with executives and arrangements which relate to Awards under the Plan), and such arrangements may be either generally
applicable or only in specific cases.

 

(i)
Governing Law. The validity, interpretation, construction and effect of the Plan, any rules and regulations relating to
the Plan and any Award thereunder shall be governed by the laws of the State of Ohio (without regard to provisions governing conflicts
of laws) and applicable federal law.

 

(j)
Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable
in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed amended to conform
to applicable laws or, if it cannot be construed or deemed amended without, in the determination of the Board, materially altering
the intent of the Plan, it shall be deleted and the remainder of the Plan shall remain in full force and effect; provided, however,
that, unless otherwise determined by the Board, the provision shall not be construed or deemed amended or deleted with respect
to any Participant whose rights and obligations under the Plan are not subject to the law of such jurisdiction or the law deemed
applicable by the Board.

 

(k)
Headings. Headings are given to the sections and subsections of the Plan solely as a convenience to facilitate reference.
Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision
thereof.

 

(l)
Indemnification. Each Person who is or shall have been a member of the Committee, or the Board, shall be indemnified
and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably
incurred by him in connection with or resulting from any claim, action, suit or proceeding to which he may be made a party or
in which he may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts
paid by him in settlement thereof, with the Company’s approval, or paid by him in satisfaction of any judgment in any such
action, suit or proceeding against him, provided he shall give the Company an opportunity, at its own expense, to handle and defend
the same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive
and shall be independent of any other rights of indemnification to which such Persons may be entitled under the Company’s
Certificate of Incorporation or By-laws, by contract, as a matter of law, or otherwise.

 

(m)
Construction. For purposes of the Plan, the following rules of construction shall apply: (i) the word “or”
is disjunctive but not necessarily exclusive; (ii) words in the singular include the plural; words in the plural include the singular;
and words in the neuter gender include the masculine and feminine genders; and (iii) words in the masculine or feminine gender
include the other and neuter genders.

 

(n)
Costs and Expenses. The costs and expenses of administering the Plan shall be borne solely by the Company.

 

(o)
Requirements of Law. The Plan and all Awards under the Plan shall be subject to tall applicable laws, rules and regulations,
and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

SECTION
9

Effective
Date and Termination

 

(a)
Effective Date. The Plan shall commence and become effective as of the Effective Date.

 

(b)
Termination. The Plan shall continue in effect on and after the Effective Date until December 31, 2027 unless earlier terminated
by the Board. No Awards shall be made under the Plan after the termination of the Plan.

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