Document:

Exhibit 10.1

  

  

  SOUTH PLAINS FINANCIAL, INC.

  2019 EQUITY INCENTIVE PLAN

  

  

  1. Purpose of this Plan.  The purpose of this Plan is to: (i) attract and retain the best available personnel for positions of substantial responsibility,
      (ii) provide additional incentive to Employees, Directors and Consultants, and (iii) promote the success of the Company’s business.  This Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights,
      Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, and Other Stock-Based Awards.

  

  

  2. Definitions.  As used in this Plan, the following definitions apply:

  

  

  (a) “Administrator” means the Board or any of its Committees that are administering this Plan, in accordance with Section 4 of
      this Plan.

  

  

  (b) “Applicable Laws” means the requirements relating to the administration of equity-based awards or equity compensation plans
      under U.S. federal and state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where
      Awards are, or may be, granted under this Plan.

  

  

  (c) “Award” means, individually or collectively, a grant under this Plan of Options, SARs, Restricted Stock, Restricted Stock
      Units, Performance Units, Performance Shares or Other Stock‐Based Awards.

  

  

  (d) “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award
      granted under this Plan.  The Award Agreement is subject to the terms and conditions of this Plan.

  

  

  (e) “Awarded Stock” means the Common Stock subject to an Award.

  

  

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

  

  

  (g) “Cause” means, if the Participant is a party to an employment agreement or similar agreement between the Participant and the
      Company and such agreement provides for a definition of “Cause” (or substantially similar term), the definition contained therein.  If no such agreement exists, or if any such agreement exists but “Cause” (or substantially similar term) is not
      defined therein, then Cause means, as determined by the Committee in its sole and absolute discretion, the occurrence of any one or more of the following events: (1) any act or omission that constitutes a material breach by the Participant of any of
      his or her obligations under this Plan, the Award Agreement or any other material agreement between the Participant and the Company; (2) the Participant’s conviction of, or plea of nolo contendere to, (A) any felony or (B) another crime involving
      dishonesty or moral turpitude or which could reflect negatively upon the Company or otherwise impair or impede its operations; (3) the Participant engaging in any misconduct, negligence, dishonesty, violence or threat of violence (including any
      violation of federal securities laws) that is injurious to the Company or any of its subsidiaries or affiliates; (4) the Participant’s material breach of a written policy of the Company or the rules of any governmental or regulatory body applicable
      to the Company; (5) the Participant’s refusal to follow the lawful directions of the Participant’s immediate supervisor, the Administrator or the Committee; or (6) any other willful misconduct by the Participant which is or could be materially
      injurious to the financial condition, operations or business reputation of the Company or any of its subsidiaries or affiliates.

  

  

  
    
      

  

  
  (h) “Change in Control” means, except as otherwise provided in the Award Agreement, the occurrence of any of the following
      events:

  

  

  (i) Any “person” (as
      such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than (A) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any affiliate, or (B) any corporation owned, directly or indirectly, by
      the shareholders of the Company in substantially the same proportions as their ownership of the Common Stock) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company
      representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities;

  

  

  (ii) The sale or
      disposition by the Company of all or substantially all of the Company’s assets other than (A) the sale or disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, at
      least 50% or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale or (B) pursuant to a spin-off type transaction, directly or indirectly, of such assets to the Company’s shareholders;

  

  

  (iii) A change in the
      composition of the Board during any twelve (12) consecutive month period the result of which is that fewer than a majority of the Directors are Incumbent Directors.  For this purpose, “Incumbent Directors” are Directors who are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the
      time of such election or nomination (but does not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of Directors to the Company); or

  

  

  (iv) A merger or
      consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
      by being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such
      merger or consolidation.

  

  

  (i) “Code” means the Internal Revenue Code of 1986, as amended, and the U.S. Treasury regulations and administrative guidance
      promulgated thereunder.  Any reference to a section of the Code is deemed a reference to any successor or amended section of the Code.

  

  

  (j) “Committee” means a committee of Directors or other individuals that satisfies Applicable Laws and was appointed by the
      Board in accordance with Section 4 of this Plan.

  

  

  (k) “Common Stock” means the common stock of the Company.

  

  

  (l) “Company” means South Plains Financial, Inc., a Texas corporation, and any successor to thereto.

  

  

  
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  (m) “Consultant” means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render
      services to such entity.

  

  

  (n) “Director” means a member of the Board.

  

  

  (o) “Disability” means, if the Participant is a party to an employment agreement or similar agreement between the Participant
      and the Company and such agreement provides for a definition of “Disability” (or substantially similar term), the definition contained therein.  If no such agreement exists, or if any such agreement exists but “Disability” (or substantially similar
      term) is not defined therein, then (y) Disability has the meaning given to such term (or substantially similar term) within a disability insurance program that is sponsored by the Company for the benefit of the Participant, or if no such definition
      exists or the Participant is not covered by such a program, then (z) Disability means Participant: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected
      to result in death or can be expected to last for a continuous period of not less than twelve months; (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last
      for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company; or (iii) is determined by the Social
      Security Administration to be disabled.  Notwithstanding the foregoing to the contrary, the term Disability means a total and permanent disability as defined in Section 22(e)(3) of the Code for all Awards intended to qualify for Incentive Stock
      Option treatment.  For all purposes of this Section 2(o), the Participant will not be considered to have incurred a “disability” unless proof of such impairment, sufficient to satisfy the Administrator in its sole discretion, is provided by or on
      behalf of such Participant to the Administrator.

  

  

  (p) “Dividend Equivalent” means a credit, made at the sole discretion of the Administrator, to the account of a Participant in
      an amount equal to the value of dividends paid on one Share for each Share represented by an Award held by such Participant.  Under no circumstances will the payment of a Dividend Equivalent be made contingent on the exercise of an Option or Stock
      Appreciation Right.  Additionally, Dividend Equivalents will be subject to the same restrictions on transferability and forfeitability as the Award with respect to which they were paid.

  

  

  (q) “Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the
      Company.  Neither service as a Director nor payment of a director’s fee by the Company is sufficient to constitute “employment” by the Company.

  

  

  (r) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

  

  

  (s) “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have lower exercise prices and
        different terms), Awards of a different type, and/or cash, and/or (ii) the exercise price of an outstanding Award is reduced.  The terms and conditions of any Exchange Program will be determined by the Administrator in its sole discretion.

  

  

  (t) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows:

  

  

  (i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the NASDAQ Global Select Market, the NASDAQ
        Global Market (formerly the NASDAQ National Market) or the NASDAQ Capital Market (formerly the NASDAQ SmallCap Market) of the NASDAQ Stock Market, the Fair Market Value is the closing sales price for such stock (or the closing bid, if no sales were
        reported) as quoted on such exchange or system for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

  

  

  
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  (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock is the
        mean between the high bid and low asked prices for the Common Stock for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

  

  

  (iii) In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

  

  

  Notwithstanding the foregoing to the contrary, for federal, state, and local income tax reporting purposes and for such other purposes
      as the Administrator deems appropriate, the Fair Market Value will be determined by the Administrator in accordance with uniform and nondiscriminatory standards adopted by it from time to time.

  

  

  (u) “Incentive Stock Option” means an Option intended to qualify and receive favorable tax treatment as an incentive stock option within the meaning of Section 422 of the Code, as designated in
        the applicable Award Agreement.

  

  

  (v) “Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

  

  

  (w) “Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase Common Stock granted pursuant to this Plan.

  

  

  (x) “Other Stock-Based Awards” means any other awards not specifically described in this Plan that are
        valued in whole or in part by reference to, or are otherwise based on, Shares and are created by the Administrator pursuant to Section 12 of this Plan.

  

  

  (y) “Parent” means either (y) with respect to an Award of Incentive Stock Options, a “parent corporation” with respect to the Company, whether now or hereafter existing, as defined in
      Section 424(e) of the Code; or (z) with respect to an Award other than an Incentive Stock Option, an entity that is a parent to the Company as determined by the Board.

  

  

  (z) “Participant” means a Service Provider
      who has been granted an Award under this Plan or, if applicable, such other person who holds an outstanding Award.

  

  

  (aa) “Performance Goals” means goals which have been established by the Committee in connection with an Award and are based on one or more criteria as established by the Committee in
      its sole discretion from time to time, including, but not limited to: interest income and expense; net earning or net income; net interest margin; efficiency ratio; reduction in non-accrual loans and non-interest expense; growth in non-interest
      income and ratios to earnings assets; net revenue growth and ratio to earning assets; capital ratios; asset or liability interest rate sensitivity and gap; effective tax rate; deposit growth and composition; liquidity management; securities portfolio
      (value, yield, spread, maturity, or duration); asset growth and composition (loans, securities); non-interest income (e.g., fees, premiums
      and commissions, loans, wealth management, treasury management, insurance, funds management) and expense; overhead ratios, productivity ratios; credit quality measures; return on assets; return on equity; economic value of equity; compliance and
      CAMELS or other regulatory ratings; internal controls; enterprise risk measures (e.g., interest rate, loan concentrations, portfolio
      composition, credit quality, operational measures, compliance ratings, balance sheet, liquidity, insurance); volume in production or loans; non-performing asset or non-performing loan levels or ratios or loan delinquency levels; provision for loan
      losses or net charge-offs; cash flow; cost; revenues; sales; ratio of debt to debt plus equity; net borrowing, credit quality or debt ratings; profit before tax; economic profit; earnings before interest and taxes; earnings before interest, taxes,
      depreciation and amortization; gross margin; profit margin; earnings per Share; operating earnings; capital expenditures; expenses or expense levels; economic value added; ratio of operating earnings to capital spending or any other operating ratios;
      free cash flow; net profit; net sales; net asset value per Share; the accomplishment of mergers, acquisitions, dispositions, public offerings or similar extraordinary business transactions; sales growth; price of the Company’s Shares; return on
      investment; equity or shareholder’ equity; market share; inventory levels, inventory turn or shrinkage; customer satisfaction; or total shareholder return.

  

  

  
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  (bb) “Performance Period” means the time period during which the Performance Goals must be met.

  

  

  (cc) “Performance Share” means Shares issued pursuant to a Performance Share Award under Section 10 of this Plan.

  

  

  (dd) “Performance Unit” means, pursuant to Section 10 of this Plan, an unfunded and unsecured
        promise to deliver Shares, cash or other securities equal to the value set forth in the Award Agreement.

  

  

  (ee) “Plan” means this 2019 Equity Incentive Plan, effective January 16, 2019.  This Plan was approved by the Board on January 16, 2019 and by the Company’s shareholders on March 6, 2019.

  

  

  (ff) “Restricted Stock” means Shares issued pursuant to a Restricted Stock Award under Section 8 of this Plan or issued pursuant to the early exercise of an Option.

  

  

  (gg) “Restricted Stock Unit” means, pursuant to Section 11 of this Plan, an unfunded and unsecured
        promise to deliver Shares, cash or other securities equal in value to the Fair Market Value of one Share in the Company on the date of vesting or settlement, or as otherwise set forth in the Award Agreement.

  

  

  (hh) “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b‐3, as in effect when discretion is being exercised with respect to this Plan.

  

  

  (ii) “Section 16(b)” means Section 16(b) of the Exchange Act.

  

  

  (jj) “Securities Act” means the Securities Act of 1933, as amended.

  

  

  (kk) “Service Provider” means a natural person that is an Employee, Director or Consultant.

  

  

  (ll) “Share” means a share of Common Stock, as adjusted in accordance with Section 15 of this Plan.

  

  

  (mm) “Stock Appreciation Right” or “SAR” means, pursuant to Section 9 of this Plan, an unfunded and unsecured
        promise to deliver Shares, cash or other securities equal in value to the difference between the Fair Market Value of a Share as of the date such SAR is exercised and the Fair Market Value of a Share as of the date such SAR was granted, or as
        otherwise set forth in the Award Agreement.

  

  

  
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  (nn) “Subsidiary” means either (y) with respect to an Award of Incentive Stock Options, a “subsidiary corporation” with respect to the Company, whether now or hereafter
      existing, as defined in Section 424(f) of the Code; or (z) with respect to an Award other than an Incentive Stock Option, and for any other purpose herein, an entity that is a subsidiary of the Company as determined by the Board.

  

  

  3. Stock Subject to this Plan.

  

  

  (a) Stock Subject to this Plan.  Subject to the provisions of Section 15
        of this Plan, the maximum aggregate number of Shares that may be issued pursuant to all Awards under this Plan is two million three hundred thousand (2,300,000) Shares, all of which may be subject to Incentive Stock Option treatment.  The maximum aggregate number of Shares that may be issued
        pursuant to all awards under this Plan will increase annually on the first day of each fiscal year after the adoption of this Plan by the number of Shares equal to the lesser of (i) three percent (3%) of the total issued and outstanding common shares of the Company on the first day of such
        fiscal year, or (ii) such lesser amount determined by the Board.  Shares will not be deemed to have been issued pursuant to this Plan with respect to any
        portion of an Award that is settled in cash.  Upon payment in Shares pursuant to the exercise or settlement of an Award, the number of Shares available for issuance under this Plan will be reduced only by the number of Shares actually issued in such exercise or settlement.  If a Participant pays the exercise price (or purchase price, if applicable) of an Award through the tender or withholding
        of Shares as full or partial payment of such exercise price, or if Shares are tendered or withheld to satisfy any withholding obligations of the Company, the number of Shares so tendered or withheld will again be available for issuance pursuant to
        future Awards under this Plan.

  

  

  (b) Lapsed Awards.  If any outstanding Award expires or is terminated or
        canceled without having been exercised or settled in full, or if Shares acquired pursuant to an Award subject to forfeiture or repurchase are forfeited or repurchased by the Company, the Shares allocable to the terminated portion of the Award or
        the forfeited or repurchased Shares will again be available for grant under this Plan.

  

  

  (c) Share Reserve.  The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as are sufficient to satisfy the requirements of this Plan.

  

  

  4. Administration of this Plan.

  

  

  (a) Procedure.

  

  

  (i) Multiple Administrative Bodies.  Different Committees with respect to
        different groups of Service Providers may administer this Plan.

  

  

  (ii) Rule 16b-3.  If a transaction is intended to be exempt under Rule
        16b-3, then it will be structured to satisfy the requirements for exemption under Rule 16b-3.

  

  

  (iii) Other Administration.  Other than as provided above, this Plan will be administered by (A) the Board or (B) a Committee constituted to satisfy Applicable Laws.

  

  

  (iv) Delegation of Authority for Day-to-Day Administration.  Except to the
        extent prohibited by Applicable Law, the Administrator may delegate to one or more individuals the day-to-day administration of this Plan and any of the
        functions assigned to it in this Plan.  Such delegation may be revoked at any time.

  

  

  
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  (b) Powers of the Administrator.  Subject to the provisions of this

      Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to the Committee, the Administrator has the authority, in its discretion
        to:

  

  

  (i) determine the Fair Market Value of Awards;

  

  

  (ii) select the Service Providers to whom Awards may be granted under this Plan;

  

  

  (iii) determine the number of Shares to be covered by each Award granted under this Plan;

  

  

  (iv) determine when Awards are to be granted under this Plan and the applicable
        date of grant;

  

  

  (v) approve forms of Award Agreements for use under this Plan;

  

  

  (vi) determine the terms and conditions, not inconsistent with the terms of this Plan,

        of any Award granted under this Plan, including but not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on Performance Goals), any acceleration of vesting or waiver of forfeiture or repurchase
        restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, may determine;

  

  

  (vii) reduce, with or without Participant consent, the exercise price of any Award to the then current Fair Market Value (or a higher value) if the Fair Market Value of the
        Common Stock covered by such Award has declined since the date the Award was granted;

  

  

  (viii) institute an Exchange Program;

  

  

  (ix) construe and interpret the terms of this Plan and Awards granted pursuant
        to this Plan;

  

  

  (x) prescribe, amend and rescind rules and regulations relating to this Plan,
        including rules and regulations relating to the creation and administration of sub-plans;

  

  

  (xi) amend the terms of any outstanding Award, including the discretionary authority to extend the post‐termination exercise period of Awards and accelerate the satisfaction
        of any vesting criteria or waiver of forfeiture or repurchase restrictions, but any amendment that would adversely affect the Participant’s rights under an outstanding Award will not be made without the Participant’s written consent. 
        Notwithstanding the foregoing, an amendment will not be treated as adversely affecting the rights of the Participant if the amendment causes an Incentive Stock Option to become a Nonstatutory Stock Option or if the amendment is made to the minimum
        extent necessary to avoid the adverse tax consequences of Section 409A of the Code;

  

  

  (xii) allow
      Participants to satisfy withholding tax obligations by electing to have the Company withhold from the Shares or cash to be issued upon exercise or vesting of an Award up to the number of Shares or cash having a Fair Market Value equal to the amount
      required to be withheld up to the maximum individual income tax rate in the applicable jurisdiction.  The Fair Market Value of any Shares to be withheld is to be determined on the date that the amount of tax to be withheld is to be determined, and
      all elections by a Participant to have Shares or cash withheld for this purpose are to be made in such form and under such conditions as the Administrator may deem necessary or advisable;

  

  

  
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  (xiii) authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;

  

  

  (xiv) allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to the Participant under an Award;

  

  

  (xv) determine whether Awards are to be settled in Shares, cash or in a combination of Shares and cash;

  

  

  (xvi) determine whether Awards are to be adjusted for Dividend Equivalents;

  

  

  (xvii) create Other Stock-Based Awards for issuance under this Plan;

  

  

  (xviii) establish a program whereby Service Providers designated by the Administrator can reduce compensation otherwise payable in cash in exchange for Awards under this
      Plan;

  

  

  (xix) impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant or other subsequent
        transfers by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under an insider trading policy, and (B) restrictions as to the use of a specified brokerage firm for such resales or
        other transfers;

  

  

  (xx) establish one or more programs under this Plan to permit selected
        Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of Performance Goals, or other event that absent the election, would entitle the Participant to payment or receipt of Shares or other
        consideration under an Award;

  

  

  (xxi) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in this Plan and any instrument or agreement relating to an Award; and

  

  

  (xxii) make all other determinations that the Administrator deems necessary or advisable for administering this Plan.

  

  

  The express grant in this Plan of any specific power to the Administrator will not be construed as limiting any power or authority of the Administrator.  However, the Administrator may not
        exercise any right or power reserved to the Board.

  

  

  (c) Effect of Administrator’s Decision.  The Administrator’s decisions,
        determinations, actions and interpretations will be final, conclusive and binding on all persons having an interest in this Plan.

  

  

  
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  (d) Indemnification.  The Company must defend and indemnify members of the
        Board, the Committee, the Administrator, officers and Employees of the Company or of a Parent or Subsidiary to whom authority to act for the Board, the Committee, the Administrator or the Company is delegated (“Indemnitees”) to the maximum extent permitted by law against
        (i) all reasonable expenses, including reasonable attorneys’ fees incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal therein (collectively, a “Claim”), to which any of them is a
        party by reason of any action taken or failure to act in connection with this Plan, or in connection with any Award granted under this Plan; and (ii) all amounts required to be paid by them in settlement of a Claim (provided the settlement is approved by the Company) or required to be paid by them in
        satisfaction of a judgment in any Claim.  However, no person will be entitled to indemnification to the extent it is determined in such Claim that such person did not in good faith and in a manner reasonably believed to be in the best interests of
        the Company (or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful).  In addition, to be entitled to indemnification, the Indemnitee must, within 30 days after written notice of the Claim,
        offer the Company, in writing, the opportunity, at the Company’s expense, to defend the Claim.  This right to indemnification is in addition to all other rights of indemnification available to the Indemnitee.

  

  

  5. Eligibility.  With the exception of Incentive Stock Options, Awards
        may be granted to Employees, Directors, and Consultants.  Incentive Stock Options may be granted only to Employees.

  

  

  6. Limitations.

  

  

  (a) $100,000 Limitation for Incentive Stock Options.  Each Option must be
        designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option.  However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock
        Options are exercisable for the first time by a Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options will be treated as Nonstatutory Stock Options.  For purposes of this
        Section 6(a), Incentive Stock Options will be taken into account in the order in which they were granted.  The Fair Market Value of the Shares will be determined as of the time the Options with respect to such Shares are granted.

  

  

  7. Options.

  

  

  (a) Grant of Options.  Subject to the terms and provisions of this Plan,
        the Administrator, at any time and from time to time, may grant Options to Service Providers in such amounts as the Administrator, in its sole discretion, may determine.

  

  

  (b) Option Agreement.  Each Award of an Option must be evidenced by an Award Agreement that specifies the exercise price, the term of the Option, the number of
      Shares subject to the Option, the exercise restrictions (if any) applicable to the Option, and such other terms and conditions as the Administrator, in its sole discretion, may determine.

  

  

  (c) Term of Option.  The term of each Option must be stated in the Award
        Agreement.  In the case of an Incentive Stock Option, the term must be 10 years from the date of grant or such shorter term as may be provided in the Award Agreement.  Moreover, in the case of an Incentive Stock Option granted to a Participant who,
        at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option must be five
        years from the date of grant or such shorter term as may be provided in the Award Agreement.

  

  

  
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  (d) Option Exercise Price and Consideration.

  

  

  (i) Exercise Price.  The per Share exercise price for the Shares to be
        issued pursuant to the exercise of an Option is to be determined by the Administrator, subject to the following:

  

  

  (1) In the case of an Incentive Stock Option

  

  

  (A) granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the total combined voting power of all classes of
        stock of the Company or any Parent or Subsidiary, the per Share exercise price must be no less than 110% of the Fair Market Value per Share on the date of grant.

  

  

  (B) granted to any Employee other than an Employee described in paragraph (A) immediately above, the per Share exercise price must be not less than 100% of the Fair Market
        Value per Share on the date of grant.

  

  

  (2) In the case of a Nonstatutory Stock Option, the per Share exercise price will be determined by the Administrator, but must not be less than the Fair Market Value per
        Share on the date of grant unless the terms of such Nonstatutory Stock Option comply with Section 409A of the Code.

  

  

  (3) Notwithstanding the foregoing, Options may be granted with a per Share exercise price of less than 100% of the Fair Market Value per Share on the date of grant pursuant
        to a transaction described in, and in a manner consistent with, Section 424(a) of the Code.

  

  

  (ii) Waiting Period and Exercise Dates.  At the time an Option is granted,
        the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.  The Administrator may, in its sole discretion, accelerate the satisfaction
        of such conditions at any time.

  

  

  (e) Form of Consideration.  The Administrator will determine the
        acceptable form of consideration for exercising an Option, including the method of payment.  In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant.  Such consideration,
        to the extent permitted by Applicable Laws, may consist entirely of:

  

  

  (i) cash;

  

  

  (ii) check;

  

  

  (iii) in the discretion of the Administrator, other Shares which meet the conditions established by the Administrator to avoid adverse accounting consequences;

  

  

  (iv) in the discretion of the Administrator, consideration received by the Company under a cashless exercise or net exercise program implemented by the Company in connection
        with this Plan;

  

  

  (v) in the discretion of the Administrator, a reduction in the amount of any Company liability to the Participant, including any liability attributable to the Participant’s
        participation in any Company-sponsored deferred compensation program or arrangement;

  

  

  (vi) in the discretion of the Administrator, any combination of the foregoing methods of payment; or

  

  

  (vii) in the discretion of the Administrator, any other consideration and method of payment for the issuance of Shares permitted by Applicable Laws.

  

  

  
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  (f) Exercise of Option.

  

  

  (i) Procedure for Exercise; Rights as a Shareholder.  Any Option granted
        under this Plan will be exercisable according to the terms of this Plan and at such times and under such conditions as determined by the Administrator and
        set forth in the Award Agreement.  An Option will be deemed exercised when the Company receives: (x) written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option, and (y) full
        payment for the Shares with respect to which the Option is exercised (including provision for any applicable tax withholding).  Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the
        Award Agreement and this Plan.  Shares issued upon exercise of an Option must be issued in the name of the Participant or, if requested by the
        Participant, in the name of the Participant and his or her spouse.  Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive
        dividends or any other rights as a shareholder will exist with respect to the Awarded Stock, notwithstanding the exercise of the Option.  The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised.  No
        adjustment is to be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 15 or the applicable Award Agreement.  Exercising an Option in any manner will decrease the
        number of Shares thereafter available for sale under the Option, by the number of Shares as to which the Option is exercised.

  

  

  (ii) Termination of Relationship as a Service Provider (Other than Death or Disability).  If a Participant ceases to be a Service Provider, other than upon the Participant’s death or Disability, the Participant may exercise the vested portion of his or her Option within the time period specified in the Award
        Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).  If the Award Agreement does not specify a time period within which the vested portion of such Option must be exercised after the
        Participant ceasing to be a Service Provider, the vested portion of such Option will be exercisable for 3 months after the Participant ceases to be a Service Provider (other than upon the Participant’s death or Disability).  Unless otherwise
        provided by the Administrator, if the Participant is not vested as to his or her entire Option on the date the Participant ceases to be a Service Provider (other than upon the Participant’s death or Disability), then immediately thereafter, the
        Shares covered by the unvested portion of the Option will again be available for grant under this Plan as set forth in Section 3.  Additionally, if the Participant does not exercise his or her Option as to all of the vested Shares within the time
        period specified herein, then immediately thereafter, the Option will terminate and the Shares covered by the unexercised portion of the Option will again be available for grant under this Plan as set forth in Section 3.

  

  

  (iii) Disability of Participant.  If a Participant ceases to be a
      Service Provider as a result of his or her Disability, the Participant may exercise the vested portion of his or her Option within the time period specified in the Award Agreement (but in no event later than the expiration of the term of the Option
      as set forth in the Award Agreement).  If the Award Agreement does not specify a time period within which the vested portion of such Option must be exercised after the Participant ceasing to be a Service Provider as a result of his or her Disability,
      the vested portion of such Option will be exercisable for 12 months after the Participant ceasing to be a Service Provider as a result of his or her
      Disability.  Unless otherwise provided by the Administrator, if the Participant is not vested as to the Participant’s entire Option on the date he or she ceases to be a Service Provider as a result of his or her Disability, then immediately
      thereafter, the Shares covered by the unvested portion of the Option will again be available for grant under this Plan as set forth in Section 3. 
      Additionally, if the Participant does not exercise his or her Option as to all of the vested Shares within the time period specified herein, then immediately thereafter, the Option will terminate and the Shares covered by the unexercised portion of the Option will again be available for grant under
      this Plan as set forth in Section 3.

  

  

  
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  (iv) Death of Participant.  If a Participant dies while a Service Provider,
        the vested portion of the Option may be exercised within the time period specified in the Award Agreement (but in no event later than the expiration of the term of the Option as set forth in the Award Agreement), by the beneficiary designated by
        the Participant prior to his or her death; provided that such designation must be acceptable to the Administrator.  If no beneficiary has been designated by the Participant, then the vested portion of the Option may be exercised by the personal
        representative of the Participant’s estate, or by the persons to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.  If the Award Agreement does not specify a time period
        within which the vested portion of such Option must be exercised after a Participant’s death, the vested portion of such Option will be exercisable for 12 months after his or her death.  Unless otherwise provided by the Administrator, if the
        Participant is not vested as to his or her entire Option on the date he or she ceases to be a Service Provider as a result of the Participant’s death, then immediately thereafter, the Shares covered by the unvested portion of the Option will again
        be available for grant under this Plan as set forth in Section 3.  Additionally, if the Participant’s beneficiary, personal representative or permitted transferee does not exercise the Option as to all of the vested Shares within the time period
        specified herein, then immediately thereafter, the Option will terminate and the Shares covered by the unexercised portion of the Option will again be available for grant under this Plan as set forth in Section 3.

  

  

  8. Restricted Stock.

  

  

  (a) Grant of Restricted Stock.  Subject to the terms and provisions of this

      Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its
        sole discretion, determines.

  

  

  (b) Restricted Stock Agreement.  Each Award of Restricted Stock must be
        evidenced by an Award Agreement that specifies the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, may determine.

  

  

  (c) Removal of Restrictions.  The Administrator may, in its sole
        discretion, accelerate the time at which any restrictions will lapse or be removed.

  

  

  (d) Voting Rights.  Service Providers holding Shares of Restricted Stock
        may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

  

  

  (e) Dividends and Other Distributions.  Shares of Restricted Stock will be
        entitled to receive all dividends and other distributions paid with respect to such Shares.  All such dividends and distributions will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with
        respect to which they were paid.

  

  

  (f) Return of Restricted Stock to Company.  On the date set forth in the
        Award Agreement, the Restricted Stock for which restrictions have not lapsed will again be available for grant under this Plan as set forth in Section 3.

  

  

  9. Stock Appreciation Rights.

  

  

  (a) Grant of SARs.  Subject to the terms and conditions of this Plan, a SAR may be granted to a Service Provider at any time and from time to time as may be determined by the Administrator, in its sole discretion.  The Administrator
        has complete discretion to determine the number of SARs granted to any Service Provider.  Subject to the provisions of Section 6(b), the Administrator has complete discretion to determine the terms and conditions of SARs granted under this
      Plan, including the sole discretion to accelerate exercisability at any time, but the per Share exercise price that will determine the amount of the payment the
        Company receives upon exercise of a SAR will not be less than the Fair Market Value per Share on the date of grant.

  

  

  
    12

    
      

  

  (b) SAR Agreement.  Each SAR grant must be evidenced by an Award Agreement
        that specifies the exercise price, the term, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, may determine.

  

  

  (c) Expiration of SARs.  A SAR granted under this Plan will expire upon the date determined by the Administrator, in its sole discretion, as set forth in the Award Agreement; but no SAR may be exercisable later than 10
        years after the date of grant.  Notwithstanding the foregoing, Sections 7(f)(ii), 7(f)(iii) and 7(f)(iv) also apply to SARs.

  

  

  (d) Payment of SAR Amount.  Upon exercise of a SAR, a Participant will be
        entitled to receive payment from the Company in an amount determined by multiplying:

  

  

  (i) The difference between the Fair Market Value of a Share on the date of exercise and the exercise price; times

  

  

  (ii) The number of Shares with respect to which the SAR is exercised.

  

  

  At the sole discretion of the Administrator, the payment upon the exercise of a SAR may be in cash, in Shares of
      equivalent value, or in some combination thereof.

  

  

  10. Performance Units and Performance Shares.

  

  

  (a) Grant of Performance Units and Performance Shares.  Subject to the
        terms and conditions of this Plan, Performance Units and Performance Shares may be granted to Service Providers at any time and from time to time, as may
        be determined by the Administrator in its sole discretion.  The Administrator has complete discretion in determining the number of Performance Units and Performance Shares granted to each Service Provider.

  

  

  (b) Value of Performance Units and Performance Shares.  Each Performance
        Unit and Performance Share must have an initial value established by the Administrator on or before the date of grant.  Each Performance Share must have an initial value equal to the Fair Market Value of a Share on the date of grant.

  

  

  (c) Performance Goals and Other Terms.  The Administrator may set
        Performance Goals in its sole discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units and Performance Shares that will be paid out to the Participant.  Each award of Performance Units
        or Performance Shares must be evidenced by an Award Agreement that specifies the Performance Period and such other terms and conditions as the Administrator in its sole discretion may determine.  The Administrator may set Performance Goals based
        upon the achievement of Company‐wide, divisional, or individual goals (including solely continued service), or any other basis determined by the Administrator in its sole discretion.

  

  

  (d) Earning of Performance Units and Performance Shares.  After the
        applicable Performance Period has ended, the holder of Performance Units or Performance Shares will be entitled to receive a payout of the number of Performance Units or Performance Shares earned by the Participant over the Performance Period, to
        be determined as a function of the extent to which the corresponding Performance Goals have been achieved.  After the grant of Performance Units or Performance Shares, the Administrator may, in its sole discretion, reduce or waive any performance
        objectives for the Performance Units or Performance Shares.

  

  

  
    13

    
      

  

  (e) Form and Timing of Payment of Performance Units and Performance Shares. 

        Payment of earned Performance Units and earned Performance Shares, if any, will be made after the expiration of the applicable Performance Period at the time determined by the Administrator.  The Administrator, in its sole discretion, may pay
        earned Performance Units and earned Performance Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units or earned Performance Shares, as applicable, at the close of the
        applicable Performance Period) or in a combination of cash and Shares.

  

  

  (f) Cancellation of Performance Units or Performance Shares.  On the date
        set forth in the Award Agreement, all unearned or unvested Performance Units and Performance Shares will be forfeited to the Company, and the Shares subject to such Awards (if any) will again be available for grant under this Plan as set forth in Section 3.

  

  

  11. Restricted Stock Units.  Restricted Stock Units may consist of Shares
        of Restricted Stock, Performance Shares or Performance Unit Awards that the Administrator, in its sole discretion permits to be paid out in a lump sum, installments or on a deferred basis, in accordance with rules and procedures established by the
        Administrator.

  

  

  12. Other Stock-Based Awards.  Other Stock-Based Awards may be granted
        either alone, in addition to, or in tandem with, other Awards granted under this Plan and/or cash awards made outside of this Plan.  The Administrator has authority to determine the Service Providers to whom and the time or times at which Other Stock-Based Awards are to be made, the amount of
        such Other Stock-Based Awards, and all other conditions of the Other Stock-Based Awards, including any dividend or voting rights and whether the Award should be paid in cash.

  

  

  13. Leaves of Absence.  Unless the Administrator provides otherwise,
        vesting of Awards granted under this Plan will be suspended during any unpaid leave of absence and will resume on the date the Participant returns to work on a regular schedule as determined by the Company; provided, but no vesting credit will be
        awarded for the time vesting has been suspended during such leave of absence.  A Service Provider will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or
        between the Company, its Parent, or any Subsidiary.  For purposes of Incentive Stock Options, no leave of absence may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract.  If reemployment upon
        expiration of a leave of absence approved by the Company is not guaranteed by statute or contract, then at the end of three months after the expiration of the leave of absence, any Incentive Stock Option held by the Participant will cease to be
        treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

  

  

  14. Non-Transferability of Awards.  Unless determined otherwise by the
        Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised during the lifetime of the Participant only by the
        Participant.  If the Administrator makes an Award transferable, such Award may contain such additional terms and conditions as the Administrator deems appropriate.

  

  

  
    14

    
      

  

  15. Adjustments; Dissolution or Liquidation; Change in Control.

  

  

  (a) Adjustments.  In the event of any change in the outstanding Shares of
        Common Stock by reason of any stock split, stock dividend or other non‐recurring dividends or distributions, recapitalization, merger, consolidation, spin‐off, combination, repurchase or exchange of stock, reorganization, liquidation, dissolution
        or other similar corporate transaction that affects the Common Stock, an adjustment may be made, as the Administrator deems necessary or appropriate, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be
        made available under this Plan.  Such adjustment may include an adjustment to the number and class of Shares which may be delivered under this Plan, the number, class and price of Shares subject to outstanding Awards, the number and class of Shares issuable pursuant to Options, and the numerical limits
        contained in Sections 3 and 6(b).  Notwithstanding the preceding sentence, the number of Shares subject to any Award always will be a whole number.

  

  

  (b) Dissolution or Liquidation.  In the event of the proposed dissolution
        or liquidation of the Company, the Administrator will notify each Participant as soon as practical prior to the effective date of the proposed transaction.  The Administrator, in its sole discretion, may provide for a Participant to have the right
        to exercise his or her Award, to the extent applicable, until 10 days prior to the transaction as to all of the Awarded Stock covered thereby, including Shares as to which the Award would not otherwise be exercisable.  In addition, the
        Administrator may provide that any Company repurchase option or forfeiture rights applicable to any Award will lapse with respect to 100% of the Shares underlying such Award, and that any Award vesting will accelerate in full, provided the proposed
        dissolution or liquidation takes place at the time and in the manner contemplated.  To the extent it has not been previously exercised or vested, an Award will terminate immediately prior to the consummation of such liquidation or dissolution.

  

  

  (c) Change in Control.  This Section 15(c) will apply except to the extent
        otherwise provided in the Award Agreement.

  

  

  (i) Stock Options and SARs.  In the event of a Change in Control, each
        outstanding Option and SAR must be assumed or an equivalent option or SAR substituted by the successor corporation or a Parent or Subsidiary of the successor corporation (collectively, a “Successor Corporation”).  Unless determined otherwise by the Administrator,
        if the Successor Corporation refuses to assume or substitute for the Option or SAR upon a Change in Control, the Participant will fully vest in and have the right to exercise the Option or SAR as to all of the Awarded Stock, including Shares as to
        which it would not otherwise be vested or exercisable.  If an Option or SAR is not assumed or substituted on the Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or SAR will be
        exercisable, for a period of up to 15 days from the date of such notice, and the Option or SAR will terminate upon the expiration of such period.  For the purposes of this Section 15(c)(i), the Option or SAR will be considered assumed if, following
        the Change in Control, the option or SAR confers the right to purchase or receive, for each Share of Awarded Stock subject to the Option or SAR immediately prior to the Change in Control, the consideration (whether securities, cash, or property)
        received in the Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the
        outstanding Shares).  However, if the consideration received in the Change in Control is not solely common stock of the Successor Corporation, the Administrator may, with the consent of the successor corporation, provide for the consideration to be
        received upon the exercise of the Option or SAR, for each share of Awarded Stock subject to the Option or SAR, to be solely common stock of the Successor Corporation or its Parent equal in Fair Market Value to the per share consideration received
        by holders of Common Stock in the Change in Control.  Notwithstanding anything in this Plan to the contrary, an Award that vests, is earned, or is paid out upon the satisfaction of one or more performance objectives will not be considered assumed
        if the Company or its successor modifies any of the performance objectives without the Participant’s consent; but a modification to performance objectives only to reflect the Successor Corporation’s post‐Change in Control corporate structure will
        not be deemed to invalidate an otherwise valid Award assumption.

  

  

  
    15

    
      

  

  (ii) Restricted Stock, Performance Shares, Performance Units, Restricted Stock Units and Other Stock Based Awards.  In the event of a Change in Control, each outstanding Award of Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit, and Other Stock Based Award must be assumed or an equivalent
        Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit, and Other Stock Based Award must be substituted by the Successor Corporation.  Unless determined otherwise by the Administrator, if the Successor Corporation refuses to
        assume or substitute for the Award upon the Change in Control, the Participant will fully vest in the Award, including as to Shares or Units that would not otherwise be vested, all applicable restrictions will lapse, and all performance objectives
        and other vesting criteria will be deemed achieved at targeted levels.  For the purposes of this Section 15(c)(ii), an Award of Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, and Other Stock Based Awards will be
        considered assumed if, following the Change in Control, the award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control (and if a Restricted Stock Unit or Performance Unit, for each
        Share as determined based on the then current value of the unit), the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each Share held on the effective date of the
        transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares).  However, if the consideration received in the Change in Control is not solely common
        stock of the Successor Corporation or its Parent, the Administrator may, with the consent of the Successor Corporation, provide that the consideration to be received for each Share (and if a Restricted Stock Unit or Performance Unit, for each Share
        as determined based on the then current value of the unit) be solely common stock of the Successor Corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control. 
        Notwithstanding anything in this Plan to the contrary, an Award that vests, is earned, or is paid‐out upon the satisfaction of one or more performance objectives will not be considered assumed if the Company or its successor modifies any of the
        performance objectives without the Participant’s consent; but a modification to the performance objectives only to reflect the Successor Corporation’s post‐Change in Control corporate structure will not be deemed to invalidate an otherwise valid
        Award assumption.

  

  

  (iii) Non-Employee Director Awards.  Notwithstanding any provision of
        Sections 15(c)(i) or 15(c)(ii) to the contrary, with respect to Awards granted to a non-Employee Director that are assumed or substituted, if on the date of or following the assumption or substitution, the Participant’s status as a Director or a
        director of the Successor corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant, then the Participant will fully vest in and have the right to exercise his or her Options and Stock Appreciation Rights
        as to all of the Award, including Shares as to which such Awards would not otherwise be vested or exercisable, and all restrictions on Restricted Stock and Restricted Stock Units, as applicable, will lapse, and, with respect to Performance Shares,
        Performance Units, and Other Stock Based Awards, all performance goals and other vesting criteria will be deemed achieved at target levels and all other terms and conditions met.

  

  

  16. Date of Grant.  The date of grant of an Award will be, for all
        purposes, the date on which the Administrator makes the determination granting such Award, or a later date as is determined by the Administrator.  The Administrator will provide a notice of the determination to each Participant within a reasonable
        time after the date of such grant.

  

  

  17. Board and Shareholder Approval; Term of Plan.  The Board approved this

      Plan on January 16, 2019 and the Company’s shareholders approved this Plan

        on March 6, 2019, to be effective on January 16, 2019.  From its effectiveness, this Plan will continue in effect for a term of ten years unless
        terminated earlier under Section 18.

  

  

  
    16

    
      

  

  18. Amendment and Termination of this Plan.

  

  

  (a) Amendment and Termination.  The Board may at any time amend, alter,
        suspend or terminate this Plan.

  

  

  (b) Shareholder Approval.  The Company will obtain shareholder approval of
        any Plan amendment to the extent necessary to comply with Applicable Laws.

  

  

  (c) Effect of Amendment or Termination.  No amendment, alteration,
        suspension, or termination of this Plan will materially or adversely impair the rights of any Participant, unless otherwise mutually agreed upon by the
        Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company.  Termination of this Plan will not
        affect the Administrator’s ability to exercise the powers granted to it under this Plan with respect to Awards granted under this Plan prior to the date
        of termination.

  

  

  19. Conditions upon Issuance of Shares.

  

  

  (a) Legal Compliance.  Shares will not be issued pursuant to the exercise
        of an Award unless the exercise of the Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be subject to the approval of counsel for the Company with respect to such compliance.

  

  

  (b) Investment Representations.  As a condition to the exercise or receipt
        of an Award, the Company may require the person exercising or receiving the Award to represent and warrant at the time of any such exercise or receipt that the Shares are being purchased only for investment and without any present intention to sell
        or distribute the Shares if, in the opinion of counsel for the Company, such a representation is required.

  

  

  (c) Taxes.  No Shares will be delivered under this Plan to any Participant or other person until the Participant or other person has made arrangements acceptable to the Administrator for the satisfaction of any non-U.S.,
      U.S.-federal, U.S.-state, or local income and employment tax withholding obligations, including, without limitation, obligations incident to the receipt of Shares. Upon exercise or vesting of an Award, the Company will withhold or collect from the
      Participant an amount sufficient to satisfy such tax obligations, including, but not limited to, by surrender of up to the whole number of Shares covered by the Award sufficient to satisfy the withholding obligations incident to the exercise or
      vesting of an Award based on the maximum individual income tax rate in the applicable jurisdiction.

  

  

  20. Severability.  Notwithstanding any contrary provision of this
      Plan or an Award to the contrary, if any one or more of the provisions (or any part thereof) of this Plan or any Award Agreement are invalid, illegal, or
        unenforceable in any respect, such provision will be modified so as to make it valid, legal, and enforceable, and the validity, legality, and enforceability of the remaining provisions (or any part thereof) of this Plan or Award, as applicable, will not in any way be affected or impaired thereby.

  

  

  21. Inability to Obtain Authority.  The inability of the Company to obtain
        authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure
        to issue or sell such Shares as to which such requisite authority has not been obtained.

  

  

  
    17

    
      

  

  22. No Rights to Awards.  No eligible Service Provider or other person
        will have any claim to be granted any Award pursuant to this Plan, and neither the Company nor the Administrator will be obligated to treat Participants
        or any other person uniformly.

  

  

  23. No Shareholder Rights.  Except as otherwise provided in an Award
        Agreement, a Participant has none of the rights of a shareholder with respect to Shares covered by an Award until the Participant becomes the record owner of the Shares.

  

  

  24. Fractional Shares.  No fractional Shares will be issued and the
        Administrator will determine, in its sole discretion, whether cash will be paid in lieu of fractional Shares or whether such fractional Shares will be eliminated by rounding up or down as appropriate.

  

  

  25. Governing Law.  This Plan, all Award Agreements, and all related
        matters, are to be governed by the laws of the State of Texas, without regard to choice of law principles that direct the application of the laws of another state.

  

  

  26. No Effect on Terms of Employment or Consulting Relationship.  This
        Plan does not confer upon any Participant any right as a Service Provider, nor does it interfere in any way with his or her right or the right of the Company or a Parent or Subsidiary to terminate the Participant’s service at any time, with or
        without cause, and with or without notice.

  

  

  27. Unfunded Obligation.  This Section 27 applies only to Awards that are
        not settled in Shares.  Participants have the status of general unsecured creditors of the Company.  Any amounts payable to Participants pursuant to this Plan

        are unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended.  Neither the Company nor any Parent or Subsidiary are required to segregate any
        monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations.  The Company will retain at all times beneficial ownership of any investments, including trust investments, which the
        Company may make to fulfill its payment obligations under this Plan.  Any investments or the creation or maintenance of any trust for any Participant account will not create or constitute a trust or fiduciary relationship between the Administrator,
        the Company or any Parent or Subsidiary and Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the Company or Parent or Subsidiary.  The Participants have no claim
        against the Company or any Parent or Subsidiary for any changes in the value of any assets that may be invested or reinvested by the Company with respect to this Plan.

  

  

  28. Section 409A.  It is the intention of the Company that no Award be
        “deferred compensation” subject to Section 409A of the Code, unless and to the extent that the Administrator specifically determines otherwise, and this Plan

        and the terms and conditions of all Awards are to be interpreted accordingly.  The following rules will apply to Awards intended to be subject to Section 409A of the Code (“409A Awards”):

  

  

  (a) Any distribution of a 409A Award following a separation from service that would be subject to Section 409A(a)(2)(A)(i) of the Code as a distribution following a
        separation from service of a “specified employee” (as defined under Section 409A(a)(2)(B)(i) of the Code) will occur no earlier than the expiration of the six‐month period following such separation from service.

  

  

  (b) In the case of a 409A Award providing for distribution or settlement upon vesting or lapse of a risk of forfeiture, if the time of such distribution or settlement is not
        otherwise specified in this Plan or Award Agreement or other governing document, the distribution or settlement will be made no later than March 15 of the
        calendar year following the calendar year in which such 409A Award vested or the risk of forfeiture lapsed.

  

  

  
    18

    
      

  

  (c) In the case of any distribution of any other 409A Award, if the timing of such distribution is not otherwise specified in this Plan or Award Agreement or other governing document, the distribution will be made not later than the end of the calendar year during which the settlement of the 409A Award is specified to
        occur.

  

  

  (d) Each payment that a Participant may receive with respect to a 409A Award will be treated as a “separate payment” for purposes of Section 409A of the Code.

  

  

  29. Construction.  Headings in this Plan are included for convenience and
        are not to be considered in the interpretation of this Plan.  References to sections are to Sections of this Plan unless otherwise indicated.  Pronouns
        include the masculine, feminine, neutral, singular or plural as the identity of the antecedent may require.  This Plan is to be construed according to its fair meaning and is not to be strictly construed against the Company.

  

  

  30. Compensation Recoupment.  All compensation and Awards payable or paid
        under this Plan and any sub-plans will be subject to the Company’s ability to recover incentive-based compensation from executive officers, as is or may
        be required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, any regulations or rules promulgated thereunder, or any other “clawback” provision required by applicable law or the listing standards of any applicable
        stock exchange or national market system.

  

  

  31. Minimum Regulatory Capital Requirements.  Notwithstanding

      any provision of this Plan or any agreement to the contrary, all Awards granted under this Plan will expire, to the extent not exercised or settled (as applicable), within 45 days following the receipt of notice from the Company’s primary federal or
      state regulator (“Regulator”) that (i) the Company has not maintained its minimum capital requirements (as determined
      by the Regulator); and (ii) the Regulator is requiring termination or forfeiture of Awards.  Upon receipt of such notice from the Regulator, the Company will promptly notify each Participant that all Awards issued under this Plan have become fully
      vested to the full extent of the grant and that the Awards must be settled prior to the end of the 45-day period or such earlier period as may be specified by the Regulator or such Awards will be forfeited.  In case of forfeiture, no Participant will
      have a cause of action, of any kind or nature, with respect to the forfeiture against the Company or any Parent or Subsidiary.  Neither the Company, nor any Parent or Subsidiary will be liable to any Participant due to the failure or inability of the
      Company to provide adequate notice to the Participant.

  

  

  *     *     *     *     *

  
  

  

  
    

    

    19Exhibit 10.2

     

      

    SOUTH PLAINS FINANCIAL, INC.

    2019 EQUITY INCENTIVE PLAN

     

      

    NOTICE OF STOCK OPTION AWARD

     

      

    Subject to the terms and conditions of this Notice of Stock Option Award (this "Notice"), the Stock Option Award Agreement attached hereto (the "Award

          Agreement"), and the South Plains Financial, Inc. 2019 Equity Incentive Plan (the "Plan"), the below individual (the
        "Participant") is hereby granted an option (the "Option") to purchase the below number of Shares of Common Stock in South Plains Financial, Inc., a Texas corporation (the "Company").  Unless otherwise specifically indicated, all terms used in this Notice have the meanings set forth in the Award Agreement or the Plan.

     

      

    Identifying Information:

     

      

    	
            Participant Name

          	 	 	
            Date of Grant:

          	 	 
	
            and Address:

          	 	 	
            Vesting Commencement Date:

          	 	 
	 	 	 	
            Exercise Price per Share:

          	 	 
	
            Type of Option:

          	 	
              ☐  Nonstatutory Stock Option

              ☐  Incentive Stock Option

          	
            Total Number of Shares 

            ("Optioned Shares"):

          	 	 
	
            Expiration Date:

          	 	 	 	 	 

    

    

    Vesting Schedule:

    Subject to the Participant's continuous status as a Service Provider and the terms of the Plan, this Notice and the Award Agreement, the
        Optioned Shares vest over a [__]-year period in accordance with the following vesting schedule (the "Vesting Schedule"):
        [__]% of the Optioned Shares shall vest upon the [__] anniversary of the Vesting Commencement Date, and thereafter, the remaining [__]% of the Optioned Shares shall vest pro rata on a monthly basis over the next [__] months.  Notwithstanding the
        foregoing, the Optioned Shares will automatically become fully vested upon the earlier of: (i) the Participant's Disability, (ii) the Participant's death, (iii) immediately prior to a Change in Control, (iv) the Participant terminating his status
        as a Service Provider for Good Reason and (v) the Company terminating the Participant’s employment without Cause.  For purposes of the foregoing, the terms Cause and Good Reason shall mean as set forth in the employment agreement between the
        Company and the Participant.

     

      

    Maximum Exercise Period:

    Pursuant to Section 3 of the Award Agreement and
        Section 7(d) of the Plan, the post-termination exercise period will be:

     

      

    	
             

            Event Triggering Termination of Option

          	 	
            Max Time to Exercise

            Following Triggering Event

          
	
            Termination of Service Provider status (except as provided below)

          	 	
            3 months

          
	
            Termination of Service Provider status due to Disability

          	 	
            12 months

          
	
            Termination of Service Provider status due to death

          	 	
            12 months

          

    

    

    [SIGNATURES ON THE NEXT PAGE]

     

      

    
      
        

    

    
    Representations and Agreements of the Participant:

    

    The Participant has reviewed this Notice, the Award Agreement and the Plan in their entirety, has had an opportunity to have them reviewed by
        his or her legal and tax advisers, and hereby represents that he or she is relying solely on such advisors and not on any statements or representations of the Company or any of its agents or affiliates.  The Participant represents to the Company
        that he or she is familiar with the terms of this Notice, the Award Agreement and the Plan, and hereby accepts the Optioned Shares subject to all of their terms.  The Participant hereby agrees that all questions of interpretation and administration
        relating to this Notice, the Award Agreement and the Plan will be resolved solely by the Committee.

     

      

    Electronic Signature:

    This Notice may be executed by the Participant and the Company by means of electronic or digital signatures, which have the same force and
        effect as manual signatures.  The Participant agrees that clicking "I Accept" (or a tab of similar intent) in connection with or response to any electronic communication or other medium has the effect of affixing the Participant's electronic
        signature to this Notice.  If required to be executed by electronic or digital signature, this Award of Optioned Shares will be forfeited by the Participant if it is not duly executed by electronic signature by the Participant prior to the deadline
        set forth in the electronic transmission of this Award Agreement.

     

      

    	
            SOUTH PLAINS FINANCIAL, INC.:

          	 	
            PARTICIPANT:

          
	 	 	 	 	 
	
            By:

          	 	 	
            Signature:

          	 

    

    

    	
            Its:

          	 	 	
            Print Name:

          	 

    

    

    	
            Dated:

          	 	 	
            Dated:

          	 

    

    

    *     *     *     *     *

     

      

    
      -2-

      
        

    

    SOUTH PLAINS FINANCIAL, INC.

    2019 EQUITY INCENTIVE PLAN

     

      

    STOCK OPTION AWARD AGREEMENT

    

    

    Subject to the terms and conditions of the Notice of Stock Option Award (the "Notice"), this Stock Option Award Agreement (this "Award Agreement"),

        and the South Plains Financial, Inc. 2019 Equity Incentive Plan (the "Plan"), South Plains Financial, Inc., a Texas
        corporation (the "Company"), hereby grants the individual set forth in the Notice (the "Participant") an option (the "Option")

        to purchase Shares of Common Stock.  Unless otherwise specifically indicated, all terms used in this Award Agreement have the meanings set forth in the Notice or the Plan.

     

      

    1. Grant of the Option.  The principal features of the Option, including the number of Optioned Shares subject to the Option, are set forth in the Notice.

     

      

    2. Vesting Schedule and Risk of Forfeiture.

     

      

    (a) Vesting Schedule.  Subject to the Participant's continuous status with the Company as a Service Provider and any other limitations set forth in the
        Notice, the Plan or this Award Agreement, the Optioned Shares will vest in accordance with the Vesting Schedule provided in the Notice (the "Vesting Schedule").

     

      

    (b) Risk of Forfeiture.  The Optioned Shares will be subject to a risk of forfeiture until such time the Optioned Shares vest in accordance with the Vesting
        Schedule.  All or any portion of the Optioned Shares subject to a risk of forfeiture will automatically be forfeited and immediately returned to the Company if the Participant's continuous status as a Service Provider is interrupted or terminated
        for any reason other than as permitted under the Plan.  Additionally, and notwithstanding anything in the Notice or this Award Agreement to the contrary, the vested and unvested Optioned Shares will automatically and immediately be forfeited upon
        the date the Participant's continuous status as a Service Provider is terminated for Cause.

     

      

    3. Exercise of Option.

      

     

      

    

    (a) Right to Exercise.  The Optioned Shares will be exercisable during their term cumulatively according to the Vesting Schedule and the applicable
        provisions of the Plan; however, the Optioned Shares may not be exercised for a fraction of a Share.  Additionally, and notwithstanding anything in the Notice, this Award Agreement, the Plan or any other agreement to the contrary, the Participant's
        right to exercise vested Optioned Shares will automatically expire, and the vested Optioned Shares will automatically terminate, upon the end of the Maximum Exercise Period.  As provided under the Plan, and notwithstanding anything to the contrary,
        all Optioned Shares will automatically expire and terminate upon the Expiration Date (as set forth in the Notice) to the extent not then exercised.  Thereafter, no vested Optioned Shares may be exercised.

     

      

    
      -3-

      
        

    

    (b) Method of Exercise.  The Option will be exercisable to the extent then vested by delivery of a written exercise notice in a form acceptable to the
        Committee  (the "Exercise Notice"), which must state the election to exercise the Option, the number of Shares with
        respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company.  The Exercise Notice must be signed by the Participant (or by the Participant's beneficiary or other person entitled to
        exercise the Option in the event of the Participant's death under the Plan) and must be delivered in person or by certified mail to the Secretary of the Company.  The Exercise Notice must be accompanied by payment of the aggregate Exercise Price as
        to all Shares exercised.  The Option will be deemed to be exercised as of the date (the "Exercise Date"): (i) on
        which the Company receives (as determined by the Committee in its sole, but reasonable, discretion) the fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price, and (ii) all other applicable terms and conditions of the
        Award Agreement are satisfied in the sole discretion of the Committee.

     

      

    (c) Approval by Shareholders and Compliance Restrictions on Exercise.  Notwithstanding any other provision of this Award Agreement to the contrary, no
        portion of the Option will be exercisable at any time prior to the approval of the Plan by the shareholders of the Company.  No Shares will be issued pursuant to the exercise of an Option unless the issuance and exercise, including the form of
        consideration used to pay the Exercise Price, comply with Applicable Laws.  The Participant will not have any rights as a shareholder with respect to any shares of Common Stock subject to the Option prior to the Exercise Date.

     

      

    (d) Issuance of Shares.  After receiving the Exercise Notice, the Company will cause to be issued a certificate or certificates (or electronic equivalent)
        for the Shares as to which the Option has been exercised, registered in the name of the person exercising this Option (or in the names of such person and his or her spouse as community property or as joint tenants with right of survivorship).  The
        Company will cause the certificate or certificates to be deposited in escrow or delivered to or upon the order of the person exercising the Option.

     

      

    4. Method of Payment.  Payment of the aggregate Exercise Price may be by any of the following forms of consideration, or a combination thereof, at the election of the Participant:

     

      

    (a) cash or check;

     

      

    (b) if approved by
        the Committee (in its sole discretion), consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan or a net exercise feature; or

     

      

    (c) if approved by
        the Committee (in its sole discretion), surrender of other Shares which, if accepted by the Company, would not subject the Company to adverse accounting as determined by the Committee.

     

      

    5. Non-Transferability of Option.  The Option and the rights and privileges conferred hereby may not be sold, transferred by gift, pledged, hypothecated, or otherwise transferred or
        disposed of (whether by operation of law or otherwise) in any manner otherwise than by will or by the laws of descent or distribution, will not be subject to sale under execution, attachment, levy or similar process and may be exercised during the
        lifetime of the Participant only by the Participant.  The terms of the Notice, this Award Agreement and the Plan are binding upon the executors, administrators, heirs, successors and assigns of the Participant.

     

      

    
      -4-

      
        

    

    6. Term of Option.  The Option will in any event expire on the Expiration Date set forth in the Notice, and may be exercised prior to the Expiration Date only in accordance with the Plan
        and the terms of this Award Agreement.

     

      

    7. Taxes.  The Participant hereby acknowledges and understands that he or she may suffer adverse tax consequences as a result of the Participant's exercise of the Option or disposition of
        the Optioned Shares.

     

      

    (a) Representations.  The Participant has reviewed with the Participant's tax advisors the tax consequences of this Award Agreement and the Optioned Shares
        granted hereunder, including any U.S. federal, state and local tax laws, and any other applicable taxing jurisdiction.  The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its
        agents.  The Participant hereby acknowledges and understands that, except as otherwise provided in the employment agreement between the Participant and the Company, the Participant (and not the Company) will be responsible for the Participant's tax
        liability that may arise as a result of the Participant receiving this Award Agreement and the Optioned Shares granted hereunder.

     

      

    (b) Payment of Withholding Taxes.  The Participant will make appropriate arrangements with the Company for the satisfaction of all U.S. federal, state, local
        and non-U.S. income and employment tax withholding requirements applicable to the Option exercise.  The Committee has the sole authority to determine whether a "net withholding" may be permitted or is required for purposes of the Participant
        satisfying his or her obligations under this Section 7(b).  The Participant hereby acknowledges the Company's obligations under this Award Agreement
        are fully contingent on the Participant first satisfying this Section 7(b).  Therefore, a failure of the Participant to reasonably satisfy this Section 7 in accordance with the Committee's sole and absolute discretion will result in the automatic termination and expiration of this Award Agreement
        and the Company's obligations hereunder.  The Participant hereby agrees that a breach of this Section 7 will be deemed to be a material breach of
        this Award Agreement.

     

      

    (c) Notice of Disqualifying Disposition of Shares.  If the Option granted to the Participant herein is designated as an Incentive Stock Option, and if the
        Participant sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option on or before the later of: (i) the date two years after the Date of Grant and (ii) the date one year after the date of exercise, the
        Participant will immediately notify the Company in writing of such disposition.  The Participant hereby acknowledges and agrees that the Participant may be subject to income tax withholding by the Company on the compensation income recognized by
        the Participant in connection with the exercise of the Option.

     

      

    8. Adjustment of Shares.  In the event of any transaction described in Section 15(a) of the
        Plan, the terms of the Option (including, without limitation, the number and kind of the Optioned Shares and the Exercise Price) shall be adjusted as set forth therein.  This Award Agreement in no way affects the right of the Company to adjust,
        reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer any part of its business or assets.

     

      

    
      -5-

      
        

    

    9. Legality of Initial Issuance.  No Shares will be issued upon the exercise of the Option unless and until the Committee has determined that: (i) the Company and the Participant have
        taken all actions required to register the Shares under the Securities Act or to perfect an exemption from the registration requirements thereof, if applicable; (ii) all applicable listing requirements of any stock exchange or other securities
        market on which the Shares are listed has been satisfied; and (iii) any other applicable provision of any Applicable Law has been satisfied.

     

      

    10. No Registration Rights.  The Company may, but is not obligated to, register or qualify the sale of Shares under the Securities Act or any other Applicable Laws.  The Company is not
        obligated to take any affirmative action in order to cause the sale of Shares under this Award Agreement to comply with any law.

     

      

    11. Restrictions.  Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act or have been registered or qualified under the
        securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on share certificates or the imposition of stop-transfer
        instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with Applicable Laws.

     

      

    12. Notice.  Any notice required by the terms of this Award Agreement must be given in writing and will be deemed to be effective upon personal delivery or upon deposit with the United
        States Postal Service, by registered or certified mail, with postage and fees prepaid.  Notice must be addressed to the Company at its principal executive office and to the Participant at the address that he or she most recently provided to the
        Company.

     

      

    13. Successors and Assigns.  Except as provided herein to the contrary, this Award Agreement is binding upon and will inure to the benefit of the parties to this Award Agreement, their
        respective successors and permitted assigns.

     

      

    14. No Assignment.  Except as otherwise provided in this Award Agreement, the Participant may not assign any of his or her rights under the Notice or this Award Agreement without the prior
        written consent of the Company, which consent may be withheld in its sole discretion.  The Company is permitted to assign its rights or obligations under the Notice or this Award Agreement.

     

      

    15. Construction; Severability.  The captions used in this Award Agreement are inserted for convenience and are not to be deemed to be a part of this Award Agreement for construction or
        interpretation.  Except where otherwise indicated by the context, the singular form includes the plural form and the plural form includes the singular form.  Use of the term "or" is not intended to be exclusive, unless the context clearly requires
        otherwise.  The validity, legality or enforceability of the remainder of this Award Agreement will not be affected even if one or more of the provisions of this Award Agreement are held to be invalid, illegal or unenforceable in any respect.

     

      

    
      -6-

      
        

    

    16. Administration and Interpretation.  Any determination by the Committee in connection with any question or issue arising under the Notice, the Plan or this Award Agreement will be final,
        conclusive and binding on the Participant, the Company and all other persons.  Any question or dispute regarding the interpretation of this Award Agreement or the receipt of the Option hereunder must be submitted by the Participant to the
        Committee.  The resolution of such question or dispute by the Committee will be final and binding on all parties.

     

      

    17. Counterparts.  This Award Agreement may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile, and each of which will be deemed to be an
        original, but all of which together will be deemed to be one and the same instrument.

     

      

    18. Entire Agreement; Governing Law; and Amendments.  The provisions of the Plan and the Notice are incorporated herein by reference.  The Plan, the Notice and this Award Agreement
        constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof, and may not
        be modified adversely to the Participant's interest except by means of a writing signed by the Company and the Participant.  This Award Agreement is governed by the laws of the State of Texas applicable to contracts executed in and to be performed
        in that State.

     

      

    19. Venue.  The Company, the Participant and the Participant's assignees agree that any suit, action or proceeding arising out of or related to the Notice, this Award Agreement or the Plan
        must be brought in the United States District Court for the Northern District of Texas (or should such court lack jurisdiction to hear such action, suit or proceeding, in a state court in Lubbock County, Texas) and that all parties submit to the
        jurisdiction of such court.  The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.  If any one or more
        provisions of this Section 19 are for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions be modified
        to the minimum extent necessary to make it or its application valid and enforceable.

     

      

    20. No Guarantee of Continued Service.  THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE IS EARNED ONLY BY CONTINUOUS STATUS AS A SERVICE
        PROVIDER AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER).  THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE OPTION GRANTED HEREUNDER, THE
        TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND DO NOT INTERFERE IN
        ANY WAY WITH THE PARTICIPANT'S RIGHT OR THE COMPANY'S (OR ANY AFFILIATE'S) RIGHT TO TERMINATE THE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE, SUBJECT TO THE EMPLOYMENT AGREEMENT BETWEEN THE PARTICIPANT AND
        THE COMPANY.

     

      

    21. Waiver.  Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed to be a waiver of such term, covenant, or condition, nor will
        any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed to be a waiver or relinquishment of such right or power at any other time or times.

     

      

    *     *     *     *     *

     

      

     

          -7-

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