Document:

Exhibit 4.10

 

WARRANT AGENT AGREEMENT

 

This Warrant Agent Agreement (this “Agreement”)
is made effective as of December 7, 2018, by and between Zion Oil & Gas, Inc., a Delaware corporation having its principal
place of business at 12655 North Central Expressway, Suite 1000, Dallas, Texas 75243 (the “Company”), and
American Stock Transfer & Trust Company, LLC, a New York limited liability trust company with offices at 6201 15th
Avenue, Brooklyn, NY 11219 (“AST”) and is an amendment to the Warrant Agent Agreement dated August 1,
2014 between the Company and AST, to the February 2, 2015 amendment to the Warrant Agent Agreement, to the November 1, 2016 amendment
to the Warrant Agent Agreement, to the May 22, 2017 amendment to the Warrant Agent Agreement, to the October 12, 2017 amendment,
to the February 1, 2018 amendment to the Warrant Agent Agreement, to the April 2, 2018 amendment to the Warrant Agreement, and
to the August 21, 2018 amendment to the Warrant Agreement by the expansion of the Unit option program. 

 

WHEREAS, the Company has implemented a Dividend
Reinvestment and Common Stock Purchase Plan (hereinafter “DSPP”) and AST is administering the DSPP as
the Plan agent (the “Plan Agent”) and Warrant agent (the “Warrant Agent”),
effective August 1, 2014, (1) under a Warrant Agreement dated August 1, 2014 that is still in effect for the $2.50 Unit option
program and as the continuation of AST as the Warrant Agent under the DSPP for the Warrant ZNWAA, (2) under a Warrant Agent Agreement
dated February 2, 2015 that is still in effect for the $4.00 Unit option program for the Warrant ZNWAD, (3) under a Warrant Agent
Agreement dated November 1, 2016 that is still in effect for the $10.00 Unit option program for the Warrant ZNWAE, (4) under a
Warrant Agent Agreement dated May 22, 2017 for the Warrant ZNWAF that is still in effect for the $250.00 Unit option program, (5)
under a Warrant Agent Agreement dated October 12, 2017 for the Warrant ZNWAG that is still in effect for the $250.00 Unit option
program, (6) under a Warrant Agent Agreement dated February 1, 2018 for the Warrant ZNWAH, (7) under a Warrant Agent Agreement
dated April 2, 2018 for the Warrant ZNWAI, (8) under a Warrant Agent Agreement dated August 21, 2018 for the Warrant ZNWAJ and
(9) as the continuation of AST as the Warrant Agent under the DSPP for the Warrant ZNWAK dated December 7, 2018;

 

WHEREAS, pursuant to the DSPP, the Company
is offering a new unit option program consisting of a new Unit (each a “Unit” and collectively the “Units”)
of its securities to existing stockholders and investors, with each Unit (priced at $250.00 each) is comprised of (i) two hundred
and fifty (250) shares of Common Stock and (ii) Common Stock purchase warrants to purchase an additional two hundred and fifty
(250) shares of Common Stock. The Unit Option begins on December 10, 2018 and is scheduled to terminate on January 23, 2019. The
participant’s Plan account will be credited with the number of shares of the Company’s Common Stock and warrants that
are acquired under the Units purchased. Each warrant affords the investor the opportunity to purchase one share of our Common Stock
at an exercise price of $0.01 per share (each “Warrant” and collectively the “Warrants”)
and each Unit may be purchased at a per Unit price of $250.00;

 

WHEREAS, the new Warrants will be exercisable
on February 25, 2019, which is the first trading day after the 31st day following the Unit Option Termination Date (i.e.,
on January 23, 2019) and continue to be exercisable for one (1) year after the exercise date at a per share exercise price of $0.01
for Warrant as notated by the Company as ZNWAK;

 

     

     

    

 

WHEREAS, the Company is utilizing the Registration
Statement on Form S-3 (Registration No. 333-216191), as amended, which was declared effective by the SEC on March 10, 2017 (the
“Registration Statement”) and Amendment No. 5 filed December 7, 2018 to facilitate the trading of the
shares of Common Stock included in the new Units and the shares of Common Stock underlying the Warrants that are included in the
Units as well as the Warrants;

 

WHEREAS, the shares of Common Stock included
in the Units are tradable on the NASDAQ under the symbol ZN and, following the closing of the Unit program, the shares of Common
Stock underlying the Warrants, will be tradable after Warrant exercise on the NASDAQ under the symbol ZN;

 

WHEREAS, the Company desires AST to act
on behalf of the Company, and AST is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption
and exercise of the Warrants (in such capacity, the “Warrant Agent”) herein described;

 

WHEREAS, the Company desires to provide
for the form and provisions of the Warrant, the terms upon which it shall be issued and exercised, and the respective rights, limitation
of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

1.   Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company for the Warrants herein described, and the Warrant Agent hereby accepts
such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.   New Warrant.

 

2.1   Form of Warrant. The Warrant shall be issued
in registered form or held in book entry form by AST as Warrant Agent. The Warrant shall be in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of,
the Executive Chairman and Secretary/Treasurer of the Company and shall bear a facsimile of the Company’s seal. In the event the
person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such
at the date of issuance.

 

2.2   Effect of Countersignature. Unless and until
countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised
by the holder thereof, unless acknowledged and held in book entry form by the Warrant Agent.

 

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2.3   Registration.

 

2.3.1   Warrant Register. The Warrant Agent shall
maintain books (“Warrant Register” or also referred to as “book entry form”)
for the registration of original issuance and the registration of transfer of the Warrants, if the Warrants are not held in book
entry form by Warrant Agent. Upon the initial issuance of the Warrants unless held in book entry form by the Warrant Agent, the
Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company.

 

2.3.2   Registered Holder. Prior to due presentment
for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such
Warrant shall be registered upon the Warrant Register (“registered holder”), as the absolute owner of such
Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate
made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

3.   Terms and Exercise of Warrants.

 

3.1   Warrant Price. Each Warrant shall, when countersigned
by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and this Warrant Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $0.01 per share, subject to the
adjustments provided in this Section 3.1 and Section 4 hereof. The term “Warrant Price” as used in this Warrant Agreement
refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date for a period of not less than ten business days,
provided that any such reduction shall be identical among all of the Warrants.

 

3.2   Duration of Warrants. A Warrant may be exercised
only during the period commencing on February 25, 2019, which is the first trading day after the 31st day following
the Unit Option Termination Date (i.e., on January 23, 2019) and continue to be exercisable for one (1) year after the exercise
date, terminating at 5:00 p.m., Eastern Standard Time. Notwithstanding the foregoing, no Warrant shall be exercisable unless, at
the time of exercise, a registration statement relating to the Common Stock issuable upon the exercise of such Warrant is effective
and current and a prospectus is available for use by the holders thereof and the Common Stock has been qualified or deemed to be
exempt under the securities laws of the state of residence of the holder of such Warrants. The period during which a Warrant may
be exercised shall be deemed the “Exercise Period” and the termination of such Exercise Period shall be
deemed the “Expiration Date.” Each Warrant not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on
the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date;
provided, however, the Company will provide notice to registered holders of the Warrants of such extension of not less than 20
days and, further provided that any such extension shall be identical in duration among all of the Warrants.

  

3.3   Exercise of Warrants.

 

3.3.1   Payment. Subject to the provisions of the
Warrants and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof
by surrendering it at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in Brooklyn, New York,
with the subscription form, as set forth in the Warrant, or exercised by other electronic means acceptable to the Company, duly
executed by paying in full, by bank check, bank wire, other electronic bank payment method, or other legal currency means
of payment acceptable by the Company and payable to the order of the Company, the Warrant Price for each full share of Common Stock
as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange
of the Warrant for the Common Stock and the issuance of the Common Stock.

 

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3.3.2   Issuance of Certificates. As soon as practicable
after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the
registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she
or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been
exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised,
unless the Common Stock is to be held in book entry form by AST without the issuance of a certificate and any remaining balance
of Warrants to be maintained in book entry form by the Warrant Agent. Notwithstanding the foregoing, the Company shall not be obligated
to deliver or to recognized in book entry form any securities pursuant to the exercise of a Warrant unless (i) a registration statement
under the Act with respect to the Common Stock issuable upon such exercise is effective, or (ii) in the opinion of counsel to the
Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified
for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the registered
holders reside. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise
or issuance would be unlawful. In no event will the Company be required to provide the registered holder of a warrant with a net-cash
settlement or other consideration in lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying
the Warrants is registered pursuant to an effective registration statement.

 

3.3.3   Valid Issuance. All shares of Common Stock
issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

3.3.4   Date of Issuance. Each person in whose name
any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record
of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the
date of delivery of such certificate or the recording by book entry, except that, if the date of such surrender and payment is
a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares
at the close of business on the next succeeding date on which the stock transfer books are open.

 

4.   Adjustments.

 

4.1   Stock Dividends Split Ups. If after the date
hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a
stock dividend payable in shares of Common Stock, or by a split up of shares of Common Stock, or other similar event, then, on
the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. For purposes of clarification,
no adjustment shall be made in the event of a rights offering, or a distribution of rights treated as a dividend to all shareholders
of record, or similar transactions.

 

4.2   Aggregation of Shares. If after the date hereof,
and subject to the provisions of Section 4.6, the number of outstanding shares of Common Stock is decreased by a consolidation,
combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date
of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock
issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

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4.3   Adjustments in Exercise Price. Whenever the
number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Section 4.1 and 4.2
above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment
by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants
immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable
immediately thereafter.

 

 4.4   Replacement of Securities upon Reorganization,
etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered
by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger
or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is
the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common
Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company
as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu
of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event;
and if any reclassification also results in a change in shares of Common Stock covered by Section 4.1 or 4.2, then such adjustment
shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

4.5   Notices of Changes in Warrant. Upon every
adjustment of the Warrant Price or the number of shares issuable on exercise of a Warrant, the Company shall give written notice
thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease,
if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the
method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections
4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written or electronic notice to the Warrant holder, at the
last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.6  Form of Warrant. The form of Warrant need not
be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant
Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company
may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does
not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an
outstanding Warrant or otherwise, may be in the form as so changed.

 

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5.   Transfer and Exchange of Warrants.

 

5.1   Registration of Transfer. The Warrant Agent
shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant
for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon
any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be
cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time
upon request.

  

5.2   Procedure for Surrender of Warrants. Warrants
may be surrendered to the Warrant Agent, together with a written request for exchange, and thereupon the Warrant Agent shall issue
in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing
an equal aggregate number of Warrants; provided, however, in the event a Warrant surrendered for transfer bears a restrictive legend,
the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received
an opinion of counsel for the Company stating such transfer may be made and indicating whether the new Warrants must also bear
a restrictive legend. Book-entry held warrants may be surrendered electronically by any means acceptable to the Company.

 

5.3   Fractional Warrants. The Warrant Agent shall
not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for
a fraction of a warrant.

 

5.4   Service Charges. No service charge shall be
made for any exchange or registration of transfer of Warrants.

 

5.5   Warrant Execution and Countersignature. The
Warrant Agent is hereby authorized to countersign and deliver, in accordance with the terms of this Agreement, the Warrants required
to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply
the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6.   Other Provisions Relating to Rights of Holders
of Warrants.

 

6.1   No Rights as Stockholder. A Warrant does not
entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the
right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as
stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

 

6.2   Lost, Stolen, Mutilated, or Destroyed Warrants.
If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or
otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new
Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

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6.3   Reservation of Common Stock. The Company shall
at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient
to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

   

7.   Concerning the Warrant Agent and Other Matters.

 

7.1   Payment of Taxes. The Company will from time
to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance
or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such shares.

 

7.2   Resignation, Consolidation, or Merger of Warrant
Agent.

 

7.2.1   Appointment of Successor Warrant Agent.
The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties
and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes
vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place
of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified
in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice,
submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to a court of competent jurisdiction
for the appointment of a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court,
shall be authorized to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and
obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further
act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver,
at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights
of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge,
and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant
Agent all such authority, powers, rights, immunities, duties, and obligations.

 

 7.2.2   Notice of Successor Warrant Agent.
In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent
and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

7.2.3   Merger or Consolidation of Warrant Agent.
Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from
any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement
without any further act.

 

7.3   Fees and Expenses of Warrant Agent.

 

7.3.1   Remuneration. The Company agrees to pay
the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder as set forth on Exhibit B
hereto, and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the
execution of its duties hereunder.

 

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7.3.2   Further Assurances. The Company agrees to
perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and
other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of
the provisions of this Warrant Agreement.

 

7.4   Liability of Warrant Agent.

 

7.4.1   Reliance on Company Statement. Whenever
in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other
evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement
signed by the Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Executive Vice President, Treasurer,
or Secretary of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Agreement.

  

7.4.2   Indemnity. The Warrant Agent shall be liable
hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done
or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s gross negligence,
willful misconduct, or bad faith.

 

7.4.3   Exclusions. The Warrant Agent shall have
no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section
4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts
that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to
the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to
whether any shares of Common Stock will when issued be valid and fully paid and nonassessable.

  

7.5   Acceptance of Agency. The Warrant Agent hereby
accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth
and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for,
and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Common Stock through
the exercise of Warrants.

 

7.6   Waiver. The Warrant Agent hereby waives any
and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of any account
in which funds related to the purchase or exercise of the Warrants are held, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against any such account for any reason whatsoever.

 

8.   Miscellaneous Provisions.

 

8.1   Successors. All the covenants and provisions
of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns.

 

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8.2   Notices. Any notice or other communication
required or which may be given hereunder shall be in writing and either be delivered personally or by private national courier
service, or be mailed, certified or registered mail, return receipt requested, postage prepaid, and shall be deemed given when
so delivered personally or, if sent by private national courier service, on the next business day after delivery to the courier,
or, if mailed, two business days after the date of mailing, as follows:

 

Zion Oil & Gas, Inc.

12655 North Central Expressway, Suite 1000

Dallas, Texas 75243

Attn:  Corporate Secretary/Treasurer

 

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when
so delivered if by hand or overnight delivery or if sent by certified mail or private courier service five days after deposit of
such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

   

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, New York 11219

Attn: Account Executive

 

8.3   Applicable Law. The validity, interpretation,
and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without
giving effect to conflict of laws. Each party hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Agreement shall be brought and enforced in the appropriate state or federal courts in the State of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

8.4   Persons Having Rights under this Warrant Agreement.
Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be
construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the
Warrants, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for
the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the Warrants. 

 

 8.5   Examination of the Warrant Agent Agreement.
A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent for inspection by the registered
holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

8.6   Counterparts. This Agreement may be executed
in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same instrument.

 

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8.7   Effect of Headings. The Section headings herein
are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

8.8   Amendments. This Agreement may be amended
by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting
or supplementing any defective provision contained herein or adding or changing any other provisions, including the shortening
of the Exercise Period pursuant to Section 3.2, with respect to matters or questions arising under this Agreement as the parties
may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All
other modifications or amendments, including any amendment to increase the Warrant Price, shall require the written consent of
a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend or
reduce the duration of the Exercise Period in accordance with Sections 3.1 and 3.2, respectively, without such consent.

 

8.9   Severability. This Agreement shall be deemed
severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability
of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible and be valid and enforceable.

 

IN WITNESS WHEREOF, this Agreement has been duly executed by
the parties hereto effective as of the day and year first above written.

 

	ZION OIL & GAS, INC.
	 
	By:	/s/ Martin M. van
    Brauman	 
	Name: 	Martin M. van Brauman
	
        Title:
	Corporate Secretary, Treasurer, SVP, Director

	
         

        Date: December 7, 2018

         

	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 
	By:	/s/ Michael Nespoli 	 
	Name: 	 Michael Nespoli
	Title:	Executive Director
	 	Relationship Management

 

Date: December 7, 2018

 

    10

     

    

 

Exhibit A

 

[Face of Certificate - ZION OIL &
GAS, INC.]

 

(SEE REVERSE SIDE FOR LEGEND)

 

W

 

WARRANTS

 

(THIS WARRANT WILL BE VOID IF NOT EXERCISED
PRIOR TO 5:00 P.M., EASTERN STANDARD TIME, February 25, 2020)

 

ZION OIL & GAS, INC.

 

CUSIP 989696 257

 

WARRANT

 

THIS CERTIFIES THAT, for value received _____________ is the
registered holder of a Warrant or Warrants expiring February 25, 2020 (the “Warrant”) to purchase for each Warrant one
fully paid and non-assessable share of Common Stock, par value $.01 per share (the “Shares”), of ZION OIL & GAS,
INC., a Delaware corporation (the “Company”). Each Warrant entitles the holder thereof to purchase from the Company,
commencing on February 25, 2020, one Share of the Company at the price of $0.01 per share, upon surrender of this Warrant Certificate
and payment of the Warrant Price at the office or agency of the Warrant Agent, American Stock Transfer & Trust Company, LLC
(such surrender may be made by electronic means and such payment by check or by electronic means made payable to the order of the
Company), but only subject to the conditions set forth herein and in the Warrant Agent Agreement between the Company and the Warrant
Agent. In no event shall the registered holder of this Warrant be entitled to receive a net-cash settlement or other consideration
in lieu of physical settlement in Shares of the Company. The Warrant Agent Agreement provides that, upon the occurrence of certain
events, the Warrant Price, the Exercise Period and the number of Warrant Shares purchasable hereunder, set forth on the face hereof,
may, subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price
per Share at which Shares may be purchased at the time the Warrant is exercised.

 

This Warrant may expire on the date first above written, if
it is not exercised prior to such date by the registered holder pursuant to the terms of the Warrant Agent Agreement. The Company
in its sole discretion may extend the duration of the Unit Option under the Unit Program, which would extend the Warrant Exercise
Period by the same extension of days.

 

Upon any exercise of the Warrant for less
than the total number of full Shares provided for herein, there shall be issued to the registered holder hereof or his/her/its
assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised.

 

Warrant Certificates, when surrendered at the office or agency
of the Warrant Agent or by any electronic means to the Company by the registered holder hereof in person or by attorney duly authorized
in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agent Agreement, but without
payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate
a like number of Warrants.

 

Upon due presentment by electronic means
or other approved delivery for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent,
a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall
be issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agent
Agreement, without charge except for any applicable tax or other governmental charge.

 

The Company and the Warrant Agent may deem
and treat the registered holder as the absolute owner of the Warrants represented by this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise hereof, of any distribution to
the registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary.

 

    11

     

    

  

This Warrant does not entitle the registered holder to any of
the rights of a stockholder of the Company.

 

COUNTERSIGNED:

American Stock Transfer & Trust Company,
LLC

 

WARRANT AGENT

BY:

AUTHORIZED OFFICER

 

DATED:

 

(Signature)

CHIEF EXECUTIVE OFFICER

 

(Seal)

 

(Signature)

SECRETARY

 

    12Exhibit
10.1

 

AKERS
BIOSCIENCES, INC

 

2018
EQUITY INCENTIVE PLAN

1.
Purpose. The purpose of the Akers Biosciences, Inc., 2018 Equity Incentive Plan is to provide a means through which the
Company and its Affiliates may attract and retain key personnel and to provide a means whereby directors, officers, managers,
employees, consultants and advisors of the Company and its Affiliates can acquire and maintain an equity interest in the Company,
or be paid incentive compensation, which may (but need not) be measured by reference to the value of Common Shares, thereby strengthening
their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company’s
stockholders.

 

2.
Definitions. The following definitions shall be applicable throughout this Plan:

 

(a)
“Affiliate” means (i) any person or entity that directly or indirectly controls, is controlled by or
is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the
Company has a significant interest as determined by the Committee in its discretion. The term “control” (including,
with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any
person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.

 

(b)
“Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option,
Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Bonus Award or Performance Compensation Award granted
under this Plan.

 

(c)
“Award Agreement” means an agreement made and delivered in accordance with Section 15(a) of this Plan evidencing
the grant of an Award hereunder.

 

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

 

(e)
“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New
York City are authorized or obligated by federal law or executive order to be closed.

 

(f)
“Cause” means, in the case of a particular Award, unless the applicable Award Agreement states otherwise,
(i) the Company or an Affiliate having “cause” to terminate a Participant’s employment or service, as defined
in any employment or consulting agreement or similar document or policy between the Participant and the Company or an Affiliate
in effect at the time of such termination or (ii) in the absence of any such employment or consulting agreement, document or policy
(or the absence of any definition of “Cause” contained therein), (A) a continuing material breach or material default
(including, without limitation, any material dereliction of duty) by Participant of any agreement between the Participant and
the Company, except for any such breach or default which is caused by the physical disability of the Participant (as determined
by a neutral physician), or a continuing failure by the Participant to follow the direction of a duly authorized representative
of the Company; (B) gross negligence, willful misfeasance or breach of fiduciary duty to the Company or Affiliate of the Company
by the Participant; (C) the commission by the Participant of an act of fraud, embezzlement or any felony or other crime of dishonesty
in connection with the Participant’s duties to the Company or Affiliate of the Company; or (D) conviction of the Participant
of a felony or any other crime that would materially and adversely affect: (i) the business reputation of the Company or Affiliate
of the Company or (ii) the performance of the Participant’s duties to the Company or an Affiliate of the Company. Any determination
of whether Cause exists shall be made by the Committee in its sole discretion.

 

    	 

    	 

    

 

(g)
“Change in Control” shall, in the case of a particular Award, unless the applicable Award Agreement
states otherwise or contains a different definition of “Change in Control,” be deemed to occur upon:

 

(i)
A tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the outstanding
voting securities of the Company, unless as a result of such tender offer more than 50% of the outstanding voting securities of
the surviving or resulting corporation or entity shall be owned in the aggregate by (A) the shareholders of the Company (as of
the time immediately prior to the commencement of such offer), or (B) any employee benefit plan of the Company or its Subsidiaries,
and their Affiliates;

 

(ii)
The Company shall be merged or consolidated with another corporation, unless as a result of such merger or consolidation more
than 50% of the outstanding voting securities of the surviving or resulting corporation or entity shall be owned in the aggregate
by (A) the shareholders of the Company (as of the time immediately prior to such transaction); provided, that a merger or consolidation
of the Company with another company which is controlled by persons owning more than 50% of the outstanding voting securities of
the Company shall constitute a Change in Control unless the Committee, in its discretion, determine otherwise, or (B) any employee
benefit plan of the Company or its Subsidiaries, and their Affiliates;

 

(iii)
The Company shall sell substantially all of its assets to another entity that is not wholly owned by the Company, unless as a
result of such sale more than 50% of such assets shall be owned in the aggregate by (A) the shareholders of the Company (as of
the time immediately prior to such transaction), or (B) any employee benefit plan of the Company or its Subsidiaries, and their
Affiliates;

 

(iv)
A Person (as defined below) shall acquire 50% or more of the outstanding voting securities of the Company (whether directly, indirectly,
beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving
or resulting corporation or entity shall be owned in the aggregate by (A) the shareholders of the Company (as of the time immediately
prior to the first acquisition of such securities by such Person), or (B) any employee benefit plan of the Company or its Subsidiaries,
and their Affiliates; or

 

(v)
The individuals who, as of the date hereof, constitute the members of the Board (the “Current Board Members”) cease,
by reason of a financing, merger, combination, acquisition, takeover or other non-ordinary course transaction affecting the Company,
to constitute at least a majority of the members of the Board unless such change is approved by the Current Board Members.

 

For
purposes of this Section 2(g), ownership of voting securities shall take into account and shall include ownership as determined
by applying the provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). In addition, for such purposes, “Person” shall have the meaning given
in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof; however, a Person shall not
include (A) the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any of its Subsidiaries; (C) an underwriter temporarily holding securities pursuant to an offering of such
securities; or (D) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportion
as their ownership of stock of the Company.

 

    	 

    	 

    

 

(h)
“Code” means the Internal Revenue Code of 1986, as amended, and any successor thereto. References in
this Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance issued by any
governmental authority under such section, and any amendments or successor provisions to such section, regulations or guidance.

 

(i)
“Committee” means a committee of at least two people as the Board may appoint to administer this Plan
or, if no such committee has been appointed by the Board, the Board. Unless altered by an action of the Board, the Committee shall
be the Compensation Committee of the Board.

 

(j)
“Common Shares” means the common stock, no par value per share, of the Company (and any stock or other
securities into which such common shares may be converted or into which they may be exchanged).

 

(k)
“Company” means Akers Biosciences, Inc., a New Jersey, together with its successors and assigns.

 

(l)
“Current Board Members” has the meaning given such term in the definition of “Change in Control.”

 

(m)
“Date of Grant” means the date on which the granting of an Award is authorized, or such other date as
may be specified in such authorization.

 

(n)
“Disability” means a “permanent and total” disability incurred by a Participant while in the employ
or service of the Company or an Affiliate. For this purpose, a permanent and total disability shall mean that the Participant
is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.
The determination of whether a Participant has incurred a permanent and total disability shall be made by a physician designated
by the Committee, whose determination shall be final and binding.

 

(o)
“Effective Date” means the date as of which this Plan is adopted by the Board, subject to Section 3
of this Plan.

 

(p)
“Eligible Director” means a person who is (i) a “non-employee director” within the meaning
of Rule 16b-3 under the Exchange Act, and (ii) an “outside director” within the meaning of Section 162(m) of the Code.

 

(q)
“Eligible Person” means any (i) individual employed by the Company or an Affiliate; provided,
however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the
extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto;
(ii) director of the Company or an Affiliate; or (iii) consultant or advisor to the Company or an Affiliate, provided that if
the Securities Act applies such persons must be eligible to be offered securities registrable on Form S-8 under the Securities
Act.

 

(r)
“Exchange Act” has the meaning given such term in the definition of “Change in Control,”
and any reference in this Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules,
regulations or other interpretative guidance issued by any governmental authority under such section or rule, and any amendments
or successor provisions to such section, rules, regulations or guidance.

 

    	 

    	 

    

 

(s)
“Exercise Price” has the meaning given such term in Section 7(b) of this Plan.

 

(t)
“Fair Market Value”, unless otherwise provided by the Committee in accordance with all applicable laws,
rules regulations and standards, means, on a given date, (i) if the Common Shares are listed on a national securities exchange,
the closing sales price on the principal exchange of the Common Shares on such date or, in the absence of reported sales on such
date, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Common Shares are
not listed on a national securities exchange, the mean between the bid and offered prices as quoted by any nationally recognized
interdealer quotation system for such date, provided that if the Common Shares are not quoted on an interdealer quotation system
or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be determined
by such other method as the Committee determines in good faith to be reasonable and in compliance with Code Section 409A, if applicable.

 

(u)
“Immediate Family Members” shall have the meaning set forth in Section 15(b) of this Plan.

 

(v)
“Incentive Stock Option” means an Option that is designated by the Committee as an incentive stock option
as described in Section 422 of the Code and otherwise meets the requirements set forth in this Plan.

 

(w)
“Indemnifiable Person” shall have the meaning set forth in Section 4(e) of this Plan.

 

(x)
“Negative Discretion” shall mean the discretion authorized by this Plan to be applied by the Committee
to eliminate or reduce the size of a Performance Compensation Award consistent with Section 162(m) of the Code.

 

(y)
“Nonqualified Stock Option” means an Option that is not designated by the Committee as an Incentive
Stock Option.

 

(z)
“Option” means an Award granted under Section 7 of this Plan.

 

(aa)
“Option Period” has the meaning given such term in Section 7(c) of this Plan.

 

(bb)
“Participant” means an Eligible Person who has been selected by the Committee to participate in this
Plan and to receive an Award pursuant to Section 6 of this Plan.

 

(cc)
“Performance Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation
Award pursuant to Section 11 of this Plan.

 

(dd)
“Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes
of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under this
Plan.

 

(ee)
“Performance Formula” shall mean, for a Performance Period, the one or more objective formulae applied
against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant,
whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance
Period.

 

    	 

    	 

    

 

(ff)
“Performance Goals” shall mean, for a Performance Period, the one or more goals established by the Committee
for the Performance Period based upon the Performance Criteria.

 

(gg)
“Performance Period” shall mean the one or more periods of time, as the Committee may select, over which
the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to,
and the payment of, a Performance Compensation Award.

 

(hh)
“Permitted Transferee” shall have the meaning set forth in Section 15(b) of this Plan.

 

(ii)
“Person” has the meaning given such term in the definition of “Change in Control.”

 

(jj)
“Plan” means this Akers Biosciences, Inc. 2018 Equity Incentive Plan, as amended from time to time.

 

(kk)
“Retirement” means the fulfillment of each of the following conditions: (i) the Participant is in good standing
with the Company and/or an Affiliate of the Company as determined by the Committee; (ii) the voluntary termination by a Participant
of such Participant’s employment or service to the Company and/or an Affiliate and (iii) that at the time of such voluntary
termination, the sum of: (A) the Participant’s age (calculated to the nearest month, with any resulting fraction of a year
being calculated as the number of months in the year divided by 12) and (B) the Participant’s years of employment or service
with the Company (calculated to the nearest month, with any resulting fraction of a year being calculated as the number of months
in the year divided by 12) equals at least 62 (provided that, in any case, the foregoing shall only be applicable if, at the time
of such Retirement, the Participant shall be at least 55 years of age and shall have been employed by or served with the Company
for no less than five years).

 

(ll)
“Restricted Period” means the period of time determined by the Committee during which an Award is subject
to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether
an Award has been earned.

 

(mm)
“Restricted Stock Unit” means an unfunded and unsecured promise to deliver Common Shares, cash, other
securities or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant
remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of this Plan.

 

(nn)
“Restricted Stock” means Common Shares, subject to certain specified restrictions (including, without
limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period
of time), granted under Section 9 of this Plan.

 

(oo)
“SAR Period” has the meaning given such term in Section 8(c) of this Plan.

 

(pp)
“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference
in this Plan to any section of the Securities Act shall be deemed to include any rules, regulations or other official interpretative
guidance issued by any governmental authority under such section, and any amendments or successor provisions to such section,
rules, regulations or guidance.

 

    	 

    	 

    

 

(qq)
“Stock Appreciation Right” or “SAR” means an Award granted under Section 8 of this
Plan which meets all of the requirements of Section 1.409A-1(b)(5)(i)(B) of the Treasury Regulations.

 

(rr)
“Stock Bonus Award” means an Award granted under Section 10 of this Plan.

 

(ss)
“Strike Price” means, except as otherwise provided by the Committee in the case of Substitute Awards,
(i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a
SAR granted independent of an Option, the Fair Market Value of Common Shares on the Date of Grant.

 

(tt)
“Subsidiary” means, with respect to any specified Person:

 

(i)
any corporation, association or other business entity of which more than 50% of the total voting power of shares of voting securities
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or
more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)
any partnership or limited liability company (or any comparable foreign entity) (a) the sole general partner or managing member
(or functional equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (b)
the only general partners or managing members (or functional equivalents thereof) of which are that Person or one or more Subsidiaries
of that Person (or any combination thereof).

 

(uu)
“Substitute Award” has the meaning given such term in Section 5(e).

 

(vv)
“Treasury Regulations” means any regulations, whether proposed, temporary or final, promulgated by the U.S.
Department of Treasury under the Code, and any successor provisions.

 

3.
Effective Date; Duration. The Plan shall be effective upon its approval by the stockholders of the Company.

 

4.
Administration.

 

(a)
The Committee shall administer this Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under
the Exchange Act (if the Board is not acting as the Committee under this Plan) or necessary to obtain the exception for performance-based
compensation under Section 162(m) of the Code, as applicable, it is intended that each member of the Committee shall, at the time
he takes any action with respect to an Award under this Plan, be an Eligible Director. However, the fact that a Committee member
shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly
granted under this Plan. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved
in writing by a majority of the Committee shall be deemed the acts of the Committee. Whether a quorum is present shall be determined
based on the Committee’s charter as approved by the Board.

 

    	 

    	 

    

 

(b)
Subject to the provisions of this Plan and applicable law, the Committee shall have the sole and plenary authority, in addition
to other express powers and authorizations conferred on the Committee by this Plan and its charter, to: (i) designate Participants;
(ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Common Shares to be covered
by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine
the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled
or exercised in cash, Common Shares, other securities, other Awards or other property, or canceled, forfeited, or suspended, and
the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to
what extent, and under what circumstances the delivery of cash, Common Shares, other securities, other Awards or other property
and other amounts payable with respect to an Award shall be made; (vii) interpret, administer, reconcile any inconsistency in,
settle any controversy regarding, correct any defect in and/or complete any omission in this Plan and any instrument or agreement
relating to, or Award granted under, this Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint
such agents as the Committee shall deem appropriate for the proper administration of this Plan; (ix) accelerate the vesting or
exercisability of, payment for or lapse of restrictions on, Awards; (x) reprice existing Awards or to grant Awards in connection
with or in consideration of the cancellation of an outstanding Award with a higher price; and (xi) make any other determination
and take any other action that the Committee deems necessary or desirable for the administration of this Plan.

 

(c)
The Committee may, by resolution, expressly delegate to a special committee, consisting of one or more directors who may but need
not be officers of the Company, the authority, within specified parameters as to the number and types of Awards, to (i) designate
officers and/or employees of the Company or any of its Affiliates to be recipients of Awards under this Plan, and (ii) to determine
the number of such Awards to be received by any such Participants; provided, however, that such delegation of duties and responsibilities
may not be made with respect to grants of Awards to persons (i) subject to Section 16 of the Exchange Act or (ii) who are, or
who are reasonably expected to be, “covered employees” for purposes of Section 162(m) of the Code. The acts of such
delegates shall be treated as acts of the Committee, and such delegates shall report regularly to the Board and the Committee
regarding the delegated duties and responsibilities and any Awards granted.

 

(d)
Unless otherwise expressly provided in this Plan, all designations, determinations, interpretations, and other decisions under
or with respect to this Plan or any Award or any documents evidencing Awards granted pursuant to this Plan shall be within the
sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities,
including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder
of the Company.

 

(e)
No member of the Board, the Committee, delegate of the Committee or any employee, advisor or agent of the Company or the Board
or the Committee (each such person, an “Indemnifiable Person”) shall be liable for any action taken or omitted
to be taken or any determination made in good faith with respect to this Plan or any Award hereunder. Each Indemnifiable Person
shall be indemnified and held harmless by the Company against and from (and the Company shall pay or reimburse on demand for)
any loss, cost, liability, or expense (including court costs and attorneys’ fees) that may be imposed upon or incurred by
such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person
may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under
this Plan or any Award Agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s
approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit
or proceeding against such Indemnifiable Person, provided, that the Company shall have the right, at its own expense, to
assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the
Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification
shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case
not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable
Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s bad faith, fraud or willful criminal
act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Certificate of
Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which any such Indemnifiable Person may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a
matter of law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them
harmless.

 

    	 

    	 

    

 

(f)
Notwithstanding anything to the contrary contained in this Plan, the Board may, in its sole discretion, at any time and from time
to time, grant Awards and administer this Plan with respect to such Awards. In any such case, the Board shall have all the authority
granted to the Committee under this Plan.

 

5.
Grant of Awards; Shares Subject to this Plan; Limitations.

 

(a)
The Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock
Bonus Awards and/or Performance Compensation Awards to one or more Eligible Persons. Subject to Section 12 of this Plan, the Committee
is authorized to deliver under this Plan an aggregate of one million eight hundred seventy-five thousand (1,875,000) Common Shares.
Notwithstanding the foregoing, directors of the Company or an Affiliate who are not employees of the Company or an Affiliate may
not be granted Awards denominated in Common Shares that exceed in the aggregate six hundred twenty-five thousand (625,000) Common
Shares; provided, that the foregoing limitation shall not apply to any Award made pursuant to an election by a director to receive
an Award in lieu of all or a portion of the annual and/or committee retainers and annual meeting fee payable to such director.

 

(b)
Common Shares underlying Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash shall
be available again for Awards under this Plan at the same ratio at which they were previously granted. Notwithstanding the foregoing,
the following Common Shares shall not be available again for Awards under the Plan: (i) shares tendered or held back upon the
exercise of an Option or settlement of an Award to cover the Exercise Price of an Award; (ii) shares that are used or withheld
to satisfy tax withholding obligations of the Participant; and (iii) shares subject to a Stock Appreciation Right that are not
issued in connection with the stock settlement of the SAR upon exercise thereof.

 

(c)
Awards that do not entitle the holder thereof to receive or purchase Common Shares shall not be counted against the aggregate
number of Common Shares available for Awards under the Plan.

 

(d)
Common Shares delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury
of the Company, shares purchased on the open market or by private purchase, or any combination of the foregoing.

 

(e)
Subject to compliance with Section 1.409A-3(f) of the Treasury Regulations, Awards may, in the sole discretion of the Committee,
be granted under this Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired
by the Company or with which the Company combines (“Substitute Awards”). The number of Common Shares underlying
any Substitute Awards shall be counted against the aggregate number of Common Shares available for Awards under this Plan; provided,
however that Common Shares issued under Substitute Awards granted in substitution for awards previously granted by an entity that
is acquired by or merged with the Company or an Affiliate shall not be counted against the aggregate number of Common Shares available
for Awards under the Plan.

 

    	 

    	 

    

 

(f)
Notwithstanding any provision in the Plan to the contrary (but subject to adjustment as provided in Section 12), the Committee
shall not grant to any one Eligible Person in any one calendar year Awards (i) for more than 10% of the Available Shares in the
aggregate or (ii) payable in cash in an amount exceeding $5,000,000 in the aggregate.

 

6.
Eligibility. Participation shall be limited to Eligible Persons who have entered into an Award Agreement or who have received
written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate
in this Plan.

 

7.
Options.

 

(a)
Generally. Each Option granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic
medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)).
Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent
with this Plan as may be reflected in the applicable Award Agreement. All Options granted under this Plan shall be Nonqualified
Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option.
Notwithstanding any designation of an Option, to the extent that the aggregate Fair Market Value of Common Shares with respect
to which Options designated as Incentive Stock Options are exercisable for the first time by any Participant during any calendar
year (under all plans of the Company or any Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonqualified
Stock Options. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates,
and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under
the Code. No Option shall be treated as an Incentive Stock Option unless this Plan has been approved by the stockholders of the
Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code, provided that
any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such
approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In
the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules as
may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion
thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion
thereof shall be regarded as a Nonqualified Stock Option appropriately granted under this Plan.

 

(b)
Exercise Price. The exercise price (“Exercise Price”) per Common Share for each Option shall
not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided, however, that in the
case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns shares representing
more than 10% of the voting power of all classes of shares of the Company or any Affiliate, the Exercise Price per share shall
not be less than 110% of the Fair Market Value per share on the Date of Grant; and, provided further, that notwithstanding any
provision herein to the contrary, the Exercise Price shall not be less than the par value per Common Share.

 

(c)
Vesting and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined
by the Committee and as set forth in the applicable Award Agreement, and shall expire after such period, not to exceed ten (10)
years from the Date of Grant, as may be determined by the Committee (the “Option Period”); provided,
however, that the Option Period shall not exceed five (5) years from the Date of Grant in the case of an Incentive Stock
Option granted to a Participant who on the Date of Grant owns shares representing more than 10% of the voting power of all classes
of shares of the Company or any Affiliate; and, provided, further, that notwithstanding any vesting dates set by
the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall
not affect the terms and conditions of such Option other than with respect to exercisability. Unless otherwise provided by the
Committee in an Award Agreement:

 

    	 

    	 

    

 

(i)
an Option shall vest and become exercisable with respect to one-third of the Common Shares subject to such Option on each of the
first three anniversaries of the Date of Grant; provided, however, that the Committee may designate a purchase price below Fair
Market Value on the date of grant if the Option is granted in substitution for a stock option previously granted by an entity
that is acquired by or merged with the Company or an Affiliate;

 

(ii)
the unvested portion of an Option shall expire upon termination of employment or service of the Participant granted the Option,
and the vested portion of such Option shall remain exercisable for:

 

(A)
one year following termination of employment or service by reason of such Participant’s death or Disability (with the determination
of Disability to be made by the Committee on a case by case basis), but not later than the expiration of the Option Period;

 

(B)
for directors, officers and employees of the Company only, for ninety (90) days following termination of employment or service
by reason of such Participant’s Retirement;

 

(C)
90 calendar days following termination of employment or service for any reason other than such Participant’s death, Disability
or Retirement, and other than such Participant’s termination of employment or service for Cause, but not later than the
expiration of the Option Period; and

 

(iii)
both the unvested and the vested portion of an Option shall immediately expire upon the termination of the Participant’s
employment or service by the Company for Cause.

 

Notwithstanding
the foregoing provisions of Section 7(c) and consistent with the requirements of applicable law, the Committee, in its sole discretion,
may extend the post-termination of employment period during which a Participant may exercise vested Options.

 

(d)
Method of Exercise and Form of Payment. No Common Shares shall be delivered pursuant to the exercise of an Option
until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an
amount equal to any applicable federal, state, local and/or foreign income and employment taxes withheld. Options that have become
exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms
of the Award Agreement accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash, check (subject
to collection), cash equivalent and/or vested Common Shares valued at the Fair Market Value at the time the Option is exercised
(including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of Common
Shares in lieu of actual delivery of such shares to the Company); provided, however, that such Common Shares are not subject
to any pledge or other security interest and; (ii) by such other method as the Committee may permit in accordance with applicable
law, in its sole discretion, including without limitation: (A) in other property having a fair market value (as determined by
the Committee in its discretion) on the date of exercise equal to the Exercise Price or (B) if there is a public market for the
Common Shares at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered
a copy of irrevocable instructions to a stockbroker to sell the Common Shares otherwise deliverable upon the exercise of the Option
and to deliver promptly to the Company an amount equal to the Exercise Price or (C) by a “net exercise” method whereby
the Company withholds from the delivery of the Common Shares for which the Option was exercised that number of Common Shares having
a Fair Market Value equal to the aggregate Exercise Price for the Common Shares for which the Option was exercised. Any fractional
Common Shares shall be settled in cash.

 

    	 

    	 

    

 

(e)
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive
Stock Option under this Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition
of any Common Shares acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition
(including, without limitation, any sale) of such Common Shares before the later of (A) two years after the Date of Grant of the
Incentive Stock Option or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined
by the Committee and in accordance with procedures established by the Committee, retain possession of any Common Shares acquired
pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described
in the preceding sentence.

 

(f)
Compliance with Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise
an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other
applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations
of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

8.
Stock Appreciation Rights.

 

(a)
Generally. Each SAR granted under this Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium
(including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each
SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with
this Plan as may be reflected in the applicable Award Agreement. Any Option granted under this Plan may include tandem SARs (i.e.,
SARs granted in conjunction with an Award of Options under this Plan). The Committee also may award SARs to Eligible Persons independent
of any Option.

 

(b)
Exercise Price. The Exercise Price per Common Share for each Option granted in connection with a SAR shall not be
less than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided, however, that the Committee
may designate a purchase price below Fair Market Value on the date of grant if the SAR is granted in substitution for an appreciation
right previously granted by an entity that is acquired by or merged with the Company or an Affiliate.

 

(c)
Vesting and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according
to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall
vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire
after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided,
however, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the
exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to
exercisability. Unless otherwise provided by the Committee in an Award Agreement:

 

    	 

    	 

    

 

(i)
a SAR shall vest and become exercisable with respect to one-third of the Common Shares subject to such SAR on each of the first
three anniversaries of the Date of Grant;

 

(ii)
the unvested portion of a SAR shall expire upon termination of employment or service of the Participant granted the SAR, and the
vested portion of such SAR shall remain exercisable for:

 

(A)
one year following termination of employment or service by reason of such Participant’s death or Disability (with the determination
of Disability to be made by the Committee on a case by case basis), but not later than the expiration of the SAR Period;

 

(B)
for directors, officers and employees of the Company only, for the remainder of the SAR Period following termination of employment
or service by reason of such Participant’s Retirement;

 

(C)
90 calendar days following termination of employment or service for any reason other than such Participant’s death, Disability
or Retirement, and other than such Participant’s termination of employment or service for Cause, but not later than the
expiration of the SAR Period; and

 

(iii)
both the unvested and the vested portion of a SAR shall expire immediately upon the termination of the Participant’s employment
or service by the Company for Cause.

 

(d)
Method of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice
of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date
on which such SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR
independent of an Option, the SAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the
SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired,
such SAR shall be deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate
payment therefor.

 

(e)
Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of Common
Shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one Common Share
on the exercise date over the Strike Price, less an amount equal to any applicable federal, state, local and non-U.S. income and
employment taxes withheld. The Company shall pay such amount in cash, in Common Shares valued at Fair Market Value, or any combination
thereof, as determined by the Committee. Any fractional Common Share shall be settled in cash.

 

9.
Restricted Stock and Restricted Stock Units.

 

(a)
Generally. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement (whether
in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract
with the Company)). Each such grant shall be subject to the conditions set forth in this Section 9, and to such other conditions
not inconsistent with this Plan as may be reflected in the applicable Award Agreement. Restricted Stock and Restricted Stock Units
shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, for example,
limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions
may lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of
Performance Goals or otherwise, as the Committee determines at the time of the grant of an Award or thereafter. Except as otherwise
provided in an Award Agreement, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock
Units until such time as Common Shares are paid in settlement of such Awards.

 

    	 

    	 

    

 

(b)
Restricted Accounts; Escrow or Similar Arrangement. Unless otherwise determined by the Committee, upon the grant
of Restricted Stock, a book entry in a restricted account shall be established in the Participant’s name at the Company’s
transfer agent and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than
held in such restricted account pending the release of the applicable restrictions, the Committee may require the Participant
to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii)
the appropriate share power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant
shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank share
power within the amount of time specified by the Committee, the Award shall be null and void ab initio. Subject to the restrictions
set forth in this Section 9 and the applicable Award Agreement, the Participant generally shall have the rights and privileges
of a stockholder as to such Restricted Stock, including without limitation the right to vote such Restricted Stock and the right
to receive dividends, if applicable. To the extent shares of Restricted Stock are forfeited, any share certificates issued to
the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and
as a stockholder with respect thereto shall terminate without further obligation on the part of the Company.

 

(c)
Vesting; Acceleration of Lapse of Restrictions. Unless otherwise provided by the Committee in an Award Agreement:
(i) the Restricted Period shall lapse with respect to one-third of the Restricted Stock and Restricted Stock Units on each of
the first three anniversaries of the Date of Grant ; and (ii) the unvested portion of Restricted Stock and Restricted Stock Units
shall terminate and be forfeited upon the termination of employment or service of the Participant granted the applicable Award.

 

(d)
Delivery of Restricted Stock and Settlement of Restricted Stock Units. (i) Upon the expiration of the Restricted
Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of
no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement
is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the share certificate
evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has
expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable
to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the
Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, upon the release of restrictions
on such shares of Restricted Stock and, if such shares of Restricted Stock are forfeited, the Participant shall have no right
to such dividends (except as otherwise set forth by the Committee in the applicable Award Agreement).

 

    	 

    	 

    

 

(e)
Unless otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period with respect to
any outstanding Restricted Stock Units and no later than the 75th day of the calendar year following the calendar year
in which such expiration occurs, the Company shall deliver to the Participant, or his beneficiary, without charge, one Common
Share for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion
and subject to the requirements of Section 409A of the Code, elect to (i) pay cash or part cash and part Common Share in lieu
of delivering only Common Shares in respect of such Restricted Stock Units or (ii) defer the delivery of Common Shares (or cash
or part Common Shares and part cash, as the case may be) beyond the 75th day of the calendar year following the calendar
year in which the expiration of the Restricted Period occurs if such delivery would result in a violation of applicable law until
such time as is no longer the case. If a cash payment is made in lieu of delivering Common Shares, the amount of such payment
shall be equal to the Fair Market Value of the Common Shares as of the date on which the Restricted Period lapsed with respect
to such Restricted Stock Units, less an amount equal to any applicable federal, state, local and non-U.S. income and employment
taxes withheld. Notwithstanding anything contained herein to the contrary, the Committee in an Award Agreement may, in a manner
consistent with the applicable requirements of Section 409A of the Code, enable a Participant to elect to defer the date on which
settlement of the Restricted Stock Units shall occur.

 

10.
Stock Bonus Awards. The Committee may issue unrestricted Common Shares, or other Awards denominated in Common Shares, under
this Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to
time in its sole discretion determine. Each Stock Bonus Award granted under this Plan shall be evidenced by an Award Agreement
(whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party
under contract with the Company)). Each Stock Bonus Award so granted shall be subject to such conditions not inconsistent with
this Plan as may be reflected in the applicable Award Agreement.

 

11.
Performance Compensation Awards.

 

(a)
Generally. The provisions of the Plan are intended to enable Options and Stock Appreciation Rights granted hereunder to
certain Eligible Persons to qualify for an exemption under Section 162(m) of the Code. The Committee shall have the authority,
at the time of grant of any Award described in Sections 7 through 10 of this Plan, to designate such Award as a Performance Compensation
Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code. The Committee shall
have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation
Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code.

 

(b)
Discretion of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance
Period, the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation
Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s)
of the Performance Goals(s) that is (are) to apply and the Performance Formula. Within the first 90 calendar days of a Performance
Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code, if applicable), the Committee
shall, with regard to the Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with
respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing.

 

    	 

    	 

    

 

(c)
Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based
on the attainment of specific levels of performance of the Company and/or one or more Affiliates, divisions or operational units,
or any combination of the foregoing, as determined by the Committee, which criteria may be based on one or more of the following
business criteria: (i) revenue; (ii) sales; (iii) profit (net profit, gross profit, operating profit, economic profit, profit
margins or other corporate profit measures); (iv) earnings (EBIT, EBITDA, earnings per share, or other corporate earnings measures);
(v) net income (before or after taxes, operating income or other income measures); (vi) cash (cash flow, cash generation or other
cash measures); (vii) stock price or performance; (viii) total stockholder return (stock price appreciation plus reinvested dividends
divided by beginning share price); (ix) economic value added; (x) return measures (including, but not limited to, return on assets,
capital, equity, investments or sales, and cash flow return on assets, capital, equity, or sales); (xi) market share; (xii) improvements
in capital structure; (xiii) expenses (expense management, expense ratio, expense efficiency ratios or other expense measures);
(xiv) business expansion or consolidation (acquisitions and divestitures); (xv) internal rate of return or increase in net present
value; (xvi) working capital targets relating to inventory and/or accounts receivable; (xvii) inventory management; (xviii) service
or product delivery or quality; (xix) customer satisfaction; (xx) employee retention; (xxi) safety standards; (xxii) productivity
measures; (xxiii) cost reduction measures; and/or (xxiv) strategic plan development and implementation. Any one or more of the
Performance Criteria adopted by the Committee may be used on an absolute or relative basis to measure the performance of the Company
and/or one or more Affiliates as a whole or any business unit(s) of the Company and/or one or more Affiliates or any combination
thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of
a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate,
or as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any
Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. To the extent
required under Section 162(m) of the Code, the Committee shall, within the first 90 calendar days of a Performance Period (or,
if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), define in an objective fashion the
manner of calculating the Performance Criteria it selects to use for such Performance Period and thereafter promptly communicate
such Performance Criteria to the Participant.

 

(d)
Modification of Performance Goal(s). In the event that applicable tax and/or securities laws change to permit Committee
discretion to alter the governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee
shall have sole discretion to make such alterations without obtaining stockholder approval. For purposes of clarity and without
limiting the Committee’s authority set forth above, at the time it establishes Performance Criteria to be used with any
Performance Compensation Award, the Committee may specify one or more events requiring an adjustment to the calculation of the
Performance Goal, including but not limited to: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii)
the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any
reorganization and restructuring programs; (v) acquisitions or divestitures; (vi) any other specific items that are unusual in
nature or infrequently occurring, or objectively determinable category thereof; (viii) foreign exchange gains and losses; and
(ix) a change in the Company’s fiscal year. The Committee may reserve discretion to make or not make one or more adjustments
as specified in a Performance Compensation Award, but only to the extent that such discretion is Negative Discretion.

 

(e)
Payment of Performance Compensation Awards.

 

(i)
Condition to Receipt of Payment. Unless otherwise provided in the applicable Award Agreement, a Participant must be employed
by, or in service to, the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance
Compensation Award for such Performance Period.

 

    	 

    	 

    

 

(ii)
Limitation. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only
to the extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant’s
Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula
to such achieved Performance Goals.

 

(iii)
Certification. Following the completion of a Performance Period, the Committee shall review and certify in writing
whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify
in writing that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee
shall then determine the amount of each Participant’s Performance Compensation Award actually payable for the Performance
Period and, in so doing, may apply Negative Discretion.

 

(iv)
Use of Negative Discretion. In determining the actual amount of an individual Participant’s Performance Compensation
Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned
under the Performance Formula in the Performance Period through the use of Negative Discretion if, in its sole judgment, such
reduction or elimination is appropriate. The Committee shall not have the discretion, except as is otherwise provided in this
Plan, to (A) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if the Performance
Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation Award above the applicable
limitations set forth in Section 5 of this Plan.

 

(f)
Timing of Award Payments. Performance Compensation Awards granted for a Performance Period shall be paid to Participants
as soon as administratively practicable following completion of the certifications required by this Section 11, but in no event
later than two-and-one-half months following the end of the fiscal year during which the Performance Period is completed in order
to comply with the short-term deferral rules under Section 1.409A-1(b)(4) of the Treasury Regulations. Notwithstanding the foregoing,
payment of a Performance Compensation Award may be delayed, as permitted by Section 1.409A-2(b)(7)(i) of the Treasury Regulations,
to the extent that the Company reasonably anticipates that if such payment were made as scheduled, the Company’s tax deduction
with respect to such payment would not be permitted due to the application of Section 162(m) of the Code.

 

12.
Changes in Capital Structure and Similar Events. In the event of (a) any dividend or other distribution (whether
in the form of cash, Common Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, amalgamation, consolidation, split-up, split-off, combination, repurchase or exchange of Common Shares or other securities
of the Company, issuance of warrants or other rights to acquire Common Shares or other securities of the Company, or other similar
corporate transaction or event (including, without limitation, a Change in Control) that affects the Common Shares, or (b) unusual
or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial
statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any
governmental body or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case
an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate in order to prevent dilution
or enlargement of rights, then the Committee shall make any such adjustments that are equitable, including without limitation
any or all of the following:

 

    	 

    	 

    

 

(i)
adjusting any or all of (A) the number of Common Shares or other securities of the Company (or number and kind of other securities
or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under this Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of this Plan) and (B) the terms of any outstanding
Award, including, without limitation, (1) the number of Common Shares or other securities of the Company (or number and kind of
other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price
or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation, Performance
Criteria and Performance Goals);

 

(ii)
subject to the requirements of Section 409A of the Code, providing for a substitution or assumption of Awards, accelerating the
exercisability of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise prior to
the occurrence of such event; and

 

(iii)
subject to the requirements of Section 409A of the Code, canceling any one or more outstanding Awards and causing to be paid to
the holders thereof, in cash, Common Shares, other securities or other property, or any combination thereof, the value of such
Awards, if any, as determined by the Committee (which if applicable may be based upon the price per Common Share received or to
be received by other stockholders of the Company in such event), including without limitation, in the case of an outstanding Option
or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee)
of the Common Shares subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively
(it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in
excess of, the Fair Market Value of a Common Share subject thereto may be canceled and terminated without any payment or consideration
therefor); provided, however, that in the case of any “equity restructuring” (within the meaning of
the Financial Accounting Standards Board Statement of Financial Accounting Standards No. 123 (revised 2004) or ASC Topic 718,
or any successor thereto), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect
such equity restructuring. Any adjustment in Incentive Stock Options under this Section 12 (other than any cancellation of Incentive
Stock Options) shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3)
of the Code, and any adjustments under this Section 12 shall be made in a manner that does not adversely affect the exemption
provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder
and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

13.
Effect of Change in Control. Except to the extent otherwise provided in an Award Agreement, in the event of a Change
in Control, notwithstanding any provision of this Plan to the contrary, with respect to all or any portion of a particular outstanding
Award or Awards:

 

(a)
all of the then outstanding Options and SARs shall immediately vest and become immediately exercisable as of a time prior to
the Change in Control;

 

(b)
the Restricted Period shall expire as of a time prior to the Change in Control (including without limitation a waiver of any
applicable Performance Goals);

 

(c)
Performance Periods in effect on the date the Change in Control occurs shall end on such date, and the Committee shall (i)
determine the extent to which Performance Goals with respect to each such Performance Period have been met based upon such audited
or unaudited financial information or other information then available as it deems relevant and (ii) cause the Participant to
receive partial or full payment of Awards for each such Performance Period based upon the Committee’s determination of the
degree of attainment of the Performance Goals, or assuming that the applicable “target” levels of performance have
been attained or on such other basis determined by the Committee.

 

    	 

    	 

    

 

To
the extent practicable, any actions taken by the Committee under the immediately preceding clauses (a) through (c) shall occur
in a manner and at a time which allows affected Participants the ability to participate in the Change in Control transactions
with respect to the Common Shares subject to their Awards.

 

14.
Amendments and Termination.

 

(a)
Amendment and Termination of this Plan. The Board may amend, alter, suspend, discontinue, or terminate this Plan or any
portion thereof at any time; provided, that (i) no amendment to the definition of Eligible Person in Section 2(q), Section
5(b), Section 11(c) or Section 14(b) (to the extent required by the proviso in such Section 14(b)) shall be made without stockholder
approval and (ii) no such amendment, alteration, suspension, discontinuation or termination shall be made without stockholder
approval if such approval is necessary to comply with any tax or regulatory requirement applicable to this Plan (including, without
limitation, as necessary to comply with any rules or requirements of any national securities exchange or inter-dealer quotation
system on which the Common Shares may be listed or quoted or to prevent the Company from being denied a tax deduction under Section
162(m) of the Code); and, provided, further, that any such amendment, alteration, suspension, discontinuance or
termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award
theretofore granted shall not to that extent be effective without the prior written consent of the affected Participant, holder
or beneficiary.

 

(b)
Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award
Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any
Award theretofore granted or the associated Award Agreement, prospectively or retroactively; provided, however, that any
such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely
affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without
the consent of the affected Participant.

 

15.
General.

 

(a)
Award Agreements. Each Award under this Plan shall be evidenced by an Award Agreement, which shall be delivered to the
Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or
a third party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable
thereto, including without limitation, the effect on such Award of the death, Disability or termination of employment or service
of a Participant, or of such other events as may be determined by the Committee. The Company’s failure to specify any term
of any Award in any particular Award Agreement shall not invalidate such term, provided such terms was duly adopted by the Board
or the Committee.

 

    	 

    	 

    

 

(b)
Nontransferability; Trading Restrictions.

 

(i)
Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable
law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any
such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against
the Company or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge,
attachment, sale, transfer or encumbrance.

 

(ii)
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to
be transferred by a Participant, with or without consideration, subject to such rules as the Committee may adopt consistent with
any applicable Award Agreement to preserve the purposes of this Plan, to: (A) any person who is a “family member”
of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act (collectively, the “Immediate
Family Members”); (B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; or
(C) a partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate
Family Members; or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole discretion,
or (II) as provided in the applicable Award Agreement (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter
referred to as a “Permitted Transferee”); provided, that the Participant gives the Committee advance
written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing
that such a transfer would comply with the requirements of this Plan.

 

(iii)
The terms of any Award transferred in accordance with subparagraph (ii) above shall apply to the Permitted Transferee and any
reference in this Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and
distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect
a registration statement on an appropriate form covering the Common Shares to be acquired pursuant to the exercise of such Option
if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or
appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or
not such notice is or would otherwise have been required to be given to the Participant under this Plan or otherwise; and (D)
the consequences of the termination of the Participant’s employment by, or services to, the Company or an Affiliate under
the terms of this Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including,
without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified
in this Plan and the applicable Award Agreement.

 

(iv)
The Committee shall have the right, either on an Award-by-Award basis or as a matter of policy for all Awards or one or more classes
of Awards, to condition the delivery of vested Common Shares received in connection with such Award on the Participant’s
agreement to such restrictions as the Committee may determine.

 

(c)
Tax Withholding.

 

(i)
A Participant shall be required to pay to the Company or any Affiliate, or the Company or any Affiliate shall have the right and
is hereby authorized to withhold, from any cash, Common Shares, other securities or other property deliverable under any Award
or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Shares, other securities or other
property) of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or
under this Plan and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all
obligations for the payment of such withholding and taxes. In addition, the Committee, in its discretion, may make arrangements
mutually agreeable with a Participant who is not an employee of the Company or an Affiliate to facilitate the payment of applicable
income and self-employment taxes.

 

    	 

    	 

    

 

(ii)
Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy,
in whole or in part, the foregoing withholding liability by (A) the delivery of Common Shares (which are not subject to any pledge
or other security interest) owned by the Participant having a fair market value equal to such withholding liability or (B) having
the Company withhold from the number of Common Shares otherwise issuable or deliverable pursuant to the exercise or settlement
of the Award a number of shares with a fair market value equal to such withholding liability (but no more than the maximum individual
statutory rate for the applicable tax jurisdiction).

 

(d)
No Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other
person, shall have any claim or right to be granted an Award under this Plan or, having been selected for the grant of an Award,
to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or
beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with
respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether
or not such Participants are similarly situated. Neither this Plan nor any action taken hereunder shall be construed as giving
any Participant any right to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as
giving any Participant any rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss
a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under this Plan,
unless otherwise expressly provided in this Plan or any Award Agreement. By accepting an Award under this Plan, a Participant
shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement
related to non-continuation of the Award beyond the period provided under this Plan or any Award Agreement, notwithstanding any
provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates and the
Participant, whether any such agreement is executed before, on or after the Date of Grant.

 

(e)
International Participants. With respect to Participants who reside or work outside of the United States of America
and who are not (and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code,
the Committee may in its sole discretion amend the terms of this Plan or outstanding Awards (or establish a sub-plan) with respect
to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other
treatment for such Participants, the Company or its Affiliates.

 

(f)
Designation and Change of Beneficiary. Unless otherwise provided by the Committee in an Award Agreement, each Participant
may file with the Committee a written designation of one or more persons as the beneficiary(ies) who shall be entitled to receive
the amounts payable with respect to an Award, if any, due under this Plan upon his or her death. A Participant may, from time
to time, revoke or change his or her beneficiary designation without the consent of any prior beneficiary by filing a new designation
with the Committee. The last such designation filed with the Committee shall be controlling; provided, however,
that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s
death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant,
the beneficiary shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate.
Upon the occurrence of a Participant’s divorce (as evidenced by a final order or decree of divorce), any spousal designation
previously given by such Participant shall automatically terminate.

 

    	 

    	 

    

 

(g)
Termination of Employment/Service. Unless determined otherwise by the Committee at any point following such event:
(i) neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment
or service with the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment
or service with the Company or an Affiliate; and (ii) if a Participant’s employment with the Company and its Affiliates
terminates, but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity (or
vice-versa), such change in status shall not be considered a termination of employment with the Company or an Affiliate for purposes
of this Plan unless the Committee, in its discretion, determines otherwise.

 

(h)
No Rights as a Stockholder. Except as otherwise specifically provided in this Plan or any Award Agreement, no person
shall be entitled to the privileges of ownership in respect of Common Shares that are subject to Awards hereunder until such shares
have been issued or delivered to that person.

 

(i)
Government and Other Regulations.

 

(i)
The obligation of the Company to settle Awards in Common Shares or other consideration shall be subject to all applicable laws,
rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions
of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from
offering to sell or selling, any Common Shares pursuant to an Award unless such shares have been properly registered for sale
pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel,
satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption
therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation
to register for sale under the Securities Act any of the Common Shares to be offered or sold under this Plan. The Committee shall
have the authority to provide that all certificates for Common Shares or other securities of the Company or any Affiliate delivered
under this Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under
this Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other requirements of the
Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such shares or other securities
are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality
of Section 9 of this Plan, the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. Notwithstanding any provision in this Plan to the contrary, the Committee reserves the right to
add any additional terms or provisions to any Award granted under this Plan that it in its sole discretion deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award
is subject.

 

(ii)
The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company’s acquisition of Common Shares from the public
markets, the Company’s issuance of Common Shares to the Participant, the Participant’s acquisition of Common Shares
from the Company and/or the Participant’s sale of Common Shares to the public markets, illegal, impracticable or inadvisable.
If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, unless doing so would violate
Section 409A of the Code, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market
Value of the Common Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or
the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike
Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of Common Shares (in the
case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation
of such Award or portion thereof. The Committee shall have the discretion to consider and take action to mitigate the tax consequence
to the Participant in cancelling an Award in accordance with this clause.

 

    	 

    	 

    

 

(j)
Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable
under this Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment
due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if
the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of
such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled
to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

 

(k)
Nonexclusivity of this Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the
stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such
other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options or other equity-based
awards otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases.

 

(l)
No Trust or Fund Created. Neither this Plan nor any Award shall create or be construed to create a trust or separate
fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other
person or entity, on the other hand. No provision of this Plan or any Award shall require the Company, for the purpose of satisfying
any obligations under this Plan, to purchase assets or place any assets in a trust or other entity to which contributions are
made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence
of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights
under this Plan other than as general unsecured creditors of the Company, except that insofar as they may have become entitled
to payment of additional compensation by performance of services, they shall have the same rights as other employees under general
law.

 

(m)
Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting
or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance
upon any report made by the independent public accountant of the Company and/or its Affiliates and/or any other information furnished
in connection with this Plan by any agent of the Company or the Committee or the Board, other than himself.

 

(n)
Relationship to Other Benefits. No payment under this Plan shall be taken into account in determining any benefits
under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically
provided in such other plan.

 

(o)
Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of
New Jersey without giving effect to the conflict of laws provisions.

 

    	 

    	 

    

 

(p)
Severability. If any provision of this Plan or any Award or Award Agreement is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify this Plan or any Award
under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable
laws in the manner that most closely reflects the original intent of the Award or the Plan, or if it cannot be construed or deemed
amended without, in the determination of the Committee, materially altering the intent of this Plan or the Award, such provision
shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of this Plan and any
such Award shall remain in full force and effect.

 

(q)
Obligations Binding on Successors. The obligations of the Company under this Plan shall be binding upon any successor
corporation or organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or
upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

 

(r)
Code Section 162(m) Approval. If so determined by the Committee, the provisions of this Plan regarding Performance
Compensation Awards shall be disclosed and reapproved by stockholders no later than the first stockholder meeting that occurs
in the fifth year following the year in which stockholders previously approved such provisions, in each case in order for certain
Awards granted after such time to be exempt from the deduction limitations of Section 162(m) of the Code. Nothing in this clause,
however, shall affect the validity of Awards granted after such time if such stockholder approval has not been obtained.

 

(s)
Expenses; Gender; Titles and Headings. The expenses of administering this Plan shall be borne by the Company and
its Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings
of the sections in this Plan are for convenience of reference only, and in the event of any conflict, the text of this Plan, rather
than such titles or headings shall control.

 

(t)
Other Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt
of Common Shares under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine in
its sole and absolute discretion.

 

(u)
Section 409A. The Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from, the requirements
of Section 409A of the Code. The Plan and all Awards granted under this Plan shall be administered, interpreted, and construed
in a manner consistent with Section 409A of the Code to the extent necessary to avoid the imposition of additional taxes under
Section 409A(a)(1)(B) of the Code. Notwithstanding anything in this Plan to the contrary, in no event shall the Committee exercise
its discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes deferred compensation
within the meaning of Section 409A of the Code unless, and solely to the extent that, such accelerated payment or settlement is
permissible under Section 1.409A-3(j)(4) of the Treasury Regulations. If a Participant is a “specified employee” (within
the meaning of Section 1.409A-1(i) of the Treasury Regulations) at any time during the twelve (12)-month period ending on the
date of his termination of employment, and any Award hereunder subject to the requirements of Section 409A of the Code is to be
satisfied on account of the Participant’s termination of employment, satisfaction of such Award shall be suspended until
the date that is six (6) months after the date of such termination of employment.

 

(v)
Payments. Participants shall be required to pay, to the extent required by applicable law, any amounts required to receive
Common Shares under any Award made under this Plan.

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