Document:

Exhibit 10.5

 

May 9, 2019

 

Thunder Bridge Acquisition, Ltd.

9912 Georgetown Pike

Suite D203

Great Falls, Virginia 22066

 

Continental Stock Transfer & Trust Company

As Warrant Agent

1 State Street

New York, New York 10004

Attention: Compliance Department

 

RE:Lock-Up Agreement (“Agreement”)

 

Ladies and Gentlemen:

 

Reference is made to
that certain warrant agreement dated as of June 18, 2018 (as has been or may hereafter be amended, supplemented or otherwise modified
from time to time, including pursuant to the Warrant Amendment (as defined below), the “Warrant Agreement”)
by and between Thunder Bridge Acquisition, Ltd. (the “Company”) and Continental Stock Transfer & Trust Company,
as warrant agent (the “Warrant Agent”). Unless otherwise defined herein, capitalized terms used herein shall
have the meanings ascribed thereto in the Warrant Agreement.

 

For good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Thunder Bridge Acquisition LLC (the “Sponsor”),
the Company and the Warrant Agent hereby agree with the entities identified on Schedule A hereto (the “Assignees”)
as follows:

 

		1.	Subject to and effective, with no further action by any party, upon the closing (the
                                                            “Closing”) of the transactions contemplated by the Amended and Restated Agreement and Plan of Merger dated
                                                            as of January 21, 2019, by and among the Company, TB Acquisition Merger Sub LLC, Hawk Parent Holdings LLC and CC Payment
                                                            Holdings, L.L.C., solely in its capacity as the securityholder representative (as amended from time to time, the
                                                            “Merger Agreement”), the Sponsor agrees to transfer and assign to the respective Assignees all of its
                                                            right, title and interest in and to the number of Private Placement Warrants (as amended pursuant to the terms of the Warrant
                                                            Amendment) set forth opposite the names of the applicable Assignees on Schedule A (the “Assignment”). As
                                                            used in this Agreement, the term “Warrant Amendment” refers to the adoption and approval of an amendment
                                                            to the Warrant Agreement in substantially the form attached as Exhibit T to the Merger Agreement, to provide that, effective
                                                            immediately prior to the Closing, (i) each  Warrant will only be exercisable for one-quarter (1/4) of a Company Class A
                                                            Share instead of one whole Company Class A Share, and (ii) each holder of a Warrant will receive a cash payment of $1.50 (a
                                                            “Cash Payment”) payable promptly following the Closing.

 

		2.	The parties hereto hereby agree that all references to “Sponsor” in the Warrant Agreement
shall be deemed to refer to the Assignees and their Permitted Transferees.

 

		3.	The Sponsor represents and warrants to the Assignees that the Private Placement Warrants that are
being assigned pursuant to this Agreement are free and clear of any liens, claims or encumbrances of any nature whatsoever, other
than those arising under state or federal securities laws and as set forth in (i) that certain letter agreement, by and among each
of the Company, the Sponsor and certain other individuals party thereto, dated as of June 18, 2018 (the “Insider Letter”)
and (ii) the Warrant Agreement, it being acknowledged and agreed that the Assignees will be bound by the terms of the Insider Letter
and the Warrant Agreement following the Assignment pursuant to this Agreement.

 

     

     

    

 

		4.	In consideration of the Assignment, each of the Assignees hereby agrees as follows:

 

		a.	Each of the Assignees agree not to, during the period commencing from the Closing and ending one
hundred and twenty (120) days after the date of the Closing (the “Lock-Up Period”): (i) lend, offer, pledge,
hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly,
any Restricted Securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of the Restricted Securities, or (iii) publicly disclose the intention to do any of the
foregoing, whether any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted
Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited
Transfer”). The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned by
Assignee to any Permitted Transferee (other than as set forth in clause (e) or (f) of the definition thereof); provided, however,
that it shall be a condition to such transfer that the transferee executes and delivers to the Company an agreement stating that
the transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement, and there shall
be no further transfer of such Restricted Securities except in accordance with this Agreement. As used in this Agreement, the term
“Restricted Securities” refers to (i) the shares of the Company’s Class A ordinary shares, par value $0.0001
per share, to be issued by the Company to the Assignees pursuant to that certain Subscription Agreement, dated May 9, 2019,
between the Company and each Assignee and (ii) the Private Placement Warrants to be transferred to the applicable Assignee in connection
with the Assignment (and any securities underlying such Private Placement Warrants).

 

		b.	If any Prohibited Transfer is made or attempted contrary to the provisions of this Section 4, such
purported Prohibited Transfer shall be null and void ab initio, and the Company shall refuse to recognize any such purported transferee
of the Restricted Securities as one of its equity holders for any purpose. In order to enforce this Section 4, the Company
may impose stop-transfer instructions with respect to the Restricted Securities of Assignee (and Permitted Transferees and assigns
thereof) until the end of the Lock-Up Period.

 

		c.	During the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped
or otherwise imprinted with a legend, and each book-entry position evidencing the Shares shall include, in substantially the following
form, in addition to any other applicable legends:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT, DATED AS OF MAY 9, 2019, BY AND AMONG THE
ISSUER OF SUCH SECURITIES (THE “ISSUER”) AND THE ISSUER’S SECURITYHOLDER NAMED THEREIN, AS AMENDED. A COPY OF
SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE ASSIGNEE HEREOF UPON WRITTEN REQUEST.”

 

		d.	For the avoidance of any doubt, subject to the restrictions set forth herein, each Assignee shall
retain all of its rights as a stockholder of the Company during the Lock-Up Period, including the right to vote any Restricted
Securities.

 

		e.	Each Assignee hereby waives any right that it might otherwise have pursuant to the Warrant Amendment
to receive a Cash Payment with respect to the Private Placement Warrants transferred in connection with the Assignment and agrees
that no such Cash Payment will be made to the Assignees in respect of any Private Placement Warrants.

 

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		5.	This Agreement constitutes the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto,
written or oral, to the extent they relate in any way to the subject matter hereof. This Agreement may not be changed, amended,
modified or waived to any particular provision, except by a written instrument executed by all parties hereto.

 

		6.	No party hereto may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph shall be
void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Agreement
shall be binding on the undersigned and their respective successors and assigns.

 

		7.	Any notice, consent or request to be given in connection with any of the terms or provisions of
this Agreement shall be in writing. Notices to the Company or the Sponsor shall be sent to the address of the Company above, and
notices to the Warrant Agent shall be sent to the address of the Warrant Agent above. Notices to the Assignees shall be sent to
their respective addresses set forth on Schedule A.

 

		8.	This Agreement shall terminate at such time, if any, as the Merger Agreement is terminated in accordance
with its terms, and upon such termination this Agreement shall be null and void and of no effect whatsoever, and the parties hereto
shall have no obligations under this Agreement.

 

		9.	Hawk Parent Holdings LLC shall be an express third-party beneficiary of the terms of this Agreement.
Except as set forth in the preceding sentence, nothing contained in this Agreement or in any instrument or document executed by
any party in connection with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed
for the benefit of, any person or entity that is not a party hereto or thereto or a successor or permitted assign of such a party.

 

		10.	This Agreement and any dispute or controversy arising out of or relating to this Agreement shall
be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of law principles
thereof. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal
court located in New York, New York (or in any appellate courts thereof) (the “Specified Courts”). Each party
hereto hereby (i) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of
or relating to this Agreement brought by any party hereto and (ii) irrevocably waives, and agrees not to assert by way of
motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum,
that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in
or by any Specified Court. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Each party irrevocably consents to the service of
the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated by
this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address. Nothing in this Section 10 shall affect the right of any party to serve legal process in any other manner permitted
by applicable law.

 

		11.	EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING
WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.

 

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		12.	Any term of this Agreement may be amended and the observance of any term of this Agreement may
be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent
of the Company and the Assignees. No failure or delay by a party in exercising any right hereunder shall operate as a waiver thereof.
No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed
to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

		13.	In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction,
such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid,
legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be
affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out,
so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

 

		14.	Each Assignee acknowledges that its obligations under this Agreement are unique, recognizes and
affirms that in the event of a breach of this Agreement by such Assignee, money damages will be inadequate and the Company will
have no adequate remedy at law, and agrees that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed by Assignee in accordance with their specific terms or were otherwise breached. Accordingly, the Company
shall be entitled to an injunction or restraining order to prevent breaches of this Agreement by Assignee and to enforce specifically
the terms and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would
be inadequate, this being in addition to any other right or remedy to which such party may be entitled under this Agreement, at
law or in equity.

 

		15.	From time to time, at another party’s request and without further consideration (but at the
requesting party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take
all such further action as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

		16.	This Agreement may also be executed and delivered by facsimile signature or by email in portable
document format in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

[Signature page follows]

 

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Please indicate your agreement to the foregoing
by signing in the space provided below. 

 

	 	THUNDER BRIDGE ACQUISITION, LTD.
	 	 	 
	 	By:	
	 	Name:	Gary A. Simanson
	 	Title:	Chief Executive Officer

 

	THUNDER BRIDGE ACQUISITION LLC	 
	 	 	 
	By:		 
	Name:  	Gary A. Simanson	 
	Title:	Managing Member	 

 

	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	As Warrant Agent	 
	 	 	 
	By:		 
	Name:		 
	Title:	     	 

 

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ASSIGNEES:

 

	 	 	 
	By:		 
	Name:  		 
	Title:		 

 

 

	 	 	 
	By:		 
	Name:  		 
	Title:Exhibit

EXHIBIT 10.1

ALARM.COM HOLDINGS, INC.
EXECUTIVE BONUS PLAN

		
	1.
	Purpose. As part of its executive compensation program, Alarm.com Holdings, Inc. (the “Company”) has designed this Executive Bonus Plan (the “Bonus Plan”) to operate under, and is part of, the Alarm.com Holdings, Inc. 2015 Equity Incentive Plan (the “2015 Plan”), which has been approved by the Board and the Company’s stockholders. The Bonus Plan provides Participants with incentive awards, paid in cash and/or shares of Common Stock, based on the achievement of objectively determinable performance goals over specified performance periods. 

		
	2.
	Definitions. Defined terms not explicitly defined in the Bonus Plan but defined in the 2015 Plan shall have the same definitions as in the 2015 Plan.

(a)    “Bonus Award” means, with respect to each Participant for each Performance Period, the award determined pursuant to Section 5(f) below, which is subject to the Committee’s authority under Section 5(f).
(b)    “Code” means the Internal Revenue Code of 1986, as amended.
(c)    “Committee” means the Compensation Committee of the Board (or a subcommittee thereof), or such other committee of the Board (including, without limitation, the full Board) to which the Board has delegated power to act under or pursuant to the provisions of the 2015 Plan.
(d)    “Maximum Bonus Award” means, as to any Participant for a particular Performance Period, the maximum award that may be granted to the Participant under the Bonus Plan. In no event may the Maximum Bonus Award(s) paid to any one Participant in respect of a calendar year exceed the amount specified in Section 3(d) of the 2015 Plan.
(e)    “Participant” means an eligible officer selected by the Committee, in its sole discretion, to participate in the Bonus Plan for a particular Performance Period.
(f)    “Payout Determination Date” means, as to each Performance Period, the date upon which the Committee determines the amounts payable pursuant to the Target Bonus Award with respect to such completed Performance Period, in accordance with Section 5(f).
(g)    “Payout Formula” means, as to each Performance Period, the formula or payout matrix established by the Committee pursuant to Section 5 in order to determine the Bonus Awards (if any) to be paid to each Participant for such Performance Period. The Payout Formula may be (but is not required to be) expressed as a percentage (which may be more than 100%) of the Target Bonus Award. The Payout Formula may differ from Participant to Participant and, with respect to any one Participant in a given Performance Period.

(h)    “Performance Goals” means the goal(s) (or combined goal(s)) determined by the Committee, in its sole discretion, to be applicable to a Participant with respect to a Bonus Award for a Performance Period, including, as set forth in Sections 13(nn) and 13(oo) of the 2015 Plan. The criteria set forth in Sections 13(nn) or 13(oo) of the 2015 Plan may relate to the Company, one or more of its Affiliates or one or more of its or their divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all as the Committee shall determine.  For the avoidance of doubt, the Bonus Awards under this Plan do not qualify as “performance-based compensation” under Section 162(m) of the Code.
(i)    “Performance Period” means the period of time for measurement of achievement of the Performance Goals that must be met to receive a Bonus Award relating to such Performance Goal achievement, as determined by the Committee in its sole discretion.  Unless otherwise determined by the Committee, the Performance Period will be each calendar year.  
(j)    “Target Bonus Award” means the target award payable under the Bonus Plan to a Participant for any Performance Period, as determined by the Committee in accordance with Section 5(c).
(k)    “Target Determination Date” means the date or dates upon which the Committee sets the Performance Goals and each Participant’s Target Bonus Award with respect to a Performance Period, in accordance with Sections 5(b) and 5(c).

		
	3.
	Plan Administration.

(a)    The Committee shall be responsible for the general administration and interpretation of the Bonus Plan and for carrying out its provisions. The Committee may delegate specific administrative tasks to Company employees or others as appropriate for proper administration of the Bonus Plan. The Committee shall have such powers as may be necessary 

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to discharge its duties hereunder, including, but not by way of limitation, the following powers and duties, but subject to the terms of the Bonus Plan:
(i)    authority to adopt Performance Goals and Target Bonus Awards under the Bonus Plan for a Performance Period;
(ii)    authority to determine eligibility and the amount, form, manner and time of payment of any Bonus Awards hereunder, including authority to exercise negative discretion in reducing any Maximum Bonus Award;
(iii)    authority to construe and interpret the terms of the Bonus Plan;

(iv)    authority to prescribe forms and procedures for purposes of Bonus Plan participation and distribution of Bonus Awards; and
(v)    authority to adopt rules, regulations and bylaws and to take such actions as it deems necessary or desirable for the proper administration of the Bonus Plan.
(b)    Any rule or decision by the Committee that is not inconsistent with the provisions of the Bonus Plan or the 2015 Plan shall be conclusive and binding on all persons, and shall be given the maximum deference permitted by law.

		
	4.
	Eligibility. Participation in the Bonus Plan is at the discretion of the Committee. Officers of the Company who are regularly employed (full or part time) during a Performance Period and who are subject to Section 16 of the Securities Exchange Act of 1934, are eligible to participate in the Bonus Plan. If an officer is hired during a Performance Period, the Committee shall have the discretion to determine whether such officer should be eligible to participate in the Bonus Plan for such Performance Period. If the Participant’s Bonus Plan target percent changes during a Performance Period, the officer’s Target Bonus Award will be pro-rated based on those adjusted figures as follows: the Target Bonus Award will be based on the number of days in the Performance Period with the former Bonus Plan annual bonus target percent and the number of days in the Performance Period with the new Bonus Plan annual target percent. A Participant must be employed through the payment date to earn any award under this Bonus Plan; if the Participant’s employment terminates before the payment date of any Bonus Award, the Participant will not be eligible to receive a Bonus Award, or any portion of a Bonus Award, except as provided in an applicable severance plan or in an individual employment or retention agreement with such Participant. If a Participant is on a leave of absence for a portion of a Performance Period, the Participant will be eligible for a Bonus Award under the Bonus Plan relating to such Performance Period based on actual salary earned during such Performance Period (exclusive of any salary replacement benefits paid during the leave via insurance).

		
	5.
	Bonus Awards.

(a)    Bonus Plan Components. The Bonus Plan components for each Performance Period are: (i) the Performance Goals; (ii) the Target Bonus Award; (iii) the Maximum Bonus Award; and (iv) the Bonus Award.
(b)    Performance Goal Determination. On the Target Determination Date for each Performance Period, the Committee, in its sole discretion, shall establish the Performance Goals for each Participant for such Performance Period. Such Performance Goals shall be set forth in writing  and the achievement of such Performance Goals shall be substantially uncertain at such time.
(c)    Target Bonus Award. On the Target Determination Date for each Performance Period, the Committee, in its sole discretion, shall designate a Target Bonus Award for each Participant for such Performance Period. Each Participant’s Target Bonus Award shall be set forth in writing. The Participant’s Bonus Award for such Performance Period is calculated, in part (as further described below), by reference to his or her Target Bonus Award.

(d)    Maximum Bonus Award. Subject to Section 2(d) above, the Maximum Bonus Award that may be earned by a Participant for any Performance Period is 150 percent of the Participant’s Target Bonus Award.
(e)    Payout Formula. On the Target Determination Date for each Performance Period, the Committee, in its sole discretion, shall establish the Payout Formula for purposes of determining the Bonus Award that may be earned by each Participant for such Performance Period. Each Payout Formula (a) shall be set forth in writing, (b) shall provide for the payment of a Participant’s Bonus Award if the Performance Goals for the Performance Period are achieved, and (c) may provide for a Bonus Award payment greater than or less than the Participant’s Target Bonus Award (i.e., a Maximum Bonus Award and a threshold award), depending upon the extent to which the Performance Goals are achieved. Notwithstanding the preceding, in no event shall a Participant’s Bonus Award for any Performance Period exceed the Maximum Bonus Award.
(f)    Determination of the Bonus Award. On the Payout Determination Date for each Performance Period, the Committee shall determine and certify in writing (which may be by approval of the minutes in which the certification was made) the extent to which the Performance Goals applicable to each Participant for such Performance Period were achieved 

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or exceeded. The Bonus Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance that has been certified by the Committee. Notwithstanding any contrary provision of the Bonus Plan, the Committee, in its sole discretion, may eliminate or reduce the Bonus Award payable to any Participant below that which otherwise would be payable under the Payout Formula in its discretion.

		
	6.
	Bonus Award Payment.

(a)    Right to Receive Payment. Each Bonus Award under the Bonus Plan shall be paid solely from the general assets of the Company. Nothing in the Bonus Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to payment of a Bonus Award other than as an unsecured general creditor with respect to any payment to which he or she may be entitled.
(b)    Form of Payment of Bonus Awards. Except as otherwise determined by the Committee, subject to Section 4, the Company shall distribute a Participant’s Bonus Award to the Participant in the form of cash and/or shares of Common Stock, as determined by the Committee, in its sole discretion, on the Payout Determination Date for each Performance Period. Subject to Section 6(d), a Participant’s Bonus Award shall be paid to the Participant as soon as is practicable following the Payout Determination Date for the Performance Period, but in no event later than the 15th day of the third calendar month after the end of the calendar year in which the Participant’s Bonus Award is no longer subject to a substantial risk of forfeiture, within the meaning of Treasury Regulation Section 1.409A-1(d). Payments under this Bonus Plan shall be made in a manner that complies with Treasury Regulation Section 1.409A-1(b)(4) and this Bonus Plan shall be construed in accordance with such provision.
(c)    Tax Withholding. The Company will withhold from any payments under the Bonus Plan and from any other amounts payable to a Participant by the Company any amount required to satisfy the income and employment tax withholding obligations arising under applicable federal and state laws in respect of a Bonus Award. Without limiting the forgoing, with respect to any portion of a Bonus Award paid in shares of Common Stock, the Company may, in its sole discretion, satisfy all or any portion of its tax withholding obligations by (i) causing a Participant to tender a cash payment, (ii) permitting a Participant to enter into a “same day sale” commitment, if applicable, with a broker-dealer whereby the Participant irrevocably elects to sell a portion of the shares of Common Stock to satisfy the Company’s withholding obligation and whereby the broker-dealer irrevocably commits to forward the proceeds necessary to satisfy the Company’s withholding obligation directly to the Company, or (iii) withholding from any shares of Common Stock otherwise issuable to a Participant a number of whole shares having a fair market value as of the date of payment not in excess of the minimum amount of tax required to be withheld by the Company by law. The Company may require the Participant to satisfy any remaining amount of the tax withholding obligations by tendering a cash payment. Each Participant is encouraged to contact his or her personal legal or tax advisors with respect to the benefits provided by the Bonus Plan. Neither the Company nor any of its employees, directors, officers or agents are authorized to provide any tax advice to Participants with respect to the benefits provided under the Bonus Plan.
(d)    Deferral. The Committee may defer payment of Bonus Awards payable in cash pursuant to Section 6(b), or any portion thereof, to Participants in accordance with Section 409A of the Code as the Committee, in its sole discretion, determines to be necessary or desirable. In addition, the Committee, in its sole discretion, may permit a Participant to defer receipt of the payment of cash that would otherwise be delivered to a Participant under the Bonus Plan. Any such deferral elections shall comply with the requirements of Section 409A of the Code, and shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion.

		
	7.
	Amendment and Termination of the Bonus Plan. The Committee may amend, modify, suspend or terminate the Bonus Plan, in whole or in part, at any time, including adopting amendments deemed necessary or desirable to correct any defect or to supply omitted data or to reconcile any inconsistency in the Bonus Plan or in any Bonus Award granted hereunder; provided, however, that no amendment, alteration, suspension or discontinuation shall be made that would change the payment dates of any shares of Common Stock if such change would fail to comply with the requirements of Section 409A of the Code. To the extent necessary or advisable under applicable law, Bonus Plan amendments shall be subject to stockholder approval. At no time before the actual distribution of funds to Participants under the Bonus Plan shall any Participant accrue any vested interest or right whatsoever under the Bonus Plan except as otherwise stated in the Bonus Plan.

		
	8.
	No Guarantee of Employment. The Bonus Plan is intended to provide a financial incentive to Participants and is not intended to confer any rights to continued employment upon Participants whose employment will remain at-will and subject to termination by either the Company or Participant at any time, with or without cause or notice.

		
	9.
	Recovery. Any amounts paid (or shares of Common Stock granted) under this Bonus Plan will be subject to recoupment in accordance with the Company’s Policy for Recoupment of Incentive Compensation, as may be amended from time to time, and any other clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. No recovery of compensation under any 

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recoupment or clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any plan of or agreement with the Company.

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