Document:

Form of Registration Rights Agreement

 Exhibit 10.5 
  
 REGISTRATION RIGHTS AGREEMENT 
  

by and among 
  
 ARIES MARITIME TRANSPORT LIMITED 
  
 and 
  
 ROCKET MARINE INC.

  

  
 Dated as of June     , 2005 
  

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 REGISTRATION RIGHTS AGREEMENT dated as of June     , 2005, by and between
ARIES MARITIME TRANSPORT LIMITED, a Bermuda company (the “Company”), and ROCKET MARINE INC., a Marshall Islands company (the “Stockholder”). 
  
 In consideration of the mutual covenants and agreements herein contained and other good and valid consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
  

	1.	Certain Definitions. 

  
 In addition to the terms defined elsewhere in this Agreement, the following terms shall have the following meanings: 
  

	 	1.1	“Affiliate” of any Person means any other Person which directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, such Person. The term “control” (including the terms “controlling,” “controlled by” and “under common control with”) as used with respect to any Person means the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

  

	 	1.2	“Agreement” means this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing, and
shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 

  

	 	1.3	“Common Shares” means the common shares, par value $0.01 per common share, of the Company and any other common shares into which such common shares are converted pursuant
to a recapitalization or reorganization. 

  

	 	1.4	“Company” has the meaning set forth in the introductory paragraph. 

  

	 	1.5	“Demand Registration” has the meaning set forth in Section 2(a) hereof. 

  

	 	1.6	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	 	1.7	“Governmental Entity” means any national, federal, state, municipal, local, territorial, foreign or other government or any department, commission, board, bureau, agency,
regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or public or private tribunal. 

  

	 	1.8	“Holder” means any holder of record of Registrable Common Shares and any transferees of at least 50% of such Registrable Common Shares from any such Holder. For purposes
of this Agreement, the Company may deem and treat the registered holder of Registrable Common Shares as the Holder and absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 

  

	 	1.9	“Initiating Holders” has the meaning set forth in Section 2(a) hereof. 

  

	 	1.10	“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, incorporated organization, association, corporation,
institution, public benefit corporation, Governmental Entity or any other entity. 

  

	 	1.11	“Piggyback Registration” has the meaning set forth in Section 3(a) hereof. 

  

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	 	1.12	“Prospectus” means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Common Shares covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by
reference in such prospectus or prospectuses. 

  

	 	1.13	“Qualifying IPO” means the sale in an underwritten initial public offering registered under the Securities Act of the Common Shares. 

  

	 	1.14	“Registrable Common Shares” means the Common Shares held by the Stockholder or affiliates of the Stockholder as of the date of the Qualifying IPO, provided however,
Registrable Common Shares shall not include any securities sold by a Person to the public either pursuant to a Registration Statement or Rule 144. 

  

	 	1.15	“Registration Expenses” has the meaning set forth in Section 7(a) hereof. 

  

	 	1.16	“Registration Statement” means any registration statement of the Company which covers any of the Registrable Common Shares pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement. 

  

	 	1.17	“SEC” means the Securities and Exchange Commission. 

  

	 	1.18	“Securities Act” means the Securities Act of 1933, as amended. 

  

	 	1.19	“Stockholder” has the meaning set forth in the introductory paragraph. 

  

	 	1.20	“Suspension Notice” has the meaning set forth in Section 6(l) hereof. 

  

	 	1.21	“Underwritten registration or underwritten offering” means a registration in which securities of the Company are sold to underwriters for reoffering to the public.

  

	 	1.22	“Withdrawn Demand Registration” has the meaning set forth in Section 2(g) hereof. 

  

	2.	Demand Registrations. 

  
 (a) Right to Request Registration. At any time commencing 180 days following the closing of a Qualifying IPO, any Holder or Holders may request
registration under the Securities Act (“Initiating Holders”) of all or part of the Registrable Common Shares (“Demand Registration”); provided, that each Demand Registration be at least equal to 10% of the
Company’s outstanding Common Shares immediately following the closing of such Qualifying IPO. 
  
 Within 10 days after receipt of any such request for Demand Registration, the Company shall give written notice of such request to all
other Holders of Registrable Common Shares and shall, subject to the provisions of Section 2(d) hereof, include in such registration all such Registrable Common Shares with respect to which the Company has received written requests for inclusion
therein within 15 days after the receipt of the Company’s notice. 
  
 (b) Number of Demand Registrations. Subject to the provisions of Section 2(a), the Initiating Holders of Registrable Common Shares shall collectively be entitled to request an aggregate of three (3) Demand Registrations. A
registration shall not count as one of the permitted Demand Registrations (i) until it has become effective, (ii) if the Initiating Holders 

  

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requesting such registration are not able to have registered and sold at least 50% of the Registrable Common Shares requested by such Initiating Holders to
be included in such registration or (iii) in the case of a Demand Registration that would be the last permitted Demand Registration requested hereunder, if the Initiating Holders requesting such registration are not able to have registered and sold
all of the Registrable Common Shares requested to be included by such Initiating Holders in such registration. 
  
 (c) Priority on Demand Registrations. Except as provided in Section 2(g), the Company shall not include in any Demand Registration any securities
which are not Registrable Common Shares without the written consent of the Holders of a majority of the Registrable Common Shares to be included in such registration, or, if such Demand Registration is an underwritten offering, without the written
consent of the managing underwriters. If the managing underwriters of the requested Demand Registration advise the Company in writing that in their opinion the number of Registrable Common Shares proposed to be included in any such registration
exceeds the number of securities which can be sold in such offering without having an adverse affect on such offering, including the price at which such Registrable Common Shares can be sold, the Company shall include in such registration only the
number of Registrable Common Shares which in the opinion of such managing underwriters can be sold without having the adverse effect referred to above. If the number of Common Shares which can be sold without having the adverse effect referred to
above is less than the number of Registrable Common Shares proposed to be registered, the amount of Registrable Common Shares to be so sold shall be allocated pro rata among the Holders of Registrable Common Shares desiring to participate in such
registration on the basis of the amount of such Registrable Common Shares initially proposed to be registered by such Holders. If the number of Common Shares which can be sold exceeds the number of Registrable Common Shares proposed to be sold, such
excess shall be allocated pro rata among the other holders of securities, if any, desiring to participate in such registration based on the amount of such securities initially requested to be registered by such holders or as such holders may
otherwise agree. 
  
 (d) Restrictions on Demand
Registrations. The Company shall not be obligated to effect any Demand Registration within three months after the termination of an offering under a previous Demand Registration or a previous registration under which the Initiating Holder had
piggyback rights pursuant to Section 4 hereof where the Initiating Holder was permitted to register and sell 50% of the Registrable Common Shares requested to be included therein. The Company may postpone for up to 90 days the filing or the
effectiveness of a Registration Statement for a Demand Registration if, based on the good faith judgment of the Company’s board of directors, such postponement or withdrawal is necessary in order to avoid premature disclosure of a matter the
board has determined would not be in the best interest of the Company to be disclosed at such time; provided, that in no event shall the Company withdraw a Registration Statement after such Registration Statement has been declared effective; and
provided, further, however, that in the event described above, the Initiating Holders requesting such Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one
of the permitted Demand Registrations. The Company shall provide written notice to the Initiating Holders requesting such Demand Registration of (i) any postponement or withdrawal of the filing or effectiveness of a Registration Statement pursuant
to this Section 2(d), (ii) the Company’s decision to file or seek effectiveness of such Registration Statement following such withdrawal or postponement and (iii) the effectiveness of such Registration Statement. The Company may defer the
filing of a particular Registration Statement pursuant to this Section 2(d) only once during any twelve-month period. 
  

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 (e) Selection of Underwriters. If any of the Registrable Common Shares covered by a Demand
Registration are to be sold in an underwritten offering, the Initiating Holders shall have the right to select the managing underwriter(s) to administer the offering subject to the approval of the Company, which will not be unreasonably withheld.

  
 (f) Effective Period of Demand Registrations. After any
Demand Registration filed pursuant to this Agreement has become effective, the Company shall use its commercially reasonable best efforts to keep such Demand Registration effective for a period equal to 180 days from the date on which the SEC
declares such Demand Registration effective (or if such Demand Registration is not effective during any period within such 180 days, such 180-day period shall be extended by the number of days during such period when such Demand Registration is not
effective), or such shorter period which shall terminate when all of the Registrable Common Shares covered by such Demand Registration have been sold pursuant to such Demand Registration. If the Company shall withdraw any Demand Registration
pursuant to Section 2(d) (a “Withdrawn Demand Registration”), the Initiating Holders of the Registrable Common Shares remaining unsold and originally covered by such Withdrawn Demand Registration shall be entitled to a replacement
Demand Registration which (subject to the provisions of this Section 2) the Company shall use its commercially reasonable best efforts to keep effective for a period commencing on the effective date of such Demand Registration and ending on the
earlier to occur of the date (i) which is 180 days from the effective date of such Demand Registration and (ii) on which all of the Registrable Common Shares covered by such Demand Registration have been sold. Such additional Demand Registration
otherwise shall be subject to all of the provisions of this Agreement. 
  

	3.	Shelf Registration. 

  
 (a) (i) At such time as the Company is able to use Form F-3 under the Securities Act (or any successor form) for sales of Registrable Common Shares by a
Holder, at the request of Holders of the lesser of (x) 5% of the Registrable Common Shares (without reduction for Common Shares that cease to be Registrable Common Shares) and (y) Registrable Common Shares having an aggregate market value of at
least $25 million, the Company shall use its commercially reasonable efforts to effect, as expeditiously as possible, the registration under the Securities Act of any number of Registrable Common Shares for which it receives requests in accordance
with Section 3(a) (the “Shelf Registration”). The Company shall use its commercially reasonable best efforts to cause such Registration Statement to become effective as promptly as practicable and maintain the effectiveness of such
Registration Statement (subject to the terms and conditions herein) for a period ending on the earlier of (i) two years following the date on which such Registration Statement first becomes effective (but one year if the Company is not able to use
Form F-3 under the Securities Act (or any successor form)), and (ii) the date on which all Registrable Common Shares covered by such Registration Statement have been sold and the distribution contemplated thereby has been completed or have become
freely tradeable pursuant to Rule 144 without regard to volume. 
  
 (b) The Shelf Registration Statement pursuant to this Section 3 shall to the extent possible under applicable law, be effected to permit sales on a continuous basis pursuant to Rule 415 under the Securities Act. Any takedown under the Shelf
Registration pursuant to this Section 3 may or may not be underwritten; provided that (i) Holders may request any underwritten takedown only to be effected as a Demand Registration (in which event, unless such Demand Registration would not require
representatives of the Company to meet with prospective purchasers of the Company’s securities, a Demand Registration must be available thereunder and the number of Demand Registrations available shall be reduced by one subject Section 2(b)) or
(ii) Holders may request an unlimited number of underwritten takedowns to be effected in 

  

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accordance with the terms of Section 4. The Company shall be entitled to effect the Shelf Registration on any available form under the Securities Act.

  
 (c) In the event of a request for a Shelf Registration
pursuant to Section 3(a), the Company shall give written notice of the proposed filing of the Registration Statement in connection therewith to all Holders of Registrable Common Shares offering to each such Holder the opportunity to have any or all
of the Registrable Common Shares held by such Holder included in such registration statement. Each Holder of Registrable Common Shares desiring to have its Registrable Common Shares registered under this Section 3(c) shall so advise the Company in
writing within 15 days after the date of such notice from the Company (which request shall set forth the amount of Registrable Common Shares for which registration is requested), and the Company shall include in such Registration Statement all such
Registrable Common Shares so requested to be included therein. 
  
 (d) The number, percentage, fraction or kind of Common Shares referred to in this Section 4 shall be appropriately adjusted for any stock dividend, stock split, reverse stock split, combination, recapitalization, reclassification, merger or
consolidation, exchange or distribution in respect of the Common Shares. 
  
 (e) (e) The Company, and any other holder of the Company’s securities who has registration rights, may include its securities in any Shelf Registration effected pursuant to this Section 3. 
  

	4.	Piggyback Registrations. 

  
 (a) Right to Piggyback. If at any time commencing 180 days following the closing of a Qualifying IPO the Company proposes to register any of its
common equity securities under the Securities Act (other than a registration statement on Form S-8 or on Form F-4 or any similar successor forms thereto), whether for its own account or for the account of one or more stockholders of the Company, and
the registration form to be used may be used for any registration of Registrable Common Shares (a “Piggyback Registration”), the Company shall give prompt written notice (in any event within 20 days after its receipt of notice of
any exercise of other demand registration rights) to all Holders of its intention to effect such a registration and, subject to Sections 4(b) and 4(c), shall include in such registration all Registrable Common Shares with respect to which the
Company has received written requests for inclusion therein within 15 days after the effectiveness of the Company’s notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole
discretion. 
  
 (b) Priority on Primary Registrations. If a
Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds
the number which can be sold in such offering without having an adverse effect on such offering, the Company shall include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the Registrable Common Shares
requested to be included therein by the Holders, pro rata among the Holders of such Registrable Common Shares on the basis of the number of Common Shares requested to be registered by such Holders, and (iii) third, other securities requested to be
included in such registration pro rata among the holders of such securities on the basis of the number of Common Shares requested to be registered by such holders or as such holders may otherwise agree. 
  
 (c) Priority on Secondary Registrations. If a Piggyback Registration
is an underwritten secondary registration on behalf of a holder of the Company’s securities other than 

  

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Registrable Common Shares, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be
included in such registration exceeds the number which can be sold in such offering without having an adverse effect on such offering, the Company shall include in such registration (i) first the securities requested to be included therein by the
holders requesting such registration and the Registrable Common Shares requested to be included in such registration, pro rata among the holders of such securities on the basis of the number of Common Shares requested to be registered by such
holders, and (ii) second, other securities requested to be included in such registration pro rata among the holders of such securities on the basis of the number of Common Shares requested to be registered by such holders or as such holders may
otherwise agree. 
  
 (d) Selection of Underwriters. If any
Piggyback Registration is an underwritten primary offering, the Company shall have the right to select the managing underwriter or underwriters to administer any such offering. 
  
 (e) Other Registrations. If the Company has previously filed a Registration Statement with respect to Registrable
Common Shares, and if such previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to become effective any other registration of any of its securities under the Securities Act, whether on its own behalf
or at the request of any holder or holders of such securities, until a period of at least 90 days has elapsed from the termination of the offering under the previous registration. 
  

	5.	Holdback Agreements. 

  
 The Company agrees not to effect any sale or distribution of any of its equity securities during the 10 days prior to and during the 180 days beginning on
the effective date of any underwritten Demand Registration or any underwritten Piggyback Registration (except as part of such underwritten registration or pursuant to registrations on Form S-8 or F-4 or any successor forms thereto) unless the
underwriters managing the offering otherwise agree to a shorter period. 
  

	6.	Registration Procedures. 

  
 (a) Whenever the Holders request that any Registrable Common Shares be registered pursuant to this Agreement, the Company shall use its commercially
reasonable best efforts to effect the registration and the sale of such Registrable Common Shares in accordance with the intended methods of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 
  
 (i) prepare and file with the SEC a Registration Statement with respect to
such Registrable Common Shares and use its commercially reasonable best efforts to cause such Registration Statement to become effective as soon as practicable thereafter; and before filing a Registration Statement or Prospectus or any amendments or
supplements thereto, furnish to the Holders of Registrable Common Shares covered by such Registration Statement and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated by
reference in the Prospectus and, if requested by such Holders, the exhibits incorporated by reference, and such Holders shall have the opportunity to object to any information pertaining to such Holders that is contained therein and the Company will
make the corrections reasonably requested by such Holders with respect to such information prior to filing any Registration Statement or amendment thereto or any Prospectus or any supplement thereto; 
  

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 (ii) prepare and file with the SEC such amendments and supplements to such Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for a period of not less than 180 days, in the case of a Demand Registration or such shorter period as is necessary to complete the
distribution of the securities covered by such Registration Statement and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with
the intended methods of disposition by the sellers thereof set forth in such Registration Statement; 
  
 (iii) furnish to each seller of Registrable Common Shares such number of copies of such Registration Statement, each amendment and supplement thereto, the
Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Common Shares owned by such seller;

  
 (iv) use its commercially reasonable best efforts to register
or qualify such Registrable Common Shares under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the Registrable Common Shares owned by such seller (provided, that the Company will not be required to (1) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subparagraph 6(a)(iv), (2) subject itself to taxation in any such jurisdiction, or (3) consent to general service of process in any such jurisdiction); 
  
 (v) notify each seller of such Registrable Common Shares, at any time when a
Prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any
fact necessary to make the statements therein not misleading, and, at the request of any such seller, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable
Common Shares, such Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 
  
 (vi) in the case of an underwritten offering, enter into such customary agreements (including underwriting agreements in
customary form with customary indemnification provisions) and take all such other actions as the Holders of a majority of the Registrable Common Shares being sold or the underwriters reasonably request in order to expedite or facilitate the
disposition of such Registrable Common Shares (including, without limitation, making members of senior management of the Company available to participate in, and cause them to cooperate with the underwriters in connection with, “road-show”
and other customary marketing activities (including one-on-one meetings with prospective purchasers of the Registrable Common Shares)) and cause to be delivered to the underwriters and the sellers, if any, opinions of counsel to the Company in
customary form, covering such matters as are customarily covered by opinions for an underwritten public offering as the underwriters may request and addressed to the underwriters and the sellers; 
  

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 (vii) make available, for inspection by any seller of Registrable Common Shares, any underwriter
participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the
Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration
Statement; 
  
 (viii) use its commercially reasonable best
efforts to cause all such Registrable Common Shares to be listed on each securities exchange on which securities of the same class issued by the Company are then listed; 
  
 (ix) if requested, cause to be delivered, immediately prior to the effectiveness of the Registration Statement (and, in the
case of an underwritten offering, at the time of delivery of any Registrable Common Shares sold pursuant thereto), letters from the Company’s independent certified public accountants addressed to each selling Holder (unless such selling Holder
does not provide to such accountants the appropriate representation letter required by rules governing the accounting profession) and each underwriter, if any, stating that such accountants are independent public accountants within the meaning of
the Securities Act and the applicable rules and regulations adopted by the SEC thereunder, and otherwise in customary form and covering such financial and accounting matters as are customarily covered by letters of the independent certified public
accountants delivered in connection with primary or secondary underwritten public offerings, as the case may be; 
  
 (x) make generally available to its stockholders a consolidated earnings statement (which need not be audited) for the 12 months beginning after the
effective date of a Registration Statement as soon as reasonably practicable after the end of such period, which earnings statement shall satisfy the requirements of an earning statement under Section 11(a) of the Securities Act; and 
  
 (xi) promptly notify each seller of Registrable Common Shares and the
underwriter or underwriters, if any: 
  

	 	(A)	when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment to the Registration Statement has been filed
and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; 

  

	 	(B)	of any comments of the SEC or of any written request by the SEC for amendments or supplements to the Registration Statement or Prospectus; 

  

	 	(C)	of the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the
Registration Statement; and 

  

	 	(D)	of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Common Shares for sale under the applicable securities or
blue sky laws of any jurisdiction. 

  

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 (b) The Company shall ensure that no Registration Statement (including any amendments or supplements
thereto and Prospectuses contained therein) shall contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading (except, with respect to any
Holder, for an untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in reliance on and in conformity with written information furnished to the Company by or on behalf of such Holder
specifically for use therein). 
  
 (c) The Company shall make
available to each Holder whose Registrable Common Shares are included in a Registration Statement (i) promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one copy of each Registration
Statement and any amendment thereto, each preliminary Prospectus and Prospectus and each amendment or supplement thereto, each letter written by or on behalf of the Company to the SEC or the staff of the SEC (or other governmental agency or
self-regulatory body or other body having jurisdiction, including any domestic or foreign securities exchange), and each item of correspondence from the SEC or the staff of the SEC (or other governmental agency or self-regulatory body or other body
having jurisdiction, including any domestic or foreign securities exchange), in each case relating to such Registration Statement (other than any portion thereof which contains information for which the Company has sought confidential treatment),
and (ii) such number of copies of a Prospectus, including a preliminary Prospectus, and all amendments and supplements thereto and such other documents as such Holder may reasonably request in order to facilitate the disposition of the Registrable
Common Shares owned by such Holder. The Company will promptly notify each Holder by facsimile of the effectiveness of each Registration Statement or any post-effective amendment. The Company will promptly respond to any and all comments received
from the SEC, with a view towards causing each Registration Statement or any amendment thereto to be declared effective by the SEC as soon as practicable and shall file an acceleration request as soon as practicable following the resolution or
clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration Statement or any amendment thereto will not be subject to review. 
  
 (d) At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either
the Securities Act or the Exchange Act, the Company shall file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, and take such further action as any
Holders may reasonably request, all to the extent required to enable such Holders to be eligible to sell Registrable Common Shares pursuant to Rule 144 (or any similar rule then in effect). 
  
 (e) the Company may require each seller of Registrable Common Shares as to
which any registration is being effected to furnish to the Company any other information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing. 
  
 (f) Each seller of Registrable Common Shares agrees by having its Common
Shares treated as Registrable Common Shares hereunder that, upon notice of the happening of any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any material
fact necessary to make the statements therein not misleading (a “Suspension Notice”), such seller will forthwith discontinue disposition of Registrable Common Shares for a reasonable length of time not to exceed 60 days until such
seller is advised in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 6(c) hereof, and, if so directed by the Company, such seller will deliver
to the Company (at the Company’s expense) all copies, other than permanent file copies then in such seller’s possession, of the Prospectus covering such Registrable Common Shares current at the time of receipt of such 

  

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notice; provided, however, that such postponement of sales of Registrable Common Shares by the Holders shall not exceed 90 days in the aggregate in any one
year. If the Company shall give any notice to suspend the disposition of Registrable Common Shares pursuant to a Prospectus, the Company shall extend the period of time during which the Company is required to maintain the Registration Statement
effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date such seller either is advised by the Company that the use of the Prospectus may be
resumed or receives the copies of the supplemented or amended Prospectus contemplated by Section 6(e). In any event, the Company shall not be entitled to deliver more than three (3) Suspension Notices in any one year. 
  

	7.	Registration Expenses. 

  
 (a) All expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration and
filing fees, fees and expenses of compliance with securities or blue sky laws, listing application fees, printing expenses, transfer agent’s and registrar’s fees, cost of distributing Prospectuses in preliminary and final form as well as
any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants and other Persons retained by the Company (all such expenses being herein called “Registration
Expenses”) (but not including any underwriting discounts or commissions attributable to the sale of Registrable Common Shares or fees and expenses of more than one counsel representing the Holders of Registrable Common Shares), shall be
borne by the Company. In addition, the Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or
quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which they are to be listed. 
  
 (b) In connection with each registration initiated hereunder (whether a Demand Registration or a Piggyback Registration),
the Company shall reimburse the Holders covered by such registration or sale for the reasonable fees and disbursements of one law firm chosen by the Holders of a majority of the Registrable Common Shares included in such registration or sale.

  
 (c) The obligation of the Company to bear the expenses
described in Section 7(a) and to reimburse the Holders for the expenses described in Section 7(b) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended, is converted
to another form of registration and irrespective of when any of the foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of a Holder of Registrable Common Shares (unless
withdrawn following postponement of filing by the Company in accordance with Section 2(d)(i) or (ii)) or any supplements or amendments to a Registration Statement or Prospectus resulting from a misstatement furnished to the Company by a Holder shall
be borne by such Holder. 
  

	8.	Indemnification. 

  
 (a) The Company shall indemnify, to the fullest extent permitted by law, each Holder, its officers, directors and Affiliates and each Person who controls
such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or any violation or
alleged violation by the Company of the Securities Act, the Exchange Act or applicable “blue sky” laws, 

  

 11 

 
except insofar as the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder
expressly for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser a copy of the Registration Statement or Prospectus or any amendments or supplements thereto (if the same was required by
applicable law to be so delivered). In connection with an underwritten offering, the Company shall indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to
the same extent as provided above with respect to the indemnification of the Holders. 
  
 (b) In connection with any Registration Statement in which a Holder of Registrable Common Shares is participating, each such Holder shall furnish to the Company in writing such information and affidavits as the
Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company, its officers, directors Affiliates, and each Person who controls the
Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the
same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate
purchaser a copy of the Registration Statement or Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of
the same; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders and the liability of each such Holder shall be in proportion to and limited to the net amount received by such Holder from the
sale of Registrable Common Shares pursuant to such Registration Statement. 
  
 (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification, provided that the failure to notify the
indemnifying party shall not relieve the indemnifying party from any liability that it may have under this Section 8 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such
failure; and provided, further, that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to an indemnified party otherwise than under this Section 8 and (ii) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably
withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect
to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party which are in addition to or may conflict with those available to another indemnified
party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder. 
  
 (d) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any 

  

 12 

 
officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. 
  
 (e) If the indemnification provided for in or pursuant to this Section 8 is
due in accordance with the terms hereof, but is held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable
considerations. The relative fault of the indemnifying party on the one hand and of the indemnified Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. In no event shall the liability of any selling Holder be greater in amount than the amount of net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been
obligated to pay by way of indemnification if the indemnification provided for under Section 8(a) or 8(b) hereof had been available under the circumstances. 
  

	9.	Participation in Underwritten Registrations. 

  
 No Person may participate in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such underwriting arrangements. 
  

	10.	Rule 144. 

  
 The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder, and it will take such further action as any Holder may reasonably request to make available adequate current public information with respect to the Company meeting the current public information requirements of Rule
144(c) under the Securities Act, to the extent required to enable such Holder to sell Registrable Common Shares without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act,
as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such
information and requirements. 
  

 13 

	11.	Miscellaneous. 

  
 (a) Notices. All notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be hand delivered or
mailed postage prepaid by registered or certified mail or by facsimile transmission (with immediate telephone confirmation thereafter), 
  
 If to the Company: 
  
 Aries Maritime Transport Limited 
 6 Posidonos
Avenue 
 Kallithea 
 176 64
Athens, Greece 
  
 with a copy to: 
  
 Seward & Kissel LLP 
 One Battery Park Plaza 
 New York, New York
10004 
 Attention: Gary J. Wolfe, Esq. 
 Facsimile No.: (212) 480-8421 
  
 If to the Stockholder:

  
 Rocket Marine Inc. 
 [            ] 
 [        ] 
  
 Attention: 
 Facsimile No: 
  
 or if to another Holder, to the addresses set forth on the counterpart signature pages of this Agreement signed by such Holders. 

 
 If to a transferee Holder, to the address of such Holder set forth in the transfer
documentation provided to the Company or at such other address as such party each may specify by written notice to the others, and each such notice, request, consent and other communication shall for all purposes of the Agreement be treated as being
effective or having been given when delivered personally or upon receipt of facsimile confirmation if transmitted by facsimile, or, if sent by mail, at the time of its receipt. 
  
 (b) No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law. 
  
 (c) Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, it being understood that subsequent Holders of the Registrable Common Shares are
intended third party beneficiaries of this Agreement. 
  
 (d)
Governing Law. The laws of the State of New York shall govern the enforceability and validity of this Agreement, the construction of its terms and the interpretation of the rights and duties of the parties, without regard to the principles of
conflicts of laws thereof. 
  
 (e) Jurisdiction. Any suit,
action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby may be brought in any federal or state court located in the County and
State of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law,
any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient

  

 14 

 
forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any
such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 10(a) shall be deemed effective service of process on such party. 
  
 (f) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 (g) Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by
facsimile) and by different parties hereto in separate counterparts, with the same effect as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the
same instrument. This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all of the other parties hereto. 
  

(h) Entire Agreement. This Agreement contains the entire agreement among the parties hereto with respect to the subject matter hereof and
supersedes and replaces all other prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof. 
  
 (i) Captions. The headings and other captions in this Agreement are for convenience and reference only and shall not be used in interpreting,
construing or enforcing any provision of this Agreement. 
  
 (j)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
  
 (k) Amendments. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may
not be given without the prior written consent of the Holders of a majority of the Registrable Common Shares (as constituted on the date hereof); provided, however, that without a Holder’s written consent no such amendment, modification,
supplement or waiver shall affect adversely such Holder’s rights hereunder in a discriminatory manner inconsistent with its adverse effects on rights of other Holders hereunder (other than as reflected by the different number of common shares
held by such Holder); provided, further, that the consent or agreement of the Company shall be required with regard to any termination, amendment, modification or supplement of, or waivers or consents to departures from, the terms hereof, which
affect the Company’s obligations hereunder. This Agreement cannot be changed, modified, discharged or terminated by oral agreement. 
  
 (l) Aggregation of Common Shares. All Registrable Common Shares held by or acquired by any Affiliated Persons will be aggregated together for the
purpose of determining the availability of any rights under this Agreement. 
  
 (m) Equitable Relief. Without limiting the remedies available, the parties hereto acknowledge that any failure by the Company to comply with its obligations under this Agreement will result in material
irreparable injury to the Holders for which there is no adequate 

  

 15 

 
remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder shall have
the right to obtain such relief as may be required to specifically enforce the Company’s obligations under this Agreement. 
  
 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the parties hereto as of the date first written above.

  

									
	 ARIES MARITIME TRANSPORT LIMITED
	 	 	 	ROCKET MARINE INC.
					
	 By:
	 	 	 	 	 	 By:
	 	 
	 Name:
	 	 	 	 	 	 Name:
	 	 
	 Title:
	 	 	 	 	 	 Title:
	 	 

  

 16Form of Equity Incentive Plan

 Exhibit 10.6 
  
 FORM OF ARIES MARITIME TRANSPORT LIMITED 
 2005 EQUITY INCENTIVE PLAN 
  
 ARTICLE I 
 General 
  
 1.1 Purpose 
  
 The Aries Maritime Transport Limited 2005 Equity Incentive Plan (the “Plan”) is designed to provide certain key persons, on whose initiative and efforts the successful conduct of the business of
Aries Maritime Transport Limited (the “Company”) depends, with incentives to: (a) enter into and remain in the service of the Company, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance,
and (d) enhance the long-term performance of the Company. 
  
 1.2 Administration

  
 (a) Administration by Board of Directors. The Plan shall be
administered by the Company’s Board of Directors (the “Administrator”). The Administrator shall have the authority (i) to exercise all of the powers granted to it under the Plan, (ii) to construe, interpret and implement the Plan and
any Award Agreements executed pursuant to Section 2.1 in its sole discretion with all such determination being final, binding and conclusive, (iii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules governing
its own operations, (iv) to make all determinations necessary or advisable in administering the Plan, and (v) to correct any defect, supply any omission and reconcile any inconsistency in the Plan. 
  
 (b) Administrator Action. Actions of the Administrator shall be taken by the
vote of a majority of its members. Any action may be taken by a written instrument signed by a majority of the Administrator members, and action so taken shall be fully as effective as if it had been taken by a vote at a meeting. Except to the
extent prohibited by applicable law or the applicable rules of a stock exchange, the Administrator may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its
responsibilities to any person or persons selected by it, and may revoke any such allocation or delegation at any time. 
  
 1.3 Persons Eligible for Awards 
  
 The persons eligible to receive awards under the Plan are those officers, directors, and executive, managerial, administrative and professional employees
of the Company, (collectively, “key persons”) as the Administrator in its sole discretion shall select, taking into account the duties of the respective employees, their present and potential contributions to the success of the Company,
and such other factors as the Administrator deems relevant in connection with accomplishing the purpose of the Plan. The Administrator may from time to time, in its sole discretion, determine that any key person shall be ineligible to receive awards
under the Plan. 
  
 1.4 Types of Awards Under Plan 
  
 Awards may be made under the Plan in the form of (a) incentive stock
options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, 

  

 1 

 
(e) restricted stock, (f) unrestricted stock, (g) restricted stock units, and (h) performance shares, all as more fully set forth in Article II. The term
“award” means any of the foregoing. No incentive stock option may be granted to a person who is not an employee of the Company on the date of grant. 
  

1.5 Shares Available for Awards 
  
 (a) Aggregate Number Available; Certificate Legends. Subject to the provisions of Section 1.5(b), the total number of common shares of the Company
(“Common Shares”) with respect to which awards may be granted pursuant to the Plan is 500,000 common shares. Shares issued pursuant to the Plan may be authorized but unissued Common Shares, authorized and issued Common Shares held in the
Company’s treasury or Common Shares acquired by the Company for the purposes of the Plan. The Administrator may direct that any share certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions
on transferability as may apply to such shares. 
  
 (b) Adjustment
Upon Changes in Common Shares. Upon certain changes in Common Shares, the number of Common Shares available for issuance with respect to awards that may be granted under the Plan pursuant to Section 1.5(a), shall be adjusted pursuant to Section
3.7(a). 
  
 (c) Certain Shares to Become Available Again. The
following Common Shares shall again become available for awards under the Plan: any shares that are subject to an award under the Plan and that remain unissued upon the cancellation or termination of such award for any reason whatsoever; any shares
of restricted stock forfeited pursuant to Section 2.7(e), provided that any dividends paid on such shares are also forfeited pursuant to such Section 2.7(e); and any shares in respect of which a stock appreciation right or performance share award is
settled for cash. 
  
 1.6 Definitions of Certain Terms 
  
 (a) The “Fair Market Value” of a Common Share on any day shall be
the closing price on the Nasdaq Stock Market as reported for such day in The Wall Street Journal or, if no such price is reported for such day, the average of the high bid and low asked price of Common Shares as reported for such day. If no
quotation is made for the applicable day, the Fair Market Value of a Common Share on such day shall be determined in the manner set forth in the preceding sentence using quotations for the next preceding day for which there were quotations, provided
that such quotations shall have been made within the ten (10) business days preceding the applicable day. Notwithstanding the foregoing, if deemed necessary or appropriate by the Administrator, the Fair Market Value of a Common Share on any day
shall be determined by the Administrator. In no event shall the Fair Market Value of any Common Share be less than its par value. 
  
 (b) The term “incentive stock option” means an option that is intended to qualify for special federal income tax treatment pursuant to sections
421 and 422 of the Code as now constituted or subsequently amended, or pursuant to a successor provision of the Code, and which is so designated in the applicable Grant Certificate. Any option that is not specifically designated as an incentive
stock option shall under no circumstances be considered an incentive stock option. Any option that is not an incentive stock option is referred to herein as a “non-qualified stock option.” 
  

 2 

 (c) The term “cause” in connection with a termination of employment by reason of a dismissal
for cause shall mean: 
  
 (i) to the extent that
there is an employment, severance or other agreement governing the relationship between the grantee and the Company, a Company subsidiary or a Company joint venture, which agreement contains a definition of “cause,” cause shall consist of
those acts or omissions that would constitute “cause” under such agreement; and otherwise, 
  
 (ii) the grantee’s termination of employment by the Company or an affiliate on account of any one or more of the following:

  
 (A) any failure by the grantee substantially
to perform the grantee’s employment duties; 
  
 (B) any excessive unauthorized absenteeism by the grantee; 
  
 (C) any refusal by the grantee to obey the lawful orders of the Board or any other person or Administrator to whom the grantee reports; 
  
 (D) any act or omission by the grantee that is or may be injurious to the Company, monetarily or otherwise;

  
 (E) any act by the grantee that is
inconsistent with the best interests of the Company; 
  
 (F) the grantee’s material violation of any of the Company’s policies, including, without limitation, those policies relating to discrimination or sexual harassment; 
  
 (G) the grantee’s unauthorized (a) removal from the premises of the Company or an affiliate of any
document (in any medium or form) relating to the Company or an affiliate or the customers or clients of the Company or an affiliate or (b) disclosure to any person or entity of any of the Company’s, or its affiliates’ confidential or
proprietary information; 
  
 (H) the
grantee’s commission of any felony, or any other crime involving moral turpitude; and 
  
 (I) the grantee’s commission of any act involving dishonesty or fraud. 
  
 Any rights the Company may have hereunder in respect of the events giving rise to cause shall be in addition to the rights
the Company may have under any other agreement with a grantee or at law or in equity. Any determination of whether a grantee’s employment is (or is deemed to have been) terminated for cause shall be made by the Administrator in its discretion,
which determination shall be final, binding and conclusive on all parties. If, subsequent to a grantee’s voluntary termination of employment or involuntary termination of employment without cause, it is discovered that the grantee’s
employment could have been terminated for cause, the Administrator may deem such grantee’s employment to have been terminated for cause. A grantee’s termination of 

  

 3 

 
employment for cause shall be effective as of the date of the occurrence of the event giving rise to cause, regardless of when the determination of cause is
made. 
  
 (d) “Common Share Offering” shall mean the
sale of the Company’s Common Shares in a firmly underwritten public offering. 
  
 ARTICLE II 
 Awards Under The Plan 
  
 2.1 Agreements Evidencing Awards 
  
 Each award granted under the Plan (except an award of unrestricted stock) shall be evidenced by a written certificate (“Award Agreement”) which
shall contain such provisions as the Administrator may, in its sole discretion, deem necessary or desirable. By executing an Award Agreement pursuant to the Plan, a grantee thereby agrees that the award shall be subject to all of the terms and
provisions of the Plan and the applicable Award Agreement. 
  
 2.2 Grant of Stock
Options, Stock Appreciation Rights, Restricted Stock Units and Dividend Equivalent Rights 
  
 (a) Stock Option Grants. The Administrator may grant incentive stock options and non-qualified stock options (“options”) to purchase Common Shares from the Company, to such key persons, and in such amounts
and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, in its sole discretion, subject to the provisions of the Plan. 
  
 (b) Stock Appreciation Right Grants; Types of Stock Appreciation Rights. The Administrator may grant stock appreciation
rights to such key persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, in its sole discretion, subject to the provisions of the Plan. The terms of a
stock appreciation right may provide that it shall be automatically exercised for a cash payment upon the happening of a specified event that is outside the control of the grantee, and that it shall not be otherwise exercisable. Stock appreciation
rights may be granted in connection with all or any part of, or independently of, any option granted under the Plan. A stock appreciation right granted in connection with an option may be granted at or after the time of grant of such option.

  
 (c) Nature of Stock Appreciation Rights. The grantee of a
stock appreciation right shall have the right, subject to the terms of the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value of a Common Share on the date of exercise of
the stock appreciation right over the Fair Market Value of a Common Share on the date of grant (or over the option exercise price if the stock appreciation right is granted in connection with an option), multiplied by (ii) the number of shares with
respect to which the stock appreciation right is exercised. Payment upon exercise of a stock appreciation right shall be in cash or in Common Shares (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or both,
all as the Administrator shall determine in its sole discretion. Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares subject to the option shall be reduced by the number of shares with respect
to which the stock appreciation right is exercised. Upon the 

  

 4 

 
exercise of an option in connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right
shall be reduced by the number of shares with respect to which the option is exercised. 
  
 (d) Option Exercise Price. Each Award Agreement with respect to an option shall set forth the amount (the “option exercise price”) payable by the grantee to the Company upon exercise of the option evidenced
thereby. The option exercise price per share shall be determined by the Administrator in its sole discretion. Notwithstanding the foregoing, with respect to any options granted within 30 days of a Common Share Offering, the option exercise price
will be the average of the Fair Market Value of a Common Share over the 30 day period following the closing of the Common Share Offering. 
  
 (e) Exercise Period. Each Award Agreement with respect to an option or stock appreciation right shall set forth the periods during which the award
evidenced thereby shall be exercisable, whether in whole or in part. Such periods shall be determined by the Administrator in its sole discretion; provided, however, that no option or a stock appreciation right shall be exercisable more than 10
years after the date of grant, and provided further that, except as and to the extent that the Administrator may otherwise provide pursuant to Sections 2.5, 3.7 or 3.8, no option or stock appreciation right shall be exercisable prior to the first
anniversary of the date of grant. (See the default exercise period provided for under Sections 2.3(a) and (b).) 
  
 (f) Reload Options. The Administrator may, in its sole discretion, include in any Award Agreement with respect to an option (the “original
option”) a provision that an additional option (the “reload option”) shall be granted to any grantee who, pursuant to Section 2.3(c)(ii), delivers Common Shares in partial or full payment of the exercise price of the original option.
The reload option shall be for a number of Common Shares equal to the number thus delivered, shall have an exercise price equal to the Fair Market Value of a Common Share on the date of exercise of the original option, and shall have an expiration
date no later than the expiration date of the original option. In the event that an Award Agreement provides for the grant of a reload option, such Agreement shall also provide that the exercise price of the original option be no less than the Fair
Market Value of a Common Share on its date of grant, and that any shares that are delivered pursuant to Section 2.3(c)(ii) in payment of such exercise price shall have been held for at least six months. 
  
 (g) Dividend Equivalent Rights. The Administrator may, in its sole
discretion, include in any Award Agreement with respect to an option, stock appreciation right or performance shares, a dividend equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the
time such award is outstanding and unexercised, on the Common Shares covered by such award if such shares were then outstanding. In the event such a provision is included in a Award Agreement, the Administrator shall determine whether such payments
shall be made in cash or in Common Shares, whether they shall be conditioned upon the exercise of the award to which they relate, the time or times at which they shall be made, and such other vesting and forfeiture provisions and other terms and
conditions as the Administrator shall deem appropriate. 
  
 (h) Restricted Stock Units. The Administrator may, in its sole discretion, grant restricted stock units to such key persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the
Administrator shall determine, in its sole discretion, subject to the provisions of the Plan. A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the Company, upon the occurrence of 

  

 5 

 
an event specified in the Award Agreement, such grantee’s vested restricted stock units multiplied by the Fair Market Value of a Common Share.
Restricted stock units may be granted in connection with all or any part of, or independently of, any award granted under the Plan. A restricted stock unit granted in connection with another award may be granted at or after the time of grant of such
award. 
  
 (i) Incentive Stock Option Limitation: Exercisability.
To the extent that the aggregate Fair Market Value (determined as of the time the option is granted) of the stock with respect to which incentive stock options are first exercisable by any employee during any calendar year shall exceed $100,000, or
such higher amount as may be permitted from time to time under section 422 of the Code, such options shall be treated as non-qualified stock options. 
  
 (j) Incentive Stock Option Limitation: 10% Owners. Notwithstanding the provisions of paragraphs (d) and (e) of this Section 2.2, an incentive stock option
may not be granted under the Plan to an individual who, at the time the option is granted, owns stock possessing more than 10% of the total combined voting power of all classes of stock of his employer corporation or of its parent or subsidiary
corporations (as such ownership may be determined for purposes of section 422(b) (6) of the Code) unless (i) at the time such incentive stock option is granted the option exercise price is at least 110% of the Fair Market Value of the shares subject
thereto and (ii) the incentive stock option by its terms is not exercisable after the expiration of 5 years from the date it is granted. 
  
 2.3 Exercise of Options, Stock Appreciation Rights and Restricted Stock Units 
  
 Subject to the other provisions of this Article II, each option, stock appreciation right and restricted stock unit granted under the Plan shall be
exercisable as follows: 
  
 (a) Timing and Extent of Exercise.
Options, stock appreciation rights and restricted stock units shall be exercisable at such times and under such conditions as set forth in the corresponding Award Agreement, but in no event shall any such award be exercisable prior to the first
anniversary or subsequent to the tenth anniversary of the date on which such award was granted. Unless the applicable Award Agreement otherwise provides, an option, stock appreciation right or restricted stock unit may be exercised from time to time
as to all or part of the shares or units as to which such award is then exercisable. A stock appreciation right granted in connection with an option may be exercised at any time when, and to the same extent that, the related option may be exercised.

  
 (b) Notice of Exercise. An option, stock appreciation right or
restricted stock unit shall be exercised by the filing of a written notice with the Company or the Company’s designated exchange agent (the “exchange agent”), on such form and in such manner as the Administrator shall in its sole
discretion prescribe. 
  
 (c) Payment of Exercise Price. Any
written notice of exercise of an option shall be accompanied by payment for the shares being purchased. Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or its exchange agent)
for the full option exercise price; or (ii) with the consent of the Administrator, by delivery of Common Shares having a Fair Market Value (determined as of the exercise date) equal to all or part of the option exercise price and a certified or
official bank check (or the equivalent thereof acceptable to the Company or its exchange agent) for any remaining portion of the full option exercise price; or (iii) at the discretion of the 

  

 6 

 
Administrator and to the extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator may from time to time
prescribe (whether directly or indirectly through the exchange agent). 
  
 (d) Delivery of Certificates Upon Exercise. Subject to the provision of section 2.3(e), promptly after receiving payment of the full option exercise price, or after receiving notice of the exercise of a stock appreciation right for which
payment will be made partly or entirely in shares, the Company or its exchange agent shall, subject to the provisions of Section 3.2, deliver to the grantee or to such other person as may then have the right to exercise the award, a certificate or
certificates for the Common Shares for which the award has been exercised. If the method of payment employed upon option exercise so requires, and if applicable law permits, an optionee may direct the Company or its exchange agent, as the case may
be, to deliver the share certificate(s) to the optionee’s stockbroker. 
  
 (e) Investment Purpose and Legal Requirements. Notwithstanding the foregoing, at the time of the exercise of any option, the Company may, if it shall deem it necessary or advisable for any reason, require the holder
of such option (i) to represent in writing to the Company that it is the optionee’s then intention to acquire the Shares with respect to which the option is to be exercised for investment and not with a view to the distribution thereof, or (ii)
to postpone the date of exercise until such time as the Company has available for delivery to the optionee a prospectus meeting the requirements of all applicable securities laws; and no shares shall be issued or transferred upon the exercise of any
option unless and until all legal requirements applicable to the issuance or transfer of such Shares have been complied with to the satisfaction of the Company. The Company shall have the right to condition any issuance of shares to any optionee
hereunder on such optionee’s undertaking in writing to comply with such restrictions on the subsequent transfer of such shares as the Company shall deem necessary or advisable as a result of any applicable law, regulation or official
interpretation thereof, and certificates representing such shares may contain a legend to reflect any such restrictions.  
  
 (f) No Shareholder Rights. No grantee of an option, stock appreciation right or restricted stock unit (or other person having the right to exercise such
award) shall have any of the rights of a shareholder of the Company with respect to shares subject to such award until the issuance of a share certificate to such person for such shares. Except as otherwise provided in Section 1.5(b), no adjustment
shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such share certificate is issued. 
  
 2.4 Compensation in Lieu of Exercise of an Option 
  
 Upon written application of the grantee of an option, the Administrator may
in its sole discretion determine to substitute, for the exercise of such option, compensation to the grantee not in excess of the difference between the option exercise price and the Fair Market Value of the shares covered by such written
application on the date of such application. Such compensation may be in cash, in Common Shares, or both, and the payment thereof may be subject to conditions, all as the Administrator shall determine in its sole discretion. In the event
compensation is substituted pursuant to this Section 2.4 for the exercise, in whole or in part, of an option, the number of shares subject to the option shall be reduced by the number of shares for which such compensation is substituted. 

 

 7 

 2.5 Termination of Employment; Death Subsequent to a Termination of Employment 
  
 (a) General Rule. Except to the extent otherwise provided in paragraphs (b),
(c), (d) or (e) of this Section 2.5 or Section 3.8(b)(iii), a grantee who incurs a termination of employment may exercise any outstanding option or stock appreciation right on the following terms and conditions: (i) exercise may be made only to the
extent that the grantee was entitled to exercise the award on the termination of employment date; and (ii) exercise must occur within three months after termination of employment but in no event after the original expiration date of the award.

  
 (b) Dismissal for Cause; Resignation. If a grantee incurs a
termination of employment as the result of a dismissal for cause or resignation without the Company’s prior consent, all options and stock appreciation rights not theretofore exercised shall terminate upon the grantee’s termination of
employment. 
  
 (c) Retirement. If a grantee incurs a termination
of employment as the result of his retirement, then any outstanding option, stock appreciation right or restricted stock unit shall be exercisable pursuant to its terms. For this purpose “retirement” shall mean a grantee’s termination
of employment, under circumstances other than those described in paragraph (b) above, on or after: (x) his 65th birthday, (y) the date on which he has attained age 60 and completed at least five years of service with the Company (using any method of
calculation the Administrator deems appropriate) or (z) if approved by the Administrator, on or after he has completed at least 20 years of service. 
  
 (d) Disability. If a grantee incurs a termination of employment by reason of a disability (as defined below), then any outstanding option, stock
appreciation right or restricted stock unit shall be exercisable pursuant to its terms. For this purpose “disability” shall mean, except in connection any physical or mental condition that would qualify a grantee for a disability benefit
under the long-term disability plan maintained by the Company or, if there is no such plan, a physical or mental condition that prevents the grantee from performing the essential functions of the grantee’s position (with or without reasonable
accommodation) for a period of six consecutive months. The existence of a disability shall be determined by the Administrator in its sole and absolute discretion. 
  
 (e) Death. 
  
 (i) Termination of Employment as a Result of Grantee’s Death. If a grantee incurs a termination of employment as the result of his
death, then any outstanding option, stock appreciation right or restricted stock unit shall be exercisable pursuant to its terms. 
  
 (ii) Restrictions on Exercise Following Death. Any such exercise of an award following a grantee’s death shall be made only by the
grantee’s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee’s will specifically disposes of such award, in which case such exercise shall be made only by the
recipient of such specific disposition. If a grantee’s personal representative or the recipient of a specific disposition under the grantee’s will shall be entitled to exercise any award pursuant to the preceding sentence, such
representative or recipient shall be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have 

  

 8 

 
applied to the grantee including, without limitation, the provisions of Sections 3.2 and 3.5 hereof. 
  
 (f) Special Rules for Incentive Stock Options. No option that remains
exercisable for more than three months following a grantee’s termination of employment for any reason other than death or disability, or for more than one year following a grantee’s termination of employment as the result of his becoming
disabled, may be treated as an incentive stock option. 
  
 (g)
Administrator Discretion. The Administrator, in the applicable Award Agreement, may waive or modify the application of the foregoing provisions of this Section 2.5. 
  
 2.6 Transferability of Options, Stock Appreciation Rights and Restricted Stock Units 
  
 Except as otherwise provided in an applicable Award Agreement evidencing an
option, stock appreciation right or restricted stock unit, during the lifetime of a grantee, each such award granted to a grantee shall be exercisable only by the grantee and no such award shall be assignable or transferable otherwise than by will
or by the laws of descent and distribution. The Administrator may, in any applicable Award Agreement evidencing an option (other than an incentive stock option to the extent inconsistent with the requirements of section 422 of the Code applicable to
incentive stock options), permit a grantee to transfer all or some of the options to (A) the grantee’s spouse, children or grandchildren (“Immediate Family Members”), (B) a trust or trusts for the exclusive benefit of such Immediate
Family Members, or (C) other parties approved by the Administrator in its sole and absolute discretion. Following any such transfer, any transferred options shall continue to be subject to the same terms and conditions as were applicable immediately
prior to the transfer. 
  
 2.7 Grant of Restricted Stock 
  
 (a) Restricted Stock Grants. The Administrator may grant restricted Common
Shares to such key persons, in such amounts, and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine in its sole discretion, subject to the provisions of the Plan. Restricted stock
awards may be made independently of or in connection with any other award under the Plan. A grantee of a restricted stock award shall have no rights with respect to such award unless such grantee accepts the award within such period as the
Administrator shall specify by accepting delivery of a restricted stock agreement in such form as the Administrator shall determine and, in the event the restricted shares are newly issued by the Company, makes payment to the Company its exchange
agent by certified or official bank check (or the equivalent thereof acceptable to the Company) in an amount at least equal to the par value of the shares covered by the award. 
  
 (b) Issuance of Share certificate(s). Promptly after a grantee accepts a restricted stock award, the Company or its exchange
agent shall issue to the grantee a share certificate or share certificates for the Common Shares covered by the award or shall establish an account evidencing ownership of the stock in uncertificated form. Upon the issuance of such share
certificate(s), or establishment of such account, the grantee shall have the rights of a shareholder with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provision described in paragraphs (d) and
(e) of this Section 2.7; (ii) in the Administrator’s discretion, to a requirement that any dividends 

  

 9 

 
paid on such shares shall be held in escrow until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions contained in
the applicable restricted stock agreement. 
  
 (c) Custody of
Share certificate(s). Unless the Administrator shall otherwise determine, any share certificates issued evidencing shares of restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in
the applicable restricted stock agreement. The Administrator may direct that such share certificate(s) bear a legend setting forth the applicable restrictions on transferability. 
  
 (d) Nontransferability. Shares of restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered
or disposed of except as otherwise specifically provided in this Plan or the applicable restricted stock agreement. The Administrator at the time of grant shall specify the date or dates (which may depend upon or be related to the attainment of
performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse. 
  
 (e) Consequence of Termination of Employment. A grantee’s termination of employment for any reason (including death) shall cause the immediate
forfeiture of all shares of restricted stock that have not yet vested as of the date of such termination of employment. All dividends paid on such shares also shall be forfeited, whether by termination of any escrow arrangement under which such
dividends are held, by the grantee’s repayment of dividends he received directly, or otherwise. 
  
 2.8 Grant of Unrestricted Stock 
  
 The Administrator may grant (or sell at a purchase price at least equal to par value) Common Shares free of restrictions under the Plan, to such key persons and in such amounts and subject to such forfeiture provisions as the Administrator
shall determine in its sole discretion. Shares may be thus granted or sold in respect of past services or other valid consideration. 
  
 2.9 Grant of Performance Shares 
  
 (a) Performance Share Grants. The Administrator may grant performance share awards to such key persons, and in such amounts and subject to such vesting
and forfeiture provisions and other terms and conditions, as the Administrator shall in its sole discretion determine, subject to the provisions of the Plan. Such an award shall entitle the grantee to acquire Common Shares, or to be paid the value
thereof in cash, as the Administrator shall determine, if specified performance goals are met. Performance shares may be awarded independently of, or in connection with, any other award under the Plan. A grantee shall have no rights with respect to
a performance share award unless such grantee accepts the award by accepting delivery of a Award Agreement at such time and in such form as the Administrator shall determine. 
  
 (b) Shareholder Rights. The grantee of a performance share award will have the rights of a shareholder only as to shares for
which a share certificate has been issued pursuant to the award and not with respect to any other shares subject to the award. 
  

 10 

 (c) Consequence of Termination of Employment. Except as may otherwise be provided by the Administrator at
any time prior to a grantee’s termination of employment, the rights of a grantee of a performance share award shall automatically terminate upon the grantee’s termination of employment by the Company and its subsidiaries for any reason
(including death). 
  
 (d) Exercise Procedures; Automatic
Exercise. At the discretion of the Administrator, the applicable Award Agreement may set out the procedures to be followed in exercising a performance share award or it may provide that such exercise shall be made automatically after satisfaction of
the applicable performance goals. 
  
 (e) Tandem Grants; Effect on
Exercise. Except as otherwise specified by the Administrator, (i) a performance share award granted in tandem with an option may be exercised only while the option is exercisable, (ii) the exercise of a performance share award granted in tandem with
any other award shall reduce the number of shares subject to such other award in the manner specified in the applicable Award Agreement, and (iii) the exercise of any award granted in tandem with a performance share award shall reduce the number of
shares subject to the latter in the manner specified in the applicable Award Agreement. 
  
 (f) Nontransferability. Performance shares may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as otherwise specifically provided in this Plan or the applicable Award
Agreement. The Administrator at the time of grant shall specify the date or dates (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the performance shares shall
lapse. 
  
 ARTICLE III 
 Miscellaneous 
  
 3.1 Amendment of the Plan; Modification of Awards 
  
 (a) Amendment of the Plan. The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially impair any rights or materially
increase any obligations under any award theretofore made under the Plan without the consent of the grantee (or, upon the grantee’s death, the person having the right to exercise the award). For purposes of this Section 3.1, any action of the
Board or the Administrator that in any way alters or affects the tax treatment of any award shall not be considered to materially impair any rights of any grantee. 
  
 (b) Shareholder Approval Requirement. Shareholder approval shall be required with respect to any amendment to the Plan that
(i) increases the aggregate number of shares that may be issued pursuant to incentive stock options or changes the class of employees eligible to receive such options; or (ii) materially increases the benefits under the Plan to persons whose
transactions in Common Shares are subject to section 16(b) of the 1934 Act or increases the benefits under the Plan to someone who is, materially increases the number of shares which may be issued to such persons, or materially modifies the
eligibility requirements affecting such persons. 
  

 11 

 (c) Modification of Awards. The Administrator may cancel any award under the Plan. The Administrator also
may amend any outstanding Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the award becomes unrestricted or may be exercised, provided that, except as and to the extent that the
Administrator may otherwise provide pursuant to Section 2.5, 3.7 or 3.8, no option, stock appreciation right or restricted stock unit shall be exercisable prior to the first anniversary of its date of grant; (ii) waive or amend any goals,
restrictions or conditions set forth in the Agreement; or (iii) waive or amend the operation of Section 2.5 with respect to the termination of the award upon termination of employment. However, any such cancellation or amendment (other than an
amendment pursuant to Sections 3.7 or 3.8(b)) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding award shall be made only with the consent of the grantee (or, upon the grantee’s death,
the person having the right to exercise the award). 
  
 3.2 Consent Requirement

  
 (a) No Plan Action Without Required Consent. If the
Administrator shall at any time determine that any Consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting of any award under the Plan, the issuance or purchase of shares or other rights
thereunder, or the taking of any other action thereunder (each such action being hereinafter referred to as a “Plan Action”), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have been
effected or obtained to the full satisfaction of the Administrator. 
  
 (b) Consent Defined. The term “Consent” as used herein with respect to any Plan Action means (i) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or
local law, rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply
with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made and (iii) any and all consents, clearances and approvals in respect of a
Plan Action by any governmental or other regulatory bodies. 
  
 3.3
Nonassignability 
  
 Except as provided in Sections 2.5(e), 2.6,
2.7(d) and 2.9(f):(a) no award or right granted to any person under the Plan or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and distribution; and (b) all rights granted under the
Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the grantee’s legal representative. 
  
 3.4 Requirement of Notification of Election Under Section 83(b) of the Code 
  
 If any grantee shall, in connection with the acquisition of Common Shares under the Plan, make the election permitted under section 83(b) of the Code
(i.e., an election to include in gross income in the year of transfer the amounts specified in section 83(b)), such grantee shall notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue Service,
in addition to any filing and notification required pursuant to regulations issued under the authority of Code section 83(b). 
  

 12 

 3.5 Requirement of Notification Upon Disqualifying Disposition Under Section 421(b) of the Code 
  
 Each Award Agreement with respect to an incentive stock option shall require
the grantee to notify the Company of any disposition of Common Shares issued pursuant to the exercise of such option under the circumstances described in section 421(b) of the Code (relating to certain disqualifying dispositions), within 10 days of
such disposition. 
  
 3.6 Withholding Taxes 
  
 (a) With Respect to Cash Payments. Whenever cash is to be paid pursuant to
an award under the Plan, the Company shall be entitled to deduct therefrom an amount sufficient in its opinion to satisfy all federal, state and other governmental tax withholding requirements related to such payment. 
  
 (b) With Respect to Delivery of Common Shares. Whenever Common Shares are to
be delivered pursuant to an award under the Plan, the Company shall be entitled to require as a condition of delivery that the grantee remit to the Company an amount sufficient in the opinion of the Company to satisfy all federal, state and other
governmental tax withholding requirements related thereto. With the approval of the Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to have the
Company withhold from delivery shares having a value equal to the amount of tax to be withheld. Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld is determined. Fractional share amounts
shall be settled in cash. Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an award. 
  
 3.7 Adjustment Upon Changes in Common Shares 
  
 (a) Shares Available for Grants. In the event of any change in the number of Common Shares outstanding by reason of any stock dividend or split, reverse
stock split, recapitalization, merger, consolidation, combination or exchange of shares or similar corporate change, the maximum number of Common Shares with respect to which the Administrator may grant awards under Article II hereof, as described
in Section 1.5(a), and the individual annual limit described in Section 1.5(d), shall be appropriately adjusted by the Administrator. In the event of any change in the number of Common Shares outstanding by reason of any other event or transaction,
the Administrator may, but need not, make such adjustments in the number and class of Common Shares with respect to which awards: (i) may be granted under Article II hereof and (ii) granted to any one employee of the Company or a subsidiary during
any one calendar year, in each case as the Administrator may deem appropriate. 
  
 (b) Outstanding Restricted Stock and Performance Shares. Unless the Administrator in its sole and absolute discretion otherwise determines, any securities or other property (including dividends paid in cash) received
by a grantee with respect to a share of restricted stock, the issue date with respect to which occurs prior to such event, but which has not vested as of the date of such event, as a result of any dividend, stock split, reverse stock split,
recapitalization, merger, consolidation, combination, exchange of shares or otherwise will not vest until such share of restricted stock vests, and shall be promptly deposited with the Company or other custodian designated pursuant to Section 2.7(c)
hereof. 
  

 13 

 The Administrator may, in its absolute discretion, adjust any grant of shares of restricted stock, the
issue date with respect to which has not occurred as of the date of the occurrence of any of the following events, or any grant of performance shares, to reflect any dividend, stock split, reverse stock split, recapitalization, merger,
consolidation, combination, exchange of shares or similar corporate change as the Administrator may deem appropriate to prevent the enlargement or dilution of rights of grantees. 
  
 (c) Outstanding Options, Stock Appreciation Rights and Dividend Equivalent Rights—Increase or Decrease in Issued Shares
Without Consideration. Subject to any required action by the shareholders of the Company, in the event of any increase or decrease in the number of issued Common Shares resulting from a subdivision or consolidation of Common Shares or the payment of
a stock dividend (but only on the Common Shares), or any other increase or decrease in the number of such shares effected without receipt of consideration by the Company, the Administrator shall proportionally adjust the number of Common Shares
subject to each outstanding option and stock appreciation right, and the exercise price-per-Common Share of each such option and stock appreciation right and the number of any related dividend equivalent rights. 
  
 (d) Outstanding Options, Stock Appreciation Rights, Restricted Stock Units
and Dividend Equivalent Rights—Certain Mergers. Subject to any required action by the shareholders of the Company, in the event that the Company shall be the surviving corporation in any merger or consolidation (except a merger or consolidation
as a result of which the holders of Common Shares receive securities of another corporation), each option, stock appreciation right and dividend equivalent right outstanding on the date of such merger or consolidation shall pertain to and apply to
the securities which a holder of the number of Common Shares subject to such option, stock appreciation right, restricted stock unit or dividend equivalent right would have received in such merger or consolidation. 
  
 (e) Outstanding Options, Stock Appreciation Rights, Restricted Stock Units
and Dividend Equivalent Rights—Certain Other Transactions. In the event of (i) a dissolution or liquidation of the Company, (ii) a sale of all or substantially all of the Company’s assets, (iii) a merger or consolidation involving the
Company in which the Company is not the surviving corporation or (iv) a merger or consolidation involving the Company in which the Company is the surviving corporation but the holders of Common Shares receive securities of another corporation and/or
other property, including cash, the Administrator shall, in its absolute discretion, have the power to: 
  
 (A) cancel, effective immediately prior to the occurrence of such event, each option, stock appreciation right and restricted stock unit
(including each dividend equivalent right related thereto) outstanding immediately prior to such event (whether or not then exercisable), and, in full consideration of such cancellation, pay to the grantee to whom such option or stock appreciation
right was granted an amount in cash, for each Common Share subject to such option or stock appreciation right, respectively, equal to the excess of (x) the value, as determined by the Administrator in its absolute discretion, of the property
(including cash) received by the holder of a Common Share as a result of such event over (y) the exercise price of such option or stock appreciation right; or 
  

(B) provide for the exchange of each option, stock appreciation right and restricted stock unit (including any related dividend
equivalent right) outstanding immediately prior to such event (whether or not then exercisable) for 

  

 14 

 
an option on, stock appreciation right, restricted stock unit and dividend equivalent right with respect to, as appropriate, some or all of the property
which a holder of the number of Common Shares subject to such option, stock appreciation right or restricted stock unit would have received and, incident thereto, make an equitable adjustment as determined by the Administrator in its absolute
discretion in the exercise price of the option, stock appreciation right or restricted stock unit, or the number of shares or amount of property subject to the option, stock appreciation right, restricted stock unit or dividend equivalent right or,
if appropriate, provide for a cash payment to the grantee to whom such option, stock appreciation right or restricted stock unit was granted in partial consideration for the exchange of the option, stock appreciation right or restricted stock unit.

  
 (f) Outstanding Options, Stock Appreciation Rights, Restricted
Stock Units and Dividend Equivalent Rights—Other Changes. In the event of any change in the capitalization of the Company or a corporate change other than those specifically referred to in Sections 3.7(c), (d) or (e) hereof, the Administrator
may, in its absolute discretion, make such adjustments in the number and class of shares subject to options, stock appreciation rights, restricted stock units and dividend equivalent rights outstanding on the date on which such change occurs and in
the per-share exercise price of each such option, stock appreciation right and restricted stock unit as the Administrator may consider appropriate to prevent dilution or enlargement of rights. In addition, if and to the extent the Administrator
determines it is appropriate, the Administrator may elect to cancel each option, stock appreciation right and restricted stock unit (including each dividend equivalent right related thereto) outstanding immediately prior to such event (whether or
not then exercisable), and, in full consideration of such cancellation, pay to the grantee to whom such option, stock appreciation right or restricted stock unit was granted an amount in cash, for each Common Share subject to such option, stock
appreciation right or restricted stock unit, respectively, equal to the excess of (i) the Fair Market Value of Common Shares on the date of such cancellation over (ii) the exercise price of such option, stock appreciation right or restricted stock
unit. 
  
 (g) No Other Rights. Except as expressly provided in the
Plan, no grantee shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger or
consolidation of the Company or any other corporation. Except as expressly provided in the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number of Common Shares subject to an award or the exercise price of any option or stock appreciation right. 
  
 3.8 Change in Control 
  
 (a) Change in Control Defined. For purposes of this Section 3.8, “Change in Control” shall mean the occurrence of any of the following:

  
 (i) any person or “group” (within
the meaning of Section 13(d)(3) of the 1934 Act), other than entities which the Chairman of the Board directly or indirectly controls (as defined in Rule 12b-2 under the 1934 Act), acquiring “beneficial ownership” (as defined in Rule 13d-3
under the 1934 Act), directly or indirectly, of fifty percent (50%) or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company; 
  

 15 

 (ii) the sale of all or substantially all of the Company’s assets in one or more
related transactions to a person other than such a sale to a subsidiary of the Company which does not involve a change in the equity holdings of the Company or to an entity which the Chairman directly or indirectly controls; or 
  
 (iii) any merger, consolidation, reorganization or similar
event of the Company or any of its subsidiaries, as a result of which the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold at least
fifty-one percent (51%) of the aggregate voting power of the capital stock of the surviving entity. 
  
 (b) Effect of a Change in Control. Unless the Administrator provides otherwise in a Award Agreement, upon the occurrence of a Change in Control:

  
 (i) notwithstanding any other provision of
this Plan, any award then outstanding shall become fully vested and any award in the form of an option, stock appreciation right or restricted stock unit shall be immediately exercisable; 
  
 (ii) to the extent permitted by law, the Administrator may,
in its sole discretion, amend any Award Agreement in such manner as it deems appropriate; 
  
 (iii) a grantee who incurs a termination of employment for any reason, other than a dismissal for cause, concurrent with or within one
year following the Change in Control may exercise any outstanding option, stock appreciation right or restricted stock unit, but only to the extent that the grantee was entitled to exercise the award on his termination of employment date, until the
earlier of (A) the original expiration date of the award and (B) the later of (x) the date provided for under the terms of Section 2.5 without reference to this Section 3.8(b)(iii) and (y) the first anniversary of the grantee’s termination of
employment. 
  
 (c) Miscellaneous. Whenever deemed appropriate by
the Administrator, any action referred to in paragraph (b)(ii) of this Section 3.8 may be made conditional upon the consummation of the applicable Change in Control transaction. 
  
 3.9 Right of Discharge Reserved 
  
 Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his employment with the Company or affect any right that
the Company may have to terminate such employment. 
  
 3.10 Non-Uniform
Determinations 
  
 The Administrator’s determinations under
the Plan need not be uniform and may be made by it selectively among persons who receive, or who are eligible to receive, awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing,
the Administrator shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive awards under the Plan, and (b) the terms and
provisions of awards under the Plan. 
  

 16 

 3.11 Other Payments or Awards 
  

Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any person under any
other plan, arrangement or understanding, whether now existing or hereafter in effect. 
  
 3.12 Headings 
  
 Any section, subsection, paragraph or
other subdivision headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define the contents of such subdivisions. 
  
 3.13 Effective Date and Term of Plan 
  
 (a) Adoption; Shareholder Approval. The Plan was adopted by the Board and although the Company intends to obtain approval of the Plan by the
Company’s shareholders within the time period required to allow grants of options hereunder to qualify as incentive stock options, awards under the Plan prior to such shareholder approval may, but need not, be made subject to such approval.

  
 (b) Termination of Plan. Unless sooner terminated by the Board
or pursuant to Paragraph (a) above, the provisions of the Plan respecting the grant of incentive stock options shall terminate on the tenth anniversary of the adoption of the Plan by the Board, and no incentive stock option awards shall thereafter
be made under the Plan. All such awards made under the Plan prior to its termination shall remain in effect until such awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award
Agreements. 
  
 3.14 Restriction on Issuance of Stock Pursuant to Awards

  
 The Company shall not permit any Common Shares to be issued
pursuant to Awards granted under the Plan unless such Common Shares are fully paid and non-assessable under applicable law. 
  
 3.15 Governing Law 
  
 Except to the extent preempted by any applicable federal law, the Plan will be construed and administered in accordance with the laws of the State of New
York, without giving effect to principles of conflict of laws. 
  

 17

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