Document:

Exhibit 10.3

 

NONQUALIFIED STOCK OPTION AWARD

PURSUANT TO THE BERRY GLOBAL GROUP,
INC.

2015 LONG-TERM INCENTIVE PLAN

 

THIS AWARD is made
as of the Grant Date, by Berry Global Group, Inc. (the “Company”) to ____________________________________ (the
 “Optionee”). Upon and subject to the Terms and Conditions attached hereto and incorporated herein by reference,
the Company hereby awards as of the Grant Date to Optionee a nonqualified stock option (the “Option”), as described
below, to purchase the Option Shares.

 

		A.	Grant Date: [DATE].

 

		B.	Type of Option: Nonqualified Stock Option.

 

		C.	Plan (under which granted): Berry Global Group,
Inc. 2015 Long-Term Incentive Plan.

 

		D.	Option Shares: All or any part of __________ shares
of the Company’s common stock (the “Common Stock”), subject to adjustment as provided in the attached
Terms and Conditions.

 

		E.	Exercise Price: $______ per share, subject to
adjustment as provided in the attached Terms and Conditions. The Exercise Price is, in the judgment of the Committee, not less
than 100% of the Fair Market Value of a share of Common Stock on the Grant Date.

 

		F.	Option Period: The Option may be exercised only
during the Option Period which commences on the Grant Date and ends on the earliest of:

 

		(i)	the tenth (10th) anniversary of the Grant Date; or

 

		(ii)	two (2) years following the date the Optionee ceases
to be an employee, director, or contractor of the Company and all Affiliates for any reason other than Termination of Employment
(or other termination of service) by the Company or any Affiliate with Cause.

 

Notwithstanding
the foregoing, the Option shall cease to be exercisable upon the earliest of:

 

		(i)	the date the Company or an Affiliate determines that
the Optionee’s employment or service will be terminated for Cause if the Optionee contemporaneously or thereafter ceases
to be an employee, director, or contractor of the Company or an Affiliate due to Termination of Employment (or other termination
of service) by the Company or any Affiliate with Cause; or

 

		(ii)	the date the Optionee violates any non-solicitation
or non-compete agreement with the Company or an Affiliate.

 

The Option may only be exercised
as to the Vested Option Shares (as defined below). Note that other restrictions to exercising the Option, as described in the
attached Terms and Conditions, may apply.

 

		G.	Vesting Schedule: Subject to the terms and conditions
of the Agreement and the Plan, the Award shall vest in full on the first anniversary of the Grant Date subject to the Optionee’s
continued service with the Company or an Affiliate through such date; provided, however, that if the Optionee experiences a Separation
from Service after the Grant Date, other than for Cause, prior to the first anniversary, the vesting of the Award shall be accelerated
to that earlier date. The Option Shares that become vested pursuant to this Vesting Schedule are herein referred to as the “Vested
Option Shares.”

 

		H.	Separation from Service for Cause. If the Optionee
experiences a Separation from Service for Cause, then the Award is cancelled as of the date the Company or an Affiliate determines
that the Optionee’s employment or service will be terminated for Cause and the Optionee forfeits all rights thereto and
the Option Shares, whether or not Vested Option Shares, issuable thereunder.

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
and sealed this Award as of the Grant Date set forth above.

 

	OPTIONEE	 	BERRY GLOBAL GROUP, INC.
	 	 	 	 
	                      	 	By:
    	                     
	 	 	 	 
	 	 	Title:      	 

 

    2
 

     

    

 

TERMS AND CONDITIONS TO THE

NONQUALIFIED STOCK OPTION AWARD

PURSUANT TO THE

BERRY GLOBAL GROUP, INC. 2015 LONG-TERM
INCENTIVE PLAN

 

1.     Exercise
of Option. Subject to the provisions provided herein or in the Award made pursuant to the Berry Global Group, Inc. 2015 Long-Term
Incentive Plan:

 

(a)   the
Option may be exercised with respect to all or any portion of the Vested Option Shares at any time during the Option Period by
the delivery of (i) a notice of exercise in the form and manner required by the Secretary of the Company, which shall be actually
delivered to the Company or its designee prior to or at the time of exercise, as required by the Company and communicated to the
Optionee, and (ii) payment to the Company of the Exercise Price multiplied by the number of shares being purchased (the
 “Purchase Price”) in the manner provided in Subsection (b). Upon acceptance of such notice by the Company and
receipt of payment in full of the Purchase Price and any tax withholding liability, to the extent applicable, the Company shall
cause to be issued a certificate representing the Option Shares purchased.

 

(b)   The
Purchase Price shall be paid in full upon the exercise of an Option and no Option Shares shall be issued or delivered until full
payment therefor has been made. Payment of the Purchase Price for all Option Shares purchased pursuant to the exercise of an Option
shall be made:

 

(i)    in
cash or certified check equal to the Purchase Price;

 

(ii)   by
delivery to the Company of a number of shares of Common Stock owned by the Optionee prior to the date of the Option’s exercise,
having a Fair Market Value, as determined under the Plan, on the date of exercise either equal to the Purchase Price or in combination
with cash equal to the Purchase Price;

 

(iii)  if
permitted by the Committee, by having the number of shares of Common Stock to be issued upon exercise reduced by the number of
whole shares of Common Stock having a Fair Market Value equal to the Purchase Price;

 

(iv)  to
the extent permitted by the Committee, by receipt of the Purchase Price in cash from a broker, dealer or other “creditor”
as defined by Regulation T issued by the Board of Governors of the Federal Reserve System following delivery by the Optionee to
the Committee of instructions in a form acceptable to the Committee regarding delivery to such broker, dealer or other creditor
of that number of Option Shares with respect to which the Option is exercised; or

 

(v)   in
any combination of the foregoing.

 

2.     Rights
as Shareholder. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with
respect to any Option Shares subject to the Option until (i) the Option shall have been exercised pursuant to the terms of
this Agreement and the Optionee shall have paid the full exercise price for the number of Option Shares in respect of which
the Option was exercised, (ii) the Company shall have issued and delivered the Option Shares to the Optionee, and (iii) the
Optionee’s name shall have been entered as a shareholder of record on the books of the Company. The Company shall make
no adjustment for any dividends or distributions or other rights on or with respect to Option Shares for which the record
date is prior to the issuance of that stock certificate, except as the Plan or this Award otherwise provides.

 

3.     Restriction
on Transfer of Option and Option Shares. Except to the extent waived by the Committee, the Option evidenced hereby is nontransferable
other than by will or the laws of descent and distribution governing the state in which the Optionee is domiciled at the time of
the Optionee’s death and shall be exercisable during the lifetime of the Optionee only by the Optionee (or in the event of
his Disability, by his legal representative) and after his death, only by legal representative of the Optionee’s estate,
or if no such legal representative is appointed within ninety (90) days of the Optionee’s death, by the person(s) taking
under the laws of descent and distribution governing the state in which the Optionee is domiciled at the time of the Optionee’s
death. Any such disposition not made in accordance with this Award shall be deemed null and void.

 

     

     

    

 

4.     Changes
in Capitalization.

 

(a)   The
number of Option Shares and the Exercise Price shall be proportionately adjusted for nonreciprocal transactions between the Company
and the holders of capital stock of the Company that causes the per share value of the shares of Common Stock underlying the Option
to change, such as a stock dividend, stock split, spinoff, rights offering, or recapitalization through a large, nonrecurring cash
dividend (each, an “Equity Restructuring”).

 

(b)   In
the event of a merger, consolidation, extraordinary dividend, sale of substantially all of the Company’s assets or other
material change in the capital structure of the Company, or a tender offer for shares of Common Stock, or a Change in Control,
that in each case is not an Equity Restructuring, the Committee shall take such action to make such adjustments in the Option or
the terms of this Award as the Committee, in its sole discretion, determines in good faith is necessary or appropriate, including,
without limitation, adjusting the number and class of securities subject to the Option, with a corresponding adjustment in the
Exercise Price, substituting a new option to replace the Option, accelerating the termination of the Option Period or terminating
the Option in consideration of a cash payment to the Optionee in an amount equal to the excess of the then Fair Market Value of
the Option Shares over the aggregate Exercise Price of the Option Shares. Any determination made by the Committee pursuant to this
Section 4(b) will be final and binding on the Optionee. Any action taken by the Committee need not treat all optionees equally.

 

(c)   No
fractional shares shall be created in making any adjustment pursuant to this Section 4. Instead, any adjustment pursuant to this
Section 4 that would otherwise result in the issuance of a fractional share of Common Stock shall be further adjusted to round
down the numbers of Option Shares to the next lowest share of Common Stock.

 

(d)   The
existence of the Plan and this Award shall not affect in any way the right or power of the Company to make or authorize any adjustment,
reclassification, reorganization or other change in its capital or business structure, any merger or consolidation of the Company,
any issue of debt or equity securities having preferences or priorities as to the Common Stock or the rights thereof, the dissolution
or liquidation of the Company, any sale or transfer of all or any part of its business or assets, or any other corporate act or
proceeding.

 

5.     Special
Limitations on Exercise. Any exercise of the Option is subject to the condition that if at any time the Committee, in its discretion,
shall determine that the listing, registration or qualification of the shares covered by the Option upon any securities exchange
or under any state or federal law is necessary or desirable as a condition of or in connection with the delivery of shares thereunder,
the delivery of any or all shares pursuant to the Option may be withheld unless and until such listing, registration or qualification
shall have been effected. The Optionee shall deliver to the Company, prior to the exercise of the Option, such information, representations
and warranties as the Company may reasonably request in order for the Company to be able to satisfy itself that the Option Shares
are being acquired in accordance with the terms of an applicable exemption from the securities registration requirements of applicable
federal and state securities laws.

 

6.     Legend
on Stock Certificates.  Certificates evidencing the Option Shares, to the extent appropriate at the time, shall have noted
conspicuously on the certificates a legend intended to give all persons full notice of the existence of the conditions, restrictions,
rights and obligations set forth in this Award and in the Plan.

 

7.     Clawback.
Notwithstanding anything herein to the contrary, this Award and any Common Stock issued pursuant to this Award is expressly subject
to any “clawback policy” applicable to non-employee directors of the Company that may hereafter be adopted by the Company,
as the same may be amended from time to time, or any recoupment permitted or required by law.

 

8.     Governing
Laws.  This Award shall be construed, administered and enforced according to the laws of the State of Delaware; provided,
however, no option may be exercised and no shares of Common Stock shall be issued except, in the reasonable judgment of the Board
of Directors, in compliance with exemptions under applicable state securities laws of the state in which the Optionee resides,
and/or any other applicable securities laws.

 

    2
 

     

    

 

9.     Successors.
This Award shall be binding upon and inure to the benefit of the heirs, legal representatives, successors and permitted assigns
of the parties.

 

10.   Notice. 
Except as otherwise specified herein, all notices and other communications under this Award shall be in writing and shall be deemed
to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested,
postage prepaid, addressed to the proposed recipient at the last known address of the recipient. Any party may designate any other
address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein.

 

11.   Severability.
In the event that any one or more of the provisions or portion thereof contained in this Award shall for any reason be held to
be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of
this Award, and this Award shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never
been contained herein.

 

12.   Entire
Agreement. Subject to the terms and conditions of the Plan, this Award expresses the entire understanding and agreement of
the parties. This Award may be executed in two or more counterparts, each of which shall be deemed an original but all of which
shall constitute one and the same instrument.

 

13.   Violation.
Except as provided in Section 3, any transfer, pledge, sale, assignment, or hypothecation of the Option or any portion thereof
shall be a violation of the terms of this Award and shall be void and without effect.

 

14.   Headings.
Paragraph headings used herein are for convenience of reference only and shall not be considered in construing this Award.

 

15.   Specific
Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions
of this Award, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition
to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

 

16.   No
Right to Continued Service. Neither the establishment of the Plan nor the award of Option Shares hereunder shall be construed
as giving the Optionee the right to continued employment or other service relationship with the Company.

 

17.   Definitions.
As used in this Award,

 

(a)   “Cause”
means “Cause” as defined in the Company’s bylaws that are in effect at the date that an action constituting
 “Cause” occurs, or if no such definition or agreement exists, (i) willful and continued failure (other than such failure
resulting from his incapacity during physical or mental illness) by the Optionee to substantially perform his duties with the
Company or an Affiliate; (ii) willful misconduct by the Optionee; (iii) gross negligence by the Optionee causing material harm
to the Company or an Affiliate; (iv) any act by the Optionee of fraud, misappropriation, dishonesty or embezzlement; (v) commission
by the Optionee of a felony or any other crime involving moral turpitude or dishonesty; or (vi) illegal drug use.

 

(b)   Other
capitalized terms that are not defined herein have the meaning set forth in the Plan, except where the context does not reasonably
permit.

 

    3Exhibit 10.4

TIME-BASED RESTRICTED STOCK UNIT AWARD

PURSUANT TO THE BERRY GLOBAL GROUP, INC.

2015 LONG-TERM INCENTIVE PLAN

 

 

This RESTRICTED STOCK
UNIT AWARD (the “Award”) is made and entered into as of the Grant Date by Berry Global Group, Inc. (the
 “Company”) to ____________________________ (the “Participant”).

 

Upon and subject to
the provisions of the Plan and the Terms and Conditions attached hereto and incorporated herein by reference as part of this Award,
the Company hereby awards as of the Grant Date to the Participant the Restricted Stock Units described below in consideration of
the Participant’s services to the Company.

 

		A.	Grant Date: [DATE].

 

		B.	Plan (under which granted): Berry Global Group,
Inc. 2015 Long-Term Incentive Plan.

 

		C.	Restricted Stock Units: The number of Restricted
Stock Units subject to the Award shall be _________________________________ (_______). Each Restricted Stock Unit represents the
Company’s unfunded and unsecured obligation to issue one share of the Company’s common stock (“Common Stock”),
in accordance with this Award, subject to the terms of this Award and the Plan.

 

		D.	Vesting Schedule:  The Award shall vest in
full on the first anniversary of the Grant Date subject to the Participant’s continued service with the Company or an Affiliate
through such date; provided, however, that if the Participant experiences a Separation from Service after the Grant Date, other
than for Cause, prior to the first anniversary, the vesting of the Award shall be accelerated to that earlier date.  The
Restricted Stock Units with respect to which the Vesting Schedule has been, or is deemed to have been, satisfied are herein referred
to as the “Vested Stock Units.”

 

		E.	Separation from Service for Cause. If the Participant
experiences a Separation from Service for Cause, then the Award is cancelled as of the date the Company or an Affiliate determines
that the Participant’s employment or service will be terminated for Cause and the Participant forfeits all rights thereto
and the Restricted Stock Units, whether or not Vested Stock Units, issuable thereunder without the payment of any consideration
therefor.

 

		F.	Distribution of Common Stock: Subject to the attached
Terms and Conditions and provided that the Participant has not forfeited his rights to the Restricted Stock Units under Section
E above, the shares of Common Stock attributable to the Vested Stock Units shall be issued to the Participant within sixty (60)
days following the first anniversary of the Grant Date (the “Distribution Period”).

 

IN
WITNESS WHEREOF, the parties have executed and sealed this Award as of the Grant Date set forth above.

 

	PARTICIPANT	 	BERRY
    GLOBAL GROUP, INC.
	 	 	 	 
	                      	 	By:
    	                     
	 	 	 	 
	 	 	Title:  
    	 

 

     

     

    

 

TERMS AND CONDITIONS TO THE

RESTRICTED STOCK UNIT AWARD

PURSUANT TO THE 

BERRY GLOBAL GROUP, INC. 2015 LONG-TERM
INCENTIVE PLAN

 

1.     Settlement and Delivery of Vested Stock Units.

 

(a)   During
the Distribution Period, the Company shall issue and deliver a share certificate, or make or caused to be made an appropriate entry
on the books of the Company or of a duly authorized transfer agent of the Company, representing the number of shares of Common
Stock attributable to Vested Stock Units to the Participant in settlement of the Participant’s rights under this Award.

 

(b)   The
Company shall not be required to issue fractional shares (or cash in lieu of fractional shares) upon the settlement of the Award.

 

(c)   Notwithstanding
anything in the Plan, the Award, or any other agreement (written or oral) to the contrary, if the Participant is a “specified
employee” (within the meaning of Code Section 409A) on the date of a Separation from Service, then any payment made or settlement
occurring with respect to such Separation from Service under this Award will be delayed to the extent necessary to comply with
Code Section 409A(a)(2)(B)(i), and the applicable stock will be paid or settled to the Participant during the five-day period commencing
on the earlier of: (1) the expiration of the six-month period measured from the date of the Participant’s Separation from
Service, or (2) the date of the Participant’s death. Upon the expiration of the applicable six-month period under Code Section
409A(a)(2)(B)(i) (or, if earlier, the date of the Participant’s death), all stock deferred pursuant to this Subsection (c)
will be paid or delivered to Participant (or the Participant’s estate, in the event of the Participant’s death) in
a lump sum.

 

2.     Rights as Shareholder; Dividend Equivalent Rights. The Participant shall not be deemed to be the holder of, or to have any
of the rights of a holder with respect to, any Common Stock issuable under the Award unless and until (i) the Company shall have
issued and delivered the Common Stock to the Participant, and (ii) the Participant’s name shall have been entered as a shareholder
of record on the books of the Company. If, prior to the date that Common Stock is issued in settlement of the Award, the Company
declares a dividend on shares of Common Stock, then dividend equivalents in an amount equal to the dividends that would have been
paid to the Participant if one share of Common Stock had been issued on the Grant Date for each Restricted Stock Unit (“Dividend
Equivalents”) will be credited to a separate bookkeeping account maintained for the Participant. Dividend Equivalents shall
be subject to the same vesting and forfeiture restrictions as the Restricted Stock Units to which they are attributable and shall
be paid to the Participant in cash or cash equivalents on the same date that the Restricted Stock Units to which they are attributable
are settled in accordance with Section 1 hereof.

 

3.     Special Limitations on Settlement. If at any time the Committee, in its discretion, shall determine that the listing, registration
or qualification of the shares covered by the Vested Stock Units upon any securities exchange or under any state or federal law
is necessary or desirable as a condition of or in connection with the delivery of shares thereunder, the delivery of any or all
shares in settlement of the Vested Stock Units may be withheld unless and until such listing, registration or qualification shall
have been effected. The Participant shall deliver to the Company, prior to the delivery of Common Stock pursuant to the settlement
of the Vested Stock Units, such information, representations and warranties as the Company may reasonably request in order for
the Company to be able to satisfy itself that the shares of Common Stock are being acquired in accordance with the terms of an
applicable exemption from the securities registration requirements of applicable federal and state securities laws.

 

4.     Change in Capitalization.

 

(a)   The
number and kind of shares of Common Stock subject to the Restricted Stock Units (including, without limitation, Vested Stock Units)
shall be proportionately adjusted for nonreciprocal transactions between the Company and the holders of capital stock of the Company
that cause the per share value of the shares of Common Stock referenced by the Restricted Stock Units to change, such as a stock
dividend, stock split, spinoff, rights offering, or recapitalization through a large, nonrecurring cash dividend or distribution
(each, an “Equity Restructuring”).

 

     

     

    

 

(b)   In
the event of a merger, consolidation, extraordinary dividend, sale of substantially all of the Company’s assets or other
material change in capital structure of the Company, or a tender offer for shares of Common Stock, or a Change in Control, that
in each case does not constitute an Equity Restructuring, the Committee shall take such action to make such adjustments in the
Restricted Stock Units or the terms of this Award as the Committee, in its sole discretion, determines in good faith is necessary
or appropriate, including, without limitation, adjusting the number of Restricted Stock Units, making a corresponding adjustment
in the number of shares subject to the Restricted Stock Units, substituting a new award to replace the Award, removing restrictions
on outstanding Awards, accelerating the termination of the Award or terminating the Award in consideration of a cash payment to
the Participant in an amount equal to the then Fair Market Value of the shares of Common Stock that are attributable to the Restricted
Stock Units. Any determination made by the Committee pursuant to this Section 4(b) will be final and binding on the Participant.
Any action taken by the Committee need not treat all participants equally.

 

(c)   No
fractional shares shall be created in making any adjustment pursuant to this Section 4. Instead, any adjustment pursuant to this
Section 4 that would otherwise result in a fractional Restricted Stock Unit or fractional share of Common Stock becoming subject
to the Award shall be further adjusted to round down the numbers of Restricted Stock Units to the next lowest Restricted Stock
Unit or share of Common Stock, as applicable.

 

(d)   The
existence of the Plan and the Award shall not affect the right or power of the Company to make or authorize any adjustment, reclassification,
reorganization or other change in its capital or business structure, any merger or consolidation of the Company, any issue of debt
or equity securities having preferences or priorities as to the Common Stock or the rights thereof, the dissolution or liquidation
of the Company, any sale or transfer of all or part of its business or assets, or any other corporate act or proceeding.

 

5.     Restrictions on Transfer. The Participant shall not have the right to make or permit to exist any transfer or hypothecation,
whether outright or as security, with or without consideration, voluntary or involuntary, of all or any part of any right, title
or interest in or to the Award and any Restricted Stock Units thereunder (including, without limitation, Vested Stock Units). Any
such disposition not made in accordance with this Award shall be deemed null and void. The restrictions contained in this Section
5 will not apply with respect to transfers of the Restricted Stock Units pursuant to applicable laws of descent and distribution;
provided that any applicable restrictions contained in this Section 5 will continue to be applicable to the Restricted Stock
Units after any such transfer; and provided further that the transferee(s) of such Restricted Stock Units must agree in
writing to be bound by the provisions of the Plan and this Award.

 

6.     Legends on Stock Certificates. Certificates evidencing shares of Common Stock issued in settlement of this Award, to the
extent appropriate at the time, shall have noted conspicuously on the certificates a legend intended to give all persons full notice
of the existence of the conditions, restrictions, rights and obligations set forth in this Award and in the Plan.

 

7.     Clawback. Notwithstanding anything herein to the contrary, this Award and any Common Stock issued pursuant to this Award
is expressly subject to any “clawback policy” applicable to non-employee directors of the Company that may hereafter
be adopted by the Company, as the same may be amended from time to time, or any recoupment permitted or required by law.

 

8.     Section 409A. This Award is intended to comply with, or otherwise be exempt from, Code Section 409A, as applicable. This
Award shall be administered, interpreted, and construed in a manner consistent with such Code section. Should any provision of
this Award be found not to comply with, or otherwise be exempt from, the provisions of Code Section 409A, it shall be modified
and given effect, in the sole discretion of the Committee and without requiring the Participant’s consent, in such manner
as the Committee determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Code Section 409A.
No acceleration of payment or settlement may be made except as permitted under Code Section 409A.

 

9.     Governing Laws. This Award shall be construed, administered and enforced according to the laws of the State of Delaware;
provided, however, no shares of Common Stock shall be issued except, in the reasonable judgment of the Board of Directors, in compliance
with exemptions under applicable state securities laws of the state in which the Participant resides, and/or any other applicable
securities laws.

 

    2
 

     

    

 

10.   Successors. This Award shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and
permitted assigns of the parties.

 

11.   Notice. Except as otherwise specified herein, all notices and other communications under this Award shall be in writing
and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return
receipt requested, postage prepaid, addressed to the proposed recipient at the last known address of the recipient. Any party may
designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner
as provided herein.

 

12.   Severability. In the event that any one or more of the provisions or portion thereof contained in this Award shall for any
reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other
provisions of this Award, and this Award shall be construed as if the invalid, illegal or unenforceable provision or portion thereof
had never been contained herein.

 

13.   Entire Agreement. Subject to the terms and conditions of the Plan, this Award expresses the entire understanding and agreement
of the parties. This Award may be executed in two or more counterparts, each of which shall be deemed an original but all of which
shall constitute one and the same instrument.

 

14.   Headings. Paragraph headings used herein are for convenience of reference only and shall not be considered in construing
this Award.

 

15.   Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and
provisions of this Award, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction
in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

 

16.   No Right to Continued Service. Neither this Award nor the issuance of the Restricted Stock Units hereunder shall be construed
as giving the Participant the right to continued service with the Company or any affiliate.

 

17.   Definitions.
As used in this Award,

 

(a)   “Cause”
means “Cause” as defined in the Company’s bylaws that are in effect at the date that an action constituting “Cause”
occurs, or if no such definition or agreement exists, (i) willful and continued failure (other than such failure resulting from
his incapacity during physical or mental illness) by the Participant to substantially perform his duties with the Company or an
Affiliate; (ii) willful misconduct by the Participant; (iii) gross negligence by the Participant causing material harm to the Company
or an Affiliate; (iv) any act by the Participant of fraud, misappropriation, dishonesty or embezzlement; (v) commission by the
Participant of a felony or any other crime involving moral turpitude or dishonesty; or (vi) illegal drug use.

 

(b)   Other
capitalized terms that are not defined herein have the meaning set forth in the Plan, except where the context does not reasonably
permit.

 

    3

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