Document:

Non-Employee Directors' Deferred Compensation Plan

 Exhibit 10.4 
 AMERICAN ELECTRIC TECHNOLOGIES, INC. 
 NON-EMPLOYEE DIRECTORS’ 
 DEFERRED COMPENSATION PLAN 
 I. INTRODUCTION

 The American Electric Technologies, Inc. Non-Employee Directors’ Deferred Compensation Plan (the “Plan”) has been
established to permit each director of American Electric Technologies, Inc. (the “Company”) who is not an employee of the Company or any of its subsidiaries (a “Non-Employee Director”) to defer receipt of certain director
compensation payable by the Company and provide a convenient way to purchase shares from the Company at fair market value. The Plan is intended to enable the Company to attract, retain and motivate qualified Directors and to encourage the long-term
mutuality of interest between directors and stockholders of the Company. 
 II. ADMINISTRATION 
 The Plan shall be administered by the Compensation Committee of the Board of Directors of the Company (the “Committee”). The Committee
shall have complete discretion and authority with respect to the Plan and its application, except as expressly limited by the Plan. The Plan shall be administered such that shares issued under the Plan shall be deemed to be exempt under Rule 16b-3
of the Securities and Exchange Commission under the Exchange Act, as such Rule is in effect on the Effective Date of the Plan and as it may be subsequently amended from time to time. 
 III. MAXIMUM NUMBER OF SHARES
 The aggregate number of shares of Company common stock which may
be issued under the Plan shall not exceed 120,000 shares, subject to adjustment as provided in Section VII herein. 
 IV. DEFERRAL OF RETAINER FEES

 A Non-Employee Director may elect in advance to defer the receipt of 50% or 100% of the retainer fees payable for service as a Director
of the Company, the retainer fees, if any, payable to a Non-Employee Director for service as a member or chair of a committee of the Board of Directors; and any fees payable to a Non-Employee Director for attendance at meetings of the Board of
Directors and any of its committees. (the “Eligible Payments”). To make an election to defer any Eligible Payments, the Non-Employee Director must execute and deliver to the Corporate Secretary an election form specifying the
percentage of Eligible Payments he or she wishes to defer which form shall designate in writing the portion of such Eligible Payments, stated as a whole percentage, to be credited to the Cash Account, the portion to be credited to the Stock Unit
Account and the portion to be credited to the Stock Purchase Account. If an Eligible Director fails to notify the Corporate Secretary as to how to allocate any Eligible Payments among the Accounts, 100% of such Eligible Payments shall be credited to
the Cash Account. By written notice to the Corporate Secretary of the Company, a Non-employee Director may change the manner in which the Eligible Payments with respect to services rendered after the end of such calendar year are allocated among the
Accounts, provided that any such election shall not be effective if the change would cause liability under Section 16(b) of the Exchange Act. Except with respect to a newly elected or appointed Non-Employee Director or in connection with the
establishment of this Plan, any election under this paragraph shall apply only to Eligible Payments that are payable with respect to services to be performed beginning on or after the start of the next calendar year after such receipt and
acceptance. A Non-Employee Director who is serving as a director on the Effective Date may, within 30 days of the Effective Date, file a deferral election which shall apply to Eligible Payments that are earned with respect to services performed
subsequent to the election. A newly elected or appointed Non-Employee Director, may, within 30 days of becoming a Non-Employee Director, file a deferral election which shall apply only to Eligible Payments that are earned with respect to
services to be performed subsequent to the election. An election shall remain in 

 
effect from year to year, until a new election becomes effective with respect to Eligible Payments payable in the next calendar year. A Non-Employee
Director may revoke his or her deferral election with respect to Eligible Payments that are payable in the calendar year beginning after receipt by the Company of his written revocation. 
 A. Stock Unit Account. As of the date such Eligible Payments would have been paid to the Non-Employee Director, a Non-Employee
Director’s Stock Unit Account shall be credited with a number of whole and fractional stock units determined by dividing his deferred Eligible Payments allocated to the Stock Unit Account by the fair market value of a share of common stock, par
value $0.001 per share, of the Company (“Stock”). For purposes of this Plan, “fair market value” of a share of Stock on any given date shall mean the last reported sale price at which Stock is traded on such date, or if no
Stock is traded on such date, the most recent date on which Stock was traded on the NASDAQ Stock Market, or if applicable, any other national stock exchange on which Stock is traded. Whenever dividends (other than dividends payable only in shares of
Stock) are paid with respect to Stock, each Stock Unit Account shall be credited with a number of whole and fractional stock units determined by multiplying the dividend value per share by the stock unit balance of the Account on the record date and
dividing the result by the fair market value of a share of Stock on the dividend payment date. 
 B. Cash Account. As of the date such
Eligible Payments would have been paid to the Non-Employee Director, a Non-Employee Director’s Cash Account shall be credited with his deferred Eligible Payments allocated to the Cash Account. Any amounts credited to the Cash Account shall be
credited with interest at the prime rate as published by the Wall Street Journal from time to time. 
 C. Stock Purchase Account. As
of the date such Eligible Payments would have been paid to the Non-Employee Director, a Non-Employee Director’s Stock Purchase Account shall credited with a number of whole and fractional shares of Stock determined by dividing his deferred
Eligible Payments allocated to the Stock Purchase Account by the fair market value of a share of Stock. Subject to approval of the issuance of the Stock by the stockholders as provided in Section VII.F such shares shall be issued and made
available to the Non-Employee Director as soon as practicable after each purchase date. Such shares may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date the Non-Employee Director ceases to be a member of the
Board of Directors of the Company and will contain a legend to such effect. 
 D. Designation of Beneficiary. A Non-Employee
Director may designate one or more beneficiaries to receive payments from his Accounts in the event of his death. A designation of beneficiary shall apply to a specified percentage of a Non-Employee Director’s entire interest in his
Accounts. Such designation, or any change therein, must be in writing and shall be effective upon receipt by the Secretary of the Company. If there is no effective designation of beneficiary, or if no beneficiary survives the Non-Employee
Director, the estate of the Non-Employee Director shall be deemed to be the beneficiary.
 E. Distributions.
 (1) Stock Unit Account. All stock units credited to a Non-Employee Director’s Stock Unit Account shall be paid in shares of
Stock to the Non-Employee Director, or his designated beneficiary (or beneficiaries) or estate, in a lump sum; provided, however, that fractional shares shall be paid in cash. Such payment shall be made six months after the Non-Employee
Director ceases to be a member of the Board of Directors of the Company.
 (2) Cash Account. The aggregate amount, if
any, credited to a Non-Employee Director’s Cash Account shall be distributed in cash to the Non-Employee Director, or his designated beneficiary (or beneficiaries) or estate, in a lump sum. Such payment shall be made on the first business day
of the calendar month after the Non-Employee Director ceases to be a member of the Board of Directors of the Company. 
 (3)
Stock Purchase Account. All Company common stock purchased by the Non-Employee Director pursuant to the stock purchase election shall, to the extent not previously issued and delivered or made available to the Non-Employee Director or his
designated beneficiary (or beneficiaries) or estate, be issued and made available to the Non-Employee Director or his designated beneficiary (or beneficiaries) or estate as soon as practicable after the Non-Employee Director ceases to be a member of
the Board of Directors of 

 
the Company. All restrictions on sale and transfer of the shares, other than restrictions arising out of the securities laws of the United States or any
state, shall expire as of the date the Non-Employee Director ceases to be a member of the Board of Directors of the Company. 
 V. ADJUSTMENTS 

 In the event that any stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up,
spin-off, combination, exchange of shares, warrants or rights offering to purchase Stock at a price substantially below Fair Market Value, or other similar event affects the outstanding shares of Company Common Stock, an appropriate adjustment shall
be made by the Committee, in the aggregate number of shares of Common Stock available under the Plan and in the number of stock units credited to Non-Employee Directors’ Accounts. In the event of any consolidation or merger of the Company with
or into another company, or the conveyance of all or substantially all of the assets of the Company to another company, the then outstanding stock units shall upon distribution thereafter entitle the Non-Employee Director, or his designated
beneficiary (or beneficiaries) or estate to receive such number of shares of Common Stock or other securities or property to which a holder of shares of Common Stock of the Company would have been entitled to upon such consolidation, merger or
conveyance; and in any such case appropriate adjustment, as determined by the Committee, shall be made as set forth above with respect to any future changes in the capitalization of the Company or its successor entity. 
 VI. AMENDMENT OR TERMINATION OF PLAN 
 The Plan
shall terminate on the tenth anniversary of the Effective Date. Notwithstanding anything herein to the contrary, the Board may at any time and from time to time terminate, modify, suspend or amend the Plan in whole or in part; provided, however,
that no such termination, modification, suspension or amendment shall be effective without shareholder approval if such approval is required to comply with any applicable law or stock exchange rule; and provided further, that the Board may not,
without shareholder approval, increase the maximum number of shares issuable under the Plan except as provided in Section V above, and further provided that no such action shall adversely affect a Non-Employee Director’s right to receive
compensation earned before the date of such action or his rights under the Plan with respect to amounts credited to his Accounts before the date of such action. In no event shall the distribution of Accounts to Non-Employee Directors be
accelerated by virtue of any amendment or termination of the Plan, except to the extent permitted by Section 409A of the Internal Revenue Code of 1986. 
 VII. MISCELLANEOUS PROVISIONS 
 A. Compliance. The Company shall not be obligated to deliver any Stock under the
Plan until the shares have been listed on each securities exchange on which the Stock may then be listed and until there has been qualification under or compliance with such state and federal laws, rules and regulations as the Company may deem
applicable. 
 B. Notices. Any notice required or permitted to be given by the Company or the Committee pursuant to the Plan
shall be deemed given when personally delivered or deposited in the United States mail, registered or certified, postage prepaid, addressed to the Non-Employee Director at the last address shown for the Non-Employee Director on the records of the
Company. 
 C. Nontransferability of Rights. During a Non-Employee Director’s lifetime, any distribution under the Plan
shall be made only to him. No sum or other interest under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt by a Non-Employee Director or any
beneficiary under the Plan to do so shall be void. No interest under the Plan shall in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of a Non-Employee Director or beneficiary entitled thereto.

 D. Company’s Obligations to Be Unfunded and Unsecured. The Company shall be under
no obligation to establish a fund or reserve in order to pay the benefits under the Plan. Accounts under the Plan represent a contractual obligation of the Company to deliver Stock or pay cash to the Non-Employee Directors or their beneficiaries or
estates as provided herein. The Company has not segregated or earmarked any Stock or any of the Company's assets for the benefit of the Non-Employee Directors or their beneficiaries or estates, and the Plan does not, and shall not be construed to
require the Company to do so. The Non-Employee Directors and their beneficiaries or estates shall have only an unsecured, contractual right against the Company with respect to any benefits hereunder, and such right shall not be deemed superior to
the right of any other creditor. 
 E. Governing Law. The terms of the Plan shall be governed, construed, administered and
regulated in accordance with the laws of the State of Florida. In the event any provision of this Plan shall be determined to be illegal or invalid for any reason, the other provisions shall continue in full force and effect as if such illegal
or invalid provision had never been included herein. 
 F. Effective Date of Plan. The Plan shall become effective as of
August 22, 2007 (the “Effective Date”) and is subject to the approval of the issuance of the Stock pursuant to the Plan by the stockholders of the Company by no later than the next Annual Meeting to occur after the Effective Date. If
such stockholder approval is not obtained by the date of such Annual Meeting, all Stock Unit Accounts and Stock Purchase Accounts shall be void ab initio and of no further force and effect and the Eligible Payments allocated to such accounts shall
be allocated to the Cash Accounts of the Non-Employee Directors.2007 Employee Stock Purchase Plan

 Exhibit 10.5 
 AMERICAN ELECTRIC TECHNOLOGIES, INC. 
 2007 EMPLOYEE STOCK PURCHASE PLAN 
 1. Purpose. The purpose of this 2007 AMERICAN ELECTRIC TECHNOLOGIES, INC. Employee Stock Purchase Plan is to provide employees of
the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase
Plan” under Section 423 of the Internal Revenue Code of 1986, as amended. The provisions of the Plan, accordingly, shall be construed in a manner consistent with the requirements of Section 423 and related sections of the Code.

 2. Definitions. 
 (a) “Board” shall mean the Company’s Board of Directors. 
 (b)
“Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (c) “Committee” shall
mean the Compensation Committee of the Board. 
 (d) “Common Stock” shall mean the Common Stock, $.001 par
value, of the Company. 
 (e) “Company” shall mean AMERICAN ELECTRIC TECHNOLOGIES, INC., a Florida
corporation, and any Designated Subsidiary of the Company. 
 (f) “Compensation” shall mean all cash
compensation received by an Employee from the Company or a Designated Subsidiary and includable in the Employee’s gross income for federal income tax purposes, other than any taxable reimbursements. By way of illustration, but not limitation,
“Compensation” shall include regular compensation such as salary, wages, overtime, shift differentials, bonuses, commissions, and incentive compensation, but shall exclude relocation reimbursements, expense reimbursements, tuition or other
reimbursements, and income realized as a result of participation in any stock option, stock purchase, or similar plan of the Company or any Designated Subsidiary. 
 (g) “Designated Subsidiary” shall mean any Subsidiary of the Company designated by the Board from time to time in its
sole discretion as eligible to participate in the Plan. 
 (h)
“Employee” shall mean any individual who is an employee of the Company for tax purposes. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other
leave of absence approved by the Company., except that where the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed by either statute or contract, the employment relationship shall be deemed to have
terminated on the 91st day of such leave. 
 (i) “Fair Market Value” shall mean, as of any date, the NASDAQ
official closing price of Common Stock on that date or if no sales are reported on that date, on the last preceding date on which the official closing price of shares are so reported. If the stock is traded over the counter at the time a
determination of its fair market value is required to be made hereunder, its fair market value shall be deemed to be equal to the average between the reported high and low prices of Stock on the most recent date on which the shares were publicly
traded. In the event the Company’s Common Stock is not publicly traded at the time a determination of its value is required to be made hereunder, the determination of its fair market value shall be made by the Committee in such manner as it
deems appropriate. 
 (j) “Offering Commencement Date” shall mean the first day of each Offering Period.

 (k) “Offering Period” shall mean a period established by the Committee during which funds may be
accumulated for the purchase of Company common stock pursuant to the Plan. 
 (l) “Parent” shall mean a
corporation, domestic or foreign, that owns not less than 50% of the voting shares of the Company or of another Parent, whether or not such corporation now exists or is hereafter organized or acquires the Company or a Parent. 

 (m) “Participant” shall mean an eligible Employee who has elected to
participate in the Plan. 
 (n) “Plan” shall mean this 2007 AMERICAN ELECTRIC TECHNOLOGIES, INC. Employee
Stock Purchase Plan. 
 (o) “Purchase Date” shall mean the last day of each Offering Period. 
 (p) “Purchase Price” shall mean an amount which is not be less than (1) 95% of fair market value of our common stock
on the first day of an Offering Period or (2) a discount from the market price on the first day of the Offering Period which does not exceed the per-share amount of share issuance costs that would have been incurred to raise a significant
amount of capital by a public offering. 
 (q) “Subsidiary” shall mean a corporation, domestic or foreign, of
which not less than 50% of the voting shares are held by the Company or another Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 
 (r) “Trading Day” shall mean a day on which United States national stock exchanges are open for trading. 
 3. Eligibility. 
 (a) Any Employee employed by the Company on a given Offering Commencement Date shall be eligible to participate in the Plan, except: 
 (1) Any Employee employed by the Company for less than six (6) months before the applicable Offering Commencement Date; 

(2) Any Employee whose customary employment is less than 20 hours per week; and 
 (3) Any Employee whose customary employment is not more than five (5) months in any year. 
 (b) Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) to the
extent that, immediately after the grant, such Employee (including by attribution under Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding options to purchase stock of the Company constituting in the
aggregate five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company, or (ii) to the extent that his or her option rights to purchase stock under this Plan and any other
employee stock purchase plans of the Company and its subsidiaries exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option is granted) in the aggregate for each calendar
year in which such option right is outstanding at any time. 
 (c) The Committee may also exclude from participation in the
Plan the highly compensated employees as defined in Code Section 414(q) of the Company and its Subsidiaries provided such exclusion does not effect the non-compensatory accounting treatment of the Plan under applicable accounting provisions.

 4. Offering Periods. The Plan shall be implemented by consecutive Offering Periods established by the Committee of no
long than 27 months’ duration. The first Offering Period shall not commence until the Plan has been approved by the Company’s stockholders. 
 5. Participation. 
 (a) An eligible Employee may become a
Participant in the Plan by completing a subscription agreement authorizing payroll deductions in the form provided by the Company and filing it with the designated representative of the Company before the applicable Offering Commencement Date,
unless a later time for submission, not to exceed 31 days after an Offering Commencement Date, is set by the Committee for all eligible Employees with respect to a given Offering Period. 
 (b) Payroll deductions for a Participant shall commence on the first payroll date occurring on or after the applicable Offering
Commencement Date and shall end on the last payroll date occurring on or before the last day of the Offering Period to which such authorization is applicable. 

 6. Payroll Deductions. 
 (a) At the time a Participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay
day during the Offering Period in an amount equal to a whole percentage (e.g., 1%, 2%, etc.), but not exceeding three percent (3%), of the Compensation that he or she receives on each pay day during the Offering Period. 
 (b) All payroll deductions made for a Participant shall be credited to his or her account under the Plan. A Participant may not make any
additional payments into such account. A Participant’s account shall be only a bookkeeping account maintained by the Company, and neither the Company nor any Subsidiary shall be obligated to segregate or hold in trust or escrow any funds in a
Participant’s account. Except for amounts not expended because of the Plan rule that fractional shares shall not be purchased, no amount of accumulated payroll deductions shall be carried over with respect to any Participant from the end of one
offering period to the beginning of another. 
 (c) A Participant may discontinue his or her participation in the Plan
effective as of the end of the then current Offering Period as provided in Section 10 hereof, but no other change can be made and, specifically, a Participant may not alter the rate of his or her payroll deductions during an Offering Period. A
Participant’s subscription agreement shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 
 (d) Notwithstanding the foregoing, to the extent necessary to comply with the limitations of Section 423(b)(8) of the Code and Section 3(b) hereof, a Participant’s payroll deductions may be decreased to
zero percent (0%) at any time during an Offering Period. In such event, payroll deductions shall recommence at the rate provided in such Participant’s subscription agreement at the beginning of the first Offering Period scheduled to end in the
following calendar year, unless terminated by the Participant as provided in Section 10 hereof 
 (e) Each Participant
must make adequate provision for federal, state, or other tax withholding obligations, if any, arising upon the disposition of the Common Stock. The Company may, but shall not be obligated to, withhold from the Participant’s compensation the
amount necessary for the Company to meet applicable withholding obligations related to the Participant’s tax obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or
early disposition of Common Stock by the Employee that may be available to it. 
 7. Shares to be Purchased. Effective
on the Offering Commencement Date of each Offering Period, each eligible Employee participating in such Offering Period shall purchase at the applicable Purchase Price, a number of shares of the Company’s Common Stock determined by dividing
such Employee’s total payroll deductions actually made during the Offering Period by the applicable Purchase Price. 
 8.
Mechanics of Purchase. Except to the extent that the limitation of Section 423(b)(8) of the Code would otherwise be violated, the maximum number of full shares shall be purchased for such Participant at with the accumulated
payroll deductions in the Participants account no later than the last day of each Offering Period. No fractional shares shall be purchased; any payroll deductions accumulated in a Participant’s account that are insufficient to purchase a full
share shall be retained in the Participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10 hereof. During a Participant’s lifetime, a Participant’s option
to purchase shares hereunder is exercisable only by him or her. 
 9. Delivery. As promptly as practicable after each
purchase of shares occurs, the Company shall arrange for the delivery to each Participant or his or her broker, or to a broker designated by the Committee, of a stock certificate evidencing the shares purchased under the Plan. Shares may be
registered in the name of the Participant or jointly in the name of the Participant and his or her spouse as joint tenants with right of survivorship, or as community property. If the Company authorizes the issuance of common stock without
certificates the Company may evidence the issuance of shares under the Plan by providing the Participant with a written statement documenting such issuance in accordance with the by-laws and applicable law. 

 10. Withdrawal from Plan Participation. 
 (a) A Participant may withdraw from participation in the Plan by giving notice of such withdrawal to the Company’s representative
designated by the Committee. Such withdrawal shall be effective for all subsequent Offering Periods. All of the Participant’s payroll deductions credited to his or her account shall be paid to such Participant promptly after receipt of notice
of withdrawal, such Participant’s option for the Offering Period shall automatically be terminated, and no further payroll deductions for the purchase of shares shall be made for such Offering Period. After a Participant withdraws from the
Plan, payroll deductions shall not resume at the beginning of the succeeding Offering Period or any Offering Period thereafter unless the Participant delivers to the Company a new subscription agreement. 
 (b) A Participant’s withdrawal from the Plan shall not have any effect upon his or her eligibility to participate in any succeeding
Offering Period after such withdrawal. 
 11. Termination of Employment. Upon a Participant’s ceasing to be
an Employee for any reason at any time on or before the end of an Offering Period, he or she shall be deemed to have elected to withdraw from the Plan effective for all subsequent Offering Periods and the payroll deductions credited to such
Participant’s account at the end of such Offering Period shall be returned to such Participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15 hereof. 
 12. No Interest. No interest shall accrue or be payable on the payroll deductions of a Participant in the Plan. 
 13. Stock. 
 (a) The shares of Common Stock to be sold to Participants under the Plan may, at the election of the Company, be either treasury shares or shares originally issued by the Company. 
 (b) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of
shares of the Company’s Common Stock available for sale under the Plan shall be 50,000 shares. If at any time the number of shares with respect to which purchases are to be made under the Plan exceeds the number of shares then available under
the Plan, the Company shall make a pro rata allocation of the shares remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable. 
 (c) The Participant shall have no interest or voting rights in shares covered by his or her option or in any dividends declared by the
Company in respect of its outstanding Common Stock until such option has been exercised. 
 (d) Shares to be delivered to a
Participant under the Plan shall be registered in the name of the Participant or in the name of the Participant and his or her spouse, as designated by the Participant. 
 14. Administration. The Plan shall be administered by the Compensation Committee of the Board of Directors. The Committee shall have full and exclusive discretionary authority to construe,
interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding, decision, and determination made by the Committee, to the fullest extent permitted by law, be final and
binding upon all parties. 
 15. Designation of Beneficiary. 
 (a) A Participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the
Participant’s account under the Plan in the event of such Participant’s death subsequent to an Purchase Date on which the option is exercised, but before delivery to such Participant of such shares and cash. In addition, a Participant may
file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death before exercise of the option. If a Participant is married and the designated
beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 
 (b) Such designation
of beneficiary maybe changed by the Participant at any time by written notice. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan 

 
who is living at the time of such Participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate
of the Participant or, if to the best of the Company’s knowledge no such executor or administrator has been appointed, the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or
relatives of the Participant, or if no spouse, dependent, or relative is known to the Company, then to such other person as the Company may designate. 
 16. Transferability. Neither payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be
assigned, transferred, pledged, or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or as provided in Section 15 hereof) by the Participant. Any such attempt at assignment, transfer, pledge, or other
disposition shall be without effect. 
 17. Use of Funds. All payroll deductions received or held by the Company under
the Plan shall be general corporate funds and as such may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions or pay interest thereon. 
 18. Reports. Individual accounts shall be maintained for each Participant in the Plan. Statements of account shall be given to
Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased, and the remaining cash balance, if any. 
 19. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger, or Asset Sale. 
 (a) Changes in Capitalization. Subject to any required action by the stockholders of the Company, number of shares available for
issuance under the Plan, the maximum number of shares each Participant may purchase per Offering Period, as well as the price per share and the number of shares of Common Stock covered by subscriptions shall be proportionately adjusted for any
increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of shares of
Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such
adjustment shall be made by the Board, whose determination in that respect shall be final and binding on all parties. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or of securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to the Plan. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in
progress shall be shortened by setting a new Purchase Date (the New Purchase Date”), and shall terminate immediately before the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Board. The New Purchase
Date shall be before the date of the Company’s proposed dissolution or liquidation. The Board shall notify each Participant in writing, at least ten (10) business days before the New Purchase Date, that the Purchase Date for the
Participant’s option has been changed to the New Purchase Date and that the Participant’s option shall be exercised automatically on the New Purchase Date, unless before such date the Participant has withdrawn from the Offering Period as
provided in Section 10 hereof 
 (c) Merger or Asset Sale. In the event of a sale of all or substantially all of
the assets of the Company, or the merger of the Company with or into another corporation, each outstanding option shall be assumed, or an equivalent option substituted, by the successor corporation or a Parent or Subsidiary of the successor
corporation. In the event that the successor corporation refuses to assume the option or substitute equivalent options, the Offering Period then in progress shall be shortened by setting a new Purchase Date (the New Purchase Date”). The New
Purchase Date shall be before the date of the Company’s proposed sale or merger. The Board shall notify each Participant in writing, at least ten (10) business days before the New Purchase Date, that the Purchase Date for the
Participant’s option has been changed to the New Purchase 

 
Date and that the Participant’s option shall be exercised automatically on the New Purchase Date, unless before such date the Participant has withdrawn
from the Offering Period as provided in Section 10 hereof. 
 20. Amendment and Termination. 
 (a) The Board of Directors of the Company may at any time and for any reason terminate or amend the Plan. Except as provided in
Section 19 hereof, no such termination can affect options previously granted, provided that an Offering Period may be terminated by the Board of Directors on any Purchase Date if the Board determines that the termination of the Offering Period
or the Plan is in the best interests of the Company and its stockholders. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any change in any option theretofore granted that adversely affects the rights of
any Participant. To the extent necessary to comply with Section 423 of the Code (or any other applicable law, regulation, or stock exchange rule), the Company shall obtain shareholder approval in such manner and to such degree as required.

 (b) Without shareholder consent and without regard to whether any Participant’s rights may be considered to have been
“adversely affected,” the Board shall be entitled to: change the Offering Periods, the maximum amount of permitted payroll deductions, and the frequency and/or number of permitted changes in the amount withheld during an Offering Period;
establish the exchange ratio applicable to amounts withheld in a currency other than U. S. dollars; permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s
processing of properly completed withholding elections; establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly
correspond with amounts withheld from the Participant’s Compensation; and establish such other limitations and procedures as the Board determines in its sole discretion are advisable. 
 (c) In the event that the Board determines that the ongoing operation of the Plan may result in unfavorable financial accounting
consequences, the Board may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequences including, but not limited to: 
 (1) altering the Purchase Price for any Offering Period, including an Offering Period underway at the time of the change in Purchase
Price; or 
 (2) shortening any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering
Period underway at the time of the Board action. 
 Such modifications or amendments shall not require stockholder approval or the consent of
any Plan Participants. 
 21. Notices. All notices or other communications by a Participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
 22. Conditions Upon Issuance of Shares. 
 (a) Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares
pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange on which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 (b) As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the
time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 

 23. Term of Plan. The Plan shall become effective upon approval by the stockholders
in accordance with Treasury Regulations Section 1.423-2(c) within 12 months after its adoption by the Board. Once effective, the Plan shall continue in effect for a term of ten (10) years unless sooner terminated by the Board pursuant to
Section 20 hereof. 
 24. Additional Restrictions of Rule 16b-3. The terms and conditions of options granted
hereunder to, and the purchase of shares by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3. In the cases of any such persons, this Plan and options issued to such persons shall be
deemed to contain, and the shares issued upon exercise of such options shall be subject to, such additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act
with respect to Plan transactions on behalf of such persons.

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