Document:

Exhibit
10.1

 

VELT
INTERNATIONAL GROUP INC.

2019
EQUITY INCENTIVE PLAN

 

1.
PURPOSE. The purpose of this Plan is to provide incentives to attract and retain and motivate eligible persons whose present
and potential contributions are important to the success of the Company, and any Parents and Subsidiaries that exist now or in
the future, by offering them an opportunity to participate in the Company’s future performance through the grant of Awards.
Capitalized terms not defined elsewhere in the text are defined in Section 27.

 

2.
SHARES SUBJECT TO THE PLAN.

 

2.1
Number of Shares Available. Subject to Sections 2.6 and 21 and any other applicable provisions hereof, the total number
of Shares reserved and available for grant and issuance pursuant to this Plan as of the date of adoption of the Plan by the Board
is 3,000,000 shares.

 

2.2
Lapsed, Returned Awards. Shares subject to Awards, and Shares issued under the Plan under any Award, will again be available
for grant and issuance in connection with subsequent Awards under this Plan to the extent such Shares: (a) are subject to issuance
upon exercise of an Option or SAR granted under this Plan but which cease to be subject to the Option or SAR for any reason other
than exercise of the Option or SAR; (b) are subject to Awards granted under this Plan that are forfeited or are repurchased by
the Company at the original issue price; (c) are subject to Awards granted under this Plan that otherwise terminate without such
Shares being issued; or (d) are surrendered pursuant to an Exchange Program. To the extent an Award under the Plan is paid out
in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the
Plan. Shares used or withheld to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an
Award will become available for future grant or sale under the Plan. For the avoidance of doubt, Shares that otherwise become
available for grant and issuance because of the provisions of this Section 2.2 shall not include Shares subject to Awards that
initially became available because of the substitution clause in Section 21.2 hereof.

 

2.3
Minimum Share Reserve. At all times the Company shall reserve and keep available a sufficient number of Shares as shall
be required to satisfy the requirements of all outstanding Awards granted under this Plan.

 

2.4
Automatic Share Reserve Increase. The number of Shares available for grant and issuance under the Plan shall be increased
on January 1, of each of the ten (10) calendar years during the term of the Plan, by such number of Shares determined by the Board.

 

2.5
Limitations. No more than 3,000,000 Shares shall be issued pursuant to the exercise of ISO’s.

 

2.6
Adjustment of Shares. If the number of outstanding Shares is changed by a stock dividend, recapitalization, stock split,
reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company, without
consideration, then (a) the number of Shares reserved for issuance and future grant under the Plan set forth in Section 2.1, (b)
the Exercise Prices of and number of Shares subject to outstanding Options and SARs, (c) the number of Shares subject to other
outstanding Awards, (d) the maximum number of shares that may be issued as ISO’s set forth in Section 2.5, (e) the maximum
number of Shares that may be issued to an individual or to a new Employee in any one calendar year set forth in Section 3 and
(f) the number of Shares that are granted as Awards to Non-Employee Directors as set forth in Section 12, shall be proportionately
adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with applicable securities
laws; provided that fractions of a Share will not be issued.

 

3.
ELIGIBILITY. ISO’s may be granted only to Employees. All other Awards may be granted to Employees, Consultants, Directors
and Non-Employee Directors of the Company or any Parent or Subsidiary of the Company; provided such Consultants, Directors and
Non-Employee Directors render bona fide services not in connection with the offer and sale of securities in a capital-raising
transaction. No Employee will be eligible to receive more than 300,000 Shares in any calendar year under this Plan pursuant to
the grant of Awards.

 

4.
ADMINISTRATION.

 

4.1
Committee Composition; Authority. This Plan will be administered by the Committee or by the Board acting as the Committee.
Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have
full power to implement and carry out this Plan, except, however, the Board shall establish the terms for the grant of an Award
to Non-Employee Directors. The Committee will have the authority to:

 

(a)
construe and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to this Plan;

 

(b)
prescribe, amend and rescind rules and regulations relating to this Plan or any Award;

 

(c)
select persons to receive Awards;

  

     

     

    

  

(d)
determine the form and terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such
terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may vest and be exercised
(which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction
or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Committee will determine;

 

(e)
determine the number of Shares or other consideration subject to Awards;

 

(f)
determine the Fair Market Value in good faith and interpret the applicable provisions of this Plan and the definition of Fair
Market Value in connection with circumstances that impact the Fair Market Value, if necessary;

 

(g)
determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to,
other Awards under this Plan or any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company;

 

(h)
grant waivers of Plan or Award conditions;

 

(i)
determine the vesting, exercisability and payment of Awards;

 

(j)
correct any defect, supply any omission or reconcile any inconsistency in this Plan, any Award or any Award Agreement;

 

(k)
determine whether an Award has been earned;

 

(l)
determine the terms and conditions of any, and to institute any Exchange Program;

 

(m)
reduce or waive any criteria with respect to Performance Factors;

 

(n)
adjust Performance Factors to take into account changes in law and accounting or tax rules as the Committee deems necessary or
appropriate to reflect the impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships provided
that such adjustments are consistent with the regulations promulgated under Section 162(m) of the Code with respect to persons
whose compensation is subject to Section 162(m) of the Code;

 

(o)
adopt rules and/or procedures (including the adoption of any subplan under this Plan) relating to the operation and administration
of the Plan to accommodate requirements of local law and procedures outside of the United States;

 

(p)
make all other determinations necessary or advisable for the administration of this Plan; and

 

(q)
delegate any of the foregoing to a subcommittee consisting of one or more executive officers pursuant to a specific delegation.

 

4.2
Committee Interpretation and Discretion. Any determination made by the Committee with respect to any Award shall be made
in its sole discretion at the time of grant of the Award or, unless in contravention of any express term of the Plan or Award,
at any later time, and such determination shall be final and binding on the Company and all persons having an interest in any
Award under the Plan. Any dispute regarding the interpretation of the Plan or any Award Agreement shall be submitted by the Participant
or Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company
and the Participant. The Committee may delegate to one or more executive officers the authority to review and resolve disputes
with respect to Awards held by Participants who are not Insiders, and such resolution shall be final and binding on the Company
and the Participant.

 

4.3
Section 162(m) of the Code and Section 16 of the Exchange Act. When necessary or desirable for an Award to qualify as “performance-based
compensation” under Section 162(m) of the Code the Committee shall include at least two persons who are “outside directors”
(as defined under Section 162(m) of the Code) and at least two (or a majority if more than two then serve on the Committee) such
“outside directors” shall approve the grant of such Award and timely determine (as applicable) the Performance Period
and any Performance Factors upon which vesting or settlement of any portion of such Award is to be subject. When required by Section
162(m) of the Code, prior to settlement of any such Award at least two (or a majority if more than two then serve on the Committee)
such “outside directors” then serving on the Committee shall determine and certify in writing the extent to which
such Performance Factors have been timely achieved and the extent to which the Shares subject to such Award have thereby been
earned. Awards granted to Participants who are subject to Section 16 of the Exchange Act must be approved by two or more “non-employee
directors” (as defined in the regulations promulgated under Section 16 of the Exchange Act). With respect to Participants
whose compensation is subject to Section 162(m) of the Code, and provided that such adjustments are consistent with the regulations
promulgated under Section 162(m) of the Code, the Committee may adjust the performance goals to account for changes in law and
accounting and to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of extraordinary
or unusual items, events or circumstances to avoid windfalls or hardships, including without limitation (i) restructurings, discontinued
operations, extraordinary items, and other unusual or non-recurring charges, (ii) an event either not directly related to the
operations of the Company or not within the reasonable control of the Company’s management, or (iii) a change in accounting
standards required by generally accepted accounting principles.

  

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4.4
Documentation. The Award Agreement for a given Award, the Plan and any other documents may be delivered to, and accepted
by, a Participant or any other person in any manner (including electronic distribution or posting) that meets applicable legal
requirements.

 

5.
OPTIONS. The Committee may grant Options to Participants and will determine whether such Options will be Incentive Stock Options
within the meaning of the Code (“ISO’s”) or Nonqualified Stock Options (“NQSO’s”), the number
of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may vest and be exercised,
and all other terms and conditions of the Option, subject to the following:

 

5.1
Option Grant. Each Option granted under this Plan will identify the Option as an ISO or an NQSO. An Option may be, but
need not be, awarded upon satisfaction of such Performance Factors during any Performance Period as are set out in advance in
the Participant’s individual Award Agreement. If the Option is being earned upon the satisfaction of Performance Factors,
then the Committee will: (x) determine the nature, length and starting date of any Performance Period for each Option; and (y)
select from among the Performance Factors to be used to measure the performance, if any. Performance Periods may overlap and Participants
may participate simultaneously with respect to Options that are subject to different performance goals and other criteria.

 

5.2
Date of Grant. The date of grant of an Option will be the date on which the Committee makes the determination to grant
such Option, or a specified future date. The Award Agreement and a copy of this Plan will be delivered to the Participant within
a reasonable time after the granting of the Option.

 

5.3
Exercise Period. Options may be vested and exercisable within the times or upon the conditions as set forth in the Award
Agreement governing such Option; provided, however, that no Option will be exercisable after the expiration of ten (10) years
from the date the Option is granted; and provided further that no ISO granted to a person who, at the time the ISO is granted,
directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the
Company or of any Parent or Subsidiary of the Company (“Ten Percent Stockholder”) will be exercisable after
the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable
at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee
determines.

 

5.4
Exercise Price. The Exercise Price of an Option will be determined by the Committee when the Option is granted; provided
that: (i) the Exercise Price of an Option will be not less than one hundred percent (100%) of the Fair Market Value of the Shares
on the date of grant and (ii) the Exercise Price of any ISO granted to a Ten Percent Stockholder will not be less than one hundred
ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased may be made in
accordance with Section 11 and the Award Agreement and in accordance with any procedures established by the Company.

 

5.5
Method of Exercise. Any Option granted hereunder will be vested and exercisable according to the terms of the Plan and
at such times and under such conditions as determined by the Committee and set forth in the Award Agreement. An Option may not
be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives: (i) notice of exercise (in
such form as the Committee may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment
for the Shares with respect to which the Option is exercised (together with applicable withholding taxes). Full payment may consist
of any consideration and method of payment authorized by the Committee and permitted by the Award Agreement and the Plan. Shares
issued upon exercise of an Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by
the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or
receive dividends or any other rights as a stockholder will exist with respect to the Shares, notwithstanding the exercise of
the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will
be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided
in Section 2.6 of the Plan. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for
purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

 

5.6
Termination. The exercise of an Option will be subject to the following (except as may be otherwise provided in an Award
Agreement):

 

(a)
If the Participant is Terminated for any reason except for Cause or the Participant’s death or Disability, then the Participant
may exercise such Participant’s Options only to the extent that such Options would have been exercisable by the Participant
on the Termination Date no later than ninety (90) days after the Termination Date (or such shorter time period or longer time
period not exceeding five (5) years as may be determined by the Committee, with any exercise beyond three (3) months after the
Termination Date deemed to be the exercise of an NQSO), but in any event no later than the expiration date of the Options.

 

(b)
If the Participant is Terminated because of the Participant’s death (or the Participant dies within ninety (90) days after
a Termination other than for Cause or because of the Participant’s Disability), then the Participant’s Options may
be exercised only to the extent that such Options would have been exercisable by the Participant on the Termination Date and must
be exercised by the Participant’s legal representative, or authorized assignee, no later than twelve (12) months after the
Termination Date (or such shorter time period not less than six (6) months or longer time period not exceeding five (5) years
as may be determined by the Committee), but in any event no later than the expiration date of the Options.

  

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(c)
If the Participant is Terminated because of the Participant’s Disability, then the Participant’s Options may be exercised
only to the extent that such Options would have been exercisable by the Participant on the Termination Date and must be exercised
by the Participant (or the Participant’s legal representative or authorized assignee) no later than six (6) months after
the Termination Date (with any exercise beyond (a) three (3) months after the Termination Date when the Termination is for a Disability
that is not a “permanent and total disability” as defined in Section 22(e)(3) of the Code, or (b) twelve (12) months
after the Termination Date when the Termination is for a Disability that is a “permanent and total disability” as
defined in Section 22(e)(3) of the Code, deemed to be exercise of an NQSO), but in any event no later than the expiration date
of the Options.

 

(d)
If the Participant is terminated for Cause, then Participant’s Options shall expire on such Participant’s Termination
Date, or at such later time and on such conditions as are determined by the Committee, but in any no event later than the expiration
date of the Options. Unless otherwise provided in the Award Agreement, Cause will have the meaning set forth in the Plan.

 

5.7
Limitations on Exercise. The Committee may specify a minimum number of Shares that may be purchased on any exercise of
an Option, provided that such minimum number will not prevent any Participant from exercising the Option for the full number of
Shares for which it is then exercisable.

 

5.8
Limitations on ISO’s. With respect to Awards granted as ISO’s, to the extent that the aggregate Fair Market
Value of the Shares with respect to which such ISO’s are exercisable for the first time by the Participant during any calendar
year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options
will be treated as NQSO’s. For purposes of this Section 5.8, ISO’s will be taken into account in the order in which
they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares
is granted. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date to provide
for a different limit on the Fair Market Value of Shares permitted to be subject to ISO’s, such different limit will be
automatically incorporated herein and will apply to any Options granted after the effective date of such amendment.

 

5.9
Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the grant
of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant,
impair any of such Participant’s rights under any Option previously granted. Any outstanding ISO that is modified, extended,
renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 18 of this Plan,
by written notice to affected Participants, the Committee may reduce the Exercise Price of outstanding Options without the consent
of such Participants; provided, however, that the Exercise Price may not be reduced below the Fair Market Value on the date the
action is taken to reduce the Exercise Price.

 

5.10
No Disqualification. Notwithstanding any other provision in this Plan, no term of this Plan relating to ISO’s will
be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify
this Plan under Section 422 of the Code or, without the consent of the Participant affected, to disqualify any ISO under Section
422 of the Code.

 

6.
RESTRICTED STOCK AWARDS.

 

6.1
Awards of Restricted Stock. A Restricted Stock Award is an offer by the Company to sell to a Participant Shares that are
subject to restrictions (“Restricted Stock”). The Committee will determine to whom an offer will be made, the
number of Shares the Participant may purchase, the Purchase Price, the restrictions under which the Shares will be subject and
all other terms and conditions of the Restricted Stock Award, subject to the Plan.

 

6.2
Restricted Stock Purchase Agreement. All purchases under a Restricted Stock Award will be evidenced by an Award Agreement.
Except as may otherwise be provided in an Award Agreement, a Participant accepts a Restricted Stock Award by signing and delivering
to the Company an Award Agreement with full payment of the Purchase Price, within thirty (30) days from the date the Award Agreement
was delivered to the Participant. If the Participant does not accept such Award within thirty (30) days, then the offer of such
Restricted Stock Award will terminate, unless the Committee determines otherwise.

 

6.3
Purchase Price. The Purchase Price for a Restricted Stock Award will be determined by the Committee and may be less than
Fair Market Value on the date the Restricted Stock Award is granted. Payment of the Purchase Price must be made in accordance
with Section 11 of the Plan, and the Award Agreement and in accordance with any procedures established by the Company.

 

6.4
Terms of Restricted Stock Awards. Restricted Stock Awards will be subject to such restrictions as the Committee may impose
or are required by law. These restrictions may be based on completion of a specified number of years of service with the Company
or upon completion of Performance Factors, if any, during any Performance Period as set out in advance in the Participant’s
Award Agreement. Prior to the grant of a Restricted Stock Award, the Committee shall: (a) determine the nature, length and starting
date of any Performance Period for the Restricted Stock Award; (b) select from among the Performance Factors to be used to measure
performance goals, if any; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods
may overlap and a Participant may participate simultaneously with respect to Restricted Stock Awards that are subject to different
Performance Periods and having different performance goals and other criteria.

 

6.5
Termination of Participant. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such
Participant’s Termination Date (unless determined otherwise by the Committee).

  

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7.
STOCK BONUS AWARDS.

 

7.1
Awards of Stock Bonuses. A Stock Bonus Award is an award to an eligible person of Shares for services to be rendered or
for past services already rendered to the Company or any Parent or Subsidiary. All Stock Bonus Awards shall be made pursuant to
an Award Agreement. No payment from the Participant will be required for Shares awarded pursuant to a Stock Bonus Award.

 

7.2
Terms of Stock Bonus Awards. The Committee will determine the number of Shares to be awarded to the Participant under
a Stock Bonus Award and any restrictions thereon. These restrictions may be based upon completion of a specified number of years
of service with the Company or upon satisfaction of performance goals based on Performance Factors during any Performance Period
as set out in advance in the Participant’s Stock Bonus Agreement. Prior to the grant of any Stock Bonus Award the Committee
shall: (a) determine the nature, length and starting date of any Performance Period for the Stock Bonus Award; (b) select from
among the Performance Factors to be used to measure performance goals; and (c) determine the number of Shares that may be awarded
to the Participant. Performance Periods may overlap and a Participant may participate simultaneously with respect to Stock Bonus
Awards that are subject to different Performance Periods and different performance goals and other criteria.

 

7.3
Form of Payment to Participant. Payment may be made in the form of cash, whole Shares, or a combination thereof, based
on the Fair Market Value of the Shares earned under a Stock Bonus Award on the date of payment, as determined in the sole discretion
of the Committee.

 

7.4
Termination of Participation. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on
such Participant’s Termination Date (unless determined otherwise by the Committee).

 

8.
STOCK APPRECIATION RIGHTS.

 

8.1
Awards of SARs. A Stock Appreciation Right (“SAR”) is an award to a Participant that may be settled in cash,
or Shares (which may consist of Restricted Stock), having a value equal to (a) the difference between the Fair Market Value on
the date of exercise over the Exercise Price multiplied by (b) the number of Shares with respect to which the SAR is being settled
(subject to any maximum number of Shares that may be issuable as specified in an Award Agreement). All SARs shall be made pursuant
to an Award Agreement.

 

8.2
Terms of SARs. The Committee will determine the terms of each SAR including, without limitation: (a) the number of Shares
subject to the SAR; (b) the Exercise Price and the time or times during which the SAR may be settled; (c) the consideration to
be distributed on settlement of the SAR; and (d) the effect of the Participant’s Termination on each SAR. The Exercise Price
of the SAR will be determined by the Committee when the SAR is granted, and may not be less than Fair Market Value. A SAR may
be awarded upon satisfaction of Performance Factors, if any, during any Performance Period as are set out in advance in the Participant’s
individual Award Agreement. If the SAR is being earned upon the satisfaction of Performance Factors, then the Committee will:
(x) determine the nature, length and starting date of any Performance Period for each SAR; and (y) select from among the Performance
Factors to be used to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously
with respect to SARs that are subject to different Performance Factors and other criteria.

 

8.3
Exercise Period and Expiration Date. A SAR will be exercisable within the times or upon the occurrence of events determined
by the Committee and set forth in the Award Agreement governing such SAR. The SAR Agreement shall set forth the expiration date;
provided that no SAR will be exercisable after the expiration of ten (10) years from the date the SAR is granted. The Committee
may also provide for SARs to become exercisable at one time or from time to time, periodically or otherwise (including, without
limitation, upon the attainment during a Performance Period of performance goals based on Performance Factors), in such number
of Shares or percentage of the Shares subject to the SAR as the Committee determines. Except as may be set forth in the Participant’s
Award Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise by the Committee). Notwithstanding
the foregoing, the rules of Section 5.6 also will apply to SARs.

 

8.4
Form of Settlement. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount
determined by multiplying (i) the difference between the Fair Market Value of a Share on the date of exercise over the Exercise
Price; times (ii) the number of Shares with respect to which the SAR is exercised. At the discretion of the Committee, the payment
from the Company for the SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof. The portion
of a SAR being settled may be paid currently or on a deferred basis with such interest or dividend equivalent, if any, as the
Committee determines, provided that the terms of the SAR and any deferral satisfy the requirements of Section 409A of the Code.

 

8.5
Termination of Participation. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on
such Participant’s Termination Date (unless determined otherwise by the Committee).

 

9.
RESTRICTED STOCK UNITS.

 

9.1
Awards of Restricted Stock Units. A Restricted Stock Unit (“RSU”) is an award to a Participant covering
a number of Shares that may be settled in cash, or by issuance of those Shares (which may consist of Restricted Stock). All RSU’s
shall be made pursuant to an Award Agreement.

 

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9.2
Terms of RSU’s. The Committee will determine the terms of an RSU including, without limitation: (a) the number of
Shares subject to the RSU; (b) the time or times during which the RSU may be settled; (c) the consideration to be distributed
on settlement; and (d) the effect of the Participant’s Termination on each RSU. An RSU may be awarded upon satisfaction
of such performance goals based on Performance Factors during any Performance Period as are set out in advance in the Participant’s
Award Agreement. If the RSU is being earned upon satisfaction of Performance Factors, then the Committee will: (x) determine the
nature, length and starting date of any Performance Period for the RSU; (y) select from among the Performance Factors to be used
to measure the performance, if any; and (z) determine the number of Shares deemed subject to the RSU. Performance Periods may
overlap and participants may participate simultaneously with respect to RSU’s that are subject to different Performance
Periods and different performance goals and other criteria.

 

9.3
Form and Timing of Settlement. Payment of earned RSU’s shall be made as soon as practicable after the date(s) determined
by the Committee and set forth in the Award Agreement. The Committee, in its sole discretion, may settle earned RSU’s in
cash, Shares, or a combination of both. The Committee may also permit a Participant to defer payment under a RSU to a date or
dates after the RSU is earned provided that the terms of the RSU and any deferral satisfy the requirements of Section 409A of
the Code.

 

9.4
Termination of Participant. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such
Participant’s Termination Date (unless determined otherwise by the Committee).

 

10.
PERFORMANCE AWARDS.

 

10.1
Performance Awards. A Performance Award is an award to a Participant of a cash bonus or a Performance Share bonus. Grants
of Performance Awards shall be made pursuant to an Award Agreement.

 

10.2
Terms of Performance Awards. The Committee will determine, and each Award Agreement shall set forth, the terms of each
award of Performance Award including, without limitation: (a) the amount of any cash bonus; (b) the number of Shares deemed subject
to a Performance Share bonus; (c) the Performance Factors and Performance Period that shall determine the time and extent to which
each Performance Award shall be settled; (d) the consideration to be distributed on settlement; and (e) the effect of the Participant’s
Termination on each Performance Award. In establishing Performance Factors and the Performance Period the Committee will: (x)
determine the nature, length and starting date of any Performance Period; and (y) select from among the Performance Factors to
be used. Prior to settlement the Committee shall determine the extent to which Performance Awards have been earned. Performance
Periods may overlap and Participants may participate simultaneously with respect to Performance Awards that are subject to different
Performance Periods and different performance goals and other criteria. No Participant will be eligible to receive more than $100,000
in Performance Awards in any calendar year under this Plan.

 

10.3
Value, Earning and Timing of Performance Shares. Any Performance Share bonus will have an initial value equal to the Fair
Market Value of a Share on the date of grant. After the applicable Performance Period has ended, the holder of a Performance Share
bonus will be entitled to receive a payout of the number of Shares earned by the Participant over the Performance Period, to be
determined as a function of the extent to which the corresponding Performance Factors or other vesting provisions have been achieved.
The Committee, in its sole discretion, may pay an earned Performance Share bonus in the form of cash, in Shares (which have an
aggregate Fair Market Value equal to the value of the earned Performance Shares at the close of the applicable Performance Period)
or in a combination thereof. Performance Share bonuses may also be settled in Restricted Stock.

 

10.4
Termination of Participant. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such
Participant’s Termination Date (unless determined otherwise by the Committee).

 

11.
PAYMENT FOR SHARE PURCHASES.

 

Payment
from a Participant for Shares purchased pursuant to this Plan may be made in cash or by check or, where expressly approved for
the Participant by the Committee and where permitted by law (and to the extent not otherwise set forth in the applicable Award
Agreement):

 

(a)
by cancellation of indebtedness of the Company to the Participant;

 

(b)
by surrender of shares of the Company held by the Participant that have a Fair Market Value on the date of surrender equal to
the aggregate exercise price of the Shares as to which said Award will be exercised or settled;

 

(c)
by waiver of compensation due or accrued to the Participant for services rendered or to be rendered to the Company or a Parent
or Subsidiary of the Company;

 

(d)
by consideration received by the Company pursuant to a broker-assisted or other form of cashless exercise program implemented
by the Company in connection with the Plan;

 

(e)
by any combination of the foregoing; or

 

(f)
by any other method of payment as is permitted by applicable law.

  

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12.
GRANTS TO NON-EMPLOYEE DIRECTORS.

 

12.1
Types of Awards. Non-Employee Directors are eligible to receive any type of Award offered under this Plan except ISO’s.
Awards pursuant to this Section 12 may be automatically made pursuant to policy adopted by the Board, or made from time to time
as determined in the discretion of the Board.

 

12.2
Eligibility. Awards pursuant to this Section 12 shall be granted only to Non-Employee Directors. A Non-Employee Director
who is elected or re-elected as a member of the Board will be eligible to receive an Award under this Section 12.

 

12.3
Vesting, Exercisability and Settlement. Except as set forth in Section 21, Awards shall vest, become exercisable and be
settled as determined by the Board. With respect to Options and SARs, the exercise price granted to Non-Employee Directors shall
not be less than the Fair Market Value of the Shares at the time that such Option or SAR is granted.

 

12.4
Election to receive Awards in Lieu of Cash. A Non-Employee Director may elect to receive his or her annual retainer payments
and/or meeting fees from the Company in the form of cash or Awards or a combination thereof, as determined by the Committee. Such
Awards shall be issued under the Plan. An election under this Section 12.4 shall be filed with the Company on the form prescribed
by the Company.

 

13.
WITHHOLDING TAXES.

 

13.1
Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company
may require the Participant to remit to the Company, or to the Parent or Subsidiary employing the Participant, an amount sufficient
to satisfy applicable U.S. federal, state, local and international withholding tax requirements or any other tax liability legally
due from the Participant prior to the delivery of Shares pursuant to exercise or settlement of any Award. Whenever payments in
satisfaction of Awards granted under this Plan are to be made in cash, such payment will be net of an amount sufficient to satisfy
applicable U.S. federal, state, local and international withholding tax requirements or any other tax liability legally due from
the Participant. The Fair Market Value of the Shares will be determined as of the date that the taxes are required to be withheld
and such Shares will be valued based on the value of the actual trade or, if there is none, the Fair Market Value of the Shares
as of the previous trading day.

 

13.2
Stock Withholding. The Committee, in its sole discretion and pursuant to such procedures as it may specify from time to
time and to limitations of local law, may require or permit a Participant to satisfy such tax withholding obligation or any other
tax liability legally due from the Participant, in whole or in part by (without limitation) (i) paying cash, (ii) electing to
have the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the minimum statutory amount
required to be withheld, or (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the minimum
amount required to be withheld.

 

14.
TRANSFERABILITY.

 

14.1
Transfer Generally. Unless determined otherwise by the Committee or pursuant to Section 14.2, an Award may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution.
If the Committee makes an Award transferable, including, without limitation, by instrument to an inter vivos or testamentary trust
in which the Awards are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift to a Permitted Transferee,
such Award will contain such additional terms and conditions as the Committee deems appropriate. All Awards shall be exercisable:
(i) during the Participant’s lifetime only by (A) the Participant, or (B) the Participant’s guardian or legal representative;
(ii) after the Participant’s death, by the legal representative of the Participant’s heirs or legatees; and (iii)
in the case of all awards except ISO’s, by a Permitted Transferee.

 

14.2 Award
Transfer Program. Notwithstanding any contrary provision of the Plan, the Committee shall have all discretion
and authority to determine and implement the terms and conditions of any Award Transfer Program instituted pursuant to this
Section 14.2 and shall have the authority to amend the terms of any Award participating, or otherwise eligible to participate
in, the Award Transfer Program, including (but not limited to) the authority to (i) amend (including to extend) the
expiration date, post-termination exercise period and/or forfeiture conditions of any such Award, (ii) amend or remove any
provisions of the Award relating to the Award holder’s continued service to the Company, (iii) amend the permissible
payment methods with respect to the exercise or purchase of any such Award, (iv) amend the adjustments to be implemented in
the event of changes in the capitalization and other similar events with respect to such Award, and (v) make such other
changes to the terms of such Award as the Committee deems necessary or appropriate in its sole discretion.

 

15.
PRIVILEGES OF STOCK OWNERSHIP; RESTRICTIONS ON SHARES.

 

15.1
Voting and Dividends. No Participant will have any of the rights of a stockholder with respect to any Shares until the
Shares are issued to the Participant, except for any dividend equivalent rights permitted by an applicable Award Agreement. After
Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect
to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such
Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may
become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate
or capital structure of the Company will be subject to the same restrictions as the Restricted Stock; provided, further, that
the Participant will have no right to retain such stock dividends or stock distributions with respect to Shares that are repurchased
at the Participant’s Purchase Price or Exercise Price, as the case may be, pursuant to Section 15.2.

  

    7

     

    

  

15.2
Restrictions on Shares. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) a
right to repurchase (a “Right of Repurchase”) a portion of any or all Unvested Shares held by a Participant
following such Participant’s Termination at any time within ninety (90) days after the later of the Participant’s
Termination Date and the date the Participant purchases Shares under this Plan, for cash and/or cancellation of purchase money
indebtedness, at the Participant’s Purchase Price or Exercise Price, as the case may be.

 

16.
CERTIFICATES. All Shares or other securities whether or not certificated, delivered under this Plan will be subject to such
stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions
under any applicable U.S. federal, state or foreign securities law, or any rules, regulations and other requirements of the SEC
or any stock exchange or automated quotation system upon which the Shares may be listed or quoted and any non-U.S. exchange controls
or securities law restrictions to which the Shares are subject.

 

17.
ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a Participant’s Shares, the Committee may require the Participant
to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee,
appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions
have lapsed or terminated, and the Committee may cause a legend or legends referencing such restrictions to be placed on the certificates.
Any Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under
this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure
the payment of the Participant’s obligation to the Company under the promissory note; provided, however, that the Committee
may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the
Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s
Shares or other collateral. In connection with any pledge of the Shares, the Participant will be required to execute and deliver
a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory
note may be released from the pledge on a pro rata basis as the promissory note is paid.

 

18.
REPRICING; EXCHANGE AND BUYOUT OF AWARDS. Without prior stockholder approval the Committee may (i) reprice Options or SARS
(and where such repricing is a reduction in the Exercise Price of outstanding Options or SARS, the consent of the affected Participants
is not required provided written notice is provided to them, notwithstanding any adverse tax consequences to them arising from
the repricing), and (ii) with the consent of the respective Participants (unless not required pursuant to Section 5.9 of the Plan),
pay cash or issue new Awards in exchange for the surrender and cancellation of any, or all, outstanding Awards.

 

19.
SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be effective unless such Award is in compliance with all
applicable U.S. and foreign federal and state securities laws, rules and regulations of any governmental body, and the requirements
of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect
on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this
Plan, the Company will have no obligation to issue or deliver certificates for Shares under this Plan prior to: (a) obtaining
any approvals from governmental agencies that the Company determines are necessary or advisable; and/or (b) completion of any
registration or other qualification of such Shares under any state or federal or foreign law or ruling of any governmental body
that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with
the SEC or to effect compliance with the registration, qualification or listing requirements of any foreign or state securities
laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do
so.

 

20.
NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any
Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent or Subsidiary
of the Company or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate Participant’s
employment or other relationship at any time.

 

21.
CORPORATE TRANSACTIONS.

 

21.1
Assumption or Replacement of Awards by Successor. In the event of a Corporate Transaction any or all outstanding Awards
may be assumed or replaced by the successor corporation, which assumption or replacement shall be binding on all Participants.
In the alternative, the successor corporation may substitute equivalent Awards or provide substantially similar consideration
to Participants as was provided to stockholders (after taking into account the existing provisions of the Awards). The successor
corporation may also issue, in place of outstanding Shares of the Company held by the Participant, substantially similar shares
or other property subject to repurchase restrictions no less favorable to the Participant. In the event such successor or acquiring
corporation (if any) refuses to assume, convert, replace or substitute Awards, as provided above, pursuant to a Corporate Transaction,
then notwithstanding any other provision in this Plan to the contrary, such Awards shall have their vesting accelerate as to all
shares subject to such Award (and any applicable right of repurchase fully lapse) immediately prior to the Corporate Transaction
unless otherwise determined by the Board and then such Awards will terminate. In addition, in the event such successor or acquiring
corporation (if any) refuses to assume, convert, replace or substitute Awards, as provided above, pursuant to a Corporate Transaction,
the Committee will notify the Participant in writing or electronically that such Award will be exercisable for a period of time
determined by the Committee in its sole discretion, and such Award will terminate upon the expiration of such period. Awards need
not be treated similarly in a Corporate Transaction.

  

    8

     

    

  

21.2
Assumption of Awards by the Company. The Company, from time to time, also may substitute or assume outstanding awards granted
by another company, whether in connection with an acquisition of such other company or otherwise, by either; (a) granting an Award
under this Plan in substitution of such other company’s award; or (b) assuming such award as if it had been granted under
this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption
will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this
Plan if the other company had applied the rules of this Plan to such grant. In the event the Company assumes an award granted
by another company, the terms and conditions of such award will remain unchanged (except that the Purchase Price or the Exercise
Price, as the case may be, and the number and nature of Shares issuable upon exercise or settlement of any such Award will be
adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Option in substitution
rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise Price.

 

21.3
Non-Employee Directors’ Awards. Notwithstanding any provision to the contrary herein, in the event of a Corporate
Transaction, the vesting of all Awards granted to Non-Employee Directors shall accelerate and such Awards shall become exercisable
(as applicable) in full prior to the consummation of such event at such times and on such conditions as the Committee determines.

 

22.
ADOPTION AND STOCKHOLDER APPROVAL. This Plan shall be submitted for the approval of the Company’s stockholders, consistent
with applicable laws, within twelve (12) months before or after the date this Plan is adopted by the Board.

 

23.
TERM OF PLAN/GOVERNING LAW. Unless earlier terminated as provided herein, this Plan will become effective on the Effective
Date and will terminate ten (10) years from the date this Plan is adopted by the Board. This Plan and all Awards granted hereunder
shall be governed by and construed in accordance with the laws of the State of Nevada.

 

24.
AMENDMENT OR TERMINATION OF PLAN. The Board may at any time terminate or amend this Plan in any respect, including, without
limitation, amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan; provided, however, that
the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such
stockholder approval; provided further, that a Participant’s Award shall be governed by the version of this Plan then in
effect at the time such Award was granted.

 

25.
NON-EXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders
of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the
Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting
of stock awards and bonuses otherwise than under this Plan, and such arrangements may be either generally applicable or applicable
only in specific cases.

 

26.
INSIDER TRADING POLICY. Each Participant who receives an Award shall comply with any policy adopted by the Company from time
to time covering transactions in the Company’s securities by Employees, officers and/or directors of the Company.

 

27.
DEFINITIONS. As used in this Plan, and except as elsewhere defined herein, the following terms will have the following meanings:

 

“Award”
means any award under the Plan, including any Option, Restricted Stock, Stock Bonus, Stock Appreciation Right, Restricted Stock
Unit or award of Performance Shares.

 

“Award Agreement” means, with respect to each Award, the written or electronic agreement between the Company and
the Participant setting forth the terms and conditions of the Award, which shall be in substantially a form (which need not be
the same for each Participant) that the Committee has from time to time approved, and will comply with and be subject to the terms
and conditions of this Plan.

 

“Award
Transfer Program” means any program instituted by the Committee which would permit Participants the opportunity to transfer
any outstanding Awards to a financial institution or other person or entity approved by the Committee.

 

“Board” means the Board of Directors of the Company.

 

“Cause” means (i) Participant’s willful failure substantially to perform his or her duties and responsibilities
to the Company or deliberate violation of a Company policy; (ii) Participant’s commission of any act of fraud, embezzlement,
dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company;
(iii) unauthorized use or disclosure by Participant of any proprietary information or trade secrets of the Company or any other
party to whom the Participant owes an obligation of non disclosure as a result of his or her relationship with the Company; or
(iv) Participant’s willful breach of any of his or her obligations under any written agreement or covenant with the Company.
The determination as to whether a Participant is being terminated for Cause shall be made in good faith by the Company and shall
be final and binding on the Participant. The foregoing definition does not in any way limit the Company’s ability to terminate
a Participant’s employment or consulting relationship at any time as provided in Section 20 above, and the term “Company”
will be interpreted to include any Subsidiary or Parent, as appropriate.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

 

“Committee” means the Compensation Committee of the Board or those persons to whom administration of the Plan, or
part of the Plan, has been delegated as permitted by law.

 

    9

     

    

  

“Common
Stock” means the Common Stock of the Company.

 

“Company” means Velt International Group Inc., or any successor corporation.

 

“Consultant” means any person, including an advisor or independent contractor, engaged by the Company or a Parent or Subsidiary
to render services to such entity.

 

“Corporate
Transaction” means the occurrence of any of the following events: (i) any “person” (as such term is used
in Sections 13(d) and 14 (d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the
Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting
power represented by the Company’s then-outstanding voting securities; (ii) the consummation of the sale or disposition
by the Company of all or substantially all of the Company’s assets; (iii) the consummation of a merger or consolidation
of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented
by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation
or (iv) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Code wherein
the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer
of all or substantially all of the outstanding shares of the Company).

 

“Director”
means a member of the Board.

 

“Disability” means in the case of incentive stock options, total and permanent disability as defined in Section 22(e)(3) of the
Code and in the case of other Awards, that the Participant is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months.

 

“Effective
Date” means the day immediately prior to the date of the underwritten initial public offering of the Company’s
Common Stock pursuant to a registration statement that is declared effective by the SEC.

 

“Employee”
means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither
service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment”
by the Company.

 

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

 

“Exchange Program” means a program pursuant to which outstanding Awards are surrendered, cancelled or exchanged for
cash, the same type of Award or a different Award (or combination thereof).

 

“Exercise
Price” means, with respect to an Option, the price at which a holder may purchase the Shares issuable upon exercise
of an Option and with respect to a SAR, the price at which the SAR is granted to the holder thereof.

 

“
Fair Market Value” means, as of any date, the value of a share of the Company’s Common Stock determined as
follows:

 

(a)
if such Common Stock is publicly traded and is then listed on a national securities exchange, the closing price on the date of
determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as officially
quoted in the composite tape of transactions on such exchange or such other source as the Committee deems reliable for the applicable
date;

 

(b)
if such Common Stock is publicly traded but is neither listed nor admitted to trading on a national securities exchange, the average
of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as
the Committee deems reliable;

 

(c)
in the case of an Option or SAR grant made on the Effective Date, the price per share at which shares of the Company’s Common
Stock are initially offered for sale to the public by the Company’s underwriters in the initial public offering of the Company’s
Common Stock pursuant to a registration statement filed with the SEC under the Securities Act; or

 

(d)
if none of the foregoing is applicable, by the Board or the Committee in good faith.

 

“Insider” means an officer or director of the Company or any other person whose transactions in the Company’s
Common Stock are subject to Section 16 of the Exchange Act.

 

“Non-Employee Director” means a Director who is not an Employee of the Company or any arent or Subsidiary.

 

“Option” means an award of an option to purchase Shares pursuant to Section 5.

  

    10

     

    

  

“Parent”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if each of such corporations
other than the Company owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain.

 

“Participant”
means a person who holds an Award under this Plan.

 

“Performance
Award” means cash or stock granted pursuant to Section 10 or Section 12 of the Plan.

 

“Performance
Factors” means any of the factors selected by the Committee and specified in an Award Agreement, from among the following
objective measures, either individually, alternatively or in any combination, applied to the Company as a whole or any business
unit or Subsidiary, either individually, alternatively, or in any combination, on a GAAP or non-GAAP basis, and measured, to the
extent applicable on an absolute basis or relative to a pre-established target, to determine whether the performance goals established
by the Committee with respect to applicable Awards have been satisfied:

 

	 	●	Profit
    Before Tax;
	 	 	 
	 	●	Billings;
	 	 	 
	 	●	Revenue;
	 	 	 
	 	●	(Net
    revenue;
	 	 	 
	 	●	Earnings
    (which may include earnings before interest and taxes, earnings before taxes, and net earnings);
	 	 	 
	 	●	Operating
    income;
	 	 	 
	 	●	Operating
    margin;
	 	 	 
	 	●	Operating
    profit;
	 	 	 
	 	●	Controllable
    operating profit, or net operating profit;
	 	 	 
	 	●	Net
    Profit;
	 	 	 
	 	●	Gross
    margin;
	 	 	 
	 	●	Operating
    expenses or operating expenses as a percentage of revenue;
	 	 	 
	 	●	Net
    income;
	 	 	 
	 	●	Earnings
    per share;
	 	 	 
	 	●	Total
    stockholder return;
	 	 	 
	 	●	Market
    share;
	 	 	 
	 	●	Return
    on assets or net assets;
	 	 	 
	 	●	The
    Company’s stock price;
	 	 	 
	 	●	Growth
    in stockholder value relative to a pre-determined index;
	 	 	 
	 	●	Return
    on equity;
	 	 	 
	 	●	Return
    on invested capital;
	 	 	 
	 	●	Cash
    Flow (including free cash flow or operating cash flows)
	 	 	 
	 	●	Cash
    conversion cycle;
	 	 	 
	 	●	Economic
    value added;
	 	 	 
	 	●	Individual
    confidential business objectives;
	 	 	 
	 	●	Contract
    awards or backlog;

  

    11

     

    

  

	 	●	Overhead
    or other expense reduction;
	 	 	 
	 	●	Credit
    rating;
	 	 	 
	 	●	Strategic
    plan development and implementation;
	 	 	 
	 	●	Succession
    plan development and implementation;

 

	 	●	Customer
    indicators;
	 	 	 
	 	●	New
    product invention or innovation;
	 	 	 
	 	●	Attainment
    of research and development milestones;
	 	 	 
	 	●	Attainment
    of objective operating goals and employee metrics; and
	 	 	 
	 	●	Any
    other metric that is capable of measurement as determined by the Committee.

 

The
Committee may, in recognition of unusual or non-recurring items such as acquisition-related activities or changes in applicable
accounting rules, provide for one or more equitable adjustments (based on objective standards) to the Performance Factors to preserve
the Committee’s original intent regarding the Performance Factors at the time of the initial award grant. It is within the
sole discretion of the Committee to make or not make any such equitable adjustments.

 

“Performance
Period” means the period of service determined by the Committee, during which years of service or performance is to
be measured for the Award.

 

“Performance
Share” means a performance share bonus granted as a Performance Award.

 

“Permitted
Transferee” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive
relationships) of the Employee, any person sharing the Employee’s household (other than a tenant or employee), a trust in
which these persons (or the Employee) have more than 50% of the beneficial interest, a foundation in which these persons (or the
Employee) control the management of assets, and any other entity in which these persons (or the Employee) own more than 50% of
the voting interests.

 

“Plan”
means this Velt International Group Inc. 2019 Equity Incentive Plan.

 

“Purchase
Price” means the price to be paid for Shares acquired under the Plan, other than Shares acquired upon exercise of an
Option or SAR.

 

“Restricted
Stock Award” means an award of Shares pursuant to Section 6 or Section 12 of the Plan, or issued pursuant to the early
exercise of an Option.

 

“Restricted
Stock Unit” means an Award granted pursuant to Section 9 or Section 12 of the Plan.

 

“SEC”
means the United States Securities and Exchange Commission.

 

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

 

“Shares”
means shares of the Company’s Common Stock and the common stock of any successor security.

 

“Stock
Appreciation Right” means an Award granted pursuant to Section 8 or Section 12 of the Plan.

 

“Stock
Bonus” means an Award granted pursuant to Section 7 or Section 12 of the Plan.

 

    12

     

    

 

“Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain.

 

“Termination”
or “Terminated” means, for purposes of this Plan with respect to a Participant, that the Participant has for
any reason ceased to provide services as an employee, officer, director, consultant, independent contractor or advisor to the
Company or a Parent or Subsidiary of the Company. An employee will not be deemed to have ceased to provide services in the case
of (i) sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Committee; provided, that such leave
is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute
or unless provided otherwise pursuant to formal policy adopted from time to time by the Company and issued and promulgated to
employees in writing. In the case of any employee on an approved leave of absence, the Committee may make such provisions respecting
suspension of vesting of the Award while on leave from the employ of the Company or a Parent or Subsidiary of the Company as it
may deem appropriate, except that in no event may an Award be exercised after the expiration of the term set forth in the applicable
Award Agreement. In the event of military leave, if required by applicable laws, vesting shall continue for the longest period
that vesting continues under any other statutory or Company approved leave of absence and, upon a Participant’s returning
from military leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services
Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect to Awards to the same extent as
would have applied had the Participant continued to provide services to the Company throughout the leave on the same terms as
he or she was providing services immediately prior to such leave. An employee shall have terminated employment as of the date
he or she ceases to be employed (regardless of whether the termination is in breach of local laws or is later found to be invalid)
and employment shall not be extended by any notice period or garden leave mandated by local law. The Committee will have sole
discretion to determine whether a Participant has ceased to provide services for purposes of the Plan and the effective date on
which the Participant ceased to provide services (the “Termination Date”).

 

“Unvested
Shares” means Shares that have not yet vested or are subject to a right of repurchase in favor of the Company (or any
successor thereto).

 

    13Exhibit

Exhibit 10.1

MARATHON PETROLEUM CORPORATION
PERFORMANCE UNIT AWARD AGREEMENT
SYNERGY CAPTURE FOR 2019-2021 PERFORMANCE CYCLE

As evidenced by this Award Agreement and under the Amended and Restated Marathon Petroleum Corporation 2012 Incentive Compensation Plan (the “Plan”), MARATHON PETROLEUM CORPORATION (the “Corporation”) grants to [NAME] (the “Participant”), an employee of the Corporation or a Subsidiary, on [DATE] (the “Grant Date”), [NUMBER] performance units (“Performance Units”), conditioned upon the Corporation’s achievement of synergies captured (“Synergies Captured”) as established by the Compensation Committee of the Board of Directors of the Corporation (the “Committee”), and as adjusted and as subject to the following terms and conditions set forth herein.

1.    Relationship to the Plan.  This grant of Performance Units is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, that have been adopted by the Committee. Except as otherwise defined in this Award Agreement, capitalized terms shall have the same meanings given to them under the Plan. To the extent that any provision of this Award Agreement conflicts with the express terms of the Plan, the terms of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan. References to the Participant also include the heirs or other legal representatives of the Participant.

2.    Performance Periods and Determination of Payout Percentage; Enhanced Determination for Third Performance Period.  

(a)    Performance Periods and Determination of Payout Percentage.  Except as provided in subsections (b) and (c) of this Paragraph 2, one-third of the Performance Units shall be subject to vesting, determination and payment for each of the first, second and third “Performance Periods”, the duration of which and the Payout Percentage for the vested portion of the Performance Units is set forth in each table below.  As soon as administratively feasible following the completion of a Performance Period, the Committee shall determine the Payout Percentage for that Performance Period using straight-line interpolation between the “Threshold” and the “Target” and between the Target and the “Maximum” (each as specified in each table below):  

	
		
	First Performance Period - October 1, 2018 through December 31, 2019

	Synergy Capture Performance 
	Payout Percentage

	Synergies Captured below $240,000,000
	0%

	Synergies Captured of $240,000,000 (Threshold)
	50%

	Synergies Captured of $480,000,000 (Target)
	100%

	Synergies Captured of $960,000,000 (Maximum)
	200%

	
		
	Second Performance Period - January 1, 2020 through December 31, 2020

	Synergy Capture Performance 
	Payout Percentage

	Synergies Captured below $355,000,000
	0%

	Synergies Captured of $355,000,000 (Threshold)
	50%

	Synergies Captured of $710,000,000 (Target)
	100%

	Synergies Captured of $1,420,000,000 (Maximum)
	200%

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	Third Performance Period - January 1, 2021 through December 31, 2021

	Synergy Capture Performance 
	Payout Percentage

	Synergies Captured below $500,000,000
	0%

	Synergies Captured of $500,000,000 (Threshold)
	50%

	Synergies Captured of $1,000,000,000 (Target)
	100%

	Synergies Captured of $2,000,000,000 (Maximum)
	200%

The Synergies Captured amounts for each Performance Period are cumulative, annual amounts.

The Committee has the sole and absolute authority to determine such amounts, which determination will be made in the January following the completion of the applicable Performance Period, or such other date as the Committee may determine and otherwise as soon as possible after the completion of the applicable Performance Period.

Notwithstanding anything herein to the contrary, the Committee has sole and absolute authority and discretion to reduce the Payout Percentage for any Performance Period as it may deem appropriate.

(b)    Enhanced Determination for Third Performance Period.  If the Synergies Captured determined for the third Performance Period exceed the Target, the Committee shall determine the Payout Percentage for that Performance Period as otherwise provided in Paragraph 2(a), but with the number of Performance Units determined as the greater of (i) the number of Performance Units determined under the default rule in Paragraph 2(a) or (ii) the number of Performance Units determined using the following formula:

(PUatGD x Payout Percentage) - (PUPP1 + PUPP2)

and where for purposes of the formula “PUatGD” means the number of Performance Units awarded on the Grant Date, “Payout Percentage” means the Payout Percentage determined for the third Performance Period, “PUPP1” means the number of Performance Units determined for the first Performance Period, and “PUPP2” means the number of Performance Units determined for the second Performance Period, and where for purposes of the number of Performance Units determined for each of PUPP1 and PUPP2 is the product of the number of Performance Units allocable to the Performance Period multiplied by the Payout Percentage determined for the corresponding Performance Period.

(c)    Enhanced Determination for Accelerated Vesting.  If, as determined by the Committee, the Synergies Captured at any time prior to the end of the third Performance Period reaches or exceeds the Maximum for the third Performance Period (the “Maximum Synergies Captured Date”), the Committee shall at that time determine the final Payout Percentage as 200%, but with the number of Performance Units determined using the following formula:

(PUatGD x 200%) - (PUPP1 (if applicable) + PUPP2 (if applicable))

and where for purposes of the formula “PUatGD” means the number of Performance Units awarded on the Grant Date, “PUPP1” means the number of Performance Units determined for the first Performance Period, if applicable, and “PUPP2” means the number of Performance Units determined for the second Performance Period, if applicable, and where for purposes of the number of Performance Units determined for each of PUPP1 and PUPP2 is the product of the number of Performance Units allocable to the Performance Period multiplied by the Payout Percentage determined for the corresponding Performance Period.  In the event this Paragraph 2(c) applies, the current Performance Period will be the final Performance Period and will be deemed to have ended on the Maximum Synergies Captured Date, and all remaining future Performance Periods will not apply. 

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3.    Vesting and Payment of Performance Units.  Unless the Participant’s right to the Performance Units is previously forfeited or vested in accordance with Paragraphs 4, 5, 6, 7 or 8, the Participant shall vest in the Performance Units allocable to a Performance Period and be entitled to receive a payment equal to the Payout Value on the date the Performance Period ends.  The Payout Value on the vested Performance Units for a Performance Period shall be paid to the Participant in cash as soon as administratively feasible following the Committee’s determination under Paragraph 2 and, in any event, between the January 1 and March 15 immediately following the end of the applicable Performance Period.  If, in accordance with the Committee’s determination under Paragraph 2, the Payout Value for a Performance Period is zero, the Participant shall immediately forfeit any and all rights to the Performance Units otherwise allocable to that Performance Period.  Upon the vesting and/or forfeiture of the Performance Units for a Performance Period pursuant to this Paragraph 3 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation under this Award Agreement for that Performance Period’s allocable Performance Units shall be satisfied in full.

4.    Participant’s Death During Employment.  If Participant dies during Employment and prior to the close of the third Performance Period, Participant shall vest at the Target Synergy Capture Performance level with respect to the Performance Units allocable to all uncompleted Performance Periods as at the Participant’s date of death, and the Payout Value on such vested Performance Units shall be paid within 74 days of the Participant’s death, provided, however, that the timing of the payment within such 74-day period shall be determined in the sole discretion of the Committee and the Participant shall not directly or indirectly designate the taxable year of payment. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.  

5.    Termination of Employment.  If Participant’s Employment is terminated by the Corporation or a Subsidiary or by the Participant on or after the one-year anniversary of the Grant Date and prior to the completion of a Performance Period, in each case other than for Cause, and in each case subject to (i) Paragraph 7’s provisions relating to termination of Employment after the occurrence of a Change in Control and (ii) the Participant’s satisfaction of Paragraph 8’s conditions precedent, the Participant will vest in a pro-rated portion of the Performance Units allocable to the uncompleted Performance Period, with such pro-ration determined on the basis of number of full months the Participant was in Employment status during the Performance Period divided by the number of full months in the Performance Period and be entitled to receive a Payout Value for such Performance Period.  Payment on the vested Performance Units shall be made as otherwise provided under Paragraph 3 and, in any event, between the January 1 and March 15 immediately following the end of the applicable Performance Period.  Upon the vesting of the Performance Units pursuant to this Paragraph 5 and the making of the related cash payment, if any, any remaining unvested Performance Units shall immediately be forfeited, and the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be satisfied in full.  The death of the Participant following the termination of the Participant’s Employment shall have no effect on the operation of this Paragraph 5.

6.    Termination of Employment due to Mandatory Retirement.  In the event Participant’s Employment is terminated as a result of Mandatory Retirement prior to the completion of the third Performance Period, and subject to the Participant’s satisfaction of Paragraph 8’s conditions precedent, the Participant’s Performance Units for each remaining uncompleted Performance Period shall be settled based on the Payout Percentage determined for the applicable Performance Period, and the Participant will vest on the payment date for each remaining uncompleted Performance Period as otherwise provided in Paragraph 3 and, if applicable, Paragraph 7 and be entitled to receive a payment equal to the Payout Value determined for each such uncompleted Performance Period. The payment shall be made as otherwise provided in Paragraph 3 and, if applicable, Paragraph 7.  Upon the vesting of the Performance Units for all Performance Periods pursuant to this Paragraph 6 and the making of any related cash payment(s), if any, the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be satisfied in full.  The death of the Participant following Mandatory Retirement shall have no effect on the operation of this Paragraph 6.

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7.    Treatment upon a Change in Control.  Upon the occurrence of a Change in Control, this Award Agreement will either be (i) to the extent permitted by Section 409A of the Code in the event any portion of this Award constitutes deferred compensation subject to Section 409A of the Code, paid within 12 months following the date the Change in Control occurred, or (ii) assumed or continued by the surviving or acquiring corporation.  If this Award Agreement is not assumed or continued by the surviving or acquiring corporation, Participant shall vest in the Performance Units allocable to each uncompleted Performance Period at the greater of the Target Synergy Capture Performance level or the achievement of actual Synergy Capture Performance determined as of the date of the Change in Control.  If this Award Agreement is assumed or continued the surviving or acquiring corporation, it will be converted into a time-based award with the number of Performance Units subject to the award equal to the greater of the achievement of the Target Synergy Capture Performance level or the achievement of actual Synergy Capture Performance for each Performance Period that is uncompleted on the date of the Change of Control. The assumed and converted award will then vest upon Participant’s continued employment through each applicable Performance Period as otherwise provided in this Award Agreement; provided, however, that, notwithstanding Paragraph 5, upon Participant’s termination of Employment prior to the end of the third Performance Period and prior to the second anniversary of the date the Change in Control occurred, any such assumed and converted award will immediately vest in full and shall be paid to Participant within 30 days of the date of Participant’s termination of Employment. 

8.    Conditions Precedent.  Participant’s services to the Corporation and its Subsidiaries are unique, extraordinary and essential to the business of the Corporation and its Subsidiaries, particularly in view of Participant’s access to the Corporation’s or its Subsidiaries’ confidential information and trade secrets. Accordingly, in consideration of this Award Agreement and by accepting this Award, Participant agrees that in order to otherwise vest in any right to payment of Performance Units under Paragraphs 3, 5 or 6, Participant must satisfy the following conditions to and including the vesting date for each applicable Performance Period:

(a)    Participant agrees that Participant will not, without the prior written approval of the Board, at any time during the term of Participant’s Employment and for a period of one year following the date on which Participant’s Employment terminates (the “Restricted Period”), directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions): BP plc, Chevron Corporation; ExxonMobil Corporation, HollyFrontier Corporation; PBF Energy Inc.; Phillips 66; Valero Energy Corporation; Buckeye Partners, L.P.; Enbridge Energy Partners, L.P.; Energy Transfer Partners; Enterprise Product Partners; Magellan Midstream Partners, L.P.; Phillips 66 Partners, L.P.; Plains All American Pipeline L.P.; Valero Energy Partners; Western Gas Partners, or otherwise engage in any business activity directly or indirectly competitive with the business of the Corporation or any of its Subsidiaries as in effect from time to time.

(b)    Participant agrees that during the term of Participant’s Employment and for a period of one year following the date on which Participant’s Employment terminates, Participant will not, alone or in conjunction with another party, hire, solicit for hire, aid in or facilitate the hire, or cause to be hired, either as an employee, contractor or consultant, any individual who is currently engaged, or was engaged at any time during the six month period prior such event, as an employee, contractor or consultant of the Corporation or any of its Subsidiaries.

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(c)    Participant agrees that Participant may not, either during Participant’s Employment or thereafter, make or encourage others to make any public statement or release any information or otherwise engage in any conduct that is intended to, or reasonably could be foreseen to, embarrass, criticize or harm the reputation or goodwill of the Corporation or any of its Subsidiaries, or any of their employees, directors or shareholders; provided that this shall not preclude you from reporting to the Corporation’s management or directors or to the government or a regulator conduct you believe to be in violation of the law or the Corporation’s Code of Business Conduct or responding truthfully to questions or requests for information to the government, a regulator or in a court of law in connection with a legal or regulatory investigation or proceeding.

(d)    Participant agrees and understands that the Corporation and its Subsidiaries own and/or control information and material which is not generally available to third parties and which the Corporation or its Subsidiaries consider confidential, including, without limitation, methods, products, processes, customer lists, trade secrets and other information applicable to its business and that it may from time to time acquire, improve or produce additional methods, products, processes, customers lists, trade secrets and other information (collectively, the “Confidential Information”). Participant acknowledges that each element of the Confidential Information constitutes a unique and valuable asset of the Corporation and its Subsidiaries, and that certain items of the Confidential Information have been acquired from third parties upon the express condition that such items would not be disclosed to the Corporation or a Subsidiary and the officers and agents thereof other than in the ordinary course of business. Participant acknowledges that disclosure of the Confidential Information to and/or use by anyone other than in the Corporation’s or its Subsidiaries’ ordinary course of business would result in irreparable and continuing damage to the Corporation and its Subsidiaries. Accordingly, Participant agrees to hold the Confidential Information in the strictest secrecy, and covenants that, during the term of Participant’s Employment or at any time thereafter, Participant will not, without the prior written consent of the Board, directly or indirectly, allow any element of the Confidential Information to be disclosed, published or used, nor permit the Confidential Information to be discussed, published or used, either by Participant or by any third parties, except in effecting Participant’s duties for the Corporation and its Subsidiaries in the ordinary course of business.

(e)    Participant agrees that in addition to the forfeiture provisions otherwise provided for in this Award Agreement, upon Participant’s failure to satisfy in any respect of any of the conditions described in Paragraphs 8(a), (b), (c) or (d), any unvested and unpaid portion of this Award at the time of such breach shall be forfeited, and the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be satisfied in full, in each case to the extent permitted by applicable law.

9.    Specified Employees.  Notwithstanding any other provision of this Award Agreement to the contrary, if the Participant is a “specified employee” as determined by the Corporation in accordance with its established policy, any settlement of any portion of the Award under this Award Agreement that would be a payment of deferred compensation within the meaning of Section 409A of the Code with respect to the Participant as a result of the Participant’s “separation from service” as defined under Section 409A of the Code (other than as a result of death) and that would otherwise be paid within six months of the Participant’s separation from service shall be payable on the date that is one day after the earlier of (i) the date that is six months after the Participant’s separation from service, or (ii) the date that otherwise complies with the requirements of Section 409A of the Code. The payment of each amount under this Award Agreement as described herein is designated as a “separate payment” for purposes of Section 409A of the Code.

10.    Repayment or Forfeiture Resulting from Forfeiture Event.  

(a)    If there is a Forfeiture Event either during the Participant’s Employment or within three years after termination of the Participant’s Employment, then the Committee may, but is not obligated to, cause some or all of the Participant’s outstanding Performance Units to be forfeited by the Participant.  

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(b)    If there is a Forfeiture Event either during the Participant’s Employment or within three years after termination of the Participant’s Employment and a payment has previously been made in settlement of Performance Units granted under this Award Agreement, the Committee may, but is not obligated to, require that the Participant pay to the Corporation an amount in cash (the “Forfeiture Amount”) up to (but not in excess of) the amount paid in settlement of the Performance Units.

(c)     This Paragraph 10 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Corporation with rights in addition to any other remedy which may exist in law or in equity.  This Paragraph 10 shall not apply to the Participant following the effective time of a Change in Control.

(d)    Notwithstanding the foregoing or any other provision of this Award Agreement to the contrary, the Participant agrees that the Corporation may also require that the Participant repay to the Corporation any compensation paid to the Participant under this Award Agreement, as is required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder or any other “clawback” provisions as required by law or by the applicable listing standards of the  exchange on which the Common Stock is listed for trading.  

11.    Taxes; Withholding.  Pursuant to the applicable provisions of the Plan, the Corporation or its designated representative shall have the right to withhold applicable taxes from the amounts otherwise payable to the Participant pursuant to this Award Agreement, or from other compensation payable to the Participant by the Corporation or any of its Subsidiaries, at the time of or otherwise on account of the vesting and/or payment of any amount subject to or pursuant to this Award Agreement, and to the extent consistent with Section 409A of the Code.

12.    Nonassignability.  Upon the Participant’s death, the Performance Units may be transferred by will or by the laws governing the descent and distribution of the Participant’s estate.  Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Units, and any attempt to sell, transfer, assign, pledge, or encumber any portion of the Performance Units shall have no effect.

13.    No Employment Guaranteed.  Nothing in this Award Agreement shall give the Participant any rights to (or impose any obligations for) continued Employment by the Corporation, any Subsidiary or any affiliate thereof or successor thereto, nor shall it give such entities any rights (or impose any obligations) with respect to continued performance of duties by the Participant.

14.    Modification of Agreement. Any modification of this Award Agreement shall be binding only if evidenced in writing and signed by an authorized representative of the Corporation, provided, that, except as permitted under of Paragraph 7, no modification may, without the consent of the Participant, adversely affect the rights of the Participant hereunder.

15.    Termination of Employment.  For purposes of this Award Agreement, “termination of Employment” and similar terms shall mean a “separation from service” within the meaning of Section 409A of the Code to the extent this Award provides for the payment of deferred compensation within the meaning of Section 409A of the Code.

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16.    Controlling Law; Venue.  This Award will be construed, interpreted and applied in accordance with the law of the State of Delaware, without giving effect to the choice of law provisions thereof. Participant agrees to irrevocably submit any dispute arising out of or relating to this Award to the exclusive jurisdiction of the United States District Court for the Northern District of Ohio, or, if federal jurisdiction is not available, the General Division of the Hancock County Common Pleas Court, which is located in City of Findlay, Ohio.  Participant agrees to irrevocably waive, to the fullest extent permitted by applicable law, any objection Participant may now or hereafter have to the laying of venue of any such dispute brought in such specified court or any defense of inconvenient forum for the maintenance of such dispute, and Participant agrees to accept service of legal process from the courts of Ohio.  Participant agrees to accept service of process by mail or by any other means sufficient to ensure that Participant receives a copy of the items served.

17.    Definitions.  For purposes of this Award Agreement:

“Cause” shall have the same definition as under the Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan, as in effect on the Grant Date, and such definition and associated terms are hereby incorporated into this Award Agreement by reference.

“Change in Control” shall have the same definition as under the Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan, as in effect on the Grant Date, and such definition and associated terms are hereby incorporated into this Award Agreement by reference; provided, to the extent this Award provides for the payment of deferred compensation within the meaning of Section 409A of the Code, the events constituting a Change in Control shall have the meaning and are intended to be events constituting a change in ownership or a change in effective control for purpose of Section 409A of the Code.

 “Employment” means employment with the Corporation or any of its Subsidiaries.  For purposes of this Award Agreement, Employment shall also include any period of time during which the Participant is on Disability status. The length of any period of Employment shall be determined by the Corporation or the Subsidiary that either (i) employs the Participant or (ii) employed the Participant immediately prior to the Participant’s termination of Employment.

“Forfeiture Event” means the occurrence of at least one of the following:  (a) the Corporation is required, pursuant to a determination made by the Securities and Exchange Commission or by the Audit Committee of the Board, to prepare a material accounting restatement due to the noncompliance of the Corporation with any financial reporting requirement under applicable securities laws as a result of misconduct, and the Committee determines that (i) the Participant knowingly engaged in the misconduct, (ii) the Participant was grossly negligent with respect to such misconduct or (iii) the Participant knowingly or grossly negligently failed to prevent the misconduct; or (b) the Committee concludes that the Participant engaged in fraud, embezzlement or other similar misconduct materially detrimental to the Corporation.

“Mandatory Retirement” means, as determined by the Board of Directors of the Corporation (or its delegate), a Participant’s mandatory retirement under the Marathon Petroleum Corporation Mandatory Retirement Policy, or equivalent thereto, provided such Mandatory Retirement constitutes a separation from service within the meaning of Section 409A of the Code.

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 “Payout Percentage” means the percentage (from 0% to 200%) determined by the Committee in accordance with the procedures set forth in Paragraph 2, and which percentage shall be used to determine the Payout Value.

“Payout Value” means the product of the Payout Percentage, the applicable number of Performance Units for the applicable Performance Period, and $1.00.

    
	
		
	Marathon Petroleum Corporation

	 
	 

	 
	 

	 
	 

	By:
	 

	 
	Its Authorized Officer

I AGREE TO THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT:

{ACCEPTANCE DATE}

{PARTICIPANT’S ELECTRONIC SIGNATURE}

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