Document:

Exhibit
10.9

 

Execution
Version

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”) is entered into the 13th day of July 2018, by and between
Matlin & Partners Acquisition Corporation, a Delaware corporation, to be renamed as set forth in the Merger Agreement (as
defined below) (the “Company”), and Kyle O’Neill (“Executive”). For purposes hereof,
the “Company Group” means, collectively, the Company and each of its affiliates and subsidiaries.

 

RECITALS

 

The
Company, MPAC Merger Sub LLC, USWS Holdings LLC (“USWS Holdings”), the Blocker Companies and, solely for purposes
described herein, the Seller Representatives entered into that certain Merger and Contribution Agreement, dated July 13, 2018
(the “Merger Agreement”). All capitalized terms used in this Agreement but not defined in this Agreement shall
have the meaning ascribed to them in the Merger Agreement;

 

This
Agreement is being entered into in connection with the Merger Agreement and shall become effective as of the Closing Date (the
“Effective Date”); and

 

Following
the Closing, the Company, through USWS Holdings and its subsidiaries, will be engaged in the business of being an oilfield service
provider, providing hydraulic fracturing services and other pressure pumping services to its customers. The Company desires to
employ Executive, and Executive desires to accept such employment, on the terms and subject to the conditions set forth in this
Agreement. Some of the services provided under this Agreement will have a direct or indirect benefit to the Company Group.

 

In
consideration of the mutual promises set forth in this Agreement the parties hereto agree as follows:

 

ARTICLE
I

Term
of Employment

 

If
the Merger Agreement is terminated for any reason before the Closing occurs, Executive will not be employed under this Agreement,
and none of the provisions of this Agreement will take effect and there will be no liability of any kind under this Agreement.
Subject to the provisions of Article V, and upon the terms and subject to the conditions set forth in this Agreement, the
Company will employ Executive from the Effective Date through December 31, 2020 (the “Initial Term”). After
the Initial Term, this Agreement shall automatically renew for subsequent one (1) year periods, unless the Company provides notice
of non-renewal to Executive at least sixty (60) days prior to the expiration of the then-current term (the Initial Term and any
renewal term, the “Term”). Notwithstanding anything herein to the contrary, Executive understands that his
employment with the Company is not guaranteed, and Executive may be terminated by the Company, with or without Cause (as defined
in Section 5.03), at any time, subject to the termination obligations described in Section 5.05.

 

     

     

    

 

ARTICLE
II

Duties

 

2.01       The
Company hereby employs Executive, and Executive hereby accepts employment, as the Chief Financial Officer of the Company subject
to the terms and conditions hereof. Executive shall have the normal duties, responsibilities and authority of such position, subject
to the power of the Board of Directors of the Company (the “Board”) and Chief Executive Officer of the Company
(the “CEO”) to limit such duties, responsibilities and authority and to override actions of such position.
In connection with the duties to be performed pursuant to this Agreement, Executive shall report directly to the Board and the
CEO. Executive will promote the interests, within the scope of his duties, of the Company and the members of the Company Group
and devote substantially his full working time and efforts to the business and affairs of the Company and Company Group.

 

2.02       Notwithstanding
anything contained in Section 2.01 above to the contrary, nothing contained herein or under law shall be construed as preventing
Executive from (i) investing Executive’s personal assets in such form or manner as will not require any material personal
services on the part of Executive in the operation or the affairs of the companies in which such investments are made and in which
his participation is principally that of a passive investor; and (ii) engaging (outside normal business hours) in any other professional,
civic, or philanthropic activities, provided that Executive’s investments or engagement does not result in a violation of
his covenants under Section 2.01 or Article VI hereof.

 

ARTICLE
III

Base
Compensation

 

3.01       Base
Salary. The Company will compensate Executive for the duties performed by him hereunder by payment of a base salary at the
rate of four hundred and twenty thousand dollars ($420,000.00) per annum (the “Base Salary”). The Company shall
pay the Base Salary in accordance with the Company’s regular payroll schedule, subject to customary withholding for federal,
state, and local taxes and other normal and customary withholding items. The Base Salary may be adjusted annually, in the sole
discretion of the Board, but not to be reduced unless part of a general reduction in the Company’s compensation to other
executives.

 

3.02        Annual
Bonus. In addition to the Base Salary:

 

(a)          For
the year ending December 31, 2018, Executive shall be eligible to receive an annual target bonus of 80% of Executive’s Base
Salary, pursuant to the terms of the AIP (defined below), prorated based on the number of weeks Executive is employed by the Company
during 2018.

 

(b)          For
each year during the Term ending after December 31, 2018, Executive shall be eligible to participate in the U.S. Well Services,
LLC Annual Incentive Plan or a similar or replacement annual incentive plan adopted by the Board and in which other key executive
employees of the Company participate (“AIP”) at the discretion of the Board; provided that Executive shall
have an annual target bonus under the AIP of eighty percent (80%) of the Base Salary. During the fourth quarter of each calendar
year, the Board shall make good faith efforts to finalize the AIP that will be applicable for the following calendar year.

 

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Except as
otherwise provided herein, the earned and vested portion of Executive’s annual bonus shall be paid to Executive during the
calendar year immediately following the performance calendar year to which the bonus relates, within 60 days following the finalization
of the Company’s annual financial statements, but no later than the last day of the calendar year in which such financial
statements are finalized, provided that Executive has remained continuously and actively employed with the Company through the
date of payment, and provided further that the Company may delay such payment if, pursuant to its reasonable judgment, the making
of the payment would jeopardize the ability of the Company to continue as a going concern. If this provision is applicable, such
payment (with reasonable interest thereon) will then occur in the first taxable year in which the making of the payment would
not have such effect. To the extent the payments under this bonus are or become subject to Section 409A of the Internal Revenue
Code of 1986, as amended (“Code Section 409A”), this provision will be administered consistent with Code Section
409A.

 

ARTICLE
IV

Reimbursement
and Employment Benefits

 

4.01       Health
and Other Medical. Executive shall be eligible to participate in all health, medical, dental, and life insurance employee
benefits of the Company or another member of the Company Group in accordance with the policies as are available from time to time
for other key executive employees of the Company (and their families).

 

4.02       Vacation.
Executive shall be entitled to four (4) weeks of vacation per year, to be taken in such amounts and at such times as shall be
mutually convenient for Executive and the Company. Except as set forth in the previous sentence, the Company’s standard
policies and practices regarding vacation time will apply to Executive.

 

4.03       Reimbursable
Expenses. The Company shall in accordance with its standard policies in effect from time to time reimburse Executive for all
reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company provided that Executive
submits in writing all substantiation of such expenses to the Company on a timely basis in accordance with the Company’s
standard policies.

 

4.04       Savings
Plan. Executive will be eligible to enroll and participate in all savings and retirement plans of the Company or another member
of the Company Group, including any 401(k) plans in accordance with the policies as are available from time to time for other
key executive employees of the Company.

 

ARTICLE
V

Termination

 

5.01       Events
of Termination. Executive’s compensation under Articles III and IV, and any and all other rights of Executive
under this Agreement or otherwise as an employee of the Company will terminate (except as otherwise provided in this Article
V) upon the earliest occurrence of the following events:

 

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(a)          Upon
resignation of employment by Executive upon not less than thirty (30) days’ prior written notice to the Company;

 

(b)          Upon
the death of Executive;

 

(c)          Upon
the termination of employment by the Company or Executive due to the disability of Executive (as defined in Section 5.02);

 

(d)          Upon
the termination of employment by the Company for Cause, immediately upon notice from the Company to Executive, or at such later
time as such notice may specify;

 

(e)          Upon
the termination of employment by Executive for Good Reason upon not less than thirty (30) days’ prior notice from Executive
to the Company and Company’s failure to cure the “Good Reason” within the prescribed timeframe, as provided
in Section 5.04;

 

(f)          Upon
the termination of employment by the Company without Cause immediately upon notice from the Company to Executive, or at such later
time as such notice may specify; or

 

(g)          Upon
the non-renewal of this Agreement, in accordance with Article I hereof.

 

5.02       Definition
of Disability. Executive will be deemed to have a “disability” if, for physical or mental reasons, Executive is
unable to perform the essential functions of Executive’s duties under this Agreement for ninety (90) consecutive days, or
one hundred and twenty (120) days during any twelve (12) month period, as determined in accordance with this Section 5.02.
The disability of Executive will be determined by a medical doctor selected by the Company. The determination of the medical doctor
selected under this Section 5.02 will be binding on both parties. Executive must submit to a reasonable number of examinations
by the medical doctor making the determination of disability under this Section 5.02, and Executive hereby authorizes the
disclosure and release to the Company of such determination and all supporting medical records. If Executive is not legally competent,
Executive’s legal guardian or duly authorized attorney-in-fact will act in Executive’s stead, under this Section
5.02, for the purposes of submitting Executive to the examinations, and providing the authorization of disclosure, required
under this Section 5.02.

 

5.03       Definition
of “Cause.” The term “Cause” shall mean any of the following:

 

(a)          Executive’s
failure or refusal to perform specific directives from the Board or the CEO that are consistent with the scope and nature of Executive’s
duties and responsibilities under this Agreement;

 

(b)          Fraud
committed against the Company, or any member of the Company Group, or embezzlement of the funds of the Company or any member of
the Company Group;

 

(c)          Use
of drugs or other substances, which is (x) unlawful or (y) otherwise interferes with the performance of Executive’s duties
and obligations under this Agreement;

 

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(d)          Executive’s
commission of or pleading guilty or no contest to a felony or to any crime involving dishonesty or fraud;

 

(e)          Any
gross or willful misconduct of Executive resulting in loss to the Company or any member of the Company Group or damages to the
reputation of the Company or any member of the Company Group;

 

(f)          Any
material breach by Executive of Executive’s covenants contained in Article VI; or

 

(g)          Any
other material breach of this Agreement by Executive.

 

No
act or failure to act on the part of Executive will be deemed “willful” if it was due primarily to an error in judgment
or negligence, but will be deemed “willful” only if done or omitted to be done by Executive not in good faith and
without reasonable belief that his action or omission was in the best interest of the Company.

 

5.04       Definition
of “Good Reason.” The phrase “Good Reason” means the Executive’s resignation of employment
within ninety (90) days of the occurrence of any of the following events: (i) the Company’s material breach of this Agreement;
(ii) the assignment of Executive, by the Company or any of its direct or indirect successors, without Executive’s consent
to a position, responsibilities, or duties of a materially lesser status or degree of responsibility than Executive’s position,
responsibilities, or duties at the Effective Date; or (iii) any attempt on the part of the Company to require Executive to perform
(or omit to perform) any act or to engage (or omit to engage) in any conduct that would constitute illegal action or inaction
on the part of Executive. Executive will provide the Company a written notice which describes the circumstances in sufficient
detail that is cause for the Good Reason termination within thirty (30) days after the occurrence of the event. The Company will
have thirty (30) days from the receipt of such notice to cure the event prior to Executive exercising his/her right to terminate
for Good Reason and, if not cured to Executive’s reasonable satisfaction, Executive’s termination will be effective
upon the expiration of such cure period.

 

5.05       Termination
Obligations. Effective upon the termination of this Agreement (the date of any such termination being the “Termination
Date”), the Company will be obligated to pay Executive (or, in the event of his death, his designated beneficiary as
defined below) only such compensation as is provided in this Section 5.05. For purposes of this Section 5.05, Executive’s
designated beneficiary will be such individual beneficiary or trust, located at such address, as Executive may designate by notice
to the Company from time to time or, if Executive fails to give notice to the Company of such a beneficiary, Executive’s
estate. Notwithstanding the preceding sentence, the Company will have no duty, in any circumstances, to attempt to open an estate
on behalf of Executive, to determine whether any beneficiary designated by Executive is alive or to ascertain the address of any
such beneficiary, to determine the existence of any trust, to determine whether any person or entity purporting to act as Executive’s
personal representative (or the trustee of a trust established by Executive) is duly authorized to act in that capacity, or to
locate or attempt to locate any beneficiary, personal representative, or trustee. Additionally, Executive will retain any other
rights or benefits to which Executive is entitled as a matter of law (including Consolidated Omnibus Budget Reconciliation Act
coverage).

 

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(a)          Termination
by Executive without Good Reason. If Executive voluntarily terminates this Agreement without Good Reason, the Company shall
have no further obligations to Executive under this Agreement other than the Company’s obligation to pay Base Salary and
any other accrued compensation or vested benefits owed to Executive as of the Termination Date. For the avoidance of doubt, this
amount does not include the yet to be earned Base Salary that Executive would have earned had his employment not terminated prior
to the expiration of the then applicable Term. The Company shall reimburse Executive for expenses incurred by Executive through
the Termination Date that are reimbursable pursuant to Section 4.03.

 

(b)          Termination
by the Company for Cause. If this Agreement is terminated by the Company for Cause, the Company shall have no further obligations
to Executive under this Agreement other than the Company’s obligation to pay Base Salary and any other accrued compensation
or vested benefits owed to Executive as of the Termination Date. For the avoidance of doubt, this amount does not include the
yet to be earned Base Salary that Executive would have earned had his employment not terminated prior to the expiration of the
then applicable Term. The Company shall reimburse Executive for expenses incurred by Executive through the Termination Date that
are reimbursable pursuant to Section 4.03. Additionally and notwithstanding any language in any long-term incentive plan
or award, including any profits interest awards, if this Agreement is terminated by the Company for Cause, Executive will be treated
as forfeiting all unvested award and any interests in any such awards.

 

The
Board may only terminate Executive’s employment hereunder in good faith on account of Cause, or it may separately determine
that any termination is on account of Cause. Prior to such determination, however, the Board shall provide written notice to Executive,
including the reasons for the determination of Cause, and if curable, any actions necessary or appropriate to cure such determination.
If the Cause event is curable, Executive shall have the opportunity to appear before the Board to present arguments and evidence
on his behalf and , Executive shall have a reasonable period of time, not to exceed thirty (30) days, to cure any such finding
of Cause hereunder. Following such presentation, upon Executive’s failure to appear or upon Executive’s failure to
cure, as the case may be, the Board, by an affirmative vote of a majority of its members (excluding Executive), shall confirm
that the actions or inactions of Executive constitute Cause hereunder.

 

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(c)          Termination
by the Company Without Cause or Termination by Executive for Good Reason. If the Company terminates the employment of Executive
prior to the end of the then applicable Term of this Agreement for any reason other than for Cause, or if Executive terminates
his employment with the Company for Good Reason prior to the end of the Term of this Agreement, Executive shall be entitled to
(i) Base Salary and any other accrued compensation or vested benefits owed to Executive as of the Termination Date (for the avoidance
of doubt, this amount does not include the yet to be earned Base Salary that Executive would have earned had his employment not
terminated prior to the expiration of the then applicable Term); (ii) a lump sum cash payment equal to one and a half (1.5) times
the sum of (x) Executive’s then-current Base Salary, and (y) average annual bonus during the prior two calendar years under
the AIP (or such shorter period, as applicable), subject to applicable taxes and withholdings and payable on the sixtieth (60th)
day following the Termination Date; (iii) reimbursement for expenses incurred by Executive through the Termination Date that are
reimbursable pursuant to Section 4.03; (iv) if the Termination Date occurs after December 31 of a performance year under
the AIP but before any bonus for such performance year has been paid, such unpaid bonus under the AIP, to the extent earned, payable
in a lump sum, subject to applicable taxes and withholdings, at the time bonuses are paid under the AIP; and (v) a payment equal
to the product of (x) the target bonus under the AIP for the performance year in which the Termination Date occurs and (y) a fraction,
the numerator of which is the number of days Executive was employed by the Company during the year of termination and the denominator
of which is 365, payable in a lump sum, subject to applicable taxes and withholdings, on the sixtieth (60th) day following
the Termination Date. In addition, if Executive timely and properly elects health continuation coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall reimburse Executive for the monthly
COBRA premium paid by Executive for himself and his dependents. Such reimbursement shall be paid to the Executive on or before
the 15th day of the month immediately following the month in which Executive timely remits the premium payment. Executive
shall be eligible to receive such reimbursement until the earlier of: (A) the eighteen (18)-month anniversary of the Termination
Date; or (B) the date Executive is no longer eligible to receive COBRA continuation coverage.

 

(d)          Termination
upon Disability. If this Agreement is terminated by either party as a result of Executive’s disability, Executive shall
be entitled to (i) Base Salary and any other accrued compensation or vested benefits owed to Executive as of the Termination Date
(for the avoidance of doubt, this amount does not include the yet to be earned Base Salary that Executive would have earned had
his employment not terminated prior to the expiration of the then applicable Term); (ii) continuation of Base Salary, subject
to applicable taxes and withholdings, for the lesser of (A) six (6) consecutive months thereafter or (B) the period until disability
insurance benefits commence under the disability insurance coverage (if any) furnished by the Company to Executive; (iii) reimbursement
for expenses incurred by Executive through the Termination Date that are reimbursable pursuant to Section 4.03; (iv) if
the Termination Date occurs after December 31 of a performance year under the AIP but before any bonus for such performance year
has been paid, such unpaid bonus under the AIP, to the extent earned, payable in a lump sum, subject to applicable taxes and withholdings,
at the time bonuses are paid under the AIP; and (v) a payment equal to the product of (x) the target bonus under the AIP for the
performance year in which the Termination Date occurs and (y) a fraction, the numerator of which is the number of days Executive
was employed by the Company during the year of termination and the denominator of which is 365, payable in a lump sum, subject
to applicable taxes and withholdings, on the sixtieth (60th) day following the Termination Date.

 

(e)          Termination
upon Death. If this Agreement is terminated because of Executive’s death, the Company shall have no further obligations
to Executive under this Agreement other than the Company’s obligation to pay Base Salary and any other accrued compensation
or vested benefits owed to Executive as of the Termination Date (for the avoidance of doubt, this amount does not include the
yet to be earned Base Salary that Executive would have earned had his employment not terminated prior to the expiration of the
then applicable Term) and to reimburse Executive’s estate for expenses incurred by Executive that are reimbursable through
the Termination Date pursuant to Section 4.03.

 

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(f)          Termination
upon Non-Renewal of Agreement. If this Agreement is terminated for non-renewal as described in Article I hereof, then
Executive shall be entitled to (i) Base Salary and any other accrued compensation or vested benefits owed to Executive as of the
Termination Date (for the avoidance of doubt, this amount does not include the yet to be earned Base Salary that Executive would
have earned had his employment not terminated prior to the expiration of the then applicable Term); (ii) a lump sum cash payment
equal to one and a half (1.5) times the sum of (x) Executive’s then-current Base Salary, and (y) average annual bonus during
the prior two calendar years under the AIP (or such shorter period, as applicable), subject to applicable taxes and withholdings
and payable on the sixtieth (60th) day following the Termination Date; (iii) reimbursement for expenses incurred by
Executive through the Termination Date that are reimbursable pursuant to Section 4.03; and (iv) provided Executive remains
employed by the Company until the last day of the then-current Term, Executive shall be paid the bonus under the AIP for the performance
year ending on the last day of such Term, to the extent earned, in a lump sum, subject to applicable taxes and withholdings, no
later than the March 15 immediately following the last day of such Term. In addition, if Executive timely and properly elects
health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”),
the Company shall reimburse Executive for the monthly COBRA premium paid by Executive for himself and his dependents. Such reimbursement
shall be paid to the Executive on or before the 15th day of the month immediately following the month in which Executive
timely remits the premium payment. Executive shall be eligible to receive such reimbursement until the earlier of: (A) the end
of the 18-month period following the Termination Date; or (B) the date Executive is no longer eligible to receive COBRA continuation
coverage.

 

5.06       General.

 

(a)          Termination
of this Agreement shall not affect the obligations of Executive under Article VI hereof that, pursuant to the express provisions
of this Agreement, continue in full force and effect. Upon termination of this Agreement for any reason, Executive shall promptly
deliver to the Company all Company Group property including without limitation all writings, records, data, memoranda, contracts,
orders, sales literature, price lists, client lists, data processing materials, and other documents, whether or not obtained from
the Company Group, which pertain to or were used by Executive in connection with his employment by the Company or which pertain
to any member of the Company Group, including, but not limited to, Confidential Information (as defined below), as well as any
automobiles, computers or other furniture, fixtures or equipment which were purchased by the Company for Executive or otherwise
in Executive’s possession or control.

 

(b)          Notwithstanding
the foregoing, other than the Base Salary and any other accrued compensation or vested benefits owed to Executive as of the Termination
Date (as set forth in Sections 5.05(c)(i) or (d)(i) or (f)(i), as applicable), Executive’s right to
receive amounts payable pursuant to Sections 5.05(c) or (d) or (f) (which shall be deemed, and referred to
herein as, “Severance”) is contingent upon Executive not violating any of his on-going obligations under this
Agreement and executing and delivering to the Company, and not revoking, a complete and general release, in a form acceptable
to the Company, of all claims that Executive has or may have against the Company and its predecessors, successors, assigns, divisions,
affiliates, the Company Group, and subsidiaries, and each of their respective past, present and future owners, directors, employees,
agents and fiduciaries of employee benefit plans (the “Released Parties”) through the Termination Date, in
form and substance reasonably acceptable to the Company no later than forty-five (45) days after the Termination Date. Subject
to anything to the contrary in Sections 5.05 or 9.04, Severance, if payable, shall be paid as and when normal payroll
payments are made; provided that Executive will not receive any Severance payments prior to the sixtieth (60th) day
following the Termination Date and will be paid any amounts that would have been payable pursuant to Sections 5.05(c) or
(d) or (f) on the sixtieth (60th) day following the Termination Date. Executive expressly acknowledges
and agrees that the payment of Severance to Executive hereunder shall be liquidated damages for and in full satisfaction of any
and all claims, demands, causes of action, and liabilities or any kind whatsoever (upon any legal or equitable theory, whether
contractual, common law or statutory, under federal, state or local law or otherwise), whether known or unknown, asserted or unasserted,
by reason of any act, omission, transaction, agreement or occurrence that Executive ever had, now have or hereafter may have against
the Released Parties relating to or arising out of:

 

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(i)          Executive’s
employment with the Company, the terms and conditions of that employment, and the termination of that employment;

 

(ii)         All
claims of employment discrimination, harassment or retaliation under any federal, state or local statute or ordinance, public
policy or the common law;

 

(iii)        All
contract and quasi-contract claims, claims for promissory estoppel or detrimental reliance, claims for wages, bonuses, incentive
compensation, and severance allowances or entitlements;

 

(iv)        All
claims for employee benefits; provided, however, that nothing in this Section 5.06(b) is intended to release, diminish,
or otherwise affect any vested monies or other vested benefits to which Employee may be entitled from, under, or pursuant to any
savings or retirement plan of the Company;

 

(v)         All
claims for fraud, fraudulent inducement, slander, libel, defamation, disparagement, negligent or intentional infliction of emotional
distress, personal injury, prima facie tort, negligence, compensatory or punitive damages, or any other claim for damages or injury
of any kind whatsoever; and,

 

(vi)        All
claims for monetary recovery, including, without limitation, attorneys’ fees, experts’ fees, medical fees or expenses,
costs and disbursements and the like.

 

5.07       Representations.
Executive represents, warrants, and covenants to Company that (a) there is no other agreement or relationship which is binding
on him which prevents him from entering into or fully performing under the terms hereof and (b) the Company may contact any past,
present, or future entity with whom he has a business relationship and inform such entity of the existence of this Agreement and
the terms and conditions set forth herein.

 

ARTICLE
VI

Covenants

 

6.01       Competition/Solicitation.
Ancillary to the consideration to be provided pursuant to this Agreement, including but not limited to the Company’s promise
to provide Executive access to Confidential Information, and in order to protect the Confidential Information, during Executive’s
employment with the Company or any member of the Company Group and for a period of eighteen (18) months after termination of Executive’s
employment with the Company or any member of the Company Group, regardless of the reason, Executive hereby covenants and agrees
that he shall not, directly or indirectly, except in connection with his duties hereunder or otherwise for the sole account and
benefit of the Company, whether as a sole proprietor, investor, partner, member, stockholder, employee, director, officer, guarantor,
consultant, independent contractor, or in any other capacity as principal or agent, or through any person, subsidiary, affiliate,
or employee acting as nominee or agent, except with the consent of the Company:

 

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(a)          Conduct
or engage in, or be interested in or associated with, any person or entity anywhere in the Market Area (other than the Company
and its affiliates) that conducts or engages in the shale fracking business;

 

(b)          Solicit,
attempt to solicit, or accept business from or otherwise service, or cause to be solicited or have business accepted from or otherwise
service, any then-current customers of Company or any member of the Company Group, any persons or entities anywhere in the Market
Area who were customers of the Company or any member of the Company Group within the three hundred sixty five (365) days preceding
the Termination Date, or any prospective customers of the Company or any member of the Company Group for whom bids were being
prepared or had been submitted as of the Termination Date; or

 

(c)          Induce,
or attempt to induce, hire or attempt to hire, or cause to be induced or hired, any employee of the Company or any member of the
Company Group, or persons who were employees of the Company or any member of the Company Group within the three hundred sixty
five (365) days preceding the Termination Date, to leave or terminate his or her employment with the Company or any member of
the Company Group, or hire or engage as an independent contractor any such employee of the Company or any member of the Company
Group.

 

Notwithstanding
the foregoing, Executive shall not be prevented from (A) investing in or owning up to two percent (2%) of the outstanding stock
of any corporation engaged in a business competitive with the Company, provided that such shares are regularly traded on a national
securities exchange or in any over-the-counter market or (B) retaining any shares of stock in any corporation which Executive
owned before the date of his employment with the Company, or (C) being employed by or serving as a paid consultant to a private
equity or debt investment firm that invests in a competitive business. For the avoidance of doubt, this provision shall not prevent
Executive from being a passive investor in a private equity or debt investment firm that invests in a competitive business. For
purposes of this Agreement, “Market Area” shall mean the geographic areas set forth on Exhibit A.

 

6.02       Confidential
Information. Executive acknowledges that in his employment he is or will be making use of, acquiring, or adding to the Company
Group’s confidential information (the “Confidential Information”) which includes, but is not limited
to, memoranda and other materials or records of a proprietary nature; technical information regarding the operations of the Company
Group; and records and policy matters relating to finance, personnel, market research, strategic planning, current and potential
customers, lease arrangements, service contracts, management, and operations. Therefore, to protect the Company Group’s
Confidential Information and to protect other employees who depend on the Company Group for regular employment, Executive agrees
that he will not in any way use any of said Confidential Information except in connection with his employment by the Company,
and except in connection with the business of the Company he will not copy, reproduce, or take with him the original or any copies
of said Confidential Information and will not directly or indirectly divulge any of said Confidential Information to anyone without
the prior written consent of the Company. Confidential Information shall not include information that is generally available to
and known by the public at the time of disclosure to Executive; provided that, such disclosure is through no direct or indirect
fault of Executive or person(s) acting on Executive’s behalf. For the avoidance of doubt, this Section 6.02 does
not prohibit or restrict Executive (or Executive’s attorney) from responding to any inquiry about the Agreement or its underlying
facts and circumstances by the Securities and Exchange Commission, the Financial Industry Regulatory Authority, any other self-regulatory
organization or governmental entity, or making other disclosures that are protected under the whistleblower provisions of federal
law or regulation. Executive understands and acknowledges that he does not need the prior authorization of the Company to make
any such reports or disclosures and that he is not required to notify the Company that he has made such reports or disclosures.

 

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6.03       Inventions.
All discoveries, designs, improvements, ideas, and inventions, whether patentable or not, relating to (or suggested by or resulting
from) products, services, or other technology of the Company Group or relating to (or suggested by or resulting from) methods
or processes used or usable in connection with the business of the Company Group that may be conceived, developed, or made by
Executive during employment with the Company (hereinafter “Inventions”), either solely or jointly with others,
shall automatically become the sole property of the Company Group. Executive shall immediately disclose to the Company all such
Inventions and shall, without additional compensation, execute all assignments and other documents deemed necessary by the Company
to perfect the property rights of the Company or any affiliate therein. These obligations shall continue beyond the termination
of Executive’s employment with respect to Inventions conceived, developed, or made by Executive during employment with the
Company. The provisions of this Section 6.03 shall not apply to any Invention for which no equipment, supplies, facility,
or trade secret information of the Company or any affiliate is used by Executive and which is developed entirely on Executive’s
own time, unless (a) such Invention relates (i) to the business of the Company Group or (ii) to the actual or demonstrably anticipated
research or development of the Company Group, or (b) such Invention results from work performed by Executive for the Company Group.

 

6.04       Non-Disparagement.
For a period commencing on the Effective Date and continuing indefinitely, Executive hereby covenants and agrees that he shall
not, directly or indirectly, defame, disparage, create false impressions, or otherwise put in a false or bad light the Company,
its products or services, its business, reputation, conduct, practices, past or present employees, financial condition or otherwise.

 

6.05       Reformation.
If at the time of enforcement of any provision of this Agreement, a court shall hold that the duration, scope, or area restriction
of any provision hereof is unreasonable under circumstances now or then existing, the parties hereto agree that the maximum duration,
scope or area reasonable under the circumstances shall be substituted by the court for the stated duration, scope, or area.

 

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6.06       Remedies.
Executive acknowledges that any breach by him of the provisions of this Article VI of this Agreement shall cause irreparable
harm to the Company and that a remedy at law for any breach or attempted breach of Article VI of this Agreement will be
inadequate, and agrees that, notwithstanding Section 9.01 hereof, the Company shall be entitled to exercise all remedies
available to it, including specific performance and injunctive and other equitable relief, without the necessity of posting any
bond, in the case of any such breach or attempted breach. In the event that the Company shall file a claim alleging a breach of
the provisions of this Article VI of this Agreement, then any time period set forth in this Agreement including the time
periods set forth above, will be extended one month for each month the Executive was in breach of this Agreement, so that the
Company is provided the benefit of the full restricted covenant period.

 

6.07       Immunity
Notice. Notwithstanding any other provision of this Agreement: (x) Executive will not be held criminally or civilly liable
under any federal or state trade secret law for any disclosure of a trade secret that (i) is made: (A) in confidence to a federal
(including, without limitation, the SEC or Financial Industry Regulatory Authority), state, or local government official, either
directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation
of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding; (y) if Executive
files a lawsuit for retaliation, Executive may disclose Employer’s trade secrets to his attorney and use the trade secret
information in the court proceeding if Executive: (i) files any document containing the trade secret under seal; and (ii) does
not disclose the trade secret, except pursuant to court order; and, (z) nothing in this Agreement prevents Executive from communicating
with government agencies as permitted by law. Without prior authorization of the Company, however, the Company does not authorize
Executive to disclose to any third party (including any government official or any attorney Executive may retain) any communications
that are covered by the Company’s attorney-client privilege.

 

6.08       Return
of Company Property. Upon the expiration of the Term, and at any other time upon request of the Company, Executive shall promptly
surrender and deliver to the Company all documents (including electronically stored information) and all copies thereof and all
other materials of any nature containing or pertaining to all Confidential Information and any other Company Group property (including
any Company Group-issued computer, mobile device or other equipment) in Executive’s possession, custody or control and Executive
shall not retain any such documents or other materials or property of the Company Group.

 

ARTICLE
VII

Assignment

 

This
Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Except as expressly provided
herein, the rights, benefits and obligations of Executive under this Agreement are personal to Executive, and any voluntary or
involuntary alienation, assignment or transfer by Executive shall be null and void.

 

ARTICLE
VIII

Entire
Agreement

 

Except as otherwise
expressly provided herein, this Agreement constitutes the entire understanding between the Company and Executive concerning his
employment by the Company or its affiliates and supersedes any and all previous agreements between Executive and the Company or
any of its affiliates or subsidiaries concerning such employment, and/or any compensation, bonuses or incentives, excepting only
any agreements between Executive and the Company governing confidential information, proprietary data, inventions or work product.
This Agreement may not be changed orally, but only in a written instrument signed by both parties hereto.

 

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ARTICLE
IX

Applicable
Law; Miscellaneous

 

9.01       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. All actions brought
to interpret or enforce this Agreement shall be brought in federal or state courts located in Houston, Texas. Notwithstanding
the foregoing, at the sole option of the Company, all controversies under this Agreement may be subject to resolution by arbitration.
Without limiting the generality of the foregoing, the following shall be considered controversies for this purpose: (i) all questions
relating to the interpretation or breach of this Agreement; (ii) all questions relating to any representations, negotiations,
and other proceedings leading to the execution of this Agreement; and (iii) all questions as to whether the right to arbitrate
any such question exists. Any party may, without inconsistency with this Agreement, seek from a court any interim or provisional
relief that may be necessary to protect the rights or property of that party, pending the establishment of the arbitral tribunal
(or pending the tribunal’s determination of the merits of the controversy). The tribunal shall have authority to make the
final determination of the rights of the parties, including authority to make permanent, modify, or dissolve any judicial order
granting such provisional relief. The Company, if it desires arbitration, shall so notify the other parties, identifying in reasonable
detail the matters to be arbitrated and the relief sought. Arbitration shall be before a single arbitrator with at least ten (10)
years’ experience in commercial or employment law. The American Arbitration Association (“AAA”) shall
submit a list of persons meeting the criteria outlined above, and the parties shall mutually agree upon the arbitrator. If the
parties fail to select an arbitrator as required above within twenty (20) days after delivery of notice from the party desiring
arbitration, the AAA shall appoint the arbitrator in accordance with the then-existing rules of the AAA. The arbitrator shall
be entitled to a fee commensurate with his or her fees for professional services requiring similar time and effort. All matters
arbitrated hereunder shall be arbitrated in, Houston, Texas, and shall be governed by Texas law, exclusive of its conflicts-of-laws
rules. The arbitrator shall conduct a hearing no later than sixty (60) days after designation of the tribunal, and a decision
shall be rendered by the arbitrator within thirty (30) days after the hearing. At the hearing, the parties shall present such
evidence and witnesses as they may choose, with or without counsel. Adherence to formal rules of evidence shall not be required
but the arbitrator shall consider any evidence and testimony that he or she determines to be relevant, in accordance with procedures
that he or she determines to be appropriate. Any award entered shall be made by a written opinion stating the reasons for the
award made. The arbitrator may award legal or equitable relief, including but not limited to specific performance. The arbitrator
is not empowered to award damages in excess of compensatory damages, and each party irrevocably waives any right to recover such
damages with respect to any dispute resolved by arbitration. This submission and agreement to arbitrate shall be specifically
enforceable. Arbitration may proceed in the absence of any party if notice of the proceedings has been given to such party. The
parties agree to abide by all awards rendered in such proceedings. Such awards shall be final and binding on all parties. Each
party shall continue to perform its obligations under this Agreement pending conclusion of the arbitration. No party shall be
considered in default hereunder during the pendency of arbitration proceedings relating to such default. Each party to the arbitration
proceeding will bear its own costs in connection with such arbitration proceedings, except that unless otherwise paid by the Company
in accordance with such section, the costs and expenses of the arbitrator will be divided evenly between the parties.

 

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9.02       Attorneys’
Fees.

 

(a)          In
the event of any action, claim or dispute to enforce the rights and obligations under this Agreement, each party agrees to bear
its own costs, fees, and expenses (including attorneys’ fees), regardless of the outcome of such dispute.

 

(b)          However,
the Company agrees to directly pay or reimburse Executive for reasonable attorneys’ fees (without including any non-routine
reimbursed expenses) incurred solely in the original negotiation and execution of this Agreement up to thirty thousand dollars
($30,000.00), such payment or reimbursement to be made within sixty (60) days after the Effective Date.

 

9.03       Indemnification
of Executive.

 

(a)          Executive
shall not be responsible for any of the actions of the Company prior to signing this Agreement (except such actions resulting
from the gross negligence or willful misconduct of Executive), and the Company agrees to indemnify Executive for any liability
from such prior actions of the Company (except such actions resulting from the gross negligence or willful misconduct of Executive).

 

(b)          To
the fullest extent permitted under law, the Company shall indemnify Executive in the event Executive is a party, or is threatened
to be made a party, to any threatened, pending or contemplated action, suit, or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the Company) by reason of the fact that Executive is an officer or
Board member of the Company, or is or was serving at the request of the Company as a board member, or officer (or in any capacity
equivalent to any of the foregoing) of another corporation, company, joint venture, trust or other enterprise, against expenses
(including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by Executive in connection with such action, suit or proceeding if Executive acted in good faith and in a manner Executive reasonably
believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe Executive’s conduct was unlawful. The termination of any action, suit or proceeding by
judgment, order, settlement, conviction or pleas of nolo contendere or its equivalent, shall not of itself create a presumption
that Executive did not act in good faith or did not act in a manner which Executive reasonably believed to be in and not opposed
to the best interests of the Company, and with respect to any criminal action or proceeding, had reasonable cause to believe that
Executive’s conduct was unlawful.

 

(c)          The
indemnification described in this Section 9.03 shall be in addition to, and is not intended to be a substitute for, any indemnification
provided for by law or under the Company’s by-laws.

 

9.04       Section
409A. (a) Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that
the payments and benefits set forth herein either shall either be exempt from or shall comply with the requirements of Code Section
409A, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be exempt from or in compliance
with Code Section 409A.

 

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(b)          To
the extent that the Company determines that any provision of this Agreement would cause Executive to incur any additional tax
or interest under Code Section 409A, the Company shall be entitled to reform such provision to attempt to comply with or be exempt
from Code Section 409A through good faith modifications. To the extent that any provision hereof is modified in order to comply
with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain
the original intent and economic benefit to Executive and the Company without violating the provisions of Code Section 409A.

 

(c)          Notwithstanding
any provision in this Agreement or elsewhere to the contrary, if on the Termination Date Executive is deemed to be a “specified
employee” within the meaning of Code Section 409A, any payments or benefits due upon, or within the six (6) month period
following, a termination of Executive’s employment under any arrangement that constitutes a “deferral of compensation”
within the meaning of Code Section 409A (whether under this Agreement, any other plan, program, payroll practice or any equity
grant) and which do not otherwise qualify under the exemptions under Treas. Regs. Section l.409A-1 (including without limitation,
the short-term deferral exemption and the permitted payments under Treas. Regs. Section l.409A- l (b)(9)(iii)(A)), shall be delayed
and paid or provided to Executive in a lump sum (whether they would have otherwise been payable in a single sum or in installments
in the absence of such delay during such period) on the earlier of (i) the date which is six (6) months and one (1) day after
Executive’s separation from service (as such term is defined in Code Section 409A) for any reason other than death, and
(ii) the date of Executive’s death, and any remaining payments and benefits shall be paid or provided in accordance with
the normal payment dates specified for such payment or benefit.

 

(d)          Notwithstanding
anything in this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have occurred for
purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified
deferred compensation” within the meaning of Code Section 409A upon or following a termination of Executive’s employment
unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes
of any such provision of this Agreement, references to a “termination,” “termination of employment” or
like terms shall mean “separation from service.” and the date of such separation from service shall be the termination
date for purposes of any such payment or benefits.

 

(e)          Each
payment under this Agreement or otherwise (including any installment payments) shall be treated as a separate payment for purposes
of Code Section 409A.

 

(f)          In
no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement or
otherwise which constitutes a “deferral of compensation” within the meaning of Code Section 409A.

 

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(g)          All
expenses or other reimbursements paid pursuant to this Agreement or otherwise that are taxable income to Executive shall in no
event be paid later than the end of the calendar year next following the calendar year in which Executive incurs such expense
or pays such related tax. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind
benefits, to the extent required by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject
to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided
during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other
taxable year, and (iii) such payments shall be made on or before the last day of Executive’s taxable year following the
taxable year in which the expense was incurred.

 

9.05       Waiver.
No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed a continuing waiver or a waiver of any similar
or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral
or otherwise, express or implied, with respect to the subject matter hereof have been made by either party hereto which are not
set forth expressly in this Agreement.

 

9.06       Unenforceability.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

 

9.07       Counterparts.
This Agreement may be executed in several counterparts, and via facsimile or electronic mail, each of which shall be deemed to
be an original and all of which together shall constitute one and the same instrument.

 

9.08       Section
Headings. The section headings contained in this Agreement are inserted for reference purposes only and shall not affect the
meaning or interpretation of this Agreement.

 

9.09       Interpretation.
This Agreement shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or against
Executive or any Released Party. Unless the context indicates otherwise, the term “or” shall be deemed to include
the term “and” and the singular or plural number shall be deemed to include the other.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first written above.

 

	EXECUTIVE	 
	 	 
	/s/ Kyle O’Neill	 
	 	 
	Kyle O’Neill	Date: 7/13/2018

 

[Signature
Page to Kyle O’Neill Employment Agreement]

 

    	

     

    

 

	 

        COMPANY
	 
	 	 
	/s/ David
    Matlin	 
	David Matlin	Date: 7/13/2018
	Chief Executive Officer	 
	 	 
	Matlin & Partners Acquisition Corporation	 

 

[Signature
Page to Kyle O’Neill Employment Agreement]

 

    	 

     

    

 

EXHIBIT
A

 

		1.	The
                                         counties in the state of Texas in which any part of the Eagle Ford Shale or the Permian
                                         Basin or the Anadarko Basin or the Haynesville Shale is located;

 

		2.	The
                                         counties in the state of Arkansas in which any part of the Haynesville Shale is located;

 

		3.	The
                                         counties in the states of West Virginia and Ohio, and the Commonwealth of Pennsylvania
                                         in which any part of the Utica or Marcellus formations is located;

 

		4.	The
                                         counties in the states of Colorado, Wyoming, Nebraska and Kansas in which any part of
                                         the Denver-Julesburg Basin is located;

 

		5.	The
                                         following Parishes in the state of Louisiana: Caddo, Bossier, DeSoto, Sabine, Red River
                                         and Lafayette; and

 

		6.	Any
                                         other areas that are within a twenty (20) mile radius of any location where any member
                                         of the Company Group is as of the date that the Executive is no longer employed or engaged
                                         by any member of the Company Group (i) conducting shale fracking business; or (ii) has
                                         materially developed plans to conduct shale fracking business, provided that Executive
                                         was involved with or obtained Confidential Information about any such plans to conduct
                                         shale fracking business during the period of the Executive’s employment or engagement
                                         by the Company or any other member of the Company Group.

 

    	19tv504120-defm14a_DIV_47-annexH - none - 1.323293s

    
      ​​

      
        Exhibit 10.10​

        U.S.
        Well Services, Inc. 2018 Stock Incentive Plan

        1.   Purpose;
        Eligibility.

        1.1 General
        Purpose.   The name of this plan is the U.S. Well Services, Inc. 2018 Stock Incentive Plan (the “Plan”).
        The purposes of the Plan are to (a) enable U.S. Well Services, Inc., a Delaware corporation (the “Company”),
        and any Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company’s
        long range success; (b) provide incentives that align the interests of Employees, Consultants and Directors with
        those of the shareholders of the Company; and (c) promote the success of the Company’s business.

        1.2 Eligible
        Award Recipients.   The persons eligible to receive Awards are the Employees, Consultants and Directors
        of the Company and its Affiliates and such other individuals designated by the Committee who are reasonably expected to
        become Employees, Consultants and Directors after the receipt of Awards.

        1.3 Available
        Awards.   Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified
        Stock Options, (c) Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, and
        (f) Other Equity-Based Awards.

        2.   Definitions.

        “Affiliate”
        means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or
        is under common control with, the Company.

        “Applicable
        Laws” means the requirements related to or implicated by the administration of the Plan under applicable state
        corporate law, United States federal and state securities laws, the Code, any stock exchange or quotation system on which
        the shares of Common Stock are listed or quoted, and the applicable laws of any foreign country or jurisdiction where
        Awards are granted under the Plan.

        “Award”
        means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation
        Right, a Restricted Award, a Performance Share Award, or an Other Equity-Based Award.

        “Award
        Agreement” means a written agreement, contract, certificate or other instrument or document evidencing the terms
        and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted
        electronically to any Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

        “Beneficial
        Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act,
        except that in calculating the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial
        ownership of all securities that such Person has the right to acquire by conversion or exercise of other securities, whether
        such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns”
        and “Beneficially Owned” have a corresponding meaning.

        “Board”
        means the Board of Directors of the Company, as constituted at any time.

        “Cause”
        means:

        (a)   with
        respect to any Employee or Consultant, unless the applicable Award Agreement states otherwise:, (i) if the Employee
        or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides
        for a definition of Cause, the definition contained therein; or (ii) if no such agreement exists, or if such agreement
        does not define Cause: (A) the Employee’s or Consultant’s failure or refusal to perform specific directives
        from the Company or any of its Affiliates that are consistent with the scope and nature of the Employee’s or Consultant’s
        duties and responsibilities; (B) fraud committed against the Company or any of its Affiliates, or embezzlement of the
        funds of the Company or any of its Affiliates; (C) use of drugs or other substances, which (x) is unlawful or (y) otherwise
        interferes with the performance of the Employee’s or Consultant’s duties and obligations;

      

      
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        (D) commission of or pleading guilty or no contest to a felony or to any crime involving dishonesty or fraud; or (E) any gross or willful misconduct of the Employee or Consultant resulting in loss to the Company or any of its Affiliates or damages to the reputation of the Company or any of its Affiliates. 

        (b)   with respect to any Director, unless the applicable Award Agreement states otherwise, a determination by a majority of the disinterested Board members that the Director has engaged in any of the following: (i) malfeasance in office; (ii) gross misconduct or neglect; (iii) false or fraudulent misrepresentation inducing the director’s appointment; (iv) willful conversion of corporate funds; or (v) repeated failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance. 

        The Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause. 

        “Change in Control” means: 

        (a)   the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, other than a transaction which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction; 

        (b)   the Incumbent Directors cease for any reason to constitute at least a majority of the Board; 

        (c)   the consummation of a complete liquidation or dissolution of the Company; 

        (d)   the acquisition by any Person of Beneficial Ownership of more than 50% (on a fully diluted basis) of either (i) the then outstanding shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) any acquisition which complies with clauses, (i), (ii) and (iii) of subsection (e) of this definition or (D) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons including the Participant); or 

        (e)   the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination: (i) more than 50% of the total voting power of  (A) the entity resulting from such Business Combination (the “Surviving Company”), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination; (ii) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or becomes the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the 

      

      
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      ​

      
        outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company); and (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination. 

        Notwithstanding anything herein to the contrary, in no event shall the Company’s initial business combination or the transactions occurring in connection therewith constitute a Change in Control and, with respect to any Award (or portion of any Award) that provides for the deferral of compensation that is subject to Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award (or portion thereof) unless such event is also a “change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

        “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder. 

        “Committee” means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3 and Section 3.4; provided, however, that if the Board has not appointed such a committee to administer the Plan, references herein to “Committee” shall mean the Board. 

        “Common Stock” means the Class A common stock, $0.0001 par value per share, of the Company, or such other securities of the Company as may be designated by the Committee from time to time in substitution thereof. 

        “Company” means U.S. Well Services, Inc., a Delaware corporation, and any successor thereto. 

        “Consultant” means any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director, and who may be offered securities registerable pursuant to a registration statement on Form S-8 under the Securities Act. 

        “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s Continuous Service; provided further that if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director of an Affiliate will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence. The Committee or its delegate, in its sole discretion, may determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed to result in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding. 

        “Deferred Stock Units (DSUs)” has the meaning set forth in Section 7.2 hereof. 

        “Director” means a member of the Board. 

        “Disability” means, unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment; provided, however, for purposes of determining the term of an Incentive Stock Option pursuant to Section 6.9 hereof, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee. Except in situations where the Committee is 

      

      
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        determining Disability for purposes of the term of an Incentive Stock Option pursuant to Section 6.9 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates. 

        “Disqualifying Disposition” has the meaning set forth in Section 14.11. 

        “Employee” means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate. 

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

        “Fair Market Value” means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed on any established stock exchange or a national market system, including without limitation, the New York Stock Exchange or the NASDAQ Stock Market, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported the closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in the Wall Street Journal. In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Committee and such determination shall be conclusive and binding on all persons. 

        “Fiscal Year” means the Company’s fiscal year. 

        “Free Standing Rights” has the meaning set forth in Section 7.1(a). 

        “Grant Date” means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set forth in such resolution. 

        “Incentive Stock Option” means an Option that is designated by the Committee as an incentive stock option within the meaning of Section 422 of the Code and that meets the requirements set out in the Plan. 

        “Incumbent Directors” means individuals who, on the date of the consummation of the Company’s initial business combination, constitute the Board, provided that any individual becoming a Director subsequent to such date whose election or nomination for election to the Board was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for Director without objection to such nomination) shall be an Incumbent Director. No individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an Incumbent Director. 

        “Non-Employee Director” means a Director who is a “non-employee director” within the meaning of Rule 16b-3. 

        “Non-qualified Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option. 

        “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

        “Option” means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan. 

        “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option. 

        “Option Exercise Price” means the price at which a share of Common Stock may be purchased upon the exercise of an Option. 

      

      
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          “Other Equity-Based Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Performance Share Award that is granted under Section 7.4 and is payable by delivery of Common Stock and/or which is measured by reference to the value of Common Stock. 

        “Participant” means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award. 

        “Performance Goals” means, for a Performance Period, one or more goals established by the Committee for the Performance Period based upon business criteria or other performance measures determined by the Committee in its discretion. 

        “Performance Period” means one or more periods of time (which shall not be less than one year), as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Performance Share Award. 

        “Performance Share Award” means any Award granted pursuant to Section 7.3 hereof. 

        “Performance Share” means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the performance of the Company during a Performance Period, as determined by the Committee. 

        “Permitted Transferee” means: (a) a member of the Optionholder’s immediate family (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), any person sharing the Optionholder’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests; (b) third parties designated by the Committee in connection with a program established and approved by the Committee pursuant to which Participants may receive a cash payment or other consideration in consideration for the transfer of a Non-qualified Stock Option; and (c) such other transferees as may be permitted by the Committee in its sole discretion. 

        “Person” means a person as defined in Section 13(d)(3) of the Exchange Act. 

        “Plan” means this U.S. Well Services, Inc. 2018 Stock Incentive Plan, as amended and/or amended and restated from time to time. 

        “Related Rights” has the meaning set forth in Section 7.1(a). 

        “Restricted Award” means any Award granted pursuant to Section 7.2(a). 

        “Restricted Period” has the meaning set forth in Section 7.2(a). 

        “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time. 

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

        “Stock Appreciation Right” means the right pursuant to an Award granted under Section 7.1 to receive, upon exercise, an amount payable in cash or shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess of  (a) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified in the Stock Appreciation Right Award Agreement. 

        “Stock for Stock Exchange” has the meaning set forth in Section 6.3. 

        “Substitute Award” has the meaning set forth in Section 4.5. 

        “Ten Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Affiliates. 

        “Total Share Reserve” has the meaning set forth in Section 4.1. 

      

      
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        3.   Administration. 

        3.1 Authority of Committee.   The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the Board. Subject to the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization conferred by the Plan, the Committee or the Board, as applicable, shall have the authority: 

        (a) to construe and interpret the Plan and apply its provisions; 

        (b) to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan; 

        (c) to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; 

        (d) to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve “insiders” within the meaning of Section 16 of the Exchange Act; 

        (e) to determine when Awards are to be granted under the Plan and the applicable Grant Date; 

        (f) from time to time to select, subject to the limitations set forth in this Plan, those eligible Award recipients to whom Awards shall be granted; 

        (g) to determine the number of shares of Common Stock to be made subject to each Award; 

        (h) to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option; 

        (i) to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the Award Agreement relating to such grant; 

        (j) to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance measures that will be used to establish the Performance Goals, the Performance Period(s) and the number of Performance Shares earned by a Participant; 

        (k) to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations under his or her Award or creates or increases a Participant’s federal income tax liability with respect to an Award, such amendment shall also be subject to the Participant’s consent; 

        (l) to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under the Company’s employment policies; 

        (m) to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers anti-dilution adjustments; 

        (n) to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and 

        (o) to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration of the Plan. 

        The Committee or the Board, as applicable, also may modify the purchase price or the exercise price of any outstanding Award, provided that if the modification effects a repricing, shareholder approval shall be required before the repricing is effective. Except as provided in Sections 6.2 or 12, the terms of outstanding Awards may not be amended to reduce the exercise price of outstanding Options or Stock Appreciation Rights or to cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Options, Stock Appreciation Rights or other Awards with an exercise price that is less than the exercise price of the original Options or Stock Appreciation Rights without stockholder approval. 

      

      
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        3.2 Committee Decisions Final.   All decisions made by the Committee or the Board, as applicable, pursuant to the provisions of the Plan shall be final and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious. 

        3.3 Delegation.   The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee or committees of one or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business as it may determine to be advisable. 

        3.4 Committee Composition.   Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee Directors. The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3. However, if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors. Within the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not Non-Employee Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation committee of the Board that does not at all times consist solely of two or more Non-Employee Directors. 

        3.5 Indemnification.   In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney’s fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in settlement thereof  (provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within 60 days after the institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding. 

        4.   Shares Subject to the Plan. 

        4.1 Subject to adjustment in accordance with Section 11, no more than 8,160,500 shares of Common Stock shall be available for the grant of Awards under the Plan (the “Total Share Reserve”), and such number shall also be the maximum number of shares of Common Stock that may be issued in the aggregate pursuant to the exercise of Incentive Stock Options (the “ISO Limit”). During the terms of the Awards, the Company shall keep available at all times the number of shares of Common Stock required to satisfy such Awards. 

      

      
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        4.2 Shares of Common Stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner. 

        4.3 The maximum number of shares of Common Stock subject to Awards granted during a single Fiscal Year to any Director, together with any cash fees paid to such Director during the Fiscal Year shall not exceed a total value of  $500,000 (calculating the value of any Awards based on the grant date fair value for financial reporting purposes). 

        4.4 Any shares of Common Stock subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number of shares of Common Stock to which the Award related will again be available for issuance under the Plan. Notwithstanding anything to the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under the Plan if such shares are (a) shares tendered or withheld in payment of an Option, (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation, or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award. 

        4.5 Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”). Substitute Awards shall not be counted against the Total Share Reserve; provided, that, Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Stock Options shall be counted against the ISO limit. Subject to applicable stock exchange requirements, available shares under a shareholder-approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect such acquisition or transaction) may be used for Awards under the Plan and shall not count toward the Total Share Limit. 

        5.   Eligibility. 

        5.1 Eligibility for Specific Awards.   Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to become Employees, Consultants and Directors following the Grant Date. 

        5.2 Ten Percent Shareholders.   A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price is at least 110% of the Fair Market Value of the Common Stock on the Grant Date and the Option is not exercisable after the expiration of five years from the Grant Date. 

        6.   Option Provisions.   Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions: 

        6.1 Term.   Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined by the Committee; provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. 

        6.2 Exercise Price of an Incentive Stock Option.   Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders and Incentive Stock Options, the Option Exercise Price of each Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant 

      

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        Date. Notwithstanding the foregoing, an Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) and/or Section 409A of the Code. 

        6.3 Consideration.   The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) in the discretion of the Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery to the Company of other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant identifies for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation equal to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock Exchange”); (ii) a “cashless” exercise program established with a broker; (iii) by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise Price at the time of exercise; (iv) by any combination of the foregoing methods; or (v) in any other form of legal consideration that may be acceptable to the Committee. Unless otherwise specifically provided in the Option, the exercise price of Common Stock acquired pursuant to an Option that is paid by delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly from the Company, shall be paid only by shares of the Common Stock of the Company that have been held for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period for which the Common Stock is publicly traded (i.e., the Common Stock is listed on any established stock exchange or a national market system) an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited with respect to any Award under this Plan. 

        6.4 Transferability of an Incentive Stock Option.   An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option. 

        6.5 Transferability of a Non-qualified Stock Option.   A Non-qualified Stock Option may, in the sole discretion of the Committee, be transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option. 

        6.6 Vesting of Options.   Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may vary. No Option may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event. 

        6.7 Termination of Continuous Service.   Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have been approved by the Committee, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise 

      

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        such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following the termination of the Optionholder’s Continuous Service or (b) the expiration of the term of the Option as set forth in the Award Agreement; provided that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his or her Option within the time specified in the Award Agreement, the Option shall terminate. 

        6.8 Extension of Termination Date.   An Optionholder’s Award Agreement may also provide that if the exercise of the Option following the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a)  the expiration of the term of the Option in accordance with Section 6.1 or (b) the expiration of a period after termination of the Participant’s Continuous Service that is three months after the end of the period during which the exercise of the Option would be in violation of such registration or other securities law requirements. 

        6.9 Disability of Optionholder.   Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending on the earlier of (a)  the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate. 

        6.10 Death of Optionholder.   Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous Service terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within the period ending on the earlier of  (a) the date 12 months following the date of death or (b) the expiration of the term of such Option as set forth in the Award Agreement. If, after the Optionholder’s death, the Option is not exercised within the time specified herein or in the Award Agreement, the Option shall terminate. 

        6.11 Incentive Stock Option $100,000 Limitation.   To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-qualified Stock Options. 

        7.   Provisions of Awards Other Than Options. 

        7.1 Stock Appreciation Rights. 

        (a)   Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock Appreciation Right so granted shall be subject to the conditions set forth in this Section 7.1, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (“Free Standing Rights”) or in tandem with an Option granted under the Plan (“Related Rights”). 

        (b)   Any Related Right that relates to a Non-qualified Stock Option may be granted at the same time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted. 

        (c)   The term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; provided, however, no Stock Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date. 

      

      
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        (d)   Each Stock Appreciation Right may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Stock Appreciation Right may be subject to such other terms and conditions on the time or times when it may be exercised as the Committee may deem appropriate. The vesting provisions of individual Stock Appreciation Rights may vary. No Stock Appreciation Right may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Stock Appreciation Right upon the occurrence of a specified event. 

        (e)   Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an amount equal to the number of shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the excess of  (i) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price specified in the Stock Appreciation Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on the date of exercise. Payment shall be made in the form of shares of Common Stock (with or without restrictions as to substantial risk of forfeiture and transferability, as determined by the Committee in its sole discretion), cash or a combination thereof, as determined by the Committee. 

        (f)   The exercise price of a Free Standing Right shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related Right granted simultaneously with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise price as the related Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable only to the same extent as the related Option; provided, however, that a Stock Appreciation Right, by its terms, shall be exercisable only when the Fair Market Value per share of Common Stock subject to the Stock Appreciation Right and related Option exceeds the exercise price per share thereof and no Stock Appreciation Rights may be granted in tandem with an Option unless the Committee determines that the requirements of Section 7.1(b) are satisfied. 

        (g)   Upon any exercise of a Related Right, the number of shares of Common Stock for which any related Option shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised. The number of shares of Common Stock for which a Related Right shall be exercisable shall be reduced upon any exercise of any related Option by the number of shares of Common Stock for which such Option has been exercised. 

        7.2 Restricted Awards. 

        (a)   A Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical Common Stock units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number of shares of Common Stock, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose for such period (the “Restricted Period”) as the Committee shall determine. Each Restricted Award granted under the Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this Section 7.2, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

        (b)   Restricted Stock and Restricted Stock Units 

        (i)   Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable and (B) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement. If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the rights and privileges of a 

      

      
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        shareholder as to such Restricted Stock, including the right to vote such Restricted Stock and the right to receive dividends; provided that, an Award Agreement may provide that any cash dividends and stock dividends with respect to the Restricted Stock shall be withheld by the Company for the Participant’s account, and interest may be credited on the amount of the cash dividends withheld at a rate and subject to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the Participant in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends. 

        (ii)   The terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of any such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee may also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence of a future payment date or event set forth in an Award Agreement (“Deferred Stock Units”). At the discretion of the Committee, each Restricted Stock Unit or Deferred Stock Unit (representing one share of Common Stock) may be credited with an amount equal to the cash and stock dividends paid by the Company in respect of one share of Common Stock (“Dividend Equivalents”). An Award Agreement may provide that Dividend Equivalents shall be paid currently (and in no case later than the end of the calendar year in which the dividend is paid to the holders of the Common Stock or, if later, the 15th day of the third month following the date the dividend is paid to holders of the Common Stock). Alternatively, an Award Agreement may provide that Dividend Equivalents shall be withheld by the Company and credited to the Participant’s account, and interest may be credited on the amount of cash Dividend Equivalents credited to the Participant’s account at a rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit or Deferred Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant upon settlement of such Restricted Stock Unit or Deferred Stock Unit and, if such Restricted Stock Unit or Deferred Stock Unit is forfeited, the Participant shall have no right to such Dividend Equivalents. 

        (c)   Restrictions 

        (i)   Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement; and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company. 

        (ii)   Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement. 

        (iii)   The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate. 

      

      
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        (d)   With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time or times set forth on a schedule established by the Committee in the applicable Award Agreement. No Restricted Award may be granted or settled for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting in the terms of any Award Agreement upon the occurrence of a specified event. 

        (e)   Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in Section 7.2(c) and the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired (to the nearest full share) and any cash dividends or stock dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon, if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, or at the expiration of the deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one share of Common Stock for each such outstanding vested Restricted Stock Unit or Deferred Stock Unit (“Vested Unit”) and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section 7.2(b)(ii) hereof and the interest thereon or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents and the interest thereon, if any; provided, however, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock for Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed in the case of Restricted Stock Units, or the delivery date in the case of Deferred Stock Units, with respect to each Vested Unit. 

        (f)   Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as the Company deems appropriate. 

        7.3 Performance Share Awards. 

        (a)   Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement. Each Performance Share Award so granted shall be subject to the conditions set forth in this Section 7.3, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. The Committee shall have the discretion to determine: (i) the number of shares of Common Stock or stock-denominated units subject to a Performance Share Award granted to any Participant; (ii) the Performance Period applicable to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms, conditions and restrictions of the Award. 

        (b)   The number of Performance Shares earned by a Participant will depend on the extent to which the performance goals established by the Committee are attained within the applicable Performance Period, as determined by the Committee. 

        7.4 Other Equity-Based Awards.   The Committee may grant Other Equity-Based Awards, either alone or in tandem with other Awards, in such amounts and subject to such conditions as the Committee shall determine in its sole discretion. Each Equity-Based Award shall be evidenced by an Award Agreement and shall be subject to such conditions, not inconsistent with the Plan, as may be reflected in the applicable Award Agreement. 

        8.   Securities Law Compliance.   Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder unless and until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall use reasonable efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue 

      

      
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        and sell shares of Common Stock upon exercise of the Awards; provided, however, that this undertaking shall not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until such authority is obtained. 

        9.   Use of Proceeds from Stock.   Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute general funds of the Company. 

        10.   Miscellaneous. 

        10.1 Acceleration of Exercisability and Vesting.   The Committee shall have the power to accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the time during which it will vest. 

        10.2 Shareholder Rights.   Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until such Participant has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Common Stock certificate is issued, except as provided in Section 11 hereof. 

        10.3 No Employment or Other Service Rights.   Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without Cause or (b) the service of a Director pursuant to the By-laws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. 

        10.4 Transfer; Approved Leave of Absence.   For purposes of the Plan, no termination of employment by an Employee shall be deemed to result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with Section 409A of the Code if the applicable Award is subject thereto. 

        10.5 Withholding Obligations.   To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b)  authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock of the Company. 

        11.   Adjustments Upon Changes in Stock.   In the event of changes in the outstanding Common Stock or in the capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of 

      

      
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        Options and Stock Appreciation Rights, the Performance Goals to which Performance Share Awards are subject, the maximum number of shares of Common Stock subject to all Awards stated in Section 4 will be equitably adjusted or substituted, as to the number, price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant to this Section 11, unless the Committee specifically determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Stock Options, ensure that any adjustments under this Section 11 will not constitute a modification, extension or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Stock Options, ensure that any adjustments under this Section 11 will not constitute a modification of such Non-qualified Stock Options within the meaning of Section 409A of the Code. Any adjustments made under this Section 11 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. 

        12.   Effect of Change in Control. 

        12.1 In the event of a Change in Control, the Committee, on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions that the Committee determines to be appropriate with respect to any Award, which may vary among individual Participants and which may vary among Awards held by any individual Participant: 

        (a)   Provide for the cancellation of such Award in exchange for either an amount of cash or other property with a value equal to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less than zero, then the Award may be terminated without payment; 

        (b)   Terminate an outstanding and unexercised Option, Stock Appreciation Right or Other Equity-Based Award that provides for a Participant elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to the Participant at least twenty (20) days prior to the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control the Participant shall have the right to exercise in full such Participant’s Award (without regard to any limitations on exercisability otherwise contained in the Award Agreement), but any such exercise shall be contingent on the occurrence of the Change in Control; provided that, if the Change in Control does not occur within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void; 

        (c)   Provide that: 

        (i)   an outstanding Option, Stock Appreciation Right or Other Equity-Based Award shall become immediately exercisable with respect to 100% of the shares subject to such Option, Stock Appreciation Right or Other Equity-Based Award, and/or the Restricted Period shall expire immediately with respect to 100% of the outstanding shares of an award of Restricted Stock or Restricted Stock Units, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; 

        (ii)   with respect to a Performance Share Award, (A) any incomplete Performance Period in respect of such Award in effect on the date the Change in Control occurs shall end on the date of such change and the Committee shall (i) determine the extent to which Performance Goals with respect to such Performance Period have been met based upon such audited or unaudited financial information then available as it deems relevant and (ii) cause to be paid to the Participant an amount based upon the Committee’s determination of the degree of attainment of the Performance Goals, or (B) all Performance Goals or other vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions will be deemed met. 

        (d)   Provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by awards covering the stock of the successor or survivor 

      

      
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        corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Committee to provide substantially equivalent value, in a manner consistent with Section 409A of the Code and the regulations thereunder, and Treasury Regulation Section 1.424-1, to the extent applicable. 

        To the extent applicable and practicable, any actions taken by the Committee under the immediately preceding clauses shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change in Control with respect to the shares of Common Stock subject to their Awards. 

        12.2 The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates, taken as a whole. 

        13.   Amendment of the Plan and Awards. 

        13.1 Amendment of Plan.   The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided in Section 11 relating to adjustments upon changes in Common Stock and Section 13.3, no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such amendment, the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval. 

        13.2 Shareholder Approval.   The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval. 

        13.3 Contemplated Amendments.   It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith. 

        13.4 No Impairment of Rights.   Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing. 

        13.5 Amendment of Awards.   The Committee at any time, and from time to time, may amend the terms of any one or more Awards; provided, however, that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing. 

        14.   General Provisions. 

        14.1 Forfeiture Events.   The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates. 

        14.2 Clawback.   Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement of any Award by a Participant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Company policies that may be adopted and/or modified from time to time (“Clawback Policy”). In addition, a Participant may be required to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in accordance with the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect or as may be adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with applicable law or stock exchange listing requirements). 

      

      
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        14.3 Other Compensation Arrangements.   Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 

        14.4 Sub-Plans.   The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed. 

        14.5 Unfunded Plan.   The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan. 

        14.6 Recapitalizations.   Each Award Agreement shall contain provisions required to reflect the provisions of Section 11. 

        14.7 Delivery.   Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, 30 days shall be considered a reasonable period of time. 

        14.8 No Fractional Shares.   No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated. 

        14.9 Other Provisions.   The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan, including, without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable. 

        14.10 Section 409A.   The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty. 

        14.11 Disqualifying Dispositions.   Any Participant who shall make a “disposition” (as defined in Section 424 of the Code) of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive Stock Option (a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing as to the occurrence of the sale and the price realized upon the sale of such shares of Common Stock. 

        14.12 Section 16.   It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in this Section 14.12, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. 

      

      
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        14.13 Beneficiary Designation.   Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. 

        14.14 Expenses.   The costs of administering the Plan shall be paid by the Company. 

        14.15 Severability.   If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby. 

        14.16 Plan Headings.   The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction of the provisions hereof. 

        14.17 Non-Uniform Treatment.   The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements. 

        15.   Effective Date of Plan.   The Plan shall become effective upon the consummation of the Company’s initial business combination, subject to the approval of the shareholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board. If the Plan is not approved by the Company’s shareholders, the Plan will not become effective and no Awards will be granted hereunder. 

        16.   Termination or Suspension of the Plan.   The Plan shall terminate automatically on the tenth anniversary of the earlier of the date the Plan is adopted by the Board or the date that the Company’s shareholders approve the Plan. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier date pursuant to Section 13.1 hereof. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 

        17.   Choice of Law.   The law of the State of Delaware shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such state’s conflict of law rules. 

      

      
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