Document:

EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is dated as of June 29, 2020 and is made by and among CapStar
Financial Holdings, Inc., a Tennessee corporation (the “Company”), and the several purchasers of the Subordinated Notes (as defined below) identified on the signature pages to the Purchase Agreement (as defined below) (collectively,
the “Purchasers”). 
 This Agreement is made pursuant to the Subordinated Note Purchase Agreement dated June 29, 2020
by and among the Company and the Purchasers (the “Purchase Agreement”), which provides for the sale by the Company to the Purchasers of $30,000,000 aggregate principal amount of the Company’s 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, which were issued on June 29, 2020 (the “Subordinated Notes”). In order to induce the Purchasers to
enter into the Purchase Agreement and in satisfaction of a condition to the Purchasers’ obligations thereunder, the Company has agreed to provide to the Purchasers and their respective direct and indirect transferees and assigns the
registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 

In consideration of the foregoing, the parties hereto agree as follows: 

 

	 	1.	 Definitions. As used in this Agreement, the following capitalized defined terms shall have
the following meanings: 

 “1933 Act” shall mean the Securities Act of 1933, as amended from time to
time, and the rules and regulations of the SEC promulgated thereunder. 
 “1934 Act” shall mean the Securities Exchange Act
of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
 “Additional
Interest” shall have the meaning set forth in Section 2(e) hereof. 
 “Agreement” shall
have the meaning set forth in the preamble to this Agreement. 
 “Business Day” means any day other
than a Saturday, Sunday or any other day on which the SEC is closed or banking institutions in the State of Tennessee are permitted or required by any applicable law or executive order to close. 

“Closing Date” shall mean June 29, 2020. 

“Company” shall have the meaning set forth in the preamble to this Agreement and also includes the Company’s successors.

 “Depositary” shall mean The Depository Trust Company, or any other depositary appointed by the Company, including any
agent thereof; provided, however, that any such depositary must at all times have an address in the Borough of Manhattan, the City of New York. 

“Event Date” shall have the meaning set forth in Section 2(e). 

“Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to
Section 2(a) hereof. 

 “Exchange Offer Registration” shall mean a registration under the 1933 Act
effected pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall mean
an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) covering the Registrable Securities, and all amendments and supplements to such registration statement, in
each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein. 

“Exchange Securities” shall mean the 5.25%
Fixed-to-Floating Rate Subordinated Notes due 2030 issued by the Company under the Indenture containing terms substantially identical to the Subordinated Notes (except
that (i) interest thereon shall accrue from the last date to which interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly provided for, from the Interest Accrual Date,
(ii) provisions relating to an increase in the stated rate of interest thereon upon the occurrence of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating to restrictions on ownership and
transfer thereof as a result of the issuance of the Subordinated Notes without registration under the 1933 Act shall be eliminated, (iv) the minimum denominations thereof shall be $100,000 and integral multiples of $1,000 and (v) all of
the Exchange Securities will be represented by one or more global Exchange Securities in book-entry form unless exchanged for Exchange Securities in definitive certificated form under the circumstances provided in the Indenture) to be offered to
Holders of Registrable Securities in exchange for Registrable Securities pursuant to the Exchange Offer. 
 “FINRA” shall
mean the Financial Industry Regulatory Authority, Inc. 
 “Holders” shall mean (i) the Purchasers, for so long as they
own any Registrable Securities, and each of their respective successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture and (ii) each Participating Broker-Dealer that holds
Exchange Securities for so long as such Participating Broker-Dealer is required to deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities. 

“Indenture” shall mean the indenture, dated as of June 29, 2020 by and between the Company and UMB Bank, National
Association, as trustee, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 

“Interest Accrual Date” means June 29, 2020. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities
outstanding, excluding Exchange Securities referred to in clause (ii) of the definition of “Holders” above; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities or
Exchange Securities is required hereunder, Registrable Securities and Exchange Securities held by the Company or any of its affiliates (as such term is defined in Rule 405 under the 1933 Act) shall be disregarded in determining whether such consent
or approval was given by the Holders of such required percentage. 
 “Notifying Broker-Dealer” shall have the meaning set
forth in Section 3(f). 
 “Participating Broker-Dealer” shall have the meaning set forth in
Section 3(f). 
 “Person” shall mean an individual, partnership, joint venture, limited liability
company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

  
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 “Prospectus” shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable
Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to a prospectus, including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated by reference
therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble to this Agreement. 

“Purchasers” shall have the meaning set forth in the preamble of this Agreement. 

“Registrable Securities” shall mean the Subordinated Notes; provided, however, that any Subordinated Notes
shall cease to be Registrable Securities when (i) a Registration Statement with respect to such Subordinated Notes shall have become effective under the 1933 Act and such Subordinated Notes shall have been disposed of pursuant to such
Registration Statement, (ii) such Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the 1933 Act, or are eligible to be resold pursuant to Rule 144
without regard to the public information requirements thereunder, (iii) such Subordinated Notes shall have ceased to be outstanding, (iv) such Subordinated Notes were eligible for exchange under an Exchange Offer Registration Statement
that was declared effective under the 1933 Act but were not exchanged at the election of the Holder during the period the Exchange Offer was open, or (v) such Subordinated Notes have been exchanged for Exchange Securities which have been
registered pursuant to the Exchange Offer Registration Statement upon consummation of the Exchange Offer unless, in the case of any Exchange Securities referred to in this clause (v), such Exchange Securities are held by Participating Broker-Dealers
or otherwise are not freely tradable by such Participating Broker-Dealers without any limitations or restrictions under the 1933 Act (in which case such Exchange Securities will be deemed to be Registrable Securities until such time as such Exchange
Securities are sold to a purchaser in whose hands such Exchange Securities are freely tradeable without any limitations or restrictions under the 1933 Act). 

“Registration Default” shall have the meaning set forth in Section 2(e). 

“Registration Expenses” shall mean any and all reasonable expenses incident to performance of or compliance by the Company
with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state or other securities or blue sky laws and
compliance with the rules of FINRA (including reasonable fees and disbursements of one counsel for any Holders in connection with qualification of any of the Exchange Securities or Registrable Securities under state or other securities or blue sky
laws and any filing with and review by FINRA), (iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates
representing the Subordinated Notes or Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and expenses incurred in connection with the
listing, if any, of any of the Subordinated Notes or Exchange Securities on any securities exchange or exchanges or on any quotation system, (vi) all fees and disbursements relating to the qualification of the Indenture under applicable
securities laws, (vii) the fees and disbursements of counsel for the Company and the fees and expenses of independent public accountants for the Company or for any other Person, business or assets whose financial statements are included in any
Registration Statement or Prospectus, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, and (viii) the fees and expenses of the Trustee, any registrar,
any depositary, any paying agent, any escrow agent or any custodian, in each case including fees and disbursements of their respective counsel. 

  
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 “Registration Statement” shall mean any registration statement of the
Company relating to any offering of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration Statement and any Shelf Registration Statement), and
all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by
reference therein. 
 “SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company pursuant to the
provisions of Section 2(b) of this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that may be adopted by the SEC,
and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by
reference therein. 
 “Subordinated Notes” shall have the meaning set forth in the preamble to this Agreement. 

“TIA” shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder. 
 “Trustee” shall mean the trustee with respect to the Exchange Securities under the Indenture.

 For purposes of this Agreement, (i) all references in this Agreement to any Registration Statement, preliminary prospectus or
Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system; (ii) all references in this Agreement to
financial statements and schedules and other information which is “contained,” “included” or “stated” in any Registration Statement, preliminary prospectus or Prospectus (or other references of like import) shall be
deemed to mean and include all such financial statements and schedules and other information which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus, as the case may be;
(iii) all references in this Agreement to amendments or supplements to any Registration Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing of any document under the 1934 Act which is incorporated or
deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus, as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A, Rule 405 or Rule 415 under the 1933 Act, and all
references to any sections or subsections thereof or terms defined therein, shall in each case include any successor provisions thereto; and (v) all references in this Agreement to days (but not to Business Days) shall mean calendar days. 

 

	 	2.	 Registration Under the 1933 Act. 

(a)    Exchange Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with
the SEC on or prior to the 90th day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company to the Holders to exchange all of the Registrable Securities for a like aggregate principal amount of Exchange
Securities, (B) use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective with the SEC no later than the 120th day after the Closing Date, (C) use its commercially reasonable efforts to
cause such Registration Statement to remain effective until the closing of the Exchange Offer and (D) use its commercially reasonable efforts to consummate the Exchange Offer no later than 45 days after the effective date of the

  
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Exchange Offer Registration Statement. Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Exchange Offer, it being the objective of such
Exchange Offer to enable each Holder eligible and electing to exchange Registrable Securities for Exchange Securities (assuming that such Holder is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act, acquires the
Exchange Securities in the ordinary course of such Holder’s business and has no arrangements or understandings with any Person to participate in the Exchange Offer for the purpose of distributing such Exchange Securities) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions under the 1933 Act or under the securities or blue sky laws of the states of the United States. 

In connection with the Exchange Offer, the Company shall: 

(i)    promptly mail or otherwise transmit, in compliance with the applicable procedures of the depositary
for such Registrable Securities, to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

(ii)    keep the Exchange Offer open for not less than 20 Business Days (or longer if required by
applicable law) after the date notice thereof is mailed to the Holders and, during the Exchange Offer, offer to all Holders who are legally eligible to participate in the Exchange Offer the opportunity to exchange their Registrable Securities for
Exchange Securities; 
 (iii)    use the services of a depositary with an address in the Borough of
Manhattan, City of New York for the Exchange Offer; 
 (iv)    permit Holders to withdraw tendered
Registrable Securities at any time prior to the close of business, Eastern time, on the last Business Day on which the Exchange Offer shall remain open, by sending to the institution and at the address specified in the Prospectus or the related
letter of transmittal or related documents setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is withdrawing its election to have such Subordinated Notes
exchanged; 
 (v)    notify each Holder that any Registrable Security not tendered will remain
outstanding and continue to accrue interest, but will not retain any rights under this Agreement (except in the case of Participating Broker-Dealers as provided herein); and 

(vi)    otherwise comply in all material respects with all applicable laws relating to the Exchange Offer.

 The Exchange Securities shall be issued under the Indenture, which shall be qualified under the TIA. The Indenture shall provide that the
Exchange Securities and the Subordinated Notes shall vote and consent together on all matters (as to which any such Exchange Securities and Subordinated Notes may vote or consent) as a single class and shall constitute a single series of debt
securities issued under the Indenture. 
 As soon as reasonably practicable after the close of the Exchange Offer, the Company shall: 

(i)    accept for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to
the Exchange Offer in accordance with the terms of the Exchange Offer Registration Statement and the letter of transmittal which is an exhibit thereto; 

  
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 (ii)    deliver, or cause to be delivered, to the
Trustee for cancellation all Registrable Securities so accepted for exchange by the Company; and 

(iii)    cause the Trustee promptly to authenticate and deliver Exchange Securities to each Holder of
Registrable Securities so accepted for exchange equal in principal amount to the principal amount of the Registrable Securities of such Holder so accepted for exchange. 

Interest on each Exchange Security will accrue from the last date on which interest was paid or duly provided for on the Subordinated Notes
surrendered in exchange therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date. The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange
Offer, or the making of any exchange by a Holder, does not violate any applicable law or any applicable interpretation of the staff of the SEC, (ii) that no action or proceeding shall have been instituted or threatened in any court or by or
before any governmental agency with respect to the Exchange Offer which, in the Company’s judgment, would reasonably be expected to impair the ability of the Company to proceed with the Exchange Offer, and (iii) that the Holders tender the
Registrable Securities to the Company in accordance with the Exchange Offer. Each Holder of Registrable Securities (other than Participating Broker-Dealers) who wishes to exchange such Registrable Securities for Exchange Securities in the Exchange
Offer will be required to represent that (i) it is not an affiliate (as defined in Rule 405 under the 1933 Act) of the Company, (ii) any Exchange Securities to be received by it will be acquired in the ordinary course of business,
(iii) it has no arrangement with any Person to participate in the distribution (within the meaning of the 1933 Act) of the Exchange Securities, and (iv) it is not acting on behalf of any Person who could not truthfully make the statements
set forth in clauses (i), (ii) and (iii) immediately above, and shall be required to make such other representations as may be reasonably necessary under applicable SEC rules, regulations or interpretations to render the use of Form S-4 or another appropriate form under the 1933 Act available. 
 (b)    Shelf
Registration. (i) If, because of any change in law or applicable interpretations thereof by the staff of the SEC, the Company is not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if
for any other reason (A) the Exchange Offer Registration Statement is not effective within 120 days following the Closing Date or (B) the Exchange Offer is not consummated within 45 days after effectiveness of the Exchange Offer
Registration Statement (provided that if the Exchange Offer Registration Statement shall become effective after such 120-day period or if the Exchange Offer shall be consummated after such 45-day period, then the Company’s obligations
under this clause (ii) arising from the failure of the Exchange Offer Registration Statement to be effective within such 120-day period or the failure of the Exchange Offer to be consummated within such 45-day period, respectively, shall
terminate), or (iii) if any Holder is not eligible to participate in the Exchange Offer or elects to participate in the Exchange Offer but does not receive Exchange Securities which are freely tradeable without any limitations or restrictions
under the 1933 Act, then the Company shall, at its cost: 
 (A)    use its commercially reasonable
efforts to file with the SEC on or prior to (a) the 180th day after the Closing Date or (b) the 60th day after any such filing obligation arises, whichever is later, a Shelf Registration Statement relating to the offer and sale of the
Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by the Majority Holders of such Registrable Securities and set forth in such Shelf Registration Statement; 

(B)    use its commercially reasonable efforts to cause such Shelf Registration Statement to become
effective with the SEC as promptly as practicable, but in no event later than (a) the 225th day after the Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later.
In the event that the Company is required to file a Shelf Registration Statement pursuant to clause 2(b)(iii) above, the Company shall file and use 

  
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its commercially reasonable efforts to have effective with the SEC both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities
and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by such Holder described in clause 2(b)(iii) above;

 (C)    use its commercially reasonable efforts to keep the Shelf Registration Statement continuously
effective, supplemented and amended as required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year after the latest date on which any Subordinated Notes are originally issued by the Company
(subject to extension pursuant to the last paragraph of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement (i) have been sold pursuant to the Shelf Registration Statement
in accordance with the intended method of distribution thereunder, or (ii) cease to be Registrable Securities; and 

(D)    notwithstanding any other provisions hereof, use its commercially reasonable efforts to ensure that
(i) any Shelf Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any supplements thereto comply in all material respects with the 1933 Act, (ii) any Shelf Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any Prospectus
forming part of any Shelf Registration Statement and any amendment or supplement to such Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided, however, clauses (ii) and (iii) shall not apply to any statement in or omission from a Shelf Registration Statement or a Prospectus made in reliance
upon and conformity with information relating to any Holder or Participating Broker-Dealer of Registrable Securities furnished to the Company in writing by such Holder or Participating Broker-Dealer, respectively, expressly for use in such Shelf
Registration Statement or Prospectus. 
 The Company further agrees, if necessary, to supplement or amend the Shelf Registration Statement
if reasonably requested by the Majority Holders with respect to information relating to the Holders and otherwise as required by Section 3(b) below, to use its commercially reasonable efforts to cause any such amendment to become
effective and such Shelf Registration Statement to become usable as soon as reasonably practicable thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed
with the SEC. 
 (c)    Expenses. The Company shall pay all Registration Expenses in connection with the
registration pursuant to Section 2(a) and 2(b) and, in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one counsel (in addition to any local counsel) designated
in writing by the Majority Holders to act as counsel for the Holders of the Registrable Securities in connection therewith; provided, however, that the Company shall not be responsible for reimbursement for the fees and disbursements
of such counsel in an aggregate amount in excess of $10,000. Each Holder shall pay all fees and disbursements of its counsel other than as set forth in the preceding sentence or in the definition of Registration Expenses and all underwriting
discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to a Shelf Registration Statement. 

  
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 (d)    Effective Registration Statement. 

(i)    The Company shall be deemed not to have used its commercially reasonable efforts to cause the
Exchange Offer Registration Statement or any Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite periods set forth herein if the Company voluntarily takes any action that could reasonably be
expected to result in any such Registration Statement not being effective or remaining effective or in the Holders of Registrable Securities (including, under the circumstances contemplated by Section 3(f) hereof, Exchange Securities)
covered thereby not being able to exchange or offer and sell such Registrable Securities during that period unless (A) such action is required by applicable law or (B) such action is taken by the Company in good faith and for valid
business reasons (but not including avoidance of the Company’s obligations hereunder), including, but not limited to, the acquisition or divestiture of assets or a material corporate transaction or event, or if the Company determines in good
faith that effecting or maintaining the availability of the registration would materially and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public
information the disclosure of which would not be in the best interests of the Company, in each case so long as the Company promptly complies with the notification requirements of Section 3(k) hereof, if applicable. Nothing in this
paragraph shall prevent the accrual of Additional Interest on any Registrable Securities or Exchange Securities. 

(ii)    An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf
Registration Statement pursuant to Section 2(b) hereof shall not be deemed to have become effective unless it has been declared effective by the SEC or becomes effective in accordance with the provisions of Section 8(a) of the 1933
Act; provided, however, that if, after such Registration Statement has become effective, the offering of Registrable Securities pursuant to a Registration Statement is interfered with by any stop order, injunction or other order or
requirement of the SEC or any other governmental agency or court, such Registration Statement shall be deemed not to have been effective during the period of such interference until the offering of Registrable Securities pursuant to such
Registration Statement may legally resume. 
 (iii)    During any 365-day period, the Company may, by
notice as described in Section 3(e), suspend the availability of a Shelf Registration Statement (and, if the Exchange Offer Registration Statement is being used in connection with the resale of Exchange Securities by Participating
Broker-Dealers as contemplated by Section 3(f), the Exchange Offer Registration Statement) and the use of the related Prospectus for up to two periods of up to 60 consecutive days each (except for the consecutive 60-day period
immediately prior to final maturity of the Subordinated Notes), but no more than an aggregate of 120 days during any 365-day period, upon (A) the happening of any event or the discovery of any fact referred to in Section 3(e)(vi),
or (B) if the Company determines in good faith that effecting or maintaining the availability of the registration would materially and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure of which would not be in the best interests of the Company, in each case subject to compliance by the Company with its obligations under the last paragraph of
Section 3. 
 (e)    Increase in Interest Rate. In the event that: 

(i)    the Exchange Offer Registration Statement is not filed with the SEC on or prior to the 90th day
following the Closing Date, or 
 (ii)    the Exchange Offer Registration Statement is not effective with
the SEC on or prior to the 120th day following the Closing Date, or 

  
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 (iii)    the Exchange Offer is not consummated on or
prior to the 45th day following the effective date of the Exchange Offer Registration Statement, or 

(iv)    if required, a Shelf Registration Statement is not filed with the SEC on or prior to (A) the
180th day following the Closing Date or (B) the 60th day after the obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or 

(v)    if required, a Shelf Registration Statement is not effective on or prior to (a) the 225th day
following the Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or 

(vi)    a Shelf Registration Statement is effective with the SEC but such Shelf Registration Statement
ceases to be effective or such Shelf Registration Statement or the Prospectus included therein ceases to be usable in connection with resales of Registrable Securities for any reason and (A) the aggregate number of days in any consecutive
365-day period for which the Shelf Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Shelf Registration Statement or such Prospectus shall not be effective or usable for more than two periods
(regardless of duration) in any consecutive 365-day period or (C) the Shelf Registration Statement or such Prospectus shall not be effective or usable for a period of more than 90 consecutive days, or 

(vii)    the Exchange Offer Registration Statement is effective with the SEC but, if the Exchange Offer
Registration Statement is being used in connection with the resale of Exchange Securities as contemplated by Section 3(f) of this Agreement, the Exchange Offer Registration Statement ceases to be effective or the Exchange Offer
Registration Statement or the Prospectus included therein ceases to be usable in connection with resales of Exchange Securities for any reason during the 180-day period referred to in Section 3(f)(B) of this Agreement (as such period may
be extended pursuant to the last paragraph of Section 3 of this Agreement) and (A) the aggregate number of days in any consecutive 365-day period for which the Exchange Offer Registration Statement or such Prospectus shall not be
effective or usable exceeds 120 days, (B) the Exchange Offer Registration Statement or such Prospectus shall not be effective or usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the
Exchange Offer Registration Statement or the Prospectus shall not be effective or usable for a period of more than 90 consecutive days, 
 (each of the
events referred to in clauses (i) through (vii) above being hereinafter called a “Registration Default”), then the per annum interest rate borne by the Registrable Securities shall be increased (“Additional
Interest”) by one-quarter of one percent (0.25%) per annum immediately following such 90-day period in the case of clause (i) above, immediately following
such 120-day period in the case of clause (ii) above, immediately following such 45-day period in the case of clause (iii) above, immediately following any such 180-day period or 60-day period,
whichever ends later, in the case of clause (iv) above, immediately following any such 225-day period or 105-day period, as applicable, in the case of clause (v) above, immediately following the 120th day in any consecutive 365-day period,
as of the first day of the third period in any consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs first, that a Shelf Registration Statement shall not be effective or a Shelf Registration Statement or the
Prospectus included therein shall not be usable as contemplated by clause (vi) above, or immediately following the 120th day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period or
immediately following the 90th consecutive day, whichever occurs first, that the Exchange Offer Registration Statement shall not be effective or the Exchange Offer Registration Statement or the Prospectus included therein shall not be usable as
contemplated by clause (vii) above, which rate will be increased by an additional one-quarter of one percent (0.25%) per annum 

  
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immediately following each 90-day period that any Additional Interest continues to accrue under any circumstances; provided that, if at any time more than one Registration Default has
occurred and is continuing, then, until the next date that there is no Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the
earliest such Registration Default occurred and ends on such date that there is no Registration Default; provided further, that the aggregate increase in such annual interest rate may in no event exceed
one-half of one percent (0.50%) per annum. Upon the filing of the Exchange Offer Registration Statement after the 90-day period described in clause (i) above, the
effectiveness of the Exchange Offer Registration Statement after the 120-day period described in clause (ii) above, the consummation of the Exchange Offer after the 45-day period described in clause
(iii) above, the filing of the Shelf Registration Statement after the 180-day period or 60-day period, as the case may be, described in clause (iv) above, the effectiveness of a Shelf Registration Statement after the 225-day period or
105-day period, as applicable, described in clause (v) above, or the Shelf Registration Statement once again being effective or the Shelf Registration Statement and the Prospectus included therein becoming usable in connection with resales of
Registrable Securities, as the case may be, in the case of clause (vi) above, or the Exchange Offer Registration Statement once again becoming effective or the Exchange Offer Registration Statement and the Prospectus included therein becoming
usable in connection with resales of Exchange Securities, as the case may be, in the case of clause (vii) thereof, the interest rate borne by the Registrable Securities from the date of such filing, effectiveness, consummation or resumption of
effectiveness or usability, as the case may be, shall be reduced to the original interest rate so long as no other Registration Default shall have occurred and shall be continuing at such time and the Company is otherwise in compliance with this
paragraph; provided, however, that, if after any such reduction in interest rate, one or more Registration Defaults shall again occur, the interest rate shall again be increased pursuant to the foregoing provisions (as if it were the
original Registration Default). Notwithstanding anything in this Agreement to the contrary, the Company will not be obligated to pay any Additional Interest in the case of a Shelf Registration Statement with respect to any Holder of Registrable
Securities who fails to timely provide all information with respect to Holder that is reasonably requested by the Company to enable it to timely comply with its obligations under Section 2(b). 

The Company shall notify the Trustee within three Business Days after each and every date on which an event occurs in respect of which
Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable interest
payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record Holder of Registrable Securities entitled to receive the
interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. 

Anything herein to the contrary notwithstanding, any Holder who was, at the time the Exchange Offer was pending and consummated, eligible to
exchange, and did not validly tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive any Additional Interest. 

(f)    Specific Enforcement. Without limiting the remedies available to the Holders or any Participating
Broker-Dealer, the Company acknowledges that any failure by the Company to comply with its obligations under Sections 2(a) and 2(b) hereof may result in material irreparable injury to the Holders or the Participating Broker-Dealers for
which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder and any Participating Broker-Dealer may obtain such relief as may be
required to specifically enforce the Company’s obligations under Sections 2(a) and 2(b). 

  
 10 

 3.    Registration Procedures. In connection with
the obligations of the Company with respect to the Registration Statements pursuant to Sections 2(a) and 2(b) hereof, the Company shall: 

(a)    prepare and file with the SEC a Registration Statement or, if required, Registration Statements, within the time
periods specified in Section 2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf Registration Statement, be available for the sale of the
Registrable Securities by the selling Holders thereof and (iii) shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial statements required by the SEC
to be filed therewith or incorporated by reference therein, and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 1
hereof; 
 (b)    prepare and file with the SEC such amendments and post-effective amendments to each Registration
Statement as may be necessary under applicable law to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof; cause each Prospectus to be supplemented by any required prospectus
supplement, and as so supplemented to be filed pursuant to Rule 424 under the 1933 Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable Securities covered by each Registration
Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 

(c)    in the case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at least 10 Business
Days prior to filing, that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the distribution of Registrable Securities will be made in accordance with the method elected by the
Majority Holders; (ii) furnish to each Holder of Registrable Securities and counsel for the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such
other documents as such Holder or counsel may reasonably request, including financial statements and schedules and, if such Holder or counsel so requests, all exhibits (including those incorporated by reference) in order to facilitate the public
sale or other disposition of the Registrable Securities; and (iii) subject to the penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus, including each preliminary Prospectus, or any
amendment or supplement thereto by each of the Holders of Registrable Securities in accordance with applicable law in connection with the offering and sale of the Registrable Securities covered by and in the manner described in any Prospectus or any
amendment or supplement thereto; 
 (d)    use its commercially reasonable efforts to register or qualify the
Registrable Securities under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request, to cooperate with the Holders of
any Registrable Securities in connection with any filings required to be made with FINRA, to keep each such registration or qualification effective during the period such Registration Statement is required to be effective and do any and all other
acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company shall
not be required to (i) qualify as a foreign corporation or entity or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any action which
would subject it to general service of process or taxation in any such jurisdiction if it is not then so subject; 

(e)    in the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders
promptly and, if requested by such Holder or counsel, confirm such advice in writing promptly 

  
 11 

 (i)    when a Registration Statement has become
effective and when any post-effective amendments and supplements thereto become effective, 
 (ii)    of
any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration Statement or Prospectus or for additional information after a Registration Statement has become effective (other than comments to
1934 Act reports incorporated therein by reference), 
 (iii)    of the issuance by the SEC or any state
securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, 

(iv)    [reserved], 

(v)    of the receipt by the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, 

(vi)    of the happening of any event or the discovery of any facts during the period a Shelf Registration
Statement is effective which is contemplated in Section 2(d)(i) or which makes any statement made in such Shelf Registration Statement or the related Prospectus untrue in any material respect or which constitutes an omission to state a
material fact in such Shelf Registration Statement or Prospectus and 
 (vii)    of any determination by
the Company that a post-effective amendment to a Registration Statement would be appropriate. Without limitation to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall also be applicable, mutatis
mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein to the extent that such Prospectus is being used by Participating Broker-Dealers as contemplated by Section 3(f); 

(f)    (A)     in the case of an Exchange Offer, (i) include in the Exchange Offer Registration
Statement (1) a “Plan of Distribution” section covering the use of the Prospectus included in the Exchange Offer Registration Statement by broker-dealers who have exchanged their Registrable Securities for Exchange Securities for the
resale of such Exchange Securities and (2) a statement to the effect that any such broker-dealers who wish to use the related Prospectus in connection with the resale of Exchange Securities acquired as a result of market-making or other trading
activities will be required to notify the Company to that effect, together with instructions for giving such notice (which instructions shall include a provision for giving such notice by checking a box or making another appropriate notation on the
related letter of transmittal) (each such broker-dealer who gives notice to the Company as aforesaid being hereinafter called a “Notifying Broker-Dealer”), (ii) furnish to each Notifying Broker-Dealer who desires to participate in
the Exchange Offer, without charge, as many copies of each Prospectus included in the Exchange Offer Registration Statement, including any preliminary prospectus, and any amendment or supplement thereto, as such broker-dealer may reasonably request,
(iii) include in the Exchange Offer Registration Statement a statement that any broker-dealer who holds Registrable Securities acquired for its own account as a result of market-making activities or other trading activities (a
“Participating Broker-Dealer”), and who receives Exchange Securities for Registrable Securities pursuant to the Exchange Offer, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the 1933 Act in
connection with any resale of such Exchange Securities, (iv) subject to the penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus forming part of the Exchange Offer Registration Statement
or any amendment or supplement thereto by any Notifying Broker-Dealer in 

  
 12 

 
accordance with applicable law in connection with the sale or transfer of Exchange Securities, and (v) include in the transmittal letter or similar documentation to be executed by an
exchange offeree in order to participate in the Exchange Offer the following provision: 
 “If the undersigned is not a broker-dealer,
the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for
Registrable Securities, it represents that the Registrable Securities to be exchanged for Exchange Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus
meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities pursuant to the Exchange Offer; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an
“underwriter” within the meaning of the 1933 Act;” 
 (B)    to the extent any Notifying
Broker-Dealer participates in the Exchange Offer, (i) the Company shall use its commercially reasonable efforts to maintain the effectiveness of the Exchange Offer Registration Statement for a period of 180 days (subject to extension pursuant
to the last paragraph of this Section 3) following the last date on which exchanges are accepted pursuant to the Exchange Offer, and (ii) the Company will comply, insofar as relates to the Exchange Offer Registration Statement, the
Prospectus included therein and the offering and sale of Exchange Securities pursuant thereto, with its obligations under Section 2(b)(D), the last paragraph of Section 2(b), Sections 3(c), 3(d), 3(e),
3(g), 3(i), 3(j), 3(k), 3(o), 3(p), 3(q), 3(r) and 3(s), and the last three paragraphs of this Section 3 as if all references therein to a Shelf Registration Statement, the
Prospectus included therein and the Holders of Registrable Securities referred, mutatis mutandis, to the Exchange Offer Registration Statement, the Prospectus included therein and the applicable Notifying Broker-Dealers and, for purposes of
this Section 3(f), all references in any such paragraphs or sections to the “Majority Holders” shall be deemed to mean, solely insofar as relates to this Section 3(f), the Notifying Broker-Dealers who are the
Holders of the majority in aggregate principal amount of the Exchange Securities which are Registrable Securities; and 

(C)    the Company shall not be required to amend or supplement the Prospectus contained in the Exchange
Offer Registration Statement as would otherwise be contemplated by Section 3(b) or 3(k) hereof, or take any other action as a result of this Section 3(f), for a period exceeding 180 days (subject to extension pursuant
to the last paragraph of this Section 3) after the last date on which exchanges are accepted pursuant to the Exchange Offer and Notifying Broker-Dealers shall not be authorized by the Company to, and shall not, deliver such Prospectus
after such period in connection with resales contemplated by this Section 3; 
 (g)    in the case of a
Shelf Registration, furnish counsel for the Holders of Registrable Securities copies of any request by the SEC or any state securities authority for amendments or supplements to a Registration Statement or Prospectus or for additional information
(other than comments to 1934 Act reports incorporated therein by reference); 
 (h)    use its commercially reasonable
efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement as soon as practicable and provide immediate notice to each Holder of the withdrawal of any such order; 

(i)    in the case of a Shelf Registration, upon request furnish to each Holder of Registrable Securities, without charge,
at least one conformed copy of each Registration Statement and any post-effective amendments thereto (without documents incorporated or deemed to be incorporated therein by reference or exhibits thereto, unless requested); 

  
 13 

 (j)    in the case of a Shelf Registration, cooperate with the selling
Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause such Registrable Securities to be in such
denominations (consistent with the provisions of the Indenture) and in a form eligible for deposit with the Depositary and registered in such names as the selling Holders may reasonably request in writing at least two Business Days prior to the
closing of any sale of Registrable Securities; 
 (k)    in the case of a Shelf Registration, upon the occurrence of any
event or the discovery of any facts as contemplated by Section 3(e)(vi) hereof, use its commercially reasonable efforts to prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any
document incorporated or deemed to be incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain at the time of such
delivery any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company agrees to notify each Holder
to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and each Holder hereby agrees to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such
misstatement or omission. At such time as such public disclosure is otherwise made or the Company determines that such disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact,
the Company agrees promptly to notify each Holder of such determination and to furnish each Holder such number of copies of the Prospectus, as amended or supplemented, as such Holder may reasonably request; 

(l)    obtain CUSIP and ISIN numbers for all Exchange Securities or Registrable Securities, as the case may be, not later
than the effective date of a Registration Statement, and provide the Trustee with printed or word-processed certificates for the Exchange Securities or Registrable Securities, as the case may be, in a form eligible for deposit with the Depositary;

 (m)    (i) cause the Indenture to be qualified under the TIA in connection with the registration of the Exchange
Securities or Registrable Securities, as the case may be, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of
the TIA and (iii) execute, and use its commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any, and all other forms and documents required to be filed with the SEC to
enable the Indenture to be so qualified in a timely manner; 
 (n)    in the case of a Shelf Registration, upon request
make available for inspection by representatives of the Holders of the Registrable Securities participating in any disposition pursuant to a Shelf Registration Statement and any one counsel or accountant retained by such Holders (with such
inspection to occur at such time as mutually agreed between the Company and such Persons), all financial statements and other records, documents and properties of the Company reasonably requested by any such Persons, and cause the respective
officers, directors, employees, and any other agents of the Company to supply all information reasonably requested by any such Persons in connection with a Shelf Registration Statement; provided, that any such Persons shall be required to
execute a customary confidentiality agreement; 
 (o)    in the case of a Shelf Registration, a reasonable time prior to
filing any Shelf Registration Statement, any Prospectus forming a part thereof, any amendment to such Shelf Registration Statement or 

  
 14 

 
amendment or supplement to such Prospectus, provide copies of such document to the Holders of Registrable Securities and to counsel for any such Holders, and make such changes in any such
document prior to the filing thereof as the Holders of Registrable Securities, or any of their counsel may reasonably request, and cause the representatives of the Company to be available for discussion of such documents as shall be reasonably
requested by the Holders of Registrable Securities and shall not at any time make any filing of any such document of which such Holders or their counsel shall not have previously been advised and furnished a copy or to which such Holders or their
counsel shall reasonably object within a reasonable time period; 
 (p)    in the case of a Shelf Registration, use its
commercially reasonable efforts to cause all Registrable Securities to be listed on any securities exchange on which similar debt securities issued by the Company are then listed if requested by the Majority Holders; 

(q)    in the case of a Shelf Registration, use its commercially reasonable efforts to cause the Registrable Securities to
be rated by the same rating agency that initially rated the Subordinated Notes, if so requested by the Majority Holders of Registrable Securities, unless the Registrable Securities are already so rated; 

(r)    otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC
and, with respect to each Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report on Form 10-K, make available to its security holders, as soon as reasonably practicable, an
earnings statement covering at least twelve months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and 

(s)    cooperate and assist in any filings required to be made with FINRA. 

In the case of a Shelf Registration Statement, the Company may (as a condition to such Holder’s participation in the Shelf Registration)
require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request in
writing and require such Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder. 
 In the
case of a Shelf Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the Prospectus included in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities
pursuant to Section 3(f), each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company of the happening of any event or the discovery of any facts of the kind described in Section 3(e)(ii),
3(e)(iii) or 3(e)(v) through 3(e)(vii) hereof, such Holder or Participating Broker-Dealer, as the case may be, will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement until receipt
by such Holder or Participating Broker-Dealer, as the case may be, of (i) the copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof or (ii) written notice from the Company that the Shelf
Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement or amendment is required. If so directed by the Company, such Holder or Participating Broker-Dealer, as the case may
be, will deliver to the Company (at the Company’s expense) all copies in its possession, other than permanent file copies then in its possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such
notice. Nothing in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities. 
 If the Company shall
give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding paragraph, the Company shall be deemed to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in
the case of Section 3(f), the 

  
 15 

 
Exchange Offer Registration Statement, as the case may be, effective during such period of suspension; provided that (i) such period of suspension shall not exceed the time periods
provided in Section 2(d)(iii) hereof and (ii) the Company shall use its commercially reasonable efforts to file and have become effective (if an amendment) as soon as practicable thereafter an amendment or supplement to the Shelf
Registration Statement or the Exchange Offer Registration Statement or both, as the case may be, or the Prospectus included therein and shall extend the period during which the Shelf Registration Statement or the Exchange Offer Registration
Statement or both, as the case may be, shall be maintained effective pursuant to this Agreement (and, if applicable, the period during which Participating Broker-Dealers may use the Prospectus included in the Exchange Offer Registration Statement
pursuant to Section 3(f) hereof) by the number of days during the period from and including the date of the giving of such notice to and including the earlier of the date when the Holders or Participating Broker-Dealers, respectively,
shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions and the effective date of written notice from the Company to the Holders or Participating Broker-Dealers, respectively, that the Shelf
Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement or amendment is required. 
  

	 	4.	 Indemnification and Contribution. 

(a)    The Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer and each Person, if
any, who controls any Holder or Participating Broker-Dealer within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, as follows: 

(i)    against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out
of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange Securities or Registrable Securities were registered under the 1933 Act, including
all documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or
alleged untrue statement of a material fact contained in any preliminary prospectus or Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; 
 (ii)    against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above; provided that any such settlement is effected with the written
consent of the Company; and 
 (iii)    against any and all expense whatsoever, as incurred (including,
subject to Section 4(c) below, the fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above, to the extent that any such
expense is not paid under subparagraph (i) or (ii) above; 
 provided, however, that this indemnity agreement shall not apply to any
loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by any Holder

  
 16 

 
or Participating Broker-Dealer with respect to such Holder, Participating Broker-Dealer, as the case may be, expressly for use in the Registration Statement (or any amendment thereto) or the
Prospectus (or any amendment or supplement thereto). 
 (b)    Each Holder, severally but not jointly, agrees to
indemnify and hold harmless the Company, each director of the Company, each officer of the Company who signed the Registration Statement, each Participating Broker-Dealer and each other selling Holder and each Person, if any, who controls the
Company, any Participating Broker-Dealer or any other selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity
contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus
included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company by such Holder expressly for use in the Shelf Registration Statement (or any
amendment thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the
sale of Registrable Securities pursuant to such Shelf Registration Statement. 
 (c)    Each indemnified party shall
give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying
party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the
respective indemnified parties shall be selected as follows: (i) counsel to the Company, its directors, each of its officers who signed the Registration Statement and all Persons, if any, who control the Company within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than Participating Broker-Dealers) and all Persons, if any, who control any Holders (other than any
Participating Broker-Dealers) within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or hold, as the case may be, a majority in aggregate principal amount of the Registrable
Securities held by all such Holders; and (iii) counsel to the Participating Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act shall be selected by the Participating Broker-Dealers who held or hold, as the case may be, a majority in aggregate principal amount of the Exchange Securities referred to in Section 3(f) hereof held by all such Participating
Broker-Dealers. In no event shall the indemnifying party or parties be liable for (A) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for the Company and
all other Persons referred to in clause (i) of this paragraph, (B) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for all Holders (other than
Participating Broker-Dealers) and all other Persons referred to in clause (ii) of this paragraph, and (C) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own
counsel for all Participating Broker-Dealers and all other Persons referred to in clause (iv) of this paragraph, in each case in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances. The indemnifying party shall be entitled to participate therein and, to the extent that it shall elect, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party, provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded
that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select 

  
 17 

 
separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. After notice from the indemnifying party
to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation unless (A) the indemnified party shall have employed separate counsel in accordance with the proviso to the
preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel, approved by the indemnifying party) or (B) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. No indemnifying
party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 4 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement,
compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d)    If the indemnification
provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party
shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or
parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable
considerations. The relative fault of such indemnifying party or parties on the one hand and the indemnified party or parties on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or parties or such indemnified party or parties, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. 
 (e)    The Company and the Holders
agree that it would not be just or equitable if contribution pursuant to this Section 4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
paragraph (d) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 4 shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue or alleged untrue statement or omission or alleged omission. 
 Notwithstanding the provisions of this Section 4,
other than in the case of intentional misrepresentation or omission of a material fact, no Holder or Participating Broker-Dealer shall be required to contribute any amount in excess of the amount by which the total price at which Registrable
Securities sold by it were offered exceeds the amount of any damages that such Holder or Participating Broker-Dealer has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. 

  
 18 

 No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the 1933 Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 For purposes
of this Section 4, each Person, if any, who controls a Holder or Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such
Holder or Participating Broker-Dealer, as the case may be, and each director of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of
the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Company. 
 The respective obligations of
the Holders and Participating Broker-Dealers to contribute pursuant to this Section 4 are several in proportion to the principal amount of Subordinated Notes purchased by them and not joint. 

The indemnity and contribution provisions contained in this Section 4 shall remain operative and in full force and effect
regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or Participating Broker-Dealer or any Person controlling any Holder or Participating Broker-Dealer, or by or on behalf of the
Company, its officers or directors or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities or Exchange Securities pursuant to a Shelf Registration Statement.

  

	 	5.	 Miscellaneous. 

(a)    Rule 144 and Rule 144A. For so long as the Company is subject to the reporting requirements of
Section 13 or 15 of the 1934 Act, the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of the 1934 Act and the rules and regulations adopted by the SEC thereunder, that if it ceases to
be so required to file such reports, it will upon the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available such information (including, without limitation, the information specified in Rule 144(c)(2)
under the 1933 Act) as is necessary to permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered, promptly following a request by any Holder or beneficial owner of Registrable Securities or any prospective
purchaser or transferee designated by such Holder or beneficial owner, such information (including, without limitation, the information specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales pursuant to Rule 144A under the
1933 Act, and (iii) take such further action that is reasonable in the circumstances, in each case to the extent required from time to time to enable such Holder to sell its Registrable Securities without registration under the 1933 Act within
the limitation of the exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, (y) Rule 144A under the 1933 Act, as such Rule may be amended from time to time, or (z) any similar rules or
regulations hereafter adopted by the SEC. Upon the request of any Holder or beneficial owner of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 

(b)    No Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of
this Agreement enter into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof; provided that the Company will not be
precluded from entering into any agreement after the date hereof which may or does result, directly or indirectly, in the payment of Additional Interest. The rights granted to the Holders hereunder do not and will not in any way conflict in any
material respects with and are not and will not be inconsistent in any material respects with the rights granted to the holders of any of the Company’s other issued and outstanding securities under any other agreements entered into by the
Company or any of its subsidiaries. 

  
 19 

 (c)    Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of Holders of at least a
majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or departure. 

(d)    Notices. All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, registered first-class mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer at the most current address set forth on the records of the registrar under the
Indenture, and (ii) if to the Company, initially at the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 5(d). 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at
the address specified in the Indenture. 
 (e)    Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have agreed to be
bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof.

 (f)    Third Party Beneficiary. Each Holder and Participating Broker-Dealer shall be a third party beneficiary
of the agreements made hereunder and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. Each Holder, by its
acquisition of Subordinated Notes, shall be deemed to have agreed to the provisions of Section 5(b) hereof. 

(g)    Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. In the event that any signature is delivered by facsimile transmission, or by
electronic mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile
signature page were an original thereof. 
 (h)    Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof. 
 (i)    Restriction on Resales.
If the Company or any of its subsidiaries or affiliates (as defined in Rule 144 under the 1933 Act) shall redeem, purchase or otherwise acquire any Registrable Security or any 

  
 20 

 
Exchange Security which is a “restricted security” within the meaning of Rule 144 under the 1933 Act, the Company will deliver or cause to be delivered such Registrable Security or
Exchange Security, as the case may be, to the Trustee for cancellation and neither the Company nor any of its subsidiaries or affiliates will hold or resell such Registrable Security or Exchange Security or issue any new security or Exchange
Security to replace the same. 
 (j)    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (k)    Entire Agreement; Severability. This Agreement
contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect hereto. In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 
 [SIGNATURE PAGES FOLLOW] 

  
 21 

 IN WITNESS WHEREOF, Company has caused this Registration Rights Agreement to be
executed by its duly authorized representative as of the date first above written. 
  

			
	COMPANY:
	
	CAPSTAR FINANCIAL HOLDINGS, INC.
		
	By:	 	  

		 	Name: Timothy K. Schools
		 	Title: President and Chief Executive Officer

 IN WITNESS WHEREOF, the Purchaser has caused this Registration Rights Agreement to be
executed by its duly authorized representative as of the date first above written. 
  

			
	PURCHASER:
		
	By:	 	  

		 	Name:
		 	Title:Exhibit 10.1

 

UNITED THERAPEUTICS CORPORATION

AMENDED AND RESTATED

2015 STOCK INCENTIVE PLAN

 

(effective June 26,
2020) 

1.            Purpose

 

The purpose of the United Therapeutics Corporation
Amended and Restated 2015 Stock Incentive Plan (this “Plan”) is to advance the interests of United Therapeutics
Corporation (the “Company”) by stimulating the efforts of employees, officers, non-employee directors and other
service providers, in each case who are selected to be participants, by heightening the desire of such persons to continue working
toward and contributing to the success and progress of the Company. This Plan amends and restates, effective June 26, 2020 (the
 “Effective Date”), the Amended and Restated United Therapeutics Corporation 2015 Stock Incentive Plan, which was approved
by stockholders on June 26, 2019, and which amended and restated the United Therapeutics Corporation 2015 Stock Incentive Plan
(the “Original 2015 Plan”). The Original 2015 Plan was approved by shareholders on June 26, 2015 (the “Original
Effective Date”), and superseded the Company’s Amended and Restated Equity Incentive Plan (as amended effective as
of September 24, 2004) (the “Prior Plan”). This Plan provides for the grant of Incentive and Nonqualified Stock Options,
Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and Stock Awards, any of which may be performance-based, and
for Incentive Bonuses, which may be paid in cash or stock or a combination thereof, as determined by the Administrator. No new
awards were to be issued under the Prior Plan following the Original Effective Date, but outstanding awards under the Prior Plan
as of the Original Effective Date shall continue to be governed by the Prior Plan. The Plan is hereby amended and restated effective
as of the Effective Date to increase the number of Shares issuable pursuant to Awards.

 

2.            Definitions

 

As used in the Plan, the following terms
shall have the meanings set forth below:

 

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

 

(b)              
“Administrator” means the Administrator of the Plan in accordance with Section 19.

 

(c)              
“Affiliate” means, with respect to any entity, any other corporation, organization, association, partnership,
sole proprietorship or other type of entity, whether incorporated or unincorporated, directly or indirectly controlling or controlled
by or under direct or indirect common control with such entity.

 

(d)              
“Award” means an Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Stock Award or Incentive Bonus granted to a Participant pursuant to the provisions of the Plan, any of which
the Administrator may structure to qualify in whole or in part as a Performance Award.

 

     

     

    

 

(e)              
 “Award Agreement” means a written agreement or other instrument as may be approved from time to time by the
Administrator implementing the grant of each Award. An Agreement may be in the form of an agreement to be executed by both the
Participant and the Company (or an authorized representative of the Company) or certificates, notices or similar instruments
as approved by the Administrator.

 

(f)               
“Board” means the board of directors of the Company.

 

(g)              
“Cause” has the meaning specified in the Participant’s employment agreement (if any) or otherwise means
(1) any act of personal dishonesty taken by the Participant in connection with his or her responsibilities as an employee or other
service provider and intended to result in substantial personal enrichment of the Participant; (2) the Participant’s conviction
of a felony; (3) an act by the Participant which constitutes willful or gross misconduct and which is demonstrably and materially
injurious to the Company; or (4) continued substantial willful violations by the Participant of the Participant’s duties
after there has been delivered to the Participant a written demand for performance from the Company which specifically sets forth
the factual basis for the Company's belief that the Participant has not substantially performed his or her duties.

 

(h)              
“Change in Control” means, and shall be deemed to have occurred:

 

(1)       if
any person or group (as used in Section 13(d) of the Act) (other than the Company, any trustee or other fiduciary holding securities
under an employee benefit plan of the Company, or any company owned, directly or indirectly, by the shareholders of the Company
in substantially the same proportions as their ownership of stock of the Company) becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Act) of securities of the Company representing more than 30% of (a) the Shares then outstanding
or (b) the combined voting power (other than in the election of directors) of all voting securities of the Company then outstanding;
or

 

(2)       if,
during any period of 24 consecutive months, individuals who at the beginning of such period constituted the Board, and any director
whose election or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3)
of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved (the “Incumbent Board”), cease for any reason (other than death or disability)
to constitute at least a majority thereof; or

 

    2

     

    

 

(3)       upon
the consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the
Company or any of its subsidiaries unless, following such event, (A) all or substantially all of the individuals and entities
that were the beneficial owners of the Company’s common stock or the combined voting power of all voting securities of
the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power
of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate
entity, equivalent governing body), as the case may be, of the entity resulting from such transaction (including, without
limitation, an entity that, as a result of such transaction, owns the Company either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership immediately prior to such transaction of the
Company’s common stock or voting securities, as the case may be, (B) no person (excluding any corporation resulting
from such transaction or any employee benefit plan (or related trust) of the Company or such corporation resulting from such
transaction) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common
stock of the corporation resulting from such transaction or the combined voting power of the then-outstanding voting
securities of such corporation, except to the extent that such ownership existed prior to the transaction, and (C) at least a
majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity
resulting from such transaction were members of the Incumbent Board at the time of the execution of the initial agreement or
of the action of the Board providing for such transaction; or

 

(4)       upon
the complete liquidation of the Company or the sale or disposition by the Company of all or substantially all of the Company’s
assets, other than a liquidation of the Company into a wholly-owned subsidiary.

 

(i)                
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and regulations
issued thereunder.

 

(j)                
“Company” means United Therapeutics Corporation.

 

(k)              
“Disability” means, in the Company’s reasonable judgment, either (a) the Participant has been unable to
perform the Participant’s duties because of a physical or mental impairment for 80% or more of the normal working days during
six consecutive calendar months or 50% or more of the normal working days during twelve consecutive calendar months, or (b) the
Participant has become totally and permanently incapable of performing the usual duties of his or her employment with the Company
on account of a physical or mental impairment.

 

(l)                
“Fair Market Value” means, as of any date, the closing price of a Share on the principal exchange on which Shares
are then trading, if any (or as reported on any composite index which includes such principal exchange). If Shares are not traded
as of a particular date, the Fair Market Value of a Share as of such date shall be the closing price on the preceding trading date.
If Shares not publicly traded on an exchange and not quoted on Nasdaq or a successor quotation system, the Fair Market Value of
a Share shall be established by the Administrator in good faith.

 

(m)            
“Incentive Bonus” means a bonus opportunity awarded under Section 10 pursuant to which a Participant may
become entitled to receive an amount based on satisfaction of such performance criteria as are specified in the Award Agreement
or otherwise.

 

(n)              
“Incentive Stock Option” means a stock option that is intended to qualify as an “incentive stock option”
within the meaning of Section 422 of the Code.

 

    3

     

    

 

(o)              
 “Nonemployee Director” means each person who is, or is elected to be, a member of the Board and who is not
an employee of the Company or any Subsidiary.

 

(p)              
“Nonqualified Stock Option” means a stock option that is not intended to qualify as an “incentive stock
option” within the meaning of Section 422 of the Code.

 

(q)              
“Option” means an Incentive Stock Option and/or a Nonqualified Stock Option granted pursuant to Section 6
of the Plan.

 

(r)               
“Participant” means any individual described in Section 3 to whom Awards have been granted from time to
time by the Administrator and any authorized transferee of such individual.

 

(s)               
“Person” has the same meaning as set forth in Sections 13(d) and 14(d)(2) of the Act.

 

(t)                
“Performance Award” means an Award, the grant, issuance, retention, vesting or settlement of which is subject
to satisfaction of one or more Qualifying Performance Criteria established pursuant to Section 14.

 

(u)              
“Plan” means the 2015 United Therapeutics Corporation Stock Incentive Plan as set forth herein and as amended
from time to time.

 

(v)              
“Qualifying Performance Criteria” has the meaning set forth in Section 14(b).

 

(w)            
“Restricted Stock” means Shares granted pursuant to Section 8 of the Plan.

 

(x)              
“Restricted Stock Unit” means an Award granted to a Participant pursuant to Section 8 pursuant to which
Shares or cash in lieu thereof may be issued in the future.

 

(y)              
“Share” means a share of the Company’s par value common stock, subject to adjustment as provided in Section 13.

 

(z)              
“Stock Appreciation Right” means a right granted pursuant to Section 7 of the Plan that entitles the Participant
to receive, in cash or Shares or a combination thereof, as determined by the Administrator, value equal to or otherwise based on
the excess of (i) the Fair Market Value of a specified number of Shares at the time of exercise over (ii) the exercise
price of the right, as established by the Administrator on the date of grant.

 

(aa)           
“Stock Award” means an award of Shares to a Participant pursuant to Section 9 of the Plan.

 

    4

     

    

 

(bb)           “Subsidiary”
means any corporation (other than the Company), limited liability company or other form of entity in an unbroken chain
of entities beginning with the Company where each of the entities in the unbroken chain other than the last entity owns stock
possessing at least 50 percent or more of the total combined voting power of all classes of stock in one of the other
entities in the chain, and if specifically determined by the Administrator in the context other than with respect to
Incentive Stock Options, may include an entity in which the Company has a significant ownership interest or that is directly
or indirectly controlled by the Company.

 

(cc)           
“Substitute Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution
or exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company
or any Subsidiary or with which the Company or any Subsidiary combines.

 

(dd)          
“Termination of Employment” means ceasing to serve as an employee of the Company and its Subsidiaries or, with
respect to a Nonemployee Director or other non-employee service provider, ceasing to serve as such for the Company, except that
with respect to all or any Awards held by a Participant (i) the Administrator may determine that a transition of employment
to service with a partnership, joint venture or corporation not meeting the requirements of a Subsidiary in which the Company or
a Subsidiary is a party is not considered a Termination of Employment, (ii) unless otherwise determined by the Administrator,
service as a member of the Board or other service provider shall not be deemed to constitute continued employment with respect
to Awards granted to a Participant while he or she served as an employee, (iii) service as an employee of the Company or a
Subsidiary shall constitute continued employment with respect to Awards granted to a Participant while he or she served as a member
of the Board or other service provider, and (iv) the Administrator may determine that an approved leave of absence or approved
employment on a less than full-time basis is considered a Termination of Employment. The Administrator shall determine whether
any corporate 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 Employment with the Company and its Subsidiaries for purposes of any affected Participant’s Awards,
and the Administrator’s decision shall be final and binding.

 

3.            
Eligibility

 

Any person who is a current or prospective
officer or employee of the Company or of any Subsidiary shall be eligible for selection by the Administrator for the grant of Awards
hereunder. In addition, Nonemployee Directors and any other service providers who have been retained to provide consulting, advisory
or other services to the Company or to any Subsidiary shall be eligible for the grant of Awards hereunder as determined by the
Administrator. Options intended to qualify as Incentive Stock Options may only be granted to employees of the Company or any Subsidiary,
as selected by the Administrator.

 

    5

     

    

 

4.             Effective
Date and Termination of Plan

 

The Original 2015 Plan was adopted by
the Board as of April 29, 2015 and approved by shareholders on the Original Effective Date. This Plan hereby amends and
restates the Plan as previously amended and restated effective as of June 26, 2019 as of the Effective Date. All Awards
granted under this Plan in excess of the aggregate limitation approved by shareholders at the 2019 annual meeting of
shareholders are subject to, and may not be exercised before, the approval of this Plan by the shareholders prior to the
first anniversary of the date the Board adopts the Plan, by the affirmative vote of the holders of a majority of the
outstanding Shares of the Company present, or represented by proxy, and entitled to vote, at a meeting of the Company’s
shareholders or by written consent in accordance with the laws of the State of Delaware; provided that if such approval by
the shareholders of the Company is not forthcoming, all Awards previously granted under this Plan in excess of the aggregate
limitation approved by shareholders at the 2019 annual meeting of shareholders shall be void. The Plan shall remain available
for the grant of Awards until April 29, 2030. Notwithstanding the foregoing, the Plan may be terminated at such earlier time
as the Board may determine. Termination of the Plan will not affect the rights and obligations of the Participants and the
Company arising under Awards theretofore granted and then in effect.

 

5.             Shares Subject to the Plan and to Awards

 

(a)              
Aggregate Limits. The aggregate number of Shares issuable pursuant to all Awards shall not exceed 10,000,000; provided
that (i) any Shares granted under Options or Stock Appreciation Rights shall be counted against this limit on a one-for-one
basis, and (ii) any Shares granted prior to March 17, 2020, as Awards other than Options or Stock Appreciation Rights shall be
counted against this limit as 2.14 Shares for every one (1) Share subject to such Award and (iii) any Shares granted on or
after March 17, 2020, as Awards other than Options or Stock Appreciation Rights shall be counted against this limit as 1.35 Shares
for every one (1) Share subject to such Award. The aggregate number of Shares available for grant under this Plan and the number
of Shares subject to outstanding Awards shall be subject to adjustment as provided in Section 13. The Shares issued pursuant to
Awards granted under this Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including
shares purchased in the open market.

 

(b)              
Issuance of Shares. For purposes of Section 5(a), the aggregate number of Shares issued under this Plan at any
time shall equal only the number of Shares actually issued upon exercise or settlement of an Award. Notwithstanding the foregoing,
Shares subject to an Award under the Plan may not again be made available for issuance under the Plan if such Shares are: (i) Shares
that were subject to a stock-settled Stock Appreciation Right and were not issued upon the net settlement or net exercise of such
Stock Appreciation Right, (ii) Shares used to pay the exercise price of an Option, (iii) Shares delivered to or withheld
by the Company to pay the withholding taxes related to an Award, or (iv) Shares repurchased on the open market with the proceeds
of an Option exercise. Shares subject to Awards that have been canceled, expired, forfeited or otherwise not issued under an Award
and Shares subject to Awards settled in cash shall not count as Shares issued under this Plan. Any Shares that were subject to
Options or Stock Appreciation Rights and that again become available for Awards under the Plan pursuant to this Section shall be
added as one (1) Share for every one (1) Share subject to such Options or Stock Appreciation Rights. Any Shares that were subject
to Awards other than Options or Stock Appreciation Rights that again become available for Awards under the Plan pursuant to this
Section shall (i) prior to March 17, 2020 be added as 2.14 Shares for every one (1) Share subject to such Awards and (ii) from
and after March 17, 2020, be added as 1.35 Shares for every one (1) Share subject to such Awards.

 

    6

     

    

 

(c)               Individual
and Tax Code Limits. The aggregate number of Shares subject to Awards granted under this Plan during any calendar year to
any one Participant shall not exceed 1,000,000, which number shall be calculated and adjusted pursuant to Section 13,
but which number shall not count any tandem SARs (as defined in Section 7). The aggregate number of Shares that may be
issued pursuant to the exercise of Incentive Stock Options granted under this Plan shall not exceed 10,000,000, which number
shall be calculated and adjusted pursuant to Section 13 only to the extent that such calculation or adjustment will not
affect the status of any option intended to qualify as an Incentive Stock Option under Section 422 of the Code. The
maximum cash amount payable pursuant to that portion of an Incentive Bonus granted in any calendar year to any Participant
under this Plan shall not exceed $5,000,000.

 

(d)           
Director Awards.

 

(1)            The aggregate dollar value of Awards (based on the aggregate accounting value on the date of grant) granted pursuant to
this Plan during any calendar year to any Nonemployee Director shall not exceed $400,000 for annual equity grants (plus, for the
year an individual first becomes a Nonemployee Director (x) an initial equity grant valued at $400,000, plus (y) a pro-rata portion
of the $400,000 annual equity-based award value based on the number of months remaining in the Board service year at the date of
grant), payable in Options, Restricted Stock Units, or a split evenly between Options and Restricted Stock Units, based on an election
by the Nonemployee Director. Such dollar limits shall be converted into a number of Awards as follows:

 

(A)            
Options: The number of Options shall be calculated by dividing the equity value (e.g., $400,000) by the fair value
of each Option, calculated in accordance with the Black-Scholes methodology utilized by the Company in calculating share-based
compensation for financial reporting purposes. Black-Scholes inputs shall be the same as those used in the Company’s
most recent quarterly report on Form 10-Q or Annual Report on Form 10-K, except that the Share price input shall be the
average closing price of the Shares over a recent time period prior to the date of grant (May 10 through June 10, in
the case of annual grants made in June).

 

(B)             
Restricted Stock Units: The number of Restricted Stock Units shall be calculated by dividing the equity value (e.g.,
$400,000) by the average closing price of the Shares over a recent time period prior to the date of grant (May 10 through
June 10, in the case of annual grants paid in June).

 

(C)             
Rounding: The resulting number of Options and/or Restricted Stock Units, calculated as above, shall be rounded to
the nearest 10 Shares.

 

(2)               In
addition, the amount of cash compensation paid or payable by the Company to a Nonemployee Director with respect to any
calendar year shall not exceed $60,000 (with additional cash compensation of $35,000 for the lead independent director,
$25,000 for each committee chairmanship, and $15,000 for each other committee membership), plus a pro-rated portion of the
aggregate cash compensation for the roles in which the Nonemployee Director serves for the year an individual first becomes a
Nonemployee Director, to reflect the number of months then remaining in the Board service year as of the date the individual
becomes a Nonemployee Director. For the avoidance of doubt, cash compensation shall be counted towards the limit specified in
this subclause in the year earned (regardless of whether deferred), and any interest or other earnings on such compensation
shall not count towards the limit.

 

    7

     

    

 

(e)              
Substitute Awards. Substitute Awards shall not reduce the Shares authorized for issuance under the Plan or authorized
for grant to a Participant in any calendar year. Additionally, in the event that a company acquired by the Company or any Subsidiary,
or with which the Company or any Subsidiary combines, has shares available under a pre-existing plan approved by shareholders and
not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing
plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in
such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to
such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for issuance
under the Plan; provided that Awards using such available shares shall not be made after the date awards or grants could have been
made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who
were employees, directors or other service providers of such acquired or combined company before such acquisition or combination.

 

6.            Options

 

(a)              
Option Awards. Options may be granted at any time and from time to time prior to the termination of the Plan to Participants
as determined by the Administrator. No Participant shall have any rights as a shareholder with respect to any Shares subject to
Options hereunder until said Shares have been issued. Each Option shall be evidenced by an Award Agreement. Options granted pursuant
to the Plan need not be identical but each Option must contain and be subject to the terms and conditions set forth below.

 

(b)              
Price. The Administrator will establish the exercise price per Share under each Option, which, in no event will be
less than the Fair Market Value of the Shares on the date of grant; provided, however, that the exercise price per Share with respect
to an Option that is granted in connection with a merger or other acquisition as a substitute or replacement award for options
held by optionees of the acquired entity may be less than 100% of the Fair Market Value of the Shares on the date such Option is
granted if such exercise price is based on a formula set forth in the terms of the options held by such optionees or in the terms
of the agreement providing for such merger or other acquisition. The exercise price of any Option may be paid in Shares, cash or
a combination thereof, as determined by the Administrator, including an irrevocable commitment by a broker to pay over such amount
from a sale of the Shares issuable under an Option, the delivery of previously owned Shares and withholding of Shares deliverable
upon exercise, or in such other form as is acceptable to the Administrator.

 

(c)               Provisions
Applicable to Options. The date on which Options become exercisable shall be determined at the sole and absolute
discretion of the Administrator and set forth in an Award Agreement. However, in no event shall any Option vest before the
first anniversary of the date of grant; provided that, if so determined by the Committee, an Option may fully or partially
vest before such anniversary in the event of the Participant’s death or disability or a Change in Control. Unless
otherwise determined by the Administrator, an approved leave of absence or employment on a less than full-time basis shall
not result in an adjustment to the vesting period and/or exercisability of an Option to reflect the effects of any period
during which the Participant is on an approved leave of absence or is employed on a less than full-time basis. In no event
may any Option include a reload feature.

 

    8

     

    

 

(d)              
Term of Options and Termination of Employment: The Administrator shall establish the term of each Option, which in
no case shall exceed a period of ten (10) years from the date of grant. Unless an Option earlier expires upon the expiration
date established pursuant to the foregoing sentence, upon the Participant’s Termination of Employment, his or her rights
to exercise an Option then held shall be only as follows, unless the Administrator specifies otherwise:

 

(1)              
General. If a Participant’s Termination of Employment is for any reason other than the Participant’s
death, Disability, or termination for Cause, Options granted to the Participant may continue to be exercised in accordance with
their terms for a period of ninety (90) days after such Termination of Employment, but only to the extent the Participant was entitled
to exercise the Options on the date of such termination.

 

(2)              
Death. If a Participant dies either while an employee or officer of the Company or a Subsidiary or member of the
Board, or after the Termination of Employment other than for Cause but during the time when the Participant could have exercised
an Option, the Options issued to such Participant shall become fully vested and exercisable by the personal representative of such
Participant or other successor to the interest of the Participant for one year after the Participant’s death.

 

(3)              
Disability. If a Participant’s Termination of Employment is due to Disability, then all of the Participant’s
Options shall immediately fully vest, and the Options held by the Participant at the time of such Termination of Employment shall
be exercisable by the Participant or the personal representative of such Participant for one year following such Termination of
Employment.

 

(4)              
Termination for Cause. If a Participant is terminated for Cause, the Participant shall have no further right to exercise
any Options previously granted. The Administrator or one or more officers designated by the Administrator shall determine whether
a termination is for Cause.

 

(e)               Incentive
Stock Options. Notwithstanding anything to the contrary in this Section 6, in the case of the grant of an Option
intending to qualify as an Incentive Stock Option: (i) if the Participant owns stock possessing more than 10 percent of
the combined voting power of all classes of stock of the Company, the exercise price of such Option must be at least 110
percent of the Fair Market Value of the Shares on the date of grant and the Option must expire within a period of not more
than five (5) years from the date of grant, and (ii) Termination of Employment will occur when the person to whom
an Award was granted ceases to be an employee (as determined in accordance with Section 3401(c) of the Code and the
regulations promulgated thereunder) of the Company and its corporate Subsidiaries. Notwithstanding anything in this
Section 6 to the contrary, options designated as Incentive Stock Options shall not be eligible for treatment under the
Code as Incentive Stock Options (and will be deemed to be Nonqualified Stock Options) to the extent that either
(a) the aggregate Fair Market Value of Shares (determined as of the time of grant) with respect to which such
Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and
any corporate Subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, or
(b) such Options otherwise remain exercisable but are not exercised within three (3) months of Termination of
Employment (or such other period of time provided in Section 422 of the Code).

 

    9

     

    

 

7.             Stock
Appreciation Rights

 

Stock Appreciation Rights may be granted
to Participants from time to time either in tandem with or as a component of other Awards granted under the Plan (“tandem
SARs”) or not in conjunction with other Awards (“freestanding SARs”) and may, but need not, relate
to a specific Option granted under Section 6. The provisions of Stock Appreciation Rights need not be the same with respect
to each grant or each recipient. Any Stock Appreciation Right granted in tandem with an Award may be granted at the same time such
Award is granted or at any time thereafter before exercise or expiration of such Award. All freestanding SARs shall be granted
subject to the same terms and conditions applicable to Options as set forth in Section 6 (including, without limitation, the
vesting provisions of Section 6(c)) and all tandem SARs shall have the same exercise price, vesting, exercisability, forfeiture
and termination provisions as the Award to which they relate. Subject to the provisions of Section 6 and the immediately preceding
sentence, the Administrator may impose such other conditions or restrictions on any Stock Appreciation Right as it shall deem appropriate.
Stock Appreciation Rights may be settled in Shares, cash or a combination thereof, as determined by the Administrator and set forth
in the applicable Award Agreement.

 

8.              Restricted Stock and Restricted Stock Units

 

(a)              
Restricted Stock and Restricted Stock Unit Awards. Restricted Stock and Restricted Stock Units may be granted at
any time and from time to time prior to the termination of the Plan to Participants as determined by the Administrator. Restricted
Stock is an award or issuance of Shares the grant, issuance, retention, vesting and/or transferability of which is subject during
specified periods of time to such conditions (including continued employment or performance conditions) and terms as the Administrator
deems appropriate. Restricted Stock Units are Awards denominated in units of Shares under which the issuance of Shares is subject
to such conditions (including continued employment or performance conditions) and terms as the Administrator deems appropriate.
Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Unless determined otherwise
by the Administrator, each Restricted Stock Unit will be equal to one Share and will entitle a Participant to either the issuance
of Shares or payment of an amount of cash determined with reference to the value of Shares. To the extent determined by the Administrator,
Restricted Stock and Restricted Stock Units may be satisfied or settled in Shares, cash or a combination thereof. Restricted Stock
and Restricted Stock Units granted pursuant to the Plan need not be identical but each grant of Restricted Stock and Restricted
Stock Units must contain and be subject to the terms and conditions set forth below.

 

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(b)               Contents
of Agreement. Each Award Agreement shall contain provisions regarding (i) the number of Shares or Restricted Stock
Units subject to such Award or a formula for determining such number, (ii) the purchase price of the Shares, if any, and
the means of payment, (iii) the performance criteria, if any, and level of achievement versus these criteria that shall
determine the number of Shares or Restricted Stock Units granted, issued, retainable and/or vested, (iv) such terms and
conditions on the grant, issuance, vesting and/or forfeiture of the Shares or Restricted Stock Units as may be determined
from time to time by the Administrator, (v) the term of the performance period, if any, as to which performance will be
measured for determining the number of such Shares or Restricted Stock Units, and (vi) restrictions on the
transferability of the Shares or Restricted Stock Units. Shares issued under a Restricted Stock Award may be issued in the
name of the Participant and held by the Participant or held by the Company, in each case as the Administrator may
provide.

 

(c)              
Vesting and Performance Criteria. The grant, issuance, retention, vesting and/or settlement of shares of Restricted
Stock and Restricted Stock Units will occur when and in such installments as the Administrator determines or under criteria the
Administrator establishes, which may include Qualifying Performance Criteria. However, in no event shall any shares of Restricted
Stock or Restricted Stock Units vest before the first anniversary of the date of grant; provided that, if so determined by the
Committee, shares of Restricted Stock and Restricted Stock Units may fully or partially vest before such anniversary in the event
of the Participant’s death or disability or a Change in Control.

 

(d)              
Termination of Employment. Unless the Administrator provides otherwise:

 

(i)       General.
In the event of Termination of Employment for any reason other than death or Disability, any Restricted Stock or Restricted Stock
Units still subject in full or in part to restrictions at the date of such Termination of Employment shall automatically be forfeited
and returned to the Company.

 

(ii)       Death
or Disability. In the event a Participant’s Termination of Employment is because of death or Disability, the restrictions
remaining on any or all Shares remaining subject to a Restricted Stock or Restricted Stock Unit Award shall lapse.

 

(e)              
Voting Rights. Unless otherwise determined by the Administrator, Participants holding shares of Restricted Stock
granted hereunder may exercise full voting rights with respect to those shares during the period of restriction. Participants shall
have no voting rights with respect to Shares underlying Restricted Stock Units unless and until such Shares are reflected as issued
and outstanding shares on the Company’s stock ledger.

 

(f)                Dividends
and Distributions. Participants in whose name Restricted Stock is granted shall be entitled to receive all dividends and
other distributions paid with respect to those Shares, unless determined otherwise by the Administrator. The Administrator
will determine whether any such dividends or distributions will be automatically reinvested in additional shares of
Restricted Stock and subject to the same restrictions on transferability as the Restricted Stock with respect to which they
were distributed or whether such dividends or distributions will be paid in cash. Shares underlying Restricted Stock Units
shall be entitled to dividends or dividend equivalents only to the extent provided by the Administrator. Notwithstanding
anything herein to the contrary, in no event shall dividends, distributions or dividend equivalents be currently payable with
respect to unvested or unearned Restricted Stock and Restricted Stock Unit awards.

 

    11

     

    

 

(g)              
Payment of Restricted Stock Units. In all events, unless payment with respect to a Restricted Stock Unit is deferred
in a manner consistent with Section 409A of the Code, the Shares and/or cash underlying such Restricted Stock Unit shall be paid
to the Participant no later than two and one-half months following the end of the year in which the Restricted Stock Unit is no
longer subject to a substantial risk of forfeiture.

 

(h)              
Legending of Restricted Stock. The Administrator may also require that certificates representing shares of Restricted
Stock be retained and held in escrow by a designated employee or agent of the Company or any Subsidiary until any restrictions
applicable to shares of Restricted Stock so retained have been satisfied or lapsed. Any certificates evidencing shares of Restricted
Stock awarded pursuant to the Plan shall bear the following legend:

 

The shares represented by this certificate
were issued subject to certain restrictions under the United Therapeutics Corporation 2015 Stock Incentive Plan (the “Plan”).
This certificate is held subject to the terms and conditions contained in a restricted stock agreement that includes a prohibition
against the sale or transfer of the stock represented by this certificate except in compliance with that agreement and that provides
for forfeiture upon certain events. Copies of the Plan and the restricted stock agreement are on file in the office of the Secretary
of the Company.

 

9.            Stock Awards

 

(a)       Grant.
Stock Awards may be granted at any time and from time to time prior to the termination of the Plan to Participants as determined
by the Administrator. Stock Awards shall be subject to such terms and conditions, consistent with the other provisions of the Plan,
as may be determined by the Administrator. However, in no event shall any Stock Award vest before the first anniversary of the
date of grant; provided that, if so determined by the Committee, a Stock Award may fully or partially vest before such anniversary
in the event of the Participant’s death or disability or a Change in Control.

 

(b)       Rights
as a Shareholder. A Participant shall have all voting, dividend, liquidation and other rights with respect to Shares issued
to the Participant as a Stock Award under this Section 9 upon the Participant becoming the holder of record of the Shares
granted pursuant to such Stock Award; provided, that the Administrator may impose such restrictions on the assignment or transfer
of Shares awarded pursuant to a Stock Award as it considers appropriate.

 

10.          
Incentive Bonuses

 

(a)              
General. Each Incentive Bonus Award will confer upon the Participant the opportunity to earn a future payment tied
to the level of achievement with respect to one or more performance criteria established for a performance period of not less than
one year.

 

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(b)               Incentive
Bonus Document. Unless otherwise determined by the Administrator, the terms of any Incentive Bonus will be set forth in
an Award Agreement. Each Award Agreement evidencing an Incentive Bonus shall contain provisions regarding (i) the target
and maximum amount payable to the Participant as an Incentive Bonus, (ii) the performance criteria and level of
achievement versus these criteria that shall determine the amount of such payment, (iii) the term of the performance
period as to which performance shall be measured for determining the amount of any payment, (iv) the timing of any
payment earned by virtue of performance, (v) restrictions on the alienation or transfer of the Incentive Bonus prior to
actual payment, (vi) forfeiture provisions and (vii) such further terms and conditions, in each case not
inconsistent with this Plan as may be determined from time to time by the Administrator.

 

(c)              
Performance Criteria. The Administrator shall establish the performance criteria and level of achievement versus
these criteria that shall determine the target and maximum amount payable under an Incentive Bonus, which criteria may be based
on financial performance and/or personal performance evaluations.

 

(d)              
Timing and Form of Payment. The Administrator shall determine the timing of payment of any Incentive Bonus. Payment
of the amount due under an Incentive Bonus may be made in cash or in Shares, as determined by the Administrator. The Administrator
may provide for or, subject to such terms and conditions as the Administrator may specify, may permit a Participant to elect for
the payment of any Incentive Bonus to be deferred to a specified date or event. In all events, unless payment of an Incentive Bonus
is deferred in a manner consistent with Section 409A of the Code, any Incentive Bonus shall be paid to the Participant no later
than two and one-half months following the end of the year in which the Incentive Bonus is no longer subject to a substantial risk
of forfeiture.

 

(e)              
Discretionary Adjustments. Notwithstanding satisfaction of any performance goals, the amount paid under an Incentive
Bonus on account of either financial performance or personal performance evaluations may, to the extent specified in the Award
Agreement or other document evidencing the Award, be adjusted by the Administrator on the basis of such further considerations
as the Administrator shall determine.

 

11.           Deferral
of Awards

 

The Administrator may, in an Award Agreement
or otherwise, provide for the deferred delivery of Shares upon settlement, vesting or other events with respect to Restricted Stock
or Restricted Stock Units, or in payment or satisfaction of an Incentive Bonus. Notwithstanding anything herein to the contrary,
in no event will any deferral of the delivery of Shares or any other payment with respect to any Award be allowed if the Administrator
determines, in its sole and absolute discretion, that the deferral would result in the imposition of the additional tax under Section 409A(a)(1)(B) of
the Code. No award shall provide for deferral of compensation that does not comply with Section 409A of the Code, unless the
Board, at the time of grant, specifically provides that the Award is not intended to comply with Section 409A of the Code.
The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant
with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Board.

 

    13

     

    

 

12.          Conditions
and Restrictions Upon Securities Subject to Awards

 

The Administrator may provide that the Shares
issued upon exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject
to such further agreements, restrictions, conditions or limitations as the Administrator in its sole and absolute discretion may
specify prior to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including
without limitation, conditions on vesting or transferability, forfeiture or repurchase provisions and method of payment for the
Shares issued upon exercise, vesting or settlement of such Award (including the actual or constructive surrender of Shares already
owned by the Participant) or payment of taxes arising in connection with an Award. Without limiting the foregoing, such restrictions
may address the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Shares
issued under an Award, including without limitation (i) restrictions under an insider trading policy or pursuant to applicable
law, (ii) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other
Company equity compensation arrangements, (iii) restrictions as to the use of a specified brokerage firm for such resales
or other transfers and (iv) provisions requiring Shares to be sold on the open market or to the Company in order to satisfy
tax withholding or other obligations.

 

13.          
Adjustment of and Changes in the Stock

 

(a)       General.
The number and kind of Shares available for issuance under this Plan (including under any Awards then outstanding), and the number
and kind of Shares subject to the limits set forth in Section 5 of this Plan, shall be equitably adjusted by the Administrator
to reflect any reorganization, reclassification, combination of shares, stock split, reverse stock split, spin-off, dividend or
distribution of securities, property or cash (other than regular, quarterly cash dividends), or any other event or transaction
that affects the number or kind of Shares outstanding. Such adjustment shall be designed to comply with Sections 409A and 424 of
the Code as applicable, or, except as otherwise expressly provided in Section 5(c) of this Plan, may be designed to treat
the Shares available under the Plan and subject to Awards as if they were all outstanding on the record date for such event or
transaction or to increase the number of such Shares to reflect a deemed reinvestment in Shares of the amount distributed to the
Company’s securityholders. The terms of any outstanding Award shall also be equitably adjusted by the Administrator as to
price, number or kind of Shares subject to such Award, vesting, and other terms to reflect the foregoing events, which adjustments
need not be uniform as between different Awards or different types of Awards.

 

In the event there shall be any other change
in the number or kind of outstanding Shares, or any stock or other securities into which such Shares shall have been changed, or
for which it shall have been exchanged, by reason of a change of control, other merger, consolidation or otherwise, then the Administrator
shall determine the appropriate and equitable adjustment to be effected.

 

No right to purchase fractional shares
shall result from any adjustment in Awards pursuant to this Section 13. In case of any such adjustment, the Shares
subject to the Award shall be rounded up to the nearest whole share for Awards other than Options and Stock Appreciation
Rights, and shall be rounded down to the nearest whole Share with respect to Options and Stock Appreciation Rights. The
Company shall notify Participants holding Awards subject to any adjustments pursuant to this Section 13 of such
adjustment, but (whether or not notice is given) such adjustment shall be effective and binding for all purposes of the
Plan.

 

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(b)       Change
in Control. The Administrator may determine the effect of a Change in Control on outstanding Awards in a manner that, in the
Administrator’s discretion, is fair and equitable to Participants. Such effects, which need not be the same for every Participant,
may include, without limitation: (x) the substitution for the Shares subject to any outstanding Award, or portion thereof, of stock
or other securities of the surviving corporation or any successor corporation to the Company, or a parent or subsidiary thereof,
in which event the aggregate purchase or exercise price, if any, of such Award, or portion thereof, shall remain the same, and/or
(y) the conversion of any outstanding Award, or portion thereof, into a right to receive cash or other property upon or following
the consummation of the Change in Control in an amount equal to the value of the consideration to be received by holders of Shares
in connection with such transaction for one Share, less the per share purchase or exercise price of such Award, if any, multiplied
by the number of Shares subject to such Award, or a portion thereof.

 

14.          Qualifying
Performance-Based Compensation

 

(a)              
General. The Administrator may establish performance criteria and level of achievement versus such criteria that
shall determine the number of Shares to be granted, retained, vested, issued or issuable under or in settlement of or the amount
payable pursuant to an Award, which criteria may be based on Qualifying Performance Criteria or other standards of financial performance
and/or personal performance evaluations.

 

(b)               Qualifying
Performance Criteria. For purposes of this Plan, the term “Qualifying Performance Criteria” shall mean any
one or more of the following performance criteria, or derivations of such performance criteria, either individually,
alternatively or in any combination, applied to either the Company as a whole or to a business unit or Subsidiary, either
individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an
absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group,
in each case as specified by the Administrator: (i) net earnings or earnings per share (including earnings before
interest, taxes, depreciation, license fees, share-based compensation, and/or amortization, or other non-GAAP profitability
measures), (ii) income, net income or operating income, (iii) revenues, (iv) net sales, (v) return on
sales, (vi) return on equity, (vii) return on capital (including return on total capital or return on invested
capital), (viii) return on assets or net assets, (ix) economic value added measurements, (x) return on
invested capital, (xi) return on operating revenue, (xii) cash flow (before or after dividends), (xiii) stock
price, (xiv) total shareholder return, (xv) market capitalization, (xvi) economic value added,
(xvii) debt leverage (debt to capital), (xviii) operating profit or net operating profit, (xix) operating
margin or profit margin, (xx) cash from operations, (xxi) market share, (xxii) product development or release
schedules, (xxiii) new product innovation, (xxiv) cost reductions, (xxv) customer service, or
(xxvi) customer satisfaction. The Committee (A) shall appropriately adjust any evaluation of performance under a
Qualifying Performance Criterion to eliminate the effects of charges for restructurings, discontinued operations,
extraordinary items and all items of gain, loss or expense determined to be extraordinary or unusual in nature or related to
the disposal of a segment of a business or related to a change in accounting principle all as determined in accordance with
applicable accounting provisions, as well as the cumulative effect of accounting changes, in each case as determined in
accordance with generally accepted accounting principles or identified in the Company’s financial statements or notes
to the financial statements, and (B) may appropriately adjust any evaluation of performance under a Qualifying
Performance Criterion to exclude any of the following events that occurs during a performance period: (i) asset write-
downs, (ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax law or other such laws
or provisions affecting reported results, and (iv) accruals of any amounts for payment under this Plan or any other
compensation arrangement maintained by the Company.

 

    15

     

    

 

15.         
Transferability

 

Unless the Administrator determines otherwise,
each Award may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by a Participant other than
by will or the laws of descent and distribution, and each Option or Stock Appreciation Right shall be exercisable only by the Participant
during his or her lifetime. To the extent permitted by the Administrator, the person to whom an Award is initially granted (the
 “Grantee”) may transfer an Award to any “family member” of the Grantee (as such term is defined in
Section 1(a)(5) of the General Instructions to Form S-8 under the Securities Act of 1933, as amended (“Form S-8”)),
to trusts solely for the benefit of such family members and to partnerships in which such family members and/or trusts are the
only partners; provided that, (i) as a condition thereof, the transferor and the transferee must execute a written agreement
containing such terms as specified by the Administrator, and (ii) the transfer is pursuant to a gift or a domestic relations
order to the extent permitted under the General Instructions to Form S-8. Except to the extent specified otherwise in the agreement
the Administrator provides for the Grantee and transferee to execute, all vesting, exercisability and forfeiture provisions that
are conditioned on the Grantee’s continued employment or service shall continue to be determined with reference to the Grantee’s
employment or service (and not to the status of the transferee) after any transfer of an Award pursuant to this Section 15,
and the responsibility to pay any taxes in connection with an Award shall remain with the Grantee notwithstanding any transfer
other than by will or intestate succession.

 

16.          
Suspension or Termination of Awards

 

Except as otherwise provided by the Administrator,
if at any time (including after a notice of exercise has been delivered or an award has vested) the Company’s chairman
and co-chief executive officer or any other person designated by the Administrator (each such person, an “Authorized Officer”) reasonably
believes that a Participant may have committed an Act of Misconduct as described in this Section 16, the Authorized Officer,
Administrator or the Board may suspend the Participant’s rights to exercise any Option, to vest in an Award, and/or to receive
payment for or receive Shares in settlement of an Award pending a determination of whether an Act of Misconduct has been committed.

 

    16

     

    

 

If the Administrator or an Authorized
Officer determines a Participant has committed an act of embezzlement, fraud, dishonesty, nonpayment of any obligation owed
to the Company or any Subsidiary, breach of fiduciary duty, violation of Company ethics policy or code of conduct, or
deliberate disregard of the Company or Subsidiary rules resulting in loss, damage or injury to the Company or any Subsidiary,
or if a Participant makes an unauthorized disclosure of any Company or Subsidiary trade secret or confidential information,
solicits any employee or service provider to leave the employ or cease providing services to the Company or any Subsidiary,
breaches any intellectual property or assignment of inventions covenant, engages in any conduct constituting unfair
competition, breaches any non-competition agreement, induces any Company or Subsidiary customer to breach a contract with the
Company or any Subsidiary or to cease doing business with the Company or any Subsidiary, or induces any principal for whom
the Company or any Subsidiary acts as agent to terminate such agency relationship (any of the foregoing acts, an “Act
of Misconduct”), then except as otherwise provided by the Administrator, (i) neither the Participant nor his or
her estate nor transferee shall be entitled to exercise any Option or Stock Appreciation Right whatsoever, vest in or have
the restrictions on an Award lapse, or otherwise receive payment of an Award, (ii) the Participant will forfeit all
outstanding Awards and (iii) the Participant may be required, at the Administrator’s sole and absolute discretion,
to return and/or repay to the Company any then unvested Shares previously issued under the Plan. In making such
determination, the Administrator or an Authorized Officer shall give the Participant an opportunity to appear and present
evidence on his or her behalf at a hearing before the Administrator or its designee or an opportunity to submit written
comments, documents, information and arguments to be considered by the Administrator.

 

17.          Compliance
with Laws and Regulations

 

This Plan, the grant, issuance, vesting,
exercise and settlement of Awards thereunder, and the obligation of the Company to sell, issue or deliver Shares under such Awards,
shall be subject to all applicable foreign, federal, state and local laws, rules and regulations, stock exchange rules and regulations,
and to such approvals by any governmental or regulatory agency as may be required. The Company shall not be required to register
in a Participant’s name or deliver any Shares prior to the completion of any registration or qualification of such shares
under any foreign, federal, state or local law or any ruling or regulation of any government body which the Administrator shall
determine to be necessary or advisable. To the extent the Company is unable to or the Administrator deems it infeasible to obtain
authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary
to the lawful issuance and sale of any Shares hereunder, the Company and its Subsidiaries shall be relieved of any liability with
respect to the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. No Option
shall be exercisable and no Shares shall be issued and/or transferable under any other Award unless a registration statement with
respect to the Shares underlying such Option is effective and current or the Company has determined that such registration is unnecessary.

 

In the event an Award is granted to or held
by a Participant who is employed or providing services outside the United States, the Administrator may, in its sole and absolute
discretion, modify the provisions of the Plan or of such Award as they pertain to such individual to comply with applicable foreign
law or to recognize differences in local law, currency or tax policy. The Administrator may also impose conditions on the grant,
issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the
Company’s obligations with respect to tax equalization for Participants employed outside their home country.

 

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18.           Withholding

 

To the extent required by applicable federal,
state, local or foreign law, a Participant shall be required to satisfy, in a manner satisfactory to the Company, any withholding
tax obligations that arise by reason of an Option exercise, disposition of Shares issued under an Incentive Stock Option, the vesting
of or settlement of an Award, an election pursuant to Section 83(b) of the Code or otherwise with respect to an Award.
To the extent a Participant makes an election under Section 83(b) of the Code, within ten days of filing such election
with the Internal Revenue Service, the Participant must notify the Company in writing of such election. The Company and its Subsidiaries
shall not be required to issue Shares, make any payment or to recognize the transfer or disposition of Shares until all such obligations
are satisfied. The Administrator may provide for or permit these obligations to be satisfied through the mandatory or elective
sale of Shares and/or by having the Company withhold a portion of the Shares that otherwise would be issued to him or her upon
exercise of the Option or the vesting or settlement of an Award, or by tendering Shares previously acquired.

 

19.           Administration
of the Plan

 

(a)              
Administrator of the Plan. The Plan shall be administered by the Administrator who shall be the Compensation Committee
of the Board or, in the absence of a Compensation Committee, the Board itself. Any power of the Administrator may also be exercised
by the Board, except to the extent that the grant or exercise of such authority would cause any Award or transaction to become
subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Act. To the extent
that any permitted action taken by the Board conflicts with action taken by the Administrator, the Board action shall control.
The Compensation Committee may by resolution authorize one or more officers of the Company to perform any or all things that the
Administrator is authorized and empowered to do or perform under the Plan, and for all purposes under this Plan, such officer or
officers shall be treated as the Administrator; provided, however, that no such officer shall designate himself or herself as a
recipient of any Awards granted under authority delegated to such officer. The Compensation Committee may delegate any or all aspects
of the day-to-day administration of the Plan to one or more officers or employees of the Company or any Subsidiary, and/or to one
or more agents.

 

(b)              Powers
of Administrator. Subject to the express provisions of this Plan, the Administrator shall be authorized and empowered to
do all things that it determines to be necessary or appropriate in connection with the administration of this Plan,
including, without limitation: (i) to prescribe, amend and rescind rules and regulations relating to this Plan and to
define terms not otherwise defined herein; (ii) to determine which persons are Participants, to which of such
Participants, if any, Awards shall be granted hereunder and the timing of any such Awards; (iii) to grant Awards to
Participants and determine the terms and conditions thereof, including the number of Shares subject to Awards and the
exercise or purchase price of such Shares and the circumstances under which Awards become exercisable or vested or are
forfeited or expire, which terms may but need not be conditioned upon the passage of time, continued employment, the
satisfaction of performance criteria, the occurrence of certain events (including a Change in Control), or other factors;
(iv) to establish and verify the extent of satisfaction of any performance goals or other conditions applicable to the
grant, issuance, exercisability, vesting and/or ability to retain any Award; (v) to prescribe and amend the terms of the
agreements or other documents evidencing Awards made under this Plan (which need not be identical) and the terms of or
form of any document or notice required to be delivered to the Company by Participants under this Plan; (vi) to
determine the extent to which adjustments are required pursuant to Section 13; (vii) to interpret and construe this
Plan, any rules and regulations under this Plan and the terms and conditions of any Award granted hereunder, and to make
exceptions to any such provisions in if the Administrator, in good faith, determines that it is necessary to do so in light
of extraordinary circumstances and for the benefit of the Company (provided that nothing in this Section 19(b) permits the
Committee to provide that any Award may vest before the first anniversary of the date of grant other than in connection with
the Participant’s death or disability or a Change in Control); (viii) to approve corrections in the documentation
or administration of any Award; and (ix) to make all other determinations deemed necessary or advisable for the
administration of this Plan. The Administrator may, in its sole and absolute discretion, without amendment to the Plan, waive
or amend the operation of Plan provisions respecting exercise after termination of employment or service to the Company or an
Affiliate and, except as otherwise provided herein, adjust any of the terms of any Award (subject to the proviso in item
(vii) of the immediately preceding sentence). Except in connection with a corporate transaction involving the Company
(including, without limitation, any stock dividend, distribution (whether in the form of cash, Shares, other securities or
other property), stock split, extraordinary cash dividend, recapitalization, Change in Control, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities, or similar
transaction(s)), the Company may not, without obtaining shareholder approval: (w) amend the terms of outstanding Options or
Stock Appreciation Rights to reduce the exercise price of such outstanding Options or Stock Appreciation Rights; (x) cancel
outstanding Options or Stock Appreciation Rights in exchange for Options or Stock Appreciation Rights with an exercise price
that is less than the exercise price of the original Options or Stock Appreciation Rights; (y) cancel outstanding Options or
Stock Appreciation Rights with an exercise price above the current stock price in exchange for cash or other securities; or
(z) otherwise amend, exchange or reprice Options or Stock Appreciation Rights.

 

    18

     

    

 

(c)              
Determinations by the Administrator. All decisions, determinations and interpretations by the Administrator regarding
the Plan, any rules and regulations under the Plan and the terms and conditions of or operation of any Award granted hereunder,
shall be final and binding on all Participants, beneficiaries, heirs, assigns or other persons holding or claiming rights under
the Plan or any Award. The Administrator shall consider such factors as it deems relevant, in its sole and absolute discretion,
to making such decisions, determinations and interpretations including, without limitation, the recommendations or advice of any
officer or other employee of the Company and such attorneys, consultants and accountants as it may select.

 

(d)              
Subsidiary Awards. In the case of a grant of an Award to any Participant employed by a Subsidiary, such grant may,
if the Administrator so directs, be implemented by the Company issuing any subject Shares to the Subsidiary, for such lawful consideration
as the Administrator may determine, upon the condition or understanding that the Subsidiary will transfer the Shares to the Participant
in accordance with the terms of the Award specified by the Administrator pursuant to the provisions of the Plan. Notwithstanding
any other provision hereof, such Award may be issued by and in the name of the Subsidiary and shall be deemed granted on such date
as the Administrator shall determine.

 

    19

     

    

 

(e)              
 Indemnification of Administrator. Neither any member nor former member of the Administrator nor any individual to
whom authority is or has been delegated shall be personally responsible or liable for any act or omission in connection with the
performance of powers or duties or the exercise of discretion or judgment in the administration and implementation of the Plan.
Each person who is or shall have been a member of the Administrator shall be indemnified and held harmless by the Company from
and against any cost, liability or expense imposed or incurred in connection with such person’s or the Administrator’s
taking or failing to take any action under the Plan. Each such person shall be justified in relying on information furnished in
connection with the Plan’s administration by any employee, officer, agent or expert employed or retained by the Administrator
or the Company.

 

20.          
Amendment of the Plan or Awards

 

The Board may amend, alter or discontinue
this Plan and the Administrator may amend or alter any agreement or other document evidencing an Award made under this Plan but,
except as provided pursuant to the provisions of Section 13, no such amendment shall, without the approval of the shareholders
of the Company:

 

(a)              
increase the maximum number of Shares for which Awards may be granted under this Plan;

 

(b)              
reduce the price at which Options or Stock Appreciation Rights may be granted below the price provided for in Section 6(a);

 

(c)              
amend the last sentence of Section 19(b) (relating to direct and indirect repricings of outstanding Options and Stock Appreciation
Rights);

 

(d)              
amend the proviso in Section 19(b)(vii);

 

(e)              
extend the term of this Plan;

 

(f)               
change the class of persons eligible to be Participants;

 

(g)              
otherwise amend the Plan in any manner requiring shareholder approval by law or under Nasdaq Global Select Market listing
requirements (or the listing requirements of any successor exchange or market that is the primary stock exchange or market for
trading of Shares); or

 

(h)              
increase the individual maximum limits in Sections 5(c) and (d).

 

No amendment or alteration to the Plan
or an Award or Award Agreement shall be made which would impair the rights of the holder of an Award, without such
holder’s consent, provided that no such consent shall be required if the Administrator determines in its sole and
absolute discretion and prior to the date of any Change in Control that such amendment or alteration either is required or
advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or
avoid adverse financial accounting consequences under any accounting standard. In addition, the Plan may not be amended in
any way that causes the Plan to fail to comply with or be exempt from Section 409A of the Code, unless the Board
expressly determines to amend the Plan to be subject to Section 409A of the Code.

 

    20

     

    

 

21.          
No Liability of Company

 

The Company and any Subsidiary or Affiliate
which is in existence or hereafter comes into existence shall not be liable to a Participant or any other person as to: (a) the
non-issuance or sale of Shares as to which the Company has been unable to obtain from any regulatory body having jurisdiction the
authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder; and (b) any
tax consequence expected, but not realized, by any Participant or other person due to the receipt, exercise or settlement of any
Award granted hereunder.

 

22.          Non-Exclusivity
of Plan

 

Neither the adoption of this Plan by the
Board nor the submission of this Plan to the shareholders of the Company for approval shall be construed as creating any limitations
on the power of the Board or the Administrator to adopt such other incentive arrangements as either may deem desirable, including
without limitation, the granting of restricted stock or stock options otherwise than under this Plan, and such arrangements may
be either generally applicable or applicable only in specific cases.

 

23.           Governing Law

 

This Plan and any agreements or other documents
hereunder shall be interpreted and construed in accordance with the laws of the Delaware and applicable federal law. Any reference
in this Plan or in the agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall
be deemed to include any successor law, rule or regulation of similar effect or applicability.

 

24.          
No Right to Employment, Reelection or Continued Service

 

Nothing in this Plan or an Award Agreement
shall interfere with or limit in any way the right of the Company, its Subsidiaries and/or its Affiliates to terminate any Participant’s
employment, service on the Board or service for the Company at any time or for any reason not prohibited by law, nor shall this
Plan or an Award itself confer upon any Participant any right to continue his or her employment or service for any specified period
of time. Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company, any
Subsidiary and/or its Affiliates. Subject to Sections 4 and 20, this Plan and the benefits hereunder may be terminated at
any time in the sole and exclusive discretion of the Board without giving rise to any liability on the part of the Company, its
Subsidiaries and/or its Affiliates.

 

25.          
Unfunded Plan

 

The Plan is intended to be an unfunded
plan. Participants are and shall at all times be general creditors of the Company with respect to their Awards. If the
Administrator or the Company chooses to set aside funds in a trust or otherwise for the payment of Awards under the Plan,
such funds shall at all times be subject to the claims of the creditors of the Company in the event of its bankruptcy or
insolvency.

 

    21

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